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TheStreet Open House

(Graphic: Business Wire)

The effect of rebranding on the sales per store performance of the former Mattress Giant stores has continued to be positive, as demonstrated by the charts accompanied in this release.

Year-to-Date Financial Summary

Net revenues increased $233.7 million, or 45.4%, to $749.1 million, for the three fiscal quarters (thirty-nine weeks) ended October 30, 2012, from $515.4 million in the comparable prior-year period, reflecting comparable-store sales growth of 8.8% and an increase in store units from new store openings and acquisitions.

The Company opened 88 new stores and acquired 215 stores, while closing 21 stores in the first nine months of fiscal 2012, adding 282 net store units, an increase of 38.7%.

Net income was $32.3 million for the three fiscal quarters ended October 30, 2012 and GAAP EPS was $0.95. Excluding acquisition-related and secondary offering costs, and related tax effects, adjusted net income was $40.4 million for the three fiscal quarters and Adjusted EPS was $1.19. See “Reported to Adjusted Statements of Operations Data” below for a reconciliation of net income as reported to adjusted net income.

Balance Sheet

The Company had cash and cash equivalents of $10.9 million at the end of the third fiscal quarter on October 30, 2012. On November 5, 2012, the Company completed an amendment of its senior credit agreement. As a result of the amendment, the maturity of term borrowings in the aggregate amount of $200 million was extended by two years to January 18, 2016, the maturity of the revolving loan facility was extended by two years to January 18, 2015 and the revolving loan commitment was increased to $100 million from the previous commitment of $35 million. The interest rate on the extended term borrowings was revised to LIBOR plus a margin of 3.5%, representing a 1.25% increase over the previous rate. Furthermore, the annual amount of permitted capital expenditures was increased to $80 million from the previous annual amount of $40 million, beginning with fiscal 2012.

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