Broder Bros. Co. Announces Fourth Quarter and Fiscal Year Results
EBITDA for fiscal 2009 was $12.8 million compared to $33.6 million for fiscal 2008. Results include the impact of certain restructuring and other highlighted charges discussed below. Excluding these highlighted charges, EBITDA was $17.1 million for fiscal 2009 and $36.9 million for fiscal 2008.
Restructuring charges recorded during the fourth quarter 2009 consisted of a $1.4 million increase in rent at one of the company's closed facilities due to a change in the counterparty to the company's lease agreement and $0.1 million in interest accretion. Other highlighted charges recorded during the fourth quarter 2009 consisted of $0.3 million in executive bonus expense related to a bonus award program for certain key executives which recognized the executives' commitment to and success in restructuring the company's finances.
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