Sally Beauty Supply 2011 Annual Report Download - page 47

Download and view the complete annual report

Please find page 47 of the 2011 Sally Beauty Supply annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is listed on the New York Stock Exchange, Inc., or the NYSE, under the symbol
‘‘SBH.’’ Prior to the Separation Transactions, there was no established public trading market for our
common stock. The following table sets forth the high and low sales prices of our common stock, as
reported by the NYSE, during the fiscal years ended September 30, 2011 and 2010.
Quarter Ended High Low
Fiscal Year 2011:
September 30, 2011 ................................. $18.62 $14.88
June 30, 2011 ...................................... $17.80 $13.16
March 31, 2011 .................................... $15.31 $12.49
December 31, 2010 .................................. $15.09 $10.85
Fiscal Year 2010:
September 30, 2010 ................................. $11.72 $ 7.99
June 30, 2010 ...................................... $10.77 $ 7.52
March 31, 2010 .................................... $ 9.10 $ 7.65
December 31, 2009 .................................. $ 7.96 $ 6.60
As of November 11, 2011, there were 1,301 stockholders of record of our common stock, and the closing
price of our common stock as reported by the NYSE was $20.44.
Dividends
We have not declared or paid dividends at any time during the two fiscal years prior to the date of this
Annual Report.
We currently anticipate that we will retain future earnings to support our growth strategy or to repay
outstanding debt. We do not anticipate paying regular cash dividends on our common stock in the
foreseeable future. Any payment of future cash dividends will be at the discretion of our Board of
Directors and will depend upon, among other things, future earnings, operations, capital requirements, our
general financial condition, contractual restrictions (including those present in our credit agreements) and
general business conditions. We depend on our subsidiaries for cash and unless we receive dividends,
distributions, advances, transfers of funds or other cash payments from our subsidiaries, we will be unable
to pay any cash dividends on our common stock in the future. However, none of our subsidiaries are
obligated to make funds available to us for payment of dividends. Further, the terms of our subsidiaries’
debt agreements significantly restrict the ability of our subsidiaries to pay dividends or otherwise transfer
assets to us. Finally, we and our subsidiaries may incur substantial additional indebtedness in the future
that may severely restrict or prohibit our subsidiaries from making distributions, paying dividends or
making loans to us. Please see ‘‘Risk Factors—Risks Relating to Our Substantial Indebtedness’’ and
Note 14 of the ‘‘Notes to Consolidated Financial Statements’’ in ‘‘Item 8—Financial Statements and
Supplementary Data.’’
35