As a percentage of net sales, selling, general and administrative (SG&A) expenses for the first quarter of fiscal 2012 decreased 120 basis points to 30.4% compared to 31.6% for the first quarter of last year. The decrease in SG&A expenses as a percentage of net sales for the quarter was primarily due to increased leverage from higher sales.

Net income from continuing operations for the first quarter of fiscal 2012 was $129,000, or $0.01 per diluted share, compared to a net loss from continuing operations of $3.0 million, or $0.14 per diluted share, for the first quarter of last year.

Net loss for the first quarter of fiscal 2012 was $74,000, or $0.00 per diluted share, compared to a net loss of $3.4 million, or $0.15 per diluted share, for the first quarter of last year.

For the first quarter of fiscal 2012, non-GAAP earnings before interest, taxes, depreciation, and amortization (“EBITDA”) from continuing operations was $7.5 million compared to $5.0 million for the first quarter of last year.

The Company opened one new store during the quarter and closed none to end the quarter with 259 stores in 30 states.

The Company ended the quarter with $22.8 million in borrowings and $6.9 million in letters of credit outstanding under its asset-based credit facility compared to $41.0 million in borrowings and $7.8 million in letters of credit at the end of the first quarter of last year. The percentage utilization under the credit facility at the end of the first quarter of fiscal 2012 was 21% compared to 38% at the end of the first quarter of last year. The revolving credit facility is asset-based and expires in January 2016. The Company expects to pay off its asset-based credit facility in its entirety before the end of the fiscal year.

Second Quarter and Updated Full Year Fiscal 2012 Outlook from Continuing Operations

The Company’s outlook for the second quarter and full year of fiscal 2012 does not include any costs or consider the accounting impact related to the previously announced potential acquisition by Bed Bath & Beyond, Inc. Because the transaction with Bed Bath & Beyond, Inc. is currently pending, the Company is unable to determine the costs and expenses that may affect the guidance below, but it believes such costs and expenses may be significant.

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