WATSONVILLE, Calif., Feb. 21, 2013 (GLOBE NEWSWIRE) -- West Marine, Inc. (Nasdaq:WMAR) the largest specialty retailer of boating supplies and accessories today released unaudited financial results for the fourth quarter and fiscal year ended December 29, 2012.
- Net revenues for the fiscal year ended December 29, 2012 were $675.3 million, a $31.8 million, or 4.9%, increase over last year.
- Comparable store sales increased by 3.3% over last year.
- Income before taxes was $24.3 million, a $3.1 million, or 14.6%, increase compared to last year.
- Diluted earnings per share ("EPS") were $0.65, compared to diluted EPS of $0.58 adjusted to exclude the tax benefit recorded during the second quarter of 2011. Reported diluted EPS for 2011 was $1.27.
- Inventory turns increased by 4.6% versus last year.
- The company remained debt-free with $91.7 million available under its revolving credit facility.
- Year-end liquidity increased substantially versus 2011, with cash on hand increasing 29% to $56.5 million.