NVI lol Jim.Theyfiled the jerks after we sold.LOL.WEEEEEEE.
Is pretty unbelievable.It seems sure
thing to me that they are doing it on purpose.Unreal.
But the q shows more losses.
WIRE) National Vision Reports First Quarter Results For the Period Ende
March 29, 2003
National Vision Reports First Quarter Results For the Period Ended March 29, 2003
LAWRENCEVILLE, Ga., June 18 /PRNewswire-FirstCall/ -- National Vision,
Inc., (Amex: NVI) a national retail optical company, today announced results
for the first quarter ended March 29, 2003.
For the quarter, the Company recorded net sales of $62.6 million and gross
profit of $34.4 million, versus net sales of $59.7 million and gross profit of
$33.6 million, recorded in the comparable period last year from the Company's
continuing operations. Sales from domestic stores that are part of continuing
operations increased 2.5% from levels recorded in the comparable period last
year. Earnings before interest, taxes, depreciation, and amortization
(EBITDA) in the current period were $5.9 million, versus EBITDA of $7.1
million achieved in the comparable period last year.
The Company recorded a
net loss of $2.0 million in the current period versus a $1.4 million net loss
in the comparable period last year. The current period includes a net loss of
$121,000 from discontinued operations and a net loss of $564,000 relating to a
cumulative effect of a change in accounting principle..
At the end of the first quarter, the Company operated 504 vision centers,
versus 516 vision centers at the end of the first quarter a year ago. Of the
Company's vision centers open and operating at March 29, 2003, 386 are in
domestic Wal-Mart stores, 37 are in Wal-Mart de Mexico stores, 58 are located
in Fred Meyer stores, and 23 are in military bases throughout the United
States.
The Company made significant cash payments during the first quarter,
including a principal repayment, a semi-annual interest payment and the final
2002 rent reconciliation payment to Wal-Mart. These payments were funded from
current cash balances, and borrowings of $1.0 million on the Company's credit
facility. After making these payments, cash balances at quarter end were $3.1
million versus a 2002 year-end cash balance of $9.0 million
Letter from The American Stock Exchange
The Company had previously disclosed that it had received a letter from
The American Stock Exchange ("AMEX") stating that if the Company did not
become current with its filings by June 18, 2003, the exchange may seek to
delist or halt trading in its securities. With the filing today of the Form
10-Q for the first quarter of 2003, the Company is now current in its SEC
filings.
Letter from Trustee
The Company had previously disclosed that it had received a letter from
the trustee under the indenture governing its senior notes, stating that the
Company was in default for failing to timely file its Form 10-K for fiscal
2002, and that the Company had 30 days to cure the alleged default. The
Company announced that it had received a letter from the trustee, revoking the
previous letter. In addition, the filing on June 4, 2003 of the Form 10-K
took place within the 30-day cure period.
The general public can access the Company's 10-Q for the period ended
March 29, 2003 and the Company's 10-K financial reports and press releases via
the Company's web site at www.nationalvision.com . Additionally, the general
public can access all of the Company's public documents filed with the
Securities and Exchange Commission ("SEC") via their web site at www.sec.gov.
The Company's common stock and senior notes are listed on the American Stock
Exchange. The common stock of the Company trades under the symbol "NVI" and
the senior notes trade under the symbol "NVI.A".
This release includes statements concerning the Company's plans, beliefs
and expectations for future periods. These "forward-looking statements" may
be identified by the use of words such as "intends," "contemplates,"
"believes," "anticipates," "expects," "should," "could," "would" and words of
similar import. These forward-looking statements involve known and unknown
risks and uncertainties that could cause actual results to differ materially
from the expectations expressed or implied in such statements. With respect
to such forward-looking statements and others that may be made by, or on
behalf of, the Company, the factors described as "Risk Factors" in the
Company's Reports previously filed with the SEC, could materially affect the
Company's actual results.
These risks and uncertainties include, among others, impaired
relationships with the Company's vendors or customers as a result of the
Company's recent emergence from bankruptcy, the Company's high leverage and
its potential inability to repay its debt, an adverse change in the Company's
relationship with Wal*Mart, changes in economic conditions (including an
increase in interest rates), financial markets or customer demand, the level
of competition in the retail eyecare industry, federal and state regulation of
the healthcare and insurance industries (particularly in California), the
Company's financial condition and other risks and uncertainties set forth in
the Company's filings with the Securities and Exchange Commission.
All forward-looking statements included in this release are based upon
management's present expectations and the information available at this time.
The Company does not undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or other factors.
National Vision, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share information)
(unaudited)
Three Months Ended
March 29, 2003 March 30, 2002
Retail sales, net $61,232 $59,657
Premium revenue 1,366 ---
Total net sales 62,598 59,657
Cost of goods sold 28,163 26,022
Total gross profit 34,435 33,635
Selling, general & administrative
expense 32,493 31,940
Operating income / (loss) 1,942 1,695
Interest expense, net 3,305 3,580
Loss from continuing operations
before income taxes (1,363) (1,885)
Income tax expense --- ---
Loss from continuing operations (1,363) (1,885)
Discontinued operations:
Operating income / (loss) from
discontinued operations (75) 465
Loss on disposal (46) ---
Income / (loss) from discontinued
operations, net of income taxes (121) 465
Loss before cumulative effect of a
change in accounting principle (1,484) (1,420)
Cumulative effect of a change in
accounting principle (564) ---
Net loss $(2,048) $(1,420)
Basic net loss per share: $(0.41) $(0.28)
Diluted net loss per share: $(0.41) $(0.28)
National Vision, Inc.
Condensed Consolidated Statement of Operations and Reconciliation of Net
Earnings to EBITDA
(in thousands)
Three Months Ended
March 29, 2003 March 30, 2002
(unaudited) (unaudited)
Total net sales $62,598 $59,657
Total cost of goods sold 28,163 26,022
Total gross profit 34,435 33,635
Selling, general and administrative
expense 32,493 31,940
Operating income 1,942 1,695
Interest expense, net 3,305 3,580
Income taxes --- ---
Income / (loss) from discontinued
operations (121) 465
Cumulative effect of a change in
accounting principle (564) ---
Net earnings / (loss) $(2,048) $(1,420)
Addback:
Interest expense, net $3,305 $3,580
Income taxes --- ---
Cumulative effect of a change in
accounting principle 564 ---
Depreciation and amortization
expense 4,086 4,953
EBITDA (a) $5,907 $7,113
Capital expenditures $823 $796
National Vision, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
March 29, 2003 December 28, 2002
(unaudited)
Assets:
Cash $3,051 $9,020
Accounts receivable, net 3,006 2,164
Inventories 21,980 17,928
Other current assets 791 979
Current deferred income tax asset 262 975
Net property and equipment 16,541 17,992
Other assets and deferred costs, net 922 1,004
Intangible value of contractual
rights, net (b) 99,114 100,960
$145,667 $151,022
Liabilities and Shareholders'
Equity:
Accounts payable $8,789 $3,445
Accrued expenses and other current
liabilities 18,063 24,067
Current portion of long-term debt 953 3,824
Revolving line of credit 1,003 ---
Deferred income tax liability 262 975
Senior subordinated notes 105,882 105,882
Total shareholders' equity 10,715 12,829
$145,667 $151,022
(a) EBITDA is calculated as net earnings before interest, taxes,
depreciation and amortization, extraordinary items, cumulative effect
of a change in accounting principle, and reorganization items as
defined in the terms of our Senior Subordinated Debt agreement. We
refer to EBITDA because:
- it is the basis for the calculation of the excess cash flow
principal repayment under our senior notes; and
- it is a widely accepted financial indicator of a company's ability
to service or incur indebtedness.
EBITDA does not represent cash flow from operations as defined by
generally accepted accounting principles, is not necessarily
indicative of cash available to fund all cash flow needs, should not
be considered an alternative to net income or to cash flow from
operations (as determined in accordance with GAAP) and should not be
considered an indication of our operating performance or as a measure
of liquidity. EBITDA is not necessarily comparable to similarly
titled measures for other companies.
(b) Intangible value of contractual rights was established upon emergence
from bankruptcy. This amount will be amortized on a straight-line
basis over a 15-year period.
SOURCE National Vision, Inc.
-0- 06/18/2003
/CONTACT: Angus Morrison, Sr. VP & Chief Financial Officer of National
Vision, Inc., +1-770-822-4295/
/Web site: nationalvision.com /
(NVI)
CO: National Vision, Inc.
ST: Georgia
IN: REA HEA
SU: ERN
*** end of story *** |
