Archives for August 31, 2009

Polaroid’s former headquarters to be auctioned

Polaroid Corp.’s former headquarters complex along Route 128 in Waltham is scheduled for the auction block, according to the Boston Herald. According to the report, lenders for the developer that had originally planned to transform the 120-acre property into a sprawling office and retail development by next year have taken control of the project and scheduled a foreclosure sale.

Fred’s reports strong second quarter results

Fred’s Inc., Memphis, Tenn., reported financial results for the second quarter and six months ended Aug. 1, 2009.

For the second quarter of 2009, Fred’s net income increased to $4.2 million from $1.0 million in the same quarter last year. Included in the results of the second quarter were expenses amounting to $0.9 million relating to tax audits of the years 2004 through 2007. Excluding the effects of these tax audits and year-earlier net costs incurred with the Company’s store-closing program,  adjusted net income increased to $5.1 million from $4.2 million for the second quarter last year.

For the six months ended Aug. 1, 2009, net income increased 54 percent to $12.8 million from net income of $8.3 million for the first six months of 2008. Excluding the effects of the tax audits in the current year and net costs incurred with the Company’s store-closing program in the first six months of 2008, net income increased 19% to $13.7 million from $11.5 million last year.

Jo-Ann Stores reports improved second quarter

Jo-Ann Stores Inc., Hudson, Ohio, announced a second-quarter net loss of $3.2 million, compared to a net loss of $11.7 million for the second quarter last year. Net sales for the second quarter increased 4.1 percent to $419.4 million from $403.0 million for the same period last year. Same-store sales increased 1.8 percent compared with a 3.3 percent same-store sales increase for the second quarter last year.

Large-format store net sales for the quarter increased 7.7 percent to $226.1 million compared to the same period last year. Same-store sales for large-format stores increased 0.1 percent compared with an increase of 2.3 percent in last year’s second quarter. Small-format store net sales decreased 0.1 percent to $185.8 million compared to the same period last year. Same-store sales for small-format stores increased 3.9 percent compared with an increase of 4.4 percent for the same period last year. Internet sales through Joann.com were $7.5 million in the second quarter of fiscal 2010 compared to $7.1 million for the same period last year.

Net sales for the six-month period ended Aug. 1, 2009 were $879.4 million versus $849.1 million in the prior year. Same-store sales increased 1.4 percent for the six-month period compared with a 3.9 percent increase for the same period last year.

DIMAcast presents a new look at on-demand book machines

In 2006, DIMAcast featured an interview with Thor Sigvaldason of On Demand Books, when the company was installing the first units of its Espresso Book MachDIMAcast_125pixine, (EBM,) which automatically prints, binds, and trims, on-demand at point of sale, perfect-bound, library-quality paperback books. In today’s DIMAcast, PMA Senior Editor Jennifer Barr Kruger revisits the topic in an interview with , senior vice-president of Business Development for On Demand Books. He explains what changes have occurred over the past 3 years.

Spectrum Brands exits chapter 11

The Associated Press (AP) reports Spectrum Brands Inc., which makes Rayovac batteries and other products, emerged from bankruptcy after meeting all closing conditions of the company’s reorganization plan, according to the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division.

Additionally, the company closed on a new $242 million exit financing facility, which will be available for the company’s working capital needs.

Spectrum Brands will pay its suppliers in full for outstanding invoices, if it hasn’t done so already; but the company’s old common stock has been cancelled and holders of that stock will get nothing. The company’s bondholders will be issued 27 million shares of new common stock and $218 million in 12 percent senior subordinated notes due 2019. About 3 million shares of new common stock will be issued to participants in Spectrum’s debter-in-possession loan facility, AP reports.