0001144204-14-010441.txt : 20140219 0001144204-14-010441.hdr.sgml : 20140219 20140219070525 ACCESSION NUMBER: 0001144204-14-010441 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140219 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140219 DATE AS OF CHANGE: 20140219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lumber Liquidators Holdings, Inc. CENTRAL INDEX KEY: 0001396033 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211] IRS NUMBER: 271310817 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33767 FILM NUMBER: 14623962 BUSINESS ADDRESS: STREET 1: 3000 JOHN DEERE ROAD CITY: TOANO STATE: VA ZIP: 23168 BUSINESS PHONE: 757-259-4280 MAIL ADDRESS: STREET 1: 3000 JOHN DEERE ROAD CITY: TOANO STATE: VA ZIP: 23168 FORMER COMPANY: FORMER CONFORMED NAME: Lumber Liquidators, Inc. DATE OF NAME CHANGE: 20070410 8-K 1 v368810_8k.htm FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): February 19, 2014

 

 

Lumber Liquidators Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of
incorporation)

  

001-33767

(Commission File Number)

  

27-1310817

(I.R.S. Employer Identification No.)

 

3000 John Deere Road, Toano, Virginia

(Address of principal executive offices)

  

23168

(Zip Code)

 

Registrant’s telephone number, including area code: (757) 259-4280

 

Not Applicable

(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:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 2.02Results of Operations and Financial Condition.

 

On February 19, 2014, we issued a press release announcing certain financial and operating results for the quarter and year ended December 31, 2013. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.

 

Item 9.01Financial Statements and Exhibits.

 

(d)Exhibits. The following exhibit is being furnished pursuant to Item 2.02 above.

 

  Exhibit No.   Description
       
  99.1   Press Release dated February 19, 2014.

  

 
 

 

 

SIGNATURES

 

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

 

  LUMBER LIQUIDATORS HOLDINGS, INC.
  (Registrant)
   
Date: February 19, 2014 By: /s/ E. Livingston B. Haskell
    E. Livingston B. Haskell
    Secretary and General Corporate Counsel

 

 
 

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
99.1   Press Release dated February 19, 2014.

 

 

 

 EX-99.1 2 v368810_ex99-1.htm EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE    

 

LUMBER LIQUIDATORS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2013

FINANCIAL RESULTS AND UPDATES FULL YEAR 2014 OUTLOOK

 

~ Fourth Quarter Net Sales Increased 22.7% to $258.4 Million and Comparable Store Net Sales Increased 15.6% ~

~ Fourth Quarter Net Income Increased 50.6% to $20.8 Million, or $0.74 per Diluted Share ~

 

~ Full Year 2014 Net Sales Expected to be $1.15 billion to $1.20 billion ~

~ Full Year 2014 EPS Expected to be $3.25 to $3.60 ~

 

~ Board Authorizes New $50 Million Share Repurchase Program ~

 

TOANO, Va, February 19, 2014 – Lumber Liquidators (NYSE: LL), the largest specialty retailer of hardwood flooring in North America, today announced financial results for the fourth quarter and full year ended December 31, 2013, as well as its updated outlook for 2014.

 

Fourth Quarter Results

 

Net sales increased $47.8 million, or 22.7%, to $258.4 million in the fourth quarter of 2013 from $210.7 million in the fourth quarter of 2012. Comparable store net sales increased 15.6% for the quarter, driven by an 8.6% increase in the number of customers invoiced and a 7.0% increase in the average sale. Non-comparable store net sales increased $14.9 million over the prior year period. As of December 31, 2013, the Company operated 318 stores, including 11 stores opened during the fourth quarter of 2013, for a total of 30 stores opened during the year. The Company also remodeled 22 existing stores during the year.

 

Gross margin was 40.8% in the fourth quarter of 2013 compared to 39.1% in the fourth quarter of 2012. The increase in gross margin reflects generally lower net product costs partially offset by higher transportation and other costs. Transportation costs in the fourth quarter of 2013 included certain costs related to the new West Coast distribution center, which is expected to be fully operational in the first quarter of 2014.

 

Selling, general and administrative (“SG&A”) expenses increased as a percentage of net sales to 27.6% for the fourth quarter of 2013 compared to 27.4% for the fourth quarter of 2012. SG&A expenses in the fourth quarter of 2013 included costs of approximately $1.7 million, primarily related to the start-up of the West Coast distribution center and certain incremental legal and professional fees.

 

Operating margin increased 170 basis points to 13.3% in the fourth quarter of 2013, from 11.6% in the fourth quarter of 2012.

 

Net income increased 50.6% to $20.8 million, or $0.74 per diluted share, in the fourth quarter of 2013 from $13.8 million, or $0.50 per diluted share, in the fourth quarter of the prior year. The Company’s effective tax rate was 39.3% for the fourth quarter of 2013, compared to an effective tax rate of 43.7% in the fourth quarter of 2012.

 

Cash and cash equivalents at December 31, 2013 totaled $80.6 million compared with $64.2 million at December 31, 2012.

 

Robert M. Lynch, President and Chief Executive Officer, commented, “We achieved record highs for net sales and operating margin in the fourth quarter as we continued to gain share in a highly fragmented market. We gained further traction in our key, multi-year strategic initiatives while continuing to deliver value and legendary service to each customer. Customer demand was inconsistent during the quarter, with certain regions of the country periodically impacted by difficult weather conditions. Nevertheless, our store team, with support across the organization, delivered an unprecedented level of individualized customer service and focus on operating results. I could not be more proud of this team as we crossed the milestone of $1.0 billion in annual net sales in 2013, and the results we have achieved throughout the year are a direct reflection of the commitment and efforts of our team. This was a year of significant accomplishments by our team, and we believe that our intense focus, unified vision and coordinated efforts set the foundation for an exciting 2014.”

 

 
 

 

Full Year Results

 

Net sales increased 23.0% to $1.0 billion in 2013 from $813.3 million in 2012, as comparable store net sales increased 15.8%, or $128.2 million, and non-comparable store net sales increased $58.7 million.

 

Gross margin increased to 41.1% in 2013 compared to 38.0% in the prior year. SG&A expenses increased as a percentage of net sales to 28.5% in 2013, compared to 28.3% in 2012.

 

Operating margin increased 300 basis points to 12.6% in 2013 from 9.6% in 2012.

 

Net income increased 64.4% to $77.4 million, or $2.77 per diluted share, in 2013 compared to $47.1 million, or $1.68 per diluted share, in the prior year. The Company’s effective tax rate was 38.8% for 2013 compared to an effective tax rate of 40.0% in 2012.

 

Share Repurchase Program

 

Lumber Liquidators also announced today that its Board of Directors has authorized the repurchase of an additional $50 million of its common stock. The repurchases will be subject to market conditions and other factors and will be made from time to time through open market purchases or through privately negotiated transactions.

 

Company Outlook

 

In 2014, as previously announced, the Company expects to achieve the following for the full year:

 

·Net sales in the range of $1.15 billion to $1.20 billion.

 

·Comparable store net sales increasing in the high single to low-double digits.

 

·The opening of a total of 30 to 40 new store locations and remodeling of a total of 25 to 35 existing stores, all in the store of the future format.

 

·Capital expenditures between $80 million and $90 million, including up to $50 million for supply chain investments.

 

·De-leverage of SG&A expenses primarily related to store base expansion, advertising expenses increasing at a rate greater than net sales, the opening and continuing operation of the West Coast distribution center and higher than normal legal and professional fees.

  

·Operating margin expansion to a range of 13.0% to 13.8%.

 

·Earnings per diluted share in the range of approximately $3.25 to $3.60, based on a diluted share count of approximately 28.1 million shares, which is exclusive of any future impact of the stock repurchase program.

 

 
 

 

Mr. Lynch concluded, “We are looking forward to another great year as we continue to roll out the store of the future format to both new and existing stores and implement enhancements to our supply chain. To support our continuing growth, our planned capital investment in 2014 will be the largest in our history. We are pleased that we can make this investment in our business while also returning value to our long-term shareholders through our expanded share repurchase authorization. The first quarter of 2014 to date has been disrupted by unseasonably harsh weather across much of the country, but the important spring remodeling season is in front of us. Our team is focused to deliver growth this year, and our industry-leading value proposition is stronger than ever. We continue to invest in the quality of an expanding assortment of products more readily available to meet our customers’ needs. Most important is our commitment and continuing investment in our people. Led by our flooring experts, we plan to reach an even broader customer base and capture additional share to drive long-term growth and operating margin expansion in 2014 and for years to come.”

 

Conference Call and Webcast Information

 

The Company plans to host a conference call and audio webcast today, February 19, 2014, at 10:00 a.m. Eastern Time. The conference may be accessed by dialing (877) 407-9039 or (201) 689-8470. A replay will be available approximately two hours after the call ends through February 26, 2014 and may be accessed by dialing (877) 870-5176 or (858) 384-5517 and entering pin number 13575534. The live conference call and replay may also be accessed via audio webcast at the Investor Relations section of the Company’s website, www.lumberliquidators.com.

 

KeyBanc Consumer Conference

 

The Company today also announced that Mr. Lynch and Daniel E. Terrell, Chief Financial Officer, will participate in the KeyBanc’s Consumer Conference in New York City on February 26, 2014.  Mr. Lynch and Mr. Terrell will be meeting with investors throughout the day.

 

About Lumber Liquidators

 

In its 20th year and with more than 320 locations, Lumber Liquidators is North America’s largest specialty retailer of hardwood flooring. The Company features more than 340 top quality flooring varieties, including solid and engineered hardwood, bamboo, cork, laminate and resilient vinyl. Additionally, Lumber Liquidators provides a wide selection of flooring enhancements and accessories to complement, install and maintain your new floor. Every location is staffed with flooring experts who can provide advice and useful information about Lumber Liquidators’ low priced product, much of which is in-stock and ready for delivery.

 

With premier brands including Bellawood Prefinished Hardwood and Morning Star Bamboo, Lumber Liquidators’ flooring is often featured on popular television shows such as HGTV’s Dream Home and This Old House.

 

For more information, please visit www.LumberLiquidators.com or call 1.800.HARDWOOD.  You can also follow the company on Facebook and Twitter, and learn more about its corporate giving program at LayItForward.LumberLiquidators.com.

 

Forward-Looking Statements

 

This press release and accompanying financial tables may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act. These statements are based on currently available information as of the date of such statements and are subject to risks and uncertainties that may cause actual results to differ. The Company specifically disclaims any obligation to update these statements which speak only as of their respective dates, except as may be required under the federal securities laws. Information regarding these additional risks and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission.

 

 
 

 

For further information contact:

 

Lumber Liquidators Investor Relations
Ashleigh McDermott
Tel: 757.566.7512

 

(Tables Follow)

 
 

 

Lumber Liquidators Holdings, Inc.

Consolidated Balance Sheets

(in thousands, except share data)

 

   December 31, 
   2013   2012 
Assets          
Current Assets:          
Cash and Cash Equivalents  $80,634   $64,167 
Merchandise Inventories   252,428    206,704 
Prepaid Expenses   6,229    5,168 
Other Current Assets   12,916    12,106 
Total Current Assets   352,207    288,145 
Property and Equipment, net   65,947    47,764 
Goodwill   9,693    9,693 
Other Assets   1,712    1,785 
Total Assets  $429,559   $347,387 
           
Liabilities and Stockholders’ Equity          
Current Liabilities:          
Accounts Payable  $56,327   $55,110 
Customer Deposits and Store Credits   22,377    25,747 
Accrued Compensation   11,709    7,969 
Sales and Income Tax Liabilities   4,878    4,314 
Other Current Liabilities   11,709    7,887 
Total Current Liabilities   107,000    101,027 
           
Deferred Rent   4,169    3,653 
Deferred Tax Liability   9,061    8,166 
           
Stockholders’ Equity:          
Common Stock ($0.001 par value; 35,000,000 authorized; 27,557,570 and 27,214,144 outstanding, respectively)   30    29 
Treasury Stock, at cost (2,133,307 and 1,719,706 shares, respectively)   (85,382)   (50,552)
Additional Capital   164,581    131,724 
Retained Earnings   230,662    153,267 
Accumulated Other Comprehensive (Loss) Income   (562)   73 
Total Stockholders’ Equity   309,329    234,541 
Total Liabilities and Stockholders’ Equity  $429,559   $347,387 

 

 
 

 

Lumber Liquidators Holdings, Inc.

Consolidated Statements of Income

(in thousands, except share data and per share amounts)

  

   Three Months Ended
December 31,		   Year Ended
December 31,		 
   2013   2012   2013   2012 
   (unaudited)         
Net Sales  $258,433   $210,655   $1,000,240   $813,327 
Cost of Sales   152,902    128,373    589,257    504,542 
Gross Profit   105,531    82,282    410,983    308,785 
                     
Selling, General and Administrative Expenses   71,270    57,800    284,960    230,439 
Operating Income   34,261    24,482    126,023    78,346 
                     
Interest and Other Income, net   (18)   (40)   (442)   (140)
Income Before Income Taxes   34,279    24,522    126,465    78,486 
                     
Provision for Income Taxes   13,484    10,714    49,070    31,422 
Net Income  $20,795   $13,808   $77,395   $47,064 
Net Income per Common Share—Basic  $0.75   $0.51   $2.82   $1.71 
Net Income per Common Share—Diluted  $0.74   $0.50   $2.77   $1.68 
Weighted Average Common Shares Outstanding:                    
Basic   27,592,651    27,240,235    27,484,790    27,448,333 
Diluted   27,940,706    27,845,214    27,914,322    28,031,453 

 

 
 

 

Lumber Liquidators Holdings, Inc.

Consolidated Statements of Cash Flows

(in thousands)

 

   Year Ended December 31, 
   2013   2012 
Cash Flows from Operating Activities:          
Net Income  $77,395   $47,064 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:          
Depreciation and Amortization   11,666    9,957 
Deferred Income Taxes   (846)   160 
Stock-Based Compensation Expense   5,974    3,997 
Changes in Operating Assets and Liabilities:          
Merchandise Inventories   (45,834)   (42,712)
Accounts Payable   (15)   16,756 
Customer Deposits and Store Credits   (3,354)   7,626 
Prepaid Expenses and Other Current Assets   (257)   (2,835)
Other Assets and Liabilities   8,271    7,256 
Net Cash Provided by Operating Activities   53,000    47,269 
           
Cash Flows from Investing Activities:          
Purchases of Property and Equipment   (28,585)   (13,376)
Net Cash Used in Investing Activities   (28,585)   (13,376)
           
Cash Flows from Financing Activities:          
Payments for Stock Repurchases   (34,830)   (49,436)
Proceeds from the Exercise of Stock Options   10,255    10,454 
Excess Tax Benefit from Stock-Based Compensation   17,132    7,131 
Net Cash Used in Financing Activities   (7,443)   (31,851)
Effect of Exchange Rates on Cash and Cash Equivalents   (505)   450 
Net Increase in Cash and Cash Equivalents   16,467    2,492 
Cash and Cash Equivalents, Beginning of Year   64,167    61,675 
Cash and Cash Equivalents, End of Year  $80,634   $64,167 

 

 
 

 

Lumber Liquidators Holdings, Inc.

Other Supporting Schedules

(unaudited)

 

 

   Three Months Ended
December 31,		   Year Ended
December 31,		 
   2013   2012   2013   2012 
   (dollars in thousands) 
Net sales  $258,433   $210,655   $1,000,240   $813,327 
Percentage increase   22.7%   20.8%   23.0%   19.3%
                     
Number of stores open at end of period   318    288    318    288 
Number of stores opened in period   11    4    30    25 
   percentage increase (decrease) 
Average sale1   7.0%   3.9%   6.6%   2.5%
Average retail price per unit sold2   3.2%   2.2%   5.7%   0.2%
                     
Comparable stores3:                    
Net sales   15.6%   13.2%   15.8%   11.4%
Customers invoiced4   8.6%   9.4%   9.2%   8.9%
Net sales of stores operating for 13 to 36 months   19.2%   19.7%   21.8%   23.3%
Net sales of stores operating for more than 36 months   14.9%   12.5%   14.9%   9.1%
                     
Net sales in markets with all stores comparable (no cannibalization)   18.9%   15.6%   18.2%   13.3%
Net sales in cannibalized markets5   42.7%   34.5%   45.2%   33.3%

 

 

1 Average sale, calculated on a total company basis, is defined as the average invoiced sale per customer, measured on a monthly basis and excluding transactions of less than $250 (which are generally sample orders, or add-ons or fill-ins to previous orders) and of more than $30,000 (which are usually contractor orders)

2 Average retail price per unit sold is calculated on a total company basis and excludes certain non-merchandise revenue

3 A store is generally considered comparable on the first day of the thirteenth full calendar month after opening

4 Change in number of customers invoiced which is calculated by applying our average sale to total net sales at comparable stores

5 A cannibalized market has at least one comparable store and one non-comparable store

 

 
 

 

Our recent store of the future activity is as follows:

 

   Three Months
Ended
December 31,
2013		   Year Ended
December 31,
2013		 
Number of stores of the future at beginning of period   33    — 
New stores of the future opened during the period   11    30 
Stores of the future remodeled during the period   8    22 
Number of stores of the future at December 31   52    52 

 

The significant drivers of gross margin expansion and their estimated impact compared to the prior year are as follows:

 

      Three Months Ended
December 31,		   Year Ended
December 31,		 
Driver  Description  2013   20121   2013   20121 
      expansion (contraction) in basis points 
Product  Cost of acquiring the products we sell from our suppliers, including the impact of our sourcing initiatives; Changes in the mix of products sold; Changes in the average retail price per unit sold; Changes in the average retail price and related cost of services, including installation.   210    230    300    230 
                        
Transportation  International and domestic transportation costs, including the impact of international container rates; Customs and duty charges; Fuel and fuel surcharges; Impact of mill shipments received directly by our stores; Transportation charges from our distribution centers to our stores; Transportation charges between stores and the cost of delivery to our customers.   (10)   40    20    30 
                        
All Other  Investments in our quality control procedures; Warranty costs; Changes in finishing costs to produce a unit of our proprietary brands; Inventory shrink; Net costs of producing samples.   (30)   90    (10)   10 
                        
Total Change in Gross Margin from the prior year   170    360   310    270 

 

 

1 Certain amounts have been reclassified to conform to current year presentation

 

 
 

 

The following table sets forth components of SG&A expenses for the periods indicated, as a percentage of net sales.

 

   Three Months Ended
December 31,		   Year Ended
December 31,		 
   2013   2012 1   2013   2012 1 
Total SG&A expenses   27.6%   27.4%   28.5%   28.3%
Salaries, Commissions and Benefits   11.9%   11.9%   12.1%   12.1%
Advertising   6.3%   6.4%   7.6%   7.2%
Occupancy   3.6%   3.6%   3.5%   3.7%
Depreciation and Amortization   1.2%   1.2%   1.1%   1.2%
Stock-based Compensation   0.7%   0.5%   0.6%   0.5%
Other SG&A Expenses   3.9%   3.8%   3.6%   3.6%

 

 

 

1 Certain amounts have been reclassified to conform to current year presentation

 

 

 

 

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