1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), the world’s leading
florist and gift shop, today reported revenues from continuing
operations of $179.7 million for its fiscal 2012 third quarter
ended April 1, 2012, compared with revenues from continuing
operations of $158.8 million in the prior year period. The Company
said the 13.1 percent increase, or $20.9 million, reflected double
digit revenue growth across all three of its business segments and,
in particular, continued positive trends in its Consumer Floral
segment, which grew 12.6 percent. Total revenue growth for the
third quarter benefited from the shift of the Easter holiday to
early in the Company’s fiscal fourth quarter as well as
contributions from several small acquisitions completed in the
second half of fiscal 2011 and early in the first quarter of fiscal
2012. Excluding these benefits, total revenue for the period
increased approximately 9.0 percent compared with the prior year
period.
Gross profit margin for the quarter increased 100 basis points
to 40.7 percent, compared with 39.7 percent in the prior year
period. This was driven by a 200 basis point increase, to 39.0
percent, in the Company’s Consumer Floral segment. Operating
expenses as a percent of revenue improved 120 basis points to 40.6
percent compared with 41.8 percent in the prior year period. The
improved operating expense ratio primarily reflects the increased
revenues for the quarter as well as the Company’s continued focus
on improving leverage across its business platform.
As a result of the strong growth in revenues and gross margin,
combined with enhanced operating leverage, EBITDA from continuing
operations for the period increased 176.3 percent to $5.0 million
compared with $1.8 million in the prior year period. Excluding
stock-based compensation, EBITDA for the quarter was $6.4 million
compared with $2.9 million in the prior year period. Income from
continuing operations improved to $51,000, or $0.00 per share,
compared with a loss of $2.2 million, or ($0.04) per share, in the
prior year period.
Jim McCann, CEO of 1-800-FLOWERS.COM, said, “The strong results
in our fiscal third quarter – including double-digit revenue growth
across all three of our business segments – illustrate the
continued, positive trends we have been seeing in our business for
more than a year now. Importantly, our bottom line growth in the
quarter, in terms of EBITDA and EPS, significantly outpaced the
strong top-line growth. This reflects the effectiveness of our
initiatives to achieve enhanced operating leverage across our
platform.”
McCann said that, during the fiscal third quarter, the Company’s
Consumer Floral business achieved increases in average order size
and order volume. “We continue to expand our market leadership in
the floral category as we benefit from the enhancements we have
made in our merchandising programs – working directly with our
BloomNet florists to emphasize our truly original product designs –
and our initiatives in marketing, where we are engaging directly
with our customers and deepening our relationships with them
through our industry leading efforts in the increasingly important
Social and Mobile areas.
“In addition, our BloomNet business continues to grow at a solid
rate as we focus on building a sense of community with our florist
members through accredited training programs such as our Florilogy
Institute while concurrently expanding the suite of products and
services that we provide to help them grow their businesses
profitably,” said McCann.
In its Gourmet Food and Gift Baskets segment, McCann said the
Company achieved strong revenue growth, particularly in its
ecommerce channels, largely driven by the shift of the Easter
holiday to early in the Company’s fiscal fourth.
During the fiscal third quarter, the Company attracted 613,000
new customers. Approximately 1.6 million customers placed orders
during the quarter, of whom 61.5 percent were repeat customers.
This reflects the Company’s successful efforts to engage with its
customers and deepen their relationships as they help them deliver
smiles.
“Looking ahead at our current fiscal fourth quarter, we believe
we are well positioned to build on the positive trends we have seen
in our business for more than a year now. For the quarter, we
anticipate revenue growth will remain solid, adjusting for the
Easter shift and the extra week in the prior year period, across
all three of our business segments. As a result, we are reaffirming
our guidance for full-year revenue growth in the mid-to-high single
digit range. Importantly, we are growing our bottom-line results –
EBITDA, EPS and Free Cash Flow – at rates in excess of our revenue
growth. This illustrates the enhanced leverage that we have in our
business model,” McCann noted.
“In addition, we finished the fiscal third quarter with a very
strong balance sheet – including a net debt position of less than
$10 million. Combined with our proven ability to generate
increasing cash flows, we believe this provides us with significant
flexibility to grow our business going forward,” he said.
CATEGORY RESULTS FROM CONTINUING
OPERATIONS:
The Company provides selected financial results for its Consumer
Floral, BloomNet and Gourmet Foods & Gift Baskets business
categories in the tables attached to this release and as
follows:
- 1-800-FLOWERS.COM
Consumer Floral: During the fiscal 2012 third quarter,
revenues in this category grew 12.6 percent to $113.0 million
compared with $100.3 million in the prior year period. This was
driven by our core 1-800-FLOWERS.COM ecommerce business and
contributions from two small acquisitions (FineStationery.com and
Flowerama which were completed in the second half of fiscal 2011
and early in the first quarter of fiscal 2012, respectively). Gross
margin for the fiscal second quarter increased 200 basis points to
39.0 percent compared with 37.0 percent in last year’s second
quarter. Category contribution margin increased 37.2 percent, or
$2.9 million, to $10.9 million compared with $7.9 million in the
prior year period.
- BloomNet Wire
Service: Revenues increased 15.9 percent to $24.1 million
compared with $20.8 million in the prior year period, primarily
reflecting increased shop-to-shop order volume and wholesale
product sales. Gross margin for the quarter was 44.6 percent
compared with 47.3 percent in the prior year period, primarily
reflecting product mix. Category contribution margin increased 17.1
percent to $6.3 million compared with $5.3 million in the prior
year period.
- Gourmet Food and
Gift Baskets: Revenues increased 13.6 percent to $43.1
million compared with $37.9 million in the prior year period. This
primarily reflected the shift of the Easter holiday to early in the
Company’s fiscal fourth quarter as well as growth within the Fannie
May and Cheryl’s brands. Gross margin was 42.0 percent compared
with 42.2 percent. Category contribution margin increased 61.2
percent to $0.9 million compared with $0.6 million in the prior
year period.
COMPANY GUIDANCE:
The Company reaffirmed its revenue guidance for the full year of
mid-to-upper single digit growth. This is based on the 9.7 percent
growth achieved through the first three quarters of fiscal 2012
combined with anticipated solid growth in the Company’s fiscal
fourth quarter, adjusted for the shift of the Easter holiday and
extra week in the fiscal 2011 fourth quarter (the Company operates
on a retail calendar that included 53 weeks of business in fiscal
2011 compared with 52 weeks of business in fiscal 2012). The
Company said that it continues to expect EBITDA, EPS and Free Cash
Flow to grow at rates in excess of its anticipated revenue
growth.
Definitions:
EBITDA: The Company defines EBITDA as Earnings Before Interest,
Taxes, Depreciation and Amortization. A reconciliation of Net
Income to EBITDA is included as part of the tables attached to the
end of this release. Free Cash Flow: net cash provided by operating
activities less capital expenditures. Category Contribution Margin:
earnings before interest, taxes, depreciation and amortization and
before allocation of corporate overhead expenses. The Company
presents EBITDA, EBITDA excluding stock based compensation,
Adjusted EBITDA from continuing operations and Free Cash Flow
because it considers such information a meaningful supplemental
measure of its performance and believes it is frequently used by
the investment community in the evaluation of similarly situated
companies. The Company also uses EBITDA as one of the factors used
to determine the total amount of incentive compensation available
to be awarded to executive officers and other employees. The
Company’s credit agreement uses EBITDA to measure compliance with
covenants such as interest coverage and debt incurrence. EBITDA is
also used by the Company to evaluate and price potential
acquisition candidates. EBITDA and Free Cash Flow have limitations
as analytical tools and should not be considered in isolation or as
a substitute for analysis of the Company's results as reported
under GAAP. Some of the limitations of EBITDA are: (a) EBITDA does
not reflect changes in, or cash requirements for, the Company's
working capital needs; (b) EBITDA does not reflect the significant
interest expense, or the cash requirements necessary to service
interest or principal payments, on the Company's debts; and (c)
although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future and EBITDA does not reflect any cash requirements for
such capital expenditures. EBITDA and Free Cash Flow should only be
used on a supplemental basis combined with GAAP results when
evaluating the Company's performance.
About 1-800-FLOWERS.COM,
Inc.
1-800-FLOWERS.COM, Inc. is the world’s leading florist and gift
shop. For more than 30 years, 1-800-FLOWERS® (1-800-356-9377 or
www.1800flowers.com) has been helping deliver smiles for our
customers with gifts for every occasion, including fresh flowers
and the finest selection of plants, gift baskets, gourmet foods,
confections, candles, balloons and plush stuffed animals. As
always, our 100% Smile Guarantee backs every gift.
1-800-FLOWERS.COM’s Mobile Flower & Gift Center was named
winner of the Mobile Shopping Summit’s “Best Mobile Site of 2011.”
1-800-FLOWERS.COM was also rated number one vs. competitors for
customer satisfaction by STELLAService and named by the E-Tailing
Group as one of only nine online retailers out of 100 benchmarked
to meet the criteria for Excellence in Online Customer Service.
1-800-FLOWERS.COM has been honored in Internet Retailer’s “Hot 100:
America’s Best Retail Web Sites” for 2011. The Company’s BloomNet®
international floral wire service (www.mybloomnet.net) provides a
broad range of quality products and value-added services designed
to help professional florists grow their businesses profitably. The
1-800-FLOWERS.COM “Gift Shop” also includes gourmet gifts such as
popcorn and specialty treats from: The Popcorn Factory®
(1-800-541-2676 or www.thepopcornfactory.com); cookies and baked
gifts from Cheryl’s® (1-800-443-8124 or www.cheryls.com); premium
chocolates and confections from Fannie May® confections brands
(www.fanniemay.com and www.harrylondon.com); gift baskets and
towers from 1-800-Baskets.com® (www.1800baskets.com); wine gifts
from Winetasting.com® (www.winetasting.com); top quality steaks and
chops from Stockyards.com (www.stockyards.com); as well as premium
branded customizable invitations and personal stationery from
FineStationery.com (www.finestationery.com). The Company’s
Celebrations® brand (www.celebrations.com) is a premier online
destination for fabulous party ideas and planning tips.
1-800-FLOWERS.COM, Inc. is involved in a broad range of corporate
social responsibility initiatives including continuous expansion
and enhancement of its environmentally-friendly “green” programs as
well as various philanthropic and charitable efforts. Shares in
1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select
Market, ticker symbol: FLWS.
Special Note Regarding Forward-Looking
Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the Company’s
current expectations or beliefs concerning future events and can
generally be identified by the use of statements that include words
such as “expect,” “estimate,” “project,” “believe,” “anticipate,”
“intend,” “plan,” “foresee,” “likely,” “will,” “goal,” “target” or
similar words or phrases. Forward-looking statements include, but
are not limited to, statements regarding the Company’s expectations
for: solid revenue growth, adjusted for the Easter shift and the
extra week in its fiscal 2012 fourth quarter compared with its
fiscal 2011 fourth quarter; its ability to grow its bottom line
results, including EBITDA, EPS and Free Cash Flow at rates in
excess of its revenue growth; and its expectation to finish its
fiscal 2012 year with a strong balance sheet including a net-debt
level of approximately zero. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of the Company’s control that could cause actual
results to differ materially from the results expressed or implied
in the forward-looking statements, including, among others: the
Company’s ability to leverage its operating platform and reduce
operating expenses; its ability to manage the increased seasonality
of its businesses; its ability to cost effectively acquire and
retain customers; the outcome of contingencies, including legal
proceedings in the normal course of business; its ability to
compete against existing and new competitors; its ability to manage
expenses associated with sales and marketing and necessary general
and administrative and technology investments; and general consumer
sentiment and economic conditions that may affect levels of
discretionary customer purchases of the Company’s products. The
Company undertakes no obligation to publicly update any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, made in this release or in any of its
SEC filings except as may be otherwise stated by the Company. For a
more detailed description of these and other risk factors, please
refer to the Company’s SEC filings including the Company’s Annual
Reports on Form 10-K and its Quarterly Reports on Form 10-Q.
Consequently, you should not consider any such list to be a
complete set of all potential risks and uncertainties.
Conference Call:
The Company will conduct a conference call to discuss the above
details and attached financial results today, Thursday, May 3, 2012
at 11:00 a.m. (EDT). The call will be “web cast” live via the
Internet and can be accessed from the Investor Relations section of
the 1-800- FLOWERS.COM web site at www.1800flowersinc.com A
recording of the call will be posted on the Investor Relations
section of the Company’s web site within two hours of the call’s
completion. A telephonic replay of the call can be accessed for 48
hours beginning at 2:00 p.m. (EDT) on the day of the call at:
1-855-859-2056 (domestic) or 1-404-537-3406 (international). Enter
replay pass code #: 18443387.
[Note: Attached tables are an integral part
of this press release without which the information presented in
this press release should be considered incomplete.]
1-800-FLOWERS.COM, Inc. and
Subsidiaries Condensed Consolidated Balance Sheets
(In thousands)
April 1,
2012
(unaudited)
July 3,
2011
Assets Current assets: Cash and equivalents $ 24,876
$ 21,442 Receivables, net 21,477 11,916 Inventories 59,374 51,185
Deferred tax assets 6,916 5,416 Prepaid and other 6,575 7,360
Current assets of discontinued operations 145 3,506
Total current assets 119,363 100,825 Property, plant and
equipment, net 47,799 49,908 Goodwill 40,695 39,348 Other
intangibles, net 42,644 41,748 Deferred tax assets 9,416 17,181
Other assets 5,335 5,203 Non-current assets of discontinued
operations - 2,738 Total assets $ 265,252 $ 256,951
Liabilities and stockholders’ equity Current
liabilities: Accounts payable and accrued expenses $ 68,719 $
65,603 Current maturities of long-term debt and obligations under
capital leases 15,100 16,488 Current liabilities of discontinued
operations 159 956 Total current liabilities 83,978
83,047 Long-term debt and obligations under capital leases
18,000 29,250 Other liabilities 3,844 2,884 Non-current liabilities
of discontinued operations - 109 Total liabilities
105,822 115,290 Total stockholders’ equity
159,430 141,661 Total liabilities and stockholders’ equity $
265,252 $ 256,951
1-800-FLOWERS.COM, Inc. and Subsidiaries Selected
Financial Information Consolidated Statements of
Operations
(In thousands, except for per share
data)
(unaudited)
Three Months Ended Nine Months Ended April 1,
2012
March 27,
2011
April 1,
2012
March 27,
2011
Net revenues: E-commerce (combined online and telephonic) $
132,190 $ 117,506 $ 376,110 $ 343,318 Other 47,469
41,333 160,592 146,134
Total net revenues 179,659 158,839 536,702 489,452
Cost of revenues 106,620 95,728
316,775 286,241 Gross profit 73,039
63,111 219,927 203,211 Operating expenses: Marketing and
sales 48,598 43,513 133,900 123,616 Technology and development
5,646 5,119 15,252 14,639 General and administrative 13,766 12,659
39,057 36,553 Depreciation and amortization 4,874
5,069 14,705 15,272
Total operating expenses 72,884 66,360 202,914 190,080
Gain on sale of stores - -
3,789 - Operating income (loss)
155 (3,249 ) 20,802 13,131 Interest expense, net (319
) (854 ) (1,990 ) (3,321 ) Income
(loss) from continuing operations before income taxes (164 ) (4,103
) 18,812 9,810 Income tax expense (benefit) from continuing
operations (215 ) (1,859 ) 7,318
3,930 Income (loss) from continuing operations 51 (2,244 )
11,494 5,880 Loss from discontinued operations, net of tax -
(432 ) (22 ) (150 ) Gain (loss) on sale of discontinued operations,
net of tax (136 ) - 4,342
- Income (loss) from discontinued operations (136 )
(432 ) 4,320 (150 ) Net income
(loss) ($85 ) ($2,676 ) $ 15,814 $ 5,730
Basic net income (loss) per common
share
From continuing operations $ 0.00 ($0.04 ) $ 0.18 $ 0.09 From
discontinued operations 0.00 (0.01 )
0.07 0.00 Net income (loss) per common share $
0.00 ($0.04 ) $ 0.24 $ 0.09
Diluted net income (loss) per common
share
From continuing operations $ 0.00 ($0.04 ) $ 0.17 $ 0.09 From
discontinued operations 0.00 (0.01 )
0.07 0.00 Net income (loss) per common share $
0.00 ($0.04 ) $ 0.24 $ 0.09
Weighted average shares used in the
calculation of net income (loss) per common share
Basic 64,988 63,999 64,683
63,953 Diluted 66,299
63,999 66,257 65,083
1-800-FLOWERS.COM, Inc. and
Subsidiaries Selected Financial Information
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
Nine Months Ended April 1,
2012
March 27,
2011
Operating activities Net income $ 15,814 $ 5,730
Reconciliation of net income to net cash provided by operations:
Operating activities of discontinued operations 1,927 (751 ) Gain
on sale of discontinued operations (8,733 ) - Depreciation and
amortization 14,705 15,272 Amortization of deferred financing costs
343 360 Deferred income taxes 5,720 3,332 Bad debt expense 692
1,271 Stock based compensation 3,736 2,857 Other non-cash items (22
) 7 Changes in operating items, excluding the effects of
acquisitions: Receivables (9,709 ) (5,886 ) Inventories (7,670 )
(6,999 ) Prepaid and other 804 (2,839 ) Accounts payable and
accrued expenses 2,489 39 Other assets 1,604 (561 ) Other
liabilities 1,187 (29 )
Net cash
provided by operating activities 22,887 11,803
Investing activities Acquisitions, net of cash acquired
(4,336 ) (1,450 ) Proceeds from sale of business 12,826 - Capital
expenditures (11,986 ) (10,914 ) Purchase of investment (1,111 ) -
Other, net (271 ) 184 Investing activities of discontinued
operations - (124 )
Net cash used in
investing activities (4,878 ) (12,304 )
Financing
activities Acquisition of treasury stock (1,925 ) (101 )
Proceeds from excise of employee stock options - 49 Proceeds from
bank borrowings 56,000 40,000 Repayment of notes payable and bank
borrowings (67,250 ) (49,000 ) Debt issuance cost - (17 ) Repayment
of capital lease obligations (1,400 ) (1,449 )
Net cash used in financing activities (14,575 )
(10,518 ) Net change in cash and equivalents 3,434
(11,019 ) Cash and equivalents: Beginning of period 21,442
27,843 End of period $ 24,876 $
16,824
1-800-FLOWERS.COM, Inc. and
Subsidiaries Selected Financial Information Category
Information
(In thousands)
(unaudited)
Three Months Ended Nine Months Ended April 1, March 27,
April 1, March 27, 2012 2011 % Change
2012 2011 % Change
Net revenues from continuing operations: 1-800-Flowers.com
Consumer Floral $ 112,987 $ 100,341
12.6
% $ 274,168 $ 245,518
11.7
% BloomNet Wire Service 24,060 20,765
15.9
% 60,837 51,943
17.1
% Gourmet Food & Gift Baskets 43,104 37,936
13.6
% 202,829 192,203 5.50 % Corporate (*) 199 301
(33.9
%)
575 855
(32.7
%)
Intercompany eliminations
(691
)
(504
)
36.9
%
(1,707
)
(1,067
)
60.0
%
Total net revenues from continuing operations $ 179,659
$ 158,839
13.1
% $ 536,702 $ 489,452
9.7
% Three Months Ended Nine Months Ended April 1, March
27, April 1, March 27, 2012 2011 %
Change 2012 2011 % Change
Gross profit from continuing operations:
1-800-Flowers.com Consumer Floral $ 44,045 $ 37,160
18.5
% $ 106,258 $ 92,853
14.4
%
39.0
%
37.0
%
38.8
%
37.8
% BloomNet Wire Service 10,733 9,813
9.4
% 28,254 27,362
3.3
% 44.60 % 47.30 % 46.40 % 52.70 % Gourmet Food & Gift
Baskets 18,116 16,002
13.2
% 84,981 82,572
2.9
%
42.0
%
42.2
%
41.9
%
43.0
% Corporate (*) 145 136
7.0
% 434 424
2.4
%
72.9
%
45.2
%
75.6
%
49.6
%
Total gross profit from continuing
operations $ 73,039 $ 63,111
15.7
% $ 219,927 $ 203,211
8.2
%
40.7
%
39.7
%
41.0
%
41.5
% Three Months Ended Nine Months Ended April 1, March
27, April 1, March 27, 2012 2011 %
Change 2012 2011 % Change
Adjusted EBITDA from continuing operations, excluding
stock-based compensation: Category Contribution Margin (**):
1-800-Flowers.com Consumer Floral $ 10,948 $ 7,980
37.2
% $ 26,899 $ 21,513
25.0
% BloomNet Wire Service 6,258 5,345
17.1
% 15,925 15,007
6.1
% Gourmet Food & Gift Baskets (***) 948
588
61.2
% 29,188 26,322
10.9
% Category Contribution Margin Subtotal 18,154 13,913
30.5
% 72,012 62,842
14.6
% Corporate (*)
(13,125
)
(12,093
)
(8.5
%)
(36,505
)
(34,439
)
(6.0
%)
EBITDA 5,029 1,820
176.3
% 35,507 28,403
25.0
% Add: Stock-based compensation 1,356 1,098
23.5
% 3,736 2,855
30.9
%
EBITDA, excluding stock-based compensation 6,385 2,918
118.8
% 39,243 31,258
25.5
% Less: Gain on sale of stores (***) - -
-
(3,789
)
- -
Adjusted EBITDA from continuing operations,
excluding stock-based compensation $ 6,385 $ 2,918
118.8
% $ 35,454 $ 31,258
13.4
%
1-800-FLOWERS.COM, Inc. and Subsidiaries Selected
Financial Information Category Information
(In thousands)
(unaudited)
Three Months Ended Nine Months Ended
April 1,
2012
March 27,
2011
April 1,
2012
March 27,
2011
Reconciliation of net income (loss) from continuing
operations to EBITDA and adjusted EBITDA from continuing
operations, less stock-based compensation: Net income (loss)
from continuing operations $ 51 ($2,244 ) $ 11,494 $ 5,880 Add:
Interest expense, net 319 854 1,990 3,321 Depreciation and
amortization 4,874 5,069 14,705 15,272 Income tax expense - - 7,318
3,930 Less: Income tax benefit 215 1,859
- -
EBITDA 5,029 1,820 35,507 28,403
Add: Stock-based compensation 1,356 1,098
3,736 2,855
EBITDA, less stock-based
compensation 6,385 2,918 39,243 31,258 Less: Gain on sale of
stores - - (3,789 ) -
Adjusted EBITDA from continuing operation, excluding stock based
compensation
$
6,385
$
2,918
$
35,454
$
31,258
(*)
Corporate expenses consist of the
Company’s enterprise shared service cost centers, and include,
among other items, Information Technology, Human Resources,
Accounting and Finance, Legal, Executive and Customer Service
Center functions, as well as Stock-Based Compensation. In order to
leverage the Company’s infrastructure, these functions are operated
under a centralized management platform, providing support services
throughout the organization. The costs of these functions, other
than those of the Customer Service Center, which are allocated
directly to the above categories based upon usage, are included
within corporate expenses as they are not directly allocable to a
specific category.
(**)
Performance is measured based on category
contribution margin or category Adjusted EBITDA, reflecting only
the direct controllable revenue and operating expenses of the
categories. As such, management’s measure of profitability for
these categories does not include the effect of corporate overhead,
described above, depreciation and amortization, other income (net),
nor does it include one-time charges. Management utilizes EBITDA,
and adjusted financial information, as a performance measurement
tool because it considers such information a meaningful
supplemental measure of its performance and believes it is
frequently used by the investment community in the evaluation of
companies with comparable market capitalization. The Company also
uses EBITDA and adjusted financial information as one of the
factors used to determine the total amount of bonuses available to
be awarded to executive officers and other employees. The Company’s
credit agreement uses EBITDA and adjusted financial information to
measure compliance with covenants such as interest coverage and
debt incurrence. EBITDA and adjusted financial information is also
used by the Company to evaluate and price potential acquisition
candidates. EBITDA and adjusted financial information have
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for analysis of the Company's results
as reported under GAAP. Some of these limitations are: (a) EBITDA
does not reflect changes in, or cash requirements for, the
Company's working capital needs; (b) EBITDA does not reflect the
significant interest expense, or the cash requirements necessary to
service interest or principal payments, on the Company's debts; and
(c) although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized may have to be replaced
in the future, and EBITDA does not reflect any cash requirements
for such capital expenditures. Because of these limitations, EBITDA
should only be used on a supplemental basis combined with GAAP
results when evaluating the Company's performance.
(***)
GFGB category contribution margin, during
the nine months ended April 1, 2012, includes a $3.8 million gain
on the sale of 17 Fannie May retail stores, which are being
operated as franchised locations post-sale.
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