Published On: Thu, May 26th, 2016

Destination Maternity Corp (NASDAQ:DEST) Updates on Annual Shareholder Meeting and Schedules Conference Call for 1Q2016

Destination Maternity Corp (NASDAQ:DEST) held its annual shareholder meeting on May 19, 2016, in Moorestown, New Jersey. A total of 12.75 million, out of 13.98 million shares were represented at the meeting. A total of three matters were put to vote, which included the election of members to the board, the appointment of a new accounting firm for the next year and the matter of executive compensation.

A total of seven members were appointed to the board, for a period of 1 year. The list included Arnaud Ajdler, Michael J. Blitzer, Barry Erdos, Melissa Payner-Gregor, J. Daniel Plants, Anthony M. Romano and B. Allen Weinstein. Mr. Ajdler will be the new non-executive chairman of the board. In addition to this, the decision to appoint KPMG as the company’s independent accountant, until January 28, 2017 was also approved by the shareholders. Furthermore, the company’s proposed executive compensation plan as also approved, by the voters.

DEST is also scheduled to hold its conference call for the 1Q2016, on May 26, at 9 am ET. The company last held its conference call in April, 2016, for the FY2015. DEST had a net loss of $4.5 million for the year, which amounted to $0.33 per share. This was significantly better than the results from a year ago, when the company had a net loss of $0.75 per share. Destination Maternity had also reported that its net sales had actually declined by 2.3%, on a year-over-year basis.

Destination Maternity also reported a growing efficiency inside the company, as its cost of goods sold, as a percentage of net sales, declined by 0.8%. General and administrative expenses also declined from $251 million to $246 million. Furthermore, the net loss as a percentage of net sales declined from 2% to 0.9%.

Destination Maternity Corp (NASDAQ:DEST) closed trading at a share price of $5.12, after suffering loss of 4.3% in share value and having a trade volume of 115,783, during the May 25 trading session.

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