Conn's (CONN) Misses Q2 EPS by 2c; Updates on Strategic Initiatives; Approves $75M Common Stock Buyback

Conn's, Inc. Provides Update on Securitization Transaction and Announces Authorization of Securities Repurchases and Termination of Stockholders' Rights Plan

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Conns, Inc. (NASDAQ: CONN), disclosed earlier today that it has entered into an agreement to securitize $1.4 billion of retail installment contract receivables, with closing expected on or about September 10, 2015. This transaction represents the successful outcome of the Companys previously announced exploration of strategic alternatives to enhance value for stockholders. In addition, and as part of Conns ongoing commitment to returning value to stockholders, the Companys Board of Directors has authorized the repurchase of up to $75.0 million of its outstanding common stock or senior notes.... More

Conn's, Inc. Completes Strategic Repositioning of Business, Announces Planned Leadership Succession, and Reports Second Quarter Fiscal 2016 Financial Results and August 2015 Sales and Delinquency Data

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Conns, Inc. (NASDAQ: CONN), a specialty retailer of furniture and mattresses, home appliances, consumer electronics and home office products, and provider of consumer credit, today announced that, following a thorough exploration of strategic alternatives to enhance shareholder value, it has completed a strategic repositioning of its business and implemented a long-planned leadership succession. The Company today also reported financial results for the second quarter ended July 31, 2015 and August 2015 sales and delinquency data.

Strategic Initiatives

In separate press releases issued today, Conns announced a number of... More

Conn's Appoints Norman Miller as Chief Executive Officer and President

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Conns, Inc. (NASDAQ: CONN), today announced that its Board of Directors, implementing a long-planned leadership succession, has appointed Norman Miller to serve as the Companys new Chief Executive Officer and President, effective September 7, 2015. Mr. Miller will also be elected to the Board of Directors.

Mr. Miller brings over 30 years of transformational business leadership experience to Conns, including serving as President of Sears Automotive and as President and Chief Operating Officer of DFC Global Corporation. He also has held progressive management and leadership roles at... More

Conn's, Inc. Announces Securitization Transaction

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Conns, Inc. (NASDAQ: CONN), today announced that it has entered into an agreement to securitize $1.4 billion of retail installment contract receivables, with closing expected on or about September 10, 2015.

The face amount of the notes to be issued in the securitization is $1.12 billion, with an advance rate of 77.5% of the outstanding customer receivables portfolio balance, or approximately 89.5% of net book value at July 31, 2015. Net book value reflects not only the bad debt reserve, but also interest deferrals, allowances for cash option loans (specific loans on... More