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Finish Line Reports First Quarter Fiscal Year 2013 Results

Stocks in this article: FINL

All of these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The principal risk factors that could cause actual performance and future actions to differ materially from the forward-looking statements include, but are not limited to, the company’s reliance on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor); the availability and timely receipt of products; the ability to timely fulfill and ship products to customers; fluctuations in oil prices causing changes in gasoline and energy prices, resulting in changes in consumer spending as well as increases in utility, freight and product costs; product demand and market acceptance risks; deterioration of macro-economic and business conditions; the inability to locate and obtain or retain acceptable lease terms for the company’s stores; the effect of competitive products and pricing; loss of key employees; execution of strategic growth initiatives (including actual and potential mergers and acquisitions and other components of the company’s capital allocation strategy); and the other risks detailed in the company’s Securities and Exchange Commission filings. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements included herein are made only as of the date of this report and the company undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

The Finish Line, Inc.
Consolidated Statements of Income (Unaudited)
(In thousands, except per share and store data)


Thirteen Weeks Ended

June 2, May 28,
2012 2011
Net sales $ 319,049 $ 299,474
Cost of sales (including occupancy costs)   214,390     196,211  
Gross profit 104,659 103,263
Selling, general and administrative expenses 84,846 76,675
Store closing costs   95     17  
Operating income 19,718 26,571
Interest income, net   71     142  
Income before income taxes 19,789 26,713
Income tax expense   7,708     10,297  
Net income 12,081 16,416
Net loss attributable to redeemable noncontrolling interest   197     -  
Net income attributable to The Finish Line, Inc. $ 12,278   $ 16,416  
Diluted earnings per share attributable to The Finish Line, Inc. shareholders $ 0.24   $ 0.30  
Diluted weighted average shares   51,403     53,973  
Dividends declared per share $ 0.06   $ 0.05  
Finish Line store activity for the period:
Beginning of period 637 664
Opened 9 -
Closed   (6 )   (7 )
End of period   640     657  
Square feet at end of period 3,457,170 3,533,930
Average square feet per store 5,402 5,379
Running Company store activity for the period:
Beginning of period 19 -
Opened - -
Closed   -     -  
End of period   19     -  
Square feet at end of period 57,302 -
Average square feet per store 3,016 -
Thirteen Weeks Ended
June 2, May 28,
2012 2011
Net sales 100.0 % 100.0 %
Cost of sales (including occupancy costs)   67.2     65.5  
Gross profit 32.8 34.5
Selling, general and administrative expenses 26.6 25.6
Store closing costs   -     -  
Operating income 6.2 8.9
Interest income, net   -     -  
Income before income taxes 6.2 8.9
Income tax expense   2.4     3.4  
Net income 3.8 5.5
Net loss attributable to redeemable noncontrolling interest   0.1     -  
Net income attributable to The Finish Line, Inc.   3.9   %   5.5   %
Condensed Consolidated Balance Sheets
June 2, May 28, March 3,
2012 2011 2012
(Unaudited) (Unaudited)
Cash and cash equivalents $ 261,958 $ 287,045 $ 307,494
Merchandise inventories, net 236,545 206,501 220,405
Other current assets 24,130 13,234 24,849
Property and equipment, net 137,749 124,021 126,997
Other assets 31,668 27,831 31,751
Total assets $ 692,050 $ 658,632 $ 711,496
Current liabilities $ 132,402 $ 103,348 $ 138,683
Deferred credits from landlords 30,150 32,877 30,080
Other long-term liabilities 13,583 14,450 13,196
Redeemable noncontrolling interest 5,795 - -
Shareholders' equity 510,120 507,957 529,537
Total liabilities and shareholders' equity $ 692,050 $ 658,632 $ 711,496

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