The company noted that fiscal 2012 had 53 weeks versus 52 weeks in fiscal 2011. As a result, net sales for the fourth quarter of fiscal 2012 and fiscal year 2012 include the additional week, while comparable store sales exclude the 53rd week. The company ended fiscal 2012 with 644 stores, compared to 733 as of the end of fiscal 2011. The company closed 78 stores in the fourth quarter of fiscal 2012.
Fourth Quarter Results
On a GAAP basis, the company reported a loss from continuing operations of $22.5 million, or $(0.33) per diluted share, for the fourth quarter of fiscal 2012, compared to a loss from continuing operations of $26.7 million, or $(0.39) per diluted share, for the fourth quarter of fiscal 2011. The loss from continuing operations for the company's fourth quarter of fiscal 2012 included a non-cash loss of $3.7 million, or $0.05 per diluted share, related to a derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock (the "Series B Preferred") in connection with the term loan financing the company completed in December 2011.
On a non-GAAP basis, excluding store closure related charges of $0.6 million and the non-cash loss on the derivative liability of $3.7 million, and using a normalized annual income tax rate of approximately 37 percent, the company would have incurred a loss from continuing operations for the fourth quarter of fiscal 2012 of $11.4 million, or $(0.17) per diluted share, as compared to a loss from continuing operations of $13.0 million, or $(0.19) per diluted share, for the same period a year ago.
Full Year Results
Total net sales from continuing operations for fiscal 2012 were $803.1 million versus net sales from continuing operations of $777.3 million for fiscal 2011. Comparable store sales increased 2 percent during fiscal 2012.
On a GAAP basis, the company reported a loss from continuing operations of $52.2 million, or $(0.77) per diluted share, for the 2012 fiscal year, compared to a loss from continuing operations of $82.1 million, or $(1.23) per diluted share, for the 2011 fiscal year.
On a non-GAAP basis, excluding store closure charges of $0.6 million, and using a normalized annual income tax rate of approximately 37 percent, the company would have incurred a loss from continuing operations for fiscal 2012 of $32.4 million, or $(0.47) per diluted share, as compared to a loss from continuing operations of $47.4 million, or $(0.71) per diluted share, for the same period a year ago.
"2012 was a very solid year for PacSun with important progress in several key facets of our business. We achieved positive sales comps with better margins in every quarter for the first time since 2007, continued to leverage our cost base, and equally important is my belief that we are beginning to re-establish PacSun's unique identity tied to great brands, on trend merchandising and our distinct connection to California Lifestyle," said Gary H. Schoenfeld, President and Chief Executive Officer. "Looking ahead to this year our key priorities remain working closely with our key brands, attracting new customers and continuing to elevate both our in-store and on-line experience."
Financial Outlook for First Fiscal Quarter of 2013
The company's guidance range for the first quarter of fiscal 2013 contemplates a non-GAAP loss per share from continuing operations of between negative $0.17 and negative $0.24, compared to negative $0.20 in the first quarter of fiscal 2012.
The forecasted first quarter non-GAAP loss from continuing operations per share guidance range is based on the following assumptions:
Comparable store sales of negative 3 percent to plus 1 percent;
Revenue from $160 million to $167 million;
Gross margin rate, including buying, distribution and occupancy, of 21 percent to 24 percent;
SG&A expenses in the range of $54 million to $56 million;
A normalized annual income tax rate of approximately 37 percent; and
Ending the period with approximately 638 stores.
The company's first fiscal quarter of 2013 guidance range excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument.
Discontinued Operations
In accordance with applicable accounting literature and consistent with the company's financial statement presentation in its fiscal 2011 annual report, the company has reclassified the results of operations of its closed stores as discontinued operations for all periods presented, as applicable.
Derivative Liability
In fiscal 2011, as a result of the issuance of the Series B Preferred in connection with the company's $60 million senior secured term loan financing with an affiliate of Golden Gate Capital, the company recorded a derivative liability equal to approximately $15.0 million, which represents the fair value of the Series B Preferred upon issuance. In accordance with applicable U.S. GAAP, the company has marked this derivative liability to fair value through earnings and will continue to do so on a quarterly basis until the shares of Series B Preferred are either converted into shares of the company's common stock or until the conversion rights expire (December 2021). The company's first fiscal quarter of 2013 earnings guidance excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument.
( Source Pacific Sunwear through SportsOneSource )
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