Citi Trends Announces Second Quarter 2015 Results and Initiates Cash Dividend and Share Repurchase Program
Second quarter 2015 income per share of
First half 2015 income per share of
Dividend -
Financial Highlights - Second quarter ended
Total sales in the second quarter ended
Net income was
Financial Highlights - First half ended
Total sales in the first half of fiscal 2015 increased 4.7% to
Net income increased 76% to
Cash Dividend and Share Repurchase Program
The Company also announced that its Board of Directors approved the
initiation of a cash dividend payment at an annual rate of
"We believe the commencement of cash dividends, coupled with the new
share repurchase program, underscores our continued commitment to
building shareholder value and reflects our financial strength as well
as the Board's confidence in our business and strong cash flow," said
The first quarterly dividend payment of
The Company expects to fund the share repurchases from cash on hand.
Repurchases may be made at management's discretion from time to time on
the open market, in privately negotiated transactions or otherwise, in
each case subject to compliance with all
Investor Conference Call and Webcast
The live broadcast of
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company's responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
About
Forward-Looking Statements
All statements other than historical facts contained in this news
release, including statements regarding our future financial results and
position, business policy and plans and objectives of management for
future operations, are forward-looking statements that are subject to
material risks and uncertainties. The words "believe," "may,"
"could," "plans," "estimate," "continue," "anticipate," "intend,"
"expect" and similar expressions, as they relate to
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||
|
|
|||||||
(unaudited) | (unaudited) | |||||||
Net sales | $ | 153,878 | $ | 144,987 | ||||
Cost of sales (exclusive of depreciation shown separately below) | (93,179 | ) | (91,540 | ) | ||||
Selling, general and administrative expenses | (55,703 | ) | (53,197 | ) | ||||
Depreciation | (4,620 | ) | (5,108 | ) | ||||
Asset impairment | - | (83 | ) | |||||
Income (loss) from operations | 376 | (4,941 | ) | |||||
Interest income | 59 | 39 | ||||||
Interest expense | (47 | ) | (56 | ) | ||||
Income (loss) before income tax (expense) benefit | 388 | (4,958 | ) | |||||
Income tax (expense) benefit | (226 | ) | 2,379 | |||||
Net income (loss) | $ | 162 | $ | (2,579 | ) | |||
Basic net income (loss) per common share | $ | 0.01 | $ | (0.17 | ) | |||
Diluted net income (loss) per common share | $ | 0.01 | $ | (0.17 | ) | |||
Weighted average shares used to compute basic net income (loss) per share | 15,183 | 14,972 | ||||||
Weighted average shares used to compute diluted net income (loss) per share | 15,204 | 14,972 | ||||||
Twenty-Six Weeks Ended | Twenty-Six Weeks Ended | |||||||
|
|
|||||||
(unaudited) | (unaudited) | |||||||
Net sales | $ | 348,791 | $ | 333,003 | ||||
Cost of sales (exclusive of depreciation shown separately below) | (210,688 | ) | (206,307 | ) | ||||
Selling, general and administrative expenses | (111,515 | ) | (107,172 | ) | ||||
Depreciation | (9,433 | ) | (10,268 | ) | ||||
Asset impairment | - | (83 | ) | |||||
Income from operations | 17,155 | 9,173 | ||||||
Interest income | 115 | 92 | ||||||
Interest expense | (94 | ) | (104 | ) | ||||
Income before income tax expense | 17,176 | 9,161 | ||||||
Income tax expense | (5,735 | ) | (2,661 | ) | ||||
Net income | $ | 11,441 | $ | 6,500 | ||||
Basic net income per common share | $ | 0.76 | $ | 0.44 | ||||
Diluted net income per common share | $ | 0.75 | $ | 0.43 | ||||
Weighted average shares used to compute basic net income per share | 15,139 | 14,937 | ||||||
Weighted average shares used to compute diluted net income per share | 15,193 | 14,946 | ||||||
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||
(in thousands) | ||||||
|
|
|||||
(unaudited) | (unaudited) | |||||
Assets: | ||||||
Cash and cash equivalents | $ | 54,380 | $ | 70,707 | ||
Short-term investment securities | 24,778 | 13,033 | ||||
Inventory | 126,346 | 120,456 | ||||
Prepaid and other current assets | 18,946 | 19,145 | ||||
Property and equipment, net | 47,903 | 51,746 | ||||
Long-term investment securities | 36,512 | 18,135 | ||||
Other noncurrent assets | 7,184 | 7,830 | ||||
Total assets | $ | 316,049 | $ | 301,052 | ||
Liabilities and Stockholders' Equity: | ||||||
Accounts payable | $ | 59,391 | $ | 58,845 | ||
Accrued liabilities | 25,297 | 25,886 | ||||
Other current liabilities | 2,128 | 3,324 | ||||
Noncurrent liabilities | 6,040 | 6,588 | ||||
Total liabilities | 92,856 | 94,643 | ||||
Total stockholders' equity | 223,193 | 206,409 | ||||
Total liabilities and stockholders' equity | $ | 316,049 | $ | 301,052 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20150819005193/en/
Bruce Smith, 912-443-2075
Chief Operating
Officer and Chief Financial Officer
or
President and Chief Executive Officer
Source:
News Provided by Acquire Media