Outdoor financials: Crocs secures $30 million loan, plus Big 5
Crocs secured a $30 million dollar loan to address working capital needs, and Big 5 Sporting Goods said it expects third-quarter earnings results to be up.
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Crocs secures $30 million loan
Crocs (Nasdaq: CROX) said it has entered into a new asset-backed revolving credit facility with PNC Bank, a member of The PNC Financial Services Group. The agreement provides for up to $30 million in revolving loan and will be used for working capital needs.
“This new asset-backed credit facility provides us with additional liquidity and flexibility as we continue to invest in our strategic initiatives and facilitate the company’s turnaround,” said Russ Hammer, Crocs’ CFO, in a statement.
Borrowings under the asset-based revolving credit facility bear interest at variable rates of interest, and are secured by all of the assets of the company. The facility matures in September 2012. Certain of the company’s subsidiaries were co-borrowers under the agreement.
Big 5 optimistic about Q3 profit
In a prelim report, Big 5 Sporting Goods (Nasdaq: BGFV) expects third-quarter earnings results to be up, saying expense control efforts, improved merchandise margins and rising sales are contributing factors.
The company now anticipates net income at or near the upper end of its $0.27 to $0.34 per share guidance. It added that same-store sales grew 1.6 percent in the quarter.
The company expects to issue third-quarter financial results during the first week of November.
–Compiled by Wendy Geister
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