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hhgregg Announces Third Fiscal Quarter Operating Results

hhgregg, Inc. (NYSE: HGG):

  Three Months Ended   Nine Months Ended
December 31, December 31,
(unaudited, amounts in thousands, except share and per share data) 2012   2011 2012   2011
Net sales $ 799,635 $ 829,546 $ 1,877,127 $ 1,879,603
Net sales % (decrease) increase (3.6 )% 26.9 % (0.1 )% 19.7 %
Comparable store sales % (decrease) increase (1) (9.7 )% 3.9 % (8.3 )% (1.2 )%
Gross profit as a % of net sales 27.3 % 27.2 % 28.7 % 28.4 %
SG&A as a % of net sales 17.4 % 17.0 % 20.4 % 19.8 %
Net advertising expense as a % of net sales 4.8 % 4.8 % 5.2 % 4.8 %
Depreciation and amortization expense as a % of net sales 1.3 % 1.1 % 1.6 % 1.3 %
Income from operations as a % of net sales 3.7 % 4.5 % 1.4 % 2.5 %
Net interest expense as a % of net sales 0.1 % 0.1 % 0.1 % 0.1 %
Net income $ 17,389 $ 22,478 $ 15,448 $ 27,743
Net income per diluted share $ 0.51 $ 0.60 $ 0.44 $ 0.72
Net income per diluted share, as adjusted (2) $ 0.52 0.60 $ 0.45 0.72
Weighted average shares outstanding—diluted 33,985,113 37,603,767 35,168,497 38,522,707
Number of stores open at the end of period 228 208

(1) Comprised of net sales at stores in operation for at least 14 full months, including remodeled and relocated stores, as well as net sales for the Company’s e-commerce site.

(2) Third fiscal quarter 2013 amount is adjusted to exclude an impairment charge. See the attached reconciliation of non-GAAP measures.

hhgregg, Inc. (“hhgregg” or the “Company”) today reported net income of $17.4 million, or $0.51 per diluted share, for the three month period ended December 31, 2012, compared with net income of $22.5 million, or $0.60 per diluted share, for the comparable prior year period. For the nine month period ended December 31, 2012 net income was $15.4 million, or $0.44 per diluted share, compared with net income of $27.7 million, or $0.72 per diluted share for the comparable prior year period. Third fiscal quarter 2013 results include a $0.5 million ($0.3 million after-tax) charge related to impairment for one store. Net income, as adjusted for this item, for the three month period ended December 31, 2012 was $17.7 million, or $0.52 per diluted share, as adjusted. Net income, as adjusted for this item for the nine month period ended December 31, 2012 was $15.8 million, or $0.45 per diluted share, as adjusted. The decrease in adjusted net income for the three month period ended December 31, 2012 was largely due to a comparable store sales decrease of 9.7% and an increase in SG&A as a percentage of net sales, partially offset by the accretive impact of the net addition of 20 stores during the past 12 months and an increase in gross profit as a percentage of net sales. The decrease in adjusted net income for the nine month period was the result of a comparable store sales decrease of 8.3%, an increase in net advertising expense as a percentage of net sales and an increase in SG&A expense as a percentage of net sales, partially offset by the accretive impact of the net addition of 20 stores during the past 12 months and an increase in gross profit as a percentage of net sales.

Dennis May, President and CEO commented, “As we announced in our pre-release, the difficult industry-wide video category trends presented a challenge to our sales and earnings. With the continued growth of our appliance business and the introduction of new categories, such as furniture and home fitness, we continue to reduce our reliance on both the video category and innovation in consumer electronics. Over time, we plan to continue to refine our mix towards large consumer home products, which include a greater mix of appliances, furniture, fitness equipment and other home products that leverage our consultative sales force, ability to deliver and install big box product, and our private label credit card. Video and consumer electronics remain important to us, but we plan to increase our focus on these other large home products.”

Net sales for the three months ended December 31, 2012 decreased 3.6% to $799.6 million from $829.5 million in the comparable prior year period. The decrease in net sales for the three month period was the result of a comparable store sales decrease of 9.7%, partially offset by the net addition of 20 stores during the past 12 months. Net sales for the nine months ended December 31, 2012 decreased 0.1% to $1.877 billion from $1.880 billion in the comparable prior year period. The decrease in net sales for the nine month period was attributable to a comparable store sales decrease of 8.3%, partially offset by the net addition of 20 stores during the past 12 months.

Net sales mix and comparable store sales percentage changes by product category for the three and nine months ended December 31, 2012 and 2011 were as follows:

    Net Sales Mix Summary   Comparable Store Sales Summary

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

2012   2011 2012   2011 2012   2011 2012   2011
Appliances 35 % 30 % 42 % 36 % 6.1 % 6.8 % 4.4 % 0.9 %
Video 39 % 46 % 36 % 43 % (24.6 )% (4.8 )% (21.7 )% (8.1 )%
Computing and mobile phones (1) 14 % 11 % 11 % 9 % 16.2 % 91.4 % 13.7 % 61.1 %
Other (2) 12 % 13 % 11 % 12 % (15.2 )% (7.1 )% (16.7 )% (8.3 )%
Total 100 % 100 % 100 % 100 % (9.7 )% 3.9 % (8.3 )% (1.2 )%

(1) Primarily consists of computers, mobile phones and tablets.

(2) Primarily consists of accessories, audio, fitness equipment, furniture, mattresses and personal electronics.

The decrease in comparable store sales for the three months ended December 31, 2012 was driven primarily by a decrease in net sales in the video and other categories, partially offset by an increase in net sales in the appliance and computing and mobile phones categories. The video category comparable store sales decline was driven by a double digit decrease in unit demand partially offset by a single digit increase in average selling prices, largely resulting from our strategy of offering fewer entry level models. The decrease in comparable store sales for the other category was primarily a result of double digit comparable store sales decreases in cameras, camcorders, small electronics and mattresses, partially offset by sales from the furniture and fitness equipment categories. The appliance category increase in comparable store sales was driven by an increase in both the average selling price and units sold. The growth in the computing and mobile phones category was led by increased demand for tablets, partially offset by a decline in mobile phones.

Gross profit margin, expressed as gross profit as a percentage of net sales, increased slightly for the three months ended December 31, 2012 to 27.3% from 27.2% for the comparable prior year period. The increase was largely due to increases in gross profit margin rates in the appliance and video categories, partially offset by decreases in gross profit margin rates in the computing and mobile phone and other categories. The appliance category was favorably impacted by a continued mix shift to higher efficiency products which generate higher gross margin rates. The increase in the video category gross margin rate was largely due to a favorable mix of larger LED model screen sizes, which generate higher gross margin rates than smaller screen LCD models. The computing and mobile phone category gross margin rate decrease was due to a decline in the gross margin rate of mobile phones, while the other category gross margin rate was pressured by declines in the gross margin rate of accessories.

SG&A expense, as a percentage of net sales, increased 47 basis points for the three months ended December 31, 2012 compared to the prior year period. The increase in SG&A as a percentage of net sales was largely a result of increases in occupancy costs as a percentage of net sales due to the deleveraging effect of the net sales decline in addition to an increase in home delivery expenses as a percentage of net sales due to a higher sales mix of deliverable product. This increase was partially offset by decreases in other SG&A accounts as a result of cost control measures.

Net advertising expense, as a percentage of net sales, increased 8 basis points during the three months ended December 31, 2012 compared to the prior year period. While the Company reduced its gross advertising spend from the prior year, the slight increase as a percentage of net sales was driven largely by the deleveraging effect of the net sales decline.

Depreciation expense, as a percentage of net sales, increased 25 basis points for the three months ended December 31, 2012 compared to the prior year period. The increase as a percentage of net sales was primarily due the capital spend associated with the 20 new stores opened during the past 12 months and the deleveraging effect of the net sales decline.

Our effective income tax rate for the three months ended December 31, 2012 increased to 39.1% from 37.8% in the comparable prior year period. The increase in the effective income tax rate is primarily the result of federal income tax credits recognized in fiscal 2012 under the Hiring Incentives to Restore Employment Act of 2010. These credits are no longer available in fiscal 2013.

Guidance

Consistent with the Company’s pre-release on January 14, 2013, the Company expects net income per diluted share will be within a range of $0.70 to $0.80 for fiscal 2013.

Included in the Company’s guidance, are the following annual assumptions:

  • fiscal 2013 comparable store sales of negative 8.5% to negative 7.5%
  • fiscal 2013 net sales increase of flat to 1%
  • net capital expenditures of approximately $45 million
  • the impact of fiscal year to date share repurchases of 3.6 million shares at a cost of $30.0 million

Teleconference and Webcast

hhgregg will be conducting a conference call to discuss operating results for the nine months ended December 31, 2012, on Thursday, January 31, 2013 at 9:00 a.m. (Eastern Time). Interested investors and other parties may listen to a simultaneous webcast of the conference call by logging onto hhgregg’s website at www.hhgregg.com. The on-line replay will be available for a limited time immediately following the call. The call can also be accessed live over the phone by dialing (877) 304-8963. Callers should reference the hhgregg earnings call.

Non-GAAP to GAAP Reconciliation

Attached is a reconciliation of non-GAAP measures used in this earnings release including net income to net income, as adjusted, and diluted net income per share to diluted net income per share, as adjusted. Definitions and reconciliations of non-GAAP financial measures that will be discussed on the hhgregg investor earnings call, including net income, as adjusted, and diluted net income per share, as adjusted, can be found at www.hhgregg.com on the investor relations page.

About hhgregg

hhgregg is a specialty retailer of home appliances, televisions, computers, consumer electronics, home entertainment furniture, mattresses, fitness equipment and related services operating under the name hhgregg. hhgregg currently operates 228 stores in Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, and Wisconsin.

Safe Harbor Statement

The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

hhgregg has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While hhgregg believes these expectations, assumptions, estimates and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These and other important factors may cause hhgregg's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Some of the key factors that could cause actual results to differ from hhgregg's expectations are: the effect of general and regional economic and employment conditions on its net sales; impact of average selling prices on net sales; competition in existing, adjacent and new metropolitan markets; competition from internet retailers; ability to modify its product mix based on changes in consumer trends and preferences; industry wide declines in the video category; ability to reduce reliance on the video category and consumer electronics; impact of our sales mix and ability to focus on consumer home products; its ability to effectively execute its strategic initiatives, particularly in the video category; its ability to effectively manage and monitor its operations, costs and service quality; its reliance on a small number of suppliers; rapid inflation or deflation in core product prices; the failure of manufacturers to introduce new products and technologies; customer acceptance of new technology; its dependence on the Company's key management personnel and its ability to attract and retain qualified sale's personnel; its ability to negotiate with its suppliers to provide product on a timely basis at competitive prices; the identification and acquisition of suitable sites for its stores and the negotiation of acceptable leases for those sites; fluctuation in seasonal demand; its ability to maintain its rate of growth and penetrate new geographic areas; its ability to locate suitable new store sites; its ability to obtain additional financing and maintain its credit facilities; its ability to maintain and upgrade its information technology systems; the effect of a disruption at the Company's central distribution centers; changes in cost for advertising; and changes in legal and/or trade regulations, currency fluctuations and prevailing interest rates.

Other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described in the “Risk Factors” sections in the Company’s fiscal 2012 Form 10-K filed May 23, 2012 and Form 10-Q filed November 2, 2012. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. Except as required by law, hhgregg does not undertake, and specifically declines, any obligation to update any of these statements or to publicly announce the results of any revisions to any of these statements to reflect future events or developments.

   
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
Three Months Ended Nine Months Ended

December 31,
2012

 

December 31,
2011

 

December 31,
2012

 

December 31,
2011

(In thousands, except share and per share data)
Net sales $ 799,635   $ 829,546 $ 1,877,127   $ 1,879,603
Cost of goods sold 581,450   603,640   1,338,136   1,346,705  
Gross profit 218,185 225,906 538,991 532,898
Selling, general and administrative expenses 139,303 140,609 383,871 371,529
Net advertising expense 38,715 39,488 98,085 90,148
Depreciation and amortization expense 10,416 8,765 29,673 24,236
Asset impairment charges 504     504    
Income from operations 29,247 37,044 26,858 46,985
Other expense (income):
Interest expense 704 881 1,692 1,964
Interest income (3 ) (1 ) (8 ) (5 )
Total other expense 701   880   1,684   1,959  
Income before income taxes 28,546 36,164 25,174 45,026
Income tax expense 11,157   13,686   9,726   17,283  
Net income $ 17,389   $ 22,478   $ 15,448   $ 27,743  
Net income per share
Basic $ 0.51 $ 0.60 $ 0.44 $ 0.73
Diluted $ 0.51 $ 0.60 $ 0.44 $ 0.72
Weighted average shares outstanding-basic 33,934,383 37,154,446 35,099,660 38,167,304
Weighted average shares outstanding-diluted 33,985,113 37,603,767 35,168,497 38,522,707
 
   
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(AS A PERCENTAGE OF NET SALES)
(UNAUDITED)
 
Three Months Ended Nine Months Ended
December 31,
2012
  December 31,
2011
  December 31,
2012
  December 31,
2011
Net sales 100.0 %   100.0 % 100.0 %   100.0 %
Cost of goods sold 72.7   72.8   71.3   71.6  
Gross profit 27.3 27.2 28.7 28.4
Selling, general and administrative expenses 17.4 17.0 20.4 19.8
Net advertising expense 4.8 4.8 5.2 4.8
Depreciation and amortization expense 1.3 1.1 1.6 1.3
Asset impairment charges 0.1        
Income from operations 3.7 4.5 1.4 2.5
Other expense (income):
Interest expense 0.1 0.1 0.1 0.1
Interest income        
Total other expense 0.1   0.1   0.1   0.1  
Income before income taxes 3.6 4.4 1.3 2.4
Income tax expense 1.4   1.6   0.5   0.9  
Net income 2.2   2.7   0.8   1.5  
 

Certain percentage amounts do not sum due to rounding

     
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2012, MARCH 31, 2012 AND DECEMBER 31, 2011
(UNAUDITED)
 

December 31,
2012

March 31,
2012

December 31,
2011

(In thousands, except share data)
Assets
Current assets:
Cash and cash equivalents 15,522 59,244 5,351
Accounts receivable—trade, less allowances of $25 as of December 31, 2012 and March 31, 2012, and $97 as of December 31, 2011 20,674 19,467 31,627
Accounts receivable—other 30,510 18,630 31,744
Merchandise inventories, net 438,378 282,409 415,901
Prepaid expenses and other current assets 5,083 5,562 5,257
Income tax receivable 1,114
Deferred income taxes 10,371   9,639   8,203  
Total current assets 521,652   394,951   498,083  
Net property and equipment 224,026 204,273 207,971
Deferred financing costs, net 2,158 2,656 2,822
Deferred income taxes 34,663 38,970 40,180
Other assets 1,173   1,934   1,219  
Total long-term assets 262,020   247,833   252,192  
Total assets 783,672   642,784   750,275  
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable 223,427 122,596 214,093
Line of credit 28,145
Customer deposits 40,271 28,993 32,234
Accrued liabilities 71,110 43,735 69,022
Income Tax Payable 3,616   4,358   3,729  
Total current liabilities 338,424   199,682   347,223  
Long-term liabilities:
Deferred Rent 79,438 71,304 74,279
Other long-term liabilities 12,276   12,278   12,604  
Total long-term liabilities 91,714   83,582   86,883  
Total liabilities 430,138   283,264   434,106  
Stockholders’ equity:
Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2012, March 31, 2012 and December 31, 2011, respectively
Common stock, par value $.0001; 150,000,000 shares authorized; 40,611,411, 40,066,005 and 39,955,572 shares issued; and 33,338,522, 36,351,716 and 37,241,283 outstanding as of December 31, 2012, March 31, 2012 and December 31, 2011, respectively 4 4 4
Additional paid-in capital 286,412 277,846 275,555
Retained earnings 144,729 129,281 75,651
Common stock held in treasury at cost, 7,272,889, 3,714,289 and 2,714,289 shares as of December 31, 2012, March 31, 2012 and December 31, 2011, respectively (77,611 ) (47,570 ) (35,000 )
353,534 359,561 316,210
Note receivable for common stock   (41 ) (41 )
Total stockholders’ equity 353,534   359,520   316,169  
Total liabilities and stockholders’ equity 783,672   642,784   750,275  
 
 
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(UNAUDITED)
 
Nine Months Ended

December 31,
2012

 

December 31,
2011

(In thousands)
Cash flows from operating activities:
Net income $ 15,448 $ 27,743
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 29,673 24,236
Amortization of deferred financing costs 498 498
Stock-based compensation 3,882 4,541
Excess tax benefits from stock based compensation (585 ) (419 )
Gain on sales of property and equipment (216 ) (195 )
Deferred income taxes 3,575 9,608
Asset impairment charges 504
Tenant allowances received from landlords 8,424 17,097
Changes in operating assets and liabilities:
Accounts receivable—trade (1,207 ) (22,696 )
Accounts receivable—other (8,071 ) (8,277 )
Merchandise inventories (155,969 ) (203,893 )
Income tax receivable (1,356 )
Prepaid expenses and other assets 1,240 5,626
Accounts payable 84,699 94,207
Customer deposits 11,278 10,443
Accrued liabilities 27,375 23,979
Deferred rent (4,099 ) (1,719 )
Other long-term liabilities 198   323  
Net cash provided by (used in) operating activities 15,291   (18,898 )
Cash flows from investing activities:
Purchases of property and equipment (50,291 ) (74,996 )
Proceeds from sales of property and equipment 34   4  
Net cash used in investing activities (50,257 ) (74,992 )
Cash flows from financing activities:
Purchases of treasury stock (30,041 ) (35,000 )
Proceeds from exercise of stock options 4,184 1,880
Excess tax benefits from stock-based compensation 585 419
Net increase in bank overdrafts 12,153 31,091
Net borrowings on line of credit 28,145
Net borrowings on inventory financing facility 4,322
Payment of financing costs (88 )
Payments received on notes receivable-related parties 41    
Net cash (used in) provided by financing activities (8,756 ) 26,447  
Net decrease in cash and cash equivalents (43,722 ) (67,443 )
Cash and cash equivalents
Beginning of period 59,244   72,794  
End of period $ 15,522   $ 5,351  
Supplemental disclosure of cash flow information:
Interest paid $ 226 $ 445
Income taxes paid $ 7,509 $ 5,542
Capital expenditures included in accounts payable $ 873 $ 1,013
 
   
HHGREGG, INC. AND SUBSIDIARIES
NON-GAAP RECONCILATION OF NET INCOME, AS ADJUSTED AND
DILUTED NET INCOME PER SHARE, AS ADJUSTED
(UNAUDITED)
 
Three Months Ended December 31, Nine Months Ended December 31,
(Amounts in thousands, except share data) 2012   2011 2012   2011
Net income as reported $ 17,389 $ 22,478 $ 15,448 $ 27,743
Adjustments to net income:
Asset impairment charges 504 504
Tax impact of adjustments to net income (202 )   (202 )
Net income, as adjusted $ 17,691 $ 22,478 $ 15,750 $ 27,743
Weighted average shares outstanding – Diluted 33,985,113 37,603,767 35,168,497 38,522,707
Diluted net income per share as reported $ 0.51 $ 0.60 $ 0.44 $ 0.72
Tax adjusted impact of above adjustments $ 0.01 $ $ 0.01 $
Diluted net income per share, as adjusted $ 0.52 $ 0.60 $ 0.45 $ 0.72
 
       
HHGREGG, INC. AND SUBSIDIARIES
Store Count by Quarter for Fiscal Years 2011, 2012 and 2013
(Unaudited)
 
FY2011   FY2012   FY2013
Q1   Q2   Q3   Q4 Q1   Q2   Q3 Q4 Q1   Q2   Q3
Beginning Store Count 131 157 169 173 173 180 204 208 208 210 223
Store Openings 26 12 4 1 7 24 4 2 13 5
Store Closures       (1 )              
Ending Store Count 157   169   173   173   180   204   208   208   210   223   228

Note: hhgregg, Inc. ’s fiscal year is comprised of four quarters ending June 30th, September 30th, December 31st and March 31st.

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