ValueVision (VVTV) Secured $40 Million Credit Facility; Updates Q4/2011 Revenue Guidance - Below Consensus
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ValueVision Media, Inc. (NASDAQ: VVTV) announced it has secured a $40 million, lower-cost revolving credit facility with PNC Bank, National Association.
The Company has also renewed three TV distribution agreements while securing savings of approximately $15 million in annual TV distribution expense commencing January 2013 through the early renewal of its largest TV distribution agreement.
ValueVision expects to report Q4 '11 net sales of approximately $148 million, a decline of approximately 18% vs. Q4 '10. The net sales decline primarily reflects challenges in Consumer Electronics, which are expected to continue in the near-term. (Consensus is $169.56M)
The Company expects fiscal 2011 net sales of approximately $558 million, a decrease of approximately 1% versus the prior year. ValueVision ended fiscal 2011 with $35.1 million in cash and restricted cash, which is an increase of $2.4 million during the quarter, reflecting positive operating cash flow in the quarter. (Consensus is $580.43M)
The Company has also renewed three TV distribution agreements while securing savings of approximately $15 million in annual TV distribution expense commencing January 2013 through the early renewal of its largest TV distribution agreement.
ValueVision expects to report Q4 '11 net sales of approximately $148 million, a decline of approximately 18% vs. Q4 '10. The net sales decline primarily reflects challenges in Consumer Electronics, which are expected to continue in the near-term. (Consensus is $169.56M)
The Company expects fiscal 2011 net sales of approximately $558 million, a decrease of approximately 1% versus the prior year. ValueVision ended fiscal 2011 with $35.1 million in cash and restricted cash, which is an increase of $2.4 million during the quarter, reflecting positive operating cash flow in the quarter. (Consensus is $580.43M)
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