Financing Film, television and digital multimedia productions in Canada is less of a challenge when you have access to interim capital to assist in completing projects and of course moving on to the next one! There are a number of excellent new programs at government levels that allow you to monetize tax credits which in many cases now come in the form of a rebate that rebate can now be monetized to recover a significant portion of expenses related to offerings in various media sectors . Whether a Canadian business is manufacturing nails or shoes, or created digital content for the entertainment masses cash flow continues to be king. As Canada emerges from the worldwide liquidity debacle of 2008 2009 business seems to be getting better in all areas, and media and entertainment projects are again emerging and flourishing. Accessing interim capital through strategies such as tax credit financing allows your team to complete projects and access additional capital in the form of equity or gap financing as an example. We are the first to admit that most media and entertainment people quickly realize that in Canada there are certain limitations to chartered bank financing, term loans and subordinated debt for media and entertainment productions. Recognizing this challenge , while at the same time seeing potential revenue and economic benefit from this industry, the government has stepped up to the table and developed programs to refund a healthy portion of production expenses back to the industry . And to make matters even better, by working with an experienced , trusted, and credible advisor in this industry you can monetize, or lets call it ' cash flow ' these refunds into working capital and . So how do you achieve that cash flow? You do that by simply ensuring that the proper costs associated with your production and the intellectual property are documented, certified, and approved under your project. The rebate or tax credit is then financed as a short term discounting or in effect a ' factoring' of the claim. There is only one bottom line, which is you get your funds now and can place them back into the project to both recoup costs and also of course to complete the project. As various parts of government have committed millions of dollars to these rebate credits why would you not want to accelerate the benefits immediately?! If the government and the industry are breaking new ground in this area of financial assistance you want to be able to take advantage of it that surely is for certain. The interesting part of this whole scenario is that the credits now virtually cover all aspects of media, and now also include video game development and interactive media. There is also a breakthrough in the new legislation which doesn't have the government entities in a position to choose between what projects might work and what projects might not be successful. Most business people outside the industry often wonder why these rebates our offered, but more and more data is emerging that reflects the fact that the government and economy as a whole benefits ten times over from such investments . Ten times over is great R O I ! Men Nike Free Run 2 Grey White Green Quilted ,Women Nike Free Run 3 Black Silver White Men Nike Free Run 3.0 V4 Dark Grey Electric Green Wolf Grey Men Nike Free Run 2 Sail White Red Grey Quilted Women Nike Free Run 3 Grainte Fireberry Sail Frbrry Nike Free Run 3 Anthracite Gray Reflect Silver New Green Women Men Nike Free Run 2 Green White Turquoise Men Nike Free Run 4.0 Dark Grey Reflect Silver Total Orange Men Nike Free Run 3.0 V4 Dark Grey Wolf Grey Men Nike Free 3.0 Soar Blue Pure Platinum Reflective Silver Good afternoon and welcome to the Shoe Carnival's fourth quarter earnings conference call. (Operator instructions). This conference may contain forward looking statements that involve a number of risk factors. These risk factors could cause the company's actual results to be materially different from those projected in such statements. Those forward looking statements should be considered in conjunction with the discussion of risk factors included in the company's SEC filings and today's press release. Investors are cautioned not to place undue reliance on these forward looking statements which speak only as of today's date. The company disclaims any obligation to update any of the risk factors or to publicly announce any revisions to the forward looking statements talked about during this conference call or contained in today's press release to reflect future events or developments. I would now like to turn the call over to Mr. Mark Lemond, President and Chief Executive Officer of Shoe Carnival for opening comment. Mr. Lamond, please begin. Thank you Katy. Joining me on the call this afternoon is Kerry Jackson, our Chief Financial Officer, Cliff Sifford, Executive Vice President and General Merchandise Manager and Tim Baker, Executive VP of Store Operations. Fiscal 2007 proved to be a difficult period for us and footwear retailers in general. We believe the constriction of the general economy directly affected our targeted consumer through higher gasoline prices, escalating food costs, housing and mortgage issues as well as increased debt levels. After coming off two strong fashion driven years in the men's and women's dress categories of footwear, our core customers did not respond to the style and color direction this past year. Additionally, athletic wholesale companies have been unable to identify a dominant fashion trend in recent years and as a result, sales of athletic footwear retailers have declined. Both the eroding macroeconomic conditions and lackluster fashion trends had a direct negative impact on traffic in our stores and consequently resulted in lower sales and earnings for fiscal 07. Despite the challenges we faced in fiscal 2007, there were a number of positive achievements. First, our merchants did a good job controlling inventories both in terms of quantity and composition. At the end of each quarter during fiscal 2007 our inventories were at or below the prior year on a per store average and we concluded fiscal 2007 down about 5% versus the end of fiscal 2006. Secondly, we continued with new store growth, opening 25 additional stores. Consistent with our real estate strategy, these new stores are located in large and small markets in both new and existing geographic areas. We back filled larger underpenetrated markets with 16 of these new stores to improve the operating performance of the overall market. We also continued to enter smaller markets which we can fully penetrate with one or two stores. The stores opened during fiscal 2007 averaged 9,200 square feet, slightly smaller than our chain average of 11,000 square feet. Third, where many in the retail sector have experienced overwhelming challenges in product delivery interruptions during conversion to new distribution centers, we experienced minimal disruption of product flow through our stores during the final stages of conversion in Q1 of fiscal 2007. Although not operating at peak capacity yet, the new distribution center efficiency is more than satisfying our current product flow needs. Fourth, to support our store expansion plans and the continued long term growth of the company, we completed and moved into our new corporate headquarters in the middle of 2007. Just as with the distribution center move, we experienced no downtime from the standpoint of administrative support of our stores. This entire move was accomplished over the Memorial Day weekend. And lastly, we initiated a share repurchase program during fiscal 2007 with approximately 1.2 million shares repurchased at an aggregate cost of $28.1 million. Despite this significant outlay of cash, we ended the fiscal year with about $9 million in cash and no outstanding long term debt. While we anticipate that the retail environment will continue to be challenging in fiscal 2008, particularly in the first half, we do believe our strong brand name in existing markets along with a cost efficient operating model will provide us opportunities for market share growth and increased profitability. To accomplish this in today's competitive retail environment, we recognize that we must deliver the latest fashion, stay in stock with sizes, offer competitive pricing and provide a start to finish memorable shopping experience. If our management group executes these initiatives in 2008 we can continue building a loyal repeat customer base. Therefore, our primary focus in fiscal 2008 will be on enhancing store performance metrics and continuing our efforts to provide long term earnings growth to our shareholders. From a merchandise standpoint, we intend to reduce the number of SKUs in our stores but maintain deeper size runs in order to reduce out of stock days in key products. Like most retailers, we are facing increases in the cost of product sourced from China, particularly in the second half of the year. We have chosen to take this opportunity to add additional features to certain private label products in order to create greater intrinsic value to our consumer. And I'll let Cliff speak a little bit more about these merchandising issues in a few minutes. We are also challenging management throughout the chain to ensure we are delivering the total shopping experience the consumer is looking for. We believe customer service is far more than just a helpful store associate. It is satisfaction with every facet of the Shoe Carnival experience. We are continuing our commitment of providing an in store shopping experience that is not only fun and distinctive but leaves the consumer knowing that we are providing fashionable high quality footwear for their lifestyle at a competitive price. In fiscal 2008 we expect to continue our store growth through the opening of between 20 and 25 new stores. These new stores will be located in large and small markets in both new and existing geographic areas. We have adjusted and we will continue to adjust our annual store growth rate based on our view of internal and external opportunities and challenges. The number of new stores we open is dependent upon the availability of desirable store locations, primarily in our existing larger markets and small markets in our current geographic footprint. Real estate developers are beginning to show signs of a slow down as the current macroeconomic environment is curtailing the expansion plans of many retailers, particularly those retailers that would serve as the anchor tenant to a strip center. While we recognize that the immediate profitability of newly opened stores will be impacted by this difficult macroeconomic environment, we also believe that taking advantage of real estate opportunities in a down retail market is a prudent long term strategy, especially when the store locations fill in existing underpenetrated markets. As most of you are aware, last week marked our 15th year as a publicly held and NASDAQ listed company and we celebrated this achievement by ringing the NASDAQ opening bell Friday March 14th. This ceremony represented many things but most importantly it provided me the opportunity to publicly thank the over 4,300 Shoe Carnival associates for their efforts and dedication they give this company each and every day as I truly believe that we cannot have successfully evolved our concept across 293 store in 27 states without them. And it is with these efforts that we will continue to work to provide our shareholders with the best possible return we can deliver on their investment in Shoe Carnival in this challenging economic environment. Now I'd like to turn the call over to Cliff to discuss the merchandise initiatives in a little more detail. Thank you Mark. As Mark mentioned we continue to experience a decline in customer traffic during the fourth quarter and although we experienced a slight decline in conversion rate, our pairs per transaction was up and our average price per pair was relatively flat for the quarter. There truly were no fashion drivers to excite the consumer and as a result we experienced losses in every department. The only categories to show significant increases were women's flats, weather boots in all genders, fur lined boots, boat shoes, men's work, skate and performance athletic. Inventories as a whole ended the quarter down 4.9% on a per door basis. As always we have been aggressive in moving through slow selling product. I'm very pleased that aged inventories continue to decline on a per door basis versus last year and more importantly we ended the season at an all time low in all seasonal boot categories. As stated in our last conference call, we are taking a proactive approach to turning around ourselves and have implemented several initiatives to achieve this. First, we continue to work very closely with several of our key vendors to develop and provide product that appeals to an important segment of the Shoe Carnival customer base, specifically the African American and Hispanic consumer. Nike and New Balance have been willing partners in this endeavor. Some of this product has now been delivered and is working very well at retail. We will expand the selection in our key fashion athletic doors for back to school. Second, as most of you know, there have been pricing and manufacturing concerns on the product coming out of China. These issues primarily affect product that was scheduled to be produced after the Chinese New Year. It also appears to be affecting factory direct orders at a higher rate than branded orders where the vendor brings product to the US and then distributes. What this means in the near term and probably even in the long term is that costs are going to escalate. Our strategy for 2008 is to accept the fact that we will sell fewer pairs in 2008 than we did in 2007. Therefore we decided in our women's non athletic department to add value to our product like better materials, more comfort features and even more brands. The end result with this strategy is that we will add cost to the product but we'll also realize a higher retail price out of the fewer pairs we sell. This same strategy will be used as we head into the fall season. In our athletic departments, we will fund these vendors that have proven to us that the customer recognizes their product for performance and value. These brands include Nike, Asics and New Balance among others. It is our belief that if we tightly control our inventory levels which include reducing the number of SKUs our stores stock, increasing the depth of the SKUs we do stock all while adding features and values to the product, it will set us apart from our competitors and give us an opportunity to capture market share. We have already seen positive results on this initiative at our athletic and our men's non athletic departments. Third, we have hired a new Senior VP of Marketing who comes to us with years of experience, driving retail sales in both shoes stores and department stores. He has hit the ground running and is in the process of analyzing all aspects of our marketing strategy in order to implement a new plan that will not only allow us to capture the attention of our customer but to also increase our share of market. And lastly, we are in the process of conducting a qualitative research program that will study both the current and past Shoe Carnival customer to determine strengths and weaknesses of our brand, product assortment and overall shopping experience. In closing, I want to reiterate that our inventory is down 4.9% on a per door basis and our merchandise gross margin was flat to last year for the quarter and the year. Given the challenging retail environment, our merchants are to be commended for these accomplishments. Now I'd like to turn the call over to Kerry Jackson. Thank you Cliff. Let me start by saying that we follow a traditional retail calendar which means the fourth quarter of fiscal 2006 included an extra week and the full year included 53 weeks. With the exception of comparable store sales, all the numbers that I will discuss today will compare 13 weeks of sales and expenses in the fourth quarter of fiscal 07 against 14 weeks of sales and expenses in the fourth quarter of fiscal 06. The extra week of activity in fiscal 06 increased sales by $11.5 million and diluted EPS by $0.05 per share. The extra week is not included in the comparable store sales calculations for the quarter or the year. Our net sales for the fourth quarter decreased $12.9 million to $164.3 million compared to $177.2 million for the fourth quarter of 06. This decrease was primarily due to having one less week in this year's fourth quarter. The remaining $1.4 million of the decline was due to a comparable store sales loss mostly offset by the sales from the additional stores we operated during the quarter. Our same store sales declined 5.7% for the fourth quarter. Gross margins for the fourth quarter of 07 decreased 0.6% to 27.5% compared to 28.1% in the same period last year. As a percentage of sales, the merchandise margin remained unchanged from last year's fourth quarter while buying distribution occupancy costs increased 0.6%. While we incurred 2% less expense in buying distribution occupancy costs in Q4 of 07, we deleveraged our buying distribution occupancy costs due to lower sales in the quarter. The decrease in total dollars spent in Q4 of 07 was due to having one additional week's worth of expense in Q4 of 06 and in current conversion cost for our new distribution center in Q4 of 06. SG expense as a percentage of sales increased to 26.5% for the fourth quarter compared to 23.6% in the same period last year. The increase in selling, general and administrative expense was due to operating an additional 20 net new stores during the quarter compared to the same period last year, recording a non cash impairment charge for certain underperforming stores and the deleveraging affect of lower sales in Q4 of 07. Pre opening costs in the fourth quarter were $37,000 compared with $34,000 in the fourth quarter last year. Included in SG in Q4 07 were $1.4 million of store closing costs of which $1.2 million was a non cash impairment charge for seven stores we expect to close. Last year during the fourth quarter we incurred $135,000 in store closing costs of which $100,000 was a non cash impairment charge related to one underperforming store. Operating income for the fourth quarter was $1.6 million compared to $7.9 million in the same period last year. Our operating margin decreased to 1% in the fourth quarter from 4.5% in the fourth quarter last year. The effective income tax rate for the fourth quarter of 07 decreased to 29.4% from 37.9% in the fourth quarter of 06. The decrease in the tax rate for the quarter was due to adjusting prior year tax accruals to what was actually paid. For the full year, net sales decreased $23 million to $658.7 million from $681.7 million in fiscal 06. Half of the decrease was due to having one less week in fiscal 07 and the other half was due to a comparable store sales decline, partially offset by the additional sales from the net new stores. Same store sales for the comparable 52 week period decreased 5.2%. Gross margin for fiscal 07 decreased 1% to 28.2% compared to 29.2% last year. As a percentage of sales, the merchandise margin remained unchanged compared to the prior year and buying distribution occupancy costs increased 1%. Deleveraging of the occupancy costs accounted for 0.6% of the increase with the remainder primarily coming from additional distribution costs. Pre opening expenses for fiscal 07 were $1 million compared to $494,000 last year. Store closing costs included in SG in fiscal 07 were $1.9 million compared to store closing costs of $621,000 for fiscal 06. Operating income for fiscal 07 decreased to $19.1 million from $37.6 million last year. Our operating margin decreased to 2.9% this year from 5.5% in fiscal 06. The effective income tax rate for the year was 34.5% compared with 38.6% in 06. The reduction in income tax rate was primarily due to state tax incentives received for the investment in our new distribution center and corporate headquarters. Net income for fiscal 07 decreased to $12.8 million compared with net income of $23.8 million last year. Earnings per diluted share for the year decreased to $0.97 from $1.73 per diluted share last year. Depreciation expense for the fourth quarter was $4.0 million and for the full year was $15.8 million. Capital expenditures for the year were $18.4 million detailed as follows. New stores were $7.6 million, the new distribution center was $4.4 million, the new headquarters building was $2.1 million, the remodeling and relocation of stores cost $1 million, software and information technology cost $1 million and all other additions were $2.3 million. Also, we received $663,000 in cash incentives from landlords for this year. Repurchases under this program during fiscal 07 totaled 1.2 million shares for a total cost of $28.1 million. Previously, we announced that we would no longer give earnings guidance due to the difficultly in predicting how the macroeconomic environment would affect consumer spending. However, I'd like to give a few metrics on how we're planning our business. We will continue to aggressively manage our expenses and we expect to keep the growth and dollars spent in SG over the prior year to 3.5% of less. In addition, we expect our effective income tax rate in fiscal 08 to be about 39%. Depreciation in fiscal 08 is expected to range from $16 $16.5 million. And finally capital expenditures are expected to be between $12 $13 million. We intend to open 20 25 stores at an expected aggregate cost of between $5.5 and $6.9 million. Men Nike Free Run 2 Grey White Green Quilted,Irving had a stop start season last year after being drafted into the team as a replacement for Kenny Ingalls, then made way for the American when he returned from injury, but came back into the team when Charles Wright was dropped. However, his season was then dogged by injury as he suffered a number of crashes. to the rolling averages I am still on a three point average but I know I am pushing more than that. I know I have been criticised for over riding or over trying but that is the kind of rider I am because I want to win. maybe just need to level out a bit and take the second and third places and consistently score points. Irving consistency is the thing he most wants to improve on for 2012 particularly with regard to his starts. He has been taking advice from captain Richard Lawson and is due to go down to Peterborough for a couple of practice sessions over the next couple of weeks. He said: know I am fast when I am out in front so that is half the battle. I was down at Scunthorpe I got a bit of advice and I know Richard is always on the end of the phone. know some people questioned Richard as choice of captain but I think he is a great one. everybody else I want as much bike time as possible and will also be going to Redcar to try and get any advantage I can. has had a successful operation on a collar bone injury that kept him out for the final month of the season and when he has the staples out today he said he will be 100 per cent ready to race. The Workington Speedway Supporters Club will be holding their membership renewal nights next week. People can join at Maryport at the Waverley Hotel on February 24 between 7pm and 8pm, in Workington at the Waverley Hotel on February 26 between 4pm and 6pm and at the Haven club in Hensingham on February 28 between 7.30pm and 9pm. There will also be further opportunities to join at the AGM on March 9 at 7.30pm at Workington Waverley Hotel and at the press and practice day on March 25 which begins at 10am.
Outlet Online Store Offer High Quality And Cheap Men Nike Free Run 2 Grey White Green Quilted,Nike Roshe PRM Women Aubergine Sail White Electric Green Grab your fork and prepare for a free breakfast. That's waiting for you from 9am until 11am on Saturday, May 26th on Manitou Avenue in lovely Manitou Springs. It's an annual event featuring flapjacks. sausage, orange juice and coffee. You can donate to help with the Manitou Springs holiday lights, if you choose to. The First and Main Summer Concert Series kicks off on June 1st, and runs each Friday evening through July. Enjoy a different type of music each week. The June 1st event will also feature bounce houses, face painting, a magician and more before the concert. All the events are free. You can also enjoy a free midweek musical escape on various Wednesday nights at El Paso County Regional Parks. Bear Creek, Fox Run, and Fountain Creek Parks are hosting concerts beginning in June and running through August. The City of Colorado Springs also has a free weekday outing for you. Simply head to the City Auditorium for a "Sack Lunch Serenade." They're every Thursday, from noon until 1pm, now through the end of Summer. A guest organist will play the mighty Wurlitzer organ, while a silent movie plays for your entertainment. It's absolutely free. Please remember, all offers are subject to availability and product providers may end these offers at any time. Join the thousands who receive our free "Here's The Deal" E Newsletter. We'll send deals like these to your in box every week. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News. If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking Abuse and answering the questions that follow. We will review any reported comments promptly. Men Nike Free Run 2 Grey White Green Quilted Apply an over the counter skin bleach cream or a prescription skin bleach cream twice daily. Apply it in the morning before moisturizer, sunscreen and makeup, and also before bed. Bleaching cream contains hydroquinone, the active ingredient that lightens skin, and works by limiting the production of melanin in the dark spots. Prescription creams, which can be purchased from an esthetician or a dermatologist, contain more hydroquinone than the creams you an purchase from the drugstore. According to the American Osteopathic College of Dermatology, it can take three to six weeks to notice a difference. How to Remove Brown Spots From Your Face Vitreous detachment describes a process of the eye gel like interior liquefying and separating from the retina. Vitreous detachment is what causes spots.
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