ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
------------------------------------------
July 31, % of August 1, % of
2010 Sales 2009 Sales
--------- --------- --------- ---------
Net sales $ 97,702 100.0% $ 85,170 100.0%
Cost of goods sold 66,986 68.6% 60,526 71.1%
--------- --------- --------- ---------
Gross profit 30,716 31.4% 24,644 28.9%
Selling, general and
administrative expenses 30,959 31.7% 29,870 35.0%
--------- --------- --------- ---------
Operating loss (243) (0.3%) (5,226) (6.1%)
Interest income, net 352 0.4% 307 0.4%
Other income, net 47 0.0% - 0.0%
--------- --------- --------- ---------
Income (loss) before income
taxes 156 0.1% (4,919) (5.7%)
Provision (benefit) for income
taxes 42 0.0% (1,834) (2.1%)
--------- --------- --------- ---------
Net income (loss) $ 114 0.1% $ (3,085) (3.6%)
========= ========= ========= =========
Basic earnings (loss) per
share $ 0.00 $ (0.10)
========= =========
Diluted earnings (loss) per
share $ 0.00 $ (0.10)
========= =========
Weighted average shares used in
computation of earnings (loss)
per share:
Basic 29,954 29,496
Diluted 30,650 29,496
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Six Months Ended
------------------------------------------
July 31, % of August 1, % of
2010 Sales 2009 Sales
--------- --------- --------- ---------
Net sales $ 186,798 100.0% $ 161,977 100.0%
Cost of goods sold 130,330 69.8% 115,434 71.3%
--------- --------- --------- ---------
Gross profit 56,468 30.2% 46,543 28.7%
Selling, general and
administrative expenses 59,965 32.1% 55,208 34.0%
--------- --------- --------- ---------
Operating loss (3,497) (1.9%) (8,665) (5.3%)
Interest income, net 717 0.4% 664 0.4%
Other income, net 71 0.0% - 0.0%
--------- --------- --------- ---------
Loss before income taxes (2,709) (1.5%) (8,001) (4.9%)
Benefit for income taxes (923) (0.5%) (3,257) (2.0%)
--------- --------- --------- ---------
Net loss $ (1,786) (1.0%)$ (4,744) (2.9%)
========= ========= ========= =========
Basic net loss per share $ (0.06) $ (0.16)
========= =========
Diluted net loss per share $ (0.06) $ (0.16)
========= =========
Weighted average shares used in
computation of loss per share:
Basic 29,846 29,253
Diluted 29,846 29,253
ZUMIEZ INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
July 31, January 30, August 1,
2010 2010 2009
----------- ----------- -----------
Assets (Unaudited) (Unaudited)
Current assets
Cash and cash equivalents $ 6,842 $ 1,568 $ 21,304
Marketable securities 84,475 106,483 60,748
Receivables 8,375 5,600 6,755
Income taxes receivable 3,020 - 1,399
Inventories 78,691 50,916 69,569
Prepaid expenses and other 7,652 6,102 6,319
Deferred tax assets 2,452 3,045 4,048
----------- ----------- -----------
Total current assets 191,507 173,714 170,142
Fixed assets, net 78,092 66,008 74,367
Goodwill and other intangibles 13,161 13,186 13,211
Long-term deferred tax assets 6,658 5,537 2,291
Long-term investments 2,787 872 799
Long-term other assets 1,164 948 793
----------- ----------- -----------
Total long-term assets 101,862 86,551 91,461
Total assets $ 293,369 $ 260,265 $ 261,603
=========== =========== ===========
Liabilities and Shareholders' Equity
Current liabilities
Trade accounts payable $ 48,327 $ 16,817 $ 43,352
Accrued payroll and payroll taxes 5,572 6,593 3,540
Income taxes payable - 4,006 -
Deferred rent and tenant allowances 3,614 3,248 3,157
Other liabilities 10,304 9,123 8,712
----------- ----------- -----------
Total current liabilities 67,817 39,787 58,761
Long-term deferred rent and tenant
allowances 28,046 26,375 26,980
Long-term other liabilities 1,759 1,427 212
----------- ----------- -----------
Total long-term liabilities 29,805 27,802 27,192
----------- ----------- -----------
Total liabilities 97,622 67,589 85,953
----------- ----------- -----------
Commitments and contingencies
Shareholders' equity
Preferred stock, no par value, 20,000
shares authorized; none issued and
outstanding -- -- --
Common stock, no par value,
50,000 shares authorized; 30,600
shares issued and outstanding at July
31, 2010, 30,251 shares issued and
outstanding at January 30, 2010 and
30,155 shares issued and outstanding
at August 1, 2009. 86,345 81,399 78,259
Accumulated other comprehensive income 12 101 90
Retained earnings 109,390 111,176 97,301
----------- ----------- -----------
Total shareholders' equity 195,747 192,676 175,650
----------- ----------- -----------
Total liabilities and shareholders'
equity $ 293,369 $ 260,265 $ 261,603
=========== =========== ===========
Contact Information: Company Contacts: Trevor Lang Chief Financial Officer & Chief Administrative Officer Zumiez Inc. (425) 551-1500, ext. 1564 Brian Leith Director of Finance & Investor Relations Zumiez Inc. (425) 551-1500, ext. 1610 Investor Contact: ICR Brendon Frey (203) 682-8200