Financial results for the second quarter include:
Net sales for the quarter grew to $60.5 million compared to $57.8 million for second quarter of last year, and comparable store sales improved by 5.0%. This is a 9 percentage point improvement over a 4.1% decline in the same period in the previous year.
Operating loss for the quarter was reduced to $2.0 million compared to a loss of $2.7 million in the second quarter last year.
Earnings per share increased by $0.03, or $0.6 million with a net loss of $3.3 million, or $0.17 per basic share, in the second quarter of fiscal 2012 compared to a net loss of $3.9 million, or $0.20 per basic share in the second quarter of fiscal 2011.
At quarter end, the Company had outstanding borrowings under its revolving line of credit of $46.2 million and outstanding letters of credit of $6.7 million. Additional amounts available to borrow under its revolving line of credit at the end of the quarter were $22.9 million. The balance of the Company's subordinated debt was $21.6 million at quarter end, and the unamortized warrant discount on this debt was $2.3 million.
First half financial results include:
Net sales for the first half of 2012 increased by $4.6 million to $124.4 million compared to $119.8 million in the first half of last year, and comparable store sales improved by 4.3%. This is a 7 percentage point improvement over the 2.7% decrease in the first half of the previous year.
Operating loss for the first half of 2012 improved by $0.5 million to $3.2 million compared to a loss of $3.7 million in the first half of the previous year.
Net loss was $5.7 million, or $0.29 per basic share, in the first half of fiscal 2012, compared to a net loss of $6.1 million, or $0.31 per basic share in the first half of fiscal 2011.
Steve Morgan, President and Chief Executive Officer commented, "The second quarter numbers are encouraging and in line with our expectations based on the initiatives we have been putting into place for this past year. We are about to complete our 10th consecutive month of positive comparable store sales. Along with the approximately $4 million of expense cuts we initiated in April, and in spite of the increasingly promotional nature of our business, we continue to feel confident in our direction for the balance of the year."
Morgan continued, "We have now opened six of our new prototype stores since March 9th of this year, replacing oversized, outdated, and antiquated stores as these leases expired. As a group, these stores are comping up almost 30% inception to date.
“We believe that our inventory position as well as our personnel are greatly improved over this time last year, and this gives us a healthy confidence going into the important 3rd and 4th quarters."
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