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Finish Line Reports Third Quarter Fiscal Year 2013 Results

All of these forward-looking statements are subject to risks, management assumptions and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The principal risk factors that could cause actual performance and future actions to differ materially from the forward-looking statements include, but are not limited to, the company’s reliance on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor); the availability and timely receipt of products; the ability to timely fulfill and ship products to customers; fluctuations in oil prices causing changes in gasoline and energy prices, resulting in changes in consumer spending as well as increases in utility, freight and product costs; product demand and market acceptance risks; deterioration of macro-economic and business conditions; the inability to locate and obtain or retain acceptable lease terms for the company’s stores; the effect of competitive products and pricing; loss of key employees; execution of strategic growth initiatives (including actual and potential mergers and acquisitions and other components of the company’s capital allocation strategy); and the other risks detailed in the company’s Securities and Exchange Commission filings. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements included herein are made only as of the date of this report and Finish Line undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

  The Finish Line, Inc.
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share and store data)
     

ThirteenWeeks Ended

ThirteenWeeks Ended

Thirty-NineWeeks Ended

Thirty-NineWeeks Ended

December 1, November 26, December 1, November 26,
2012 2011 2012 2011
 
Net sales $ 296,623 $ 282,011 $ 1,000,683 $ 912,999
Cost of sales (including occupancy costs)   206,833     191,002     671,684     602,393  
Gross profit 89,790 91,009 328,999 310,606
 
Selling, general and administrative expenses 91,447 83,067 271,004 241,818
Store closing costs   1     368     421     965  
Operating (loss) income (1,658 ) 7,574 57,574 67,823
 
Interest income, net   38     109     167     390  
(Loss) Income before income taxes (1,620 ) 7,683 57,741 68,213
 
Income tax (benefit) expense   (811 )   2,135     22,033     25,329  
Net (loss) income (809 ) 5,548 35,708 42,884
Net loss attributable to redeemable noncontrolling interest   702     -     1,436     -  
Net (loss) income attributable to The Finish Line, Inc. $ (107 ) $ 5,548   $ 37,144   $ 42,884  
 
Diluted earnings per share attributable to The Finish Line, Inc. shareholders $ -   $ 0.11   $ 0.72   $ 0.80  
 
Diluted weighted average shares   49,949     52,082     50,977     53,076  
 
Dividends declared per share $ 0.06   $ 0.05   $ 0.18   $ 0.15  
 
Finish Line store activity for the period:
Beginning of period 638 647 637 664
Opened 14 4 27 4
Closed   (1 )   (3 )   (13 )   (20 )
End of period   651     648     651     648  
Square feet at end of period 3,531,426 3,491,396
Average square feet per store 5,425 5,388
 
Running Company store activity for the period:
Beginning of period 19 - 19 -
Acquired 5 18 5 18
Opened 1 1 1 1
Closed   -     -     -     -  
End of period   25     19     25     19  
Square feet at end of period 78,120 57,302
Average square feet per store 3,125 3,016
 
 
 
Thirteen Weeks Ended Thirty-Nine Weeks Ended
December 1, November 26, December 1, November 26,
2012 2011 2012 2011
Net sales 100.0 % 100.0 % 100.0 % 100.0 %
Cost of sales (including occupancy costs)   69.7     67.7     67.1     66.0  
Gross profit 30.3 32.3 32.9 34.0
 
Selling, general and administrative expenses 30.8 29.5 27.1 26.5
Store closing costs   -     0.1     -     0.1  
Operating (loss) income (0.5 ) 2.7 5.8 7.4
 
Interest income, net   -     -     -     0.1  
(Loss) income before income taxes (0.5 ) 2.7 5.8 7.5
 
Income tax (benefit) expense   (0.3 )   0.7     2.2     2.8  
 
Net (loss) income (0.2 ) 2.0 3.6 4.7
Net loss attributable to redeemable noncontrolling interest   0.2     -     0.1     -  
Net (loss) income attributable to The Finish Line, Inc.   -   %   2.0   %   3.7   %   4.7   %
 
    Condensed Consolidated Balance Sheets
   
December 1, November 26, March 3,
2012 2011 2012
(Unaudited) (Unaudited)
ASSETS
Cash and cash equivalents $ 168,154 $ 216,570 $ 307,494
Merchandise inventories, net 301,654 280,409 220,405
Other current assets 30,904 21,366 24,849
Property and equipment, net 167,970 128,343 126,997
Other assets   41,103   37,737   31,751
Total assets $ 709,785 $ 684,425 $ 711,496
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 145,609 $ 147,983 $ 138,683
Deferred credits from landlords 28,139 30,035 27,737
Other long-term liabilities 18,462 15,335 15,539
Redeemable noncontrolling interest 4,535 - -
Shareholders' equity   513,040   491,072   529,537
Total liabilities and shareholders' equity $ 709,785 $ 684,425 $ 711,496




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