ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
----------------------------------------------
May 1, % of May 2, % of
2010 Sales 2009 Sales
---------- ---------- ---------- --------
Net sales $ 89,096 100.0% $ 76,808 100.0%
Cost of goods sold 63,344 71.1% 54,908 71.5%
---------- ---------- ---------- --------
Gross profit 25,752 28.9% 21,900 28.5%
Selling, general and
administrative expenses 29,006 32.6% 25,338 33.0%
---------- ---------- ---------- --------
Operating loss (3,254) (3.7%) (3,438) (4.5%)
Interest income, net 365 0.4% 357 0.5%
Other income, net 24 0.1% - 0.0%
---------- ---------- ---------- --------
Loss before income taxes (2,865) (3.2%) (3,081) (4.0%)
Benefit for income taxes (965) (1.1%) (1,423) (1.8%)
---------- ---------- ---------- --------
Net loss $ (1,900) (2.1%) $ (1,658) (2.2%)
========== ========== ========== ========
Basic net loss per share $ (0.06) $ (0.06)
========== ==========
Diluted net loss per share $ (0.06) $ (0.06)
========== ==========
Weighted average shares
used in computation of
loss per share:
Basic 29,738,181 29,314,611
Diluted 29,738,181 29,314,611
ZUMIEZ INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
May 1, January 30, May 2,
2010 2010 2009
------------- ------------- -------------
Assets (Unaudited) (Unaudited)
Current assets
Cash and cash equivalents $ 12,907 $ 22,950 $ 20,262
Marketable securities 83,909 85,101 60,819
Receivables 7,335 6,380 5,917
Income tax receivable 2,460 - 1,879
Inventory 58,618 50,916 54,051
Prepaid expenses and other 7,291 6,270 5,972
Deferred tax assets 3,750 3,045 2,256
------------- ------------- -------------
Total current assets 176,270 174,662 151,156
Fixed assets, net 77,224 66,008 75,702
Goodwill and other intangibles 13,173 13,186 13,223
Long-term marketable securities 870 872 1,664
Long-term deferred tax assets 5,644 5,537 1,680
------------- ------------- -------------
Total long-term assets 96,911 85,603 92,269
Total assets $ 273,181 $ 260,265 $ 243,425
============= ============= =============
Liabilities and Shareholders'
Equity
Current liabilities
Trade accounts payable $ 31,188 $ 16,817 $ 25,472
Accrued payroll and payroll taxes 5,998 6,593 4,115
Income taxes payable - 4,006 -
Deferred rent and tenant
allowances 3,442 3,248 2,910
Other liabilities 9,554 9,123 7,531
------------- ------------- -------------
Total current liabilities 50,182 39,787 40,028
Long-term deferred rent and
tenant allowances 27,520 26,375 25,738
Long-term other liabilities 1,441 1,427 184
------------- ------------- -------------
Total long-term liabilities 28,961 27,802 25,922
------------- ------------- -------------
Total liabilities 79,143 67,589 65,950
------------- ------------- -------------
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;
30,564,339 shares issued and
outstanding at May 1, 2010,
30,250,661 shares issued and
outstanding at January 30, 2010
and 30,116,063 shares issued
and outstanding at May 2, 2009. 84,753 81,399 77,072
Accumulated other comprehensive
income 9 101 16
Retained earnings 109,276 111,176 100,387
------------- ------------- -------------
Total shareholders' equity 194,038 192,676 177,475
------------- ------------- -------------
Total liabilities and
shareholders' equity $ 273,181 $ 260,265 $ 243,425
============= ============= =============
Contact Information: Company Contact: Trevor Lang Chief Financial Officer & Chief Administrative Officer Zumiez Inc. (425) 551-1500 ext. 1564 Investor Contact: ICR, Inc. Chad Jacobs / Brendon Frey (203) 682-8200