UNITED STATES
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): June 26, 2007
West Marine, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-22512 77-0355502
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
500 Westridge Drive
Watsonville, California 95076
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(Address of Principal Executive Offices, Including Zip Code)
(831) 728-2700
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(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 7.01. Regulation FD Disclosure.
On June 26, 2007, West Marine, Inc. announced updated guidance for fiscal year
2007. A copy of this press release is being furnished with this report as
Exhibit 99.1.
The information being furnished under Item 7.01 and in Exhibit 99.1 of this
report shall not be deemed to be "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to
the liability of that section, except if West Marine specifically incorporates
it by reference into a filing under the Securities Act of 1933, as amended, or
the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Exhibit:
99.1 Press Release dated June 26, 2007 (furnished pursuant to Item
7.01 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: June 26, 2007 By: /s/ Thomas R. Moran
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Thomas R. Moran
Senior Vice President and
Chief Financial Officer
Exhibit 99.1
Contacts: West Marine, Inc.
Tom Moran, Senior Vice President and Chief Financial Officer
Deborah Ajeska, Assistant Vice President of Financial Planning & Analysis
(831) 761-4229
WEST MARINE LOWERS SALES AND EARNINGS GUIDANCE FOR FULL YEAR 2007
WATSONVILLE, CA, June 26, 2007 - West Marine, Inc. (Nasdaq: WMAR) announced
today that sales for fiscal year 2007 are expected to be approximately $683
million to $688 million. Comparable store sales for the year are now estimated
to decrease between 1.5% and 2.5%. As a result, the company is revising its
full year 2007 earnings guidance to be in the range of $0.24 to $0.34 per
share versus the previously issued guidance range of $0.45 to $0.55 per share.
Peter Harris, West Marine's chief executive officer, stated, "As we move
through the peak season, boating activity throughout the country has not shown
signs of recovery, and revenues have been disappointing. Primarily, we are
seeing softness in the Southeast, particularly Florida, which is a key boating
market. Broadly, sales of higher-priced discretionary items, such as
electronics, have been weak, and in-store traffic levels, which we believe
reflect boat usage, have been lower than expected. We indicated during our
earnings call in April that a continuance of the broader marine industry
weakness would impact our ability to generate anticipated sales. Overall, there
has not been the anticipated revenue improvement that would have been required
to deliver this year's previously communicated expected results.
We continue to optimize cash flow by maintaining a strong inventory management
and expense discipline, while at the same time providing a much improved
in-stock and broad assortment of boating merchandise and excellent service to
our customers. We are continuing our focus on store execution, one customer at
a time, to maximize sales and pursue market share, even in this challenging
environment, so that when the anticipated cyclical improvement takes place and
boating activity grows again West Marine emerges as an even stronger leader,
as the first choice for the customer."
ABOUT WEST MARINE
West Marine, the country's largest specialty retailer of boating supplies and
accessories, has 380 stores located in 38 states, Puerto Rico and Canada. Our
Direct Sales channel offers customers approximately 50,000 products and the
convenience of exchanging catalog and Internet purchases at our store
locations. Our Port Supply division is one of the country's largest wholesale
distributors 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. These forward-looking
statements include, among other things, West Marine's sales and earnings
expectations, including facts and assumptions underlying these expectations,
and statements that are predictive or express expectations that depend on
future events or conditions that involve risks and uncertainties. Actual
results may differ materially from the results expressed or implied in these
forward-looking statements due to various risks, uncertainties or other
factors. Factors that may affect our net sales and earnings include risks
associated with our expansion strategy and related initiatives, our ability
to manage inventory and operating expenses and unseasonably cold weather or
natural disasters, as well as the other factors set forth in Item 1A of West
Marine's Form 10-K for the fiscal year ended December 30, 2006. 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.