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Last Update: 08-Dec-11 09:40 ET
Pacific Sunwear Trades Notably Higher Following Earnings/Guidance/SSS and News
Pacific Sunwear (PSUN $1.84 +0.49) is trading higher by 36% following earnings results after the close yesterday and after announcing the completion of a $100 mln revolving credit facility and the end of extensive negotiations with landlords that will result in the closure of approx 175-200 underperforming stores. The company also earnings results.
After the close yesterday, the company reported a third quarter loss of ($0.10) per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($0.15); revenues fell 6.2% year/year to $242 million versus the $231.15 million consensus.
For the fourth quarter, the company issued earnings guidance of ($0.27) to ($0.18), excluding non-recurring items, versus ($0.26) Capital IQ Consensus Estimate.
Separately, the company announced the completion of extensive negotiations with landlords that will result in the closure of approx 175-200 underperforming stores within the next 14 months.
The Company also announced the completion of a five-year, $100 million revolving credit facility with Wells Fargo Capital Finance and a five-year, $60 million senior secured term loan funded by Golden Gate Capital, a leading private equity firm with extensive experience in the retail sector.
After the close yesterday, the company reported a third quarter loss of ($0.10) per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($0.15); revenues fell 6.2% year/year to $242 million versus the $231.15 million consensus.
For the fourth quarter, the company issued earnings guidance of ($0.27) to ($0.18), excluding non-recurring items, versus ($0.26) Capital IQ Consensus Estimate.
Separately, the company announced the completion of extensive negotiations with landlords that will result in the closure of approx 175-200 underperforming stores within the next 14 months.
The Company also announced the completion of a five-year, $100 million revolving credit facility with Wells Fargo Capital Finance and a five-year, $60 million senior secured term loan funded by Golden Gate Capital, a leading private equity firm with extensive experience in the retail sector.
