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DELiA*s, Inc. Announces First Quarter 2012 Results

About dELiA*s, Inc.

dELiA*s, Inc. is a multi-channel retail company comprised of two lifestyle brands primarily targeting teenage girls and young women. Its brands – dELiA*s and Alloy – generate revenue by selling apparel, accessories and footwear to consumers through direct mail catalogs, websites, and dELiA*s mall-based retail stores.

Forward-Looking Statements

This announcement may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations and beliefs regarding our future results or performance. Because these statements apply to future events, they are subject to risks and uncertainties. When used in this announcement, the words “anticipate”, “believe”, “estimate”, “expect”, “expectation”, “should”, “would”, “project”, “plan”, “predict”, “intend” and similar expressions are intended to identify such forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements. Additionally, you should not consider past results to be an indication of our future performance. For a discussion of risk factors that may affect our results, see the “Risk Factors That May Affect Future Results” section of our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10-Q. We do not intend to update any of the forward-looking statements after the date of this announcement to conform these statements to actual results, to changes in management's expectations or otherwise, except as may be required by law.

 
 
dELiA*s, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share data)
(unaudited)
           

April 28, 2012

April 30, 2011
ASSETS

CURRENT ASSETS:

Cash and cash equivalents $ 16,634 $ 11,503
Inventories, net 30,445 32,667
Prepaid catalog costs 1,704 1,666
Restricted cash - 10,244
Other current assets   3,909     17,893  
 
TOTAL CURRENT ASSETS 52,692 73,973
 
PROPERTY AND EQUIPMENT, NET 41,471 48,643
GOODWILL 4,462 4,462
INTANGIBLE ASSETS, NET 2,419 2,419
OTHER ASSETS   822     242  
TOTAL ASSETS $ 101,866   $ 129,739  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable $ 18,124 $ 18,534
Accrued expenses and other current liabilities 13,177 18,173
Income taxes payable   788     780  
TOTAL CURRENT LIABILITIES 32,089 37,487
DEFERRED CREDITS AND OTHER LONG-TERM LIABILITIES   11,155     12,516  
TOTAL LIABILITIES   43,244     50,003  
 
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

Preferred Stock, $.001 par value; 25,000,000 shares authorized,
none issued - -
Common Stock, $.001 par value; 100,000,000 shares
authorized; 31,726,645 and 31,432,531 shares issued
and outstanding, respectively 32 31
Additional paid-in capital 99,431 98,671
Accumulated deficit   (40,841 )   (18,966 )
TOTAL STOCKHOLDERS' EQUITY   58,622     79,736  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 101,866   $ 129,739  
 
 
dELiA*s, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
           
For the Thirteen Weeks Ended
April 28, 2012 April 30, 2011
 
NET REVENUES $ 52,451 100.0 % $ 49,146 100.0 %
Cost of goods sold   35,015   66.8 %   32,663   66.5 %
 
GROSS PROFIT   17,436   33.2 %   16,483   33.5 %
Selling, general and administrative expenses 21,546 41.1 % 21,900 44.6 %
Other operating income   (632 ) -1.2 %   (38 ) -0.1 %
TOTAL OPERATING EXPENSES   20,914   39.9 %   21,862   44.5 %
OPERATING LOSS (3,478 ) -6.6 % (5,379 ) -10.9 %
Interest expense, net   153   0.3 %   87   0.2 %
LOSS BEFORE INCOME TAXES (3,631 ) -6.9 % (5,466 ) -11.1 %
Provision (benefit) for income taxes   43   0.1 %   (997 ) -2.0 %
NET LOSS $ (3,674 ) -7.0 % $ (4,469 ) -9.1 %
 
BASIC AND DILUTED LOSS PER SHARE:
NET LOSS PER SHARE $ (0.12 ) $ (0.14 )
 

WEIGHTED AVERAGE BASIC AND DILUTEDCOMMON SHARES OUTSTANDING

  31,320,254     31,209,737  
 
 
dELiA*s Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
         
For the Thirteen Weeks Ended
April 28, 2012 April 30, 2011
 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (3,674 ) $ (4,469 )

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 2,336 2,787
Stock-based compensation 187 161
Changes in operating assets and liabilities:
Inventories 492 (642 )
Prepaid catalog costs and other assets 69 (5,334 )
Restricted cash - (1,976 )
Income taxes payable 52 38
Accounts payable, accrued expenses and other liabilities   (9,851 )   (6,187 )
 
Total adjustments   (6,715 )   (11,153 )
NET CASH USED IN OPERATING ACTIVITIES   (10,389 )   (15,622 )
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures   (1,403 )   (949 )
NET CASH USED IN INVESTING ACTIVITIES   (1,403 )   (949 )
 
 
NET DECREASE IN CASH AND CASH EQUIVALENTS (11,792 ) (16,571 )
CASH AND CASH EQUIVALENTS, beginning of period   28,426     28,074  
CASH AND CASH EQUIVALENTS, end of period $ 16,634   $ 11,503  
       
 
dELiA*s, Inc.
SELECTED OPERATING DATA
(in thousands, except number of stores)
(unaudited)
 
For The Thirteen Weeks Ended
April 28, 2012 April 30, 2011
 

Channel net revenues:

Retail $ 28,862 $ 27,014
Direct   23,589   22,132
Total net revenues $ 52,451 $ 49,146
 
Comparable store sales   7.3%   0.9%
 
Catalogs mailed   7,542   8,741
 
Inventory - retail $ 16,931 $ 18,674
Inventory - direct $ 13,514 $ 13,993
 
 

Number of stores:

Beginning of period 113 114
Opened 1 * 1
Closed   2 *   -
End of period   112   115
 

Total gross sq. ft @ end of period

  429.6   440.0
 

* Totals include one store that was closed and relocated to an alternative site in the same mall during thefirst quarter of fiscal 2012.

 




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