Reports second quarter sales growth of 32% to
C$32.8 million; comparable sales increase of 6.9%
Reports second quarter adjusted net loss of
C$(1.6) million and adjusted fully diluted EPS of C$(0.07)
Raises FY15 outlook to reflect Q2 outperformance;
expects FY15 adjusted fully diluted EPS of C$0.35-C$0.39
DAVIDsTEA Inc. (Nasdaq:DTEA) today announced financial results for
the thirteen weeks ended August 1, 2015.
For the thirteen weeks ended August 1,
2015:
- Sales increased by 32% to C$32.8 million from C$24.9 million in
the second quarter of fiscal 2014. Comparable sales increased by
6.9%.
- Gross profit increased by 27% to C$16.1 million while gross
profit as a percent of sales decreased to 49.0% from 51.0% in the
second quarter of fiscal 2014. The decrease in gross profit as a
percent of sales was driven primarily by the adverse impact from
the stronger U.S. dollar on U.S. dollar denominated purchases. On a
constant currency basis, gross profit as a percent of sales was
51.5%.
- Selling, general and administration expenses ("SG&A")
increased to C$18.2 million from C$13.8 million in the second
quarter of fiscal 2014. Excluding IPO-related and other one-time
costs, SG&A increased to C$17.9 million from C$13.8 million in
the second quarter of fiscal 2014. As a percent of sales, SG&A
excluding these one-time costs decreased to 54.6% from 55.4%.
- Results from operating activities were C$(2.2) million as
compared to C$(1.1) million in the second quarter of fiscal 2014.
Excluding the impact of the IPO and other one-time costs, results
from operating activities decreased to C$(1.9) million from C$(1.1)
million in the second quarter of fiscal 2014.
- The Company opened 4 net new stores in the second quarter and
ended the quarter with a total of 165 stores in Canada and the U.S.
This represents an increase of 27% from the end of the second
quarter of fiscal 2014.
- Adjusted EBITDA was C$0.2 million compared to C$0.5 million in
the second quarter of fiscal 2014. Adjusted EBITDA excludes
IPO-related and other non-cash or one-time costs (see
Reconciliation of Adjusted EBITDA table).
- Net loss was C$(52.1) million compared to C$(2.7) million in
the second quarter of fiscal 2014. The decrease in net income in
the second quarter is due to a $50.2 million non-cash loss
associated with the embedded derivative on Series A, A-1 and A-2
preferred shares. In conjunction with the IPO transaction, all
preferred stock was converted into common stock. As a result, this
charge will not reoccur given the conversion of preferred shares.
Adjusted net loss, which excludes IPO-related and other one-time
costs in the second quarter of fiscal 2015 (see Reconciliation of
IFRS basis to Adjusted net loss table), was C$(1.6) million
compared to C$(1.4) million for the second quarter of fiscal
2014.
- Fully diluted income per common share was C$(2.73) compared to
C$(0.22) in the second quarter of fiscal 2014. Adjusted fully
diluted income per common share, which is adjusted net income on an
adjusted fully diluted weighted average shares outstanding basis
(see Reconciliation of fully diluted weighted average common shares
outstanding table), was C$(0.07) per share compared to C$(0.06)per
share in the second quarter of fiscal 2014.
Sylvain Toutant, President and Chief Executive Officer, stated:
"We had a great second quarter, delivering a 32% increase in sales
and our 24th consecutive comparable sales increase with growth of
6.9%. This strong sales performance across both new and existing
stores once again demonstrates the strength of our concept with its
broad, unique and innovative multi-channel offering, in an industry
that is benefitting from consumer trends with wide demographic
appeal."
Mr. Toutant continued, "With a current base of 168 stores and
North American potential for 550 stores, there is a long runway of
growth ahead for DAVIDsTEA. We remain excited about our business
and the many opportunities that we have to expand the brand and
grow our top and bottom line, and are well positioned to deliver on
both our near and longer term goals."
For the twenty six weeks ended August 1,
2015:
- Sales increased by 30% to C$68.6 million from C$52.7 million in
the comparable period in fiscal 2014. Comparable sales increased by
6.6%.
- Gross profit increased by 24% to C$35.1 million while gross
profit as a percent of sales decreased to 51.2% from 53.9% in the
comparable period in fiscal 2014. The decrease in gross profit as a
percent of sales was driven primarily by the adverse impact from
the stronger U.S. dollar on U.S. dollar denominated purchases, as
well as due to investments in supply chain. On a constant currency
basis, gross profit as a percent of sales was 53.6%.
- Selling, general and administration expenses ("SG&A")
increased to C$39.3 million from C$27.1 million in the comparable
period in fiscal 2014. Excluding IPO-related and other one-time
costs, SG&A increased to C$34.9 million from C$27.1 million in
the second quarter of fiscal 2014. As a percent of sales, SG&A,
excluding these one-time costs, decreased to 50.9% from 51.4%.
- Results from operating activities were C$(4.1) million as
compared to C$1.3 million in the comparable period in fiscal 2014.
Excluding the impact of the IPO and other one-time costs, results
from operating activities decreased to C$0.2 million from C$1.3
million in the comparable period in fiscal 2014.
- The Company opened 11 net new stores in the twenty six weeks
ended August 1, 2015 and ended the period with a total of 165
stores in Canada and the U.S. This represents an increase of 27%
from the comparable period in fiscal 2014.
- Adjusted EBITDA was C$4.2 million compared to C$4.4 million in
the comparable period in 2014. Adjusted EBITDA excludes IPO-related
and other non-cash or one-time costs (see Reconciliation of
Adjusted EBITDA table).
- Net loss was C$(145.3) million compared to C$(1.2) million in
the comparable period in fiscal 2014. The decrease in net income in
the first half of fiscal 2015 is due to a $140.9 million non-cash
loss associated with the embedded derivative on Series A, A-1 and
A-2 preferred shares. In conjunction with the IPO transaction, all
preferred stock was converted into common stock. As a result, this
charge will not reoccur given the conversion of preferred shares.
Adjusted net loss, which excludes IPO-related and other one-time
costs for the twenty six weeks ended August 1, 2015 (see
Reconciliation of IFRS basis to Adjusted net loss table), was
C$(0.5) million compared to C$(0.0) million for the comparable
period in fiscal 2014.
- Fully diluted income per common share was C$(9.35) compared to
C$(0.10) in the comparable period in fiscal 2014. Adjusted fully
diluted income per common share, which is adjusted net income on an
adjusted fully diluted weighted average shares outstanding basis
(see Reconciliation of fully diluted weighted average common shares
outstanding table), was C$(0.02) per share compared to C$(0.00) per
share in the comparable period in fiscal 2014.
Balance sheet highlights as of August 1,
2015:
- Cash: C$62.7 million.
- Total liquidity (cash plus availability on a C$20.0 million
revolver facility): C$82.7 million.
- Our initial public offering closed on June 10, 2015. Net
proceeds to the Company, after IPO-related costs, were C$68.9
million, which were used to repay debt and for working capital and
general corporate purposes.
Third Quarter and Fiscal 2015 Outlook:
For the third quarter of fiscal 2015, sales are expected to be
in the range of C$34 million to C$35 million based on opening 17
new stores and assuming a comparable sales increase slightly above
the mid-single digit range. Adjusted EBITDA is expected to be in
the range of C$1.0 million to C$1.3 million. Adjusted net loss is
expected to be in the range of C$(0.8) million to C$(1.0) million,
with an adjusted fully diluted loss per common share range of
C$(0.03) to C$(0.04) on approximately 23.9 million estimated fully
diluted weighted average shares outstanding.
For fiscal 2015, sales are expected to be in the range of C$173
million to C$176 million based on opening 40 net new stores for the
full year and assuming a comparable sales increase slightly above
the mid-single digit range. Adjusted EBITDA is expected to be in
the range of C$23 million to C$24 million. Adjusted net income,
which excludes IPO-related and other one-time costs, is expected to
be in the range of C$9 million to C$10 million, or C$0.35 to C$0.39
per share on approximately 26.3 million adjusted fully diluted
common shares outstanding.
Conference Call Information:
A conference call to discuss the second quarter fiscal 2015
financial results is scheduled for today, September 9, 2015, at
4:30 p.m. Eastern Daylight Time. The conference call will be
webcast and may be accessed via the Company's Investor Relations
section of its website at www.davidstea.com. An online archive of
the webcast will be available within two hours of the conclusion of
the call and will remain available for one year.
Non-IFRS Information:
This press release includes non-IFRS measures including Adjusted
EBITDA, Adjusted net income(loss), and Adjusted fully diluted
income(loss) per share. Adjusted EBITDA, Adjusted net income(loss)
and Adjusted fully diluted income(loss) per share are not
presentations made in accordance with IFRS, and the use of the
terms Adjusted EBITDA, Adjusted net income(loss) and Adjusted fully
diluted income(loss) per share may differ from similar measures
reported by other companies. We believe that Adjusted EBITDA,
Adjusted net income(loss) and Adjusted fully diluted income(loss)
per share provide investors with useful information with respect to
our historical operations. We present Adjusted EBITDA, Adjusted net
income(loss) and Adjusted fully diluted income(loss) per share as
supplemental performance measures because we believe they
facilitate a comparative assessment of our operating performance
relative to our performance based on our results under IFRS, while
isolating the effects of some items that vary from
period-to-period. Specifically, Adjusted EBITDA, Adjusted net
income(loss) and Adjusted fully diluted income(loss) per share
allow for an assessment of our operating performance and our
ability to service or incur indebtedness without the effect of
non-cash charges of the period or other one-time charges, such as
depreciation, amortization, impairment costs, costs related to
onerous contracts or contracts where we expect the costs of the
obligations to exceed the economic benefit and non-recurring
expenses relating to our initial public offering. These measures
also function as benchmarks to evaluate our operating performance.
Adjusted EBITDA, Adjusted net income (loss), and Adjusted fully
diluted income(loss) per share are not measurements of our
financial performance under IFRS and should not be considered in
isolation or as alternatives to net income, net cash provided by
operating, investing or financing activities or any other financial
statement data presented as indicators of financial performance or
liquidity, each as presented in accordance with IFRS. We understand
that although Adjusted EBITDA, Adjusted net income(loss), and
Adjusted fully diluted income(loss) per share are frequently used
by securities analysts, lenders and others in their evaluation of
companies, they have limitations as analytical tools, and you
should not consider them in isolation, or as a substitute for
analysis of our results as reported under IFRS. Some of these
limitations are:
- Adjusted EBITDA, Adjusted net income(loss), and Adjusted fully
diluted income(loss) per share do not reflect changes in, or cash
requirements for, our working capital needs;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and Adjusted EBITDA does not reflect any
cash requirements for such replacements.
Because of these limitations, Adjusted EBITDA, Adjusted net
income(loss), and Adjusted fully diluted income(loss) per share
should not be considered as discretionary cash available to us to
reinvest in the growth of our business or as a measure of cash that
will be available to us to meet our obligations.
Forward-Looking Statements:
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as "anticipate," "expect," "plan," "could," "may,"
"will," "believe," "estimate," "forecast," "goal," "project," and
other words of similar meaning. These forward-looking statements
address various matters including management's beliefs about the
Company's sales and growth prospects for the coming fiscal quarter
and fiscal year. The Company cannot assure investors that future
developments affecting the Company will be those that it has
anticipated. Actual results may differ materially from these
expectations due to risks including: the Company's ability to
maintain and enhance its brand image, particularly in new markets;
the Company's ability to compete in the specialty tea and beverage
category; the Company's ability to expand and improve its
operations; levels of foot traffic in locations in which the
Company's stores are located; changes in consumer trends and
preferences; fluctuations in foreign currency exchange rates; and
others set forth in the Company's prospectus filed with the
Securities and Exchange Commission on June 4, 2015. If one or more
of these risks or uncertainties materialize, or if any of the
Company's assumptions prove incorrect, the Company's actual results
may vary in material respects from those projected in these
forward-looking statements. Any forward-looking statement made by
the Company in this news release speaks only as of the date on
which the Company makes it. The Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required by any applicable securities laws.
About DAVIDsTEA:
DAVIDsTEA is a fast-growing branded beverage company, offering a
differentiated selection of proprietary loose-leaf teas,
pre-packaged teas, tea sachets and tea-related gifts and
accessories. As of August 1, 2015, the Company owned and operated
165 DAVIDsTEA stores throughout the United States and Canada. The
Company is headquartered in Montréal, Canada.
INTERIM CONSOLIDATED
BALANCE SHEETS |
|
|
|
[Unaudited and in
thousands of Canadian dollars] |
|
|
|
|
As at |
As at |
|
August 1, |
January 31, |
|
2015 |
2015 |
|
$ |
$ |
|
|
|
ASSETS |
|
|
Current |
|
|
Cash |
62,733 |
19,784 |
Accounts and other receivables |
2,093 |
2,355 |
Inventories |
17,994 |
12,517 |
Income tax receivable |
3,419 |
852 |
Prepaid expenses and deposits |
5,544 |
3,050 |
Derivative financial instruments |
2,013 |
— |
Total current assets |
93,796 |
38,558 |
Property and equipment |
37,917 |
35,621 |
Intangible assets |
2,076 |
1,669 |
Deferred income taxes |
4,582 |
3,212 |
Total assets |
138,371 |
79,060 |
LIABILITIES AND
EQUITY/(DEFICIENCY) |
|
|
Current |
|
|
Trade and other payables |
14,892 |
12,441 |
Deferred revenue |
2,284 |
2,634 |
Income taxes payable |
— |
87 |
Current portion of provisions |
35 |
258 |
Current portion of long-term debt and
finance lease obligations |
— |
4,287 |
Total current
liabilities |
17,211 |
19,707 |
Deferred rent and lease inducements |
4,925 |
4,137 |
Provisions |
594 |
616 |
Long-term debt and finance lease
obligations |
— |
6,142 |
Deferred income taxes |
— |
357 |
Loan from the controlling
shareholder |
— |
2,952 |
Preferred shares — Series A,
A-1 and A-2 |
— |
28,768 |
Financial derivative liability embedded
in preferred shares — Series A, A-1 and A-2 |
— |
16,427 |
Total liabilities |
22,730 |
79,106 |
Equity/(Deficiency) |
|
|
Share capital |
259,153 |
385 |
Contributed surplus |
2,089 |
1,412 |
Deficit |
(149,443) |
(4,129) |
Accumulated other comprehensive
income |
3,842 |
2,286 |
Total
Equity/(Deficiency) |
115,641 |
(46) |
|
138,371 |
79,060 |
|
INTERIM CONSOLIDATED
STATEMENTS OF LOSS |
|
|
|
|
|
AND COMPREHENSIVE
LOSS |
|
|
|
|
|
[Unaudited and in
thousands of Canadian dollars, except share
information] |
|
|
|
|
|
|
for the three months ended |
for the six months ended |
|
August 1, |
July 26, |
August 1, |
July 26, |
|
2015 |
2014 |
2015 |
2014 |
|
$ |
$ |
$ |
$ |
|
|
|
|
|
Sales |
32,781 |
24,878 |
68,625 |
52,676 |
Cost of sales |
16,731 |
12,193 |
33,486 |
24,271 |
Gross profit |
16,050 |
12,685 |
35,139 |
28,405 |
Selling, general and administration
expenses |
18,219 |
13,776 |
39,262 |
27,063 |
Results from operating
activities |
(2,169) |
(1,091) |
(4,123) |
1,342 |
Finance costs |
222 |
583 |
1,014 |
1,157 |
Finance income |
(72) |
(44) |
(123) |
(87) |
Gain on derivative financial instruments |
(164) |
— |
(164) |
— |
Accretion of preferred shares |
87 |
252 |
401 |
454 |
Loss from embedded derivative on
Series A, A-1 and A-2 preferred shares |
50,169 |
671 |
140,874 |
162 |
Loss before income
taxes |
(52,411) |
(2,553) |
(146,125) |
(344) |
Provision for income tax (recovery) |
(323) |
135 |
(811) |
904 |
Net loss |
(52,088) |
(2,688) |
(145,314) |
(1,248) |
Other comprehensive
loss |
|
|
|
|
Change in fair value of derivative financial
instruments |
1,849 |
— |
1,849 |
— |
Provision for income tax on comprehensive
income |
(534) |
— |
(534) |
— |
Cumulative translation adjustment |
815 |
(204) |
241 |
(173) |
Comprehensive loss |
(49,958) |
(2,892) |
(143,758) |
(1,421) |
Loss per share |
|
|
|
|
Basic |
(2.73) |
(0.22) |
(9.35) |
(0.10) |
Fully diluted |
(2.73) |
(0.22) |
(9.35) |
(0.10) |
Weighted average number of shares
outstanding |
|
|
|
|
— basic |
19,057,409 |
11,958,314 |
15,536,182 |
11,958,168 |
— fully diluted |
19,057,409 |
11,958,314 |
15,536,182 |
11,958,168 |
|
INTERIM CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
|
|
|
|
[Unaudited and in
thousands of Canadian dollars] |
|
|
|
|
|
|
for the three months ended |
for the six months ended |
|
August 1, |
July 26, |
August 1, |
July 26, |
|
2015 |
2014 |
2015 |
2014 |
|
$ |
$ |
$ |
$ |
|
|
|
|
|
OPERATING ACTIVITIES |
|
|
|
|
Net loss |
(52,088) |
(2,688) |
(145,314) |
(1,248) |
Items not affecting cash: |
|
|
|
|
Depreciation of property and
equipment |
1,350 |
1,040 |
2,648 |
2,090 |
Amortization of intangible assets |
142 |
147 |
265 |
286 |
Loss on disposal of fixed assets |
292 |
— |
292 |
— |
Gain on derivative financial
instruments |
(164) |
— |
(164) |
— |
Deferred rent |
284 |
275 |
482 |
420 |
Provision (recovery) for onerous
contracts |
(191) |
— |
(265) |
— |
Stock-based compensation expense |
493 |
162 |
818 |
281 |
Amortization of financing fees |
10 |
43 |
176 |
84 |
Accretion of preferred shares |
87 |
252 |
401 |
454 |
Loss from embedded derivative on
Series A, A-1 and A-2 preferred shares |
50,169 |
671 |
140,874 |
162 |
Deferred income taxes (recovered) |
673 |
(70) |
688 |
(139) |
|
1,057 |
(168) |
901 |
2,390 |
Net change in other non-cash working capital
balances related to operations |
(945) |
(1,846) |
(7,446) |
(4,966) |
Cash flows related to operating
activities |
112 |
(2,014) |
(6,545) |
(2,576) |
FINANCING ACTIVITIES |
|
|
|
|
Repayment of finance lease obligations |
— |
(78) |
(552) |
(155) |
Proceeds of long-term debt |
— |
— |
9,996 |
— |
Repayment of long-term debt |
(9,996) |
(740) |
(20,010) |
(1,480) |
Repayment of loan from controlling
shareholder |
(2,952) |
— |
(2,952) |
— |
Share issuance of common shares |
59 |
40 |
59 |
40 |
Share issuance of Series A, A-1 and A-2
preferred shares |
— |
905 |
— |
3,554 |
Initial public offering |
79,370 |
— |
79,370 |
— |
Issuance costs paid on initial public
offering |
(9,996) |
— |
(10,548) |
— |
Financing fees |
(52) |
— |
(171) |
(112) |
Cash flows related to financing
activities |
56,433 |
127 |
55,192 |
1,847 |
INVESTING ACTIVITIES |
|
|
|
|
Additions to property and equipment |
(3,190) |
(1,603) |
(5,030) |
(2,551) |
Additions to intangible assets |
(400) |
(96) |
(668) |
(320) |
Cash flows related to investing
activities |
(3,590) |
(1,699) |
(5,698) |
(2,871) |
Increase (decrease) in cash |
52,955 |
(3,586) |
42,949 |
(3,600) |
Cash, beginning of
period |
9,778 |
15,336 |
19,784 |
15,350 |
Cash, end of period |
62,773 |
11,750 |
62,773 |
11,750 |
|
Reconciliation of
Adjusted EBITDA |
|
|
|
|
|
[Unaudited and in
thousands of Canadian dollars] |
|
|
|
|
|
|
for the three months ended |
for the six months ended |
|
August 1, |
July 26, |
August 1, |
July 26, |
|
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
Net loss |
(52,088) |
(2,688) |
(145,314) |
(1,248) |
Finance costs |
222 |
583 |
1,014 |
1,157 |
Finance income |
(72) |
(44) |
(123) |
(87) |
Depreciation and amortization |
1,492 |
1,187 |
2,913 |
2,376 |
Provision for income tax (recovery) |
(323) |
135 |
(811) |
904 |
EBITDA |
(50,769) |
(827) |
(142,321) |
3,102 |
|
|
|
|
|
Additional adjustments |
|
|
|
|
Stock-based compensation
expense (a) |
493 |
162 |
818 |
281 |
Stock-based compensation expense for
cashless exercise (b) |
— |
— |
4,052 |
— |
Onerous contracts (c) |
(191) |
— |
(265) |
— |
Deferred rent (d) |
284 |
275 |
482 |
420 |
Gain on derivative financial instruments
(e) |
(164) |
— |
(164) |
— |
Loss on disposal of fixed
assets (f) |
292 |
— |
292 |
— |
Accretion of preferred
shares (g) |
87 |
252 |
401 |
454 |
Loss from embedded derivative on
Series A, A-1 and A-2 preferred shares (h) |
50,169 |
671 |
140,874 |
162 |
Adjusted EBITDA |
201 |
533 |
4,169 |
4,419 |
|
|
|
|
|
(a) Represents non-cash
stock-based compensation expense. |
(b) Represents costs related
to cashless exercise of options by former employees. |
(c) Represents provision
related to certain stores where the unavoidable costs of meeting
the obligations under the lease agreements are expected to exceed
the economic benefits expected to be received from the
contract. |
(d) Represents the extent to
which our annual rent expense has been above or below our cash
rent. |
(e) Represents the non-cash
gain on derivative financial instruments. |
(f) Represents non-cash
costs related to closure of one store due to termination of
sub-lease. |
(g) Represents non-cash
accretion expense on our preferred shares. In connection with the
completion of our initial public offering on June 10, 2015,
all of our outstanding preferred shares converted automatically
into common shares. |
(h) Represents provision for
the conversion feature of the Series A, A-1 and A-2 preferred
shares. In connection with the completion of our initial public
offering, this liability converted into equity, which are reflected
in our results for the quarter ended August 1, 2015. |
|
Reconciliation of IFRS
basis to Adjusted net income |
|
|
|
|
|
[Unaudited and in
thousands of Canadian dollars] |
|
|
|
|
|
|
For the three months ended |
For the six months ended |
|
August 1, |
July 26, |
August 1, |
July 26, |
|
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
Net loss |
(52,088) |
(2,688) |
(145,314) |
(1,248) |
Add: Stock-based compensation expense for
cashless exercise (a) |
— |
— |
4,052 |
— |
Add: Finance costs related to preferred
shares (b) |
126 |
317 |
477 |
591 |
Remove: Gain on derivative financial
instruments (c) |
(164) |
— |
(164) |
— |
Add: Accretion of preferred shares
(d) |
87 |
252 |
401 |
454 |
Add: Loss from embedded derivative on
Series A, A-1 and A-2 preferred shares (e) |
50,169 |
671 |
140,874 |
162 |
Add: Loss on disposal of fixed assets
(f) |
292 |
— |
292 |
— |
Add: Income tax expense adjustment
(g) |
(34) |
— |
(1,108) |
— |
Adjusted net loss |
(1,612) |
(1,448) |
(490) |
(41) |
|
|
|
|
|
(a) Represents costs related
to cashless exercise of options by former employees. |
(b) Represents finance fees
related to the preferred shares. Upon the completion of the initial
public offering, we converted the liability associated with these
preferred shares into equity. |
(c) Represents the non-cash
gain on derivative financial instruments. |
(d) Represents non-cash
accretion expense on our preferred shares. In connection with the
completion of our initial public offering on June 10, 2015,
all of our outstanding preferred shares converted automatically
into common shares. |
(e) Represents provision for
the conversion feature of the Series A, A-1 and A-2 preferred
Shares. In connection with the completion of our initial public
offering, this liability converted into equity, which are reflected
in our results for the quarter ended August 1, 2015. |
(f) Represents non-cash
costs related to closure of one store due to termination of
sub-lease. |
(g) Removes the impact of
the stock-based compensation expense for cashless exercise on
income taxes and non-cash costs related to store closures
referenced in note (f). |
|
Reconciliation of fully
diluted weighted average common shares outstanding, as reported,
adjusted fully diluted weighted average common shares
outstanding |
|
|
|
|
|
[Unaudited and in
thousands of Canadian dollars, except per share] |
|
|
|
|
|
|
for the three months ended |
for the six months ended |
|
August 1, |
July 26, |
August 1, |
July 26, |
|
|
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
|
Weighted average number of shares
outstanding, fully diluted |
19,057,409 |
11,958,314 |
15,536,182 |
11,958,168 |
Adjustments: |
|
|
|
|
Adjustment for conversion of preferred
shares Series A, A-1 and A-2 (a) |
3,432,162 |
8,128,805 |
5,793,457 |
8,128,805 |
Initial public company share issuance
(b) |
1,441,577 |
3,414,261 |
2,433,368 |
3,414,261 |
Adjusted weighted average number of
shares outstanding, fully diluted |
23,931,148 |
23,501,380 |
23,763,007 |
23,501,234 |
|
|
|
|
|
Earnings per share, fully diluted -
as reported |
(2.73) |
(0.22) |
(9.35) |
(0.10) |
|
|
|
|
|
Adjusted earnings per share, fully
diluted |
(0.07) |
(0.06) |
(0.02) |
(0.00) |
|
|
|
|
|
(a) Reflects the impact of
the conversion of Series A, A-1 and A-2 preferred shares into
common shares, as if they had been available the entire
period. |
(b) Reflects the number of
common shares issued in the initial public offering, as if they had
been available the entire period. |
CONTACT: Investor Contact
ICR Inc.
Farah Soi/Rachel Schacter
(203)-682-8200
investors@davidstea.com
Media Contact:
ICR, Inc.
Jessica Liddell/Julia Young
203-682-8200
pr@davidstea.com
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