Dover Saddlery Reports Third Quarter 2013 Financial Results
(firmenpresse) - LITTLETON, MA -- (Marketwired) -- 11/12/13 -- Dover Saddlery, Inc. (NASDAQ: DOVR), the leading multi-channel retailer of equestrian products, today reported financial results for the third quarter ended September 30, 2013.
Total revenues for the third quarter of 2013 increased 10.5%, or $2.1 million, to $22.6 million from $20.5 million achieved in the third quarter of 2012. Retail store channel revenues increased 15.6%, or $1.5 million, to $11.4 million and same-store sales increased 4.2% over the third quarter of 2012. Net income for the third quarter increased 154.6%, or $269,000, to $443,000 from $174,000. Earnings per share increased $0.05 to $0.08 from $0.03 per fully diluted share in the third quarter of 2012.
For the first nine months of 2013, total revenues increased 6.4% to $63.6 million, from $59.7 million achieved in the corresponding period in 2012. Retail store channel revenues increased 15.7% to $30.4 million and same-store sales increased 1.9% year to date. Net income decreased to $260,000, or $0.05 per fully diluted share, from $716,000, or $0.13 per fully diluted share.
"Our retail stores performed extremely well in the third quarter and same-store sales recovered nicely from the first quarter, and continue to increase. For the ten-week period ending October 27, same store sales are up 10% over the same period last year," said Stephen L. Day, President and CEO of Dover Saddlery. "Our recent new store opening in Winter Park, Florida exceeded expectations with well over five hundred guests attending the VIP private reception and shopping event."
Dover Saddlery has opened two stores since the close of the third quarter, and is planning to open one store in December 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.
Dover Saddlery executives will host a conference call at 4:30 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 the balance of fiscal 2013 and beyond, overall revenue growth, customer sentiment and behavior, sales in the direct channel, retail-store and same-store sales growth, 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.
(1) Includes eighteen Dover-branded stores and one Smith Brothers store.
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 September 30, 2013 gift card breakage income was $30,146. For the three months ended September 30, 2012 gift card breakage income was $41,632.
(**) For the nine months ended September 30, 2013 gift card breakage income was $90,438. The nine months ended September 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 $124,896.
Janet Nittmann
Tel 978-952-8062 x218
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.11.2013 - 21:00 Uhr
Sprache: Deutsch
News-ID 315613
Anzahl Zeichen: 0
contact information:
Town:
LITTLETON, MA
Kategorie:
Diese Pressemitteilung wurde bisher 157 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Dover Saddlery Reports Third Quarter 2013 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Dover Saddlery (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
