Cost Plus, Inc. Reports Fourth Quarter And Fiscal 2011 Results And Provides Outlook For The First Quarter And Full Year Fiscal 2012
As a percentage of net sales, selling, general and administrative (SG&A) expenses for the fourth quarter of fiscal 2011 decreased 80 basis points to 22.6% compared to 23.4% for the fourth quarter last year. As a percentage of net sales, SG&A expenses for fiscal 2011 also decreased 80 basis points to 28.8% compared to 29.6% last year. The decrease in SG&A expenses as a percentage of net sales for the quarter and the year was primarily due to increased leverage from higher sales.
Net income from continuing operations for the fourth quarter of fiscal 2011 was $36.8 million, or $1.56 per diluted share, compared to net income from continuing operations of $28.8 million, or $1.24 per diluted share, for the fourth quarter of fiscal 2010. Net income from continuing operations for fiscal 2011 was $17.7 million, or $0.76 per diluted share, compared to net income from continuing operations of $4.7 million, or $0.21 per diluted share, last year.
Net income for the fourth quarter of fiscal 2011 was $36.5 million, or $1.55 per diluted share, compared to net income of $28.5 million, or $1.23 per diluted share, for the fourth quarter of fiscal 2010. Net income for fiscal 2011 was $16.5 million, or $0.71 per diluted share, compared to net income of $2.9 million, or $0.13 per diluted share, last year.
For the fourth quarter of fiscal 2011, non-GAAP earnings before interest, taxes, depreciation, and amortization (“EBITDA”) from continuing operations was $47.2 million compared to $37.6 million for the fourth quarter last year. For fiscal 2011, EBITDA from continuing operations was $51.3 million compared to $39.5 million last year.As a result of paying off the asset-based credit facility, the Company ended the year with no outstanding borrowings and $9.6 million in letters of credit outstanding, compared to $25.4 million in outstanding borrowings and $10.8 million in letters of credit outstanding at the end of last year. The percentage utilization under the credit facility at the end of fiscal 2011 was 7% compared to 28% a year ago. The revolving credit facility expires in January 2016. The Company's liquidity position is sufficient to meet planned expenditures through the next 12 months and the foreseeable future.
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