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Orchard Supply Hardware Stores Corporation Announces Fourth Quarter And Full-Year Fiscal 2011 Financial Results; Reiterates Store Opening Plans And Positive Comparable Store Sales Outlook For Fiscal 2012

Stocks in this article: OSH

• Adjusted EBITDA excludes the effects of financing and investing activities by eliminating the effects of interest, depreciation and amortization costs;

• Management considers gain/(loss) on the sale of assets and impairment to result from investing decisions rather than ongoing operations; and

• Other significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period.

Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA

(Unaudited, in thousands)

  13 Weeks Ended   Fiscal Year Ended
January 28, 2012 January 29, 2011 January 28, 2012 January 29, 2011
Net (loss) income $ (7,243 ) $ (3,428 ) $ (14,450 ) $ 8,717
Interest expense, net 6,568 4,618 23,362 17,392
Income tax (benefit) expense (5,928 ) (2,191 ) (10,825 ) 5,573
Depreciation and amortization 7,000 8,069 29,390 31,187
Loss on sale and impairment of assets 3,578 431 18,093 633
Stock-based compensation 59 (30 ) 328 329
Other significant items (1)   816     5,561     (884 )   5,561
Adjusted EBITDA $ 4,850   $ 13,030   $ 45,014   $ 69,392

(1) Other significant items include certain reserves and charges not in the normal course of the Company’s operations that periodically affect the comparability of results. The Company recorded severance charges of $1.2 million and $0 in fiscal 2011 and 2010 respectively, due to changes in its management structure and in connection with cost cutting initiatives. $0.8 million of the severance charges recorded in fiscal 2011 occurred in the 13 weeks ended January 28, 2012. In fiscal 2010, the Company recorded a $5.1 million legal judgment pursuant to the Save Mart Supermarkets legal case and $0.5 million in fees, which was settled in fiscal 2011. As a result of the settlement, the Company recorded a $2.1 million reduction to this liability in fiscal 2011.

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