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Article Excerpt
* Revenue from European operations, excluding the impact of foreign exchange, increased 18% to $14 million in second quarter 2009 vs. second quarter 2008.
* Cost reduction plans now expected to be approximately $18 million, up from $15 million, in annualized pre-tax savings in fiscal 2009.
* Balance sheet remains debt-free with consolidated cash balance of $31 million.
ST. LOUIS -- Build-A-Bear Workshop, Inc. (NYSE: BBW), an interactive entertainment retailer of customized stuffed animals, today reported results for the 2009 second quarter and first six months.
For the second quarter (13 weeks ended July 4, 2009) the company reported a net loss of $6.0 million, or $0.32 per diluted share, compared to the fiscal 2008 second quarter (13 weeks ended June 28, 2008) net loss of $4.8 million or $0.25 per diluted share. The net loss for the second quarter of fiscal 2009 included $0.1 million, or $0.01 per diluted share charge for the friends 2B made concept closure, and $0.3 million, or $0.02 per diluted share non-cash charge resulting from the allocation of losses related to the company's minority investment in Ridemakerz, LLC.
For the first six months (26 weeks ended July 4, 2009) the company reported a net loss of $6.8 million, or $0.36 per diluted share, compared to the fiscal 2008 first six months (26 weeks ended June 28, 2008) net income of $1.6 million, or $0.08 per diluted share. The net loss for the first six months of fiscal 2009 included $0.4 million, or $0.02 per diluted share charge for the friends 2B made concept closure, and $0.3 million, or $0.02 per diluted share non-cash charge resulting from the allocation of losses related to the company's minority investment in Ridemakerz, LLC.
"We ended the second quarter with a strong balance sheet and have expanded our cost containment initiatives, while not losing sight of the unique product, service and experience we bring to our Guests," said Build-A-Bear Workshop Chairman and Chief Executive Bear...
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