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Finish Line Reports Second Quarter Fiscal Year 2013 Results

All of these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The principal risk factors that could cause actual performance and future actions to differ materially from the forward-looking statements include, but are not limited to, the company’s reliance on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor); the availability and timely receipt of products; the ability to timely fulfill and ship products to customers; fluctuations in oil prices

causing changes in gasoline and energy prices, resulting in changes in consumer spending as well as increases in utility, freight and product costs; product demand and market acceptance risks; deterioration of macro-economic and business conditions; the inability to locate and obtain or retain acceptable lease terms for the company’s stores; the effect of competitive products and pricing; loss of key employees; execution of strategic growth initiatives (including actual and potential mergers and acquisitions and other components of the company’s capital allocation strategy); and the other risks detailed in the company’s Securities and Exchange Commission filings. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements included herein are made only as of the date of this report and the company undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

                   
 
The Finish Line, Inc.
Consolidated Statements of Income (Unaudited)
(In thousands, except per share and store data)
 
Thirteen Thirteen Twenty-Six Twenty-Six
Weeks Ended Weeks Ended Weeks Ended Weeks Ended
September 1, August 27, September 1, August 27,
2012 2011 2012 2011
 
Net sales $ 385,011 $ 331,514 $ 704,060 $ 630,988
Cost of sales (including occupancy costs)   250,461     215,180     464,851     411,391  
Gross profit 134,550 116,334 239,209 219,597
 
Selling, general and administrative expenses 94,711 82,076 179,557 158,751
Store closing costs   325     580     420     597  
Operating income 39,514 33,678 59,232 60,249
 
Interest income, net   58     139     129     281  
Income before income taxes 39,572 33,817 59,361 60,530
 
Income tax expense   15,136     12,897     22,844     23,194  
Net income 24,436 20,920 36,517 37,336
Net loss attributable to redeemable noncontrolling interest   537     -     734     -  
Net income attributable to The Finish Line, Inc. $ 24,973   $ 20,920   $ 37,251   $ 37,336  
 
Diluted earnings per share attributable to The Finish Line, Inc. shareholders $ 0.49   $ 0.39   $ 0.72   $ 0.69  
 
Diluted weighted average shares   50,866     53,143     51,135     53,573  
 
Dividends declared per share $ 0.06   $ 0.05   $ 0.12   $ 0.10  
 
Finish Line store activity for the period:
Beginning of period 640 657 637 664
Opened 4 - 13 -
Closed   (6 )   (10 )   (12 )   (17 )
End of period   638     647     638     647  
Square feet at end of period 3,449,041 3,487,044
Average square feet per store 5,406 5,390
 
Running Company store activity for the period:
Beginning of period 19 - 19 -
Opened - - - -
Closed   -     -     -     -  
End of period   19     -     19     -  
Square feet at end of period 60,436 -
Average square feet per store 3,181 -
 
 
 
Thirteen Weeks Ended Twenty-Six Weeks Ended
September 1, August 27, September 1, August 27,
2012 2011 2012 2011
Net sales

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

Cost of sales (including occupancy costs)   65.0     64.9     66.0     65.2  
Gross profit 35.0 35.1 34.0 34.8
 
Selling, general and administrative expenses 24.6 24.7 25.5 25.1
Store closing costs   0.1     0.2     0.1     0.1  
Operating income 10.3 10.2 8.4 9.6
 
Interest income, net   -     -     -     -  
Income before income taxes 10.3 10.2 8.4 9.6
 
Income tax expense   3.9     3.9     3.2     3.7  
 
Net income 6.4 6.3 5.2 5.9
Net loss attributable to redeemable noncontrolling interest   0.1     -     0.1     -  
Net income attributable to The Finish Line, Inc.  

6.5

%

 

 

6.3

%

 

 

5.3

%

 

 

5.9

%

 
 
 
 
Condensed Consolidated Balance Sheets
 
September 1, August 27, March 3,
2012 2011 2012
(Unaudited) (Unaudited)
ASSETS
Cash and cash equivalents $ 254,225 $ 289,625 $ 307,494
Merchandise inventories, net 250,634 229,836 220,405
Other current assets 25,742 12,830 24,849
Property and equipment, net 157,539 122,200 126,997
Other assets   33,273     31,941     31,751  
Total assets $ 721,413   $ 686,432   $ 711,496  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 138,814 $ 155,859 $ 138,683
Deferred credits from landlords 28,898 31,330 30,080
Other long-term liabilities 13,820 14,276 13,196
Redeemable noncontrolling interest 5,248 - -
Shareholders' equity   534,633     484,967     529,537  
Total liabilities and shareholders' equity $ 721,413   $ 686,432   $ 711,496  
 




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