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Five Below, Inc. Announces Second Quarter Fiscal 2012 Financial Results

For the twenty-six weeks ended July 28, 2012:

  • Net sales increased by 45% to $158.6 million from $109.4 million in the comparable period in fiscal 2011; comparable store sales increased by 9.4%.  
  • Operating income was $2.8 million as compared to $5.3 million in the comparable period in fiscal 2011. Adjusted for the impact of the founders' transaction in both periods (see GAAP/Non-GAAP reconciliation table), operating income increased 84% to $10.5 million from $5.7 million in the comparable period in fiscal 2011.  
  • The Company opened 34 new stores compared to 26 net new stores opened in the comparable period in fiscal 2011.  
  • Net interest expense increased to $1.3 million from $2,000 in the corresponding period of fiscal 2011. The increase in net interest expense resulted from a $100 million term loan entered into in the second quarter of fiscal 2012, of which $65.3 million was repaid subsequent to the completion of the Company's IPO on July 24, 2012.   
  • Loss on debt extinguishment was $1.6 million for the twenty-six week period of fiscal 2012 and was the result of a write-off of deferred financing costs in connection with the partial repayment of the Company's term loan.  
  • Net income was $90,000 compared to $3.2 million in the corresponding period of fiscal 2011. Adjusted net income, which excludes the impact of the founders' transaction in both periods (see GAAP/Non-GAAP reconciliation table), was $4.7 million compared to $3.4 million in the corresponding period of fiscal 2011.  
  • GAAP diluted loss per common share was $(3.71) compared to $(0.29) in the corresponding period of fiscal 2011 and includes dividends paid to preferred and unvested restricted shareholders and GAAP adjustments for the potential impact of the Company's Series A 8% Convertible Preferred Stock cumulative dividends. Adjusted diluted income per common share, which is adjusted net income on an adjusted diluted weighted average common shares outstanding basis (see GAAP/Non-GAAP reconciliation table), was $0.09 compared to $0.07 in the corresponding period of fiscal 2011.

Balance sheet highlights as of July 28, 2012:

The Company's IPO closed on July 24, 2012. Proceeds from the IPO are reflected in the Company's financial statements for the second quarter ended July 28, 2012.

  • Cash: $17.7 million
  • Total debt: $34.8 million
  • Total liquidity (cash plus availability on a $20 million revolver facility): $37.7 million

Third Quarter and Fiscal 2012 Outlook:

For the third quarter of fiscal 2012, net sales are expected to be in the range of $79 million to $81 million based on opening 14 new stores and an increase in comparable sales in the mid-single digit range. GAAP net loss is expected to be in the range of $0.7 million to $0.3 million, with a GAAP diluted loss per common share of $0.01 on approximately 52.6 million estimated weighted average common shares outstanding. Excluding $0.9 million, or $0.02 per adjusted diluted share, in tax-effected expenses related to the founders' transaction, adjusted net income is expected to be in the range of $0.2 million to $0.6 million, or $0.00 to $0.01 per diluted share based on estimated adjusted diluted weighted average common shares outstanding of approximately 54.4 million.

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