The Pep Boys - Manny, Moe & Jack : Pep Boys Reports First Quarter 2012 Results
06/06/2012| 05:00pm US/Eastern
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The Pep Boys -- Manny, Moe & Jack (NYSE: "PBY"), the nation's leading
automotive aftermarket service and retail chain, today announced results
for the thirteen weeks (first quarter) ended April 28, 2012.
Sales
Sales for the thirteen weeks ended April 28, 2012 increased by $11.1
million, or 2.2%, to $524.6 million from $513.5 million for the thirteen
weeks ended April 30, 2011. Comparable sales decreased 2.8%, consisting
of a 1.2% comparable service revenue decrease and a 3.2% comparable
merchandise sales decrease. In accordance with GAAP, service revenue is
limited to labor sales, while merchandise sales include merchandise sold
through both our service center and retail lines of business.
Re-categorizing sales into the respective lines of business from which
they are generated, comparable Service Center Revenue (labor plus
installed merchandise and tires) decreased 0.7%, while comparable Retail
Sales (DIY and Commercial) decreased 4.6%.
Earnings
Net earnings for the first quarter of fiscal 2012 decreased to $1.1
million ($0.02 per share) from $12.4 million ($0.23 per share) recorded
in the same period last year. The 2012 quarter included, on a pre-tax
basis, $1.6 million in merger related costs.
Commentary
President & CEO Mike Odell said, "It has been a challenging start to the
year, due to the mild winter weather, restrained customer spending and
not clicking on all cylinders in our performance. But we have made the
necessary changes and expect to return to year-over-year profit growth
in the third and fourth quarters, as we had done for 11 consecutive
quarters through the third quarter of 2011."
Mike continued, "We currently intend to use our approximately $100
million of cash on hand together with settlement proceeds and cash flow
from operations, to pay down our debt, settle our interest rate swap and
retire our frozen defined benefit pension plan this year. Our debt
covenants currently prevent us from buying back shares. Pep Boys is in
its best financial position in over a decade, allowing us to continue
our store growth, with approximately 40 new stores this year."
Since 1921, Pep Boys has been the nation's leading automotive
aftermarket chain. With approximately 7,200 service bays in more than
735 locations in 35 states and Puerto Rico, Pep Boys offers name-brand
tires; automotive maintenance and repair; parts and expert advice for
the Do-It-Yourselfer; commercial auto parts delivery; and fleet
maintenance and repair. Customers can find the nearest location by
calling 1-800-PEP-BOYS (1-800-737-2697) or by visiting http://www.pepboys.com.
Certain statements contained herein constitute "forward-looking
statements" within the meaning of The Private Securities Litigation
Reform Act of 1995. The word "guidance," "expect," "anticipate,"
"estimates," "forecasts" and similar expressions are intended to
identify such forward-looking statements. Forward-looking statements
include management's expectations regarding implementation of its
long-term strategic plan, future financial performance, automotive
aftermarket trends, levels of competition, business development
activities, future capital expenditures, financing sources and
availability and the effects of regulation and litigation. Although the
Company believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no assurance
that its expectations will be achieved. The Company's actual results may
differ materially from the results discussed in the forward-looking
statements due to factors beyond the control of the Company, including
the strength of the national and regional economies, retail and
commercial consumers' ability to spend, the health of the various
sectors of the automotive aftermarket, the weather in geographical
regions with a high concentration of the Company's stores, competitive
pricing, the location and number of competitors' stores, product and
labor costs and the additional factors described in the Company's
filings with the SEC. The Company assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.
Investors have an opportunity to listen to the Company's quarterly conference
calls discussing its results and related matters. The call for the first
quarter will be broadcast live on Thursday, June 7 at 8:30 a.m. ET over
the Internet at the Vcall website, located at http://www.investorcalendar.com.
To listen to the call live, please go to the website at least 15 minutes
early to register, download and install any necessary audio software.
For those who cannot listen to the live broadcast, a replay will be
available shortly after the call. Supplemental financial information
will be available the morning of June 7 on Pep Boys' website at http://www.pepboys.com.
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Pep Boys Financial Highlights
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Thirteen weeks ended
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April 28, 2012
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April 30, 2011
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Total revenues
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$
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524,604,000
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$
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513,540,000
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Net earnings
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$
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1,062,000
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$
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12,368,000
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Basic earnings per share:
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Average shares
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53,071,000
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52,881,000
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Basic earnings per share:
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$
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0.02
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$
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0.23
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Diluted earnings per share:
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Average shares
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53,949,000
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53,566,000
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Diluted earnings per share:
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$
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0.02
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$
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0.23
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Pep Boys
Investor Contact:
Mike Melia, 215-430-9459
investorrelations@pepboys.com
or
Media
Contact:
Regina M. Tracy, 215-430-9081
mediarelations@pepboys.com
© Business Wire 2012
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