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Trans World Entertainment
John J. Sullivan
EVP, Chief Financial Officer
Financial Relations Board
TRANS WORLD ENTERTAINMENT ANNOUNCES FOURTH QUARTER AND
FISCAL 2008 RESULTS
Albany, NY, March 5, 2009 -- Trans World Entertainment Corporation (Nasdaq: TWMC) today reported financial results for its fourth quarter and fiscal year ended January 31, 2009. For the fourth quarter, total sales decreased 24% to $344.7 million compared to $451.5 million in 2007. Comparable store sales for the quarter decreased 14%. During the quarter, the Company operated an average of 763 stores compared to 922 stores last year, a 17% decline.
For the fourth quarter of 2008, the Company recorded a net loss of $9.4 million, or $0.30 per share. This years fourth quarter results included a non-cash impairment charge to write down certain long-lived assets, pursuant to Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, totaling $15.2 million, or $0.48 per share for the quarter. For the fourth quarter of 2007 the net loss was $66.0 million, or $2.12 per share. Last years fourth quarter results included a non-cash tax expense of $43.4 million, or $1.39 per share for the quarter, to establish a full valuation allowance against the Companys deferred tax assets, pursuant to Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes. Additionally, last years fourth quarter results included a non-cash impairment charge to write down certain long-lived assets, pursuant to SFAS No. 144 totaling $30.7 million, or $0.99 per share for the quarter.
For fiscal year 2008, total sales decreased 22% to $988.0 million compared to $1.266 billion in 2007. Comparable store sales for fiscal year 2008 decreased 11%. During the year, the Company operated an average of 786 stores compared to 956 stores last year, an 18% decline.
Net loss for fiscal 2008 was $69.0 million, or $2.21 per share. For fiscal year 2007, the net loss was $99.4 million, or $3.20 per share.
Trans World will host a teleconference call today, Thursday, March 5, 2009, at 9:00 AM ET to discuss its financial results. Interested parties can listen to the simultaneous webcast on the Company's corporate website, www.twec.com.
Trans World Entertainment is a leading specialty retailer of entertainment software, including music, video and video games and related products. The Company operates retail stores in the United States, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico, primarily under the names
The following information was filed by Trans World Entertainment Corp (TWMC) on Friday, March 6, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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