Dover Saddlery Reports Second Quarter 2013 Financial Results
(firmenpresse) - LITTLETON, MA -- (Marketwired) -- 08/08/13 -- Dover Saddlery, Inc. (NASDAQ: DOVR), the leading multi-channel retailer of equestrian products, today reported financial results for the second quarter ended June 30, 2013.
Total revenues for the second quarter of 2013 increased 8.6%, or $1.8 million, to $22.9 million, compared with $21.1 million achieved in the same period in the prior year. Retail channel revenues increased 23.2%, or $2.2 million, to $11.7 million and same-store sales increased 4.2%.
Net income for the quarter was $355,000, or $0.06 per diluted share, compared to $400,000, or $0.07 per diluted share, for the corresponding quarter of 2012.
"During the second quarter,we experienced strong sales in our retail stores," said Stephen L. Day, president and CEO of Dover Saddlery. "In mid-April, we had a very successful grand opening of our new store in Huntington, New York. Both long-time direct and new retail customers flocked to the new location and were delighted to have a Dover Saddlery tack store in their midst. This store will serve the very active equestrian community on Long Island and sales throughout the second quarter have been excellent. Direct sales were affected by cold weather at the start of the second quarter and were off by 1.5% for the three months ending June 30. However for the four weeks ending July 28, direct sales were 3% ahead of last year and substantially ahead of plan."
For the six months ending June 30, 2013, total revenues increased 4.3%, or $1.7 million, to $41.0 million, compared to $39.3 million for the same period in 2012. Revenues from the retail channel increased 15.8%, or $2.6 million, to $19.0 million and same-store sales increased 0.5%.
Net income (loss) for the six months ending June 30, 2013 decreased to $(183,000), or $(0.03) per diluted share, compared to $543,000, or $0.10 per share, for the corresponding period of 2012.
Dover Saddlery is planning to open three more stores in the fall of 2013, which will bring the total number of retail stores to twenty two. Until there is greater long-term visibility on sustainable economic conditions and consumer behavior, the Company is not providing guidance on other business prospects in 2013.
Dover Saddlery executives will host a conference call at 4:15 pm ET today, to discuss the results. Interested parties may access the call by dialing +1-877-712-7037 or may listen to the call live via webcast. To access the webcast please go to and click on the webcast icon.
Dover Saddlery, Inc. (NASDAQ: DOVR) is the leading multi-channel retailer of equestrian products in the United States. Founded in 1975 in Wellesley, Massachusetts, by United States Equestrian team members, Dover Saddlery has grown to become The Source® for equestrian products. Dover offers a broad and distinctive selection of competitively priced, brand-name products for horse and rider through catalogs, the Internet and company-owned retail stores. Dover Saddlery, Inc. serves the English rider and through Smith Brothers, the Western rider. The Source®, Dover Saddlery® and Smith Brothers® are registered marks of Dover Saddlery.
For more information, please call 1-978-952-8062 or visit .
This press release includes "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation statements made about the Company's business outlook for fiscal 2013, overall revenue growth, sales in the direct channel, retail-store and same-store sales increases, and the opening of new stores. All statements other than statements of historical fact included in this press release regarding the Company's strategies, plans, objectives, expectations, and future operating results are forward-looking statements. Although Dover believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to have been correct. These forward-looking statements involve significant risks and uncertainties, including those discussed in this release and others that can be found in "Item 1A Risk Factors" of Dover Saddler's Annual Report on Form 10-K for the fiscal year ended December 31, 2012. Dover Saddlery is providing this information as of this date and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. No forward-looking statement can be guaranteed and actual results may differ materially from those Dover Saddlery projects.
From time to time, in addition to financial results determined in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company provides financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP measures in its analysis of the Company's performance and ongoing operations. The Company believes that these non-GAAP operating measures supplement our GAAP financial information and provide useful information to investors for evaluating the Company's operating results and trends that may be affecting the Company's business, as they allow investors to more readily compare our operations to prior financial results and our future performance. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
When we use the term "Adjusted EBITDA", we are referring to net income minus interest income, investment income and other income plus interest expense, income taxes, non-cash stock-based compensation, depreciation, amortization and other investment loss. We present Adjusted EBITDA because we consider it an important measure of our performance, and the Company ties its executive and employee bonus pools directly to this measure. We also believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
The following table reconciles net income to Adjusted EBITDA (in thousands):
(*) For the three months ended June 30, 2013 gift card breakage income was $30,146. For the three months ended June 30, 2012 gift card breakage income was $41,632.
(**) For the six months ended June 30, 2013 gift card breakage income was $60,292. For the six months ended June 30, 2012 includes the cumulative impact of the change in accounting for gift card breakage income of $441,362 plus gift card breakage income for the period of $83,265.
Janet Nittmann
Tel 978-952-8062 x218
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Datum: 08.08.2013 - 20:15 Uhr
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