SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 4, 2006
West Marine, Inc.
----------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-22512 77-0355502
---------------- ---------------- ------------------
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
500 Westridge Drive 95076
Watsonville, California
-------------------------------- ------------
(Address of principal executive offices) (Zip Code)
(831) 728-2700
------------------------------
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On January 4, 2006, West Marine, Inc. announced its net sales for the 13-week
period (fourth quarter) ended December 31, 2005 and for the 52-week period ended
December 31, 2005. A copy of this press release is being furnished as Exhibit
99.1 hereto.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits:
99.1 Press Release dated January 4, 2006 (furnished pursuant to
Item 2.02 of Form 8-K)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEST MARINE, INC.
Date: January 5, 2006 By:/s/Eric Nelson
-------------------------------
Eric Nelson
Senior Vice President and
Chief Financial Officer
Exhibit 99.1
Contacts: West Marine, Inc.
Eric Nelson, Senior Vice-President and Chief Financial Officer
(831) 761-4489
Russell Solt, Director of Investor Relations
(831) 761-4229
WEST MARINE REPORTS FOURTH QUARTER 2005 SALES
WATSONVILLE, CA, January 4, 2006 - West Marine, Inc. (Nasdaq: WMAR) today
reported that net sales for the thirteen weeks ended December 31, 2005 were
$124.8 million, an increase of 5.7% from net sales of $118.1 million a year ago.
Comparable store sales for the fourth quarter of 2005 increased 3.9%, compared
to a comparable store sales decrease of (3.3%) reported for the fourth quarter a
year ago. Fourth quarter comparable store sales by region were as follows:
2005 2004
Northeast 3.9% (7.7%)
Southeast 1.0% 2.0%
Western 8.9% (7.4%)
Net sales for the fifty-two weeks ended December 31, 2005 were $692.2 million,
an increase of 1.4% from net sales of $683.0 million for the same period a year
ago. Comparable store sales for the latest fifty-two weeks decreased (2.2%),
compared to a comparable store sales increase of 0.3% reported for the same
period a year ago.
Peter Harris, CEO of West Marine, said, "In our third quarter conference call,
we described the significant negative impact that hurricanes and continued high
fuel prices were having on sales of boating merchandise. We responded to that
trend with aggressive advertising and sales promotions designed to draw
customers back into our stores. These efforts produced higher than expected
fourth quarter sales, although at much lower than expected margins, primarily
due to deep promotional pricing and a greater proportion of sales from lower
margin electronics. As a result, we now expect earnings for fiscal year 2005 to
range from $0.20 to $0.25 per share."
ABOUT WEST MARINE
West Marine, the country's favorite retailer of boating supplies and
accessories, has over 400 West Marine stores and BoatU.S. Marine Centers in 38
states, Puerto Rico and Canada. The Company's catalog and Internet channels
offer customers approximately 50,000 products - far more than any competitor -
and the convenience of exchanging catalog and Internet purchases at its retail
stores. The Company's Port Supply division is the country's largest wholesale
distributor of marine equipment serving boat manufacturers, marine services,
commercial vessel operators and government agencies. For more information on
West Marine's products and store locations, or to start shopping, visit
westmarine.com or call 1-800-BOATING (1-800-262-8464).
Special Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934, including forward-looking
statements concerning earnings expectations and statements that are predictive
or express expectations that depend on future events or conditions that affect
financial performance (including future revenues, earnings or growth rates) and
that involve a number of risks and uncertainties. These forward-looking
statements include, among other things, statements that relate to West Marine's
future plans, expectations, objectives, performance, and similar projections, as
well as facts and assumptions underlying these statements or projections. Actual
results may differ materially from the results expressed or implied in these
forward-looking statements due to various risks, uncertainties or other factors.
Risks and uncertainties include: West Marine's ability to increase customer
traffic and sales at its existing stores and to open new stores as planned; West
Marine's ability to successfully implement business plans and growth
initiatives; maintenance of customer traffic and brand loyalty at BoatU.S.
stores that are rebranded as West Marine stores; borrowing availability and
risks associated with a new loan facility; competitive pricing pressures;
inventory management issues such as in-stock rates, shrink and obsolescence;
market share erosion as competitors open new stores or expand their product
offerings; the level of consumer spending on recreational water sports and
boating supplies; and fluctuations in fuel prices. West Marine's operations
could be adversely affected if unseasonably cold weather, prolonged winter
conditions, natural disasters such as hurricanes, or extraordinary amounts of
rainfall occur during the peak boating season in the second and third quarters,
and other risk factors described from time to time in West Marine's filings with
the Securities and Exchange Commission, including West Marine's quarterly report
on Form 10-Q for the period ended October 1, 2005. Except as required by
applicable law, West Marine assumes no responsibility to update any
forward-looking statements as a result of new information, future events or
otherwise.