Hhgregg, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012; Provides Earnings Guidance for the Full Year of Fiscal 2013; Records Asset Impairment Charges for the Third Quarter of Fiscal 2013
January 31, 2013 at 07:00 am
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hhgregg, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported net sales of $799,635,000 compared with $829,546,000 for the same period a year ago. Income from operations was $29,247,000 compared with $37,044,000 for the same period a year ago. Income before income tax was $28,546,000 compared with $36,164,000 for the same period a year ago. Net income was $17,389,000 or $0.51 per diluted share compared with $22,478,000 or $0.60 per diluted share for the same period a year ago. Adjusted net income was $17,691,000 or $0.52 per diluted share compared with $22,478,000 or $0.60 per diluted share for the same period a year ago.
For the nine months, the company reported net sales of $1,877,127,000 compared with $1,879,603,000 for the same period a year ago. Income from operations was $26,858,000 compared with $46,985,000 for the same period a year ago. Income before income tax was $25,174,000 compared with $45,026,000 for the same period a year ago. Net income was $15,448,000 or $0.44 per diluted share compared with $27,743,000 or $0.72 per diluted share for the same period a year ago. Net cash provided by operating activities was $15,291,000 compared with net cash used in operating activities of $18,898,000 for the same period a year ago. Purchases of property and equipment was $50,291,000 compared with $74,996,000 for the same period a year ago. Adjusted net income was $15,750,000 or $0.45 per diluted share compared with $27,743,000 or $0.72 per diluted share for the same period a year ago.
For the quarter, the company recorded an asset impairment charges of $504,000.
The company provided earnings guidance for the full year of fiscal 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.
hhgregg, Inc. is an online retailer that operates a retail chain of consumer electronics and home appliances in the Midwest, Northeast, and Southeast United States, which operates stores in approximately 20 states. The Company offers a range of products categories, which include mobiles, computers and office, cameras and video, electronics, pro audio, home and kitchen. Its mobile products include cellphones and accessories, and wearable technology. Its computer products include desktops, laptops, hardware, telephones, and office accessories. The Companyâs electronics products include global positioning systems (GPS) and auto, television, home theater, audio headphones, and gaming. Its pro audio products include microphones, pro headphones, studio recording, audio systems, speakers, audio components, portable audio, and musical instruments. Its home and kitchen products include kitchen utensils, luggage, and bags. It offers global and local brands across the nation through hhgregg.com.
Hhgregg, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012; Provides Earnings Guidance for the Full Year of Fiscal 2013; Records Asset Impairment Charges for the Third Quarter of Fiscal 2013