Key Developments For West Marine, Inc.
West Marine, Inc. (WMAR.O) (Consolidated Issue listed on NASDAQ Global Market)
West Marine, Inc. Reaffirms FY 2009 Revenue Guidance-Conference Calls
West Marine, Inc. announced that despite recent improvements in sales versus its expectations the Company maintained its prior guidance of sales for fiscal 2009 overall will still fall slightly below those of last year.
West Marine, Inc. Announces Settlement Of SEC Investigation, No Penalties Assessed
West Marine, Inc. announced that it has reached a settlement with the United States Securities and Exchange Commission (SEC) which resolves the SEC's investigation of the Company in connection with the facts and circumstances that gave rise to the Company's 2007 restatement of its financial results for fiscal years 2002 through 2005 and for the first three quarters of fiscal year 2006. The restatement resulted from a company-initiated review in 2007, during which the company identified and corrected its accounting for indirect inventory cost capitalization, as more fully described in West Marine's annual report on Form 10-K for the fiscal year ended December 30, 2006.
West Marine, Inc. Reaffirms FY 2009 Revenue Outlook-Conference Call
West Marine, Inc. announced that it is assuming fiscal 2009 will continue to be quite challenging for its industry and with all the weakness observed in the economy, the Company expect sales to decline for fiscal 2009 at roughly the same pace it has experienced in recent quarters.
West Marine, Inc. Says SEC Staff Intends To Recommend Civil Suit-DJ
Dow Jones reported that West Marine, Inc. said that it has received a Wells notice from the Securities and Exchange Commission, informing the Company the staff of the SEC's Division of Enforcement intends to recommend that a civil action be brought against the Company. The notice is in connection with a previously disclosed investigation by the SEC staff concerning West Marine's fiscal 2003 accounting for indirect costs included in inventory costs, which led to the restatement of fiscal years 2002 to 2005 and the first three quarters of 2006, according to a filing with the Securities and Exchange Commission.
West Marine, Inc. Comments On FY 2009 Revenue Guidance
West Marine, Inc. announced that for fiscal 2009, it expects sales to decline at roughly the same pace experienced in recent quarters.
