Key Developments For Cost Plus Inc
Cost Plus Inc (CPWM.O) (Nasdaq)
Cost Plus, Inc. Issues Q3 2009 Guidance; Revenue Guidance Below Analysts' Estimates; Comments on Q3 2009 Same Store Sales Guidance
Cost Plus, Inc. announced that for third quarter of 2009, it expects net sales in the range of $177-$186 million, based on a same store sales decrease in the range of 6% to 11%. For third quarter of 2009, the Company is projecting a loss from continuing operations before interest and taxes in the range of $19-$24 million versus a loss of $21.0 million last year. According to Reuters Estimates, analysts were expecting the Company to report revenues of $190 million and EBIT of $(24) million for the same period.
Acacia Research - Acacia Technologies's Subsidiary Enters Into Settlement Agreement Regarding Credit Card Fraud Protection Technology With Cost Plus, Inc.
Acacia Research - Acacia Technologies announced that its Financial Systems Innovation LLC subsidiary has entered into a settlement agreement covering a patent that applies to credit card fraud protection technology with Cost Plus, Inc. This resolves a dispute that was pending before the United States District Court for the Northern District of Georgia concerning Cost Plus, Inc.
Cost Plus, Inc. Issues Q2 2009 Outlook; Revenue Outlook In Line With Analysts' Estimates; EBIT Outlook Above Analysts' Estimates; Comments On Q2 2009 Same-Store Sales Outlook-Conference Call
Cost Plus, Inc. announced that for the second quarter of 2009, it expects revenue in the range of $176 to $186 million, based on a same-store sales performance in the range of negative 9.5% to negative 14.5%. The Company is projecting a loss from continuing operations before interest and taxes, or EBIT loss, in the range of $14 to $21 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $181million and EBIT of $(23.5) million for the same period.
CORRECTION - Cost Plus, Inc. Announces Organizational Changes
CORRECTED TO READ "...will replace Mr. Christopher Dodds as Chairman of the Audit Committee." INSTEAD OF ""...will replace Mr. Christopher Dodds as Chairman". Cost Plus, Inc. announced that a member of its Board of Directors, Christopher Dodds, notified the Company on May 6, 2009 of his intention not to stand for re-election to the Board of Directors due to other time commitments, particularly his role as Senior Advisor with The Carlyle Group. Mr. Dodds served as Chairman of the Company’s Audit Committee. Ken Stevens, already a member of the Company’s Audit Committee, will replace Mr. Dodds as Chairman of the Audit Committee.
Cost Plus, Inc. Issues Q1 2009 Revenue Guidance Below Analysts' Estimates; Issues Q1 2009 Earnings Guidance
Cost Plus, Inc. announced that for first quarter of 2009, it expects net sales to be in the range of $179-$184 million, based on a same store sales decrease in the range of 9% to 12% and inclusive of the 8 store closures in continuing operations. The Company expects loss from continuing operations before interest and taxes in the range of $23 million to $25 million including the 8 store closures. Liquidation results and lease buyout reserves for the 8 stores closed in continuing markets are forecasted at a net expense of $6 million for fiscal 2009. The Company projection for the first quarter of 2009 without these non-recurring charges is a loss from continuing operations before interest and taxes in the range of $17 million to $19 million versus an $18 million loss in the first quarter last year. According to Reuters Estimates, analysts were expecting the Company to report revenues of $197 million and EBIT of $(17.50) million for the same period.
