-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FFJ51UJ2//1GRIavCkxaazhzUEhY1w8cC6cnGYoU6B7yx4wkmQAM0uGJuXqtNhHW gnseHP9U1rwU0INiYoC3Mw== 0000827187-04-000003.txt : 20040109 0000827187-04-000003.hdr.sgml : 20040109 20040109150218 ACCESSION NUMBER: 0000827187-04-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040108 ITEM INFORMATION: FILED AS OF DATE: 20040109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELECT COMFORT CORP CENTRAL INDEX KEY: 0000827187 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD FURNITURE [2510] IRS NUMBER: 410157886 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25121 FILM NUMBER: 04517726 BUSINESS ADDRESS: STREET 1: 6105 TRENTON LANE NORTH CITY: MINNEAPOLIS STATE: MN ZIP: 55442 BUSINESS PHONE: 7635517000 8-K 1 pr010804.txt 2003 4TH QUARTER PRESS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): JANUARY 8, 2004 SELECT COMFORT CORPORATION (Exact name of registrant as specified in its charter) MINNESOTA (State or other jurisdiction of incorporation or organization) 0-25121 41-1597886 (Commission File No.) (IRS Employer Identification No.) 6105 Trenton Lane North, Minneapolis, Minnesota 55442 ----------------------------------------------------- (Address of principal executive offices) (Zip Code) (763) 551-7000 (Registrant's telephone number, including area code) ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 8, 2004, Select Comfort Corporation issued a press release announcing preliminary sales results for the fourth quarter ended January 3, 2004. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Current Report on Form 8-K, including the attached press release, is being furnished, and not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or into any report or other filing under the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in any such filing. SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SELECT COMFORT CORPORATION (Registrant) Dated: January 8, 2004 By: /s/ Mark A. Kimball ---------------------------------------- Title: Senior Vice President ------------------------------------- INDEX TO EXHIBITS The exhibit listed in this index is being furnished pursuant to Item 12 of Form 8-K and shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any document filed under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in any such filing. Exhibit No. Description of Exhibit - ----------- ---------------------- 99.1 Press Release, dated January 8, 2004 2 EX-99 3 ex99010804.txt PRESS RELEASE, DATED JANUARY 8, 2004 EXHIBIT 99.1 FOR IMMEDIATE RELEASE CONTACT: Mark Kimball (763) 551-7070 Select Comfort Corporation mark.kimball@selectcomfort.com SELECT COMFORT ANNOUNCES RECORD FOURTH QUARTER SALES SAME-STORE SALES INCREASE 28 PERCENT IN QUARTER MINNEAPOLIS, MINN. (January 8, 2004) - Select Comfort Corporation (NASDAQ: SCSS), the nation's leading bed retailer and creator of the Sleep Number(R) bed, today announced preliminary fourth quarter 2003 net sales of $137 million, a record for the company and an increase of 49 percent over the fourth quarter of 2002. For the quarter, same-store sales increased 28 percent, on top of a 38 percent same-store sales increase in fourth quarter 2002.(1) The company expects to report its 10th consecutive quarterly profit with earnings in the range of $0.26 to $0.28 per diluted share, compared to pro forma (after tax) earnings per diluted share of $0.15 in the fourth quarter of 2002. For fiscal 2003, Select Comfort reported preliminary net sales of $458 million, 36 percent higher than 2002 net sales of $336 million. Management expects to report annual earnings in the range of $0.67 to $0.69 per fully diluted share for 2003, compared to pro forma earnings per diluted share of $0.37 in 2002. "We are pleased with our fourth quarter sales growth, a result of consumers continuing to discover the benefits of personalized comfort on a Sleep Number bed," said Bill McLaughlin, president and chief executive officer. "In 2004, our focus is on sustaining our core business growth through investment in advertising and product innovation while strategically expanding distribution." The company's earnings under Generally Accepted Accounting Principles (GAAP) for fourth quarter 2003 are being compared to 2002 earnings on a pro forma, after-tax basis to improve comparability between the periods. GAAP did not allow the company to reduce its earnings for income tax expense in 2002, while 2003 results reflect a reduction in earnings for income taxes. In the fourth quarter of 2002, pro forma earnings per diluted share were $0.15 and reported earnings per diluted share under GAAP were $0.21. A full reconciliation of the company's pro forma, after-tax earnings per diluted share for 2002 to treatment under GAAP can be found at the end of this release. 1 Select Comfort plans to announce full results for fourth quarter and 2003, as well as provide quarterly expectations for 2004, after market close on February 10, 2004. The company will also hold a conference call to discuss its fourth quarter and year-end results on February 10, 2004, at 4:00 p.m. Central Time. A simultaneous webcast of the call will be available in the Investor Relations section of www.selectcomfort.com. A digital replay of the conference call will be accessible beginning at approximately 6:00 p.m. Central Time on February 10, 2004, through 5:00 p.m. Central Time on February 17, 2004. To access the replay, please call 402-220-3572 (U.S. and International). An archived replay of the conference call may also be accessed after approximately 7:00 p.m. Central Time on February 10, 2004 at www.selectcomfort.com. ABOUT SELECT COMFORT Founded in 1987, Select Comfort Corporation is the nation's leading bed retailer(2), holding 26 U.S. issued or pending patents for its personalized sleep products. The company designs, manufactures and markets a line of adjustable-firmness mattresses featuring air-chamber technology, branded the Sleep Number(R) bed, as well as foundations and sleep accessories. Select Comfort's products are sold through its 344 retail stores located nationwide, including 13 leased departments in Bed Bath & Beyond stores; through selected bedding retailers; through its national direct marketing operations; and on the Internet at www.selectcomfort.com. ### Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as general and industry economic trends, uncertainties arising from global events, consumer confidence, effectiveness of our advertising and promotional efforts, our ability to secure suitable retail locations, our ability to attract and retain qualified sales professionals and other key employees, consumer acceptance of our products and product innovation, our ability to continue to expand and improve our product line, industry competition, warranty expenses, California wage and hour litigation, our dependence on significant suppliers, and the vulnerability of any suppliers to recessionary pressures, labor negotiations, liquidity concerns or other factors, increasing government regulations, including possible new flammability standards for the bedding industry, as well as the risk factors listed from time to time in the company's filings with the SEC, including the company's Annual Report on Form 10-K and other periodic reports filed with the SEC. 2 The company has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release. (1) Fiscal fourth quarter 2003 includes 14 weeks, as compared to 13 weeks in fiscal fourth quarter of 2002. Same-store sales have been adjusted and reported as if both years had the same number of weeks. (2) Top 25 Bedding Retailers, Furniture Today, May 26, 2003 3 SELECT COMFORT PRO FORMA EARNINGS PER DILUTED SHARE RECONCILIATION Reconciliation of the company's estimates of pro forma earnings per diluted share under Generally Accepted Accounting Principles (GAAP) for the fourth quarter of 2002 and full-year 2002 are as follows: - ------------------------------------------------------------------- --------------- -------------- THREE MONTHS ENDED FULL YEAR - ------------------------------------------------------------------- --------------- -------------- RECONCILIATION OF GAAP EARNINGS PER DILUTED SHARE TO PRO FORMA EARNINGS PER DILUTED SHARE 12/28/02 12/28/02 - ------------------------------------------------------------------- --------------- -------------- GAAP earnings per diluted share $ 0.21 $ 1.09 - ------------------------------------------------------------------- --------------- -------------- Effect of: Income tax provision at 38% of income before tax $(0.09) (0.22) - ------------------------------------------------------------------- --------------- -------------- Charges from early repayment of debt $ 0.02 0.02 - ------------------------------------------------------------------- --------------- -------------- Restoration of deferred tax asset and other income tax items $ 0.01 (0.52) - ------------------------------------------------------------------- --------------- -------------- Pro forma earnings per diluted share $ 0.15 $ 0.37 - ------------------------------------------------------------------- =============== ==============
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