USA. New stores blamed for increased West Marine Q1 loss
Company news:
West Marine, Inc. (Nasdaq:WMAR), has released unaudited operating results for the first quarter of 2006. Net loss for the thirteen weeks ended April 1, 2006 was $9.4 million, or ($0.44) per share, compared to a net loss of $5.5 million, or ($0.26) per share, for the same period a year ago.
The increase in net loss for the first quarter of 2006, when compared to the same period last year, is largely due to additional operating costs for the 28 new stores that we opened during the latter half of 2005 and first three months of this year. Our new stores typically do not generate a positive earnings contribution before their first full boating season. In addition, our first quarter 2006 results reflect investments in store selling initiatives and the final portion of costs related to previously-announced discontinued software development projects.
Net sales for the thirteen weeks ended April 1, 2006 were $132.6 million, compared to net sales
July 25th, 2008 |
41 teams battle for Marine Industry honours
Two teams from Practical Boat Owner took podium positions in the 2006 Marine Industry Regatta. The event is hotly contested by some of the UK's top racing sailors and this year's entry list of 41 boats was the biggest yet. It took place on 26 April out of Portsmouth, in the Sunsail fleet of Sunfast 37s.
Four races were sailed in a light westerly breeze that occasionally picked up to 10 knots and tested everyone's patience when it dropped away to next to nothing at times.
The 2005 champions, PBO Editorial Team, put together a consistent series including a win in the second race, to finish just five points behind the winning boat to claim second overall. The PBO and Yachting Monthly Advertising Team, skippered by Tom Stevens, finished in fourth spot.
The winner was Beacon Park Marine, and third were Barton Marine.
For photos of the racing and prizegiving, follow this link to the ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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