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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.