(Logo: http://www.newscom.com/cgi-bin/prnh/20020603/FINISHLINELOGO )
THIRD QUARTER RESULTS:
For the thirteen weeks ended
For the third quarter, the Company reported a loss from continuing
operations of
Merchandise inventories on a consolidated basis were
YEAR-TO-DATE RESULTS:
Net sales increased 0.4% to
The Company reported income from continuing operations of
CONFERENCE CALL:
As previously announced, the Company is hosting a live conference call at
The Company will make available a replay of the live conference call by
calling 1-706-645-9291 (Conference ID# 77831178). This replay will be
available commencing at approximately
The Company has experienced, and expects to continue to experience, significant variability in net sales and net income (loss) 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 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 that could cause actual results 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; fluctuations in oil prices causing changes in gasoline and energy prices, resulting in changes in consumer spending and utility and product costs; the effect of economic conditions including conditions resulting from the current turmoil in the financial services industry and depressed demand in the housing market; management of growth, and the other risks detailed in the Company's Securities and Exchange Commission filings. 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.
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 currently operates 698 Finish Line stores in 47 states and online and 93 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 Thirteen Thirty-Nine Thirty-Nine Weeks Ended Weeks Ended Weeks Ended Weeks Ended November 29, December 1, November 29, December 1, 2008 2007 2008 2007 ------------ ----------- ------------ ----------- Net sales $256,864 $268,699 $898,115 $894,409 Cost of sales (including occupancy costs) 190,280 198,803 637,692 646,163 ------------ ----------- ------------ ----------- Gross profit 66,584 69,896 260,423 248,246 Selling, general and administrative expenses 81,060 83,261 251,709 253,372 Terminated merger -related costs 23 9,658 106 9,883 ------------ ----------- ------------ ----------- Operating (loss) income (14,499) (23,023) 8,608 (15,009) Interest income, net 194 223 693 923 ------------ ----------- ------------ ----------- (Loss) income from continuing operations before income taxes (14,305) (22,800) 9,301 (14,086) Income tax (benefit) expense (5,462) (9,035) 4,059 (4,626) ------------ ----------- ------------ ----------- (Loss) income from continuing operations (8,843) (13,765) 5,242 (9,460) ------------ ----------- ------------ ----------- Loss from discontinued operations, net of income tax benefit - (2,189) (123) (12,163) ------------ ----------- ------------ ----------- Net (loss) income $(8,843) $(15,954) $5,119 $(21,623) ============ =========== ============= =========== (Loss) income per diluted share: (Loss) income from continuing operations $(0.16) $(0.29) $0.10 $(0.20) Loss from discontinued operations - (0.05) - (0.26) ------------ ----------- ------------ ----------- Net (loss) income $(0.16) $(0.34) $0.10 $(0.46) ============ =========== ============= =========== Diluted weighted average shares outstanding 53,935 47,211 54,477 47,178 ============ =========== ============= =========== Dividends declared per share $0.030 $- $0.060 $0.025 ============ =========== ============= =========== Number of stores open at end of period: Finish Line 699 701 Man Alive 93 96 ------------ ----------- Total 792 797 ============ =========== Condensed Consolidated Balance Sheet November 29, December 1, March 1, 2008 2007 2008 ------------ ------------ --------- (Unaudited) (Unaudited) ASSETS Cash and short-term investments $55,148 $14,065 $72,901 Merchandise inventories, net 293,244 338,732 268,333 Other current assets 39,655 29,432 40,573 Property and equipment, net 201,005 229,726 217,834 Other assets 44,593 36,795 43,406 ------------ ------------ --------- Total assets $633,645 $648,750 $643,047 ============ ============ ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $137,227 $145,982 $99,931 Terminated merger-related liabilities 206 - 47,129 Deferred credits from landlords 54,441 62,686 59,642 Other long-term liabilities 15,042 8,370 15,479 Shareholders' equity 426,729 431,712 420,866 ------------ ------------ --------- Total liabilities and shareholders' equity $633,645 $648,750 $643,047 ============ ============ ========= The Finish Line, Inc. SEC REGULATION G RECONCILIATION OF (LOSS) INCOME FROM CONTINUING OPERATIONS PER DILUTED SHARE ON A GAAP BASIS TO (LOSS) INCOME FROM CONTINUING OPERATIONS PER DILUTED SHARE ON A NON-GAAP BASIS Thirty- Thirty- Thirteen Thirteen Nine Nine Weeks Weeks Weeks Weeks Ended Ended Ended Ended November 29, December 1, November 29, December 1, 2008 2007 2008 2007 ------------ ----------- ------------ ----------- (Loss) income from continuing operations per diluted share on a GAAP Basis $(0.16) $(0.29) $0.10 $(0.20) Subtract: terminated merger-related costs - 0.12 - 0.13 ------------ ----------- ------------ ----------- (Loss) income from continuing operations per diluted share on a non-GAAP basis (a) $(0.16) $(0.17) $0.10 $(0.07) ============ =========== ============ ===========
(a) (Loss) income from continuing operations per diluted share excluding the amount noted above is a non-GAAP financial measure. The Company believes this is an important metric as it represents our (loss) income from continuing operations per diluted share without the impact of terminated merger-related costs.
CONTACTS: Investor Relations Contact: Steven J. Schneider (317) 899-1022 ext. 6528 President, Chief Operating Officer & Interim CFO Media Requests Contact: Elise Hasbrook, (317) 899-1022 ext. 6827 Corporate Communications Manager
SOURCE The Finish Line, Inc.