We’re certainly doing that in our business in both company-owned salons and our — although we don’t control the pricing in our franchise segment, don’t want to.My understanding is a lot of our franchisees have done the same. During the quarter we sold 375 company-owned salons and transferred these salons to our asset-light franchise portfolio.At the end of the quarter, as we reported approximately 74% of our salon portfolio has been franchise. Thanks, Hugh. [Operator Instructions] As a reminder, this call is being recorded for playback and will be available by approximately 12:00 p.m. Central Time today.I'll now turn the conference call over to Biz McShane, AVP Finance. As Hugh mentioned, the last few months have been unprecedented, but we are committed more than ever to our strategy, and we continue to be pleased with the results of our restructuring and the cadence of our vendition process given the major disruption of the COVID-19 pandemic.We reported this morning on a consolidated basis, third quarter revenues of $153.8 million, which represented a decrease of $104.6 million or 40.5% versus the prior year. In closing, I want to thank our franchisees and associates for their many contributions to our business during this extraordinary period in the company’s nearly 100-year history. We believe the amendment of our $295 million revolving credit facility will give us the flexibility and debt capacity to manage the business through our strategic transformation as well as the ongoing generate — the ongoing uncertainty that’s generated by the COVID-19 pandemic. [Operator Instructions] As a reminder, this call is being recorded for playback and will be available by approximately 12:00 PM Central Time today.I’ll now turn the conference over to Biz McShane, AVP Finance. Looking now at the company-owned salon segments, third quarter revenue decreased $123 million or 55.7% versus the prior year to $97.9 million. The decrease in advertising fund revenue was partially offset by an increase in royalties due to an increase in franchise location. I just wanted to just tidy up housekeeping number that you typically give us …… which is the percentage of your remaining opco salons that are under LOI. And then two really quick ones. Thank you everybody. I’m not losing any sleep on that. 1:59 p.m. June 18, 2020 - Seeking Alpha.
It does take a little more time now to get them transferred.
ET on Seeking Alpha Regis Corporation 2020 Q2 - Results - Earnings Call … Third quarter adjusted EBITDA of $4.3 million decreased $14.4 million and is primarily driven by the $17.8 million decline in net gain, excluding non-cash goodwill derecognition and the sale of company-owned salon.
Regis Corp (Minn) (RGS) Q3 2020 Earnings Call Transcript The Motley Fool • Jun 18, 2020 Regis Posts Adj. This successful amendment provides relief for the maximum consolidated net leverage covenant and minimum fixed charge coverage ratio covenant. Prior to the COVID-19 crisis, the company was on track to be recognized as goodwill over several quarters as part of our vendition strategy.
But I think Eric can give you a pretty good flavor of what we’re seeing as franchise was ahead of the company-owned salons on the reopening schedule. We wanted to provide some immediate cash relief by refunding previously collected ad compilers.
Hugh, I have a couple of questions for you and then Kersten as well. And we’re starting to get to the point where we have a meaningful number of salons that have been opened more than 30 days. We had a substantial majority of our company-owned salons. The COVID-19 pandemic also contributed to the decline in the third quarter.Adjusted EBITDA by approximately $8 million due to the government mandated hibernation of salons caused by the pandemic and a decrease in guest visits leading up to the salon closures as customers across the country began to shelter in place.
Your line is open.Thank you. Regis Corp. On a year-to-date basis, consolidated adjusted EBITDA of $52.8 million was $30.1 million or 36.3% unfavorable versus the same period last year.The change includes a $6.9 million increase in the gain, excluding non-cash goodwill de-recognition related to the year-to-date sale and conversion of company-owned salons to the franchise portfolio. Thank you guys for the information.This concludes the Q&A portion of the call. Regis Corp (Minn) (RGS) Q3 2019 Earnings Call Transcript. Product sales for franchisees decreased $1 million year-over-year or $15.3 million primarily by $3.77 million decrease in products sold to TBG partially offset by increased franchise salon account.Franchise same-store sales were unfavorable 4.1% and we believe negatively impacted by the reduced guest visits leading up to the government mandated closures.
Given the near-term challenges faced by our franchisees, we concluded that this accommodation would ease the financial burden associated with the government-mandated hibernation of the franchise bonds during the pandemic. When we felt we get it done this calendar we may slip a little bit, but I don't think it's going to be much.Sure.
I know you’ve paused your venditioning cycle, but any update on the progress around some of those conversations?We’ve had a number of questions about that along the way past. What we felt we get it done this calendar we may slip a little bit but I don’t think it’s going to be much.
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