Sally Beauty Supply 2013 Annual Report Download - page 52

ITEM 6. SELECTED FINANCIAL DATA
The following table presents selected financial data of Sally Beauty for the each of the years in the
five-year period ended September 30, 2013 (dollars in thousands, except per share data):
Fiscal Year Ended September 30,
2013 2012 2011 2010 2009
Results of operations information:
Net sales ........................... $3,622,216 $3,523,644 $3,269,131 $2,916,090 $2,636,600
Cost of products sold and distribution expenses . 1,826,953 1,780,385 1,674,526 1,511,716 1,393,283
Gross profit ......................... 1,795,263 1,743,259 1,594,605 1,404,374 1,243,317
Selling, general and administrative expenses(a) . 1,202,709 1,179,206 1,086,414 1,012,321 899,415
Depreciation and amortization ............. 72,192 64,698 59,722 51,123 47,066
Operating earnings .................... 520,362 499,355 448,469 340,930 296,836
Interest expense(b) .................... 107,695 138,412 112,530 112,982 132,022
Earnings before provision for income taxes .... 412,667 360,943 335,939 227,948 164,814
Provision for income taxes ............... 151,516 127,879 122,214 84,120 65,697
Net earnings ......................... $ 261,151 $ 233,064 $ 213,725 $ 143,828 $ 99,117
Earnings per share
Basic ............................ $ 1.52 $ 1.27 $ 1.17 $ 0.79 $ 0.55
Diluted ........................... $ 1.48 $ 1.24 $ 1.14 $ 0.78 $ 0.54
Weighted average shares, basic ............ 171,682 183,420 183,020 181,985 181,691
Weighted average shares, diluted ........... 176,159 188,610 188,093 184,088 183,306
Operating data:
Number of stores (at end of period):
Sally Beauty Supply .................. 3,424 3,309 3,158 3,032 2,923
Beauty Systems Group ................ 1,245 1,190 1,151 1,027 991
Consolidated ..................... 4,669 4,499 4,309 4,059 3,914
Professional distributor sales consultants (at end
of period) ......................... 982 1,044 1,116 1,051 1,022
Same store sales growth (decline)(c):
Sally Beauty Supply .................. (0.6)% 6.5% 6.3% 4.1% 2.1%
Beauty Systems Group ................ 4.2% 6.1% 5.5% 6.2% 1.0%
Consolidated ..................... 0.8% 6.4% 6.1% 4.6% 1.8%
Financial condition information (at end of
period):
Working capital ....................... $ 473,164 $ 686,519 $ 419,142 $ 387,123 $ 341,733
Cash, cash equivalents and short-term
investments ........................ 47,115 240,220 63,481 59,494 54,447
Property, plant and equipment, net ......... 229,540 202,661 182,489 168,119 151,252
Total assets .......................... 1,950,086 2,065,800 1,728,600 1,589,412 1,490,732
Long-term debt, excluding current maturities(b) . 1,612,685 1,615,322 1,410,111 1,559,591 1,653,013
Stockholders’ deficit .................... (303,479) (115,085) $ (218,982) $ (461,272) $ (615,451)
(a) Selling, general and administrative expenses for the fiscal years 2013, 2012, 2011, 2010 and 2009 include share-
based compensation expenses of $19.2 million, $16.9 million, $15.6 million, $12.8 million and $8.6 million,
respectively. In the fiscal year 2012, selling, general and administrative expenses reflect a $10.2 million charge
resulting from a loss contingency and, in the fiscal year 2011, selling, general and administrative expenses reflect a
net favorable impact of $21.3 million, including a $27.0 million credit from a litigation settlement and certain
non-recurring charges of $5.7 million.
(b) Our long-term debt primarily relates to debt incurred in 2006 when we became an independent company (debt
which has largely been refinanced during the past two fiscal years) and interest expense relates mainly to such
indebtedness. In the fiscal year 2012, interest expense reflects non-recurring charges of $37.8 million related to
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