Key Developments: Bakers Footwear Group, Inc. (BKRS.O)
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9 Feb 2010
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Latest Key Developments
Bakers Footwear Group Issues Q4 2009 Revenue Guidance
Bakers Footwear Group announced that for the fourth quarter of 2009, it expects net income to be in the range of $6.0 to $7.0 million.
Bakers Footwear Group Comments On Q4, FY 2009 Guidance-Conference Call
Bakers Footwear Group announced that its expects fourth quarter of 2009 results to include increased net sales, increased comparable-store sales and increased positive operating profit. The Company believe these results will give fiscal 2009 comparisons which will show improved adjusted EBITDA from fiscal 2009 versus fiscal 2008.
Bakers Footwear Group Comments On Q4 2009 Revenue Guidance
Bakers Footwear Group announced that it expects to report sales growth in the fourth quarter of 2009.
Bakers Footwear Group Appoints New Chief Financial Officer-Form 8-K
Bakers Footwear Group announced that Lawrence L. Spanley, Jr., resigned as the Company’s Chief Financial Officer, Executive Vice President, Secretary, and Treasurer. The Company also announced that effective on February 3, 2008, Charles R. Daniel III, has assumed the duties of principal financial officer and principal accounting officer and has been named by the Company’s Board of Directors as Vice President-Finance, Secretary and Treasurer in addition to his position as Controller.
Bakers Footwear Group Completes Issuance Of 350,000 Shares Of Common Stock And $7.5 Million In Secured Term Loan Financing
Bakers Footwear Group announced that it issued 350,000 shares of common stock and entered into a $7.5 million subordinated secured term loan with Private Equity Management Group, Inc. (PEMG) and an entity affiliated with PEMG. The Company received net proceeds of approximately $6.7 million, net of transaction fees and expenses. The loan bears interest at a rate of 15% per annum, with principal and interest payable monthly from March 2008 through February 2011. PEMG received the 350,000 shares of the Company's common stock as additional consideration in connection with the loan. The loan agreement contains financial and other customary covenants.
Bakers Footwear Group Issues Q3 2007 Net Loss Guidance Below Analysts' Estimates
Bakers Footwear Group announced that for the third quarter of 2007 it expects net loss of approximately $15.3 million, or $2.35 per share, including approximately $3.5 million of additional markdown expense compared to the third quarter of 2006 and approximately $3.1 million of asset impairment and severance expenses associated with its cost reduction plan announced on September 24, 2007. According to Reuters Estimates, analysts were expecting the Company to report net loss of $9.40 million and EPS of $(1.38) in the same period.
Bakers Footwear Group Announces Sale Of Operating Lease
Bakers Footwear Group announced the signing of an agreement to sell an operating lease for total consideration of $5.05 million.
Bakers Footwear Group Announces Management Changes- Form 8-K
Bakers Footwear Group announced in its Form 8-K that Michele A. Bergerac, the President and a Director of the Company, has resigned as President and as a Director to pursue other interests, effective as of September 15, 2007. Lawrence L. Spanley, Jr. announced his intention to retire as Chief Financial Officer (CFO) at the end of January 2008, although he has agreed to remain with the Company following that date. Peter A. Edison, the current Chairman of the Board and Chief Executive Officer (CEO) has assumed the title of President, effective as of September 15, 2007.
Bakers Footwear Group Withdraws FY 2007 Guidance
Bakers Footwear Group announced that august sales performance continued to be disappointing with a 14.3% same-store sales decline, reflecting significant sandal losses and increased promotional activity to clear summer merchandise. During the third quarter, the Company expects to take a number of one-time charges as it repositions itself for an expected profit turn in the fourth quarter. As such, the Company has withdrawn its fiscal 2007 guidance.
Bakers Footwear Group Announces Private Placement Of Subordinated Convertible Debentures
Bakers Footwear Group announced that on June 13, 2007 it reached an agreement with seven investors for the private placement of $4.0 million in aggregate principal amount of subordinated convertible debentures due June 30, 2012. The Company expects to receive net proceeds of approximately $3.5 million. The debentures will bear interest of 9.5% per annum, payable semi-annually and have a term of five-years. The debentures will be convertible into shares of common stock, subject to the adjustments and conditions in the debentures. Bakers expects this private placement will close within two weeks. Based on the initial conversion price of $9.00 per share, the debentures would be convertible into 444,444 shares of common stock.
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