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Dover Saddlery Announces First Quarter 2009 Financial Results
Marketwire
May 12, 2009
LITTLETON, MA -- (Marketwire) -- 05/12/09 -- Dover Saddlery, Inc. (NASDAQ: DOVR), the leading multi-channel retailer of equestrian products, today reported financial results for the first quarter ended March 31, 2009.
Total revenues for the first quarter of 2009 were $16.4 million, a decline of 7.1% from $17.7 million, in the first quarter of 2008. Revenues in the retail channel increased 12.5% to $4.7 million due to the opening of new stores in 2008 and 2009, while same store sales decreased 10.6%.
The net loss for the first quarter of 2009 was $(590,000), or $(0.11) per share, compared to $(359,000) or $(0.07) per share in the first quarter of the prior year. The increased loss was due primarily to reduced revenues attributable to soft consumer demand.
"I am pleased with our first quarter performance," commented Stephen L. Day, president and CEO of Dover Saddlery. "We executed well on our cost-control programs which resulted in a solid first quarter performance when viewed historically. We had a very successful Grand Opening of our new store in North Kingstown, Rhode Island -- the response to our VIP invitation to the Grand Opening Reception was overwhelming and there was literally standing room only during the presentation by Olympic show jumper Peter Wylde. Going forward, we have put in place a series of tactical measures to ensure continued solid performance, taking into consideration the present economic conditions."
Business Outlook 2009
Until there is greater long-term visibility on economic conditions and consumer behavior, the Company is not providing guidance on business prospects in 2009.
Today's Teleconference and Webcast
Dover Saddlery will be hosting a conference call at 8:30 A.M. EDT today to discuss the first quarter 2009 results. Investors are invited to listen to the earnings conference call over the Internet through the company's website at http://investor.shareholder.com/DOVR/, this web cast will be archived for a year.
About Dover Saddlery, Inc.
Dover Saddlery, Inc. (NASDAQ: DOVR) is the leading multichannel retailer of equestrian products in the United States. Founded in 1975 in Wellesley, Massachusetts, by United States Equestrian team members, Dover Saddlery has grown to become The Source® for equestrian products. Dover offers a broad and distinctive selection of competitively priced, brand-name products for horse and rider through catalogs, the Internet and company-owned retail stores. Dover Saddlery, Inc. serves the English rider and through Smith Brothers, the Western rider. The Source®, Dover Saddlery® and Smith Brothers® are registered marks of Dover Saddlery.
For more information, please call 1-978-952-8062 or visit www.DoverSaddlery.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation statements made about the Company's business outlook for fiscal 2009, the prospects for overall revenue growth and profitability, and the opening of new stores. All statements other than statements of historical fact included in this press release regarding the company's strategies, plans, objectives, expectations, and future operating results are forward-looking statements. Although Dover believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to have been correct. These forward-looking statements involve significant risks and uncertainties, including those discussed in this release and others that can be found in "Item 1A Risk Factors" of Dover Saddlery's Annual Report on Form 10-K for the fiscal year ended December 31, 2008. Dover Saddlery is providing this information as of this date and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. No forward-looking statement can be guaranteed and actual results may differ materially from those Dover Saddlery projects.
DOVER SADDLERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
Three Months Ended
March 31, March 31,
2009 2008
Revenues, net - direct $ 11,722 $ 13,497
Revenues, net - retail stores 4,679 4,158
--------- ---------
Revenues, net - total $ 16,401 $ 17,655
Cost of revenues 10,715 11,299
--------- ---------
Gross profit 5,686 6,356
Selling, general and administrative expenses 6,566 6,587
--------- ---------
Loss from operations (880) (231)
Interest expense, financing and other related costs,
net 312 333
Other investment loss, net 7 --
--------- ---------
Loss before income tax benefit (1,199) (564)
Benefit for income taxes (609) (205)
--------- ---------
Net loss $ (590) $ (359)
========= =========
Net loss per share
Basic $ (0.11) $ (0.07)
========= =========
Diluted $ (0.11) $ (0.07)
========= =========
Number of shares used in per share calculation
Basic 5,187,000 5,105,000
Diluted 5,187,000 5,105,000
Other Operating Data:
Number of retail stores(1) 13 10
Capital expenditures 241 230
Gross profit margin 34.7% 36.0%
(1) Includes twelve Dover-branded stores and one Smith Brothers store; the
March 31, 2009 store count includes the Branchburg, NJ Dover-branded
store opened in Q2 2008, the Alpharetta, GA Dover-branded store opened
in Q4 2008, and the North Kingstown, RI Dover-branded store opened in
Q1 2009.
DOVER SADDLERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
March 31, December
2009 31,
(unaudited) 2008
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 211 $ 448
Accounts receivable 602 833
Inventory 18,440 17,330
Prepaid catalog costs 1,928 1,673
Prepaid expenses and other current assets 2,000 997
--------- ---------
Total current assets 23,181 21,281
Net property and equipment 3,628 3,599
Other assets:
Deferred income taxes 366 583
Intangibles and other assets, net 978 989
--------- ---------
Total other assets 1,344 1,572
--------- ---------
Total assets $ 28,153 $ 26,452
========= =========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of capital lease obligation and
outstanding checks $ 560 $ 481
Accounts payable 2,389 2,168
Accrued expenses and other current liabilities 3,145 3,640
Deferred income taxes 336 212
--------- ---------
Total current liabilities 6,430 6,501
Long-term liabilities:
Revolving line of credit 10,600 8,300
Subordinated notes payable, net 4,945 4,906
Capital lease obligation, net of current portion 102 125
--------- ---------
Total long-term liabilities 15,647 13,331
Stockholders’ equity:
Common stock, par value $0.0001 per share;
15,000,000 shares authorized; issued 5,187,038 as
of March 31, 2009 and December 31, 2008 1 1
Additional paid in capital 44,847 44,801
Treasury stock, 795,865 shares at cost (6,082) (6,082)
Accumulated deficit (32,690) (32,100)
--------- ---------
Total stockholders’ equity 6,076 6,620
--------- ---------
Total liabilities and stockholders’ equity $ 28,153 $ 26,452
========= =========
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