Earnings Call Excerpt
Gander Mountain Company (GMTN)
F3Q08 Earnings Call
December 8, 2008 5:00 pm ET
Executives
Eric R. Jacobsen - Senior Vice President, General Counsel, Secretary
David C. Pratt - Chairman of the Board, Chief Executive Officer
Robert J. Vold - Chief Financial Officer, Senior Vice President, Treasurer
Presentation
Eric R. Jacobsen
Welcome to the Gander Mountain third quarter earnings call for fiscal year 2008. I am Eric Jacobson, General Counsel of Gander Mountain. The replay of this call and related materials about the quarter are available on the Gander Mountain website at www.gandermtn.com. We have changed the format for our call this quarter by offering a recorded message that can be called up from our website or downloaded to a player. A transcript of the call is also available online. The transcript of this call will be posted under archives in the Investor Relations section of our website.
Please remember that our discussion today may include forward-looking statements relating to our estimates and expectations that involve risks and uncertainties. Our actual results could differ materially from those projected in any forward-looking statement. Additional information concerning important factors that could cause our actual results to differ materially from these forward-looking statements are described in the Risk Factors section of our annual report on Form 10K as filed with the Securities and Exchange Commission as well as in our subsequent reports filed with the SEC. These reports are available at the Investor Relations section of our website at www.gandermtn.com and at the SEC’s website at www.sec.gov. We caution you that forward-looking statements reflect our current views with respect to future events and speak only as of the time they are made. We undertake no obligation to update them in light of new information or future events.
Let me now turn the call over to David Pratt.
David C. Pratt
I’m David Pratt, Chairman and CEO of Gander Mountain. Thank you for taking the time to listen to our remarks around our most recent quarterly results and the actions we are taking to build on the strong base at Gander Mountain. With me on the call today is Bob Vold our CFO. Bob will review our financial results and then I will offer my perspective on Gander Mountain’s current activities and outlook. I am pleased with the progress we have made this quarter in both our operating segments.
First. I am particularly pleased with the performance of our retail segment despite the unprecedented tough economic environment for retailers. On a sales decline of 1.6% our stores delivered retail segment net income of $3.7 million compared to a net loss of $5.1 million for the comparable quarter of fiscal 2007, an improvement of $8.8 million, and the reduction in retail segment SG&A costs of $7.9 million or 272 basis points as a percentage of sales in the third quarter of fiscal 2008. This improvement results from cost reductions in both store operating and general and administrative expenses.
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