Indiana
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0-20184
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35-1537210
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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3308 North Mitthoeffer Road
Indianapolis, Indiana
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46235
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(Address of principal executive offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press Release issued September 27, 2013, regarding results of operations
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The Finish Line, Inc.
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September 27, 2013
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By:
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/s/ Edward W. Wilhelm
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Name: Edward W. Wilhelm
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Title: Executive Vice President, Chief Financial Officer
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Exhibit No.
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Description
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Location
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99.1
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Press Release issued September 27, 2013, regarding results of operations
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Attached
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●
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Consolidated net sales were $436.0 million, an increase of 13.3% over the prior year period.
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●
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Finish Line comparable store sales increased 0.9%.
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●
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Diluted earnings per share increased 10.2% to $0.54.
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The Finish Line, Inc.
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||||||||||||||||
Consolidated Statements of Income (Unaudited)
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(In thousands, except per share and store/shop data)
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||||||||||||||||
Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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August 31,
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September 1,
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August 31,
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September 1,
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|||||||||||||
2013
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2012
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2013
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2012
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|||||||||||||
Net sales
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$ | 436,030 | $ | 385,011 | $ | 787,083 | $ | 704,060 | ||||||||
Cost of sales (including occupancy costs)
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289,693 | 250,461 | 533,751 | 464,851 | ||||||||||||
Gross profit
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146,337 | 134,550 | 253,332 | 239,209 | ||||||||||||
Selling, general and administrative expenses
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103,455 | 94,711 | 202,811 | 179,557 | ||||||||||||
Store closing costs
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17 | 325 | 203 | 420 | ||||||||||||
Operating income
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42,865 | 39,514 | 50,318 | 59,232 | ||||||||||||
Interest income, net
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10 | 58 | 24 | 129 | ||||||||||||
Income before income taxes
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42,875 | 39,572 | 50,342 | 59,361 | ||||||||||||
Income tax expense
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16,682 | 15,136 | 19,635 | 22,844 | ||||||||||||
Net income
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26,193 | 24,436 | 30,707 | 36,517 | ||||||||||||
Net loss attributable to redeemable noncontrolling interest
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314 | 537 | 875 | 734 | ||||||||||||
Net income attributable to The Finish Line, Inc.
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$ | 26,507 | $ | 24,973 | $ | 31,582 | $ | 37,251 | ||||||||
Diluted earnings per share attributable to The Finish Line, Inc. shareholders
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$ | 0.54 | $ | 0.49 | $ | 0.64 | $ | 0.72 | ||||||||
Diluted weighted average shares
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48,757 | 50,866 | 48,744 | 51,135 | ||||||||||||
Dividends declared per share
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$ | 0.07 | $ | 0.06 | $ | 0.14 | $ | 0.12 | ||||||||
Finish Line store activity for the period:
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||||||||||||||||
Beginning of period
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651 | 640 | 645 | 637 | ||||||||||||
Opened
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9 | 4 | 19 | 13 | ||||||||||||
Closed
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(1 | ) | (6 | ) | (5 | ) | (12 | ) | ||||||||
End of period
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659 | 638 | 659 | 638 | ||||||||||||
Square feet at end of period
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3,571,267 | 3,449,041 | ||||||||||||||
Average square feet per store
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5,419 | 5,406 | ||||||||||||||
Branded shops within department stores activity for the period:
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||||||||||||||||
Beginning of period
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44 | - | 3 | - | ||||||||||||
Opened
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89 | - | 130 | - | ||||||||||||
Closed
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- | - | - | - | ||||||||||||
End of period
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133 | - | 133 | - | ||||||||||||
Square feet at end of period
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- | 158,948 | - | |||||||||||||
Average square feet per shop
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- | 1,195 | - | |||||||||||||
Running Company store activity for the period:
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||||||||||||||||
Beginning of period
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38 | 19 | 27 | 19 | ||||||||||||
Acquired
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- | - | 9 | - | ||||||||||||
Opened
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1 | - | 3 | - | ||||||||||||
Closed
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- | - | - | - | ||||||||||||
End of period
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39 | 19 | 39 | 19 | ||||||||||||
Square feet at end of period
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119,964 | 60,436 | ||||||||||||||
Average square feet per store
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3,076 | 3,181 |
Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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August 31,
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September 1,
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August 31,
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September 1,
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|||||||||||||
2013
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2012
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2013
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2012
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|||||||||||||
Net sales
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100.0 | % | 100.0 | % | 100.0 | % | 100.0 | |||||||||
Cost of sales (including occupancy costs)
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66.4 | 65.0 | 67.8 | 66.0 | ||||||||||||
Gross profit
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33.6 | 35.0 | 32.2 | 34.0 | ||||||||||||
Selling, general and administrative expenses
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23.8 | 24.6 | 25.8 | 25.5 | ||||||||||||
Store closing costs
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- | 0.1 | - | 0.1 | ||||||||||||
Operating income
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9.8 | 10.3 | 6.4 | 8.4 | ||||||||||||
Interest income, net
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- | - | - | - | ||||||||||||
Income before income taxes
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9.8 | 10.3 | 6.4 | 8.4 | ||||||||||||
Income tax expense
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3.8 | 3.9 | 2.5 | 3.2 | ||||||||||||
Net income
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6.0 | 6.4 | 3.9 | 5.2 | ||||||||||||
Net loss attributable to redeemable noncontrolling interest
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- | 0.1 | 0.1 | 0.1 | ||||||||||||
Net income attributable to The Finish Line, Inc.
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6.0 | % | 6.5 | % | 4.0 | % | 5.3 |
Condensed Consolidated Balance Sheets
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August 31,
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September 1,
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March 2,
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||||||||||
2013
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2012
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2013
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(Unaudited)
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(Unaudited)
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ASSETS
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Cash and cash equivalents
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$ | 203,832 | $ | 254,225 | $ | 226,982 | ||||||
Merchandise inventories, net
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295,952 | 250,634 | 243,770 | |||||||||
Other current assets
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23,852 | 25,742 | 20,942 | |||||||||
Property and equipment, net
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202,450 | 157,539 | 180,601 | |||||||||
Goodwill
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21,544 | 8,503 | 13,888 | |||||||||
Other assets
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19,932 | 24,770 | 20,239 | |||||||||
Total assets
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$ | 767,562 | $ | 721,413 | $ | 706,422 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities
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$ | 172,122 | $ | 138,814 | $ | 134,037 | ||||||
Deferred credits from landlords
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28,544 | 26,748 | 27,215 | |||||||||
Other long-term liabilities
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17,131 | 15,970 | 16,638 | |||||||||
Redeemable noncontrolling interest
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2,772 | 5,248 | 3,669 | |||||||||
Shareholders' equity
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546,993 | 534,633 | 524,863 | |||||||||
Total liabilities and shareholders' equity
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$ | 767,562 | $ | 721,413 | $ | 706,422 |
Thirteen Weeks Ended
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Twenty-Six Weeks Ended | |||||||||||||||||||||||||||||||
August 31, 2013
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September 1, 2012
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August 31, 2013 | September 1, 2012 | |||||||||||||||||||||||||||||
Gross profit, GAAP
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$ | 146,337 | 33.6 | % | $ | 134,550 | 35.0 | % | $ | 253,332 | 32.2 | % | $ | 239,209 | 34.0 | % | ||||||||||||||||
Start up costs
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- | - | - | - | 5,758 | 0.7 | - | - | ||||||||||||||||||||||||
Gross profit, Non-GAAP
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$ | 146,337 | 33.6 | % | $ | 134,550 | 35.0 | % | $ | 259,090 | 32.9 | % | $ | 239,209 | 34.0 | % |
Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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August 31, 2013
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September 1, 2012
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August 31, 2013
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September 1, 2012
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Selling, general and administrative expenses, GAAP
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$ | 103,455 | 23.8 | % | $ | 94,711 | 24.6 | % | $ | 202,811 | 25.8 | % | $ | 179,557 | 25.5 | % | ||||||||||||||||
Start up costs
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- | - | - | - | (2,202 | ) | (0.3 | ) | - | - | ||||||||||||||||||||||
Selling, general and administrative expenses, Non-GAAP
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$ | 103,455 | 23.8 | % | $ | 94,711 | 24.6 | % | $ | 200,609 | 25.5 | % | $ | 179,557 | 25.5 | % |
Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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August 31, 2013
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September 1, 2012
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August 31, 2013
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September 1, 2012
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Operating income, GAAP
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$ | 42,865 | 9.8 | % | $ | 39,514 | 10.3 | % | $ | 50,318 | 6.4 | % | $ | 59,232 | 8.4 | % | ||||||||||||||||
Start up costs
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- | - | - | - | 7,960 | 1.0 | - | - | ||||||||||||||||||||||||
Operating income, Non-GAAP
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$ | 42,865 | 9.8 | % | $ | 39,514 | 10.3 | % | $ | 58,278 | 7.4 | % | $ | 59,232 | 8.4 | % |
Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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August 31, 2013
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September 1, 2012
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August 31, 2013
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September 1, 2012
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Net income attributable to The Finish Line, Inc., GAAP
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$ | 26,507 | 6.0 | % | $ | 24,973 | 6.5 | % | $ | 31,582 | 4.0 | % | $ | 37,251 | 5.3 | % | ||||||||||||||||
Start up costs
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- | - | - | - | 7,960 | 1.0 | - | - | ||||||||||||||||||||||||
Tax effect of start up costs
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- | - | - | - | (3,109 | ) | (0.4 | ) | - | - | ||||||||||||||||||||||
Net income attributable to The Finish Line, Inc., Non-GAAP
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$ | 26,507 | 6.0 | % | $ | 24,973 | 6.5 | % | $ | 36,433 | 4.6 | % | $ | 37,251 | 5.3 | % |
Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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August 31, 2013
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September 1, 2012
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August 31, 2013
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September 1, 2012
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Diluted earnings per share attributable to The Finish Line, Inc. shareholders, GAAP
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$ | 0.54 | $ | 0.49 | $ | 0.64 | $ | 0.72 | ||||||||
Start up costs, net of income taxes
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- | - | 0.10 | - | ||||||||||||
Diluted earnings per share attributable to The Finish Line, Inc. shareholders, Non-GAAP
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$ | 0.54 | $ | 0.49 | $ | 0.74 | $ | 0.72 |
Media Contact:
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Investor Contact:
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Dianna Boyce
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Ed Wilhelm
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Corporate Communications
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Chief Financial Officer
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317-613-6577
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317-613-6914
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