Adjusted EBITDA for the fourth quarter of 2012 was $46.6 million, compared to $51.4 million in the fourth quarter of 2011. The decrease was primarily due to the effect of the continued challenging economic and competitive environment, which resulted in lower same-store sales, and reduced fixed cost leverage as well as additional costs associated with being a public company.
The Company opened one new store during the fourth quarter of 2012.
Net cash flows provided by operating activities for the fourth quarter 2012 was $57.4 million, compared to $55.0 million during the fourth quarter 2011.
The Company paid a dividend of $0.12 per share on all outstanding shares of its common stock during the fourth quarter. During the first quarter of fiscal 2013, the Company declared a quarterly cash dividend of $0.12 per share of outstanding common stock, which will be paid on March 18, 2013 to stockholders of record as of March 11, 2013.Financial Results for Fiscal 2012 Net sales were $3,890.5 million for the fifty-two weeks ended December 29, 2012, an increase of $48.5 million, or 1.3% from $3,842.0 million for the fifty-two weeks ended December 31, 2011. The increase primarily reflects the benefit of new stores, partially offset by a 2.8% decrease in same-store sales. The decline in same-store sales was due to a 2.6% decrease in the number of customer transactions and 0.1% decrease in the average transaction size. The Company’s same-store sales were negatively impacted by the effect of competitive store openings during the last twelve months, as well as the continued challenging economic and promotional environment. For the fifty-two weeks ended December 29, 2012 adjusted net income was $47.0 million, or $1.08 adjusted diluted earnings per common share, compared with $48.0 million, or $1.58 adjusted diluted earnings per common share for the fifty-two weeks ended December 31, 2011. Adjusted net income for the year excludes the $106.4 million after-tax goodwill impairment charge, or $2.44 per diluted common share, an $8.4 million after-tax charge, or $0.19 per diluted common share, for the early extinguishment of debt and one-time IPO expenses that occurred during the first quarter 2012, and other after-tax non-recurring charges of $1.4 million, or $0.03 per diluted common share. Reported net loss for the fifty-two weeks ended December 29, 2012 was $69.2 million, or $1.61 loss per diluted common share.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV