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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 (877) 407-9039 or (201) 689-8470. A replay will be available approximately two hours after the call through August 1, 2012 and may be accessed by dialing (877) 870-5176 or (858) 384-5517 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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