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The Walking Company Holdings, Inc. Announces Annual Sales and Other Events(January 03, 2012)
SANTA BARBARA, CA -- (Marketwire) -- 01/03/12 -- The Walking Company Holdings, Inc., the parent company of The Walking Company and Big Dog Sportswear, today announced that its net sales for the year ended December 31, 2011 were approximately $201.5 million, a 7% increase as compared to 2010, and that the Company had a net profit for the year.
The Company further announced the following transactions that closed in December:
(i) An expansion and extension of its existing line of credit with Wells Fargo Bank, increasing total availability to $40 million through 2016.
(ii) A voluntary partial redemption of its 8.375% Convertible Notes due 2015. The Company distributed $6.0 million to such noteholders to reduce the outstanding principal amount of the Notes by approximately $6.3 million (a discount of approximately 5%). There now remains outstanding approximately $13.1 million in principal amount of such Notes.
(iii) Distribution of a cash dividend of $0.20 per share on its common stock, totaling approximately $2.1 million.
The Walking Company is a leading independent specialty retailer of high-quality, technically designed comfort footwear and accessories that features premium brands such as ECCO, Dansko, UGG Australia, and Aetrex, among many others. The Walking Company operates 209 stores in premium malls across the nation, and also markets its products through its catalog and online store at www.thewalkingcompany.com.
Big Dogs develops, markets and retails a branded line of unique, high-quality, popular-priced casual sportswear and accessories. Big Dogs markets its products primarily through its internet website at www.bigdogs.com
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