- Income before taxes for the third fiscal quarter was $12.7 million, a $5.0 million, or 65.9%, increase compared to the same period last year.
- Net income for the third quarter was $11.2 million, or $0.48 per fully diluted share, compared to $7.4 million, or $0.32 per fully diluted share, last year, reflecting a 50.0% increase.
- Net revenues for the quarter were $180.3 million, an increase of 4.5% versus last year. Our comparable store sales were up 3.9%.
- Income before taxes for the first nine months was $40.4 million, a $6.2 million, or 18.1%, increase compared to the same period last year.
- Net income for the first nine months was $43.6 million, or $1.88 per fully diluted share, a 30.6% increase over the $33.0 million, or $1.44 per fully diluted share, in the same period last year.
- Included in year-to-date net income was a $4.8 million, or $0.21 per fully diluted share, income tax benefit related to the reversal of the majority of our tax valuation allowance.
- At the end of the quarter, we were debt-free, and we had a record cash balance of $44.1 million in addition to $98.0 million of availability under our revolving credit facility.
- West Marine is maintaining its previously issued 2011 full-year, pre-tax earnings guidance at a range from $18.5 million to $20.0 million, with fully-diluted earnings per share in a range from $1.05 to $1.16 per share, which includes the tax benefit mentioned above.
West Marine, Inc. (Nasdaq: WMAR) today released unaudited operating results for the third quarter and first nine months of 2011. 2011 third quarter highlights: