Trans World’s net losses narrow in 2Q

Net losses narrowed in the second quarter at Trans World Entertainment Corp. as the music and movie retailer closed stores and cut expenses in response to continued weakness in retail sales. Trans World (Nasdaq: TWMC) reported its net loss was $17.8 million, or 57 cents per share, in the second quarter that ended Aug. 1, compared to a net loss of $19.2 million, or 62 cents per share, in the same period a year ago. Based in Albany, N.Y., Trans World owns the f.y.e (For Your Entertainment) and Suncoast chain of stores. Trans World operated an average of 705 stores during the quarter, or 89 fewer stores than last year. Total sales fell 23 percent, to $165.7 million in the quarter. Sales in stores open a year, a critical gauge in retailing, fell 15 percent. The company cut its selling, general and administrative expenses 19 percent in the quarter, which helped reduce its net losses. Trans World Chairman and CEO Robert Higgins said during an earnings conference call today that the company has “taken some positive steps” in the difficult retail evironment and is focusing on generating cash and managing expenses until sales improve. “Our balance sheet remains strong and our availability under our credit facility is over $100 million,” Higgins said. For the 26-week period, the net loss was $31.5 million, or $1 per share, compared to $31.1 million, or $1 per share. Sales during the first half of the year fell 20 percent, to $357.2 million. Comparable store sales fell 12 percent. The company had $28.3 million in borrowings outstanding on its credit facility at the end of the quarter as compared to $35.5 million last year. Inventory was $320.4 million, or $72 per square foot, at the end of the quarter versus $399.2 million, or $81 per square foot for the same period las...
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TRANS WORLD ENTERTAINMENT CORP Financials

PERIOD ENDING1-Aug-092-May-0931-Jan-091-Nov-08Total Revenue165,746  191,433  344,654  195,193  Cost of Revenue106,977  125,681  238,028  129,782  Gross Profit58,769  65,752  106,626  65,411  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative75,767  79,359  99,642  92,829  Non Recurring -   -  15,158   -  Others -   -   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss(16,998)(13,607)(8,174)(27,418)Income from Continuing OperationsTotal Other Income/Expenses Net -   -  180   -  Earnings Before Interest And Taxes(16,998)(13,607)(7,994)(27,418)Interest Expense683  703  1,109  1,110  Income Before Tax(17,681)(14,310)(9,103)(28,528)Income Tax Expense75  (574)355  (87)Minority Interest -   -   -   -  Net Income From Continuing Ops(17,756)(13,736)(9,458)(28,441)Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   -   ...
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TRANS WORLD ENTERTAINMENT CORP Files SEC form 10-Q, Quarterly Report

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations August 1, 2009 and August 2, 2008 Management's Discussion and Analysis of Financial Condition and Results of Operations provides information that the Company's management believes necessary to achieve an understanding of its financial statements and results of operations. To the extent that such analysis contains statements which are not of a historical nature, such statements are forward-looking statements, which involve risks and uncertainties. These risks include, but are not limited to, changes in the competitive environment for the Company's merchandise, including the entry or exit of non-traditional retailers of the Company's merchandise to or from its markets; releases by the music, home video and video games industries of an increased or decreased number of "hit releases"; general economic factors in markets where the Company's merchandise is sold; and other factors discussed in the Company's filings with the Securities and Exchange Commission. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this report and the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2009. The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires that management apply accounting policies and make estimates and assumptions that affect results of operations and the reported amounts of assets and liabilities in the financial statements. Management continually evaluates its estimates and judgments including those related to merchandise inventory and return costs, valuation of long-lived assets, income taxes, stock-based compensation and accounting for gif...
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TRANS WORLD ENTERTAINMENT CORP Files SEC form 8-K, Results of Operations and Financial Condition, Regulation FD Discl

Show all filings for TRANS WORLD ENTERTAINMENT CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for TRANS WORLD ENTERTAINMENT CORP 24-Aug-2009Results of Operations and Financial Condition, Regulation FD Discl Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All in...
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New Star Analyst Rankings for Trans World Entertainment Corp.

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Trans World sues, claims it didn’t infringe patent

A legal tussle brewing for several years behind the scenes at Trans World Entertainment Corp. over alleged patent infringement has come into the open. Trans World, the Albany, N.Y.-based owner of the f.y.e. chain of music and video stores, filed a federal lawsuit in Albany on Sept. 22 asking for a judgment it didn’t infringe on the patent for an electronic system to process credit card and debit payments. Trans World (Nasdaq: TWMC) is seeking the court judgment in response to a threatened lawsuit by a firm in southern California, Financial Systems Innovation LLC, that owns and licenses patents but doesn’t invent anything itself, according to court papers. The parent company of Financial Systems Innovation, Acacia Technologies Group, has been threatening to sue Trans World since 2005 over the alleged patent infringement unless the music and video retail chain signs a licensing agreement. A call to Acacia was not immediately returned. The patent, No. 4,707,592, was issued Nov. 17, 1987, for a “personal universal identity card system for failsafe interactive financial transactions.” The inventor was Paul N. Ware of Summerville, Fla. Trans World insists it hasn’t infringed on the patent. Attempts to reach Trans World were unsuccessful. The two sides agreed in 2005 to set aside their differences until the U.S. Patent and Trademark Office re-examined the patent. That review ended over the summer, and now Financial Systems Innovation is again demanding Trans World pay to license the technology or it will sue, according to the ...
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CEO Higgins buys more Trans World stock

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Trans World closing 125 f.y.e. stores

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Trans World Entertainment to Host Third Quarter 2009 Results Conference Call

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