-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UltQonrjnGfJFy3yDM3VdMhVM7UAENGnMaCCfoojpSO/ccDQJ9Jjw/67l2BdIQT4 S5WpyIqIpRo3G0IJRI2oFQ== 0001019687-03-001173.txt : 20030521 0001019687-03-001173.hdr.sgml : 20030521 20030521162858 ACCESSION NUMBER: 0001019687-03-001173 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030521 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOT TOPIC INC /CA/ CENTRAL INDEX KEY: 0001017712 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 770198182 STATE OF INCORPORATION: CA FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28784 FILM NUMBER: 03714756 BUSINESS ADDRESS: STREET 1: 18305 EAST SAN JOSE AVENUE CITY: CITY OF INDUSTRY STATE: CA ZIP: 91748 BUSINESS PHONE: 6268394681 MAIL ADDRESS: STREET 1: 18305 EAST SAN JOSE AVENUE CITY: CITY OF INDUSTRY STATE: CA ZIP: 91768 8-K 1 hottopic_8k-052103.txt 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) May 21, 2003 HOT TOPIC, INC. --------------- (Exact name of Registrant as specified in its charter) California 0-28784 77-0198182 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 18305 E. San Jose Avenue, City of Industry, California 91748 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (626) 839-4681 __________________________________________________________ (Former name or former address, if changed since last report) ITEM 9. REGULATION FD DISCLOSURE. The information contained in this Item 9 of this Current Report is being furnished pursuant to "Item 12. Results of Operations and Financial Condition" of Form 8-K, in accordance with the Securities Exchange Commission's Release Nos. 33-8216 and 34-47583. The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing. Attached hereto as Exhibit 99.1 is a copy of a press release that Hot Topic, Inc. issued on May 21, 2003 reporting, among other things, its results for the first quarter of fiscal 2003 (quarter ended May 3, 2003). 2 SIGNATURE 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. Hot Topic, Inc. /s/ James McGinty ------------------------------------- James McGinty Chief Financial Officer and Secretary May 21, 2003 3 EX-99.1 3 hottopic_8kex99-1.txt Exhibit 99.1 ** NEWS RELEASE ** Contact: Mr. Jay A. Johnson SVP, Strategic Analysis and Investor Relations Hot Topic, Inc. (626) 839-4681 x2269 jjohnson@hottopic.com HOT TOPIC, INC. REPORTS FIRST QUARTER EPS INCREASES 27% TO A RECORD $0.14 PER DILUTED SHARE CITY of INDUSTRY, CA, May 21, 2003 -- Hot Topic, Inc.(Nasdaq National Market: HOTT), a mall-based specialty retailer of music-licensed and music-influenced apparel, accessories and gift items for teens, reported company-record results for the first quarter (13 weeks) ended May 3, 2003. Net income in the first quarter increased to $4.4 million or $0.14 per diluted share from $3.7 million or $0.11 per diluted share for the first quarter of the last fiscal year. Net sales for the first quarter increased 26% to $100.7 million from $79.9 million for the first quarter of fiscal 2002. As previously reported, comparable-store sales increased 2.6% for the quarter compared to the first quarter of fiscal 2002. At the end of the quarter, the Company operated 468 stores, including 34 Torrid stores, compared to 379 stores, including 7 Torrid stores, at the end of the first quarter of fiscal 2002. A conference call to discuss first quarter results, business trends, and other matters will be conducted today at 4:30pm Eastern time. The conference call number is (888) 868-9080, and will be accessible to all interested parties. It will also be webcast at www.streetevents.com. A replay will be available at (973) 341-3080, pass code 3265628, and at www.streetevents.com for approximately 10 days. Hot Topic, Inc. is a national mall-based specialty retailer of music-licensed and music-influenced apparel, accessories and gift items for young men and women principally between the ages of 12 and 22. Torrid, the Company's second concept, is a mall-based specialty retailer of plus-sized fashion-forward apparel and accessories that targets young women principally between the ages of 15 and 29. The Company currently operates 437 Hot Topic stores in 49 states throughout the United States, 37 Torrid stores and Internet stores www.hottopic.com and www.torrid.com. Except for the historical information contained herein, this news release contains forward-looking statements, including statements relating to financial results, projections and other financial performance, and managing growth. These statements involve risks and uncertainties, including risks and uncertainties associated with meeting expected financial results, management of growth, relationships with mall developers and operators, the risk that available cash or mall space will not be adequate for planned expansion, fluctuations in sales and comparable store sales results, risks and uncertainties with respect to new store openings including risks associated with the Company's new store concepts and Internet stores, music and fashion trends, competition from other retailers, uncertainties generally associated with specialty retailing, the effect of economic conditions, the effect of severe weather or natural disasters, political and/or social changes or events that could negatively impact shopping patterns and/or mall traffic as well as other risks detailed from time to time in the Company's SEC reports, including its Annual Report on Form 10-K for the year ended February 1, 2003. The historical results achieved are not necessarily indicative of the future prospects of the Company. HOT TOPIC, INC. SUMMARY STATEMENTS OF INCOME (In thousands, except per share data) (unaudited) First Quarter Ended May 3, 2003 May 4, 2002 --------- --------- Net sales $100,657 $ 79,909 Cost of goods sold, including buying, distribution and occupancy costs 65,043 51,452 --------- --------- Gross margin 35,614 28,457 Selling, general and administrative expenses 28,859 22,927 --------- --------- Operating income 6,755 5,530 Interest income-net 358 410 --------- --------- Income before income taxes 7,113 5,940 Provision for income taxes 2,703 2,257 --------- --------- Net income $ 4,410 $ 3,683 ========= ========= Earnings per share Basic $ 0.14 $ 0.12 Diluted $ 0.14 $ 0.11 Weighted average shares outstanding Basic 31,312 31,473 Diluted 32,378 33,315 HOT TOPIC, INC. BALANCE SHEETS (In thousands) (unaudited) May 3, 2003 May 4, 2002 --------- --------- Current assets: Cash and cash equivalents $ 34,389 $ 23,486 Short-term investments 37,131 37,643 Inventory 43,945 35,798 Prepaid expenses and other 8,950 7,272 Deferred tax assets 2,093 1,417 --------- --------- Total current assets 126,508 105,616 Leaseholds, fixtures and equipment - net 76,547 62,208 Deposits and other 171 178 Deferred tax assets 683 847 --------- --------- Total assets $203,909 $168,849 ========= ========= Current liabilities: Accounts payable $ 15,922 $ 13,303 Accrued liabilities 17,272 11,974 Income taxes payable 290 -- Current portion of obligations under capital leases 22 26 --------- --------- Total current liabilities 33,506 25,303 Deferred rent 2,528 1,889 Capital lease obligations, less current portion 84 147 --------- --------- Total liabilities 36,118 27,339 Shareholders' equity 167,791 141,510 --------- --------- Total liabilities and shareholders' equity $203,909 $168,849 ========= ========= HOT TOPIC, INC. OTHER DATA (In thousands, except store count and square footage) (unaudited) First Quarter Ended May 3, 2003 May 4, 2002 ----------- ----------- Depreciation and amortization $ 4,359 $ 3,216 Capital expenditures $ 8,774 $ 11,602 Number of stores open at end of period: Hot Topic 434 372 Torrid 34 7 Total store square footage 833,600 636,900 -----END PRIVACY-ENHANCED MESSAGE-----