Dec '11
The results below reflect the Company's performance for the "combined period" which consists of the period prior to its acquisition on March 7, 2011 by affiliates of TPG Capital, L.P. and Leonard Green & Partners, L.P. and the period after the acquisition.
Third Quarter highlights:
• Revenues increased 12% to $479.6 million, with comparable company sales increasing 5%. Comparable company sales increased 2% in the third quarter last year. Store sales increased 10% to $334.5 million, with comparable store sales increasing 2%. Comparable store sales decreased 1% in the third quarter last year. Direct sales increased 18% to $138.5 million on top of increasing 12% in the third quarter last year.
• Gross margin decreased to 42.1% from 43.5% in the third quarter last year. The decrease includes the impact of purchase accounting of $6.8 million.
• Selling, general and administrative expenses increased to $143.9 million from $122.6 million in the third quarter last year. The increase includes transaction-related costs and the impact of purchase accounting of $4.0 million.
• Operating income was $57.9 million, or 12.1% of revenues, compared to $64.1 million, or 14.9% of revenues, in the third quarter last year. Operating income includes transaction-related costs and the impact of purchase accounting of $10.8 million. Net income was $21.6 million compared to $37.8 million in the third quarter last year. Net income includes (i) transaction-related costs and the impact of purchase accounting noted above and (ii) increased interest expense as a result of debt incurred in connection with the acquisition.
• Adjusted EBITDA was $83.8 million compared to $78.2 million in the third quarter last year. Last year included income of $5.9 million resulting from a bonus accrual reversal. An explanation of how we use Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are included in Exhibit (3).
First Nine Months highlights:
• Revenues increased 6% to $1,324.0 million, with comparable company sales increasing 2.0%. Comparable company sales increased 9% in the first nine months last year. Store sales increased 4% to $926.7 million, with comparable store sales decreasing 1%. Comparable store sales increased 8% in the first nine months last year. Direct sales increased 12.0% to $374.8 million on top of increasing 16% in the first nine months last year.
• Gross margin decreased to 40.9% from 45.6% in the first nine months last year. The decrease includes the impact of purchase accounting of $33.4 million.
• Selling, general and administrative expenses increased to $495.4 million from $372.3 million in the first nine months last year. The increase includes transaction-related costs and the impact of purchase accounting of $99.5 million.
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