Pacific Sunwear Announces Second Quarter Operating Results; Issues Third Quarter Guidance

Comparable Store Sales Up 3% Reports Second Quarter Non-GAAP EPS of $0.02

ANAHEIM, Calif., Aug. 29, 2013 (GLOBE NEWSWIRE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) (the "Company"), announced today that net sales from continuing operations for the second quarter of fiscal 2013 ended August 3, 2013, were $215.2 million versus net sales from continuing operations of $197.3 million for the second quarter of fiscal 2012 ended July 28, 2012. Comparable store sales for the second quarter of fiscal 2013 increased 3%. The Company ended the second quarter of fiscal 2013 with 637 stores.

On a GAAP basis, the Company reported a loss from continuing operations of $19.2 million, or $(0.28) per diluted share, for the second quarter of fiscal 2013, compared to a loss from continuing operations of $18.0 million, or $(0.27) per diluted share, for the second quarter of fiscal 2012. The loss from continuing operations for the Company's second quarter of fiscal 2013 included a non-cash loss of $21.2 million, or $(0.31) per diluted share, compared to a non-cash loss of $8.2 million, or $(0.12) per diluted share, for the second quarter of fiscal 2012 related to the derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock (the "Series B Preferred") in connection with the term loan financing the Company completed in December 2011.

On a non-GAAP basis, excluding the non-cash loss on the derivative liability and store closure related charges, and using a normalized annual income tax rate of approximately 37%, income from continuing operations for the second quarter of fiscal 2013 was $1.2 million, or $0.02 per diluted share, as compared to a loss from continuing operations of $6.1 million, or $(0.10) per diluted share, for the same period a year ago. The 53rd week retail calendar shift contributed approximately $0.03 per share of the $0.12 per diluted share improvement compared to last year.

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