Harry and David: From my interview this morning….
February 16, 2011This morning, I was a guest on Bill Meyer’s radio talk show. The topic? Harry and David and the problems facing the company. You can download the podcast here.
Bill asked some interesting questions, some of which I’ll be addressing in future posts; e.g., why would a distressed company prefer to avoid bankruptcy when in bankruptcy they can shed leases and have other protection? How can you have higher profits with lower revenues?
In the meantime: During the show, I promised to post some key financial statistics for Harry and David from 2006 through 2010. (Their fiscal year-end is approximately the end of June.) Here they are:
| Year | Revenue | Net Income |
| 2006 | $524,384,000 | ($9,713,000) |
| 2007 | $561,017,000 | $32,001,000 |
| 2008 | $545,064,000 | $4,608,000 |
| 2009 | $489,596,000 | ($20,179,000) |
| 2010 | $426,774,000 | ($39,228,000) |
Today Harry and David announced Kay Hong as interim CEO and Chief Restructuring officer. I saw that Kay is part of TMA, are you familiar with her at all and is that a good thing for them, if a bit late?
Good questions, David. In response, I just posted: Harry and David: Interim CEO.