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Pier 1 Imports, Inc. Reports Fiscal 2013 Third Quarter Financial Results

Financial Disclosure Advisory

This release references non-GAAP information for the three and nine months ended November 24, 2012 as shown in the table below.
Three Months Ended Nine Months Ended
November 24, 2012 November 24, 2012
($ in millions, except per share amounts)
Net Income (GAAP) $ 23.7 $ 67.7
Add back: Income Tax Provision (GAAP)   14.8   33.6  
Income Before Income Taxes (GAAP) 38.5 101.3
Interest Expense Adjustment Related to Uncertain Tax Positions   -   (2.8 )
Adjusted Income Before Income Taxes (non-GAAP) 38.5 98.5
Less: Adjusted Income Tax Provision at Estimated 35.6% Annual Effective Tax Rate 13.7 35.1
Estimated Impact of Hurricane Sandy, net of tax   2.3   2.3  
Adjusted Net Income (non-GAAP) $ 27.1 $ 65.7  
Earnings per Share (GAAP) $ 0.22 $ 0.62
Interest Expense Adjustment Related to Uncertain Tax Positions, net of tax - (0.02 )
Difference of Income Tax Provision at Estimated 35.6% Annual Effective Tax Rate 0.01 (0.02 )
Estimated Impact of Hurricane Sandy, net of tax   0.02   0.02  
Adjusted Earnings per Share (non-GAAP) $ 0.25 $ 0.60  

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare the Company’s earnings per share results in a more consistent manner for the three and nine months ended November 24, 2012. The non-GAAP measures should be considered supplemental and not a substitute for the Company’s net income and earnings per share results that will be recorded in accordance with GAAP for the periods presented.

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