Tile Shop Holdings, Inc. (NASDAQ: TTS), a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories, today announced results for its third quarter ended September 30, 2012.
Robert Rucker, Chief Executive Officer, stated, “Our financial results for the third quarter, our first as a public company, were driven by strong sales growth including a 5.9% same store sales increase along with the opening of one new store during the third quarter, putting the Company on target to reach its goal of 66 stores by the end of the year. We intend to fund our anticipated growth with internally generated cash flow. Our model of direct sourcing, exceptional customer service, strategically located stores and a proven distribution center model allows us to operate at high margins within this growing industry.”
Net sales increased 19.4% to $44.3 million for the quarter ended September 30, 2012 compared with $37.1 million for the comparable quarter last year. The increase in sales was partially driven by an increase in comparable-store sales growth of 5.9%, adding $2.2 million in net sales, and incremental net sales of $5.0 million from the opening of new stores.
For the quarter, Adjusted EBITDA was $11.2 million, compared to $9.3 million in the same period of the prior year, an increase of $1.9 million, or 19.9%. Adjusted EBITDA as a percentage of sales improved 0.1% to 25.3% from 25.2%. The following is a reconciliation of Adjusted EBITDA to net income, the nearest comparable GAAP financial measure.
|Three months ended||Nine months ended|
|Adjusted EBITDA||September 30,||September 30,|
|($ in thousands)||2012||2011||2012||2011|
|Depreciation and amortization||2,750||2,121||7,543||6,158|
|Deferred compensation expense||2,624||374||3,898||966|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV