Charges Hurt West Marine 4Q Results

Loss for the quarter ended Dec. 29 totaled $65.7 million, or $3 per share, versus a loss of $12.8 million, or 60 cents per share last year. Results include a $2.25 per share charge related to an assessment of goodwill, 8 cents per share in costs related to an SEC investigation, 4 cents per share related to severance costs for its previous chief executive, and a 2 cents per share impairment charge related to individual store performance. Excluding one-time items, the loss totaled 61 cents per share.

Analysts polled by Thomson Financial expected a loss of 57 cents per share.

Same-store sales, or sales in stores open at least one year, fell 3 percent.

Revenue fell 5 percent to $118.3 million from $124 million last year. Analysts predicted revenue of $117.8 million.

The leisure industry is suffering as consumers cut back on big-ticket items such as boats amid a rising cost of living and weak credit and housing markets.

Geoff Eisenberg, CEO, said in a statement year was "challenging" for the industry.

For the fiscal year, loss totaled $50.2 million, or $2.31 per share, compared with $7.7 million, or 36 cents per share, last year.

Revenue fell 5 percent to $679.5 million from $716.6 million last year.

Year-ago results were restated because the company determined it needed to increase its reserves for workers' compensation claims and made other adjustments.