Total revenues in the fourth quarter of 2017 were $244.7 million, down 6.7% compared to the fourth quarter of 2016. Headwinds that impacted advertising included a soft holiday retail advertising season and continued declines in print advertising. Adjusted net income, which excludes the items above, was $3.2 million. Adjusted EBITDA was $53.7 million, down 15.0% compared to the fourth quarter last year. Operating expenses were down 6.1% while adjusted operating expenses, which exclude non-cash and certain other charges, were down 4.0% compared to the same quarter last year. Click Read More below for additional information.
Aéropostale, Inc. (NYSE: ARO), a mall-based specialty retailer of casual apparel for young women and men, today disclosed that on September 29, 2015, it received notice from the New York Stock Exchange (the NYSE) that the average closing price of the Company’s common stock over a consecutive 30 trading-day period had fallen below $1.00 per share, which is the minimum average price required by the NYSE. The notice has no immediate impact on the listing of the Company’s common stock.
The Company plans to notify the NYSE by October 13, 2015 that it intends to cure the deficiency and return to compliance with NYSE continued listing requirements. Under the NYSE rules, the Company can cure this deficiency if, during the six-month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the Company’s common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. If the Company determines that it will cure the stock price deficiency by taking an action that will require approval by its stockholders at the next annual meeting of stockholders, the six-month period described above will extend to shortly after such annual meeting.
The Company intends to consider available alternatives, including but not limited to, a reverse stock split, in order to cure the stock price deficiency and return to compliance with the NYSE continued listing requirement.
The Company’s common stock will continue to be listed and traded on the NYSE during the cure period, subject to the Company’s compliance with the other NYSE listing standards.