-----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, O+TIEqcZ4DY03F20MzCkMwmOCZR8sUmz+DIYX7RlIc1eFjzjLTofiaBuq+m/Duq3 4VoNUoOIhSKDLUyNCK5ykg== 0001104659-06-041250.txt : 20060613 0001104659-06-041250.hdr.sgml : 20060613 20060612184638 ACCESSION NUMBER: 0001104659-06-041250 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060612 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060613 DATE AS OF CHANGE: 20060612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TUESDAY MORNING CORP/DE CENTRAL INDEX KEY: 0000878726 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 752398532 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19658 FILM NUMBER: 06900931 BUSINESS ADDRESS: STREET 1: 6250 LBJ FREEWAY CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2143873562 MAIL ADDRESS: STREET 1: 6250 LBJ FREEWAY CITY: DALLAS STATE: TX ZIP: 75240 8-K 1 a06-13685_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

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):  June 12, 2006


 

Tuesday Morning Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

 

0-19658

 

75-2398532

(State or other jurisdiction of

 

(Commission File Number)

 

(IRS Employer Identification No.)

incorporation)

 

 

 

 

 

6250 LBJ Freeway

 

 

Dallas, Texas

 

75240

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  (972) 387-3562


 

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:

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 June 12, 2006, Tuesday Morning Corporation, a Delaware corporation, issued a press release announcing estimated net sales, comparable store sales percentage and estimated diluted earnings per share for the second quarter ended June 30, 2006. The press release is attached to this Form 8-K as Exhibit 99.1 and incorporated herein by reference.

Item 9.01  Financial Statements and Exhibits.

(c)           Exhibits

 

Exhibit
Number

 

Exhibit Title

99.1

 

Press release dated June 12, 2006

 

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.

 

TUESDAY MORNING CORPORATION

 

 

 

 

Date: June 12, 2006

By:

/s/ MICHAEL J. MARCHETTI

 

 

Michael J. Marchetti

 

 

Executive Vice President, Acting Chief

 

 

Financial Officer and Chief

 

 

Operating Officer

 

3




 

EXHIBIT INDEX

 

Exhibit
Number

 

Exhibit Title

99.1

 

Press release dated June 12, 2006

 

 

4



EX-99.1 2 a06-13685_1ex99d1.htm EX-99

 

FOR IMMEDIATE RELEASE

 

CONTACT:

Michael Marchetti

 

 

Acting Chief Financial Officer and

 

 

Chief Operating Officer

 

 

TUESDAY MORNING CORPORATION

 

 

972/934-7299

 

 

 

 

 

 

 

 

Laurey Peat

 

 

LAUREY PEAT + ASSOCIATES

 

 

214/871-8787

 

TUESDAY MORNING CORPORATION ESTIMATES
SECOND QUARTER SALES AND EARNINGS PER SHARE

DALLAS, TX — June 12, 2006 — Tuesday Morning Corporation (NASDAQ: TUES) today announced that estimated net sales for the second quarter ended June 30, 2006 are now expected to be in a range of $210 to $214 million. Net sales for the same prior-year quarter in 2005 were $218.8 million. Comparable store sales for the second quarter ended June 30, 2006 are expected to be down approximately 8.0% to 9.5%.

Based on the second quarter sales estimates ending June 30, 2006, the Company currently expects diluted earnings per share in the second quarter to be approximately $0.07 to $0.10, which includes approximately $0.01 per diluted share of stock option compensation expense that the Company began recording with the adoption of FAS 123(R), Share Based Payment, on January 1, 2006. Diluted earnings per share for the second quarter of 2005 were $0.25. On a pro-forma basis, diluted earnings per share for the quarter ending June 30, 2006 would be approximately $0.08 to $0.11. Please see the attached table for a reconciliation.

The Company will update annual guidance, previously discussed on February 23, 2006, at the conference call scheduled for July 25, 2006.




 

Tuesday Morning will announce second quarter sales results on Thursday, July 6, 2006.

About Tuesday Morning

Tuesday Morning is the leading closeout retailer of upscale, decorative home accessories and famous-maker gifts in the United States. The Company opened its first store in 1974 and currently operates 734 stores in 46 states during periodic “sale events.” Tuesday Morning is nationally known for bringing its more than 8.0 million loyal customers a treasure hunt of high-end, first quality, brand name merchandise at prices 50% to 80% below department and specialty stores and catalogues.

This press release contains forward-looking statements, within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995, which are based on management’s current expectations, estimates and projections. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Such risks and uncertainties include: the success of new store openings, competitive factors, access to merchandise and unanticipated changes in consumer demand and economic trends, as well as other risks detailed in the company’s filings with the Securities and Exchange Commission, including Forms 8-K, 10-Q and 10-K. The Company undertakes no obligation to revise the forward-looking statements contained therein to reflect events or circumstances after the date hereof as a result of new information, future events or otherwise.

# # #




 

Tuesday Morning Corporation (continued)

Reconciliation of Estimated Earnings Per Share
to Non-GAAP Earnings Per Share (See Note)

 

 

 

Three months ended June 30,

 

 

 

2006

 

2006

 

2005

 

 

 

Low Est.

 

High Est.

 

Actual

 

Net income per share,  diluted, as reported

 

$

0.07

 

$

0.10

 

$

0.25

 

 

 

 

 

 

 

 

 

Plus: Stock option expense,  net of tax

 

0.01

 

0.01

 

 

 

 

 

 

 

 

 

 

Adjusted pro-forma net income  per share, diluted

 

$

0.08

 

$

0.11

 

$

0.25

 


 

Note:

The above schedule reconciles non-GAAP financial measures included in this press release to the most comparable GAAP financial measures. Pro-forma net income per share should not be considered as an alternative to net income per share or other GAAP financial measurements as an indicator of our operating performance.

The Company adopted FAS 123(R), Shared Based Payment, in the first quarter of fiscal 2006. This accounting standard requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair value over the requisite service period. The Company has applied the provisions of the modified prospective transition method in the first quarter of 2006. The Company did not record any stock-based compensation expense in 2005.

Management believes that comparative analysis of operating trends is enhanced by adjusting for this item in order to provide investors with a view of the Company’s operating performance in a manner similar to the method used by management to track performance from period-to-period and improve the investor’s ability to understand underlying trends in the Company’s operations. Because stock compensation expense was not recorded in 2005, excluding the impact of stock compensation expense in the current year provides enhanced comparability to the prior year.

 

 



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