Shoe Pavilion, Inc. (Nasdaq:SHOE): -- Second quarter net sales
increased 26% to $31.4 million. -- Second quarter net income
increased 43% to $1,007,000, or $0.10 per diluted share. -- Second
quarter adjusted net income, excluding a legal settlement expense,
increased 58% to $1,110,000, or $0.11 per diluted share. Shoe
Pavilion, Inc. (Nasdaq:SHOE) today announced financial results for
the second quarter ended July 1, 2006. Net sales increased 26% to
$31.4 million in the second quarter from $24.9 million in the prior
year period. Comparable store sales increased 3.9%. Net income for
the second quarter increased 43% to $1,007,000, or $0.10 per
diluted share, versus net income of $704,000, or $0.10 per diluted
share, in the prior year period. Second quarter 2006 net income
includes an after-tax charge of $103,000, or $0.01 per diluted
share, attributable to the defense and settlement of a lawsuit.
Excluding this expense in the second quarter of 2006, adjusted net
income for the second quarter of 2006 would have increased 58% to
$1,110,000, or $0.11 per diluted share, compared to the second
quarter of 2005. Dmitry Beinus, President and Chief Executive
Officer, stated, "Our net sales and adjusted net income were in
line with our expectations. We are pleased to have successfully
continued our store rollout plans with the opening of four new
stores during the quarter." During the quarter, we opened new
stores in Bellevue, Washington, and Sacramento, Huntington Beach
and Montebello, California. Gross profit was 34.9% in the second
quarter compared to 35.4% in the same period last year. The
decrease primarily reflects a higher selling margin offset by
higher occupancy costs due to the rollout of new stores. Selling,
general and administrative expense improved to 29.2% of net sales
compared to 30.3% in the year-ago period. The reduction primarily
reflects leveraging on payroll and advertising expense, partially
offset by legal fees associated with the settlement of a lawsuit.
Business Outlook In the third quarter to date, we have opened new
stores in Portland, Oregon; Redwood City, California; El Paso,
Texas; and Santa Fe, New Mexico, and closed one store in Northern
California. Year-to-date we have opened twelve new stores, expanded
three stores and closed two stores. We expect to open another eight
to ten new stores in fiscal 2006. Teleconference Shoe Pavilion will
host a conference call today, August 10th, at 2:00 p.m. PDT (5:00
p.m. EDT) to discuss second quarter financial results. Certain
financial and other statistical information expected to be
presented on the conference call, along with information required
under SEC Regulation G, may be accessed on the investor relations
section of our corporate web site at www.shoepavilion.com. To
access the call, please dial 866-200-5830 (domestic) or
732-694-1588 (international), pin number 192401#. A replay of the
call will be available through August 17, 2006, and can be accessed
approximately one hour after the end of the call by dialing
866-206-0173 (domestic) or 732-694-1571 (international), pin number
181152#. About Shoe Pavilion Shoe Pavilion is an independent,
off-price footwear retailer. We offer a broad selection of women's,
men's and children's designer label and name brand footwear,
typically at 20% to 60% below department store regular prices for
the same shoes. We currently operate 99 stores in California,
Washington, Oregon, Arizona, Nevada, Texas and New Mexico. More
information on Shoe Pavilion can be found by visiting the Company's
web site at www.shoepavilion.com. Business Risks and
Forward-Looking Statements This press release contains
forward-looking statements and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements relating to,
among other things, results deemed to be achievable by management
in 2006 and store opening plans. Sales and earnings trends are also
affected by many other factors, including, among others, world and
national political events, including general economic conditions;
the effectiveness of our promotions and merchandising strategies;
the efficient operation of our supply chain, including the support
of our key vendors; our effective management of business risks,
including litigation; and competitive factors applicable to our
retail markets. In light of these risks, the forward-looking
statements contained in this press release are not guarantees of
future performance and in fact may not be realized. Our actual
results could differ materially and adversely from those expressed
in this press release. Further, the statements made by us above
represent our views only as of the date of this press release, and
it should not be assumed that the statements made herein remain
accurate as of any future date. We do not presently intend to
update these statements prior to our next quarterly earnings
release and undertake no duty to any person to effect any such
update under any circumstances. Investors are also urged to review
carefully the discussion under the caption "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2005,
which has been filed with the Securities and Exchange Commission
and may be accessed through the EDGAR database by visiting the
SEC's web site at www.sec.gov. Non-GAAP Financial Measures To
supplement condensed consolidated financial statements presented in
accordance with GAAP, non-GAAP financial measures are used as the
settlement and other expenses related to the lawsuit are not
expected to reoccur and their exclusion provides a consistent
comparison to past results. The presentation of this financial
information is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. For more information on the non-GAAP
financial measures, please see the table captioned "Supplemental
Financial Data," included at the end of this release. -0- *T Shoe
Pavilion, Inc. Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share data) July 1, 2006 December 31, 2005
------------ ----------------- ASSETS CURRENT ASSETS: Cash $ 532 $
494 Receivables 1,991 1,091 Inventories 56,304 41,097 Deferred
income taxes 1,003 1,003 Prepaid expenses 2,248 161 --------
-------- Total current assets 62,078 43,846 Property and equipment,
net 9,496 5,948 Deferred income taxes and other assets 2,524 2,411
-------- -------- TOTAL $ 74,098 $ 52,205 ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts
payable $ 16,717 $ 7,481 Accrued expenses 3,562 5,184 Borrowings
under credit agreement 5,965 7,803 Current portion of capitalized
lease obligations 58 57 -------- -------- Total current liabilities
26,302 20,525 Deferred rent 7,302 5,300 Long-term portion of
capitalized lease obligations 183 209 -------- -------- Total
liabilities 33,787 26,034 Commitments and contingencies
STOCKHOLDERS' EQUITY: Preferred stock -- $.001 par value; 1,000,000
shares authorized; 0 (2006) and 3,000 (2005) shares issued and
outstanding -- -- Common stock -- $.001 par value; 15,000,000
shares authorized; 9,510,043 (2006) and 6,927,771 (2005) shares
issued and outstanding 9 7 Additional paid-in capital 29,875 16,950
Retained earnings 10,427 9,214 -------- -------- Total
stockholders' equity 40,311 26,171 -------- -------- TOTAL $ 74,098
$ 52,205 ======== ======== Shoe Pavilion, Inc. Condensed
Consolidated Statements of Operations (Unaudited) (In thousands,
except per share data) Thirteen weeks ended Twenty-six weeks ended
--------------------- ---------------------- July 1, July 2, July
1, July 2, 2006 2005 2006 2005 -------- ------- --------- -------
Net sales $ 31,422 $ 24,929 $ 58,692 $ 48,228 Cost of sales and
related occupancy expenses 20,471 16,106 38,468 31,389 --------
-------- -------- -------- Gross profit 10,951 8,823 20,224 16,839
Selling, general and administrative expenses 9,161 7,543 17,908
14,777 -------- -------- -------- -------- Income from operations
1,790 1,280 2,316 2,062 Interest expense (102) (125) (281) (236)
-------- -------- -------- -------- Income before income taxes
1,688 1,155 2,035 1,826 Income tax expense (681) (451) (822) (716)
-------- -------- -------- -------- Net income $ 1,007 $ 704 $
1,213 $ 1,110 ======== ======== ======== ======== Earnings per
share: Basic 0.11 0.10 0.14 0.16 Diluted 0.10 0.10 0.14 0.16
Weighted average shares outstanding: Basic 9,509 6,805 8,538 6,803
Diluted 9,706 7,101 8,751 7,080 Shoe Pavilion, Inc. Supplemental
Financial Data (Unaudited) (In thousands, except per share data)
Thirteen weeks ended Twenty-six weeks ended ---------------------
---------------------- July 1, July 2, July 1, July 2, 2006 2005
2006 2005 -------- ------- --------- ------- Net income as reported
$ 1,007 $ 704 $ 1,213 $ 1,110 Add: Expenses related to the defense
and settlement of a lawsuit(1) 103 -- 116 -- -------- --------
-------- -------- Adjusted net income $ 1,110 $ 704 $ 1,329 $ 1,110
======== ======== ======== ======== Adjusted earnings per share:
Basic 0.12 0.10 0.16 0.16 Diluted 0.11 0.10 0.15 0.16 Weighted
average shares outstanding: Basic 9,509 6,805 8,538 6,803 Diluted
9,706 7,101 8,751 7,080 (1) Legal fees and settlement of a lawsuit,
after income taxes *T
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