ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
------------------------------------------
January 30, % of January 31, % of
2010 Sales 2009 Sales
---------- --------- ---------- ---------
Net sales $ 132,433 100.0% $ 125,464 100.0%
Cost of goods sold 84,338 63.7% 84,855 67.6%
---------- --------- ---------- ---------
Gross profit 48,095 36.3% 40,609 32.4%
Selling, general and
administrative expenses 35,053 26.5% 31,923 25.5%
---------- --------- ---------- ---------
Operating profit 13,042 9.8% 8,686 6.9%
Interest income, net 351 0.2% 399 0.3%
Other income 91 0.1% - 0.0%
---------- --------- ---------- ---------
Earnings before income taxes 13,484 10.1% 9,085 7.2%
Provision for income taxes 4,683 3.5% 2,788 2.2%
---------- --------- ---------- ---------
Net income $ 8,801 6.6% $ 6,297 5.0%
========== ========= ========== =========
Basic net income per share $ 0.30 $ 0.22
========== ==========
Diluted net income per share $ 0.29 $ 0.21
========== ==========
Weighted average shares used in
computation of earnings per
share:
Basic 29,624,158 29,248,917
Diluted 30,256,347 29,610,709
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
Twelve Months Ended
------------------------------------------
January 30, % of January 31, % of
2010 Sales 2009 Sales
---------- --------- ---------- ---------
Net sales $ 407,603 100.0% $ 408,669 100.0%
Cost of goods sold 272,865 66.9% 274,134 67.1%
---------- --------- ---------- ---------
Gross profit 134,738 33.1% 134,535 32.9%
Selling, general and
administrative expenses 122,003 30.0% 109,927 26.9%
---------- --------- ---------- ---------
Operating profit 12,735 3.1% 24,608 6.0%
Interest income, net 1,176 0.3% 2,059 0.5%
Other Income 96 0.0% 36 0.0%
---------- --------- ---------- ---------
Earnings before income taxes 14,007 3.4% 26,703 6.5%
Provision for income taxes 4,876 1.2% 9,499 2.3%
---------- --------- ---------- ---------
Net income $ 9,131 2.2% $ 17,204 4.2%
========== ========= ========== =========
Basic net income per share $ 0.31 $ 0.59
========== ==========
Diluted net income per share $ 0.30 $ 0.58
========== ==========
Weighted average shares used in
computation of earnings per
share:
Basic 29,499,385 29,126,889
Diluted 30,132,560 29,694,112
ZUMIEZ INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
January 30, January 31,
2010 2009
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 22,950 $ 33,057
Marketable securities 85,101 45,525
Receivables 6,380 4,555
Inventory 50,916 51,974
Prepaid expenses and other 6,270 5,614
Deferred tax assets 3,045 2,588
------------- -------------
Total current assets 174,662 143,313
Leasehold improvements and equipment, net 66,008 73,932
Goodwill and other intangibles 13,186 13,236
Marketable securities - long-term 872 1,767
Deferred tax assets 5,537 1,101
------------- -------------
Total long-term assets 85,603 90,036
Total assets $ 260,265 $ 233,349
============= =============
Liabilities and Shareholders' Equity
Current liabilities
Trade accounts payable $ 16,817 $ 15,909
Accrued payroll and payroll taxes 6,593 4,739
Income taxes payable 4,006 238
Current portion of deferred rent and tenant
allowances 3,248 2,682
Other accrued liabilities 9,123 7,653
------------- -------------
Total current liabilities 39,787 31,221
Long-term deferred rent and tenant allowances,
less current portion 26,375 24,000
Other long-term liabilities 1,427 177
------------- -------------
Total long-term liabilities 27,802 24,177
------------- -------------
Total liabilities 67,589 55,398
------------- -------------
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; 30,250,661 shares issued and
outstanding at January 30, 2010 and 29,533,067
shares issued and outstanding at January 31,
2009. 81,399 75,789
Accumulated other comprehensive income 101 117
Retained earnings 111,176 102,045
------------- -------------
Total shareholders' equity 192,676 177,951
------------- -------------
Total liabilities and shareholders' equity $ 260,265 $ 233,349
============= =============
Contact Information: Company Contact: Trevor Lang Chief Financial Officer Zumiez Inc. (425) 551-1500 ext. 1564 Investor Contact: ICR, Inc. Chad Jacobs / Brendon Frey (203) 682-8200