West Marine, Inc. (Nasdaq: WMAR) today released unaudited operating results for the third quarter and first nine months of 2011.
2011 third quarter highlights:
- Income before taxes for the third fiscal quarter was $12.7 million, a $5.0 million, or 65.9%, increase compared to the same period last year.
- Net income for the third quarter was $11.2 million, or $0.48 per fully diluted share, compared to $7.4 million, or $0.32 per fully diluted share, last year, reflecting a 50.0% increase.
- Net revenues for the quarter were $180.3 million, an increase of 4.5% versus last year. Our comparable store sales were up 3.9%.
- Income before taxes for the first nine months was $40.4 million, a $6.2 million, or 18.1%, increase compared to the same period last year.
- Net income for the first nine months was $43.6 million, or $1.88 per fully diluted share, a 30.6% increase over the $33.0 million, or $1.44 per fully diluted share, in the same period last year.
- Included in year-to-date net income was a $4.8 million, or $0.21 per fully diluted share, income tax benefit related to the reversal of the majority of our tax valuation allowance.
- At the end of the quarter, we were debt-free, and we had a record cash balance of $44.1 million in addition to $98.0 million of availability under our revolving credit facility.
- West Marine is maintaining its previously issued 2011 full-year, pre-tax earnings guidance at a range from $18.5 million to $20.0 million, with fully-diluted earnings per share in a range from $1.05 to $1.16 per share, which includes the tax benefit mentioned above.
Geoff Eisenberg, Chief Executive Officer of West Marine, commented, “We are pleased with the solid results delivered during the third quarter, which fully met our expectations. We continue to be optimistic about our business, as exemplified by the upcoming opening, in just a few weeks, of our Super-Flagship store in Ft. Lauderdale, which will be almost twice as large as any store we’ve ever done.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV