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Orchard Supply Hardware Stores Corporation Reports First Quarter Fiscal 2012 Financial Results; Reiterates Store Opening Plans And Positive Comparable Store Sales Outlook For Fiscal 2012

Orchard Supply Hardware Stores Corporation (Nasdaq:OSH), a neighborhood hardware and garden store focused on paint, repair and the backyard, today announced financial results for the first quarter of fiscal 2012 ended April 28, 2012.

First Quarter Fiscal 2012 Financial Results
  • First quarter net sales were $155.0 million compared to $163.8 million in the prior year period. Comparable store sales (1) decreased 3.1%, reflecting softness in outdoor and seasonal merchandise during the period.
  • Net loss in the first quarter of fiscal 2012 was $4.5 million compared to net loss of $1.0 million in the first quarter of fiscal 2011.
  • First quarter Non-GAAP Adjusted EBITDA (see reconciliation of Non-GAAP Adjusted EBITDA to net loss, below) was $7.5 million compared to $11.2 million in fiscal 2011 and primarily reflects lower year-over-year gross margin, as well as costs associated with being a public company.

Mark Baker, President and Chief Executive Officer, stated, “Although first quarter sales were softer than we expected, we continue to anticipate that comparable stores sales will be positive for the full year. We are increasing our focus on marketing, promotions and customer communication initiatives designed to drive traffic and sales. Additionally, our team is continuing to execute on our turnaround initiatives, including new store openings, remodels and refurbishments to enhance the store portfolio and leverage Orchard’s strong local market presence and 80-year history.”

Balance Sheet and Cash Flow

As of April 28, 2012, inventories totaled $173.4 million compared to $178.6 million at April 30, 2011. Cash and cash equivalents at the end of the first quarter were $22.4 million. The Company generated $2.9 million of cash from operations during the first quarter of fiscal 2012. Additionally, the Company completed the sale of land and a sale-leaseback transaction during the first quarter of fiscal 2012, generating $6.6 million of net proceeds, $2.5 million of which were used to repay debt. As of quarter-end, total debt and capital lease obligations was $266.0 million.

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