Teavana Holdings, Inc. Announces Third Quarter Fiscal 2012 Financial Results

Highlights for fiscal year-to-date:

• Net sales increased by 34% to $133.4 million from $99.7 million in the prior year period. Net sales include $6.2 million of net sales from the 46 Teaopia stores acquired on June 11, 2012.
• The Company opened 55 new stores and acquired 46 Teaopia stores to end the period with 301 company-owned stores.
• Comparable sales increased by 1.8%. Comparable sales include e-commerce and exclude the acquired Teaopia stores.
• Income from operations, which includes a loss from Teaopia of $4.0 million and $0.5 million in other one-time expenses, was $3.7 million as compared to $10.4 million in the prior year period. The Teaopia loss was driven by a $2.2 million loss from operations and $1.8 million in one-time transaction and integration expenses. The other one-time expenses include transaction costs related to the pending Starbucks acquisition and set-up costs for our international entity.
• Net income, which includes a loss from Teaopia of $2.4 million after tax and $0.3 million after tax in other one-time expenses, was $1.9 million as compared to $5.3 million in the prior year period. The Teaopia loss was driven by a $1.3 million after tax loss from operations and $1.1 million after tax in one-time transaction and integration expenses. The other one-time expenses include transaction costs related to the pending Starbucks acquisition and set-up costs for our international entity.
• Net income per diluted share, which includes a loss from Teaopia of $0.06 per diluted share and $0.01 per diluted share in other one-time expenses, was $0.05 per diluted share as compared to $0.14 per diluted share in the prior year period. The Teaopia loss was driven by a $0.03 per diluted share loss from operations and $0.03 per diluted share in one-time transaction and integration expenses. The other one-time expenses include transaction costs related to the pending Starbucks acquisition and set-up costs for our international entity.

Balance sheet highlights as of October 28, 2012:

• The Company had $19.6 million in credit facility borrowings and $29.7 million of availability on the credit facility at the end of the third quarter of fiscal 2012, compared to $4.5 million in borrowings and $35.3 million of availability at the end of the third quarter of fiscal 2011.
• Inventory was $34.6 million at the end of the third quarter of fiscal 2012, compared to $32.5 million at the end of the third quarter of fiscal 2011.

Outlook:

Due to the pending acquisition by Starbucks, no guidance is being provided.

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