Trans World Entertainment
Trans World Entertainment Corporation is a chain of entertainment media retail stores in the United States. It currently operates just over 350 freestanding and shopping mall-based stores under several brand names.
Based out of Albany, New York, Trans World was founded in 1972 by Robert Higgins. It opened its first store, called Record Town (formerly Record Land), in 1973. The company went public in July 1986 and has expanded through acquisitions of a number of smaller or failing companies including Strawberries, Camelot Music, and Wherehouse Entertainment.
On May 10, 2010, Mike Honeyman was appointed as President and Chief Operating Officer of the company.
As of August 2011, Trans World's total number of stores stands at 442, down from about 540 in August 2010.
On Thursday, March 1, 2012, Trans World reported its first fiscal year net income since 2006. Trans World swung to a $2.2 million profit in fiscal year 2011, compared to a net loss of $31 million in fiscal year 2010. The turnaround at Albany, New York-based Trans World came about from cost-cutting, as the company continued to close unprofitable locations, and higher gross margins on the products it sells.
On Monday, May 7, 2012, Trans World received a glowing endorsement from Guy Gottfried of Rational Investment Group. Gottfried stated that the company is underfollowed and is physically unable to lose money at this point in time.
On Thursday, May 17, 2012, Trans World reported a Q1 net income of $2.8 million, which is a $5.3 million improvement from Q1 in 2011. Trans World's stock price ended up 18% on the day.
On Wednesday, June 27, 2012, Trans World was upgraded from a 'hold' to a 'buy' by Jim Cramer's "The Street." The stock responded with a 2.31% increase.
On Monday, July 9, 2012, Trans World announced that it named John Anderson as acting Chief Financial Officer. Mike Honeyman, President and COO, said: "We are very pleased to announce John as our acting CFO. John has been a valued member of our leadership team and has a strong track record of delivering results. He's ideally suited to oversee the company's financial operations and support our efforts to grow and deliver value for our shareholders. Also, we thank Tom Seaver for his service and wish him well in the future." Mr. Anderson has served in positions of increasing responsibility at Trans World for over 18 years, most recently serving as Controller since September 2006.
On Thursday, August 16, 2012, Trans World announced their Q2 results; the company reported a $5.4 million decrease in its net loss to $1.9 million, or a loss of $0.06 per diluted share, compared to a net loss of $7.3 million, or a loss of $0.23 per diluted share, for the same period last year. These results reflect the tenth consecutive quarter of improvements.
Also on Thursday, August 16, 2012, Trans World announced that they plan to open several new packaged-media retail stores entering the fourth quarter, including a high-profile location at Annapolis Mall in Maryland starting at the end of September.
On Wednesday, November 28, 2012, Trans World had two big announcements. First, they sold real property that they owned in South Beach, Miami, Florida, for $30 million. Prior to the sale, Trans World has been leasing the property to Walgreens. They purchased the property for just $7 million back in 2007. Secondly, they announced a $0.47 per share special cash dividend, payable to shareholders as of December 10, 2012. Trans World will pay out $15 million in cash to shareholders in this dividend payout, which will be made on December 26, 2012. The stock rose 8% on the news.
Read more about Trans World Entertainment: Chains
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