ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
-------------------------------------
October 31, % of November 1, % of
2009 Sales 2008 Sales
----------- ----- ----------- -----
Net sales $ 113,192 100.0% $ 112,245 100.0%
Cost of goods sold 73,093 64.6% 72,982 65.0%
----------- ----- ----------- -----
Gross profit 40,099 35.4% 39,263 35.0%
Selling, general and administrative
expenses 31,742 28.0% 28,879 25.7%
----------- ----- ----------- -----
Operating profit 8,357 7.4% 10,384 9.3%
Interest income, net 161 0.1% 576 0.5%
Other income 5 0.0% 36 0.0%
----------- ----- ----------- -----
Earnings before income taxes 8,523 7.5% 10,996 9.8%
Provision for income taxes 3,450 3.0% 4,178 3.7%
----------- ----- ----------- -----
Net income $ 5,073 4.5% $ 6,818 6.1%
=========== ===== =========== =====
Basic net income per share $ 0.17 $ 0.23
=========== ===========
Diluted net income per share $ 0.17 $ 0.23
=========== ===========
Weighted average shares used in
computation of earnings per share:
Basic 29,562,733 29,172,869
Diluted 30,243,944 29,373,990
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
Nine Months Ended
--------------------------------------
October 31, % of November 1, % of
2009 Sales 2008 Sales
---------- ------ ----------- ------
Net sales $ 275,169 100.0% $ 283,205 100.0%
Cost of goods sold 188,527 68.5% 189,279 66.8%
---------- ------ ----------- ------
Gross profit 86,642 31.5% 93,926 33.2%
Selling, general and administrative
expenses 86,950 31.6% 78,004 27.5%
---------- ------ ----------- ------
Operating (loss) profit (308) (0.1%) 15,922 5.7%
Interest income, net 825 0.3% 1,660 0.6%
Other Income 5 0.0% 36 0.0%
---------- ------ ----------- ------
Earnings before income taxes 522 0.2% 17,618 6.3%
Provision for income taxes 193 0.1% 6,711 2.4%
---------- ------ ----------- ------
Net income $ 329 0.1% $ 10,907 3.9%
========== ====== =========== ======
Basic net income per share $ 0.01 $ 0.37
========== ===========
Diluted net income per share $ 0.01 $ 0.37
========== ===========
Weighted average shares used in
computation of earnings per share:
Basic 29,457,792 29,086,196
Diluted 30,038,982 29,394,416
ZUMIEZ INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
October 31, January 31, November 1,
2009 2009 2008
------------ ------------ -----------
(Unaudited) (Unaudited)
Assets
Current assets
Cash and cash equivalents $ 10,489 $ 33,057 $ 9,249
Marketable securities 71,315 45,525 56,348
Receivables 7,879 4,555 6,695
Inventory 76,381 51,974 81,847
Prepaid expenses and other 6,404 5,614 5,935
Deferred tax assets 2,995 2,588 3,390
------------ ------------ -----------
Total current assets 175,463 143,313 163,464
Leasehold improvements and
equipment, net 71,819 73,932 78,331
Goodwill and other intangibles 13,198 13,236 13,248
Marketable securities - long-term 832 1,767 1,694
Deferred tax assets 4,595 1,101 1,881
------------ ------------ -----------
Total long-term assets 90,444 90,036 95,154
Total assets $ 265,907 $ 233,349 $ 258,618
============ ============ ===========
Liabilities and Shareholders' Equity
Current liabilities
Trade accounts payable $ 33,748 $ 15,909 $ 41,912
Book overdraft - - 4,047
Accrued payroll and payroll taxes 6,133 4,739 4,578
Income taxes payable 2,705 238 4,586
Current portion of deferred rent and
tenant allowances 3,368 2,682 2,689
Other accrued liabilities 8,315 7,653 6,862
------------ ------------ -----------
Total current liabilities 54,269 31,221 64,674
Long-term deferred rent and tenant
allowances, less current portion 27,632 24,000 23,956
Other long-term liabilities 1,310 177 165
------------ ------------ -----------
Total current liabilities 28,942 24,177 24,121
------------ ------------ -----------
Total liabilities 83,211 55,398 88,795
------------ ------------ -----------
Commitments and contingencies
Shareholders' equity
Preferred stock, no par value,
20,000,000 shares authorized; none
issued and outstanding - - -
Common stock, no par value,
50,000,000 shares authorized;
30,254,949 shares issued and
outstanding at October 31, 2009,
29,533,067 shares issued and
outstanding at January 31, 2009 and
29,578,967 shares issued and
outstanding at November 1, 2008. 80,227 75,789 74,234
Accumulated other comprehensive income 95 117 (159)
Retained earnings 102,374 102,045 95,748
------------ ------------ -----------
Total shareholders' equity 182,696 177,951 169,823
------------ ------------ -----------
Total liabilities and
shareholders' equity $ 265,907 $ 233,349 $ 258,618
============ ============ ===========
Contact Information: Company Contact: Trevor Lang Chief Financial Officer Zumiez Inc. (425) 551-1500 ext. 1564 Investor Contact: ICR Chad Jacobs / Brendon Frey (203) 682-8200