UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 


 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

 

Date of report  (Date of earliest event reported)  April 28, 2015

 

 

SMART & FINAL STORES, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

 

Delaware

 

 

 

001-36626

 

 

 

80-0862253

 

(State or Other Jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

 

 

600 Citadel Drive, Commerce, CA

 

 

 

90040

 

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (323) 869-7500

 

 

 

 

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

 



 

Item 2.02        Results of Operations and Financial Condition.

 

On April 28, 2015, Smart & Final Stores, Inc. issued a press release announcing its financial results for the quarter ended March 22, 2015.  The text of the press release is included as Exhibit 99.1 to this Form 8-K.

 

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

 

Item 9.01.       Financial Statements and Exhibits.

 

(d)                   Exhibits:

 

Exhibit Number

Description

 

 

99.1

Press Release, dated April 28, 2015

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

SMART & FINAL STORES, INC

 

 

Date: April 28, 2015

 

 

 

 

By:

/s/ Richard N. Phegley

 

Name:

Richard N. Phegley

 

Title:

Senior Vice President and Chief Financial Officer

 



 

Exhibit Index

 

Exhibit Number

Description

99.1

Press Release, dated April 28, 2015

 


Exhibit 99.1

 

 

Smart & Final Stores, Inc. Reports First Quarter 2015 Financial Results

 

COMMERCE, Calif. (April 28, 2015) –Smart & Final Stores, Inc. (the “Company”) (NYSE:SFS) today reported financial results for the fiscal first quarter ended March 22, 2015.

 

First Quarter Highlights:

·                 Net sales increased 11.9% to $822.2 million

·                 Comparable store sales growth of 6.1%

·                 Net income of $4.9 million, or $0.06 per diluted share

·                 Adjusted net income increased 66.8% to $7.7 million, or $0.10 per diluted share

·                 Adjusted EBITDA increased 15.9% to $35.0 million

·                 258 stores at quarter-end, including 102 Smart & Final Extra! stores

 

“The year is off to a strong start, with Smart & Final Stores delivering against our business plans and financial objectives,” said Dave Hirz, President and Chief Executive Officer. “Once again, sales performance across both of our banners was strong, resulting in a 6.1% total company comparable store sales increase. Underlying our robust sales performance is the expansion of our Smart & Final Extra! stores and our supporting slate of merchandising and marketing initiatives.”

 

Mr. Hirz continued, “We have a unique retail model which is resonating with today’s consumers. Our two banners – Smart & Final and Cash & Carry – are highly complementary, offering shoppers a wide range of quality products with exceptional value and in a highly convenient shopping experience.  And importantly, our growth plans are on track, with new store development, a steady pace of Smart & Final legacy-to-Extra! store conversions, and merchandising and marketing activities all contributing positively to our financial performance.”

 

In order to aid understanding of the Company’s business performance, it has presented results in conformity with accounting principles generally accepted in the United States (“GAAP”) and has also presented adjusted net income, adjusted net income per share, adjusted net income per diluted share, EBITDA and adjusted EBITDA, which are non-GAAP measures that are explained and reconciled to the comparable GAAP measures in the tables included in this release. Where applicable, the numbers below are first presented on a GAAP basis and then on an adjusted basis.

 

First Quarter Fiscal 2015 Financial Results

Net sales were $822.2 million, an 11.9% increase as compared to $735.0 million in the same period of 2014. Net sales growth was driven by a 6.1% increase in comparable store sales and from the net sales contribution of new stores. The growth in comparable store sales was comprised of a 4.2% increase in comparable transaction count and a 1.9% increase in comparable average transaction size.

 

Net sales for Smart & Final banner stores were $628.8 million, an 11.9% increase as compared to $561.9 million in the same period of 2014.  Comparable store sales growth for the Smart & Final banner was 4.9% in the first quarter.

 

1



 

Net sales for Cash & Carry banner stores were $193.3 million, an 11.7% increase as compared to $173.1 million in the same period of 2014.  Comparable store sales growth for the Cash & Carry banner was 10.2% in the first quarter.

 

Gross margin from operations was $122.2 million, a 16.8% increase as compared to $104.6 million in the same period of 2014. Gross margin rate in the first quarter was 14.9% as compared to 14.2% in the same period of 2014.

 

Operating and administrative expenses were $107.0 million, a 15.8% increase as compared to $92.4 million in the same period of 2014. This increase was primarily related to higher sales volumes, increased store support costs and public company costs.

 

Net income was $4.9 million, as compared $2.5 million in the same period of 2014. Net income per diluted share was $0.06 as compared to $0.04 in the same period of 2014.

 

Adjusted net income was $7.7 million, an increase of 66.8% as compared to $4.6 million for the same period of 2014. Adjusted net income per diluted share was $0.10 as compared to $0.08 in the same period of 2014.

 

Adjusted EBITDA was $35.0 million, an increase of 15.9% as compared to $30.2 million in the same period of 2014.

 

Growth and Development

During the fiscal first quarter of 2015, the Company opened four new Smart & Final Extra! stores. As of March 22, 2015, the Company operated a total of 102 Smart & Final Extra! and 103 legacy Smart & Final stores, and 53 Cash & Carry stores.

 

Operating Stores at Quarter End (March 22, 2015)

 

 

 

Smart & Final Banner Stores

 

Cash & Carry
Banner Stores

 

Total
Company

 

 

 

Legacy format

 

Extra! format

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of Fiscal 2014

 

103

 

98

 

201

 

53

 

254

 

New stores

 

-    

 

4

 

4

 

-    

 

4

 

Relocations

 

-    

 

-    

 

-    

 

-    

 

-    

 

Conversions

 

-    

 

-    

 

-    

 

-    

 

-    

 

End of 1st Quarter 2015

 

103

 

102

 

205

 

53

 

258

 

 

In the second quarter of fiscal 2015, the Company expects to open five new Smart & Final Extra! stores, complete four conversions of legacy Smart & Final stores to the Extra! format, including one store relocation, and relocate one Cash & Carry store.

 

For the remainder of fiscal year 2015, the Company expects to open 16 additional new Smart & Final Extra! stores, complete nine additional conversions of legacy stores to the Extra! format, including three store relocations, and open three additional Cash & Carry stores, including one store relocation. The Company continues to expect the pace of new store openings to be relatively consistent throughout 2015.

 

2



 

Leverage and Liquidity

At March 22, 2015, the Company’s debt, net of debt discount, was $588.4 million and cash and cash equivalents was $124.1 million.

 

The Company generated cash from operations of $38.1 million in the 12 weeks ended March 22, 2015. The Company invested $24.4 million in capital expenditures, including openings of Extra! format stores and improvements of existing assets.

 

Outlook

The Company is reiterating the following previously issued outlook for Fiscal Year 2015:

 

 

 

Fiscal Year Ended January 3, 2016

Net sales growth

11% - 12%

Comparable store sales growth 

3.5% - 4.5%

Unit growth (net new stores)

20 Smart & Final Extra!

2 Cash & Carry

Relocations of existing stores

3 Smart & Final

1 Cash & Carry

Conversions of legacy stores to the Extra! format

6 stores

Adjusted EBITDA

$185 - $190 million

Adjusted net income

$51 - $53 million 

Adjusted diluted EPS

$0.67- $0.70

Capital expenditures 

$135 - $145 million

Basic weighted average shares

73.1 million

Fully diluted weighted average shares

76.6 million

 

First Quarter 2015 Conference Call

The Company will host a conference call today at 1:30 p.m. PT / 4:30 p.m. ET to discuss its fiscal first quarter 2015 financial results. To participate in the call, please dial (877) 407-0784 (U.S.) or (201) 689-8560 (International) ten minutes prior to the start time. The conference call can also be accessed on the “Investors” section of the Company’s web site at http://www.smartandfinal-investor.com/.

 

For those unable to participate during the live broadcast, a telephonic replay of the call will also be available beginning today at approximately 7:30 p.m. Eastern Time, by dialing (877) 870-5176 (U.S.) or (858) 384-5517 (International) and entering the replay pin number: 13603649.  The telephonic replay will be available until 11:59 p.m. Eastern Time, on Tuesday, May 12, 2015.

 

About Smart & Final

Smart & Final Stores, Inc. (NYSE: SFS), is a value-oriented food and everyday staples retailer that serves household and business customers. The Company is headquartered in Commerce (located in Los Angeles), CA, where it was founded over 140 years ago.  As of March 22, 2015, the Company operated 258 grocery and foodservice stores under the “Smart & Final”, “Smart & Final Extra!” and “Cash & Carry Smart Foodservice” banners in California, Oregon, Washington, Arizona, Nevada, and Idaho, with an additional 15 stores in northern Mexico operated through a joint venture.

 

3



 

Forward-Looking Statements

Certain statements contained in this release that are not historical information contain forward-looking statements. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or, in each case, their negative, or other variations or comparable terminology. The Company derives many of its forward-looking statements from its operating budgets and forecasts, which are based upon many detailed assumptions. While the Company believes that its assumptions are reasonable, it is difficult to predict the impact of known factors and, of course, it is impossible to anticipate all factors that could affect actual results. These factors are discussed in the “Risk Factors,” “Special Note Concerning Forward-Looking Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business” sections and elsewhere in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.

 

You should keep in mind that any forward-looking statement made by the Company herein, or elsewhere, speaks only as of the date on which made. New risks and uncertainties come up from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

 

INVESTOR CONTACTS:

Laura Bainbridge / Andrew Greenebaum

Addo Communications

O: 310.829.5400

investors@smartandfinal.com

 

MEDIA CONTACT:

press@smartandfinal.com

 

4



 

Smart & Final Stores, Inc. and Subsidiaries

 

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(Dollars in Thousands, Except Share and Per Share Amounts)

 

 

 

 

 

Twelve Weeks Ended

 

 

 

 

 

March 22, 2015

 

March 23, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

 

$

822,170

 

$

735,016

 

 

Cost of sales, buying and occupancy

 

 

700,005

 

630,427

 

 

Gross margin

 

 

122,165

 

104,589

 

 

 

 

 

 

 

 

 

 

Operating and administrative expenses

 

 

106,951

 

92,358

 

 

Income from operations

 

 

15,214

 

12,231

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

7,998

 

8,836

 

 

Equity in earnings of joint venture

 

 

515

 

452

 

 

Income before income taxes

 

 

7,731

 

3,847

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

(2,848

)

(1,340

)

 

Net income

 

 

$

4,883

 

$

2,507

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

$

0.07

 

$

0.04

 

 

Diluted earnings per share

 

 

$

0.06

 

$

0.04

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

 

73,084,282

 

57,171,190

 

 

Diluted

 

 

76,654,281

 

59,495,270

 

 

 

5



 

Smart & Final Stores, Inc. and Subsidiaries

 

Condensed Consolidated Balance Sheets

(Dollars in Thousands, Except Share and Per Share Amounts)

 

 

 

 

March 22, 2015

 

December 28, 2014

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

124,077

 

$

106,847

 

Accounts receivable, less allowances of $796 and $787 at March 22, 2015 and December 28, 2014, respectively

 

19,547

 

23,666

 

Inventories

 

211,091

 

223,404

 

Prepaid expenses and other current assets

 

17,650

 

26,532

 

Deferred income taxes

 

22,419

 

22,419

 

Total current assets

 

394,784

 

402,868

 

 

 

 

 

 

 

Property, plant, and equipment:

 

 

 

 

 

Land

 

10,394

 

11,165

 

Buildings and improvements

 

20,441

 

23,938

 

Leasehold improvements

 

186,732

 

176,114

 

Fixtures and equipment

 

214,170

 

203,473

 

Construction in progress

 

16,301

 

7,344

 

 

 

448,038

 

422,034

 

Less accumulated depreciation and amortization

 

128,205

 

115,350

 

 

 

319,833

 

306,684

 

 

 

 

 

 

 

Capitalized software, net of accumulated amortization of $10,231 and $9,486 at March 22, 2015 and December 28, 2014, respectively

 

10,819

 

10,403

 

Other intangible assets, net

 

324,437

 

325,289

 

Goodwill

 

611,242

 

611,242

 

Deferred financing costs, net

 

5,556

 

5,894

 

Equity investment in joint venture

 

11,824

 

11,924

 

Other assets

 

53,565

 

54,988

 

Total assets

 

$

1,732,060

 

$

1,729,292

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

165,069

 

$

184,897

 

Accrued salaries and wages

 

30,526

 

28,582

 

Accrued expenses

 

84,766

 

72,667

 

Total current liabilities

 

280,361

 

286,146

 

 

 

 

 

 

 

Long-term debt, less current portion and debt discount

 

588,402

 

588,117

 

Deferred income taxes

 

123,866

 

125,673

 

Postretirement and postemployment benefits

 

126,741

 

127,004

 

Other long-term liabilities

 

90,053

 

85,144

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock, $0.001 par value;

 

 

 

 

 

Authorized shares – 340,000,000

Issued and outstanding shares - 73,771,218 and 73,755,388 at March 22, 2015 and December 28, 2014, respectively

 

74

 

74

 

Additional paid-in capital

 

492,096

 

489,550

 

Retained earnings

 

36,884

 

32,001

 

Accumulated other comprehensive loss

 

(6,417

)

(4,417

)

Total stockholders’ equity

 

522,637

 

517,208

 

Total liabilities and stockholders’ equity

 

$

1,732,060

 

$

1,729,292

 

 

6



 

Smart & Final Stores, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in Thousands)

 

 

 

 

Twelve Weeks Ended

 

 

 

 

March 22, 2015

 

March 23, 2014

 

Operating activities

 

 

 

 

 

 

Net income

 

 

$

4,883

 

$

2,507

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation

 

 

8,056

 

7,652

 

Amortization

 

 

6,445

 

6,367

 

Amortization of deferred financing costs and debt discount

 

 

655

 

735

 

Share-based compensation

 

 

2,384

 

 

Excess tax benefits related to share-based payments

 

 

(55

)

 

Deferred income taxes

 

 

(883

)

 

Equity in earnings of joint venture

 

 

(515

)

(452

)

Gain on disposal of property, plant, and equipment

 

 

(3

)

(2

)

Asset impairment

 

 

431

 

73

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

4,120

 

(118

)

Inventories

 

 

12,313

 

19,057

 

Prepaid expenses and other assets

 

 

9,061

 

(1,111

)

Accounts payable

 

 

(19,828

)

(4,120

)

Accrued salaries and wages

 

 

1,944

 

1,244

 

Other accrued liabilities

 

 

9,059

 

692

 

Net cash provided by operating activities

 

 

38,067

 

32,524

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(22,920

)

(13,645

)

Proceeds from disposal of property, plant, and equipment

 

 

4,889

 

15

 

Investment in capitalized software

 

 

(1,463

)

(599

)

Other

 

 

(1,260

)

(39

)

Net cash used in investing activities

 

 

(20,754

)

(14,268

)

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

107

 

 

Fees paid in conjunction with debt financing

 

 

(31

)

(31

)

Payments on bank debt

 

 

 

(1,800

)

Payments of IPO issuance costs

 

 

(214

)

 

Excess tax benefits related to share-based payments

 

 

55

 

 

Contingent consideration related to acquisition of SFHC

 

 

 

(248

)

Net cash used in financing activities

 

 

(83

)

(2,079

)

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

17,230

 

16,177

 

Cash and cash equivalents at beginning of period

 

 

106,847

 

53,699

 

Cash and cash equivalents at end of period

 

 

$

124,077

 

$

69,876

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

Interest

 

 

$

212

 

$

7,103

 

Income taxes

 

 

$

770

 

$

 

 

 

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

 

 

 

Software development costs incurred but not paid

 

 

$

117

 

$

49

 

Construction in progress costs incurred but not paid

 

 

$

15,947

 

$

17,831

 

 

7



 

Smart & Final Stores, Inc. and Subsidiaries

Segment Reporting

(Unaudited)

(Dollars in Thousands)

 

 

 

Smart & Final

 

Cash & Carry

 

Corporate /
Other

 

Consolidated

Twelve Weeks Ended March 22, 2015

 

 

 

 

 

 

 

 

Net sales

 

$

628,836

 

$

193,334

 

$

-

 

$

822,170

Cost of sales, distribution and store occupancy

 

530,620

 

167,307

 

2,078

 

700,005

Operating and administrative expenses

 

78,247

 

13,887

 

14,817

 

106,951

Income (loss) from operations

 

$

19,969

 

$

12,140

 

$

(16,895)

 

$

15,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

20,867

 

$

1,678

 

$

1,838

 

$

24,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Weeks Ended March 23, 2014

 

 

 

 

 

 

 

 

Net sales

 

$

561,942

 

$

173,074

 

$

-

 

$

735,016

Cost of sales, distribution and store occupancy

 

478,359

 

150,273

 

1,795

 

630,427

Operating and administrative expenses

 

67,588

 

12,302

 

12,468

 

92,358

Income (loss) from operations

 

$

15,995

 

$

10,499

 

$

(14,263)

 

$

12,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

12,195

 

$

128

 

$

1,921

 

$

14,244

 

8


 


 

Non-GAAP Financial Measures

 

 

To supplement the Company’s financial information presented in accordance with GAAP, the Company uses certain non-GAAP financial measures, namely adjusted net income, adjusted net income per share, adjusted net income per diluted share, EBITDA and Adjusted EBITDA to clarify and enhance understanding of its past performance. The Company defines adjusted net income as net income adjusted for the items set forth in the tables below.  The Company defines adjusted net income per share as adjusted net income divided by the weighted average basic shares outstanding.  The Company defines adjusted net income per diluted share as adjusted net income divided by the weighted average diluted shares outstanding.  The Company defines EBITDA as net income before depreciation and amortization, interest expense and provision for income tax, and adjusted EBITDA as EBITDA adjusted for the items set forth in the tables below.

 

Use of these non-GAAP measures may differ from similar measures reported by other companies. Each of these non-GAAP measures has its limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

 

The following tables present reconciliations of adjusted net income, EBITDA and adjusted EBITDA to net income, and adjusted net income per share and adjusted net income per diluted share to net income per share, for the twelve-week periods ended March 22, 2015 and March 23, 2014.

 

 

Smart & Final Stores, Inc. and Subsidiaries

Reconciliation of EBITDA to Adjusted EBITDA

(Unaudited)

(Dollars in Thousands)

 

 

 

Twelve Weeks Ended

 

 

 

March 22, 2015

 

March 23, 2014

 

Net income

 

$

4,883

 

$

2,507

 

Depreciation and amortization

 

14,501

 

14,019

 

Interest expense, net

 

7,998

 

8,836

 

Income tax provision

 

2,848

 

1,340

 

EBITDA

 

30,230

 

26,702

 

 

 

 

 

 

 

Adjustments to EBITDA

 

 

 

 

 

Transaction costs (a) 

 

61

 

-

 

Loss from closed stores and exit costs (b) 

 

90

 

307

 

Loss from asset dispositions (c) 

 

408

 

73

 

Share-based compensation expense (d) 

 

2,384

 

-

 

Non-cash rent (e) 

 

793

 

1,184

 

Pre-opening costs (f) 

 

1,133

 

441

 

Other items (g) 

 

(70)

 

1,527

 

Adjusted EBITDA

 

$

35,029

 

$

30,234

 

 

9



 

Smart & Final Stores, Inc. and Subsidiaries

Reconciliation of Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

(Dollars in Thousands, Except Share and Per Share Amounts)

 

 

 

 

Twelve Weeks Ended

 

 

 

March 22, 2015

 

March 23, 2014

 

Net income

 

$

4,883

 

$

2,507

 

Income tax provision

 

2,848

 

1,340

 

Net income before income taxes

 

7,731

 

3,847

 

 

 

 

 

 

 

Adjustments to Net Income

 

 

 

 

 

Transaction costs (a)

 

61

 

-

 

Loss from closed stores and exit costs (b)

 

90

 

307

 

Loss from asset dispositions (c)

 

408

 

73

 

Share-based compensation expense (d)

 

2,384

 

-

 

Non-cash rent (e)

 

793

 

1,184

 

Pre-opening costs (f)

 

1,133

 

441

 

Other items (g)

 

(70)

 

1,527

 

Adjusted income tax provision

 

(4,805)

 

(2,749)

 

Adjusted net income

 

$

7,725

 

$

4,630

 

 

 

 

 

 

 

Adjusted Net Income Per Share

 

 

 

 

 

 

 

 

 

 

 

Net income per share - basic

 

$

0.07

 

$

0.04

 

Per share impact of net income adjustments

 

0.04

 

0.04

 

Adjusted net income per share - basic

 

$

0.11

 

$

0.08

 

Net income per share - diluted

 

$

0.06

 

$

0.04

 

Per share impact of net income adjustments

 

0.04

 

0.04

 

Adjusted net income per share - diluted

 

$

0.10

 

$

0.08

 

 

 

 

 

 

 

Weighted average shares - basic

 

73,084,282

 

57,171,190

 

Weighted average shares - fully diluted

 

76,654,281

 

59,495,270

 

 

(a)  Represents costs primarily associated with the secondary public offering of the Company’s common stock by certain of its stockholders that were charged to expense in the twelve weeks ended March 22, 2015.

(b)  Represents costs associated with store closure and exit costs.

(c)   Represents non-cash loss associated with asset dispositions and impairment charges.

(d)  Represents expenses associated with the Company’s equity-based incentive award program.

(e)  Represents non-cash component of recognized rent expense.

(f)   Represents new store and relocation opening costs consisting primarily of rent, utilities, distribution, store labor and advertising.

(g)  Represents consulting expenses related to strategic growth initiatives for the twelve weeks ended March 23, 2014.

 

10


 

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1 8-K a15-10094_18k.htm 8-K 28643
2 EX-99.1 a15-10094_1ex99d1.htm EX-99.1 404786
3 GRAPHIC g100941mm01i001.jpg GRAPHIC 2040
  Complete submission text file 0001104659-15-030984.txt   437667