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Stage Stores Reports Record Adjusted 2012 EPS Of $1.33, 45% Higher Than 2011

(Tables to Follow)

 
Stage Stores, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
                               
Fourteen Weeks Ended Thirteen Weeks Ended
February 2, 2013 January 28, 2012
Amount % to Sales (1) Amount % to Sales (1)
 
Net sales $ 527,899 100.0 % $ 479,096 100.0 %
Cost of sales and related buying, occupancy and distribution expenses   357,001 67.6 %   328,736 68.6 %
Gross profit 170,898 32.4 % 150,360 31.4 %
Selling, general and administrative expenses 112,768 21.4 % 97,163 20.3 %
Store opening costs 500 0.1 % 452 0.1 %
Interest expense, net of income of $0 and $0, respectively   661 0.1 %   1,015 0.2 %
Income before income tax 56,969 10.8 % 51,730 10.8 %
Income tax expense   21,176 4.0 %   19,016 4.0 %
Net income $ 35,793 6.8 % $ 32,714 6.8 %
 
Basic and diluted earnings per share data:
Basic earnings per share $ 1.10 $ 1.06
Basic weighted average shares outstanding   31,957   30,432
 
Diluted earnings per share $ 1.09 $ 1.05
Diluted weighted average shares outstanding   32,376   30,603
 
 
 
(1) Percentages may not foot due to rounding.
 
 
Stage Stores, Inc.
Consolidated Statements of Income
(in thousands, except earnings per share)
(Unaudited)
                               
Fifty-Three Weeks Ended Fifty-Two Weeks Ended
February 2, 2013 January 28, 2012
Amount % to Sales (1) Amount % to Sales (1)
 
Net sales $ 1,645,800 100.0 % $ 1,511,919 100.0 %
Cost of sales and related buying, occupancy and distribution expenses   1,186,025 72.1 %   1,101,319 72.8 %
Gross profit 459,775 27.9 % 410,600 27.2 %
Selling, general and administrative expenses 392,727 23.9 % 353,834 23.4 %
Store opening costs 3,657 0.2 % 5,670 0.4 %
Interest expense, net of income of $0 and $24, respectively   3,011 0.2 %   3,821 0.3 %
Income before income tax 60,380 3.7 % 47,275 3.1 %
Income tax expense   22,201 1.3 %   16,315 1.1 %
Net income $ 38,179 2.3 % $ 30,960 2.0 %
 
Basic and diluted earnings per share data:
Basic earnings per share $ 1.20 $ 0.93
Basic weighted average shares outstanding   31,278   33,021
 
Diluted earnings per share $ 1.19 $ 0.92
Diluted weighted average shares outstanding   31,600   33,278
 
 
 
(1) Percentages may not foot due to rounding.
 
 
Stage Stores, Inc.
Consolidated Balance Sheets
(in thousands, except par value)
(Unaudited)
               
February 2, 2013 January 28, 2012
 
ASSETS
Cash and cash equivalents $ 17,937 $ 18,621
Merchandise inventories, net 413,928 347,944
Prepaid expenses and other current assets 35,467 33,434
Total current assets 467,332 399,999
 
Property, equipment and leasehold improvements, net 292,801 300,717
Intangible asset 14,910 14,910
Other non-current assets, net 21,928 19,713
Total assets $ 796,971   $ 735,339  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 110,826 $ 106,022
Income taxes payable 14,929 6,187
Current portion of debt obligations 744 13,782
Accrued expenses and other current liabilities 83,673 60,308
Total current liabilities 210,172 186,299
 
Long-term debt obligations 11,585 35,721
Deferred taxes 19,461 17,830
Other long-term liabilities 90,883 82,783

Total liabilities

332,101 322,633
 
Commitments and contingencies
 
Common stock, par value $0.01, 100,000 shares authorized,
32,014 and 30,444 shares issued, respectively 320 304
Additional paid-in capital 376,615 349,366
Less treasury stock - at cost, 0 and 0 shares, respectively (701 ) (835 )
Accumulated other comprehensive loss (6,135 ) (4,748 )
Retained earnings 94,771 68,619
Total stockholders' equity 464,870 412,706
Total liabilities and stockholders' equity $ 796,971   $ 735,339  
 
 
Stage Stores, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
        Fifty-Three         Fifty-Two
Weeks Ended Weeks Ended
February 2, 2013 January 28, 2012
Cash flows from operating activities:
Net income $ 38,179 $ 30,960
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and impairment of long-lived assets 60,426 61,680
Loss (gain) on retirements of property and equipment 454 (101 )
Deferred income taxes 1,107 6,768
Tax (deficiency) benefit from stock-based compensation (1,311 ) 738
Stock-based compensation expense 7,803 7,690
Amortization of debt issuance costs 417 347
Excess tax benefits from stock-based compensation (1,024 ) (1,339 )
Deferred compensation obligation (134 ) 134
Amortization of employee benefit related costs 414 592
Construction allowances from landlords 4,193 4,499
Changes in operating assets and liabilities:
Increase in merchandise inventories (65,984 ) (22,443 )
Increase in other assets (4,801 ) (4,369 )
Increase (decrease) in accounts payable and other liabilities   36,242     (7,101 )
Total adjustments   37,802     47,095  
Net cash provided by operating activities   75,981     78,055  
 
Cash flows from investing activities:
Additions to property, equipment and leasehold improvements (49,489 ) (45,731 )
Proceeds from insurance and retirements of property and equipment   50     413  
Net cash used in investing activities   (49,439 )   (45,318 )
 
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings 357,910 238,800
Payments of revolving credit facility borrowings (376,410 ) (214,300 )
Payments of long-term debt obligations (18,674 ) (13,489 )
Payments of debt issuance costs - (1,149 )
Repurchases of common stock (387 ) (110,919 )
Proceeds from exercise of stock awards 21,306 7,286
Excess tax benefits from stock-based compensation 1,024 1,339
Cash dividends paid   (11,995 )   (11,033 )
Net cash used in financing activities   (27,226 )   (103,465 )
Net decrease in cash and cash equivalents (684 ) (70,728 )
 
Cash and cash equivalents:
Beginning of period   18,621     89,349  
End of period $ 17,937   $ 18,621  
 
 
Stage Stores, Inc.
Reconciliation of Non-GAAP Financial Measures
(in millions, except earnings per share)
(Unaudited)
               
Fifty-Three Fifty-Two
Weeks Ended Weeks Ended
February 2, 2013 January 28, 2012
 
Net income
On a U.S. GAAP basis $ 38.2 $ 31.0
South Hill consolidation related charges, net of tax of $1.4 2.3 -
Former Chief Executive Officer resignation related charges, net of tax of $1.2   2.1   -
On a non-U.S. GAAP basis $ 42.6 $ 31.0
 
Diluted earnings per share:
On a U.S. GAAP basis $ 1.19 $ 0.92
South Hill consolidation related charges 0.07 -
Former Chief Executive Officer resignation related charges   0.07   -
On a non-U.S. GAAP basis $ 1.33 $ 0.92
 




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