West Marine Reports 14.6% Increase In 2012 Pre-Tax Earnings And Provides 2013 Full-Year Guidance

WATSONVILLE, Calif., Feb. 21, 2013 (GLOBE NEWSWIRE) -- West Marine, Inc. (Nasdaq:WMAR) the largest specialty retailer of boating supplies and accessories today released unaudited financial results for the fourth quarter and fiscal year ended December 29, 2012.

• Net revenues for the fiscal year ended December 29, 2012 were $675.3 million, a $31.8 million, or 4.9%, increase over last year.
• Comparable store sales increased by 3.3% over last year.
• Income before taxes was $24.3 million, a $3.1 million, or 14.6%, increase compared to last year.
• Diluted earnings per share ("EPS") were $0.65, compared to diluted EPS of $0.58 adjusted to exclude the tax benefit recorded during the second quarter of 2011. Reported diluted EPS for 2011 was $1.27.
• Inventory turns increased by 4.6% versus last year.
• The company remained debt-free with $91.7 million available under its revolving credit facility.
• Year-end liquidity increased substantially versus 2011, with cash on hand increasing 29% to $56.5 million.

Fiscal Year and Fourth Quarter Financial Highlights

Net revenues for the fiscal year ended December 29, 2012 were $675.3 million, an increase of 4.9% compared to net revenues of $643.4 million for fiscal year 2011. Revenues for the Stores segment were $610.2 million, an increase of $31.4 million, or 5.4%, compared to last year. Comparable store sales grew by 3.3% over last year. Port Supply revenues, representing sales to our wholesale customers through our distribution centers, were $26.1 million, a decrease of $1.3 million, or 4.8%, compared to last year. Net revenues in our Direct-to-Consumer segment were $38.9 million, an increase of $1.8 million, or 4.7%, compared to last year.

Net income for fiscal year 2012 was $15.5 million, or $0.65 per diluted share, compared to fiscal year 2011 net income of $13.5 million, or $0.58 per diluted share, adjusted to exclude the tax benefit of the valuation allowance release last year. Reported diluted EPS for fiscal year 2011 was $1.27. For more details on adjusted EPS, see "Non-GAAP Financial Information" below.

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