Form 8-K Destination Maternity For: Apr 16

April 16, 2019 7:02 AM

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 16, 2019

 

 

DESTINATION MATERNITY CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   0-21196   13-3045573

(State or other jurisdiction of

incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

232 Strawbridge Drive

Moorestown, NJ 08057

(Address of principal Executive Offices)

(856) 291-9700

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition

On April 16, 2019, Destination Maternity Corporation (the “Company”) issued a press release announcing its financial results for the fiscal year ended February 2, 2019. The full text of the press release issued by the Company is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

The following exhibit is furnished with this Form 8-K:

 

Exhibit
No.
 

Description

99.1   Press Release, dated April 16, 2019.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: April 16, 2019     DESTINATION MATERNITY CORPORATION
    By:   /s/ Marla A. Ryan
      Name: Marla A. Ryan
      Title: Chief Executive Officer

Exhibit 99.1

 

LOGO

Destination Maternity Reports Fourth Quarter and Fiscal 2018 Results

 

   

Operating loss of $9.6 million for fiscal 2018 versus an operating loss of $16.0 million in 2017

 

   

Adjusted EBITDA before other charges for fiscal 2018 increases 23% or $3.0 million versus 2017

 

   

Comparable retail sales for fiscal 2018 decline 1.8% versus 2017

 

   

Selling, General and Administrative expenses for fiscal 2018 decline 210 bps to sales versus prior year period

MOORESTOWN, N.J., April 16, 2019 — Destination Maternity Corporation (NASDAQ: DEST), the world’s leading maternity apparel retailer, today announced financial results for the fourth quarter and full year of fiscal 2018 ended February 2, 2019 compared to the fourth quarter and full year of fiscal 2017 ended February 3, 2018.

Commentary

“Several factors represented significant headwinds for our business in the fourth quarter,” said Marla Ryan, Chief Executive Officer of Destination Maternity. “Challenging conversion results on our ecommerce sites and in store drove a 5.8% comparable sales decline and our promotional cadence and more aggressive approach to rightsizing inventory negatively impacted margins. We were diligent in tightly managing our expenses, which mostly offset the impact on profitability, but know that we need to do better.

As we look to the balance of the year, we are actively taking measures to ensure we execute against our long-term strategic plan, Destination -> Forward. There is much to do to deliver satisfactory results and the scope of the changes we are making are causing our transition to a more nimble and profitable organization to take longer than previously anticipated. As a result of this and the headwinds impacting the business in the quarter, we are updating our Full Year 2019 guidance to reflect reductions in sales and profitability for the year.

We remain committed to optimizing our infrastructure, creating a more efficient organization and developing innovative products and solutions for our new moms and moms2be. We are confident that what we are doing will generate long-term shareholder value.”


Fourth Quarter Fiscal 2018 Financial Results

 

   

Net loss for the fourth quarter of fiscal 2018 was $6.4 million, or $0.46 per share (diluted), compared to a net loss of $10.2 million, or $0.73 per share (diluted), for the fourth quarter of fiscal 2017.

 

   

Operating loss of $5.4 million for the fourth quarter of fiscal 2018 compared to an operating loss of $7.8 million in the fourth quarter of fiscal 2017.

 

   

Adjusted net loss for the fourth quarter of fiscal 2018 was $4.4 million, or $0.31 per share (diluted), compared to the comparably adjusted net loss for the fourth quarter of fiscal 2017 of $5.0 million, or $0.36 per share (diluted).

 

   

Adjusted EBITDA before other charges and effect of change in accounting principle decreased to $0.3 million for the fourth quarter of fiscal 2018 from $0.6 for the fourth quarter of fiscal 2017.

 

   

Net sales for the fourth quarter of fiscal 2018 decreased 13.1% to $91.3 million from $105.1 million for the fourth quarter of fiscal 2017. Sales were negatively impacted by the net closure of 29 owned locations and 83 leased lease locations, a decrease in comparable sales, and the 53rd week in fiscal 2017.

 

   

Comparable sales for the fourth quarter of fiscal 2018 decreased 5.8% from last year.

 

   

Gross margin rate for the fourth quarter of fiscal 2018 was 48.4%, a decrease of 200 basis points from the comparable prior year gross margin.

 

   

Selling, general and administrative expenses (“SG&A”) for the fourth quarter of fiscal 2018 decreased 16% to $47.8 million from $57.0 million for the fourth quarter of fiscal 2017. As a percentage of net sales, SG&A decreased 190 basis points to 52.3% vs 54.2% for the fourth quarter of fiscal 2017. Fiscal 2017 included an additional week of expense related to the 53rd week.

Full Year Fiscal 2018 Financial Results (52 weeks ended February 2, 2019)

 

   

Net loss for fiscal 2018 was $14.3 million, or $1.03 per share (diluted), compared to a net loss of $21.6 million, or $1.57 per share (diluted), for fiscal 2017.

 

   

Operating loss of $9.6 million for fiscal 2018 compared to an operating loss of $16.0 million for fiscal 2017.

 

   

Adjusted net loss for fiscal 2018 was $6.7 million, or $0.48 per share (diluted), compared to an adjusted net loss for fiscal 2017 of $10.2 million, or $0.74 per share (diluted).

 

   

Adjusted EBITDA before other charges and effect of change in accounting principle increased 23% to $16.0 million for fiscal 2018 from $13.0 million for fiscal 2017.

 

   

Net sales for fiscal 2018 decreased 5.5% to $383.8 million from $406.2 million for fiscal 2017. Sales were negatively impacted by the net closure of 29 owned locations and 83 leased lease locations, a decrease in comparable sales, and the 53rd week in fiscal 2017.

 

   

Comparable sales for fiscal 2018 decreased 1.8% from 2017.

 

   

Gross margin for fiscal 2018 was 51.6%, a decrease of 100 basis points from fiscal 2017.


   

Selling, general and administrative expenses (“SG&A”) for fiscal 2018 decreased 9.3% to $198.3 million from $218.7 million in the comparable prior year. As a percentage of net sales, SG&A decreased 210 basis points to 51.7% from 53.8% for fiscal 2017. Fiscal 2017 included an additional week of expense related to the 53rd week.

Adjusted EBITDA before other charges, and adjusted net income, are defined in the financial tables at the end of this press release.

Other Financial Information

 

   

Capital expenditures for fiscal 2018 totaled $4.6 million primarily driven by minor investments in stores and investments to support key systems projects.

 

   

At February 2, 2019, inventory was $70.9 million, a decrease of $0.4 million compared to $71.3 million at February 3, 2018.

Retail Locations

 

     Three Months Ended      Twelve Months Ended  
     February 2,
2019
     February 3,
2018
     February 2,
2019
     February 3,
2018
 

Store Openings (1)

     0        0        2        7  

Store Closings (1)

     16        14        31        35  

Period End Retail Location Count (1)

           

Stores

     458        487        458        487  

Leased Department Locations

     554        637        554        637  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Retail Locations

     1,012        1,124        1,012        1,124  

 

  1)

Excludes international franchised locations.

Financial Outlook

Destination Maternity is updating its FY 2019 guidance. Adjusted EBITDA before other charges is defined in the financial tables at the end of this press release.

The Company’s FY2019 guidance is as follows:

 

   

Total Sales to be in the range of $370.0 million to $380.0 million

 

   

Comparable Retail Sales to be in the range of down (1.0)% to up 1.0%

 

   

Gross Margin rate to be in the range of 51.5% to 52.0%

 

   

SG&A to be in the range of $185.0 million to $189.0 million

 

   

Adjusted EBITDA before other charges to be in the range of $17.0 million to $22.0 million

 

   

Adjusted EPS — Diluted to be in the range of $(0.12) to $0.08

 

   

Operating Cash Flow to be in the range of 13.0 million to 18.5 million

 

   

Capital Expenditures to be in the range of 4.5 million to 5.5 million


   

Free Cash Flow to be in the range of 8.5 million to 13.0 million (defined as Operating Cash Flow minus Capital Expenditures)

 

   

Inventory Turns to be in the range of 2.8X to 3.0X

Conference Call Information

As announced previously, the Company will host a conference call regarding fourth quarter and full year Fiscal 2018 financial results that includes comments on the results from members of our senior management on Tuesday, April 16, 2019 at 9:00 a.m. Eastern Time. Management will conduct a question and answer session following its prepared remarks.

Investors and analysts can participate in this conference call by dialing (800) 219-6970 in the United States and Canada or (574) 990-1028 outside of the United States and Canada. The call will also be available on the investors section of the Company’s website at http://investor.destinationmaternity.com. Passcode for the conference call is 8829768.

In the event that you are unable to participate in the call, a replay will be available at 12:00 p.m. Eastern Time on Tuesday, April 16, 2019 through 12:00 p.m. Eastern Time on Tuesday, April 23, 2019 by calling (855) 859-2056 in the United States and Canada or (404) 537-3406 outside of the United States and Canada. Passcode for the replay is 8829768.

About Destination Maternity

Destination Maternity is the leading designer and omni-channel retailer of maternity apparel in the United States, with the only nationwide chain of maternity apparel specialty stores, as well as a deep and expansive assortment available through multiple online distribution points, including our three brand-specific websites. As of February 2, 2019, we operate 1,012 retail locations, including 458 stores in the United States, Canada and Puerto Rico, and 554 leased departments located within department stores and baby specialty stores throughout the United States and in Puerto Rico. We also sell our merchandise on the Internet, primarily through our Motherhood.com, APeaInThePod.com and DestinationMaternity.com websites. We also sell our merchandise through our Canadian website, MotherhoodCanada.ca, through Amazon.com in the United States, and through websites of certain of our retail partners, including Macys.com. Our 458 stores operate under three retail nameplates: Motherhood Maternity®, A Pea in the Pod® and Destination Maternity®. We also operate 554 leased departments within leading retailers such as Macy’s®, buybuy BABY® and Boscov’s®. Generally, we are the exclusive maternity apparel provider in our leased department locations.

Reconciliation of Non-GAAP Financial Measures

This press release and the accompanying financial tables contain non-GAAP financial measures within the meaning of the SEC’s Regulation G, including 1) adjusted net loss, 2) adjusted net loss per share—diluted, 3) Adjusted EBITDA, 4) Adjusted EBITDA before other charges, 5) Adjusted EBITDA margin, and 6) Adjusted EBITDA margin before other charges. In the accompanying financial tables, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. The Company’s management believes that each of these non-GAAP financial measures provides useful information about the Company’s results of operations and/or financial position to both investors and management. Each non-GAAP financial measure is provided because management believes it is an important measure of financial performance used in the retail industry to measure operating results, to determine the value of companies within the industry and to define standards for borrowing from


institutional lenders. The Company uses each of these non-GAAP financial measures as a measure of the performance of the Company. In addition, certain of the Company’s cash and equity incentive compensation plans are based on the Company’s level of achievement of Adjusted EBITDA before other charges. The Company provides these various non-GAAP financial measures to investors to assist them in performing their analysis of its historical operating results. Each of these non-GAAP financial measures reflects a measure of the Company’s operating results before consideration of certain charges and consequently, none of these measures should be construed as an alternative to net income (loss) or operating income (loss) as an indicator of the Company’s operating performance, as determined in accordance with generally accepted accounting principles. The Company may calculate each of these non-GAAP financial measures differently than other companies.

Forward-Looking Statements

The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made from time to time by management of the Company, including those regarding earnings, net sales, comparable sales, other results of operations, liquidity and financial condition, and various business initiatives, involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company’s financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: the strength or weakness of the retail industry in general and of apparel purchases in particular, our ability to successfully manage our various business initiatives, the success of our international business and its expansion, our ability to successfully manage and retain our leased department and international franchise relationships and marketing partnerships, future sales trends in our various sales channels, unusual weather patterns, changes in consumer spending patterns, raw material price increases, overall economic conditions and other factors affecting consumer confidence, demographics and other macroeconomic factors that may impact the level of spending for apparel (such as fluctuations in pregnancy rates and birth rates), expense savings initiatives, our ability to anticipate and respond to fashion trends and consumer preferences, unanticipated fluctuations in our operating results, the impact of competition and fluctuations in the price, availability and quality of raw materials and contracted products, availability of suitable store locations, continued availability of capital and financing, our ability to hire, develop and retain senior management and sales associates, our ability to develop and source merchandise, our ability to receive production from foreign sources on a timely basis, our compliance with applicable financial and other covenants under our financing arrangements, potential debt prepayments, the trading liquidity of our common stock, changes in market interest rates, our compliance with certain tax incentive and abatement programs, war or acts of terrorism and other factors set forth in the Company’s periodic filings with the SEC, or in materials incorporated therein by reference.

Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and persons reading this announcement are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement. The Company assumes no obligation to update or revise the information contained in this announcement (whether as a result of new information, future events or otherwise), except as required by applicable law.


DESTINATION MATERNITY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except percentages and per share data)

(unaudited)

 

     Three Months Ended     Twelve Months Ended  
     February 2,
2019
    February 3,
2018
    February 2,
2019
    February 3,
2018
 

Net sales

   $ 91,291     $ 105,147     $ 383,750     $ 406,207  

Cost of goods sold

     47,068       52,188       185,603       192,355  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     44,223       52,959       198,147       213,852  

Gross margin

     48.4     50.4     51.6     52.6

Selling, general and administrative expenses

     47,750       56,967       198,331       218,656  

Store closing, asset impairment and asset disposal expenses

     1,169       2,643       3,838       6,292  

Other charges, net

     682       1,166       5,580       4,912  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

     (5,378     (7,817     (9,602     (16,008

Interest expense, net

     1,295       1,056       4,828       4,045  

Loss on extinguishment of debt

     —         1,542       —         1,542  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (6,673     (10,415     (14,430     (21,595

Income tax (benefit) provision

     (271     (257     (103     2  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (6,402   $ (10,158   $ (14,327   $ (21,597
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share — Basic

   $ (0.46   $ (0.73   $ (1.03   $ (1.57
  

 

 

   

 

 

   

 

 

   

 

 

 

Average shares outstanding — Basic

     13,955       13,824       13,889       13,788  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share — Diluted

   $ (0.46   $ (0.73   $ (1.03   $ (1.57
  

 

 

   

 

 

   

 

 

   

 

 

 

Average shares outstanding — Diluted

     13,955       13,824       13,889       13,788  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Net Loss to Adjusted Net Loss

        

Net loss, as reported

   $ (6,402   $ (10,158   $ (14,327   $ (21,597

Add: other charges

     682       1,166       5,580       4,912  

Add: loss on extinguishment of debt

     —         1,542       —         1,542  

Less: effect of change in accounting principle

     —         —         —         (764

Less: income tax effect of adjustments to net loss

     (159     (923     (1,298     (2,044

Add: deferred tax valuation allowance related to cumulative losses

     1,490       3,406       3,334       7,758  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss

   $ (4,389   $ (4,967   $ (6,711   $ (10,193
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss per share — diluted

   $ (0.31   $ (0.36   $ (0.48   $ (0.74
  

 

 

   

 

 

   

 

 

   

 

 

 


DESTINATION MATERNITY CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

     February 2,
2019
     February 3,
2018
 
ASSETS  

Current assets:

     

Cash and cash equivalents

   $ 1,154      $ 1,635  

Trade receivables, net

     7,945        6,692  

Inventories

     70,872        71,256  

Prepaid expenses and other current assets

     9,407        11,522  
  

 

 

    

 

 

 

Total current assets

     89,378        91,105  

Property and equipment, net

     51,483        66,146  

Other assets

     5,313        5,331  
  

 

 

    

 

 

 

Total assets

   $ 146,174      $ 162,582  
  

 

 

    

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY  

Current liabilities:

     

Line of credit borrowings

   $ 20,400      $ 8,000  

Current portion of long-term debt

     4,372        4,780  

Accounts payable

     21,854        30,949  

Accrued expenses and other current liabilities

     31,056        31,661  
  

 

 

    

 

 

 

Total current liabilities

     77,682        75,390  

Long-term debt

     21,784        23,809  

Deferred rent and other non-current liabilities

     19,557        22,715  
  

 

 

    

 

 

 

Total liabilities

     119,023        121,914  
  

 

 

    

 

 

 

Stockholders’ equity

     27,151        40,668  
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 146,174      $ 162,582  
  

 

 

    

 

 

 

Selected Consolidated Balance Sheet Data

(in thousands)

(unaudited)

 

     February 2,
2019
     February 3,
2018
 

Cash and cash equivalents

   $ 1,154      $ 1,635  

Inventory

     70,872        71,256  

Property and equipment, net

     51,483        66,146  

Line of credit borrowings

     20,400        8,000  

Total debt

     46,556        36,589  

Stockholders’ equity

     27,151        40,668  


DESTINATION MATERNITY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

     Twelve Months Ended  
     February 2,
2019
    February 3,
2018
 

Operating Activities

    

Net loss

   $ (14,327   $ (21,597

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation and amortization

     15,505       17,592  

Stock-based compensation expense

     971       1,154  

Loss on impairment of long-lived assets

     3,137       5,775  

Loss on disposal of assets

     435       349  

Loss on extinguishment of debt

     —         1,542  

Grow NJ award benefit

     158       422  

Amortization of deferred financing costs

     690       487  

Changes in assets and liabilities:

    

Decrease (increase) in:

    

Trade receivables

     (1,253     (1,009

Inventories

     384       (2,216

Prepaid expenses and other current assets

     2,114       (1,990

Other non-current assets

     55       14  

Increase (decrease) in:

    

Accounts payable, accrued expenses and other current liabilities

     (6,412     8,565  

Deferred rent and other non-current liabilities

     (3,268     (219
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     (1,811     8,869  
  

 

 

   

 

 

 

Investing Activities

    

Capital expenditures

     (4,612     (6,649

Additions to intangible assets

     —         (18
  

 

 

   

 

 

 

Net cash used in investing activities

     (4,612     (6,667
  

 

 

   

 

 

 

Financing Activities

    

Decrease in cash overdraft

     (2,832     5,116  

Decrease in line of credit borrowings

     12,400       3,400  

Proceeds from long-term debt

     2,500       25,901  

Repayment of long-term debt

     (5,353     (34,382

Deferred financing costs paid

     (605     (3,406

Withholding taxes on stock-based compensation paid in connection with repurchase of common stock

     (165     (57

Proceeds from exercise of stock options

     1       —    
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     5,946       (3,428
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (4     2  
  

 

 

   

 

 

 

Net Decrease in Cash and Cash Equivalents

     (481     (1,224

Cash and Cash Equivalents, Beginning of Period

     1,635       2,859  
  

 

 

   

 

 

 

Cash and Cash Equivalents, End of Period

   $ 1,154     $ 1,635  
  

 

 

   

 

 

 


Reconciliation of Net Loss to Adjusted EBITDA(1)

and Adjusted EBITDA Before Other Charges and Change in Accounting Principle,

and Operating Loss Margin, Adjusted EBITDA Margin

and Adjusted EBITDA Margin Before Other Charges and Change in Accounting Principle

(in thousands, except percentages)

(unaudited)

 

     Three Months Ended     Twelve Months Ended  
     February 2,
2019
    February 3,
2018
    February 2,
2019
    February 3,
2018
 

Net loss

   $ (6,402   $ (10,158   $ (14,327   $ (21,597

Add: income tax (benefit) provision

     (271     (257     (103     2  

Add: interest expense, net

     1,295       1,056       4,828       4,045  

Add: loss on extinguishment of debt

     —         1,542       —         1,542  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

     (5,378     (7,817     (9,602     (16,008

Add: depreciation and amortization expense

     3,717       4,333       15,505       17,592  

Add: loss on impairment of long-lived assets

     901       2,508       3,137       5,775  

Add: loss on disposal of assets

     197       66       435       349  

Add: stock-based compensation expense

     221       296       971       1,154  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (1)

     (342     (614     10,446       8,862  

Add: other charges

     682       1,166       5,580       4,912  

Less: effect of change in accounting principle

     —         —         —         (764
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA before other charges and effect of change in accounting principle

   $ 340     $ 552     $ 16,026     $ 13,010  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Sales

   $ 91,291     $ 105,147     $ 383,750     $ 406,207  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss margin (operating loss as a percentage of net sales)

     (5.9 )%      (7.4 )%      (2.5 )%      (3.9 )% 

Adjusted EBITDA margin (adjusted EBITDA as a percentage of net sales)

     (0.4 )%      (0.6 )%      2.7     2.2

Adjusted EBITDA margin before other charges and effect of change in accounting principle (adjusted EBITDA before other charges and change in accounting principle as a percentage of net sales)

     0.4     0.5     4.2     3.2

 

(1)

Adjusted EBITDA represents operating income (loss) before deduction for the following non-cash charges: (i) depreciation and amortization expense; (ii) loss on impairment of tangible and intangible assets; (iii) loss on disposal of assets; and (iv) stock based compensation expense.

Contacts

Sloane & Company

Erica Bartsch, 212-446-1875

Ebartsch@sloanepr.com

Alex Kovtun, 212-446-1896

Akovtun@sloanepr.com

Categories

SEC Filings