Orchard Supply Hardware Stores Corporation (Nasdaq:OSH), a specialty retailer focused on the consumer segment of the home improvement market, today announced preliminary financial results for the first quarter of fiscal 2012 ended April 28, 2012. The Company plans to release final financial results and hold a conference call in early June. First Quarter Fiscal 2012 Preliminary Financial Highlights
- First quarter fiscal 2012 net sales were $155.0 million compared to $163.8 million for the prior year period. Comparable store sales(1) for the period decreased by 3.1%, in line with the Company’s previously stated outlook.
- Net loss in the first quarter of fiscal 2012 is expected to be in the range of $4.2 to $4.8 million compared to $1.0 million in the first quarter of fiscal 2011.
- Non-GAAP Adjusted EBITDA (see reconciliation of Non-GAAP Adjusted EBITDA to net loss, below) is expected to be in the range of $7.0 to $8.0 million compared to $11.2 million for the prior year period.
• Adjusted EBITDA excludes the effects of financing and investing activities by eliminating the effects of interest, depreciation and amortization costs;• Management considers gain/(loss) on the sale of assets and impairment to result from investing decisions rather than ongoing operations; and • Other significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period.
|Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA|
|(Unaudited, in millions)|
|13 Weeks Ended|
|April 28, 2012||April 28, 2012||April 30, 2011|
|Interest expense, net||6.6||6.6||5.6|
|Income tax benefit||(3.3||)||(2.9||)||(0.6||)|
|Depreciation and amortization||7.8||7.8||7.2|
|Loss on sale of real property and impairment of assets||0.2||0.2||0.1|
|Other significant items||0.3||0.3||(0.2||)|
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:This press release (including information incorporated or deemed incorporated by reference herein) contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company's management. Words such as “guidance”, "outlook", "believes", "expects", "appears", "may", "will", "should", “intend”, “target”, “projects”, “estimates”, “plans”, “forecast”, “is likely to”, "anticipates", or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact, and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this press release, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, factors discussed under the section entitled "Risk Factors" in the Company's reports filed with the Securities and Exchange Commission. Many of such factors relate to events and circumstances that are beyond the Company's control. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this press release.