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Fourth quarter results
Total revenues for the fourth quarter of 2011 increased 1.3% to
Full Year Results
Total revenues for fiscal year 2011 increased 3.4% to
Net income for fiscal 2011 decreased to
"As you can see from our financial results, 2011 has been our strongest year to date for performance in the retail store channel," commented
Adjusted EBITDA for fiscal year 2011 decreased 7.1% to
Continuing to build on the strong retail performance,
Today's Teleconference and Webcast
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, 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 Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2011 2010 2011 2010
Revenues, net - direct $ 14,773 $ 15,884 $ 50,334 $ 52,140
Revenues, net - retail
stores 9,020 7,611 30,497 26,050
---------- ---------- ---------- ----------
Revenues, net - total $ 23,793 $ 23,495 $ 80,831 $ 78,190
Cost of revenues 14,295 14,183 49,836 48,491
---------- ---------- ---------- ----------
Gross profit 9,498 9,312 30,995 29,699
Selling, general and
administrative expenses 8,212 7,208 27,219 25,493
---------- ---------- ---------- ----------
Income from operations 1,286 2,104 3,776 4,216
Interest expense, financing
and other related costs,
net 127 266 728 1,030
Other investment (income)
loss, net 22 69 18 (314)
---------- ---------- ---------- ----------
Income before income tax
provision 1,137 1,769 3,030 3,500
Provision for income taxes 496 721 1,306 1,455
---------- ---------- ---------- ----------
Net income $ 641 $ 1,048 $ 1,724 $ 2,045
========== ========== ========== ==========
Net income per share
Basic $ 0.12 $ 0.20 $ 0.33 $ 0.39
========== ========== ========== ==========
Diluted $ 0.12 $ 0.19 $ 0.31 $ 0.38
========== ========== ========== ==========
Number of shares used in per
share calculation
Basic 5,307,000 5,277,000 5,293,000 5,272,000
Diluted 5,461,000 5,403,000 5,482,000 5,399,000
Other Operating Data:
Number of retail stores(1) 15 13 15 13
Capital expenditures 700 35 1,384 306
Gross profit margin 39.9% 39.7% 38.3% 38.0%
(1) Includes fourteen Dover-branded stores and one Smith Brothers store; two
additional Dover-branded stores opened in 2011, Parker, CO in Q2 and
Libertyville, IL in Q4.
DOVER SADDLERY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2011 2010 2011 2010
Net income $ 641 $ 1,048 $ 1,724 $ 2,045
--------- --------- --------- ---------
Other comprehensive loss:
Change in fair value of interest
rate swap contract, net of tax 2 -- 190 --
--------- --------- --------- ---------
Total comprehensive income $ 639 $ 1,048 $ 1,534 $ 2,045
========= ========= ========= =========
DOVER SADDLERY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
Dec. 31, Dec. 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 313 $ 745
Accounts receivable 811 533
Inventory 19,383 15,869
Prepaid catalog costs 1,273 930
Prepaid expenses and other current assets 896 901
Deferred income taxes 261 105
--------- ---------
Total current assets 22,937 19,083
Net property and equipment 3,667 3,025
Other assets:
Deferred income taxes 1,018 848
Intangibles and other assets, net 571 593
--------- ---------
Total other assets 1,589 1,441
--------- ---------
Total assets $ 28,193 $ 23,549
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease obligations and
outstanding checks $ 1,100 $ 97
Accounts payable 2,201 2,073
Accrued expenses and other current liabilities 5,741 5,425
Income taxes payable 308 414
--------- ---------
Total current liabilities 9,350 8,009
Long-term liabilities:
Revolving line of credit 987 --
Term note 5,500 --
Subordinated notes payable, net -- 5,293
Capital lease obligation, net of current portion 16 89
Interest rate swap contract 322 --
--------- ---------
Total long-term liabilities 6,825 5,382
Stockholders' equity:
Common stock, par value $0.0001 per share;
15,000,000 shares authorized; 5,332,738 and
5,277,161 issued and outstanding as of December 31,
2011 and 2010, respectively 1 1
Additional paid in capital 45,716 45,391
Treasury stock, 795,865 shares at cost (6,082) (6,082)
Other comprehensive loss (190) --
Accumulated deficit (27,427) (29,152)
--------- ---------
Total stockholders' equity 12,018 10,158
--------- ---------
Total liabilities and stockholders' equity $ 28,193 $ 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 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 Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2011 2010 2011 2010
Net income $ 641 $ 1,048 $ 1,724 $ 2,045
Depreciation 193 185 747 731
Amortization of intangible assets -- 2 5 6
Stock-based compensation 56 54 242 190
Interest expense, financing and
other related costs, net 127 266 728 1,030
Other investment (income) loss, net 22 69 18 (314)
Provision for income taxes 496 721 1,306 1,455
--------- --------- --------- ---------
Adjusted EBITDA $ 1,535 $ 2,345 $ 4,770 $ 5,143
========= ========= ========= =========
Janet Nittmann Email Contact 978 952 8062 x 218
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