Dover Saddlery Reports Third Quarter 2011 Financial Results
(firmenpresse) - LITTLETON, MA -- (Marketwire) -- 11/08/11 -- Dover Saddlery, Inc. (NASDAQ: DOVR), the leading multi-channel retailer of equestrian products, today reported financial results for the third quarter ended September 30, 2011.
Total revenues for the third quarter of 2011 increased 4.8%, or $0.9 million, to $19.5 million from $18.6 million. Retail store channel revenues increased 17.6%, or $1.2 million, to $8.2 million and same-store sales increased 9.9% over the same period in 2010. Net income for the third quarter increased 3.8%, or $12,000, to $332,000 while earnings per fully diluted share remained steady at $0.06 per share.
For the first nine months of 2011, total revenues increased 4.3% to $57.0 million from $54.7 million. Retail store channel revenues increased 16.4% to $21.5 million and same-store sales increased 12.8%. Net income increased 8.8% to $1,084,000, or $0.20 per fully diluted share, from $997,000, or $0.18 per fully diluted share.
"Our retail stores performed extremely well in the third quarter and, in fact, the retail channel has shown strong performance all year long," said Stephen L. Day, President and CEO of Dover Saddlery. "Our new store in Parker, Colorado is exceeding expectations; and next week we will be opening our first store in the Midwest in Libertyville, Illinois, a suburb north of Chicago, bringing the total number of stores to 15."
Due to the current uncertain economic environment, the Company is not providing any financial guidance.
Dover Saddlery will hold a conference call and webcast on Tuesday, November 8, 2011 at 8:30 a.m. ET to discuss its third quarter results. To access the webcast via the Internet, 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 fourth quarter and full year of fiscal 2011, the prospects for continued retail channel and same store sales growth, and operating income and cash flow improvements, and additional new store openings in 2012. 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, 2010. 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 thirteen Dover-branded stores and one Smith Brothers store, the Parker, CO Dover-branded store opened in Q2 2011.
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 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):
Janet Nittmann
Tel 978-952-8062 x218
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Datum: 08.11.2011 - 13:00 Uhr
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