Cash flows from operating activities were $71 million for full-year 2010. This compares to $67 million, including a $26 million tax refund, for full-year 2009. As of year-end 2010, cash and cash equivalents totaled $81 million as compared to $18 million at 2009 year-end. During the year, the company had no borrowings under its revolving credit agreement.
Fiscal 2011 Outlook
The company expects to increase net income per share in 2011 by 20 to 30 percent to between $0.68 and $0.74 per diluted share. This outlook assumes modest improvement in macro-economic trends and same-store growth in the upper single digits as the company increases investments against programs designed to expand market share. The company's long-term expectation is for net income per share growth of between 15 and 20 percent per year.
The company ended 2010 with 386 stores, and expects to end 2011 with approximately 380 stores after the consolidation of planned store openings and closings. The company anticipates that 2011 capital expenditures will be approximately $25 million to $30 million, reflecting a total of 40 to 50 store actions, mainly relating to remodels and relocations, along with an initial investment to upgrade marketing and customer-management systems.
Founded more than 20 years ago and based in Minneapolis, Select Comfort Corporation designs, manufactures, markets and supports a line of adjustable-firmness mattresses featuring air-chamber technology, branded the Sleep Number bed, as well as foundations and bedding accessories. SELECT COMFORT products are sold through its 386 company-owned stores located across the United States; select bedding retailers; direct-marketing operations; and online
Select Comfort Corporation
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