Sports Club swings to loss in Q4, FY '07
The Sports Club Company (Pink Sheets: SCYL.PK) reported a 4.6-percent increase in fourth-quarter revenues.
Revenues for the quarter ended Dec. 31, 2007, were $15.5 million compared to $14.8 million for the same period in 2006.
The company swung to a net loss of $2.9 million, or $0.14 per diluted share, compared to net income of $238,000, or $0.01 per diluted share in 2006. The weighted average number of basic and diluted shares outstanding for the 2007 fourth quarter was 20.8 million shares compared to 19.9 million shares for the 2006 fourth quarter.
Revenues for FY '07 increased 4.9 percent to $61.6 million compared to $58.7 million for FY '06.
The net loss for FY '07 increased $7.2 million, or $0.35 per diluted share, compared to a net loss in FY '06 of $6.4 million, or $0.33 per diluted share. The weighted average number of basic and diluted shares outstanding for FY '07 was 20.5 million shares compared to 19.5 million shares for FY '06.
Finish Line's Q4 results hit by charges
The Finish Line (Nasdaq: FINL) said it swung to a fiscal fourth-quarter loss, hurt by charges related to its failed buyout bid for Genesco.
Loss for the quarter ended March 1 totaled $38.8 million, or $0.82 per share, compared with a year-ago profit of $21.1 million, or $0.44 per share, last year. Excluding charges for costs related to the Genesco takeover litigation and settlement, a charge for writing down assets for 26 stores, profit was $0.45 per share.
Revenue fell 10 percent to $382.8 million from $425.7 million last year.
Alan H. Cohen, company chairman and CEO, said in a statement that retailers in general are facing a "challenging" environment.
For the year, loss totaled $60.4 million, or $1.28 per share, compared with a year-ago profit of $32.7 million, or $0.68 per share. Revenue fell 4 percent to $1.28 billion from $1.33 billion last year.
The Finish Line offered to buy Genesco in June for $1.5 billion, but then tried to get out of the deal, claiming that Genesco was not forthcoming about its financial situation. The two companies settled the dispute earlier this month, effectively ending the buyout bid.
Nike CEO exercises options
The president and chief executive of Nike (NYSE: NKE) exercised options for 53,050 shares of common stock, according to a Securities and Exchange Commission filing.
In a Form 4 filed with the SEC, Mark G. Parker reported he exercised the options for $21.18 apiece and then sold all the shares for $69 to $69.20 apiece.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
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