Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K AMENDMENT NO. 1 - Zumiez Inc | d8ka.htm |
Exhibit 99.1
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended | ||||||||||||||
| July 31, 2010 | % of Sales | August 1, 2009 | % of Sales | |||||||||||
| Net sales |
$ | 97,702 | 100.0 | % | $ | 85,170 | 100.0 | % | ||||||
| Cost of goods sold |
66,986 | 68.6 | % | 60,526 | 71.1 | % | ||||||||
| Gross profit |
30,716 | 31.4 | % | 24,644 | 28.9 | % | ||||||||
| Selling, general and administrative expenses |
33,084 | 33.8 | % | 29,870 | 35.0 | % | ||||||||
| Operating loss |
(2,368 | ) | (2.4 | %) | (5,226 | ) | (6.1 | %) | ||||||
| Interest income, net |
352 | 0.4 | % | 307 | 0.4 | % | ||||||||
| Other income, net |
47 | 0.0 | % | — | 0.0 | % | ||||||||
| Loss before income taxes |
(1,969 | ) | (2.0 | %) | (4,919 | ) | (5.7 | %) | ||||||
| Benefit for income taxes |
(755 | ) | (0.8 | %) | (1,834 | ) | (2.1 | %) | ||||||
| Net loss |
$ | (1,214 | ) | (1.2 | %) | $ | (3,085 | ) | (3.6 | %) | ||||
| Basic loss per share |
$ | (0.04 | ) | $ | (0.10 | ) | ||||||||
| Diluted loss per share |
$ | (0.04 | ) | $ | (0.10 | ) | ||||||||
| Weighted average shares used in computation of loss per share: |
||||||||||||||
| Basic |
29,954 | 29,496 | ||||||||||||
| Diluted |
29,954 | 29,496 | ||||||||||||
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
| Six Months Ended | ||||||||||||||
| July 31, 2010 | % of Sales | August 1, 2009 | % of Sales | |||||||||||
| Net sales |
$ | 186,798 | 100.0 | % | $ | 161,977 | 100.0 | % | ||||||
| Cost of goods sold |
130,330 | 69.8 | % | 115,434 | 71.3 | % | ||||||||
| Gross profit |
56,468 | 30.2 | % | 46,543 | 28.7 | % | ||||||||
| Selling, general and administrative expenses |
62,090 | 33.2 | % | 55,208 | 34.0 | % | ||||||||
| Operating loss |
(5,622 | ) | (3.0 | %) | (8,665 | ) | (5.3 | %) | ||||||
| Interest income, net |
717 | 0.4 | % | 664 | 0.4 | % | ||||||||
| Other income, net |
71 | 0.0 | % | — | 0.0 | % | ||||||||
| Loss before income taxes |
(4,834 | ) | (2.6 | %) | (8,001 | ) | (4.9 | %) | ||||||
| Benefit for income taxes |
(1,720 | ) | (0.9 | %) | (3,257 | ) | (2.0 | %) | ||||||
| Net loss |
$ | (3,114 | ) | (1.7 | %) | $ | (4,744 | ) | (2.9 | %) | ||||
| Basic net loss per share |
$ | (0.10 | ) | $ | (0.16 | ) | ||||||||
| Diluted net loss per share |
$ | (0.10 | ) | $ | (0.16 | ) | ||||||||
| Weighted average shares used in computation of loss per share: |
||||||||||||||
| Basic |
29,846 | 29,253 | ||||||||||||
| Diluted |
29,846 | 29,253 | ||||||||||||
ZUMIEZ INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| July 31, 2010 |
January 30, 2010 |
August 1, 2009 | |||||||
| (Unaudited) | (Unaudited) | ||||||||
| Assets | |||||||||
| Current assets |
|||||||||
| Cash and cash equivalents |
$ | 6,842 | $ | 1,568 | $ | 21,304 | |||
| Marketable securities |
84,475 | 106,483 | 60,748 | ||||||
| Receivables |
8,375 | 5,600 | 6,755 | ||||||
| Income taxes receivable |
2,988 | — | 1,399 | ||||||
| Inventories |
78,691 | 50,916 | 69,569 | ||||||
| Prepaid expenses and other |
7,653 | 6,102 | 6,319 | ||||||
| Deferred tax assets |
3,280 | 3,045 | 4,048 | ||||||
| Total current assets |
192,304 | 173,714 | 170,142 | ||||||
| Fixed assets, net |
78,092 | 66,008 | 74,367 | ||||||
| Goodwill and other intangibles |
13,161 | 13,186 | 13,211 | ||||||
| Long-term deferred tax assets |
6,658 | 5,537 | 2,291 | ||||||
| Long-term investments |
2,787 | 872 | 799 | ||||||
| Long-term other assets |
1,164 | 948 | 793 | ||||||
| Total long-term assets |
101,862 | 86,551 | 91,461 | ||||||
| Total assets |
$ | 294,166 | $ | 260,265 | $ | 261,603 | |||
| Liabilities and Shareholders’ Equity | |||||||||
| Current liabilities |
|||||||||
| Trade accounts payable |
$ | 48,327 | $ | 16,817 | $ | 43,352 | |||
| Accrued payroll and payroll taxes |
5,572 | 6,593 | 3,540 | ||||||
| Income taxes payable |
— | 4,006 | — | ||||||
| Deferred rent and tenant allowances |
3,614 | 3,248 | 3,157 | ||||||
| Other liabilities |
12,429 | 9,123 | 8,712 | ||||||
| Total current liabilities |
69,942 | 39,787 | 58,761 | ||||||
| Long-term deferred rent and tenant allowances |
28,046 | 26,375 | 26,980 | ||||||
| Long-term other liabilities |
1,759 | 1,427 | 212 | ||||||
| Total long-term liabilities |
29,805 | 27,802 | 27,192 | ||||||
| Total liabilities |
99,747 | 67,589 | 85,953 | ||||||
| Commitments and contingencies |
|||||||||
| Shareholders’ equity |
|||||||||
| Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding |
— | — | — | ||||||
| Common stock, no par value, 50,000 shares authorized; 30,600 shares issued and outstanding at July 31, 2010, 30,251 shares issued and outstanding at January 30, 2010 and 30,155 shares issued and outstanding at August 1, 2009. |
86,345 | 81,399 | 78,259 | ||||||
| Accumulated other comprehensive income |
12 | 101 | 90 | ||||||
| Retained earnings |
108,062 | 111,176 | 97,301 | ||||||
| Total shareholders’ equity |
194,419 | 192,676 | 175,650 | ||||||
| Total liabilities and shareholders’ equity |
$ | 294,166 | $ | 260,265 | $ | 261,603 | |||