Outdoor financials: West Marine’s Q4 revenue up on adjustment, plus Gander, Jarden, Forzani

West Marine’s Q4 revenue up on adjustment. Gander completes stock splits to go private. Jarden prices offering of $492 million notes. Forzani reports roller-coaster holiday sales.
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West Marine’s Q4 revenue up on adjustment

West Marine (Nasdaq: WMAR) reported that its fourth-quarter revenue fell 6.2 percent compared with last year, but if the extra week from the 2008 quarter is removed, revenues actually rose 1.7 percent.

“The second half of the year was better for us than the first half, and that gives us more confidence in the boating products market as we move into 2010,” CEO Geoff Eisenberg said in a statement.

Net revenues were $104.2 million for its 13-week 2009 fiscal fourth quarter ended Jan. 2. Adjusted to remove the impact of an extra week in the 2008 fourth quarter, 2009’s adjusted net revenues increased by $1.7 million, or 1.7 percent, and adjusted comparable store sales increased by $2.6 million, or 3.2 percent, over last year.

Without this adjustment, net revenues decreased by $6.9 million, or 6.2 percent, to net revenues of $104.2 million compared to the 14-week 2008 fiscal fourth quarter, and comparable store sales decreased by $4.3 million, or 4.8 percent.

Net revenues for FY ’09 were $588.7 million, a decrease of 6.7 percent, from 2008’s $631.3 million. The company said the drop was primarily due to a decline of 3.6 percent in comparable store sales.

West Marine will release fourth-quarter and full-year results March 4.

Gander completes stock splits to go private

Gander Mountain (Nasdaq: GMTN) effected a 1-for-30,000 reverse split of its common stock followed by a 30,000-for-1 forward split of its common stock, confirming its intent to withdraw its shares of common stock from listing on the Nasdaq Global Market.

Any shareholder holding less than one share after the reverse stock split will receive a cash payment of $5.15 for each share held prior to the reverse split. Following the reverse stock split, the company filed a second amendment to its articles of incorporation to effect a 30,000-for-1 forward stock split.

As a result, shareholders owning 30,000 or more shares of common stock at the time of the reverse split will retain their current numbers of shares of common stock without change and not receive cash in the transaction. 

The funding for the cash payment was provided by the company’s two largest shareholders: Gratco and Holiday Stationstores.

Jarden prices offering of $492 million notes

Jarden Corp. (NYSE: JAH), parent of Coleman, Marmot and K2, said it has priced an offering of $492 million in 10-year senior subordinated notes.

The company plans to use the net proceeds to pay back part of its senior credit facility term loans. The remainder of the funds will be put toward general corporate purposes.

The offering of the 7.5 percent notes is likely to close on Jan. 20.

Forzani reports roller-coaster holiday sales

The Forzani Group (TSX: FGL) said its holiday season sales for the 10-week period ended Jan. 10 were slightly lower than a year earlier because of consumer caution and unseasonably warm weather in November 2009.

“Sales for the last five weeks of the latest holiday season were actually higher than a year ago,” said CEO Bob Sartor in a statement. “Unfortunately, the gain in the last five weeks was not quite enough to offset the weak start."

Total retail system sales declined by 1.8 percent from the prior year. On a same-store basis, retail system sales were down 2.7 percent.

Corporate same-store sales decreased 3.6 percent, while franchise retail same-store sales were down 1.1 percent. Corporate store gross margin rates improved 70 basis points versus the prior year. Corporate store inventory levels were as planned.

For the second half of the latest holiday season, same-store retail system sales rose 2.4 percent compared with the prior period. For the first half of the latest holiday season, same-store retail system sales were down 10.7 percent from the prior period.

The company, whose retail banners include Sport Chek, Coast Mountain Sports and The Fitness Source, will release fourth-quarter and full-year results on April 6.

--Compiled by Wendy Geister

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