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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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