No Money For Payroll Because?
Tuesday Morning Corp.
First published: Monday, January 17, 2005
Nasdaq: TUES
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Headquarters: 6250 LBJ Freeway, Dallas
Company founded: 1974
Activities: Closeout retailer of upscale home furnishings and gifts with 662 stores in 43 states. The stores follow an unusual schedule: open only during 10 principal "sales events," each of which lasts from three to five weeks; closed between those events to restock and during traditionally slow January and July.
Employees: 1,950 full-time and about 6,000 part-time; in the Capital Region, nine part-time employees and one manager at Crosstown Plaza in Schenectady
Performance: Its stock outperformed the Standard & Poor's composite index and a peer group index over a five-year period. A $100 investment in Tuesday Morning in 1999 rose to about $175 by year-end 2003; the same investment rose to about $145 for the peer group, but fell to about $90 on the S&P.
Special notes: Three directors, Benjamin Chereskin (chairman), William Hunckler and Robin Selati, all of whom have been associated with Chicago equity firm Madison Dearborn Partners LLC, were appointed to the board in connection the company's acquisition in December 1997 by Madison Dearborn and others. Madison Dearborn subsequently took the company public in 1999.
Market Outlook In 2004, sales totaled $897.8 million, up 9.1 percent from $822.6 million in 2003. Comparable-store sales declined 1.7 percent. When full-year results are detailed Feb. 22, earnings are expected to be up about 16 percent to $1.49 to $1.50 per share; they were $1.29 in 2003. Total shares of common stock outstanding as of March 19 record date: 41,044,280
Price per share: Jan. 14: $30.36
Market value: Jan. 14: $1.2 billion
52-week high: $36.73
52-week low: $24.36
Price/earnings ratio: Jan. 14: 20.79
2003 dividend per common share: $0
Stock holdings: Control of common stock by 14 executive officers and directors: 37.3% Owned by officers and 1 inside director:
Kathleen Mason, 54, president, chief executive and director: 583,815
Michael Marchetti, 47, executive vice president and chief operating officer: 69,580
Loren Jensen, 43, executive vice president and chief financial officer: 20,959
Richard Nance, 57, vice president of information systems and communications: 517
By outside directors:
Giles Bateman, 59, former CFO and co-founder, Price Club: 3,737
Benjamin Chereskin, 45, chairman of the board; managing director and co-founder, Madison Dearborn Partners LLC: 14,588,526
William Hunckler III, 50, private investor; former managing director and co-founder, Madison Dearborn Partners LLC: 0
Henry Frigon, 69, private investor and business consultant: 18,824
Sally Frame Kasaks, 59, principal, ISTA Inc.: 19,983
Robin Selati, 37, managing director, Madison Dearborn Partners LLC: 14,588,526
Institutional investors: Madison Dearborn Capital Partners II L.P., Chicago: 14,588,526 (35.5%)
Executive cash compensation (2003) (salary + bonus + other pay):
Kathleen Mason: $778,133
Michael Marchetti: $392,625
Loren Jensen: $189,168
Richard Nance: $215,236
G. Michael Anderson, former executive vice president of buying (retired February 2004): $317,015
Mark Jarvis, former executive vice president and CFO (retired April 2003): $318,655
William Estill, former senior vice president of planning and allocation (left in December 2003): $191,436
Total of top 7 compensated officers: $2,402,268
Drawn from SEC filings; compiled by Betsy Feldstein
posted by Ed @ 11:50 AM
13 Comments:
Sometimes this will affect also on positions at the store because if your store used to make more and now less on sales we loose a position that used to be permanent like assistant managers in my case. What TM will do is get another 3rd key so it will do the same job with no benefits.So if you all the sudden are ask to become a 3rd key , beware! they are in trouble and need to save on salaries so you will be the next victim doing the manager's job all by yourself.
Attention to all regionals:
(If any responds)
I will like to know what is the approval process with the regionals when a manager do not make space on your schedule for you (another management) but you have to comply with the 45 hours before the week is over.Are you suppose to scape from the store every day for one hour so you will have your me time? Or you are aware of this but never call to verify this cover up?I remember working at another store and the schedule was made showing 10 hours but you really worked 9 or 9 hours but really working 8.This way will show to regionals that you are taking care of your people in management.
WOW sorry about this comment but this is poorly written!
What exactly are you trying to say or ask?
Thanks.
Sorry ED but I have to post this!
This is for you TM, PLEASE, read on and have a good night!
TM you sucks, all of you at corporate are just a bunch of arrogant,liers, backstabing aholes!
WHEN JUDGEMENT DAY COMES MAY SATAN BE WAITING FOR YOU!
TM Corporate you are being cursed, and that all of you drown in despair and misery!
What goes around comes around!
Not really a question just a point:
Let me explain again:
Every tuesday managers have to fax to regionals the schedules for the next week to be approved to show reduction on payroll too but that is another sad story:
1.Every manager should show the hours and days that every person will work ,right?
In my case the manager will make me work 45 hours or more a week as an assistant manager.
The problem: no lunch is included on the schedule so I had to work the 45 hours or more to comply with the schedule faxed to regional . If I try to take my lunch hour or leave early to do something personal that was a joke . I will go home without any lunch and I am not the only one I read before on this blogs. So the approval is really to see how much they cut on labor only, the rest they will ignore.Sorry! for my fast upset mind.
Tuesday Morning net income falls 18.3 percent
APRIL 21, 2005 -- Tuesday Morning Corp., a closeout retailer, today reported that net income for the first quarter ended March 31 was $6.7 million, down 18.3 percent compared to the $8.2 million reported in the same prior-year quarter. As previously reported, net sales increased 10 percent to $185.6 million for the first quarter of 2005, compared to $168.6 million for the same period in 2004. "We are pleased to report that Tuesday Morning has once again delivered favorable earnings results in spite of a difficult home furnishings environment. This demonstrates our ability to anticipate and respond effectively to opportunities and changes in the marketplace," said Kathleen Mason, president and CEO, in a statement. "Traffic improved from the fourth quarter, and our inventories are in excellent shape for the spring and summer shopping seasons."
uuuuuhhhh.........yeah right Ms. Mason, your really in shape for the summer shopping. Hope you have help or your ready to fill in at the store level, because lots of us are all quiting before that July shutdown. Have a blast doing your new "fun job."Part time, full time, whatever, go ahead, just work a week or even just a day or two max, in the stores. I dare anyone from Corporate. Oh, and it can't be your "pet model stores" in Dallas either. Try out one of your riskier stores, say some of your raunchy ones like in those nasty delapidated strip malls, in the bad parts of town. I dare you.
You can't handle it, yet, you put your employees, in these situations every day, and don't care about their safety. Right, and don't forget to take the deposit to the bank in the dark too. As long as their is another employee following you, it should be good. Go for it. Kathleen M. can be the bank deposit carrier/runner, and Mike M. can follow you to the bank. Make sure to give him the generous "15 minutes" on his time card for going to the bank too, for all his gas, time, and trouble.
Tuesday Morning net income falls 18.3 percent
APRIL 21, 2005 -- Tuesday Morning Corp., a closeout retailer, today reported that net income for the first quarter ended March 31 was $6.7 million, down 18.3 percent compared to the $8.2 million reported in the same prior-year quarter. As previously reported, net sales increased 10 percent to $185.6 million for the first quarter of 2005, compared to $168.6 million for the same period in 2004. "We are pleased to report that Tuesday Morning has once again delivered favorable earnings results in spite of a difficult home furnishings environment. This demonstrates our ability to anticipate and respond effectively to opportunities and changes in the marketplace," said Kathleen Mason, president and CEO, in a statement. "Traffic improved from the fourth quarter, and our inventories are in excellent shape for the spring and summer shopping seasons."
I just found on m??????.com the openings for managers 34, assistant managers 27, 3rd key 8 and many other positions for a total of 99 in all. Without counting the next coming soon. Also they will have a job fair in Alabama to be able to find more victims to this abuse.
And what about the Regional manager opening from AZ??? Thr job is on the internet too.I know that Regional was a veteran and was with the company for a very, very long time.. what happened? what's up with that??? this regional had a very good repor with all stores. Gone for no reason, no warning...just gone. Here is some speculations why:
Possibly outed for not having big boobs or not phoney enough,or did she not sleep with the right people? mayb e she didn't sleep with the zone, what ever...she didn't fit in with the current bunch of slobs because she had class. Who ever thinks they can do what she did better keep their resume out there cause she has huge shoes to fill and a strong following. Many of us are looking elsewhere...be ready for some changes, and we don't eat carpets either.
You all don't know half the truth. If the real facts ever come out about what is going on here in Texas, your heads would twirl. There are dirty deals going on all over. Why are all you ex-employees who were let go with no real reason not talking? You just went away. This is what Texas is counting on. This is what you fired employees are giving them. I hope Ms. Bacall, a woman of morals, will end her dealings with TM. Her good name should not be attached to this dirty company. People for God's sakes start spilling the real beans!
Well since you're on the "IN" of Texas help us!
Let us know how we can all help one another without jeopardizing your identity, give us some insight!
We need people like you!
Some of us that post messages here are still "working" for the company but out because of injuries and waiting for them to decide how long they are going to keep us fighting. The reason that we still IN is because they know if they fire you and you are injured at TM they could get in big trouble. So for the ones that are in pain you can go straight to the office and use the date you cannot perform any more and start the process no matter how difficult because we need this for your own good and the others so it will show on paper that this is happening. Very important, your manager has to be on your side. But if you are a manager things should be easer.Get a witness. My manager was hurt very bad at TM and I was her witness ,but now I am in pain and they fired her so my new manager has no clue of this hard work that I had done for years before she even came . She is not in my side because she is ignorant. Dallas like ignorants that's why they are coming from outside. Job fair comming soon!
Can someone contact Ms. Bacall's manager (or her) and tell them about the company and it's horrible reputation that it has and that she is now associated with. They throw her name around all the time, like she is the biggest feather in their cap. The only "good" thing they got going for them. People always ask me about Lauren Bacall in my store. The young ones don't know who she is.
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