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Pacific Sunwear Of California's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Your speakers today are Gary Schoenfeld, Chief Executive Officer; and Michael Kaplan, Chief Financial Officer. [Operator Instructions] Before I turn the call over to Gary, I'd like to note the statements and discussions during today's call will contain forward-looking information about our future financial performance and prospects. Our actual results could differ materially from those contained in our forward-looking statements. Risks and uncertainty that could cause our business and financial results to differ materially from those in the forward-looking statements are included in our fiscal 2010 Form 10-K and in subsequent filings we made with the SEC, as well as in the earnings press release we issued today.

These documents can also be found in the Investor Relations section on our website at pacsun.com. All information discussed on the call is as of today, March 13, 2012. Pacific Sunwear undertakes no duty to update this information to reflect future events or circumstances.

This call, the webcast and its replay are the property of PacSun. It is not for rebroadcast or use by any other party without the prior written consent of PacSun. With that said, I'll now turn the call over to Gary.

Gary H. Schoenfeld

Good afternoon, and thank you for joining us today. Michael's going to get into more detail on some of the accounting changes, but I'm going to speak to 2 things very briefly as a result of the December transactions. And the first of that being that we're now required to break out continuing operations versus discontinued operations as a result of the stores that we announced that we would be closing. So through the P&L, you'll hear us speak to discontinuing operations of ongoing stores.

The second is there now is derivative accounting, which Michael will explain that ties to the preferred stock that was issued to Golden Gate Capital and the transaction in December.

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