Jennifer Convertibles posts $32.1M profit on debt elimination
Furniture retailer's sales decline 14.8% in quarter
Larry Thomas -- Furniture Today, April 13, 2011
WOODBURY, N.Y. — Retailer Jennifer Convertibles, which emerged from Chapter 11 bankruptcy protection in February, recorded a profit if $32.1 million in the fiscal second quarter ended Feb. 26 thanks to a one-time gain on debt that was discharged during its bankruptcy reorganization.
Sales were $16.7 million - 14.8% below the same quarter last year - and the company had an operating loss of $1.98 million.
The net income, which equals $4.04 per share, includes a one-time gain of $34.1 million from the reorganization.
In the same quarter last year, the retailer had a net loss of $6.4 million or 91 cents per share.
"During the quarter we successfully emerged from Chapter 11 and we were successful in restructuring our leases and in closing and consolidating unprofitable stores," said Rami Abada, president. "We have new product lines in development and we believe we are now poised to be a stronger organization that will better satisfy our customers, suppliers and employees. We are very excited about the future."
For the six months ended Feb. 26, sales fell 6% to $35.3 million. Net income for the period was
$28.7 million or $3.62 per share. The income figures included a one-time gain of $33.4 million from its bankruptcy reorganization.
In the first half of the previous fiscal year, the retailer had a net loss of $13.3 million or $1.89 per share.
The company operates 64 Jennifer Convertibles stores, eight Jennifer Leather stores and six Ashley Furniture HomeStores.
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