ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
------------------------------------------
October 30, % of October 31, % of
2010 Sales 2009 Sales
---------- --------- ---------- ---------
Net sales $ 135,859 100.0% $ 113,192 100.0%
Cost of goods sold 82,811 61.0% 73,093 64.6%
---------- --------- ---------- ---------
Gross profit 53,048 39.0% 40,099 35.4%
Selling, general and
administrative expenses 34,073 25.0% 31,742 28.0%
---------- --------- ---------- ---------
Operating profit 18,975 14.0% 8,357 7.4%
Interest income, net 370 0.3% 161 0.1%
Other income, net 32 0.0% 5 0.0%
---------- --------- ---------- ---------
Earnings before income taxes 19,377 14.3% 8,523 7.5%
Provision for income taxes 7,065 5.2% 3,450 3.0%
---------- --------- ---------- ---------
Net income $ 12,312 9.1% $ 5,073 4.5%
========== ========= ========== =========
Basic earnings per share $ 0.41 $ 0.17
========== ==========
Diluted earnings per share $ 0.40 $ 0.17
========== ==========
Weighted average shares used in
computation of earnings per
share:
Basic 30,029 29,563
Diluted 30,762 30,244
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Nine Months Ended
------------------------------------------
October 30, % of October 31, % of
2010 Sales 2009 Sales
---------- --------- --------- ---------
Net sales $ 322,657 100.0% $ 275,169 100.0%
Cost of goods sold 213,141 66.1% 188,527 68.5%
---------- --------- --------- ---------
Gross profit 109,516 33.9% 86,642 31.5%
Selling, general and
administrative expenses 96,163 29.8% 86,950 31.6%
---------- --------- --------- ---------
Operating profit (loss) 13,353 4.1% (308) (0.1%)
Interest income, net 1,087 0.4% 825 0.3%
Other income, net 103 0.0% 5 0.0%
---------- --------- --------- ---------
Earnings before income taxes 14,543 4.5% 522 0.2%
Provision for income taxes 5,345 1.6% 193 0.1%
---------- --------- --------- ---------
Net income $ 9,198 2.9% $ 329 0.1%
========== ========= ========= =========
Basic net earnings per share $ 0.31 $ 0.01
========== =========
Diluted net earnings per share $ 0.30 $ 0.01
========== =========
Weighted average shares used in
computation of earnings per
share:
Basic 29,908 29,458
Diluted 30,696 30,039
ZUMIEZ INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
October 30, January 30, October 31,
2010 2010 2009
----------- ----------- -----------
Assets (Unaudited) (Unaudited)
Current assets
Cash and cash equivalents $ 8,314 $ 1,568 $ 3,771
Marketable securities 90,630 106,483 78,033
Receivables 6,854 5,600 7,008
Inventories 83,091 50,916 76,381
Prepaid expenses and other 7,867 6,102 6,355
Deferred tax assets 3,166 3,045 2,995
----------- ----------- -----------
Total current assets 199,922 173,714 174,543
Fixed assets, net 77,646 66,008 71,819
Goodwill and other intangibles 13,154 13,186 13,198
Long-term deferred tax assets 5,740 5,537 4,595
Long-term investments 2,853 872 832
Long-term other assets 1,121 948 920
----------- ----------- -----------
Total long-term assets 100,514 86,551 91,364
Total assets $ 300,436 $ 260,265 $ 265,907
=========== =========== ===========
Liabilities and Shareholders' Equity
Current liabilities
Trade accounts payable $ 36,976 $ 16,817 $ 33,748
Accrued payroll and payroll taxes 8,194 6,593 6,133
Income taxes payable 2,765 4,006 2,705
Deferred rent and tenant allowances 3,695 3,248 3,368
Other liabilities 10,406 9,123 8,315
----------- ----------- -----------
Total current liabilities 62,036 39,787 54,269
Long-term deferred rent and tenant
allowances 28,085 26,375 27,632
Long-term other liabilities 1,801 1,427 1,310
----------- ----------- -----------
Total long-term liabilities 29,886 27,802 28,942
----------- ----------- -----------
Total liabilities 91,922 67,589 83,211
----------- ----------- -----------
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; 30,669 shares
issued and outstanding at October 30,
2010, 30,251 shares issued and
outstanding at January 30, 2010 and
30,255 shares issued and outstanding
at October 31, 2009 88,102 81,399 80,227
Accumulated other comprehensive income 38 101 95
Retained earnings 120,374 111,176 102,374
----------- ----------- -----------
Total shareholders' equity 208,514 192,676 182,696
----------- ----------- -----------
Total liabilities and shareholders'
equity $ 300,436 $ 260,265 $ 265,907
=========== =========== ===========
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