West Marine revises 3Q earnings
WATSONVILLE, Calif. – Boating retailer West Marine, Inc. reported that earnings for the third quarter ended Oct. 2, were $0.32 per share, rather than the previously reported $0.29 per share.
“In our prior earnings release dated Oct. 28, we reported, and our independent auditors concurred, that third quarter earnings should be reduced by a $1.2 million pre-tax, or $0.03 per share after-tax, charge related to an extinguishment of debt on Oct. 14, in connection with replacing our bank credit facility,” West Marine said in its press release.
“Upon further review of the applicable accounting rules, again performed in conjunction with our independent auditors, we have determined that this charge should be recorded instead as a reduction to fourth quarter earnings when the prior debt was extinguished. This change increases third quarter earnings and decreases fourth quarter earnings by the same amount; therefore, earnings for the full fiscal year 2004 will not be affected.”
West Marine said its net income for the 13 weeks ended Oct. 2, as corrected, was $6.9 million, compared to net income of $8.1 million, or $0.39 per share, a year ago. Net income for the 39 weeks ended Oct. 2, as corrected, was $29.0 million, or $1.36 per share, compared to net income of $21.7 million, or $1.08 per share, for the same period a year ago.
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