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TheStreet Open House

Tuesday Morning Corporation Announces Second Quarter Fiscal 2013 Results

Stocks in this article: TUES

 

TUESDAY MORNING CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
 
GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income:  
The following table sets forth a reconciliation of the Company's GAAP net income (loss) to Non-GAAP adjusted net income for the periods shown (in thousands):  
     
  Three Months Ended December 31, Six Months Ended December 31,
  2012 2011 2012 2011
Net income (loss), less impact of: ($21,466) $15,857 ($28,427) $10,166
         
Inventory write-down, net of tax (1) (31,796) -- (31,796) --
Store clean-up, net of tax (1) (855) -- (855) --
Severance costs, net of tax (1) (1,173) -- (1,282) --
Legal, consulting, search and recruitment fees, net of tax (1) (2,040) -- (3,065) --
Systems impairment, net of tax (1) (1,055)  -- (1,055) ---
         
Non-GAAP adjusted net income $15,453 $15,857 $9,626 $10,166
 
(1) The effective tax rate utilized in this non-GAAP adjusted net income reconciliation is 24%. This rate is inclusive of a deferred tax asset valuation allowance of $6.3 million recorded during the quarter ended December 31, 2012.
GAAP Net Income (Loss) Per Share to Non-GAAP Adjusted Net Income Per Share:  
The following table sets forth a reconciliation of the Company's GAAP net income (loss) per share to Non-GAAP adjusted net income per share for the periods shown: 
 
  Three Months Ended December 31, Six Months Ended December 31,
  2012 2011 2012 2011
Net income (loss) per common share, less impact of: ($0.51) $0.37 ($0.68) $0.23
         
Inventory write-down, net of tax (1) ($0.75) -- ($0.76) --
Store clean-up, net of tax (1) ($0.02) -- ($0.02) --
Severance costs, net of tax (1) ($0.03) -- ($0.03) --
Legal, consulting, search and recruitment fees, net of tax (1) ($0.05) -- ($0.07) ---
Systems impairment, net of tax (1) ($0.03)  -- ($0.03) ---
         
Non-GAAP adjusted net income per share $0.37 $0.37 $0.23 $0.23
 
(1) The effective tax rate utilized in this non-GAAP adjusted net income per share reconciliation is 24%. This rate is inclusive of a deferred tax asset valuation allowance of $6.3 million recorded during the quarter ended December 31, 2012.

The Company believes that the Non-GAAP financial measures above provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because they allow them to understand and compare the Company's operating results during the 2013 fiscal year to the prior year periods in a more consistent manner. Non-GAAP adjusted net income, as used in this press release, may not be comparable to similarly titled measures used by other companies. The Company calculated the tax effect of non-GAAP adjustments by applying an applicable estimated jurisdictional tax rate to each specific non-GAAP item.

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