Bombay Files Annual Report On Form 10-K
04 Mayo 2007 - 5:30PM
PR Newswire (US)
FORT WORTH, Texas, May 4 /PRNewswire-FirstCall/ -- The Bombay
Company, Inc. (NYSE:BBA) reported today that it has filed its Form
10-K with the Securities and Exchange Commission. As a result of
the Company's recent operating performance and expected loss for
Fiscal 2007, the unqualified audit report issued by its independent
registered public accounting firm includes an explanatory paragraph
indicating that these matters raise substantial doubt about the
Company's ability to continue as a going concern. The Company had
disclosed the possibility of such an opinion in an April 20 filing
with the SEC. The Company's plans in regard to these matters are
described below. In the second quarter of Fiscal 2006, the Company
undertook a program to reduce expenses, increase revenue, and
improve liquidity. While we have been successful in reducing
expenses since undertaking the program, we have had difficulty
reversing the declining sales trend, we believe in part because of
a very difficult business climate in the furniture and home
accessories sector. Management has identified a series of
additional activities that it believes will be critical to
achieving the Company's long-term goals of returning to
profitability and positive cash flow, by among other things,
reducing inventory levels and returning to historical levels of
inventory turnover, exiting its dedicated BombayKIDS business and
improving the productivity of the square footage previously
dedicated to it, closing selected underperforming stores, enhancing
its merchandise assortment, allocation and presentation and other
initiatives, some of which would require capital over the next
three to five years. The Company is currently in negotiations with
potential lenders on a supplemental facility that would provide
additional liquidity. In light of these challenges and as
previously announced, the Board of Directors engaged William Blair
& Company, an investment banking firm, and is evaluating a
range of strategic alternatives to include pursuing our current
strategy as an independent public company, seeking a strategic
partner or acquirer, seeking a financial partner to make a
substantial equity investment, or some combination of the
foregoing. In April 2007, a confidential descriptive memorandum was
distributed to potentially interested investors and the Company is
aggressively pursuing options. This process is in its early stages,
and there can be no assurance of any particular outcome. The
Company does not expect to disclose further developments regarding
the process until the review of strategic alternatives has been
completed. The Bombay Company, Inc. designs, sources and markets a
unique line of home accessories, wall d�cor and furniture through
over 400 retail outlets and through our direct to customer channel
at http://www.bombaycompany.com/ in the U.S. and internationally.
Any statements in this press release that may be considered
forward- looking statements are subject to risks and uncertainties
that could cause actual results to differ materially. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Those
risks are described in the Company's public announcements, reports
to stockholders and SEC filings, including but not limited to
Reports on Forms 10-K, 8-K and 10-Q, copies of which are available
from the SEC or may be obtained upon request from the Company. The
Company undertakes no obligation to revise the forward-looking
statements contained therein to reflect events or circumstances
after the date hereof as a result of new information, future events
or otherwise.
http://www.newscom.com/cgi-bin/prnh/20051026/BOMBAYLOGO
http://photoarchive.ap.org/ DATASOURCE: The Bombay Company, Inc.
CONTACT: Elaine D. Crowley, Sr. Vice President, Chief Financial
Officer of The Bombay Company, Inc., +1-817-347-8200 Web site:
http://www.bombaycompany.com/
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