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Article Excerpt
Palm Harbor Homes, Inc. (NASDAQ:PHHM) reported financial results for the fourth quarter and fiscal year ended March 27, 2009.
Net sales for the fourth quarter totaled $78.9 million compared with $126.5 million in the year-earlier period. Net loss for the fourth quarter of 2009 totaled $8.6 million, or $0.37 per share, compared with a net loss of $12.7 million, or $0.55 per share, a year ago. The results for the fourth quarter of fiscal 2009 include a pre-tax gain of $4.2 million, or $0.18 per share, on the repurchase of convertible senior notes, and $2.3 million, or $0.10 per share, for restructuring and impairment charges. The results for the fourth quarter of fiscal 2008 included $8.3 million, or $0.36 per share, for restructuring charges related to closing three factories and 18 retail sales centers. Excluding these items, net loss for the fourth quarter of fiscal 2009 totaled $0.46 per share compared with $0.19 in the year-earlier period.
Net sales for fiscal 2009 were $409.3 million compared with $555.1 million a year ago. Net loss for fiscal 2009 totaled $26.3 million, or $1.15 per share, compared with the net loss of $124.3 million, or $5.44 per share, for fiscal 2008. The results for fiscal 2009 include a pre-tax gain of $10.6 million, or $0.46 per share, on the repurchase of convertible senior notes, and $2.3 million, or $0.10 per share, for restructuring and impairment charges. The results for fiscal 2008 included non-recurring, non-cash charges of $95.7 million, or $4.19 per share, taken...
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