Full Fiscal Year Financial Summary (52 weeks ended January 29, 2013)
- Net sales increased $303.4 million, or 43.1%, to $1,007.3 million as a result of incremental sales from new and acquired stores and comparable-store sales growth of 6.1%.
- Company-operated stores increased 328, or 45.0%, to 1,057 at year end, as a result of opening 118 new stores, while closing 32 stores, and acquisitions that added 242 stores.
- Net income for fiscal 2012 was $39.9 million and GAAP EPS was $1.18. Excluding $10.5 million, net of income taxes, of acquisition-related costs, secondary offering costs and impairment charges and other costs, Adjusted net income was $50.4 million and Adjusted EPS was $1.49, representing an increase of approximately 60.0% over prior year Adjusted net income and 58.5% over prior year Adjusted EPS, respectively. Please refer to “Reconciliation of Reported (GAAP) to Adjusted Statements of Operations Data” for a reconciliation net income and GAAP EPS to Adjusted net income and Adjusted EPS, respectively, and other information.
- The Company had cash and cash equivalents of $14.6 million at the end of fiscal 2012. Net cash provided by operating activities was $78.7 million for fiscal 2012. As of January 29, 2013, there was $21.0 million of borrowings under the revolving portion of the 2012 Senior Credit Facility and approximately $1.4 million in outstanding letters of credit, with additional borrowing capacity of $77.6 million.
Senior Credit Facility Amendment
On November 5, 2012, the Company completed a restatement amendment of its senior credit facility (“2012 Senior Credit Facility”). As a result of the restatement amendment, the maturity of term loan borrowings in the aggregate amount of $200 million was extended by two years to January 18, 2016, the maturity of the revolving loan facility was extended by two years to January 18, 2015 and the revolving loan commitment was increased from $35 million to $100 million. The interest rate on the extended term loan borrowings was revised to LIBOR plus a margin of 3.5%, representing a 1.25% increase over the previous interest rate. Furthermore, the annual amount of permitted capital expenditures was increased to $80 million from the previous annual amount of $40 million, beginning with fiscal 2012.
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