Lumber Liquidators 2012 Annual Report Download - page 31

Item 6. Selected Financial Data.
The selected statements of income data for the years ended December 31, 2012, 2011 and 2010 and the balance sheet
data as of December 31, 2012 and 2011 have been derived from our audited consolidated financial statements included in
Item 8. “Consolidated Financial Statements and Supplementary Data” of this report. This information should be read in
conjunction with those audited financial statements, the notes thereto, and Item 7. “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” of this report.
We reorganized effective December 31, 2009 to create a new holding company structure. As a result, a new parent
company named Lumber Liquidators Holdings, Inc. was formed. Outstanding shares of the common stock of the former
parent company, which was named Lumber Liquidators, Inc., were automatically converted, on a share for share basis, into
identical shares of common stock of the new holding company. We operate as a single segment.
The selected balance sheet data set forth below as of December 31, 2010, 2009 and 2008, and income data for the years
ended December 31, 2009 and 2008 are derived from our audited consolidated financial statements contained in reports
previously filed with the SEC, not included herein. Our historical results are not necessarily indicative of our results for any
future period.
Year Ended December 31,
2012 2011 2010 2009 2008
(dollars in thousands, except per share amounts)
Statement of Income Data
Net sales .................................. $ 813,327 $ 681,587 $ 620,281 $ 544,568 $ 482,179
Comparable store net sales increase
(decrease)(1) .......................... 11.4% (2.0%) 2.1% 0.0% 1.6%
Cost of sales ............................... 504,542 440,912 404,451 349,891 314,501
Gross profit ................................ 308,785 240,675 215,830 194,677 167,678
Selling, general and administrative expenses ...... 230,439 198,237 173,667 151,070 130,693
Operating income ........................... 78,346 42,438 42,163 43,607 36,985
Interest expense ............................. — — — 2 27
Other (income) expense(2) ..................... (140) (587) (579) (500) (834)
Income before income taxes ................... 78,486 43,025 42,742 44,105 37,792
Provision for income taxes .................... 31,422 16,769 16,476 17,181 15,643
Net income ................................ $ 47,064 $ 26,256 $ 26,266 $ 26,924 $ 22,149
Net income per common share:
Basic ................................. $ 1.71 $ 0.95 $ 0.96 $ 1.00 $ 0.83
Diluted ................................ $ 1.68 $ 0.93 $ 0.93 $ 0.97 $ 0.82
Weighted average common shares outstanding:
Basic ................................. 27,448,333 27,706,629 27,384,095 26,983,689 26,772,288
Diluted ................................ 28,031,453 28,379,693 28,246,453 27,684,547 27,090,593
(1) A store is generally considered comparable on the first day of the thirteenth full calendar month after opening
(2) Includes interest income.
As of December 31,
2012 2011 2010 2009 2008
(dollars in thousands, except average sale data)
Balance Sheet Data
Cash and cash equivalents ..................................... $ 64,167 $ 61,675 $ 34,830 $ 35,675 $ 35,139
Merchandise inventories ...................................... 206,704 164,139 155,131 133,342 88,731
Total assets ................................................ 347,387 294,854 242,290 205,880 152,405
Customer deposits and store credits ............................. 25,747 18,120 12,039 9,805 10,418
Total debt and capital lease obligations, including current maturities . . . —————
Total stockholders’ equity ..................................... 234,541 215,084 180,505 148,434 114,397
Working capital(1) ........................................... 187,118 167,248 146,118 124,100 96,245
Other Data
Total stores in operation ...................................... 288 263 223 186 150
Average sale(2) .............................................. $ 1,600 $ 1,560 $ 1,520 $ 1,560 $ 1,750
25