Pep Boys profit rises; names new CFO
Sept 4 (Reuters) - Auto parts retailer and repair service company Pep Boys-Manny Moe & Jack reported a higher second-quarter profit and named David Stern as its new finance chief.
The company also said it would begin a debt refinancing in the coming weeks to reduce long-term debt by $100 million and extend maturities.
Stern replaces Ray Arthur, who left the company in June.
Stern was previously the CFO at A.C. Moore Arts and Crafts.
Los Angeles-based private equity firm Gores Group walked away from a $791 million deal to buy Pep Boys in May, citing serious deterioration in the company's business and a breach of covenant under the merger agreement.
Pep Boys' net income rose to $33 million, or 61 cents per share, for the quarter ended July 28, from $13.9 million, or 26 cents per share, a year earlier.
Revenue increased marginally to $525.7 million.
Shares of the Philadelphia, Pennsylvania-based company were up 2 percent at $9.17 after the bell. They closed at $8.99 on the New York Stock Exchange on Tuesday.
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote over 90 percent to quit Ukraine for Russia |
- Ukraine, Russia agree Crimea truce until March 21-Ukraine minister
- Malaysian PM says lost airliner was diverted deliberately |
- Democrats seek ways to limit Obamacare fallout after Florida defeat