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
• 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|
|Other significant items (1)||816||5,561||(884||)||5,561|
(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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