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Old 03-04-2008, 05:18   #16
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West Marine received a staff determination notice from the NASDAQ Global Market, stating its common stock is subject to delisting; as a result of the delayed filing of the company’s annual report on Form 10-K for the fiscal year ended Dec. 29, 2007. Timely filing of periodic reports is a requirement for continued listing. West Marine expects to file its annual report with the Securities and Exchange Commission on or before Friday.
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Old 03-04-2008, 07:54   #17
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I sold my shares of West Marine for $8.90 last week Thursday, I have a buy order in at $6.80 per share that I think will fill today. I am starting to have second thoughts about this stock, but it does seem to be trading in a predictable range.
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Old 04-04-2008, 11:52   #18
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April 3/4, 2008
West Marine/WMAR - NASDAQ-NM

Previous Update March 20, 2008: US $8.30
Last Update April 4, 2008: US $6.85
Change: -17.5%
52 Week High: US $18.33 (April 10, 2007)
52 Week Low: US $6.20 (January 11, 2008)
Market Capitalisation: US $149.59 million

Gunner may want to lower the strike price on his call.
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Old 04-04-2008, 13:06   #19
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I think Gunner owns WEst Marine again

Should look at the 10K annual report: Summary of WEST MARINE INC - Yahoo! Finance

They didn't do so good ... and it isn't looking better any time soon.
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Old 04-04-2008, 15:25   #20
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Any one that has done business with Worst Marine for the last couple of years has seen the rapid down hill slide. I believe they will continue down hill UNLESS they dump the entire management team and restructure the entire business plan. This is not likely to happen so I would not even consider them as an investment any time soon. There are too many other worthwhile companies out there to put your money in. We may, in the near future see them simply disappear. The obvious signs have been there for quite some time.
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Old 04-04-2008, 23:26   #21
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Just thought I would chime in here. Living in Hawaii and my boat in Ca., I had to order online. Spookey at first but it has proved to be great savings. Frankly I would like to see WM go belly up and watch the little marine stores come back. At least all the gear would not be from China.
Last time I was in WM in Oakland, Ca., they had a dwendling fastener section and an exspanding clothing section. I know they order what they make money on but it does not lend itself to the DIY type person.
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Old 05-04-2008, 08:49   #22
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I started buying marine equipment in S.F. Ca. in 1990, and W.M. was the place to go. The people on the floor were knowledgable, and friendly. When I walked in one day, and they were wearing headsets, and college kidson the floor that didn't know the bow from the stern. I knew then it would slowly deterioate. They use to have low prices too. I use them as little as possible now.

David M,

Just out of curiousity how is the fella from Armchair Sailor, Sausalito, doing at West now? What a nice, and helpful man. I always enjoyed going in, and talking to him when scrounging for books.
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Old 05-04-2008, 08:53   #23
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West just filed their 10k with a $56m+ write off.
Excerpt follows:

"Overview
Net loss for 2007 was $50.0 million, including a $56.9 million non-cash, pre-tax charge for impairment of goodwill. This compares to a net loss for 2006 of $7.6 million, including a $14.5 million pre-tax charge for store closures and other restructuring costs.
Net sales were $679.6 million in 2007, compared to $716.6 million in 2006. We achieved annual operating cash flow of $29.9 million in 2007. Our debt-to-capital ratio decreased to 18.9% at year-end 2007, compared to 20.4% at year-end 2006. Merchandise inventories at year-end 2007 decreased by $4.8 million, or 1.9%, compared to year-end 2006.
Comparable store sales for 2007 decreased 1.9%. We define comparable store sales as sales from stores that have been open at least 13 months and where selling square footage did not change by more than 40% in the previous 13 months.
We continue to focus on key initiatives designed to position the company for sustained, long-term growth and profitability. We remain committed to controlling our expense structure.
In 2008, we plan to close more stores than we plan to open. However, due to store relocations to larger sites, expansions of existing locations and efforts toward real estate optimization, overall store square footage is expected to remain the same or grow slightly. We plan to continue our focus on broad, targeted merchandise assortments in order to grow our Stores, Direct Sales and Port Supply businesses while continuing to improve inventory productivity. We intend to manage expenses with discipline and invest where we expect a return. In this regard, we intend to accommodate any future sales growth by investing in information technology systems to improve our supply chain efficiencies rather than building new or expanding current distribution center facilities."

News Story: West Marine reports $50M loss and predicts slow sales in 2008 - Santa Cruz Sentinel
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Old 05-04-2008, 08:58   #24
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Sometimes people lose their way in the quest for money. They seem to forget what made them popular. Fair pricing, a and knowledgable staff would still work today....
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Old 05-04-2008, 10:35   #25
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Quote:
Originally Posted by GordMay View Post
Those of us who “go to the internet for things other than small items like stainless steel fasteners and marine grade paint”, may soon find that there are no local chandleries (large like West, or smaller Mom & Pops) at which to pick up a few of S/S screws, etc. for a quick project.
This is what has happened where I live. We all saved a few dollars on the big ticket items (mail order etc, in those days) and eventually, all the local marine stores closed.
Support those who support your needs.
Agreed!

In Everett,Wa there is a Harbor Marine doing very well just a half a mile from a WM who has very little business compared to HM. HM's inventory is excellent and even sells motors and other related gear. And the staff are old fisherman and the likes (very knowledgeable). They don't cater too much to sailing gear but that's usually special order stuff for me most of the time. But you could build a boat with what they have in stock. The nice thing is that his prices are better then WM. But the ultimate retailer (with a membership) in Seattle is Fisheries supply.

A couple years back a space opened up in Edmonds (another waterfront city) and I considered starting my own Marine supply. I called the owner, and WM had just leased it. Man, was I pissed. From that point on I vowed not to buy anything at WM unless it was an emergency or last resort!

And this is where some of their profits went. That and all the china goods (bads)!
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Old 05-04-2008, 15:58   #26
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It is true, I am a West Marine stock holder again in at $6.80 a share, I think I will sell again at $8.25. To tell you the truth I think that the Company sucks and I would not use them anymore than I had to if not for my Wife being a employee. I do not think they will ever be the company that they were. They have lost sight of where they came from. I am speaking only of the stores in my area but if that is a indication of all of them then I also think they are in trouble.
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Old 08-04-2008, 11:29   #27
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I'm losing money!! I need you boater out there to buy from West Marine ASAP!
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Old 08-04-2008, 12:11   #28
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Perhaps those of us who "go to the internet" would not be going there if the monopolistic practices of West buying up and shutting down "land based" competitors had given us other competitive choices. When they had to compete with EB and BoatUS stores...we had a choice of where to drive and a choice of products and prices. Now we must go to the internet for such choices unless we are lucky enough to live in a spot with a good independent chandlery.
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Old 08-04-2008, 12:31   #29
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As a point of interest: West Marine stated in their Q1 Conference Call that they were going to alter Port Supply pricing, and also re-evaluating who they allow to have PS accounts. So ... there are many of us who have PS accounts or use someone else's account that may be effected. They also stated that they have recently altered some of their pricing structure (lower) to fall more in line with prevailing prices. Also, their internet business will continue to be improved - design and use.
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Old 14-04-2008, 12:28   #30
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Gunner - I think that people misunderstood you - instead of BUYING from WM, they took back stuff!!!! $5.94/share this morning.
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