- Second quarter net sales were $194.1 million compared to $196.4 million in the prior year period. Comparable store sales (1) for the quarter increased 0.9%.
- Net loss in the second quarter of fiscal 2012 was $26.7 million compared to net income of $3.9 million in the second quarter of fiscal 2011. Net loss in the 2012 quarterly period includes $26.8 million of non-cash charges comprised of $18.4 million related to the establishment of a valuation allowance for the Company’s deferred tax assets; $7.2 million of store impairment charges; and the write-off of $1.2 million of unamortized transaction costs associated with the pay-off of the Company’s Real Estate Secured Term Loan.
- Non-GAAP Adjusted EBITDA for the quarter was $14.9 million compared to $19.7 million in the second quarter of fiscal 2011. Adjusted EBITDA for the quarterly period includes approximately $1.6 million of incremental costs associated with the effect of having transitioned to a publicly traded company independent from Sears Holdings Corporation and approximately $0.7 million of rent associated with sale-leaseback properties owned by the Company in the prior year period and for which the Company did not pay rent. (see “Non-GAAP Financial Measures” below for a discussion of this non-GAAP measure and reconciliation to its most directly comparable GAAP financial measure and further information on its uses and limitations).
- The Company further reduced long-term debt during the second quarter. As of July 28, 2012, total debt was $170.6 million compared to $254.2 million at July 30, 2011. Subsequent to the close of the second quarter, the Company paid down an additional $7.6 million of debt.
Orchard Supply Hardware Stores Corporation Reports Second Quarter Fiscal 2012 Financial Results
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