Big Dog Holdings Inc. Announces Earnings for Fourth Quarter and 2001.Business Editors & Retail Writers SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--March 27, 2001 Big Dog Holdings Inc. (Nasdaq:BDOG) today announced earnings for the fourth quarter of $0.45 (a) per share, a 45% increase over its $0.31 per share earnings for the same period last year, and earnings of $0.44 (a) per share for the year ended Dec. 31, 2000, a 2% increase over its 1999 results of $0.43 per share. ((a) The fourth quarter and year ended 2000 earnings per share results exclude a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. write down of the company's $3.0 million investment in PETsMART PetSmart, Inc. (NASDAQ: PETM) is the leading chain of retail stores doing business in the United States and Canada engaged in the sale of specialty pet supplies and services such as grooming and dog training, PetSmart PetsHotel dog and cat boarding facilities and Doggie Day .com.) The positive per share results are largely attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a decrease in the number of shares outstanding due to the tender offer completed in the third quarter. Comparable-store sales increased for the sixth consecutive year with a 1.1% increase for the fourth quarter and 1.3% increase for the year. Merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: remained constant from year to year. As previously announced, Big Dogs Big Dogs, based in Santa Barbara, California, is a chain of stores in the United States which features clothing and apparel holding the "Big Dogs" brand name. The Company net total sales for the fourth quarter of 2000 were $41.0 million, a 5% increase as compared to $39.1 million in 1999, and $115.3 million, a 5% increase as compared to $109.6 million last year. Andrew Feshbach, chief executive officer, said: "We are pleased with how the year ended and are well positioned for 2001 despite growing concerns of the national economic and retail climate. During 2000, the company closed a tender offer whereby the company purchased and retired 3.5 million shares. This should continue to accelerate earnings growth per share for the company and its shareholders in the future. "In 2000, the company entered into a strategic licensing arrangement with BHPC BHPC Beverly Hills Polo Club BHPC British Human Power Club (UK) BHPC Beverly Hills Presbyterian Church (Beverly Hills, CA) BHPC Book History and Print Culture (University of Toronto) Marketing Inc. to represent the licensing of the Big Dogs trademarks worldwide. This strategic relationship should allow us to be well represented in targeting our markets overseas. We are pleased with the initial reception of these efforts, and in early 2001 we signed our first substantial international license of our Big Dog trademarks in South Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. for apparel and other products. "Overall, our operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. remains strong. We have been increasing sales, while maintaining our merchandise margins in today's tough economy. This year's line of merchandise is strong, and we are well positioned for a successful 2001." Big Dogs develops, markets and retails a branded, lifestyle collection of unique, high-quality, popular-priced consumer products, including activewear, casual sportswear, accessories and gifts. Focusing on quality, value and fun, the BIG DOGS(R) brand is designed to appeal to men, women and children of all ages, particularly baby boomers See generation X. and their kids, when they are engaged in leisure or recreational activities. In addition to its 198 retail stores, Big Dogs markets its products through other channels, including its catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. , better wholesale accounts and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the sales. Statements contained in this news release that are not historical information are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as defined within the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These include earnings and sales estimates, future financial prospects and capital position. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those estimated, projected or implied. In addition, prior financial performance is not necessarily indicative of the results that may be expected in the future, and the company believes that such comparison cannot be relied upon as indicators of future performance. Additional factors that could affect the company's operating and financial results are described in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1999, and other public filings. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events.
BIG DOG HOLDINGS INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
December 31,
2000 1999
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 4,376,000 $17,925,000
Account receivable, net 539,000 968,000
Inventories 26,759,000 19,950,000
Prepaid expenses and other current assets 549,000 1,107,000
Deferred income taxes 1,429,000 875,000
Total current assets 33,652,000 40,825,000
PROPERTY AND EQUIPMENT, Net 9,072,000 12,037,000
INTANGIBLE ASSETS, Net 145,000 117,000
OTHER ASSETS 411,000 3,434,000
TOTAL $43,280,000 $56,413,000
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $ 6,000,000 $ --
Accounts payable 4,553,000 3,411,000
Income taxes payable 1,826,000 1,768,000
Accrued expenses and other
current liabilities 3,720,000 3,184,000
Total current liabilities 16,099,000 8,363,000
DEFERRED RENT 863,000 878,000
DEFERRED GAIN ON SALE-LEASEBACK 459,000 512,000
Total liabilities 17,421,000 9,753,000
STOCKHOLDERS' EQUITY 25,859,000 46,660,000
TOTAL $43,280,000 $56,413,000
BIG DOG HOLDINGS INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Years Ended
December 31, December 31,
2000 1999 2000 1999
NET SALES $40,984,000 $39,141,000 $115,280,000 $109,573,000
COST OF
GOODS SOLD 17,750,000 17,660,000 48,836,000 46,491,000
GROSS PROFIT 23,234,000 21,481,000 66,444,000 63,082,000
OPERATING
EXPENSES:
Selling,
marketing and
distribution 15,503,000 14,455,000 53,176,000 50,125,000
General and
administrative 1,471,000 1,314,000 5,394,000 5,020,000
Total operat-
ing expenses 16,974,000 15,769,000 58,570,000 55,145,000
INCOME FROM
OPERATIONS 6,260,000 5,712,000 7,874,000 7,937,000
WRITE-OFF OF
IMPAIRED ASSET 3,000,000 -- 3,000,000 --
INTEREST EXPENSE
(INCOME), NET 409,000 (225,000) 338,000 (395,000)
INCOME BEFORE
PROVISION FOR
INCOME TAXES 2,851,000 5,937,000 4,536,000 8,332,000
PROVISION FOR
INCOME TAXES 2,021,000 2,192,000 2,719,000 3,136,000
NET INCOME $ 830,000 $ 3,745,000 $ 1,817,000 $ 5,196,000
NET INCOME
PER SHARE
BASIC & DILUTED $ 0.10 $ 0.31 $ 0.17 $ 0.43
WEIGHTED AVERAGE
SHARES
OUTSTANDING:
BASIC 8,476,000 12,000,000 10,808,000 12,032,000
DILUTED 8,548,000 12,182,000 10,906,000 12,182,000
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