• Net income was $35.0 million, or $0.39 per diluted share on 88.8 million weighted average shares outstanding, and includes the following non-core operating costs after tax: (i) $0.3 million, or $0.01 per diluted share, related to the secondary offering completed on April 6, 2011; and (ii) $2.1 million, or $0.02 per diluted share, related to the repurchase of $25.0 million of Senior Notes. This compares to net income of $30.6 million, or $0.39 per diluted share on 78.1 million weighted average shares outstanding, in the first quarter of 2010, which included the following non-core operating costs after tax: (i) $1.8 million, or $0.02 per diluted share, related to the Senior Notes offering completed on March 5, 2010 and the initial public offering completed on May 18, 2010; and (ii) $7.1 million, or $0.09 per diluted share, associated with the Term C Loan prepayment; and • Net income, adjusted for non-core operating costs related to the secondary offering completed on April 6, 2011 and the repurchase of $25.0 million of Senior Notes, was $37.5 million, or $0.42 per diluted share, exceeding the Company's guidance of $0.38 to $0.41 per diluted share. This compares to net income, adjusted for non-core operating costs related to the Senior Notes and initial public offerings and the Term C Loan prepayment, of $39.4 million, or $0.50 per diluted share, in the first quarter of 2010.
First Quarter Balance Sheet Highlights:
• Cash and cash equivalents totaled $180.8 million compared to $83.3 million at the end of the first quarter of 2010; • Inventories were $172.8 million compared to $155.6 million at the end of the first quarter of 2010. Inventory per square foot, excluding e-commerce merchandise, increased approximately 7% compared to the first quarter of 2010 partly driven by the Company's "never out" strategy and strategic positioning of fabric; and • Debt declined by $173.1 million to $342.5 million at the end of the first quarter of 2011 compared to $515.6 million at the end of the first quarter of 2010. The decrease was primarily due to the Term B Loan prepayment in the second quarter of 2010 and the repurchase of $25.0 million of Senior Notes in the first quarter of 2011.
Store Expansion:
During the first quarter of 2011, the Company opened 4 new stores and closed 4 stores in the United States, ending the quarter with 591 stores and approximately 5.1 million gross square feet in operation.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
