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4-Traders Homepage  >  Equities  >  Nyse  >  New York & Company, Inc.    NWY

Delayed Quote. Delayed  - 07/22 09:58:37 pm
1.75 USD   +1.16%
07/15 NEW YORK & COMP : Announces Authorization of Share Repurchase Progra..
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NEW YORK & COMPANY, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

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07/15/2016 | 12:07pm CEST

Item 1.01 Entry into a Material Definitive Agreement.

On July 14, 2016, New York & Company, Inc. (the "Company") entered into a Second Amended and Restated Private Label Credit Card Program Agreement (the "Agreement") with Comenity Bank, a bank subsidiary of Alliance Data Systems Corporation ("ADS"), which replaces the existing agreement with ADS and has a term through April 30, 2026.

Pursuant to the terms of the Agreement, ADS will continue to have the exclusive right to provide private label credit cards to customers of the Company. In connection with the execution of the Agreement, the Company will receive $40 million in various signing bonuses. The signing bonuses will be payable in two installments, $17.5 million by July 28, 2016 and $22.5 million on January 10, 2017. The $40 million of signing bonuses represents cash proceeds of approximately $0.62 per share, based upon the Company's 64.8 million shares of common stock outstanding as of June 30, 2016. These proceeds will improve liquidity and provide significant resources to fund the Company's growth initiatives. In addition, over the full term of the Agreement, the Company will also receive an increased level of royalty payments based on a percentage of net sales on the private label credit cards.

The Agreement shall remain in effect until April 30, 2026. Thereafter, the Agreement automatically renews for successive one-year terms unless either party provides the other with notice of termination. The Agreement may also be terminated by either party upon the occurrence of certain events.

Item 9.01 Financial Statements and Exhibits.



(d)  Exhibit



Exhibit No.                Description
99.1          Press release issued on July 14, 2016




                                       2

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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Financials ($)
Sales 2017 914 M
EBIT 2017 2,47 M
Net income 2017 1,87 M
Debt 2017 -
Yield 2017 -
P/E ratio 2017 58,33
P/E ratio 2018 11,29
Capi. / Sales 2017 0,12x
Capi. / Sales 2018 0,12x
Capitalization 113 M
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Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 2,63 $
Spread / Average Target 50%
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Managers
NameTitle
Gregory J. Scott Chief Executive Officer & Director
John M. Worthington President & Chief Operating Officer
Grace A. Nichols Non-Executive Chairman
Sheamus G. Toal Chief Financial Officer & Executive Vice President
Arthur E. Reiner Independent Director
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