- Net sales decreased 3.3% to $60.8 million from $62.9 million in the fourth quarter of fiscal 2011. Comparable store sales decreased 0.7%, compared to an increase of 12.4% in the fourth quarter of fiscal 2011.
- Operating loss totaled $5.0 million, inclusive of $1.1 million in non-cash asset impairment charges. This compares to operating income of $2.4 million in the fourth quarter of 2011, inclusive of $719,000 in non-cash asset impairment charges partially offset by a $345,000 benefit from a gain on note payable settlement.
- Net loss totaled $5.5 million, or $0.41 per diluted share, which included the following costs: (i) a $2.5 million or, $0.18 per diluted share, tax valuation allowance charge; and (ii) a $682,000, or $0.05 per diluted share, non-cash asset impairment charge. This compares to net income of $1.9 million, or $0.14 per diluted share, in the prior year period, which included the following benefits and costs: (i) a $562,000, or $0.04 per diluted share, benefit from the reversal of the tax valuation allowance against net deferred tax assets; (ii) a $396,000, or $0.03 per diluted share, non-cash store impairment charge; and (iii) a $190,000, or $0.02 per diluted share, benefit from a gain on note payable settlement.
- Adjusted net loss, which excludes the costs and benefits referenced above, was $2.4 million, or $0.18 per diluted share, as compared to adjusted net income of $1.5 million, or $0.11 per diluted share, in the fourth quarter of fiscal 2011. (See the table on page 3 for a reconciliation of net income (loss) to adjusted net income (loss).)
Cache Reports Fourth Quarter And Fiscal 2012 Results
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