The Bon-Ton Stores reported operating results for the fourth quarter ended January 30, 2016. Comparable store sales decreased 1.9% as compared with the prior year period.
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In the fourth quarter of fiscal 2015, adjusted EBITDA totaled $94 million, inclusive of $3.9 million of severance costs associated with the company's previously announced planned expense reductions (not included in the company's guidance) and a $0.6 million gain associated with an insurance settlement.
Excluding the financial impact of the severance costs and insurance settlement, Adjusted EBITDA was $97.3 million in the fourth quarter of fiscal 2015.
In the fourth quarter of fiscal 2014, Adjusted EBITDA was $113.1 million, including approximately $8.9 million of asset recovery associated with an insurance settlement.
The fourth quarter of fiscal 2014 results included a $10.8 million gain associated with the aforementioned insurance settlement, of which approximately $1.9 million was attributed to profit recovery and approximately $8.9 million to asset recovery.
Excluding the financial impact of the insurance settlement, Adjusted EBITDA was $104.3 million in the fourth quarter of fiscal 2014.
Net income in the fourth quarter of fiscal 2015 was $50.6 million, or $2.42 per diluted share.
Fourth quarter of fiscal 2015 results include a loss of $0.19 per diluted share due to severance costs, a loss of $0.06 per diluted share due to debt extinguishment and income of $0.03 per diluted share associated with the insurance settlement.
Net income in the fourth quarter of fiscal 2014 was $71.7 million, or $3.55 per diluted share.
Fourth quarter of fiscal 2014 results include income of $0.53 per diluted share associated with the gain on the insurance settlement, of which approximately $0.09 was attributed to profit recovery and $0.44 to asset recovery.
Full year
Comparable store sales decreased 1.3% in fiscal 2015 as compared with the prior year.
The Bon-Ton Stores adjusted EBITDA totaled $109.5 million in fiscal 2015, including the previously noted severance costs and a $1.4 million gain on insurance settlements.
Excluding the severance costs and gain on the insurance settlements, Adjusted EBITDA was $112.1 million. This compares with revised fiscal 2015 Adjusted EBITDA guidance of $110 million to $120 million, which was exclusive of the severance costs and the gain on insurance settlements.
Adjusted EBITDA was $153.7 million in fiscal 2014, including the asset recovery portion of the insurance settlement. Adjusted EBITDA was $144.8 million in fiscal 2014 exclusive of the gain associated with the insurance settlement.
Net loss in fiscal 2015 was $57.1 million, or $2.90 per diluted share. Fiscal 2015 results include a loss of $0.32 per diluted share due to debt extinguishment, a loss of $0.20 per diluted share due to severance costs and income of $0.07 per diluted share associated with the insurance settlements.
The Bon-Ton Stores net loss in fiscal 2014 was $7.0 million, or $0.36 per diluted share. Fiscal 2014 results include income of $0.56 per diluted share associated with the gain on the insurance settlement, of which approximately $0.10 was attributed to profit recovery and $0.46 to asset recovery, and a loss of $0.01 per diluted share due to debt extinguishment. ■