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Centerplate Continues Search For Buyer, Reports $10M Net Loss
Published August 7, 2008
SECOND QUARTER NUMBERS: Centerplate reported a net sales increase of $37.5M for Q2 compared with the same period in '07, primarily due to the opening of Nationals Park in DC, a Centerplate account. The company reported a net loss of $10.1M, compared with a loss of $5.8M in Q2 '07, a decline due in part to the $3.3M in fees associated with amendments to the firm's credit agreement and higher interest expense. If a buyer is not found by October, Centerplate will need to secure a further amendment to its credit facility to continue paying interest on the bond portion of its income deposit security stock, which combines common stock with a bond. The company quit paying stock dividends in June.