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The Bon-Ton Stores, Inc. Announces Second Quarter Fiscal 2012 Results

Mr. Hoffman continued, “We successfully completed the exchange of our senior notes in early July which enhanced our liquidity and financial flexibility by extending the maturity date of $330 million of debt to July 2017. Additionally, our proprietary credit card business was seamlessly transitioned to our new partner, Alliance Data (“ADS”), an industry leader of the private label credit card business. We believe that our relationship with ADS will assist us in building our customer base, growing customer loyalty, communicating more effectively with our valued customers and driving sales.”

Year-to-date Highlights

  • Comparable stores sales decreased 0.6%.
  • Gross margin rate was 35.1% compared with 36.3% in the prior year period.
  • Operating loss totaled $36.1 million, compared with an operating loss of $14.4 million in the prior year period. Operating loss for the fiscal 2012 period includes a $6.9 million charge for severance and other one-time costs related to targeted reductions to the Company’s cost structure.
  • EBITDA, inclusive of the aforementioned $6.9 million of severance and other one-time costs, was $12.0 million, compared with $38.7 million in the prior year period (see Note 1).
  • Net loss totaled $85.8 million, or $4.66 per diluted share, compared with a net loss of $68.3 million, or $3.79 per diluted share, for the prior year period. Year-to-date results for fiscal 2012 include a charge of $6.3 million, or $0.34 per diluted share, for fees associated with the senior notes exchange, a charge of $6.9 million, or $0.38 per diluted share, for the aforementioned severance and other one-time costs and a net gain of $1.9 million, or $0.10 per diluted share, related to the Company’s sale of certain Rochester, NY locations and subsequent prepayment penalty on the extinguishment of its related mortgage debt. Year-to-date fiscal 2011 loss included a charge of $9.5 million, or $0.52 per diluted share, associated with the voluntary prepayment of the Company’s second lien term loan and the refinancing of its revolving credit facility.

Net Sales

For the second quarter of fiscal 2012, comparable stores sales increased 0.1%. Total sales for the thirteen weeks ended July 28, 2012 decreased 0.1% to $594.9 million compared with $595.5 million for the prior year period.

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