Tuesday Morning Corporation Announces Second Quarter Fiscal 2013 Results

The Non-GAAP financial measures presented in the tables above should not be viewed as an alternative or substitute for the Company's reported GAAP results.

Tuesday Morning Corporation
Consolidated Statement of Income
(In thousands, except per share data)
	Three Months Ended Dec. 31,		Six Months Ended Dec. 31,
	2012	2011	2012	2011
	(unaudited)		(unaudited)
Net sales	$ 285,312	$ 273,054	$ 458,107	$ 443,707
Cost of sales	223,711	168,239	331,600	273,919
Gross profit	61,601	104,815	126,507	169,788
Selling, general and administrative expenses	84,194	79,330	159,984	152,802
Operating income	(22,593)	25,485	(33,477)	16,986
Other income (expense):
Interest expense	(486)	(651)	(908)	(1,448)
Interest income	--	--	--	--
Other income (expense), net	(1,267)	108	(1,209)	150
Other income (expense)	(1,753)	(543)	(2,117)	(1,298)
Income before income taxes	(24,346)	24,942	(35,594)	15,688
Income tax expense	(2,880)	9,085	(7,167)	5,522
Net income	$ (21,466)	$ 15,857	$ (28,427)	$ 10,166
Earnings Per Share:
Net income per common share:
Basic	$ (0.51)	$ 0.37	$ (0.68)	$ 0.24
Diluted	$ (0.51)	$ 0.37	$ (0.68)	$ 0.23
Weighted average number of common shares:
Basic	42,308	42,131	42,036	42,421
Diluted	42,308	42,673	42,036	42,972

Tuesday Morning Corporation (continued)
Consolidated Balance Sheets
(in thousands)	Dec. 31,	Dec. 31,	Jun. 30,
	2012	2011	2012
	(unaudited)	(unaudited)	(audited)
Assets
Current assets:
Cash and cash equivalents	$ 47,983	$ 57,128	$ 39,740
Inventories	208,304	239,161	265,630
Prepaid expenses and other assets	8,084	8,075	11,357
Deferred income taxes	9,289	1,568	535
Total current assets	273,660	305,932	317,262
Property and equipment, net	73,991	74,730	75,771
Other long-term assets:
Deferred financing costs	2,301	2,861	2,603
Other assets	1,287	1,329	1,531
Total Assets	$ 351,239	$ 384,852	$ 397,167
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$ 70,137	$ 71,087	$ 98,009
Accrued liabilities	38,505	32,228	30,295
Income taxes payable	1,105	5,482	19
Total current liabilities	109,747	108,797	128,323
Revolving credit facility	--	--	--
Deferred rent	2,936	3,400	3,262
Income tax payable - non-current	482	571	578
Deferred income taxes	4,395	5,126	4,813
Total Liabilities	117,560	117,894	136,976
Stockholders' equity	233,679	266,958	260,191
Total Liabilities and Stockholders' Equity	$ 351,239	$ 384,852	$ 397,167

Tuesday Morning Corporation (continued)
Consolidated Statement of Cash Flows
(in thousands)
	Six Months Ended Dec. 31,
	2012	2011
	(unaudited)
Net cash flows from operating activities:
Net income	$ (28,427)	$ 10,166
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,130	7,607
Amortization of financing fees	302	459
Deferred income taxes	(9,172)	(1,292)
Loss on disposal of fixed assets	1,503	216
Stock compensation expense	1,024	993
Other non-cash charges	56	52
Net change in operating assets and liabilities	41,268	48,833
Net cash provided by operating activities	13,684	67,034
Net cash flows from investing activities:
Capital expenditures	(6,360)	(5,571)
Net cash used in investing activities	(6,360)	(5,571)
Net cash flows from financing activities:
Repayments-revolving credit facility	(93,655)	(92,338)
Borrowings-revolving credit facility	93,655	92,338
Change in cash overdraft	--	(18,791)
Payment of financing fees	--	(816)
Proceeds from exercise of common stock options and stock purchase plan purchases and other	978	156
Purchase of treasury shares	(59)	(4,284)
Net cash provided by (used in) financing activities	919	(23,735)
Net increase in cash and cash equivalents	8,243	37,728
Cash and cash equivalents, beginning of period	39,740	19,400
Cash and cash equivalents, end of period	$ 47,983	$ 57,128

CONTACT: Stephanie Bowman
         Chief Financial Officer
         TUESDAY MORNING CORPORATION
         972-934-7251
         
         MEDIA:
         Jonathan Morgan/Jennifer Habicht
         PERRY STREET COMMUNICATIONS
         214-965-9955

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