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Total revenues for the third quarter of 2011 increased 4.8%, or
Year-to-Date Results
For the first nine months of 2011, total revenues increased 4.3% to
"Our retail stores performed extremely well in the third quarter and, in fact, the retail channel has shown strong performance all year long," said
Business Outlook
Due to the current uncertain economic environment, the Company is not providing any financial guidance.
Conference Call and Webcast
About
For more information, please call 1-978-952-8062 or visit www.DoverSaddlery.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation statements made about the Company's business outlook for the fourth quarter and full year of fiscal 2011, the prospects for continued retail channel and same store sales growth, and operating income and cash flow improvements, and additional new store openings in 2012. All statements other than statements of historical fact included in this press release regarding the Company's strategies, plans, objectives, expectations, and future operating results are forward-looking statements. Although Dover believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will
prove to have been correct. These forward-looking statements involve significant risks and uncertainties, including those discussed in this release and others that can be found in "Item 1A Risk Factors" of Dover Saddler's Annual Report on Form 10-K for the fiscal year ended
DOVER SADDLERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2011 2010 2011 2010
Revenues, net- direct $ 11,321 $ 11,654 $ 35,561 $ 36,257
Revenues, net - retail
stores 8,184 6,960 21,477 18,438
---------- ---------- ---------- ----------
Revenues, net - total $ 19,505 $ 18,614 $ 57,038 $ 54,695
Cost of revenues 12,056 11,525 35,540 34,308
---------- ---------- ---------- ----------
Gross profit 7,449 7,089 21,498 20,387
Selling, general and
administrative expenses 6,780 6,218 19,008 18,274
---------- ---------- ---------- ----------
Income from operations 669 871 2,490 2,113
Interest expense, financing
and other related costs,
net 124 255 626 766
Other investment (income)
loss, net 12 37 (30) (384)
---------- ---------- ---------- ----------
Income before income tax
provision 533 579 1,894 1,731
Provision for income taxes 201 259 810 734
---------- ---------- ---------- ----------
Net income $ 332 $ 320 $ 1,084 $ 997
========== ========== ========== ==========
Net income per share
Basic $ 0.06 $ 0.06 $ 0.20 $ 0.19
========== ========== ========== ==========
Diluted $ 0.06 $ 0.06 $ 0.20 $ 0.18
========== ========== ========== ==========
Number of shares used in per
share calculation
Basic 5,289,000 5,277,000 5,288,000 5,270,000
Diluted 5,477,000 5,386,000 5,485,000 5,413,000
Other Operating Data:
Number of retail stores(1) 14 13 14 13
Capital expenditures 287 57 689 271
Gross profit margin 38.2% 38.1% 37.7% 37.3%
(1) Includes thirteen Dover-branded stores and one
DOVER SADDLERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(unaudited)
Sept. 30, Dec. 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 151 $ 745
Accounts receivable 550 533
Inventory 19,371 15,869
Prepaid catalog costs 1,387 930
Prepaid expenses and other current assets 1,103 901
Deferred income taxes 110 105
---------- ----------
Total current assets 22,672 19,083
Net property and equipment 3,160 3,025
Other assets:
Deferred income taxes 1,037 848
Intangibles and other assets, net 572 593
---------- ----------
Total other assets 1,609 1,441
---------- ----------
Total assets $ 27,441 $ 23,549
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease obligation and
outstanding checks $ 473 $ 97
Accounts payable 2,416 2,073
Accrued expenses and other current liabilities 4,509 5,425
Income taxes payable -- 414
---------- ----------
Total current liabilities 7,398 8,009
Long-term liabilities:
Revolving line of credit 2,935 --
Term note 5,500 --
Subordinated notes payable, net -- 5,293
Capital lease obligation, net of current portion 30 89
Interest rate swap derivative 319 --
---------- ----------
Total long-term liabilities 8,784 5,382
Stockholders' equity:
Common stock, par value $0.0001 per share;
15,000,000 shares authorized; 5,291,521 and
5,277,161 issued and outstanding as of September
30, 2011 and December 31, 2010, respectively 1 1
Additional paid in capital 45,596 45,391
Treasury stock, 795,865 shares at cost (6,082) (6,082)
Other comprehensive loss (188) --
Accumulated deficit (28,068) (29,152)
---------- ----------
Total stockholders' equity 11,259 10,158
---------- ----------
Total liabilities and stockholders' equity $ 27,441 $ 23,549
========== ==========
Non-GAAP Financial Measures and Information
From time to time, in addition to financial results determined in accordance with generally accepted accounting principles in
When we use the term "Adjusted EBITDA," we are referring to net income minus interest income, investment income and other income plus interest expense, income taxes, non-cash stock-based compensation, depreciation, amortization and other investment loss. We present Adjusted EBITDA because we consider it an important measure of our performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
The following table reconciles net income to Adjusted EBITDA (in thousands):
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2011 2010 2011 2010
Net income $ 332 $ 320 $ 1,084 $ 997
Depreciation 188 176 554 545
Amortization of intangible
assets 2 2 5 5
Stock-based compensation 62 45 186 136
Interest expense, financing
and other related costs, net 124 255 626 766
Other investment (income)
loss, net 12 37 (30) (384)
Provision for income taxes 201 259 810 734
---------- ---------- ---------- ----------
Adjusted EBITDA $ 921 $ 1,094 $ 3,235 $ 2,799
========== ========== ========== ==========
Janet Nittmann Email Contact Tel 978-952-8062 x218
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