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Total net revenues increased 5.8% or
"During the first quarter of 2012, our retail stores continued to outperform expectations as a result of our excellent in-stock position," commented
In the first quarter of 2012, the Company recognized gift card breakage revenue of
Gross profit margins increased 0.6% to 38.6% in the first quarter of 2012 and selling, general and administrative expenses increased by 1.5% to 35.7% of revenues.
Net income for the first quarter of 2012 increased to
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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 fiscal 2012, the prospects for overall revenue growth, gift-card breakage, gross margins and profitability, and high fulfillment rates and the opening of new stores. 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 SADDLERY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31, March 31,
2012 2011
Revenues, net - direct $ 11,460 $ 12,067
Revenues, net - retail stores 6,828 5,218
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Revenues, net - total $ 18,288 $ 17,285
Cost of revenues 11,229 10,717
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Gross profit 7,059 6,568
Selling, general and administrative expenses 6,537 5,920
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Income from operations 522 648
Interest expense, financing and other related
costs, net 108 374
Other investment (income) loss, net (7) 21
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Income before income tax provision 421 253
Provision for income taxes 200 128
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Net income $ 221 $ 125
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Net income per share
Basic $ 0.04 $ 0.02
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Diluted $ 0.04 $ 0.02
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Number of shares used in per share calculation
Basic 5,333,000 5,287,000
Diluted 5,591,000 5,442,000
Other Operating Data:
Number of retail stores(1) 15 13
Capital expenditures 442 121
Gross profit margin 38.6% 38.0%
(1) Includes fourteen Dover-branded stores and one Smith Brothers store.
DOVER SADDLERY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
Three Months Ended
March 31, March 31,
2012 2011
Net income $ 221 $ 125
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Other comprehensive loss:
Change in fair value of interest rate swap
contract, net of tax (10) --
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Total comprehensive income $ 231 $ 125
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DOVER SADDLERY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
March 31, Dec. 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 180 $ 313
Accounts receivable 631 811
Inventory 20,202 19,383
Prepaid catalog costs 1,317 1,273
Prepaid expenses and other current assets 904 896
Deferred income taxes 247 261
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Total current assets 23,481 22,937
Net property and equipment 3,902 3,667
Other assets:
Deferred income taxes 1,050 1,018
Intangibles and other assets, net 596 571
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Total other assets 1,646 1,589
------------- -------------
Total assets $ 29,029 $ 28,193
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease obligations
and outstanding checks $ 500 $ 1,100
Accounts payable 1,979 2,201
Accrued expenses and other current
liabilities 3,725 5,741
Income taxes payable 244 308
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Total current liabilities 6,448 9,350
Long-term liabilities:
Revolving line of credit 4,455 987
Term note 5,500 5,500
Capital lease obligation, net of current
portion 10 16
Interest rate swap contract 305 322
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Total long-term liabilities 10,270 6,825
Stockholders' equity:
Common stock, par value $0.0001 per share;
15,000,000 shares authorized; 5,332,738
issued and outstanding as of March 31, 2012
and December 31, 2011 1 1
Additional paid in capital 45,779 45,716
Treasury stock, 795,865 shares at cost (6,082) (6,082)
Other comprehensive loss (180) (190)
Accumulated deficit (27,207) (27,427)
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Total stockholders' equity 12,311 12,018
------------- -------------
Total liabilities and stockholders' equity $ 29,029 $ 28,193
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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 the Company ties its executive and employee bonus pools directly to this measure. We also 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
March 31, March 31,
2012 2011
Net income $ 221 $ 125
Depreciation 207 181
Amortization of intangible assets -- 2
Stock-based compensation 63 62
Interest expense, financing and other
related costs, net 108 374
Other investment (income) loss, net (7) 21
Provision for income taxes 200 128
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Adjusted EBITDA $ 792 $ 893
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Janet Nittmann Email Contact Tel 978-952-8062 x218
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