- 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||)|
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