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DELiA*s, Inc. Announces Fourth Quarter And Fiscal 2010 Results

Conference Call and Webcast Information

A conference call to discuss fourth quarter and fiscal year 2010 results is scheduled for Thursday, March 17, 2011 at 10:00 a.m. eastern time. The conference call will be webcast live at www.deliasinc.com. A replay of the call will be available until April 17, 2011 and can be accessed by dialing (888) 286-8010 and providing the pass code number 36604599.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company's responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

About dELiA*s, Inc.

dELiA*s, Inc. is a direct marketing and retail company comprised of two lifestyle brands primarily targeting teenage girls and young women. Its brands – dELiA*s and Alloy – generate revenue by selling apparel, accessories, footwear and room furnishings to consumers through direct mail catalogs, websites, and dELiA*s mall-based specialty retail stores.

Forward-Looking Statements

This announcement may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations and beliefs regarding our future results or performance. Because these statements apply to future events, they are subject to risks and uncertainties. When used in this announcement, the words “anticipate”, “believe”, “estimate”, “expect”, “expectation”, “should”, “would”, “project”, “plan”, “predict”, “intend” and similar expressions are intended to identify such forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements. Additionally, you should not consider past results to be an indication of our future performance. For a discussion of risk factors that may affect our results, see the “Risk Factors That May Affect Future Results” section of our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10-Q. We do not intend to update any of the forward-looking statements after the date of this announcement to conform these statements to actual results, to changes in management's expectations or otherwise, except as may be required by law.

   
dELiA*s, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share data)
(unaudited)
 
January 29, 2011 January 30, 2010
ASSETS

CURRENT ASSETS:

Cash and cash equivalents $ 28,074 $ 41,646
Inventories, net 32,025 33,702
Prepaid catalog costs 1,845 2,354
Restricted cash 8,268 -
Deferred income taxes - 1,138
Other current assets   12,511     12,954
 
TOTAL CURRENT ASSETS 82,723 91,794
 
PROPERTY AND EQUIPMENT, NET 49,988 55,342
GOODWILL 4,462 12,073
INTANGIBLE ASSETS, NET 2,419 2,419
RESTRICTED CASH - 7,540
OTHER ASSETS   111     223
TOTAL ASSETS $ 139,703   $ 169,391
 
LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable $ 21,301 $ 24,562
Accrued expenses and other current liabilities 21,788 26,173
Income taxes payable   742     733
TOTAL CURRENT LIABILITIES 43,831 51,468
DEFERRED CREDITS AND OTHER LONG-TERM LIABILITIES   10,863     12,110
TOTAL LIABILITIES   54,694     63,578
 
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

Preferred Stock, $.001 par value; 25,000,000 shares authorized,
none issued - -
Common Stock, $.001 par value; 100,000,000 shares
authorized; 31,432,533 and 31,309,216 shares issued
and outstanding, respectively 31 31
Additional paid-in capital 99,475 98,636
Retained earnings   (14,497 )   7,146
TOTAL STOCKHOLDERS' EQUITY   85,009     105,813
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 139,703   $ 169,391
       
dELiA*s, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
 
For the Thirteen Weeks Ended
January 29, 2011 January 30, 2010
 
 
NET REVENUES $ 66,913 100.0 % $ 66,301 100.0 %
 
Cost of goods sold   42,267   63.2 %   41,637   62.8 %
GROSS PROFIT   24,646   36.8 %   24,664   37.2 %
Selling, general and administrative expenses 26,159 39.1 % 27,241 41.1 %
Impairment of long-lived assets - 0.0 % 454 0.7 %
Other operating income   (174 ) -0.3 %   (1,265 ) -1.9 %
OPERATING LOSS (1,339 ) -2.0 % (1,766 ) -2.7 %
Interest expense, net   (93 ) -0.1 %   (94 ) -0.1 %
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (1,432 ) -2.1 % (1,860 ) -2.8 %
Benefit for income taxes   (2,124 ) -3.2 %   (1,064 ) -1.6 %
INCOME (LOSS) FROM CONTINUING OPERATIONS 692 1.0 % (796 ) -1.2 %
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX   -   0.0 %   5   0.0 %
NET INCOME (LOSS) $ 692   1.0 % $ (791 ) -1.2 %
 
BASIC INCOME (LOSS) PER SHARE:
INCOME (LOSS) FROM CONTINUING OPERATIONS $ 0.02 $ (0.03 )
INCOME FROM DISCONTINUED OPERATIONS $ -   $ 0.00  
NET INCOME (LOSS) $ 0.02   $ (0.03 )
 
WEIGHTED AVERAGE BASIC COMMON SHARES OUTSTANDING   31,136,931     31,054,533  
 
DILUTED INCOME (LOSS) PER SHARE:
INCOME (LOSS) FROM CONTINUING OPERATIONS $ 0.02 $ (0.03 )
INCOME FROM DISCONTINUED OPERATIONS   -     (0.01 )
NET INCOME (LOSS) $ 0.02   $ (0.03 )
 
WEIGHTED AVERAGE DILUTED COMMON SHARES OUTSTANDING   31,265,800     31,054,533  
       
dELiA*s, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
 
For the Fifty-Two Weeks Ended
January 29, 2011 January 30, 2010
 
 
NET REVENUES $ 220,697 100.0 % $ 223,866 100.0 %
 
Cost of goods sold   147,242   66.7 %   145,605   65.0 %
GROSS PROFIT   73,455   33.3 %   78,261   35.0 %
Selling, general and administrative expenses 95,746 43.4 % 94,939 42.4 %
Impairment of goodwill and long-lived assets 7,611 3.4 % 454 0.2 %
Other operating income   (475 ) -0.2 %   (1,265 ) -0.6 %
TOTAL OPERATING EXPENSES 102,882 46.6 % 94,128 42.0 %
OPERATING LOSS (29,427 ) -13.3 % (15,867 ) -7.1 %
Interest expense, net   (353 ) -0.2 %   (235 ) -0.1 %
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (29,780 ) -13.5 % (16,102 ) -7.2 %
Benefit for income taxes   (8,137 ) -3.7 %   (5,662 ) -2.5 %
LOSS FROM CONTINUING OPERATIONS $ (21,643 ) -9.8 % $ (10,440 ) -4.7 %
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX   -   0.0 %   16   0.0 %
NET LOSS $ (21,643 ) -9.8 % $ (10,424 ) -4.7 %
 
BASIC AND DILUTED (LOSS) INCOME PER SHARE:
LOSS FROM CONTINUING OPERATIONS $ (0.70 ) $ (0.34 )
INCOME FROM DISCONTINUED OPERATIONS $ -   $ 0.00  
NET LOSS $ (0.70 ) $ (0.34 )
 

WEIGHTED AVERAGE BASIC AND DILUTED COMMON SHARES

OUTSTANDING

  31,111,878     31,038,999  
     
dELiA*s Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
For the Fifty-Two Weeks Ended
January 29, 2011 January 30, 2010
 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (21,643 ) $ (10,424 )
Income from discontinued operations   -     16  
Loss from continuing operations (21,643 ) (10,440 )
Adjustments to reconcile net loss to net cash used in operating
activities of continuing operations:
Depreciation and amortization 10,669 10,093
Deferred income taxes 1,138 1,181
Stock-based compensation 827 904
Impairment of goodwill and long-lived assets 7,611 454
Changes in operating assets and liabilities:
Inventories 1,677 240
Prepaid catalog costs and other assets 1,064 (7,180 )
Restricted cash (728 )

 

(7,540 )
Income taxes payable 9 (24,510 )
Accounts payable, accrued expenses and other liabilities   (8,389 )   688  
 
Total adjustments   13,878     (25,670 )
Net cash used in operating activities of continuing operations (7,765 ) (36,110 )
Net cash provided by operating activities of discontinued operations   -     16  
NET CASH USED IN OPERATING ACTIVITIES   (7,765 )   (36,094 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures   (5,819 )   (12,571 )
NET CASH USED IN INVESTING ACTIVITIES   (5,819 )   (12,571 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of mortgage note payable - (2,205 )
Proceeds from exercise of employee stock options   12  

 

  4  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES   12     (2,201 )
 
NET DECREASE IN CASH AND CASH EQUIVALENTS (13,572 ) (50,866 )
CASH AND CASH EQUIVALENTS, beginning of period   41,646     92,512  
CASH AND CASH EQUIVALENTS, end of period $ 28,074   $ 41,646  
           
dELiA*s, Inc.
SELECTED OPERATING DATA
(in thousands, except number of stores)
(unaudited)
 
For The Thirteen Weeks Ended For The Fifty-Two Weeks Ended
January 29, 2011 January 30, 2010 January 29, 2011 January 30, 2010
 

Channel net revenues:

Retail 34,906 34,333 122,444 118,484
Direct     32,007   31,968     98,253   105,382
Total net revenues   $ 66,913 $ 66,301   $ 220,697 $ 223,866
 
Comparable store sales     (2.3%)   (10.4%)     (4.1%)   (5.9%)
 
Catalogs mailed     14,142   15,269     42,714   46,059
 
Inventory - retail   $ 16,414 $ 16,507   $ 16,414 $ 16,507
Inventory - direct   $ 15,611 $ 17,195   $ 15,611 $ 17,195
 
 

Number of stores:

Beginning of period 115 108 109 97
Opened - 2 ** 9 * 15 **
Closed     1   1 **     4 *   3 **
End of period     114   109     114   109
 
Total gross sq. ft @ end
of period     436.3   417.3     436.3   417.3
 

* Totals include one store that was closed, remodeled and reopened in the first quarter of fiscal 2010, and one store that was closed and relocated to an alternative site in the same mall during the second quarter of fiscal 2010.

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