Harry Winston Diamond (HWD) Reports a Q4 Loss
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Harry Winston Diamond Corporation (NYSE: HWD) reports a Q4 loss of $1.19 compared to $1.55 profit for the same period last year. Revenues were $118.4 million compared to $188.2 million for the same period last year.
(The net loss resulted from a non-cash write-down of the goodwill relating to the retail operations of $93.8 million or $1.53 per share. The Company recognized a net $4.6 million foreign exchange gain or $0.08 per share, compared to a net foreign exchange gain of $22.3 million or $0.38 per share in the comparable quarter of the prior year. Also impacting results was an after-tax gain on insurance settlement of $9.9 million or $0.16 per share that resulted from the December 2008 robbery at the Harry Winston Paris salon, compared to a fourth quarter after-tax gain of $8.0 million or $0.14 per share from the October 2007 robbery.)[SM]
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