Indiana
|
0-20184
|
35-1537210
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
3308 North Mitthoeffer Road
Indianapolis, Indiana
|
46235
|
|
(Address of principal executive offices)
|
(Zip Code)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
The Finish Line, Inc.
|
||
March 28, 2013
|
By:
|
/s/ Edward W. Wilhelm
|
Name: Edward W. Wilhelm
|
||
Title: Executive Vice President, Chief Financial Officer
|
Exhibit Number | Description | Location | ||
99.1 | Press Release issued March 28, 2013, regarding results of operations and annual shareholders meeting | Attached |
·
|
Consolidated net sales were $442.7 million.
|
·
|
Finish Line comparable store sales increased 0.7%.
|
·
|
Digital sales, which are included in the comparable store sales results, were up 21.0%.
|
·
|
On a GAAP basis, diluted earnings per share were $0.69.
|
·
|
Non-GAAP diluted earnings per share, which excludes the impact of impairment charges, were $0.76.
|
·
|
Pre-tax impairment charge of $5.6 million, or $0.07 per diluted share, related to Digital platform and long-lived assets for certain stores.
|
·
|
Consolidated net sales increased 5.4% to $1.44 billion.
|
·
|
Finish Line comparable store sales increased 5.9%.
|
·
|
Digital sales, which are included in the comparable store sales results, were up 25.1%.
|
·
|
On a GAAP basis, diluted earnings per share were $1.40.
|
·
|
Non-GAAP diluted earnings per share, which excludes the impact of impairment charges, were $1.47.
|
The Finish Line, Inc.
|
||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||
(In thousands, except per share and store data)
|
||||||||||||||||
Thirteen Weeks Ended March 2, 2013
|
Fourteen Weeks Ended March 3, 2012
|
Fifty-Two Weeks Ended March 2, 2013
|
Fifty-Three Weeks Ended March 3, 2012
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||
Net sales
|
$ | 442,682 | $ | 456,260 | $ | 1,443,365 | $ | 1,369,259 | ||||||||
Cost of sales (including occupancy costs)
|
287,237 | 286,737 | 958,921 | 889,130 | ||||||||||||
Gross profit
|
155,445 | 169,523 | 484,444 | 480,129 | ||||||||||||
Selling, general and administrative expenses
|
94,906 | 101,811 | 365,883 | 343,629 | ||||||||||||
Store closing costs
|
250 | 226 | 671 | 1,191 | ||||||||||||
Impairment charges
|
5,566 | 974 | 5,593 | 974 | ||||||||||||
Operating income
|
54,723 | 66,512 | 112,297 | 134,335 | ||||||||||||
Interest income, net
|
31 | 57 | 198 | 447 | ||||||||||||
Income before income taxes
|
54,754 | 66,569 | 112,495 | 134,782 | ||||||||||||
Income tax expense
|
21,281 | 24,649 | 43,314 | 49,978 | ||||||||||||
Net income
|
33,473 | 41,920 | 69,181 | 84,804 | ||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
856 | - | 2,292 | - | ||||||||||||
Net income attributable to The Finish Line, Inc.
|
$ | 34,329 | $ | 41,920 | $ | 71,473 | $ | 84,804 | ||||||||
Diluted earnings per share attributable to The Finish Line, Inc. shareholders
|
$ | 0.69 | $ | 0.80 | $ | 1.40 | $ | 1.59 | ||||||||
Diluted weighted average shares
|
49,034 | 52,041 | 50,491 | 52,818 | ||||||||||||
Dividends declared per share
|
$ | 0.07 | $ | 0.06 | $ | 0.25 | $ | 0.21 | ||||||||
Finish Line store activity for the period:
|
||||||||||||||||
Beginning of period
|
651 | 648 | 637 | 664 | ||||||||||||
Opened
|
2 | - | 29 | 4 | ||||||||||||
Closed
|
(8 | ) | (11 | ) | (21 | ) | (31 | ) | ||||||||
End of period
|
645 | 637 | 645 | 637 | ||||||||||||
Square feet at end of period
|
3,511,128 | 3,440,788 | ||||||||||||||
Average square feet per store
|
5,444 | 5,402 | ||||||||||||||
Running Company store activity for the period:
|
||||||||||||||||
Beginning of period
|
25 | 19 | 19 | - | ||||||||||||
Acquired
|
1 | - | 6 | 18 | ||||||||||||
Opened
|
1 | - | 2 | 1 | ||||||||||||
Closed
|
- | - | - | - | ||||||||||||
End of period
|
27 | 19 | 27 | 19 | ||||||||||||
Square feet at end of period
|
80,195 | 57,302 | ||||||||||||||
Average square feet per store
|
2,970 | 3,016 |
Thirteen Weeks Ended March 2, 2013
|
Fourteen Weeks Ended March 3, 2012
|
Fifty-Two Weeks Ended March 2, 2013
|
Fifty-Three Weeks Ended March 3, 2012
|
|||||||||||||
Net sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of sales (including occupancy costs)
|
64.9 | 62.8 | 66.4 | 64.9 | ||||||||||||
Gross profit | 35.1 | 37.2 | 33.6 | 35.1 | ||||||||||||
Selling, general and administrative expenses
|
21.4 | 22.3 | 25.3 | 25.1 | ||||||||||||
Store closing costs
|
0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
Impairment charges
|
1.2 | 0.2 | 0.4 | 0.1 | ||||||||||||
Operating income
|
12.4 | 14.6 | 7.8 | 9.8 | ||||||||||||
Interest income, net
|
- | - | - | - | ||||||||||||
Income before income taxes
|
12.4 | 14.6 | 7.8 | 9.8 | ||||||||||||
Income tax expense
|
4.8 | 5.4 | 3.0 | 3.6 | ||||||||||||
Net income
|
7.6 | 9.2 | 4.8 | 6.2 | ||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
0.1 | - | 0.2 | - | ||||||||||||
Net income attributable to The Finish Line, Inc.
|
7.7 | % | 9.2 | % | 5.0 | % | 6.2 | % |
Condensed Consolidated Balance Sheet
|
||||||||
March 2, 2013
|
March 3, 2012
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 226,982 | $ | 307,494 | ||||
Merchandise inventories, net
|
243,770 | 220,405 | ||||||
Other current assets
|
20,942 | 24,849 | ||||||
Property and equipment, net
|
180,601 | 126,997 | ||||||
Other assets
|
34,127 | 31,751 | ||||||
Total assets
|
$ | 706,422 | $ | 711,496 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities
|
$ | 134,037 | $ | 138,683 | ||||
Deferred credits from landlords
|
27,215 | 27,737 | ||||||
Other long-term liabilities
|
16,638 | 15,539 | ||||||
Redeemable noncontrolling interest
|
3,669 | - | ||||||
Shareholders' equity
|
524,863 | 529,537 | ||||||
Total liabilities and shareholders' equity
|
$ | 706,422 | $ | 711,496 |
The Finish Line, Inc.
|
||||||||||||||||
Reconciliation of Operating Income, GAAP to Operating Income, Non-GAAP
|
||||||||||||||||
(In thousands)
|
||||||||||||||||
Thirteen Weeks Ended
|
Fourteen Weeks Ended
|
Fifty-Two Weeks Ended
|
Fifty-Three Weeks Ended
|
|||||||||||||
March 2, 2013
|
March 3, 2012
|
March 2, 2013
|
March 3, 2012
|
|||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Operating income, GAAP
|
$ | 54,723 | $ | 66,512 | $ | 112,297 | $ | 134,335 | ||||||||
Impairment charges
|
5,566 | 974 | 5,593 | 974 | ||||||||||||
Operating income, Non-GAAP
|
$ | 60,289 | $ | 67,486 | $ | 117,890 | $ | 135,309 |
Reconciliation of Net Income Attributable to The Finish Line, Inc., GAAP to
|
||||||||||||||||
Net Income Attributable to The Finish Line, Inc., Non-GAAP
|
||||||||||||||||
(In thousands)
|
||||||||||||||||
Thirteen Weeks Ended
|
Fourteen Weeks Ended
|
Fifty-Two Weeks Ended
|
Fifty-Three Weeks Ended
|
|||||||||||||
March 2, 2013
|
March 3, 2012
|
March 2, 2013
|
March 3, 2012
|
|||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Net income attributable to The Finish Line, Inc., GAAP
|
$ | 34,329 | $ | 41,920 | $ | 71,473 | $ | 84,804 | ||||||||
Impairment charges
|
5,566 | 974 | 5,593 | 974 | ||||||||||||
Tax effect on impairment charge
|
(2,176 | ) | (371 | ) | (2,187 | ) | (371 | ) | ||||||||
Net income attributable to The Finish Line, Inc., Non-GAAP
|
$ | 37,719 | $ | 42,523 | $ | 74,879 | $ | 85,407 |
Reconciliation of Diluted EPS, GAAP to Diluted EPS, Non-GAAP
|
||||||||||||||||
Thirteen Weeks Ended
|
Fourteen Weeks Ended
|
Fifty-Two Weeks Ended
|
Fifty-Three Weeks Ended
|
|||||||||||||
March 2, 2013
|
March 3, 2012
|
March 2, 2013
|
March 3, 2012
|
|||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Diluted earnings per share attributable to The Finish Line, Inc. shareholders, GAAP
|
$ | 0.69 | $ | 0.80 | $ | 1.40 | $ | 1.59 | ||||||||
Impairment charges
|
0.07 | 0.01 | 0.07 | 0.01 | ||||||||||||
Diluted earnings per share attributable to The Finish Line, Inc. shareholders, Non-GAAP
|
$ | 0.76 | $ | 0.81 | $ | 1.47 | $ | 1.60 |
Media Contact:
|
Investor Contact:
|
Dianna Boyce
|
Ed Wilhelm
|
Corporate Communications
|
Chief Financial Officer
|
317-613-6577
|
317-613-6914
|