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TheStreet Open House

Cache Reports Second Quarter Fiscal 2012 Results

Third Quarter Fiscal 2012 Outlook

For the third quarter of fiscal 2012, the Company currently expects comparable store sales to increase in the low-to-mid single digit range, following an increase of 5.7% in the third quarter of fiscal 2011. The Company currently expects third quarter fiscal 2012 net loss per diluted share in the range of $0.22 to $0.25. This compares to a net loss per diluted share of $0.14 in the third quarter of fiscal 2011.

Conference Call Information

The Company announced that it will conduct a conference call to discuss its second quarter fiscal 2012 results today, August 14, 2012, at 9:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 705-6003 approximately ten minutes prior to the start of the call. The conference call will also be web-cast live at www.cache.com. A replay of this call will be available at 12:00 p.m. ET on August 14, 2012 and remain active until 11:59 p.m. ET on August 21, 2012. The replay can be accessed by dialing (877) 870-5176 and entering confirmation code 398482.

About Cache, Inc.

Cache is a nationwide, mall-based specialty retailer of sophisticated sportswear and social occasion dresses targeting style-conscious women who have a youthful attitude and are self-confident. The Company currently operates 263 stores, primarily situated in central locations in high traffic, upscale malls in 42 states, the Virgin Islands and Puerto Rico.

Forward-Looking Statements

Certain matters discussed within this press release may constitute forward-looking statements within the meaning of the federal securities laws. Although Cache, Inc. believes the statements are based on reasonable assumptions, there can be no assurance that these expectations will be attained. Actual results and timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation, industry trends, merchandise and fashion trends, competition, seasonality, changes in general economic conditions and consumer spending patterns, the ability to successfully open new stores, reliance on foreign manufacturers and dependence on management and vendors and distributors, as well as other risks outlined from time to time in the filings of Cache, Inc. with the Securities and Exchange Commission. Cache, Inc. assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
       
 
June 30, December 31, July 2,
ASSETS 2012 2011 2011
 
Current assets:
Cash and equivalents $ 14,334,000 $ 22,509,000 $ 8,706,000
Marketable securities 7,019,000 4,008,000 15,613,000
Certificate of deposits - restricted 3,000,000 3,000,000 3,000,000
Receivables, net 2,359,000 3,403,000 2,426,000
Income tax receivable 267,000 162,000 50,000
Inventories, net 22,267,000 22,075,000 18,350,000
Prepaid expenses and other current assets   2,516,000     1,572,000   4,787,000  
Total current assets 51,762,000 56,729,000 52,932,000
 
 
Equipment and leasehold improvements, net 20,166,000 18,937,000 21,716,000
Intangible assets, net 102,000 102,000 102,000
Other assets   9,040,000     8,877,000   8,176,000  
 
Total assets $ 81,070,000   $ 84,645,000   $ 82,926,000  
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable $ 7,957,000 $ 9,565,000 $ 6,465,000
Note payable - - 1,455,000
Accrued compensation 2,560,000 2,579,000 2,414,000
Accrued liabilities   9,338,000     10,217,000   9,062,000  
Total current liabilities 19,855,000 22,361,000 19,396,000
 
 
Other liabilities 10,387,000 11,487,000 12,922,000
 
 
Commitments and contingencies
 
 
STOCKHOLDERS' EQUITY
 
Common stock 166,000 165,000 165,000
Additional paid-in capital 48,626,000 48,419,000 48,284,000
Retained earnings 41,831,000 42,008,000 41,954,000
Treasury stock, at cost   (39,795,000 )   (39,795,000 ) (39,795,000 )
Total stockholders' equity   50,828,000     50,797,000   50,608,000  
 
Total liabilities and stockholders' equity $ 81,070,000   $ 84,645,000   $ 82,926,000  
 
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
   
 
26 Weeks Ended 26 Weeks Ended
June 30, July 2,
2012 2011
 
Net sales $ 117,628,000 $ 112,365,000
 
Cost of sales, including buying and occupancy   69,048,000     62,930,000  
 
Gross profit   48,580,000     49,435,000  
 
Expenses
Store operating expenses 39,459,000 37,533,000
General and administrative expenses   9,467,000     9,003,000  
Total expenses   48,926,000     46,536,000  
 
Operating income (loss)   (346,000 )   2,899,000  
 
 
Other income (expense):
Interest expense - (31,000 )
Interest income   42,000     44,000  
 
Income (loss) before income taxes (304,000 ) 2,912,000
 
Income tax provision (benefit)   (127,000 )   885,000  
 
 
Net income (loss) $ (177,000 ) $ 2,027,000  
 
 
 
Basic earnings (loss) per share $ (0.01 ) $ 0.16  
 
Diluted earnings (loss) per share $ (0.01 ) $ 0.16  
 
 
 
Basic weighted average shares outstanding 12,877,000   12,822,000  
 
Diluted weighted average shares outstanding   12,877,000     12,861,000  
 
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
   
 
13 Weeks Ended 13 Weeks Ended
June 30, July 2,
2012 2011
 
Net sales $ 61,633,000 $ 60,266,000
 
Cost of sales, including buying and occupancy   35,250,000   32,752,000  
 
Gross profit   26,383,000   27,514,000  
 
Expenses
Store operating expenses 20,117,000 19,396,000
General and administrative expenses   4,589,000   3,959,000  
Total expenses   24,706,000   23,355,000  
 
Operating income   1,677,000   4,159,000  
 
 
Other income (expense):
Interest expense - (13,000 )
Interest income   24,000   23,000  
 
Income before income taxes 1,701,000 4,169,000
 
Income tax benefit   670,000   1,370,000  
 
 
Net income $ 1,031,000 $ 2,799,000  
 
 
 
Basic earnings per share $ 0.08 $ 0.22  
 
Diluted earnings per share $ 0.08 $ 0.22  
 
 
 
Basic weighted average shares outstanding 12,880,000 12,827,000  
 
Diluted weighted average shares outstanding 12,928,000 12,873,000  




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