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Cost Plus, Inc. Reports First Quarter Fiscal 2012 Results And Provides Outlook For The Second Quarter Fiscal 2012

The following table is a reconciliation of the Company’s net income/(loss) from continuing operations to EBITDA from continuing operations for the first quarter of fiscal 2012 and 2011:

 
 

First Quarter

(In thousands)

FY12

 

FY11

Net income/(loss) from continuing operations $ 129   ($ 3,035 )
Add back:
Net interest expense 2,978 3,081
Income tax expense/(benefit) 3 (85 )
Depreciation and amortization expense 4,439 5,023
           
EBITDA from continuing operations $ 7,549   $ 4,984  
 

The following table is a reconciliation of the Company’s projected net income/(loss) from continuing operations to EBITDA from continuing operations for the second quarter and full year of fiscal 2012 compared to actual results for the second quarter and full year of fiscal 2011:

     
Second Quarter Full Year
(In thousands) FY12 1 Outlook   FY11 FY12 1 Outlook   FY11
Net income/(loss) from continuing operations ($ 5,000 )   ($ 3,400 )   ($ 7,762 ) $ 28,000   $ 29,000   $ 17,711
Add back:
Net interest expense 3,000 3,000 3,223 12,000 12,000 12,814
Income tax (benefit)/expense (1,200 ) (800 ) (377 ) 7,000 8,000 1,554
Depreciation and amortization expense 4,200 4,200 4,929 18,000 18,000 19,235
                                     
EBITDA from continuing operations $ 1,000     $ 3,000     $ 13   $ 65,000   $ 67,000   $ 51,314
 

1. The projected results for fiscal 2012 are provided in the table in a range for the second quarter and the full year.

 

COST PLUS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts, unaudited)

 

 
 

First Quarter

April 28, 2012

   

April 30, 2011

 
 
Net sales $ 214,565 100.0 % $ 199,710 100.0 %
Cost of sales and occupancy   145,934   68.0   136,318   68.3
Gross profit 68,631 32.0 63,392 31.7
 
Selling, general and administrative expenses 65,321 30.4 63,109 31.6
Store closure costs - 0.0 322 0.2
Store preopening expenses   200   0.1   -   0.0
 
Income/(loss) from continuing operations, before interest and taxes 3,110 1.4 (39 ) (0.0 )
Net interest expense   2,978   1.4   3,081   1.5
 
Income/(loss) from continuing operations before income taxes 132 0.1 (3,120 ) (1.6 )
Income tax expense/(benefit)   3   0.0   (85 )

(0.0

)

 
Net income/(loss) from continuing operations 129 0.1 (3,035 ) (1.5 )
 
Loss from discontinued operations   (203 ) (0.1 )   (331 ) (0.2 )
 
Net loss $ (74 ) (0.0 ) % $ (3,366 ) (1.7 ) %
 
Net income/(loss) per share from continuing operations $ 0.01 $ (0.14 )
Net loss per share from discontinued operations $ (0.01 ) $ (0.01 )
Net loss per share $ (0.00 ) $ (0.15 )
 
Weighted average shares outstanding - basic 22,420 22,122
Weighted average shares outstanding - diluted 23,773 22,122
 
New stores opened 1 0
 
COST PLUS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

     

April 28, 2012

 

April 30, 2011

 
ASSETS
Current assets:

 

Cash and cash equivalents $ 2,535 $

3,415

Merchandise inventories, net 197,755 185,421
Other current assets   16,000     18,380  
 
Total current assets 216,290 207,216
 
Property and equipment, net 133,004 141,234
Other assets, net   5,017     5,788  
 
Total assets $ 354,311 $ 354,238
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 57,334 $ 55,197
Accrued compensation 16,738 15,247
Revolving line of credit 22,800 41,000
Current portion of distribution center sale-leaseback obligations 944 884
Other current liabilities   21,151     24,104  
 
Total current liabilities 118,967 136,432
 
Capital lease obligations 4,299 5,807
Long-term distribution center sale-leaseback obligations 110,677 111,621
Other long-term obligations 20,132 24,600
 
Shareholders' equity:
Common stock 225 222
Additional paid-in capital 178,211 173,546
Accumulated deficit   (78,200 )   (97,990 )
 
Total shareholders' equity   100,236     75,778  
 
Total liabilities and shareholders' equity $ 354,311 $ 354,238




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