Regis Beats Estimates, Reiterates Same-Store Sales Guidance (RGS)

Thu. August 20, 2009; Posted: 07:15 AM

Aug 20, 2009 (SmarTrend(R) News Watch via COMTEX) -- RGS | Quote | Chart | News | PowerRating -- 8/20/2009-Regis (NYSE:RGS) reported fiscal Q4 EPS of 59 cents, ex-items, topping consensus estimates of 46 cents. Revenues in the quarter fell 2.5% year-over-year to $624.7 million, but came in ahead of consensus estimates of $615.1 million. Mr. Finkelstein, Chairman and Chief Executive Officer, commented on fiscal 2010 and the recent equity and convertible offerings. "Our view on fiscal 2010 has not changed. We still see same-store sales in a range of negative 3.0 percent to positive 1.0 percent and we expect same-store sales to improve throughout the fiscal year, with the first quarter being the most challenging. In July, we took a significant step in strengthening our balance sheet when we raised $336 million with the successful completion of a 13.2 million share common stock offering and a $172.5 million convertible senior notes offering. The net proceeds from these offerings were used to pay down debt. Concurrently, we also were able to successfully modify our existing debt covenants. These transactions effectively re-equitized our balance sheet, improved our leverage ratios and significantly reduced the risk associated with our debt covenants."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Regis Corp (RGS) click here. Regis Corp (RGS) has Short Term PowerRatings of 6. Details on Regis Corp (RGS) Short Term PowerRatings is available at This Link.

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