INDIANAPOLIS (AP) – Hhgregg Inc.’s fiscal fourth-quarter earnings swelled as the electronics and appliance retailer collected $39.6 million in life insurance proceeds due to the death of executive chairman and former CEO Jerry W. Throgmartin.
Throgmartin died Jan. 22 at age 57. He served as chairman and CEO of the Indianapolis company from 2003 to 2009 and led it through a 2007 initial public offering of stock. Hhgregg said Wednesday it collected the proceeds from a “key man” life insurance policy.
Overall, the retailer earned $53.6 million, or $1.45 per share, in the three months that ended March 31. That compares to earnings of $14.6 million, or 36 cents per share, in last year’s quarter. Excluding the insurance payout and a $500,000 after-tax impairment charge, adjusted earnings were 39 cents per share.
Revenue climbed 21 percent to $613.8 million.
Analysts surveyed by FactSet expected, on average, earnings of 36 cents per share on $641.8 million in revenue. Analysts typically exclude one-time items from their estimates.