Trans World Adjusts Earnings Statement13 Apr, 2006 By: Jessica Wolf
Trans World Entertainment April 13 announced a bit of a boost to its previously released financial report for fourth-quarter 2005.
The company adjusted its March 9 fourth-quarter financial results, having identified a $2 million income-tax benefit.
After the adjustment, Trans World said net income was $20 million, or $0.64 per share for the fourth quarter, and $600,000, or $.02 per share, for full-year 2005.
The company previously reported fourth-quarter net income of $18 million, or $0.57 per share, and a full-year loss of $1.4 million, or a $0.4 loss per share.
Meanwhile Trans World's purchase of Musicland has put the chain on analysts' radar at Wedbush Morgan.
April 10, the firm initiated coverage of Trans World Entertainment with a “buy” rating, setting the 12-month target price at $7.
According to the firm, Trans World Entertainment is poised for healthy earnings growth this year and could see growth of 20% in the next several years.
Trans World stock was up slightly (.74%) by close of market April 13 to $5.43.