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TheStreet Open House

Pier 1 Imports, Inc. Reports Second Quarter Financial Results

Financial Disclosure Advisory

This release references non-GAAP information for the three and six months ended August 25, 2012 as shown in the table below.

       
Three Months Ended Six Months Ended
August 25, 2012 August 25, 2012
($ in millions, except per share amounts)
 
Net Income (GAAP) $ 26.2 $ 44.1
Add back: Income Tax Provision (GAAP)   8.6     18.8  
Income Before Income Taxes (GAAP) 34.9 62.9
Interest Expense Adjustment Related to Uncertain Tax Positions   (2.8 )   (2.8 )
Adjusted Income Before Income Taxes (non-GAAP) 32.1 60.1
Adjusted Income Tax Provision at Estimated 35.6% Annual Effective Tax Rate   11.4     21.4  
Adjusted Net Income (non-GAAP) $ 20.7   $ 38.7  
 
Earnings per Share (GAAP) $ 0.24 $ 0.40
Interest Expense Adjustment Related to Uncertain Tax Positions (0.02 ) (0.02 )
Difference of Income Tax Provision at Estimated 35.6% Annual Effective Tax Rate   (0.03 )   (0.03 )
Adjusted Earnings per Share (non-GAAP) $ 0.19   $ 0.35  
 

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare the Company’s earnings per share results in a more consistent manner for the three and six months ended August 25, 2012. The non-GAAP measures should be considered supplemental and not a substitute for the Company’s net income and earnings per share results that will be recorded in accordance with GAAP for the periods presented.

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