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Tilly’s, Inc. Announces First Quarter Fiscal 2012 Results

Forward Looking Statements

Certain statements in this press release and oral statements made from time to time by our representatives are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our guidance, future financial and operating results and any other statements about our future expectations, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on management’s current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to, our ability to respond to changing customer preferences, execute our growth strategy, expand into new markets, effectively compete with other retailers, enhance our brand image and other factors that are detailed in our registration statement on Form S-1 (333-175299), including those detailed in the section titled “Risk Factors” contained that registration statement, which is available from the SEC’s website at www.sec.gov and from our website at www.tillys.com under the heading “Investor Relations”. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

TILLY’S

BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

     
April 28, January 28,
2012 2012
 
ASSETS
Current assets:
Cash and cash equivalents $ 21,716 $ 25,091
Receivables 8,444 6,605
Merchandise inventories 40,267 36,531
Prepaid expenses and other current assets   5,536   5,616
Total current assets 75,963 73,843
Property and equipment, net 65,719 64,077
Other assets   3,481   2,899
Total assets $ 145,163 $ 140,819
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 17,517 $ 16,830
Deferred revenue 3,884 4,865
Accrued compensation and benefits 4,864 7,536
Accrued expenses 10,993 12,935
Current portion of deferred rent 3,632 3,335
Current portion of capital lease obligation/Related party   679   669
Total current liabilities 41,569 46,170
Long-term portion of deferred rent 33,720 30,256
Long-term portion of capital lease obligation/Related party   3,796   3,969
Total long-term liabilities   37,516   34,225
Total liabilities 79,085 80,395
 
Commitments and contingencies
 
Shareholders' equity:

Common stock, $0.001 par value; 21,600 shares authorized, 20,000 shares issued and outstanding

20 20
Additional paid-in capital 150 150
Retained earnings   65,908   60,254
Total shareholders' equity   66,078   60,424
Total liabilities and shareholders' equity $ 145,163 $ 140,819
 

TILLY’S

STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

   
Thirteen Weeks Ended
April 28,   April 30,
2012 2011
 
Net sales $ 96,524 $ 83,131
Cost of goods sold (includes buying, distribution, and occupancy costs)   66,106   56,922
Gross profit 30,418 26,209
Selling, general and administrative expenses   24,392   21,244
Operating income 6,026 4,965
Interest expense, net   44   49
Income before provision for income taxes 5,982 4,916
Provision for income taxes   68   56
Net income $ 5,914 $ 4,860
 
Basic income per common share $ 0.30 $ 0.24
Diluted income per common share $ 0.29 $ 0.24
Weighted average basic common shares outstanding 20,000 20,000
Weighted average diluted common shares outstanding 20,512 20,440
 
Pro forma income information:
Historical income before provision for income taxes $ 5,982 $ 4,916
Pro forma provision for income taxes   2,393   1,966
Pro forma net income $ 3,589 $ 2,950
Pro forma basic income per common share $ 0.18 $ 0.15
Pro forma diluted income per common share $ 0.18 $ 0.14
 

TILLY’S

STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

   
Thirteen Weeks Ended
April 28,   April 30,
2012 2011
 
Cash flows from operating activities
Net income $ 5,914 $ 4,860

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 3,904 3,718
(Gain) loss on disposal of assets (115 ) 19
Changes in operating assets and liabilities   (5,773 )   (4,180 )
Net cash provided by operating activities   3,930     4,417  
 
Cash flows from investing activities
Purchase of property and equipment (7,523 ) (3,001 )
Insurance proceeds from casualty loss 641 -
Proceeds from disposal of property and equipment   -     18  
Net cash used in investing activities   (6,882 )   (2,983 )
 
Cash flows from financing activities
Payment of capital lease obligation (163 ) (153 )
Distributions   (260 )   (1,849 )
Net cash used in financing activities   (423 )   (2,002 )
 
Change in cash and cash equivalents (3,375 ) (568 )
Cash and cash equivalents, beginning of period   25,091     29,338  
Cash and cash equivalents, end of period $ 21,716   $ 28,770  
 
Supplemental disclosures of cash flow information
Interest paid $ 75 $ 81
Income taxes paid $ 7 $ 21
 
Supplemental disclosure of non-cash activities
Unpaid purchases of property and equipment $ 243 $ 296
 

Tilly's

Store Count and Square Footage

             
Total Gross
Stores Stores Stores Stores Stores Stores Square Footage
Open at Opened Closed Remodel Remodel Open at End of Qtr
Beg of Qtr During Qtr During Qtr Closed Reopened End of Qtr (in thousands)
2011 Q1 125 1 0 0 0 126 977
2011 Q2 126 6 1 0 0 131 1,015
2011 Q3 131 4 0 1 0 134 1,044
2011 Q4 134 5 0 0 1 140 1,094
 
2012 Q1 140 5 0 0 0 145 1,134
 




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