Charming Shoppes Inc. (CHRS, Financial) filed Quarterly Report for the period ended 2010-07-31.
Charming Shoppes Inc. has a market cap of $390.5 million; its shares were traded at around $3.37 with and P/S ratio of 0.2. CHRS is in the portfolios of Robert Rodriguez of FPA Capital, Michael Price of MFP Investors LLC, Columbia Wanger of Columbia Wanger Asset Management, First Pacific Advisors of First Pacific Advisors, LLC, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Arnold Schneider of Schneider Capital Management, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
The strength of our capital base and liquidity profile remains solid, with ample liquidity through our $210 million of cash as of the end of the Fiscal 2010 Second Quarter as compared to $187 million as of the end of Fiscal 2009. During the Fiscal 2010 Second Quarter we received $45 million of tax refunds related primarily to a Federal income tax loss carryback and repurchased $49 million in face value of our 1.125% Convertible Notes due May 2014 for $38 million. To date, we have repurchased an aggregate principal amount of $135 million of our 1.125% Convertible Notes for an aggregate purchase price of $89 million. We ended the quarter with cash in excess of debt of $42 million, compared to debt in excess of cash of $33 million as of the end of Fiscal 2009, an improvement of $75 million. Additionally, we ended the quarter with no borrowings against our $225 million committed revolving credit facility and as of July 31, 2010 our available borrowing capacity under the facility was approximately $148 million.
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Charming Shoppes Inc. has a market cap of $390.5 million; its shares were traded at around $3.37 with and P/S ratio of 0.2. CHRS is in the portfolios of Robert Rodriguez of FPA Capital, Michael Price of MFP Investors LLC, Columbia Wanger of Columbia Wanger Asset Management, First Pacific Advisors of First Pacific Advisors, LLC, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Arnold Schneider of Schneider Capital Management, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
With the support of our strong balance sheet and liquidity, we continue to focus on the turnaround of our operating performance. For the Fiscal 2010 Second Quarter, our Adjusted EBITDA (see “EBITDA and Adjusted EBITDA” below) was $10.3 million compared to $29.5 million for the Fiscal 2009 Second Quarter. While we are very disappointed with our Adjusted EBITDA performance, our focus on the customer allowed us to stabilize both our sales and our customer base in the Fiscal 2010 Second Quarter. In order to stem the decline in our customer base, which had declined significantly during Fiscal 2009, we were more promotional and invested in additional marketing. While our year-round and seasonal core assortments generally performed well, our non-core assortments did not. Due to poor customer response to our seasonal non-core merchandise, we were ultimately over-receipted in the non-core seasonal merchandise. Additionally, our disappointing performance was further impacted by higher-than-planned markdowns in order to clear excess seasonal inventory in an already promotional environment.The strength of our capital base and liquidity profile remains solid, with ample liquidity through our $210 million of cash as of the end of the Fiscal 2010 Second Quarter as compared to $187 million as of the end of Fiscal 2009. During the Fiscal 2010 Second Quarter we received $45 million of tax refunds related primarily to a Federal income tax loss carryback and repurchased $49 million in face value of our 1.125% Convertible Notes due May 2014 for $38 million. To date, we have repurchased an aggregate principal amount of $135 million of our 1.125% Convertible Notes for an aggregate purchase price of $89 million. We ended the quarter with cash in excess of debt of $42 million, compared to debt in excess of cash of $33 million as of the end of Fiscal 2009, an improvement of $75 million. Additionally, we ended the quarter with no borrowings against our $225 million committed revolving credit facility and as of July 31, 2010 our available borrowing capacity under the facility was approximately $148 million.
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