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Finish Line Reports First Quarter Results
(Logo: http://www.newscom.com/cgi-bin/prnh/20020603/FINISHLINELOGO )
Consolidated net sales decreased 7.2% to
For Q1, the Company reported a consolidated pre-tax operating loss of
For the first quarter, the Company reported a loss from continuing operations of
Consolidated merchandise inventories decreased 14% to
As of
"Our core Finish Line business has performed as expected against the backdrop of a challenging economy and a difficult comparison to the same quarter of last year," said
Mr. Lyon continued, "We are pleased that we have announced a plan, and entered into a definitive agreement, to exit the unprofitable Man Alive business. This transaction will allow us to focus our time and resources on continuing to improve our core Finish Line business as Man Alive joins the Jimmy Jazz team."
Conference Call
The Company is hosting a live conference call at
Interested parties may access a replay of the live conference call by calling (706) 645-9291, the conference ID#12744159. This replay will be available commencing at approximately
Forward-Looking Statements
The Company has experienced, and expects to continue to experience, significant variability in net sales, net income (loss) and comparable store net sales from quarter to quarter. Therefore, the results of the periods presented herein are not necessarily indicative of the results to be expected for any other future period or year.
Certain statements contained in this press release regard matters that are not historical facts and are forward-looking statements (as such term is defined in the rules promulgated pursuant to the Securities Act of 1933, as amended). Because such forward-looking statements contain risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements.
Factors relating to the transaction transferring Man Alive to the Jimmy Jazz organization that could cause actual results to differ materially include, but are not limited to: the announcement of, but failure to close, the sale, in which event performance of the Man Alive business is likely to deteriorate further, including, but not limited to, further declining sales and the loss of customers and employees. Factors that could result in the failure of the transaction to close include, but are not limited to, the failure of either party to satisfy any of their conditions to closing under the definitive agreement. In addition, the failure of the buyer to discharge its post-closing liabilities under the leases it is assuming from Man Alive or the failure of the Company to obtain all the consents of the landlords to allow the assignment of the leases, could cause actual results of the Company to differ materially since either such event could result in certain liabilities remaining with the Company.
Other factors that could cause results of the Company to differ materially include, but are not limited to: changing consumer preferences; the Company's inability to successfully market its footwear, apparel, accessories and other merchandise; price, product and other competition from other retailers (including internet and direct manufacturer sales); the unavailability of products; the inability to locate and obtain favorable lease terms for the Company's stores; the loss of key employees; the effect of economic conditions including conditions resulting from the current turmoil in the financial services industry, depressed demand in the housing market and unemployment rates; management of growth, the outcome of litigation, and the other risks detailed in the Company's Securities and Exchange Commission filings.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
About Finish Line
The Finish Line, Inc. is one of the largest mall-based specialty retailers operating under the Finish Line and Man Alive brand names. The Finish Line, Inc. is publicly traded on the NASDAQ Global Select Market under the symbol FINL. The Company operates 685 Finish Line stores in 47 states and online and 75 Man Alive stores in 19 states and online. To learn more about these brands, visit www.finishline.com and www.manalive.com.
The Finish Line, Inc.
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share and store data)
Thirteen Weeks Ended
--------------------
May 30, May 31,
2009 2008
------- -------
Net sales $267,229 $287,939
Cost of sales (including occupancy
costs) 190,171 204,812
------- -------
Gross profit 77,058 83,127
Selling, general, and administrative
expenses 77,983 81,427
------- -------
Operating (loss) income (925) 1,700
Interest income, net 104 255
------- -------
(Loss) income from continuing
operations before income taxes (821) 1,955
Income tax (benefit) expense (215) 1,090
------- -------
(Loss) income from continuing
operations (606) 865
(Loss) income from discontinued
operations, net of income taxes (2) 3
------- -------
Net (loss) income $(608) $868
======= =======
(Loss) income per diluted share:
(Loss) income from continuing
operations $(0.01) $0.02
(Loss) income from discontinued
operations - -
------- -------
Net (loss) income $(0.01) $0.02
======= =======
Diluted weighted average shares
outstanding 54,153 53,895
======= =======
Dividends declared per share $0.03 $-
======= =======
Number of stores open at end of period:
Finish Line 684 700
Man Alive 76 94
------- -------
Total 760 794
======= =======
Thirteen Weeks Ended
--------------------
May 30, May 31,
2009 2008
------- -------
Net sales 100.0% 100.0%
Cost of sales (including occupancy
costs) 71.1 71.1
------- -------
Gross profit 28.9 28.9
Selling, general, and administrative
expenses 29.2 28.3
------- -------
Operating (loss) income (0.3) 0.6
Interest income, net - 0.1
------- -------
(Loss) income from continuing
operations before income taxes (0.3) 0.7
Income tax (benefit) expense (0.1) 0.4
------- -------
(Loss) income from continuing
operations (0.2) 0.3
(Loss) income from discontinued
operations, net of income taxes - -
------- -------
Net (loss) income (0.2)% 0.3%
======= =======
Condensed Consolidated Balance Sheets
May 30, May 31, February 28,
2009 2008 2009
--------- --------- -----------
(Unaudited) (Unaudited)
ASSETS
------------------------------------
Cash, cash equivalents and
marketable securities $118,959 $39,992 $115,875
Merchandise inventories, net 241,571 281,217 239,409
Other current assets 16,215 55,614 31,791
Property and equipment, net 166,996 212,940 173,119
Other assets 39,575 44,618 38,539
-------- -------- --------
Total assets $583,316 $634,381 $598,733
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities $95,363 $137,434 $107,838
Deferred credits from landlords 49,546 58,208 51,939
Other long-term liabilities 14,877 15,819 14,562
Shareholders' equity 423,530 422,920 424,394
-------- -------- --------
Total liabilities and shareholders'
equity $583,316 $634,381 $598,733
======== ======== ========
CONTACTS:
Investor Relations:
Edward W. Wilhelm, (317) 899-1022 ext. 6914
Executive Vice President - Chief Financial Officer
Media Requests:
Elise Hasbrook, (317) 899-1022 ext. 6827
Corporate Communications Manager
SOURCE The Finish Line, Inc.
RELATED LINKS
http://www.finishline.com