Attached files
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| 8-K - FORM 8-K - hhgregg, Inc. | d389199d8k.htm |
Exhibit 99.1
hhgregg Announces First Fiscal Quarter Operating Results
First Quarter Highlights
| • | Net sales increased 13.5% to $489.9 million |
| • | Comparable store sales decreased 5.1% |
| • | Net loss per diluted share was $0.16 vs. net loss per diluted share of $0.02 in the prior year quarter |
| • | Consistent with July 10, 2012 pre-release, the Company expects net income per diluted share to be within a range of $0.90 to $1.05 for fiscal 2013 |
INDIANAPOLIS, August 2, 2012—hhgregg, Inc. (NYSE: HGG):
| Three Months Ended | ||||||||
| (unaudited) | June 30, 2012 | June 30, 2011 | ||||||
| (dollars in thousands, except per share data) | ||||||||
| Net sales |
$ | 489,856 | $ | 431,455 | ||||
| Net sales % increase (decrease) |
13.5 | % | (1.0 | )% | ||||
| Comparable store sales % decrease (1) |
(5.1 | )% | (13.2 | )% | ||||
| Gross profit as a % of net sales |
29.9 | % | 30.2 | % | ||||
| SG&A as a % of net sales |
24.3 | % | 23.9 | % | ||||
| Net advertising expense as a % of net sales |
5.6 | % | 4.7 | % | ||||
| Depreciation and amortization expense as a % of net sales |
1.9 | % | 1.7 | % | ||||
| Loss from operations as a % of net sales |
(1.9 | )% | (0.1 | )% | ||||
| Net interest expense as a % of net sales |
0.1 | % | 0.1 | % | ||||
| Net loss |
$ | (5,700 | ) | $ | (761 | ) | ||
| Net loss per diluted share |
$ | (0.16 | ) | $ | (0.02 | ) | ||
| Weighted average shares outstanding—diluted |
36,138,688 | 39,501,518 | ||||||
| Number of stores open at the end of period |
210 | 180 | ||||||
| (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. |
Indianapolis-based appliance and electronics retailer, hhgregg, Inc. (“hhgregg” or the “Company”) today reported a net loss of $5.7 million, or $0.16 per diluted share, for the three month period ended June 30, 2012, compared with a net loss of $0.8 million, or $0.02 per diluted share, for the comparable prior year period. The increase in the Company’s net loss for the three month period was the result of a comparable store sales decrease of 5.1%, an increase in net advertising expense as a percentage of net sales, an increase in SG&A expense as a percentage of net sales and a slight decrease in gross profit as a percentage of net sales, partially offset by the net addition of 30 stores in the past 12 months.
Dennis May, President and CEO commented, “As we announced in our pre-release, our first fiscal quarter proved to be more challenging than anticpated with sales and earnings coming in below our original expectations. We reacted to the sales shortfall by making adjustments to our cost structure. We expect subsequent quarters to benefit from our cost cutting measures. We are looking at new ways to enhance our store sales productivity through the testing of new products and merchandise that leverage our consultative sales force, delivery and installation network and private label consumer credit card offering. During the Company’s 57 year history, we have been successful in adapting our business to fit the changing needs of consumers, and remain confident in our ability to navigate through this difficult cycle.”
Net sales for the three months ended June 30, 2012 increased 13.5% to $489.9 million compared to $431.5 million in the comparable prior year period. The increase in net sales for the three months ended June 30, 2012 was attributable to the net addition of 30 stores during the past 12 months partially offset by a comparable store sales decrease of 5.1%.
Net sales mix and comparable store sales percentage changes by product category for the three months ended June 30, 2012 and 2011 were as follows:
| Net Sales Mix Summary | Comparable Store Sales Summary | |||||||||||||||
| Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Video |
33 | % | 37 | % | (16.7 | )% | (20.6 | )% | ||||||||
| Appliances |
49 | % | 44 | % | 6.3 | % | (12.6 | )% | ||||||||
| Computing and mobile phones (1) |
8 | % | 7 | % | 8.7 | % | 54.6 | % | ||||||||
| Other (2) |
10 | % | 12 | % | (19.7 | )% | (10.3 | )% | ||||||||
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| Total |
100 | % | 100 | % | (5.1 | )% | (13.2 | )% | ||||||||
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| (1) | Primarily consists of computers, mobile phones and tablets. |
| (2) | Primarily consists of audio, furniture and accessories, mattresses and personal electronics. |
The decrease in comparable store sales for the three month period ended June 30, 2012 was driven primarily by a decrease in revenues in the video and other categories, partially offset by increases in revenues 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 and a low single digit decrease in average selling prices. The decrease in comparable store sales for the other category was primarily a result of double digit comparable store sales decreases in cameras, camcorders and small electronics, partially offset by growth in the mattress category. The appliance category saw an increase in average selling prices, with unit demand relatively flat compared to the prior year three month period. The computing and mobile phones category was led by increased demand in the offering of tablet computers and mobile phones, partially offset by declines in notebook computers.
Gross profit margin, expressed as gross profit as a percentage of net sales, decreased 26 basis points for the three months ended June 30, 2012 to 29.9% from 30.2% for the comparable prior year period. The decrease was largely due to a decrease in gross profit margin in the video and appliance categories, partially offset by a favorable sales mix. During the fiscal second quarter of the prior year, the Company experienced an overall reset of gross profit margin rates in the video category. As the Company has not lapped this reset, gross profit margin rates experienced pressure during the first fiscal quarter of the current year. Appliances also experienced a slight decline in gross profit margin as a result of initiatives to grow market share in the category and increased promotional activity, partially offset by a shift in the product mix within the category to products with higher gross profit margins. The computing and mobile phones category experienced an increase in gross profit margin due to mobile phones, which the Company did not offer in the comparable prior year period. These declines were also offset by an increase in gross profit margin rate in the other category, which was primarily due to increases in furniture and mattresses.
SG&A expense, as a percentage of net sales, increased 32 basis points for the three month period ended June 30, 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 employee benefit expenses due to increased health insurance costs, in addition to the deleveraging effect of the comparable store sales decline. This increase was partially offset by slight decreases in other SG&A accounts as a result of cost control measures implemented during the quarter.
Net advertising expense, as a percentage of net sales, increased 96 basis points during the three months ended June 30, 2012 compared to the prior year period. The increase as a percentage of net sales was driven largely by greater promotional activity to drive market share and the deleveraging effect of the comparable store sales decline.
The Company’s effective income tax rate for the three months ended June 30, 2012 increased to 40.8% from 17.2% in the comparable prior year period. The increase in the effective income tax rate is primarily the result of a charge to reduce deferred tax assets in the comparable prior year period which reduced the income tax benefit recognized. The reduction in the deferred state income tax rate in the comparable prior year period was the result of a scheduled reduction in Indiana’s corporate income tax rate beginning July 1, 2012.
Share Repurchase
During the fiscal quarter ended June 30, 2012, the Company repurchased 1,076,074 shares of its common stock at a total cost of $11.2 million. The shares were repurchased under the Company’s $50 million share repurchase program that was authorized by the Company’s Board of Directors on May 24, 2012 and expires on May 23, 2013. As of June 30, 2012, the Company had approximately $38.8 million authorized to repurchase shares of common stock remaining under the current share repurchase program.
Guidance
Consistent with the Company’s pre-release on July 10, 2012, the Company expects net income per diluted share will be within a range of $0.90 to $1.05 for fiscal 2013.
Included in the Company’s guidance are the following annual assumptions:
| • | fiscal 2013 comparable store sales of negative 6% to negative 4% |
| • | fiscal 2013 net sales increase of 3% to 6% |
| • | 20 to 22 new store openings in fiscal 2013 |
| • | the impact of fiscal first quarter share repurchase activity of 1.1 million shares at a cost of $11.2 million |
Jeremy Aguilar, Chief Financial Officer commented, “Though our industries have been challenged over the past several years, we have consistently maintained a solid liquidity position, with no long-term debt. Despite a volatile sales environment, we have been able to manage our inventory very well and are pleased with our current inventory levels. We continue to remain focused on driving long term shareholder value while maintaining a strong liquidity position.”
Teleconference and Webcast
hhgregg will be conducting a conference call to discuss operating results for the three months ended June 30, 2012, on Thursday, August 2, 2012 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.
About hhgregg
hhgregg is a specialty retailer of consumer electronics, home appliances and related services operating under the name hhgregg™. hhgregg currently operates 212 stores in Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia.
Safe Harbor Statement
The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release includes forward-looking statements. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the expectations, beliefs, plans, objectives, assumptions or future events or performance of hhgregg, Inc. are forward-looking statements.
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; 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” section in the Company’s fiscal 2012 Form 10-K filed May 23, 2012, and in the “Risk Factors” section in the Company’s fiscal 2013 Form 10-Q filed August 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. 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.
| Contact: | Andy Giesler, Vice President of Finance | |
| investorrelations@hhgregg.com | ||
| (317) 848-8710 |
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended | ||||||||
| June 30, 2012 | June 30, 2011 | |||||||
| (In thousands, except share and per share data) | ||||||||
| Net sales |
$ | 489,856 | $ | 431,455 | ||||
| Cost of goods sold |
343,197 | 301,141 | ||||||
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| Gross profit |
146,659 | 130,314 | ||||||
| Selling, general and administrative expenses |
118,773 | 103,244 | ||||||
| Net advertising expense |
27,616 | 20,195 | ||||||
| Depreciation and amortization expense |
9,414 | 7,287 | ||||||
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| Loss from operations |
(9,144 | ) | (412 | ) | ||||
| Other expense (income): |
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| Interest expense |
478 | 512 | ||||||
| Interest income |
(2 | ) | (4 | ) | ||||
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| Total other expense |
476 | 508 | ||||||
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| Loss before income taxes |
(9,620 | ) | (920 | ) | ||||
| Income tax benefit |
(3,920 | ) | (159 | ) | ||||
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| Net loss |
$ | (5,700 | ) | $ | (761 | ) | ||
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| Net loss per share |
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| Basic |
$ | (0.16 | ) | $ | (0.02 | ) | ||
| Diluted |
$ | (0.16 | ) | $ | (0.02 | ) | ||
| Weighted average shares outstanding-basic |
36,138,688 | 39,501,518 | ||||||
| Weighted average shares outstanding-diluted |
36,138,688 | 39,501,518 | ||||||
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(AS A PERCENTAGE OF NET SALES)
(UNAUDITED)
| Three Months Ended | ||||||||
| June 30, 2012 | June 30, 2011 | |||||||
| Net sales |
100.0 | % | 100.0 | % | ||||
| Cost of goods sold |
70.1 | 69.8 | ||||||
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| Gross profit |
29.9 | 30.2 | ||||||
| Selling, general and administrative expenses |
24.3 | 23.9 | ||||||
| Net advertising expense |
5.6 | 4.7 | ||||||
| Depreciation and amortization expense |
1.9 | 1.7 | ||||||
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| Loss from operations |
(1.9 | ) | (0.1 | ) | ||||
| Other expense (income): |
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| Interest expense |
0.1 | 0.1 | ||||||
| Interest income |
— | — | ||||||
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| Total other expense |
0.1 | 0.1 | ||||||
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| Loss before income taxes |
(2.0 | ) | (0.2 | ) | ||||
| Income tax benefit |
0.8 | — | ||||||
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| Net loss |
(1.2 | )% | (0.2 | )% | ||||
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Certain percentage amounts do not sum due to rounding
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2012, MARCH 31, 2012 AND JUNE 30, 2011
(UNAUDITED)
| June 30, 2012 | March 31, 2012 | June 30, 2011 | ||||||||||
| (In thousands, except share data) | ||||||||||||
| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ | 4,289 | $ | 59,244 | $ | 1,910 | ||||||
| Accounts receivable—trade, less allowances of $27, $25 and $96, respectively |
28,603 | 19,467 | 13,150 | |||||||||
| Accounts receivable—other |
23,067 | 18,630 | 23,280 | |||||||||
| Merchandise inventories, net |
326,892 | 282,409 | 291,600 | |||||||||
| Prepaid expenses and other current assets |
5,707 | 5,562 | 5,632 | |||||||||
| Income tax receivable |
7,743 | — | 6,456 | |||||||||
| Deferred income taxes |
9,775 | 9,639 | 6,487 | |||||||||
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| Total current assets |
406,076 | 394,951 | 348,515 | |||||||||
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| Net property and equipment |
214,150 | 204,273 | 180,896 | |||||||||
| Deferred financing costs, net |
2,490 | 2,656 | 3,154 | |||||||||
| Deferred income taxes |
38,093 | 38,970 | 46,327 | |||||||||
| Other assets |
1,059 | 1,934 | 1,159 | |||||||||
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| Total long-term assets |
255,792 | 247,833 | 231,536 | |||||||||
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| Total assets |
$ | 661,868 | $ | 642,784 | $ | 580,051 | ||||||
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| Liabilities and Stockholders’ Equity |
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| Current liabilities: |
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| Accounts payable |
$ | 144,859 | $ | 122,596 | $ | 131,815 | ||||||
| Line of credit |
— | — | 5,850 | |||||||||
| Customer deposits |
36,239 | 28,993 | 27,969 | |||||||||
| Accrued liabilities |
46,339 | 43,735 | 43,369 | |||||||||
| Income tax payable |
— | 4,358 | — | |||||||||
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| Total current liabilities |
227,437 | 199,682 | 209,003 | |||||||||
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| Long-term liabilities: |
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| Deferred rent |
73,520 | 71,304 | 63,380 | |||||||||
| Other long-term liabilities |
12,241 | 12,278 | 12,136 | |||||||||
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| Total long-term liabilities |
85,761 | 83,582 | 75,516 | |||||||||
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| Total liabilities |
313,198 | 283,264 | 284,519 | |||||||||
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| Stockholders’ equity: |
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| Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2012, March 31, 2012 and June 30, 2011, respectively |
— | — | — | |||||||||
| Common stock, par value $.0001; 150,000,000 shares authorized; 40,559,245, 40,066,005 and 39,749,739 shares issued; and 35,768,882, 36,351,716 and 38,241,499 shares outstanding as of June 30, 2012, March 31, 2012 and June 30, 2011, respectively |
4 | 4 | 4 | |||||||||
| Additional paid-in capital |
283,891 | 277,846 | 270,534 | |||||||||
| Retained earnings |
123,581 | 129,281 | 47,147 | |||||||||
| Common stock held in treasury at cost,4,790,363, 3,714,289 and 1,508,240 shares as of June 30, 2012, March 31, 2012 and June 30, 2011, respectively |
(58,765 | ) | (47,570 | ) | (22,112 | ) | ||||||
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| 348,711 | 359,561 | 295,573 | ||||||||||
| Note receivable for common stock |
(41 | ) | (41 | ) | (41 | ) | ||||||
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| Total stockholders’ equity |
348,670 | 359,520 | 295,532 | |||||||||
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| Total liabilities and stockholders’ equity |
$ | 661,868 | $ | 642,784 | $ | 580,051 | ||||||
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HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED JUNE 30, 2012 AND 2011
(UNAUDITED)
| Three Months Ended | ||||||||
| June 30, 2012 | June 30, 2011 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: |
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| Net Loss |
$ | (5,700 | ) | $ | (761 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: |
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| Depreciation and amortization |
9,414 | 7,287 | ||||||
| Amortization of deferred financing costs |
166 | 166 | ||||||
| Stock-based compensation |
1,694 | 1,623 | ||||||
| Excess tax benefits from stock-based compensation |
(546 | ) | (13 | ) | ||||
| Gain on sales of property and equipment |
(76 | ) | (64 | ) | ||||
| Deferred income taxes |
741 | 5,177 | ||||||
| Tenant allowances received from landlords |
1,984 | 6,120 | ||||||
| Changes in operating assets and liabilities: |
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| Accounts receivable—trade |
(9,136 | ) | (4,219 | ) | ||||
| Accounts receivable—other |
(2,801 | ) | (1,400 | ) | ||||
| Merchandise inventories |
(44,483 | ) | (79,592 | ) | ||||
| Income tax receivable |
(12,101 | ) | (8,355 | ) | ||||
| Prepaid expenses and other assets |
730 | 5,311 | ||||||
| Accounts payable |
2,235 | 30,232 | ||||||
| Customer deposits |
7,246 | 6,178 | ||||||
| Accrued liabilities |
3,150 | (3,948 | ) | |||||
| Deferred rent |
(1,404 | ) | (54 | ) | ||||
| Other long-term liabilities |
30 | (273 | ) | |||||
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| Net cash used in operating activities |
(48,857 | ) | (36,585 | ) | ||||
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| Cash flows from investing activities: |
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| Purchases of property and equipment |
(15,221 | ) | (28,991 | ) | ||||
| Proceeds from sales of property and equipment |
17 | 1 | ||||||
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| Net cash used in investing activities |
(15,204 | ) | (28,990 | ) | ||||
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| Cash flows from financing activities: |
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| Purchases of treasury stock |
(11,195 | ) | (22,112 | ) | ||||
| Proceeds from exercise of stock options |
3,805 | 221 | ||||||
| Excess tax benefits from stock-based compensation |
546 | 13 | ||||||
| Net increase in bank overdrafts |
4,824 | 10,807 | ||||||
| Net borrowings on line of credit |
— | 5,850 | ||||||
| Net borrowings on inventory financing facility |
11,126 | — | ||||||
| Payment of financing costs |
— | (88 | ) | |||||
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| Net cash provided by (used in) financing activities |
9,106 | (5,309 | ) | |||||
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| Net decrease in cash and cash equivalents |
(54,955 | ) | (70,884 | ) | ||||
| Cash and cash equivalents |
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| Beginning of period |
59,244 | 72,794 | ||||||
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| End of period |
$ | 4,289 | $ | 1,910 | ||||
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| Supplemental disclosure of cash flow information: |
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| Interest paid |
$ | 29 | $ | 21 | ||||
| Income taxes paid |
$ | 6,894 | $ | 3,045 | ||||
| Capital expenditures included in accounts payable |
$ | 5,294 | $ | 2,994 | ||||
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 | ||||||||||||||||||||||||||||
| Beginning Store Count |
131 | 157 | 169 | 173 | 173 | 180 | 204 | 208 | 208 | |||||||||||||||||||||||||||
| Store Openings |
26 | 12 | 4 | 1 | 7 | 24 | 4 | 2 | ||||||||||||||||||||||||||||
| Store Closures |
— | — | — | (1 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
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| Ending Store Count |
157 | 169 | 173 | 173 | 180 | 204 | 208 | 208 | 210 | |||||||||||||||||||||||||||
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Note: hhgregg, Inc.’s fiscal year is comprised of four quarters ending June 30th, September 30th, December 31st and March 31st.