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Orchard Supply Hardware Stores Corporation Announces Preliminary First Quarter 2012 Financial Results

• 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 millions)

     
13 Weeks Ended
April 28, 2012   April 28, 2012   April 30, 2011
Expected Range    
Net loss $ (4.8 ) $ (4.2 ) $ (1.0 )
 
Interest expense, net 6.6 6.6 5.6
Income tax benefit (3.3 ) (2.9 ) (0.6 )
Depreciation and amortization 7.8 7.8 7.2
Loss on sale of real property and impairment of assets 0.2 0.2 0.1
Stock-based compensation 0.2 0.2 0.1
Other significant items   0.3       0.3       (0.2 )
Adjusted EBITDA $ 7.0     $ 8.0     $ 11.2  
 

About Orchard

Orchard Supply Hardware Stores Corporation is a specialty retailer primarily focused on homeowners with repair, maintenance and improvement needs. Founded as a purchasing cooperative in San Jose in 1931, today the stores average 44,000 square feet of enclosed retail space and 8,000 square feet of exterior nursery and garden space, carrying a broad assortment of merchandise across three primary categories: repair and maintenance, lawn and garden and in-home products. As of April 28, 2012, the Company had 88 stores in California.

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