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Lumber Liquidators Announces Fourth Quarter And Full Year 2012 Financial Results And Provides Full Year 2013 Outlook

With quality brands including Bellawood Prefinished Hardwood and Morning Star Bamboo, Lumber Liquidators’ flooring is often featured on popular television shows such as HGTV’s Dream Home.

For more information, please visit www.lumberliquidators.com or call 1.800.HARDWOOD. You can also follow the Company on Facebook and Twitter.

Forward-Looking Statements

This press release and accompanying financial tables may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act. These statements are based on currently available information as of the date of such statements and are subject to risks and uncertainties that may cause actual results to differ. The Company specifically disclaims any obligation to update these statements which speak only as of their respective dates, except as may be required under the federal securities laws. Information regarding these additional risks and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission.
   
Lumber Liquidators Holdings, Inc.
 
Consolidated Balance Sheets
(in thousands, except share data)
 
December 31,
  2012     2011  
Assets
Current Assets:
Cash and Cash Equivalents $ 64,167 $ 61,675
Merchandise Inventories 206,704 164,139
Prepaid Expenses 5,168 4,292
Other Current Assets   12,106     7,863  
Total Current Assets 288,145 237,969
Property and Equipment, net 47,764 44,147
Goodwill 9,693 9,693
Other Assets   1,785     3,045  
Total Assets $ 347,387   $ 294,854  
 
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts Payable $ 55,110 $ 38,161
Customer Deposits and Store Credits 25,747 18,120
Accrued Compensation 7,969 2,509
Sales and Income Tax Liabilities 4,314 5,092
Other Current Liabilities   7,887     6,839  
Total Current Liabilities 101,027 70,721
 
Deferred Rent 3,653 3,328
Deferred Tax Liability 8,166 5,721
 
Stockholders’ Equity:
Common Stock ($0.001 par value; 35,000,000 authorized; 27,214,144 and 27,894,543 outstanding, respectively) 29 28
Treasury Stock, at cost (1,719,706 and 58,730 shares, respectively) (50,552 ) (1,116 )
Additional Capital 131,724 110,163
Retained Earnings 153,267 106,203
Accumulated Other Comprehensive Income (Loss)   73     (194 )
Total Stockholders’ Equity   234,541     215,084  
Total Liabilities and Stockholders’ Equity $ 347,387   $ 294,854  
   
Lumber Liquidators Holdings, Inc.
 
Consolidated Statements of Income
(in thousands, except share data and per share amounts)
 
Three Months Ended Year Ended
December 31, December 31,
  2012       2011     2012       2011  
(unaudited)
Net Sales $ 210,655 $ 174,454 $ 813,327 $ 681,587
Cost of Sales   128,373     112,544     504,542     440,912  
Gross Profit 82,282 61,910 308,785 240,675
 
Selling, General and Administrative Expenses   57,800     48,405     230,439     198,237  
Operating Income 24,482 13,505 78,346 42,438
 
Interest and Other Income, net   (40 )   (284 )   (140 )   (587 )
Income Before Income Taxes 24,522 13,789 78,486 43,025
 
Provision for Income Taxes   10,714     5,331     31,422     16,769  
Net Income $ 13,808   $ 8,458   $ 47,064   $ 26,256  
Net Income per Common Share—Basic $ 0.51   $ 0.30   $ 1.71   $ 0.95  
Net Income per Common Share—Diluted $ 0.50   $ 0.30   $ 1.68   $ 0.93  
Weighted Average Common Shares Outstanding:
Basic 27,240,235 27,804,219 27,448,333 27,706,629
Diluted 27,845,214 28,379,994 28,031,453 28,379,693
 
Lumber Liquidators Holdings, Inc.
 
Consolidated Statements of Cash Flows
(in thousands)
 
Year Ended December 31,
  2012       2011       2010  
Cash Flows from Operating Activities:
Net Income $ 47,064 $ 26,256 $ 26,266
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization 9,957 8,328 5,773
Deferred Income Taxes 160 2,402 4,300
Stock-Based Compensation Expense 3,997 4,005 3,091
Changes in Operating Assets and Liabilities:
Merchandise Inventories (42,712 ) (9,197 ) (21,789 )
Accounts Payable 16,756 4,467 1,136
Customer Deposits and Store Credits 7,626 6,104 2,234
Prepaid Expenses and Other Current Assets (2,835 ) (1,943 ) (3,548 )
Other Assets and Liabilities   7,256     3,679     (487 )
Net Cash Provided by Operating Activities 47,269 44,101 16,976
 
Cash Flows from Investing Activities:
Purchases of Property and Equipment (13,376 ) (16,988 ) (20,535 )
Cash Paid for Acquisition       (4,725 )    
Net Cash Used in Investing Activities (13,376 ) (21,713 ) (20,535 )
 
Cash Flows from Financing Activities:
Payments for Stock Repurchases (49,436 ) (249 ) (389 )
Proceeds from the Exercise of Stock Options 10,454 3,070 1,796
Excess Tax Benefits on Stock Option Exercises   7,131     1,690     1,307  
Net Cash (Used in) Provided by Financing Activities   (31,851 )   4,511     2,714  
Effect of Exchange Rates on Cash and Cash Equivalents 450 (54 )
Net Increase (Decrease) in Cash and Cash Equivalents 2,492 26,845 (845 )
Cash and Cash Equivalents, Beginning of Year   61,675     34,830     35,675  
Cash and Cash Equivalents, End of Year $ 64,167   $ 61,675   $ 34,830  
   
Lumber Liquidators Holdings, Inc.
 
Other Supporting Schedules
(unaudited)
 
Three Months Ended Year Ended
December 31, December 31,
  2012       2011     2012       2011  
(dollars in thousands)
Net sales $ 210,655 $ 174,454 $ 813,327 $ 681,587
Percentage increase 20.8 % 13.9 % 19.3 % 9.9 %
 
Number of stores open at end of period 288 263 288 263
Number of stores opened in period 4 7 25 40
Percentage increase (decrease)
 
Average sale 1 3.9 % 1.0 % 2.5 % 2.8 %
Average retail price per unit sold 2 2.2 % 6.4 % 0.2 % 6.8 %
 
Comparable Stores 3:
Net sales 13.2 % 1.9 % 11.4 % (2.0 %)
Customers invoiced 4 9.1 % 0.9 % 8.6 % (4.7 %)
Net sales of stores operating for 13 to 36 months 19.7 % 14.8 % 23.3 % 12.0 %
Net sales of stores operating for more than 36 months 12.5 % (2.5 %) 9.1 % (5.5 %)
 
Net sales in markets with all stores comparable (no cannibalization) 15.6 % 6.8 % 13.3 % 2.2 %
Net sales in cannibalized markets 34.5 % 19.1 % 33.3 % 18.6 %

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