Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog

News Feed Item

Groupe Bikini Village inc. Reports its Results for the Third Quarter of 2012

SAINTE-JULIE, QUEBEC -- (Marketwire) -- 12/06/12 -- Groupe Bikini Village inc. (TSX:GBV) ("Groupe Bikini Village" or the "Corporation") today reported the results of its third quarter of 2012. The Corporation experienced a decline in sales following the closure of under-performing stores, as well as reduced sales in comparable stores due to the challenging retail environment, especially in Ontario.

2012 third quarter results

Net sales for the third quarter, which ended October 27, 2012, were $6.2 million, compared to $6.6 million in the corresponding period the previous year. Comparable sales, which compares the sales from the same number of stores year-over-year, decreased by 5.6% for the quarter.

The Corporation's operating loss (EBITDA(1)) for the third quarter was $1.9 million, compared to operating loss (EBITDA(1)) of $1.5 million for the third quarter of the previous year. The increase in the operating loss is principally due to a decrease in the marginal contribution, which is affected by lower sales volume compared to 2011 as well as a decrease in gross margins which resulted from promotional activities undertaken to stimulate sales.

For the quarter ended October 27, 2012, the Corporation's net loss was $1.8 million (($0.93) per share, basic and diluted), as compared to net loss of $1.5 million (($0.77) per share, basic and diluted) for the same quarter in the previous year.

The Corporation's activities are seasonal, and merchandise sales are generally higher in the second and fourth quarters. As a result, the operating loss for the quarter ended October 27, 2012 is not necessarily indicative of the operating results for a full year.

Results for the first nine months of 2012

Net sales for the nine-month period ended October 27, 2012 were $29.6 million, down from $30.1 million in the corresponding period of the previous year. Comparable sales were 1.2% lower in the first nine months of 2012 than they were in the first nine months of 2011.

The operating loss (EBITDA(1)) for the nine-month period ended October 27, 2012 was $259,000, compared to positive EBITDA(1) of $432,000 in the comparable nine-month period in the previous year. The negative variance in EBITDA(1) for this period was the result of decreased sales revenues caused by additional promotional activities required in the competitive summer season, as well as a continuing challenging retail environment in the third quarter and the lower gross margins resulting from it.

For the nine-month period ended on October 27, 2012, net loss totalled $1.3 million (($0.70) per share basic and diluted), as compared to net loss of $0.9 million (($0.49) per share, basic and diluted) in the same period of 2011.

Outlook (2)

"Because the economy continues to be impacted by uncertainty and ambivalence, short-term prospects are modest; a reduction in consumer spending for non-essential goods could result," said Mr. Simard President and CEO of Groupe Bikini Village inc.. "We expect our market to remain highly-competitive and price-sensitive, which will continue to put pressure on our comparable sales."

"While the current environment is challenging, the work we have undertaken in recent years has prepared us well - and the foundations for creating value for our shareholders are in place," Mr. Simard said. "In the coming months, we plan to achieve our business objectives as well as our goal to increase shareholder value by focussing on customer-centric activities that drive revenues, cash generation and profits."

Mr. Simard indicated that acquisition and retention of new and existing customers, respectively, through an approach focussed on the needs and wants of Groupe Bikini Village's most valuable customer segments, will be a Corporation's priority.

"We will also persist in our efforts to identify and take advantage of opportunities to create long-term value," Mr. Simard said.

Groupe Bikini Village inc.'s full third quarter 2012 report, as well as previous shareholder reports and other information of interest to investors, are available on SEDAR at www.sedar.com, and on the Corporation's website at www.bikinivillage.com.

About Groupe Bikini Village

Groupe Bikini Village inc., serving Canadians for more than a quarter-century, is a leader in the retail sale of beachwear products, with a network of new and renovated boutiques across Eastern Canada. In its bright and inviting stores with comfortable change rooms and knowledgeable staff, Groupe Bikini Village helps its customers choose from among Canada's widest selection of swimsuits, beach and cruise wear and accessories, in the most popular brands the industry has to offer and in styles to suit every figure. Headquartered in Sainte-Julie, Quebec, Groupe Bikini Village operates 55 stores and employs approximately 450 people; its securities trade on the Toronto Stock Exchange under the stock symbol GBV. For more information about Groupe Bikini Village, please visit our website at www.bikinivillage.com.

Notes

(1) The term EBITDA (earnings before net finance costs, income taxes, depreciation, amortization, net impairment loss, reorganization fees and unusual items) does not have any standardized meaning prescribed by Canadian Generally Accepted Accounting Principles applicable to publicly accountable enterprises ("GAAP") and may not be comparable to similarly-titled measures presented by other companies. Please refer to the section of Groupe Bikini Village inc's MD&A for the for the nine-month period ended October 27, 2012, dated December 6, 2012, entitled "Non-GAAP Financial Measures." It is available on SEDAR at www.sedar.com.

(2) To be read in conjunction with "Forward-looking statements" below.

Forward-looking statements

This news release contains certain forward-looking statements concerning Groupe Bikini Village inc.'s future operations, economic performance, financial conditions and financing plans. These statements are based on certain assumptions and analyses made by management in light of their experience and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate under the circumstances. However, whether actual results and developments will conform to management's expectations and predictions is subject to a number of risks, uncertainties and assumptions. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected consequences or effects on the Corporation. Management undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable law.


                                                                            
GROUPE BIKINI VILLAGE INC.                                                  
STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS                               
(in thousands of Canadian dollars, except amounts related to shares)        
(unaudited)                                                                 
                                                                            
                               Three months ended         Nine months ended 
                         October 27,  October 29,  October 27,  October 29, 
                                2012         2011         2012         2011 
                                                                            
                         ---------------------------------------------------
                                                                            
Revenues                 $     6,246  $     6,594  $    29,553  $    30,126 
                                                                            
Cost of goods sold             2,973        2,931       13,459       13,293 
                                                                            
                         ------------ ------------ ------------ ------------
                                                                            
Gross profit                   3,273        3,663       16,094       16,833 
                                                                            
Operating and                                                               
 administrative expenses       5,540        5,485       17,400       17,451 
                                                                            
Net finance costs                143          188          470          607 
                         ------------ ------------ ------------ ------------
                                                                            
Loss before income tax                                                      
 recovery                     (2,410)      (2,010)      (1,776)      (1,225)
                                                                            
Income tax recovery             (631)        (545)        (445)        (297)
                                                                            
                         ------------ ------------ ------------ ------------
                                                                            
NET LOSS AND                                                                
 COMPREHENSIVE LOSS (1)  $    (1,779) $    (1,465) $    (1,331) $      (928)
                                                                            
                         ------------ ------------ ------------ ------------
                         ------------ ------------ ------------ ------------
                                                                            
                                                                            
LOSS PER SHARE                                                              
  Basic and diluted            (0.93)       (0.77)       (0.70)       (0.49)
                                                                            
                         ------------ ------------ ------------ ------------
                         ------------ ------------ ------------ ------------
                                                                            
                                                                            
Weighted average number                                                     
 of oustanding shares                                                       
  Basic and diluted        1,910,920    1,910,597    1,910,705    1,910,597 
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
(1) A reconciliation of net loss and comprehensive loss to earnings before  
 interest, taxes, depreciation and amortization ("EBITDA") is as follows:   
                                                                            
                                                                            
Net loss and                                                                
 comprehensive loss      $    (1,779) $    (1,465) $    (1,331) $      (928)
                                                                            
Income tax recovery             (631)        (545)        (445)        (297)
                                                                            
Net finance costs                143          188          470          607 
                                                                            
Depreciation and                                                            
 amortization of capital                                                    
 and intangible assets           357          327        1,047        1,050 
                                                                            
                         ------------ ------------ ------------ ------------
                                                                            
EBITDA                   $    (1,910) $    (1,495) $      (259) $       432 
                                                                            
                         ------------ ------------ ------------ ------------
                         ------------ ------------ ------------ ------------
                                                                            

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...