The Company’s Adjusted EBITDA (a non-GAAP measure) for the fiscal 2012 third quarter was approximately $155.7 million, an increase of 17.3% compared to Adjusted EBITDA for the fiscal 2011 third quarter of $132.7 million. See ‘‘Use of Non-GAAP Financial Measures’’ below for a reconciliation of adjusted EBITDA to GAAP net earnings.
The Company’s debt, excluding capital leases, totaled approximately $1.5 billion as of June 30, 2012. During the fiscal 2012 third quarter, the Company refinanced the outstanding balance on its Senior Term B loan with a portion of the proceeds from the sale of $700 million of the Company’s 5.75% Senior Notes due 2022. A balance of approximately $53 million remained on the Company’s ABL facility as of June 30, 2012.
Business Segment Results:
Sally Beauty SupplyFor the third quarter ended June 30, 2012, Sally Beauty Supply had sales of approximately $553.4 million, up 7.0% from sales of $517.2 million in the fiscal 2011 third quarter. Same store sales at Sally Beauty Supply grew approximately 5.2% in the fiscal 2012 third quarter compared to same store sales growth of 6.1% in the fiscal 2011 third quarter. Sales growth in the fiscal 2012 third quarter was primarily driven by same store sales, new store openings and acquisitions. Beauty Systems Group For the third quarter ended June 30, 2012, Beauty Systems Group had sales of approximately $333.6 million, up 4.4% from sales of $319.4 million in the fiscal 2011 third quarter. Same store sales at Beauty Systems Group grew approximately 5.3% in the fiscal 2012 third quarter and in the fiscal 2011 third quarter. Sales growth for the Beauty Systems Group was primarily driven by growth in same store sales and net new store openings. The results described above for the Company and the Company’s business segments are estimated, preliminary, subject to completion and may change. Because we have not completed our normal quarterly closing and review procedures for the quarter ended June 30, 2012, and subsequent events may occur that require adjustments to these results, there can be no assurance that the final results for the quarter ended June 30, 2012 will not differ materially from these estimates. These estimates should not be viewed as a substitute for full interim financial statements prepared in accordance with GAAP. Accordingly, you should not place undue reliance on the foregoing estimates.
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