The Bon-Ton Stores reported operating results for its fiscal fourth quarter and full year ended January 31, 2015. Q4 comparable store sales increased 4.3% in the fourth quarter compared with the prior year period.
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Fourth Quarter Results
Adjusted EBITDA was $113.1 million in the fourth quarter of fiscal 2014. (Adjusted EBITDA is not a measure recognized under generally accepted accounting principles) The current year fourth quarter included a $10.8 million gain associated with an 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 asset recovery, Adjusted EBITDA was approximately $104.3 million in the fourth quarter of fiscal 2014, compared with $103.7 million in the fourth quarter of fiscal 2013.
Net income in the fourth quarter of fiscal 2014 was $71.7 million, or $3.55 per diluted share, compared with net income of $61.3 million, or $3.04 per diluted share, in the comparable prior year period.
Fourth quarter of fiscal 2014 results include income of $0.53 per diluted share associated with the gain on the insurance recovery, of which approximately $0.09 was attributed to profit recovery and $0.44 to asset recovery.
Fiscal 2014 Results
Comparable store sales increased 0.2% in fiscal 2014 compared with the prior year. Adjusted EBITDA was $153.7 million in fiscal 2014, inclusive of the aforementioned gain associated with an insurance settlement. Excluding the asset recovery portion of the insurance settlement, Adjusted EBITDA was approximately $144.8 million in fiscal 2014, compared with $166.0 million in fiscal 2013.
The net loss in fiscal 2014 was $7.0 million, or $0.36 per diluted share, compared with a prior year net loss of $3.6 million, or $0.19 per diluted share. Fiscal 2014 results include income of $0.56 per diluted share associated with the gain on the insurance recovery, of which approximately $0.10 was attributed to profit recovery and $0.46 to asset recovery. ■