- Net sales increased 12.5% to $62.9 million from $55.9 million in the fourth quarter of fiscal 2010. Comparable store sales increased 12.4%, compared to a decrease of 6.4% in the fourth quarter of fiscal 2010;
- Gross profit increased 27.8% to $27.2 million, or 43.3% of net sales, compared to $21.3 million, or 38.1% of net sales, in the fourth quarter of fiscal 2010;
- Operating income totaled $2.4 million, a significant improvement from an operating loss of $13.8 million in the fourth quarter of 2010. Operating income for the fourth quarter of 2011 included $374,000 of other charges, or $0.02 per diluted share. Operating loss for the fourth quarter of 2010 included $10.5 million of other charges, or $0.51 per diluted share;
- Net income totaled $1.9 million or $0.15 per diluted share, which included the following benefits and costs: (i) a $562,000, or ($0.04) per diluted share benefit from the reversal of the tax valuation allowance against net deferred tax assets; (ii) a $396,000 after tax, or $0.03 per diluted share, non-cash store impairment charge; and (iii) a $190,000 after tax, or ($0.02) per diluted share, gain on note payable settlement. This compares to a net loss of $14.2 million, or ($1.11) per diluted share, in the prior year period, which included the following costs: (i) $5.7 million, or $0.44 per diluted share, related to the valuation allowance; (ii) a $5.6 million after tax, or $0.44 per diluted share, non-cash impairment charge after tax against the remaining carrying value of the Company’s goodwill associated with its AVD reporting unit; (iii) a $603,000 after tax, or $0.05 per diluted share non-cash store impairment charge; and (iv) $284,000 after tax, or $0.02 per diluted share, in other legal expenses ; and
- Adjusted net income for the 13-week period in fiscal 2011 was $1.5 million, or $0.12 per diluted share, excluding tax valuation allowance reversal, store impairment charges and gain on note payable settlement, as compared to adjusted net loss for the fourth quarter of fiscal 2010 of $2.0 million or ($0.16) per diluted share excluding impairment charges, other legal expenses and the tax valuation allowance described above.
Cache Reports Fourth Quarter And Fiscal 2011 Results
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