CPI Corp. (CPY, Financial) filed Quarterly Report for the period ended 2010-11-13.
Cpi Corp. has a market cap of $164.4 million; its shares were traded at around $22.49 with a P/E ratio of 8 and P/S ratio of 0.4. The dividend yield of Cpi Corp. stocks is 4.5%. Cpi Corp. had an annual average earning growth of 2.6% over the past 10 years.CPY is in the portfolios of Arnold Van Den Berg of Century Management, Jim Simons of Renaissance Technologies LLC.
Net sales from the Company s PictureMe Portrait Studio® (PMPS) brand, on a comparable same-store basis, excluding impacts of net revenue recognition change, foreign currency translation, store closures and other items totaling $1.3 million, decreased 6% in the third quarter of 2010 to $56.5 million from $60.1 million in the third quarter of 2009. The decrease in PMPS sales performance for the third quarter was the result of an 11% decrease in the number of sittings, offset in part by a 6% increase in average sale per customer sitting.
Net sales from the Company s Sears Portrait Studio (SPS) brand, on a comparable same-store basis, excluding impacts of net revenue recognition change and other items totaling $300,000, decreased 13% in the third quarter of 2010 to $45.8 million from $52.8 million in the third quarter of 2009. SPS sales performance for the third quarter was the result of a 10% decline in the number of sittings and a 4% decline in average sale per customer sitting versus the prior-year quarter.
Interest expense declined $1.6 million in the third quarter of 2010 to $900,000 from $2.5 million in the third quarter of 2009. The decrease is primarily a result of lower average borrowings and favorable interest rates as a result of the new credit facility.
The Company reported a net loss of ($3.0 million) and ($7.9 million), or ($0.41) and ($1.13) per diluted share, for the first three quarters ended November 13, 2010, and November 14, 2009, respectively. Excluding other charges and impairments in each period, the loss per share was down in the first three quarters of 2010 at ($0.16) versus ($0.80) in the prior year comparable period. Earnings in the first three quarters of 2010 were significantly affected by comparable store sales declines, a special commission adjustment and increases in amortization, workers compensation, pension and employee insurance expense, offset by lower production, labor and advertising costs, other charges and impairments, interest expense and depreciation. Foreign currency translation effects and the Kiddie Kandids studio operations did not have a material impact on the Company s net earnings in the first three quarters of 2010.
Net sales from the Company s PictureMe Portrait Studio® (PMPS) brand, on a comparable same-store basis, excluding impacts of store closures, foreign currency translation, net revenue recognition change, revenue deferral related to the loyalty program, E-Commerce and other items totaling $3.3 million, decreased 2% in the first three quarters of 2010 to $148.7 million from $152.5 million in the first three quarters of 2009. The decrease in PMPS sales performance for the first three quarters was the result of an 8% decrease in the number of sittings, offset in part by a 6% increase in average sale per customer sitting.
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Cpi Corp. has a market cap of $164.4 million; its shares were traded at around $22.49 with a P/E ratio of 8 and P/S ratio of 0.4. The dividend yield of Cpi Corp. stocks is 4.5%. Cpi Corp. had an annual average earning growth of 2.6% over the past 10 years.CPY is in the portfolios of Arnold Van Den Berg of Century Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The Company reported a net loss of ($7.7 million) and ($6.8 million), or ($1.05) and ($0.97) per diluted share, for the 16-week third quarters ended November 13, 2010, and November 14, 2009, respectively. Excluding other charges and impairments in each period, the loss per share was down in the third quarter of 2010 at ($0.75) versus ($0.87) in the prior year comparable period. Earnings in the period were significantly affected by comparable store sales declines, a special commission adjustment, and increased employee insurance and workers compensation expense, offset by lower production, labor and advertising costs as well as lower interest expense and depreciation. Foreign currency translation effects and the Kiddie Kandids studio operations did not have a material impact on the Company s net earnings in the third quarter of 2010.Net sales from the Company s PictureMe Portrait Studio® (PMPS) brand, on a comparable same-store basis, excluding impacts of net revenue recognition change, foreign currency translation, store closures and other items totaling $1.3 million, decreased 6% in the third quarter of 2010 to $56.5 million from $60.1 million in the third quarter of 2009. The decrease in PMPS sales performance for the third quarter was the result of an 11% decrease in the number of sittings, offset in part by a 6% increase in average sale per customer sitting.
Net sales from the Company s Sears Portrait Studio (SPS) brand, on a comparable same-store basis, excluding impacts of net revenue recognition change and other items totaling $300,000, decreased 13% in the third quarter of 2010 to $45.8 million from $52.8 million in the third quarter of 2009. SPS sales performance for the third quarter was the result of a 10% decline in the number of sittings and a 4% decline in average sale per customer sitting versus the prior-year quarter.
Interest expense declined $1.6 million in the third quarter of 2010 to $900,000 from $2.5 million in the third quarter of 2009. The decrease is primarily a result of lower average borrowings and favorable interest rates as a result of the new credit facility.
The Company reported a net loss of ($3.0 million) and ($7.9 million), or ($0.41) and ($1.13) per diluted share, for the first three quarters ended November 13, 2010, and November 14, 2009, respectively. Excluding other charges and impairments in each period, the loss per share was down in the first three quarters of 2010 at ($0.16) versus ($0.80) in the prior year comparable period. Earnings in the first three quarters of 2010 were significantly affected by comparable store sales declines, a special commission adjustment and increases in amortization, workers compensation, pension and employee insurance expense, offset by lower production, labor and advertising costs, other charges and impairments, interest expense and depreciation. Foreign currency translation effects and the Kiddie Kandids studio operations did not have a material impact on the Company s net earnings in the first three quarters of 2010.
Net sales from the Company s PictureMe Portrait Studio® (PMPS) brand, on a comparable same-store basis, excluding impacts of store closures, foreign currency translation, net revenue recognition change, revenue deferral related to the loyalty program, E-Commerce and other items totaling $3.3 million, decreased 2% in the first three quarters of 2010 to $148.7 million from $152.5 million in the first three quarters of 2009. The decrease in PMPS sales performance for the first three quarters was the result of an 8% decrease in the number of sittings, offset in part by a 6% increase in average sale per customer sitting.
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