Cache Inc. Reports Operating Results (10-K)
Cache Inc. has a market cap of $58.7 million; its shares were traded at around $4.59 with and P/S ratio of 0.3.
Highlight of Business Operations: The aggregate market value of voting stock held by non-affiliates of the registrant was approximately $56 million as of July 2, 2010, the last business day of the registrant's most recently completed second fiscal quarter, based upon the closing sale price of $5.25 of the registrant's Common Stock as reported on the Nasdaq Global Select Market on such date. Shares of Common Stock held by each executive officer and director and by each person who owns 10% or more of the outstanding Common Stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily conclusive for other purposes.
During the fourth quarter of fiscal 2010, we recorded a pre-tax impairment charge of approximately $9.1 million against the remaining carrying value of goodwill for our Adrienne Victoria Designs, Inc. ("AVD") reporting unit, coupled with an impairment charge of approximately $974,000
On April 22, 2010, we amended our one year credit facility with Bank of America (the "Bank"). Under this facility, we may direct the Bank to issue letters of credit up to a total of $2.5 million. Any outstanding letters of credit under this facility are collateralized by a security interest in various certificates of deposit held by us and our subsidiaries with the Bank, amounting to a total of $2.5 million. This one year credit facility will expire on May 1, 2011. We are currently reviewing our future requirements for a credit facility and we plan to initiate discussion with our bankers to renew this credit line or negotiate a new credit facility.
Sportswear. Sportswear consists of related tops and bottoms, versatile enough to be worn during the day or out for evening events. Price points for sportswear in our stores generally range from $35 to $280.
Dresses. Dresses range from shorter lengths for day-time, cocktail, as well as day-into-evening wear to special occasion long dresses. Price points for dresses in our stores generally range from $75 to $420.
Accessories. Accessories consist primarily of jewelry, belts and handbags selected to complement our sportswear and dress selections. Price points for accessories in our stores generally range from $5 to $100.
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