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Kirkland's Reports Second Quarter 2012 Results

Investor Conference Call and Web Simulcast

Kirkland’s will host a conference call at 11:00 a.m. ET today to discuss the second quarter results. The number to call for the interactive teleconference is (212) 231-2919. A replay of the conference call will be available through Friday, August 24, 2012, by dialing (402) 977-9140 and entering the confirmation number, 21575899.

A live broadcast of Kirkland's quarterly conference call will be available online at the Company's website www.kirklands.com under Investor Relations or http://www.videonewswire.com/event.asp?id=88700 on August 17, 2012, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for one year.

About Kirkland’s, Inc.

Kirkland's, Inc. was founded in 1966 and is a specialty retailer of home décor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 300 stores in 30 states. The Company's stores present a broad selection of distinctive merchandise, including framed art, mirrors, candles, lamps, picture frames, accent rugs, garden accessories and artificial floral products. The Company's stores also offer an extensive assortment of gifts, as well as seasonal merchandise. More information can be found at www.kirklands.com.

Forward-Looking Statements

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Kirkland's actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, the competitive environment in the home décor industry in general and in Kirkland's specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, and economic conditions in general. Those and other risks are more fully described in Kirkland's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K filed on April 12, 2012. Kirkland's disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

 

KIRKLAND'S, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(numbers in thousands, except per share amounts)
           
 
13 Week Period Ended

July 28,

July 30,
2012 2011
 
Net sales $ 91,004 $ 89,701
Cost of sales   61,010     58,856  
Gross profit 29,994 30,845
 
Operating expenses:
Operating expenses 30,741 28,752
Depreciation   3,205     2,733  
Operating loss (3,952 ) (640 )
 
Other expense (income), net   22     (42 )
Loss before income taxes (3,974 ) (598 )
Income tax benefit   (1,977 )   (118 )
Net loss $ (1,997 ) $ (480 )
 
Loss per share:
Basic $ (0.11 ) $ (0.02 )
Diluted $ (0.11 ) $ (0.02 )
 
Shares used to calculate loss per share:
Basic   17,470     19,957  
Diluted   17,470     19,957  
 
 
KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(numbers in thousands, except per share amounts)
           
 
26 Week Period Ended
July 28, July 30,
2012 2011
 
Net sales $ 188,792 $ 184,104
Cost of sales   120,329     115,171  
Gross profit 68,463 68,933
 
Operating expenses:
Operating expenses 63,025 58,433
Depreciation   6,220     5,974  
Operating income (loss) (782 ) 4,526
 
Other expense (income), net   19     (5 )
Income (loss) before income taxes (801 ) 4,531
Income tax provision (benefit)   (759 )   1,841  
Net income (loss) $ (42 ) $ 2,690  
 
Earnings (loss) per share:
Basic $ (0.00 ) $ 0.13  
Diluted $ (0.00 ) $ 0.13  
 
Shares used to calculate earnings (loss) per share:
Basic   17,869     19,936  
Diluted   17,869     20,645  
 
 
KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
(dollars in thousands)
                       

July 28,

January 28, July 30,
2012 2012 2011

ASSETS

 
Current assets:
Cash and cash equivalents $ 49,614 $ 83,123 $ 75,106
Inventories, net 49,773 47,306 47,656
Income taxes receivable 3,727 - 3,880
Deferred income taxes 1,635 1,657 3,274
Other current assets   10,138   7,784   9,283
Total current assets 114,887 139,870 139,199
 
Property and equipment, net 68,840 60,315 51,940
Non-current deferred income taxes 1,086 1,108 1,394
Other assets   1,425   1,296   847
 
Total assets $ 186,238 $ 202,589 $ 193,380
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Current liabilities:
Accounts payable $ 22,583 $ 21,592 $ 17,011
Income taxes payable - 3,146 -
Other current liabilities   20,772   21,805   21,527
Total current liabilities 43,355 46,543 38,538
 

Deferred rent and other long-term liabilities

  40,159   38,384   31,999
Total liabilities   83,514   84,927   70,537
 
Net shareholders' equity   102,724   117,662   122,843
 
Total liabilities and shareholders' equity $ 186,238 $ 202,589 $ 193,380
 
 
KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(dollars in thousands)
             

26 Week Period Ended

July 28, July 30,
2012 2011
Net cash provided by (used in):
 
Operating activities $ (2,364 ) $ (5,606 )
Investing activities (14,786 ) (11,811 )
Financing activities   (16,359 )   1,301  
 
Cash and cash equivalents:
Net decrease (33,509 ) (16,116 )
Beginning of the period   83,123     91,222  
End of the period $ 49,614   $ 75,106  
 




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