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TheStreet Open House

The Tile Shop Reports Third Quarter 2012 Results

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

 

 

 

 

 

 
Net income

$

9,842

$

6,602

$ 30,631 $ 24,687
Interest expense 450 97 626 297
Income taxes (4,722 ) 153 (4,299 ) 579
Depreciation and amortization 2,750 2,121 7,543 6,158
Deferred compensation expense 2,624 374 3,898 966
Stock-based compensation   263       -   263       -
Adjusted EBITDA $ 11,207     $ 9,347 $ 38,662     $ 32,687
 

For the quarter, the Company opened one new store, bringing the total company-operated stores to 62 as of September 30, 2012, as compared with 53 stores at September 30, 2011.

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