Lumber Liquidators Announces Third Quarter 2012 Financial Results And Raises Full Year Outlook

Conference Call and Webcast Information

The Company plans to host a conference call and audio webcast today, October 24, 2012, at 10:00 a.m. Eastern Time. The conference may be accessed by dialing [phone] or [phone]. A replay will be available approximately two hours after the call through October 31, 2012 and may be accessed by dialing [phone] or [phone] and entering conference ID number 401437. The live conference call and replay can also be accessed via audio webcast at the Investor Relations section of the Company’s website, www.lumberliquidators.com.

About Lumber Liquidators

With over 285 locations, Lumber Liquidators is North America’s largest specialty retailer of hardwood flooring. The Company features more than 340 first quality flooring varieties, including solid and engineered hardwood, bamboo, cork, laminate and resilient vinyl. Every location is staffed with flooring experts who can provide advice and useful information about Lumber Liquidators’ low priced product, much of which is in-stock and ready for delivery.

With quality brands including Bellawood Prefinished Hardwood and Morning Star Bamboo, Lumber Liquidators’ flooring is often featured on popular television shows, such as Extreme Makeover: Home Edition and HGTV’s Dream Home.

For more information, please visit www.lumberliquidators.com or call 1.800.HARDWOOD. You can also follow the Company on Facebook and Twitter.

Forward-Looking Statements

This press release and accompanying financial tables may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act. These statements are based on currently available information as of the date of such statements and are subject to risks and uncertainties that may cause actual results to differ. The Company specifically disclaims any obligation to update these statements which speak only as of their respective dates, except as may be required under the federal securities laws. Information regarding these additional risks and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission.

Lumber Liquidators Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
		September 30, 2012				December 31, 2011
Assets		(unaudited)
Current Assets:
Cash and Cash Equivalents		$	40,065			$	61,675
Merchandise Inventories			194,954				164,139
Prepaid Expenses			6,352				4,292
Other Current Assets			8,017				7,863
Total Current Assets			249,388				237,969
Property and Equipment, net			46,391				44,147
Goodwill			9,693				9,693
Other Assets			1,907				3,045
Total Assets		$	307,379			$	294,854
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts Payable		$	29,973			$	38,161
Customer Deposits and Store Credits			24,074				18,120
Accrued Compensation			6,831				2,509
Sales and Income Tax Liabilities			4,388				5,092
Other Current Liabilities			9,765				6,839
Total Current Liabilities			75,031				70,721
Deferred Rent			3,605				3,328
Deferred Tax Liability			6,153				5,721
Stockholders’ Equity:
Common Stock ($0.001 par value; 35,000,000 authorized; 27,141,423 and 27,894,543outstanding, respectively)			29				28
Treasury Stock, at cost (1,539,971 and 53,085 shares, respectively)			(41,465	)			(1,116	)
Additional Capital			124,346				110,163
Retained Earnings			139,459				106,203
Accumulated Other Comprehensive Income (Loss)			221				(194	)
Total Stockholders’ Equity			222,590				215,084
Total Liabilities and Stockholders’ Equity		$	307,379			$	294,854

Lumber Liquidators Holdings, Inc.
Condensed Consolidated Statements of Income
(in thousands, except share data and per share amounts)
(unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2012				2011				2012				2011
Net Sales		$	204,291			$	171,993			$	602,672			$	507,133
Cost of Sales			126,405				110,745				376,169				328,368
Gross Profit			77,886				61,248				226,503				178,765
Selling, General and Administrative Expenses			57,135				50,327				172,638				149,832
Operating Income			20,751				10,921				53,865				28,933
Other (Income) Expense			(26	)			(148	)			(99	)			(303	)
Income Before Income Taxes			20,777				11,069				53,964				29,236
Provision for Income Taxes			7,895				4,334				20,708				11,438
Net Income		$	12,882			$	6,735			$	33,256			$	17,798
Net Income per Common Share—Basic		$	0.47			$	0.24			$	1.21			$	0.64
Net Income per Common Share—Diluted		$	0.46			$	0.24			$	1.18			$	0.63
Weighted Average Common Shares Outstanding:
Basic			27,125,855				27,759,306				27,518,206				27,673,741
Diluted			27,744,564				28,327,375				28,094,040				28,379,234

Lumber Liquidators Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
		Nine Months Ended September 30,
		2012				2011
Cash Flows from Operating Activities:
Net Income		$	33,256			$	17,798
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization			7,323				6,129
Stock-Based Compensation Expense			3,019				3,002
Changes in Operating Assets and Liabilities:
Merchandise Inventories			(30,962	)			(5,789	)
Accounts Payable			(8,212	)			(14,184	)
Customer Deposits and Store Credits			5,966				6,967
Prepaid Expenses and Other Current Assets			(2,427	)			(2,866	)
Other Assets and Liabilities			8,973				4,960
Net Cash Provided by Operating Activities			16,936				16,017
Cash Flows from Investing Activities:
Purchases of Property and Equipment			(9,570	)			(11,637	)
Cash Paid for Acquisition			—				(4,725	)
Net Cash Used in Investing Activities			(9,570	)			(16,362	)
Cash Flows from Financing Activities:
Payments for Share Repurchases			(40,349	)			(151	)
Proceeds from the Exercise of Stock Options			8,031				2,116
Excess Tax Benefits on Stock Option Exercises			3,141				1,421
Net Cash (Used in) Provided by Financing Activities			(29,177	)			3,386
Effect of Exchange Rates on Cash and Cash Equivalents .			201				(54	)
Net (Decrease) Increase in Cash and Cash Equivalents			(21,610	)			2,987
Cash and Cash Equivalents, Beginning of Period			61,675				34,830
Cash and Cash Equivalents, End of Period		$	40,065			$	37,817

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