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Total revenues for the first quarter of 2011 increased 6.5% to
"The first quarter of 2011 was extremely strong with improved metrics on
all fronts. This is the first time since 2006 that
Gross profit margins increased 2 points to 38.0% in the first quarter of 2011, while selling, general and administrative expenses declined by 2.1 points to 34.2% of revenues.
Net income for the first quarter of 2011 increased 165.0% to
As previously reported,
The Company also reported the continued careful management of inventories, while maintaining optimal in-stock positions for maximum customer satisfaction.
Today's Teleconference 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 fiscal
2011, the prospects for overall revenue growth and profitability, 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
Three Months Ended
March 31, March 31,
2011 2010
Revenues, net - direct $ 12,067 $ 11,701
Revenues, net - retail stores 5,218 4,525
--------- ---------
Revenues, net - total $ 17,285 $ 16,226
Cost of revenues 10,717 10,380
--------- ---------
Gross profit 6,568 5,846
Selling, general and administrative expenses 5,920 5,893
--------- ---------
Income (loss) from operations 648 (47)
Interest expense, financing and other related costs,
net 374 251
Other investment loss, net 21 3
--------- ---------
Income (loss) before income tax provision 253 (301)
Provision (benefit) for income taxes 128 (108)
--------- ---------
Net income (loss) $ 125 $ (193)
========= =========
Net income (loss) per share
Basic $ 0.02 $ (0.04)
========= =========
Diluted $ 0.02 $ (0.04)
========= =========
Number of shares used in per share calculation
Basic 5,287,000 5,264,000
Diluted 5,422,000 5,264,000
Other Operating Data:
Number of retail stores(1) 13 13
Capital expenditures 121 31
Gross profit margin 38.0% 36.0%
(1) Includes twelve Dover-branded stores and one Smith Brothers
store.
DOVER SADDLERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(unaudited)
March 31, December 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 158 $ 745
Accounts receivable 468 533
Inventory 17,635 15,869
Prepaid catalog costs 1,514 930
Prepaid expenses and other current assets 741 901
Deferred income taxes 86 105
------------ ------------
Total current assets 20,602 19,083
Net property and equipment 2,965 3,025
Other assets:
Deferred income taxes 871 848
Intangibles and other assets, net 543 593
------------ ------------
Total other assets 1,414 1,441
------------ ------------
Total assets $ 24,981 $ 23,549
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease obligation
and outstanding checks $ 551 $ 97
Accounts payable 1,790 2,073
Accrued expenses and other current liabilities 3,885 5,425
Income taxes payable 156 414
------------ ------------
Total current liabilities 6,382 8,009
Long-term liabilities:
Revolving line of credit 2,674 --
Subordinated notes payable, net 5,500 5,293
Capital lease obligation, net of current
portion 65 89
------------ ------------
Total long-term liabilities 8,239 5,382
------------ ------------
Stockholders' equity:
Common stock, par value
$0.0001 per share; 15,000,000 shares
authorized; 5,286,904 and 5,277,161 issued
and outstanding as of March 31, 2011 and
December 31, 2010, respectively 1 1
Additional paid in capital 45,468 45,391
Treasury stock, 795,865 shares at cost (6,082) (6,082)
Accumulated deficit (29,027) (29,152)
------------ ------------
Total stockholders' equity 10,360 10,158
------------ ------------
Total liabilities and stockholders' equity $ 24,981 $ 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 (loss) to Adjusted EBITDA (in thousands):
Three Months Ended
March 31, March 31,
2011 2010
Net income (loss) $ 125 $ (193)
Depreciation 181 186
Amortization of intangible assets 2 2
Stock-based compensation 62 45
Interest expense, financing and other related costs, net 374 251
Other investment loss 21 3
Provision (benefit) for income taxes 128 (108)
------- ------
Adjusted EBITDA $ 893 $ 186
======= ======
Janet Nittmann Email Contact Tel 978-952-8062 x218
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