Tweeter Home Entertainment Group, Inc. announced the earnings results for its fourth fiscal quarter and fiscal year ended Sept. 30, 2006. For the quarter ended Sept. 30, 2006, total revenue from continuing operations decreased 14 percent to U.S. $162 million, from $188 million last year. Revenue from continuing operations included sales from 153 stores this quarter compared to 159 stores a year ago. Comparable-store sales decreased 13 percent.
Net loss from continuing operations was reduced to $16.4 million for the quarter ended Sept. 30, 2006 compared to a net loss from continuing operations of $18.5 million last year. Last year included a $3.1 million expense for the elimination of the deferred tax asset recognized in prior years. Net loss per share from continuing operations was $0.65 compared to a net loss per share of $0.75 for the same period last year. Although gross profit dollars declined for the quarter, gross profit margin percentage improved 170 basis points to 40.1 percent. SG&A expense declined $7.7 million.
For the 12 months ended Sept. 30, 2006, total revenue from continuing operations decreased 2 percent to $775 million, from $795 million last year. Comparable-store sales increased 1 percent for the same period.
For the full year, operating loss was $13.7 million compared to an operating loss of $47.1 million last year, which included a store closing restructuring charge of $16.5 million. Net loss per share from continuing operations for the year ended Sept. 30, 2006 was $0.64 compared to a net loss per share of $2.59 for the same period last year.
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