Shoe Pavilion, Inc. (Nasdaq:SHOE) today announced financial results
for the third quarter ended September 30, 2006. Net sales increased
28.0%, or $7.0 million, to $31.8 million from $24.8 million for the
third quarter ended October 1, 2005. Comparable store net sales for
the third quarter increased 3.7% from the same period in fiscal
2005. Sales from our new stores and relocated stores contributed
$8.3 million in the third quarter. We incurred a net loss of
$318,000, or a net loss of $0.03 per diluted share, in the third
quarter ended September 30, 2006 compared to net income of
$293,000, or $0.04 per diluted share, in the third quarter of 2005.
During the quarter, we opened seven new stores and closed two
stores for which the leases had expired, bringing the total number
of stores that we operated as of September 30, 2006 to 100 stores.
Bruce Ross, Executive Vice President and Chief Financial Officer,
stated, �Our results for the quarter were consistent with the high
end of our net loss estimates. As we reported in our preliminary
earnings announcement, we experienced soft comparable store and new
store sales due to unseasonably warm weather in the states in which
we operate, leading to a slow start to sales of fall merchandise.
Although we generated top line growth of 28%, our operating margins
were reduced due to the increased number of newly opened stores as
a percentage of our total store base.� Business Outlook In the
fourth quarter to date, we have opened four stores and closed one
store. The newly opened stores are in West Los Angeles, Irvine and
Rocklin, California, and Arlington, Texas. The store that we closed
was in Tustin, California. We plan to open an additional five
stores in the fourth quarter and will end the year with 108 stores.
We anticipate that our comparable store sales will increase between
3% to 5% in the fourth quarter. With nine new stores opening in the
fourth quarter we anticipate achieving net sales for the quarter of
$38 million to $41 million, an increase of 29% to 39% over net
sales in the fourth quarter of 2005. We presently expect that our
fourth quarter diluted earnings per share will be in the range of
$0.06 to $0.10. Teleconference Shoe Pavilion will host a conference
call today, November 8, at 2:00 p.m. PT (5:00 p.m. ET) to discuss
third quarter financial results. To access the call, please dial
866-200-5830 (domestic) or 212-659-4210 (international) and enter
pin code 303889# a few minutes prior to the call to establish your
line. A replay of the call will be available through November 15,
2006 and can be accessed approximately one hour after the end of
the call by dialing 866-206-0173 (domestic) or 646-216-7204
(international); pin number 191827#. About Shoe Pavilion Shoe
Pavilion is an independent off-price footwear retailer with
locations in seven Western and Southwestern states. We offer a
broad selection of women�s, men�s and children�s designer label and
name brand footwear, typically at 20% to 60% below department store
regular prices for the same shoes. Today, we operate 103 stores
located in California, Washington, Oregon, Nevada, Arizona, Texas
and New Mexico. More information on Shoe Pavilion can be found by
visiting the Company�s web site at www.shoepavilion.com. Business
Risks and Forward-Looking Statements This press release contains
forward-looking statements relating to, among other things,
expected financial results for the fourth quarter of 2006 and store
opening plans. These statements are expressly made in reliance on
the safe harbor provisions contained in Section 21E of the
Securities Exchange Act of 1934. Sales and earnings trends are
affected by many factors including, among others, world and
national political events, including general economic conditions,
the effectiveness of our promotion and merchandising strategies,
the efficient operation of our supply chain, including the
continued support of our key vendors, our effective management of
business risks, including litigation, and competitive factors
applicable to our retail markets. In light of these risks, the
forward-looking statements contained in this press release are not
guarantees of future performance and in fact may not be realized.
Our actual results could differ materially and adversely from those
expressed in this press release. Further, the statements made by us
represent our views only as of the date of this press release, and
it should not be assumed that the statements made herein remain
accurate as of any future date. We do not presently intend to
update these statements prior to our next quarterly earnings
release and undertake no duty to any person to effect any such
update under any circumstances. Investors are also urged to review
carefully the discussion under the caption �Risk Factors� in our
Annual Report on Form 10-K for the year ended December 31, 2005 and
our Quarterly Reports on Form 10-Q for subsequent quarters, which
have been filed with the Securities and Exchange Commission and may
be accessed through the EDGAR database maintained by the SEC at
www.sec.gov. Non-GAAP Financial Measures During the twenty-six week
period ended July 1, 2006, we incurred an after-tax charge of
$116,000, or $0.01 per diluted share attributable to the defense
and settlement of a lawsuit. To supplement condensed consolidated
financial statements presented in accordance with GAAP, non-GAAP
financial measures are used as the settlement and other expenses
related to the lawsuit are not expected to reoccur and their
exclusion provides a consistent comparison to past results. The
presentation of this financial information is not intended to be
considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP. For
more information on the non-GAAP financial measures, please see the
table captioned �Supplemental Financial Data,� included at the end
of this release. Shoe Pavilion, Inc. Condensed Consolidated Balance
Sheets (Unaudited) (In thousands, except share data) � September
30, December 31, 2006� 2005� ASSETS � CURRENT ASSETS: Cash $ 572� $
494� Receivables 2,590� 1,091� Inventories 67,680� 41,097� Deferred
income taxes 1,003� 1,003� Prepaid expenses 3,497� 161� Total
current assets 75,342� 43,846� � Property and equipment, net
11,471� 5,948� Deferred income taxes and other assets 2,377� 2,411�
TOTAL $ 89,190� $ 52,205� � LIABILITIES AND STOCKHOLDERS' EQUITY �
CURRENT LIABILITIES: Accounts payable $ 22,120� $ 7,481� Accrued
expenses 3,810� 5,184� Borrowings under credit agreement 14,134�
7,803� Current portion of capitalized lease obligations 58� 57�
Total current liabilities 40,122� 20,525� � Deferred rent 8,810�
5,300� Long-term portion of capitalized lease obligations 168� 209�
Total liabilities 49,100� 26,034� � Commitments and contingencies �
STOCKHOLDERS' EQUITY: Preferred stock- $.001 par value; 1,000,000
shares authorized; 0 (2006) and 3,000 (2005) shares issued and
outstanding -� -� Common stock- $.001 par value; 15,000,000 shares
authorized; 9,522,788 (2006) and 6,927,771 (2005) shares issued and
outstanding 9� 7� Additional paid-in capital 29,972� 16,950�
Retained earnings 10,109� 9,214� Total stockholders' equity 40,090�
26,171� TOTAL $ 89,190� $ 52,205� Shoe Pavilion, Inc. Condensed
Consolidated Statements of Operations (Unaudited) (In thousands,
except per share data) � Thirteen weeks ended Thirty-nine weeks
ended September 30, October 1, September 30, October 1, 2006� 2005�
2006� 2005� � Net sales $ 31,778� $ 24,820� $ 90,470� $ 73,048�
Cost of sales and related occupancy expenses 21,749� 16,432�
60,217� 47,821� Gross profit 10,029� 8,388� 30,253� 25,227�
Selling, general and administrative expenses 10,376� 7,762� 28,284�
22,539� (Loss) income from operations (347) 626� 1,969� 2,688�
Interest expense (187) (145) (468) (381) Other income -� 1� -� 1�
(Loss) income before income taxes (534) 482� 1,501� 2,308� Income
tax benefit (expense) 216� (189) (606) (905) Net (loss) income $
(318) $ 293� $ 895� $ 1,403� � (Loss) earnings per share: Basic
(0.03) 0.04� 0.10� 0.21� Diluted (0.03) 0.04� 0.10� 0.20� �
Weighted average shares outstanding: Basic 9,512� 6,807� 8,865�
6,804� Diluted 9,512� 7,079� 8,948� 7,080� Shoe Pavilion, Inc.
Supplemental Financial Data (Unaudited) (In thousands, except per
share data) � Thirty-nine weeks ended September 30, October 1,
2006� 2005� � Net income as reported $ 895� $ 1,403� � Add:
Expenses related to the defense and settlement of a lawsuit (1)
116� -� � � Adjusted net income $ 1,011� $ 1,403� � Adjusted
earnings per share: Basic 0.11� 0.21� Diluted 0.11� 0.20� �
Weighted average shares outstanding: Basic 8,865� 6,804� Diluted
8,948� 7,080� � (1) Legal fees and settlement of a lawsuit, after
income taxes Shoe Pavilion, Inc. (Nasdaq:SHOE) today announced
financial results for the third quarter ended September 30, 2006.
Net sales increased 28.0%, or $7.0 million, to $31.8 million from
$24.8 million for the third quarter ended October 1, 2005.
Comparable store net sales for the third quarter increased 3.7%
from the same period in fiscal 2005. Sales from our new stores and
relocated stores contributed $8.3 million in the third quarter. We
incurred a net loss of $318,000, or a net loss of $0.03 per diluted
share, in the third quarter ended September 30, 2006 compared to
net income of $293,000, or $0.04 per diluted share, in the third
quarter of 2005. During the quarter, we opened seven new stores and
closed two stores for which the leases had expired, bringing the
total number of stores that we operated as of September 30, 2006 to
100 stores. Bruce Ross, Executive Vice President and Chief
Financial Officer, stated, "Our results for the quarter were
consistent with the high end of our net loss estimates. As we
reported in our preliminary earnings announcement, we experienced
soft comparable store and new store sales due to unseasonably warm
weather in the states in which we operate, leading to a slow start
to sales of fall merchandise. Although we generated top line growth
of 28%, our operating margins were reduced due to the increased
number of newly opened stores as a percentage of our total store
base." Business Outlook In the fourth quarter to date, we have
opened four stores and closed one store. The newly opened stores
are in West Los Angeles, Irvine and Rocklin, California, and
Arlington, Texas. The store that we closed was in Tustin,
California. We plan to open an additional five stores in the fourth
quarter and will end the year with 108 stores. We anticipate that
our comparable store sales will increase between 3% to 5% in the
fourth quarter. With nine new stores opening in the fourth quarter
we anticipate achieving net sales for the quarter of $38 million to
$41 million, an increase of 29% to 39% over net sales in the fourth
quarter of 2005. We presently expect that our fourth quarter
diluted earnings per share will be in the range of $0.06 to $0.10.
Teleconference Shoe Pavilion will host a conference call today,
November 8, at 2:00 p.m. PT (5:00 p.m. ET) to discuss third quarter
financial results. To access the call, please dial 866-200-5830
(domestic) or 212-659-4210 (international) and enter pin code
303889# a few minutes prior to the call to establish your line. A
replay of the call will be available through November 15, 2006 and
can be accessed approximately one hour after the end of the call by
dialing 866-206-0173 (domestic) or 646-216-7204 (international);
pin number 191827#. About Shoe Pavilion Shoe Pavilion is an
independent off-price footwear retailer with locations in seven
Western and Southwestern states. We offer a broad selection of
women's, men's and children's designer label and name brand
footwear, typically at 20% to 60% below department store regular
prices for the same shoes. Today, we operate 103 stores located in
California, Washington, Oregon, Nevada, Arizona, Texas and New
Mexico. More information on Shoe Pavilion can be found by visiting
the Company's web site at www.shoepavilion.com. Business Risks and
Forward-Looking Statements This press release contains
forward-looking statements relating to, among other things,
expected financial results for the fourth quarter of 2006 and store
opening plans. These statements are expressly made in reliance on
the safe harbor provisions contained in Section 21E of the
Securities Exchange Act of 1934. Sales and earnings trends are
affected by many factors including, among others, world and
national political events, including general economic conditions,
the effectiveness of our promotion and merchandising strategies,
the efficient operation of our supply chain, including the
continued support of our key vendors, our effective management of
business risks, including litigation, and competitive factors
applicable to our retail markets. In light of these risks, the
forward-looking statements contained in this press release are not
guarantees of future performance and in fact may not be realized.
Our actual results could differ materially and adversely from those
expressed in this press release. Further, the statements made by us
represent our views only as of the date of this press release, and
it should not be assumed that the statements made herein remain
accurate as of any future date. We do not presently intend to
update these statements prior to our next quarterly earnings
release and undertake no duty to any person to effect any such
update under any circumstances. Investors are also urged to review
carefully the discussion under the caption "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2005 and
our Quarterly Reports on Form 10-Q for subsequent quarters, which
have been filed with the Securities and Exchange Commission and may
be accessed through the EDGAR database maintained by the SEC at
www.sec.gov. Non-GAAP Financial Measures During the twenty-six week
period ended July 1, 2006, we incurred an after-tax charge of
$116,000, or $0.01 per diluted share attributable to the defense
and settlement of a lawsuit. To supplement condensed consolidated
financial statements presented in accordance with GAAP, non-GAAP
financial measures are used as the settlement and other expenses
related to the lawsuit are not expected to reoccur and their
exclusion provides a consistent comparison to past results. The
presentation of this financial information is not intended to be
considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP. For
more information on the non-GAAP financial measures, please see the
table captioned "Supplemental Financial Data," included at the end
of this release. -0- *T Shoe Pavilion, Inc. Condensed Consolidated
Balance Sheets (Unaudited) (In thousands, except share data)
September 30, December 31, 2006 2005 ------------- ------------
ASSETS CURRENT ASSETS: Cash $572 $494 Receivables 2,590 1,091
Inventories 67,680 41,097 Deferred income taxes 1,003 1,003 Prepaid
expenses 3,497 161 ------------- ------------ Total current assets
75,342 43,846 Property and equipment, net 11,471 5,948 Deferred
income taxes and other assets 2,377 2,411 -------------
------------ TOTAL $89,190 $52,205 ============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts
payable $22,120 $7,481 Accrued expenses 3,810 5,184 Borrowings
under credit agreement 14,134 7,803 Current portion of capitalized
lease obligations 58 57 ------------- ------------ Total current
liabilities 40,122 20,525 Deferred rent 8,810 5,300 Long-term
portion of capitalized lease obligations 168 209 -------------
------------ Total liabilities 49,100 26,034 -------------
------------ Commitments and contingencies STOCKHOLDERS' EQUITY:
Preferred stock- $.001 par value; 1,000,000 shares authorized; 0
(2006) and 3,000 (2005) shares issued and outstanding - - Common
stock- $.001 par value; 15,000,000 shares authorized; 9,522,788
(2006) and 6,927,771 (2005) shares issued and outstanding 9 7
Additional paid-in capital 29,972 16,950 Retained earnings 10,109
9,214 ------------- ------------ Total stockholders' equity 40,090
26,171 ------------- ------------ TOTAL $89,190 $52,205
============= ============ *T -0- *T Shoe Pavilion, Inc. Condensed
Consolidated Statements of Operations (Unaudited) (In thousands,
except per share data) Thirteen weeks Thirty-nine weeks ended ended
------------------ ------------------ September October September
October 30, 1, 30, 1, 2006 2005 2006 2005 --------- --------
--------- -------- Net sales $31,778 $24,820 $90,470 $73,048 Cost
of sales and related occupancy expenses 21,749 16,432 60,217 47,821
--------- -------- --------- -------- Gross profit 10,029 8,388
30,253 25,227 Selling, general and administrative expenses 10,376
7,762 28,284 22,539 --------- -------- --------- -------- (Loss)
income from operations (347) 626 1,969 2,688 Interest expense (187)
(145) (468) (381) Other income - 1 - 1 --------- -------- ---------
-------- (Loss) income before income taxes (534) 482 1,501 2,308
Income tax benefit (expense) 216 (189) (606) (905) ---------
-------- --------- -------- Net (loss) income $(318) $293 $895
$1,403 ========= ======== ========= ======== (Loss) earnings per
share: Basic (0.03) 0.04 0.10 0.21 Diluted (0.03) 0.04 0.10 0.20
Weighted average shares outstanding: Basic 9,512 6,807 8,865 6,804
Diluted 9,512 7,079 8,948 7,080 *T -0- *T Shoe Pavilion, Inc.
Supplemental Financial Data (Unaudited) (In thousands, except per
share data) Thirty-nine weeks ended ------------------------------
September 30, October 1, 2006 2005 -------------- --------------
Net income as reported $895 $1,403 Add: Expenses related to the
defense and settlement of a lawsuit (1) 116 - --------------
-------------- Adjusted net income $1,011 $1,403 ==============
============== Adjusted earnings per share: Basic 0.11 0.21 Diluted
0.11 0.20 Weighted average shares outstanding: Basic 8,865 6,804
Diluted 8,948 7,080 (1) Legal fees and settlement of a lawsuit,
after income taxes *T
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