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Article Excerpt
* Revenue from European operations, excluding the impact of foreign exchange, increased 18% to $14.1 million in first quarter 2009 vs. first quarter 2008.
* Cost reduction plans on track to deliver approximately $15 million in annualized pre-tax savings in fiscal 2009.
* Balance sheet remains debt-free with consolidated cash balance of $34 million.
ST. LOUIS -- Build-A-Bear Workshop, Inc. (NYSE: BBW), an interactive entertainment retailer of customized stuffed animals, today reported results for the 2009 first quarter. For the quarter, the company reported a net loss of $0.8 million, or $0.04 per diluted share, compared to the fiscal 2008 first quarter net income of $6.4 million or $0.32 per diluted share.
The 2009 first quarter net loss included a pre-tax charge of $0.5 million or $0.02 per diluted share associated with the previously announced closure of the friends 2B made retail concept.
The company also reported that plans to generate approximately $15 million in annualized pre-tax savings in fiscal 2009 are progressing on track. Capital expenditures expected at $9 million, down from $23 million in 2008, are also on-plan.
"Our priorities during this difficult economy continue to be maintaining our strong and flexible balance sheet, increasing the value of our brand, and maximizing cash flow," said Maxine Clark, chairman and chief executive bear, Build-A-Bear Workshop, Inc. "The decline in mall traffic and consumer spending has continued to affect our sales, but there were bright spots in the quarter which validate our business model. When consumers were in the mall...
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