Lumber Liquidators Announces Second Quarter 2012 Financial Results And Raises Full Year Outlook

Conference Call and Webcast Information

The Company plans to host a conference call and audio webcast today, July 25, 2012, at 10:00 a.m. Eastern Time. The conference may be accessed by dialing [phone] or [phone]. A replay will be available approximately two hours after the call through August 1, 2012 and may be accessed by dialing [phone] or [phone] and entering conference ID number 396091. The live conference call and replay can also be accessed via audio webcast at the Investor Relations section of the Company’s website, www.lumberliquidators.com.

Canaccord Genuity Annual Growth Conference

The Company today also announced that Mr. Lynch and Daniel E. Terrell, Chief Financial Officer, will present at the Canaccord Genuity Annual Growth Conference. The Company’s presentation is scheduled for Thursday, August 16, 2012 at 10:30 a.m. Eastern Time in Boston. The live webcast and replay of the Company’s presentation may be accessed via audio webcast at the Investor Relations section of the Company’s website, www.lumberliquidators.com.

About Lumber Liquidators

With over 275 locations, Lumber Liquidators is North America’s largest specialty retailer of hardwood flooring. The Company features more than 340 first quality flooring varieties, including solid and engineered hardwood, bamboo, cork, laminate and resilient vinyl. Every location is staffed with flooring experts who can provide advice and useful information about Lumber Liquidators’ low priced product, much of which is in-stock and ready for delivery.

With quality brands including Bellawood Prefinished Hardwood and Morning Star Bamboo, Lumber Liquidators’ flooring is often featured on popular television shows, such as Extreme Makeover: Home Edition and HGTV’s Dream Home.

For more information, please visit www.lumberliquidators.com or call 1.800.HARDWOOD. You can also follow the Company on Facebook and Twitter.

Forward-Looking Statements

This press release and accompanying financial tables may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act. These statements are based on currently available information as of the date of such statements and are subject to risks and uncertainties that may cause actual results to differ. The Company specifically disclaims any obligation to update these statements which speak only as of their respective dates, except as may be required under the federal securities laws. Information regarding these additional risks and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission.

Lumber Liquidators Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
			June 30, 2012					December 31, 2011
Assets			(unaudited)
Current Assets:
Cash and Cash Equivalents			$	31,521				$	61,675
Merchandise Inventories				211,598					164,139
Prepaid Expenses				5,206					4,292
Other Current Assets				5,541					7,863
Total Current Assets				253,866					237,969
Property and Equipment, net				46,147					44,147
Goodwill				9,693					9,693
Other Assets				1,953					3,045
Total Assets			$	311,659				$	294,854
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts Payable			$	51,205				$	38,161
Customer Deposits and Store Credits				23,002					18,120
Accrued Compensation				5,226					2,509
Sales and Income Tax Liabilities				3,779					5,092
Other Current Liabilities				7,377					6,839
Total Current Liabilities				90,589					70,721
Deferred Rent				3,487					3,328
Deferred Tax Liability				6,030					5,721
Stockholders’ Equity:
Common Stock ($0.001 par value; 35,000,000 authorized; 27,189,232 and 27,894,543 outstanding, respectively)				28					28
Treasury Stock, at cost (1,363,195 and 53,085 shares, respectively)				(35,599	)				(1,116	)
Additional Capital				120,684					110,163
Retained Earnings				126,577					106,203
Accumulated Other Comprehensive Loss				(137	)				(194	)
Total Stockholders’ Equity				211,553					215,084
Total Liabilities and Stockholders’ Equity			$	311,659				$	294,854

Lumber Liquidators Holdings, Inc.
Condensed Consolidated Statements of Income
(in thousands, except share data and per share amounts)
(unaudited)
			Three Months Ended June 30,										Six Months Ended June 30,
			2012					2011					2012					2011
Net Sales			$	210,347				$	175,460				$	398,381				$	335,140
Cost of Sales				131,867					115,736					249,764					217,623
Gross Profit				78,480					59,724					148,617					117,517
Selling, General and Administrative Expenses				58,685					51,051					115,503					99,504
Operating Income				19,795					8,673					33,114					18,013
Other (Income) Expense				(32	)				(67	)				(73	)				(155	)
Income Before Income Taxes				19,827					8,740					33,187					18,168
Provision for Income Taxes				7,650					3,453					12,813					7,104
Net Income			$	12,177				$	5,287				$	20,374				$	11,064
Net Income per Common Share—Basic			$	0.44				$	0.19				$	0.74				$	0.40
Net Income per Common Share—Diluted			$	0.43				$	0.19				$	0.72				$	0.39
Weighted Average Common Shares Outstanding:
Basic				27,506,529					27,687,617					27,716,537					27,630,250
Diluted				28,032,391					28,430,209					28,270,934					28,404,455

Lumber Liquidators Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
			Six Months Ended June 30,
			2012					2011
Cash Flows from Operating Activities:
Net Income			$	20,374				$	11,064
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization				4,822					3,992
Stock-Based Compensation Expense				2,150					1,935
Changes in Operating Assets and Liabilities:
Merchandise Inventories				(47,605	)				(27,185	)
Accounts Payable				12,894					7,084
Customer Deposits and Store Credits				4,889					7,470
Prepaid Expenses and Other Current Assets				1,441					(1,642	)
Other Assets and Liabilities				3,487					735
Net Cash Provided by Operating Activities				2,452					3,453
Cash Flows from Investing Activities:
Purchases of Property and Equipment				(6,675	)				(8,297	)
Net Cash Used in Investing Activities				(6,675	)				(8,297	)
Cash Flows from Financing Activities:
Payments for Share Repurchases				(34,483	)				(140	)
Proceeds from the Exercise of Stock Options				6,469					2,116
Excess Tax Benefits on Stock Option Exercises				1,934					1,414
Net Cash (Used in) Provided by Financing Activities				(26,080	)				3,390
Effect of Exchange Rates on Cash and Cash Equivalents.				149					(20	)
Net Decrease in Cash and Cash Equivalents				(30,154	)				(1,474	)
Cash and Cash Equivalents, Beginning of Period				61,675					34,830
Cash and Cash Equivalents, End of Period			$	31,521				$	33,356

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