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Blue Nile Inc (NILE) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 30, 2012

Blue Nile Inc

CIK: 1091171


Exhibit 99.1

Blue Nile Announces Fourth Quarter and Full Year 2012 Financial Results

Fourth Quarter Sales Increased 21.2% to $136.1 million
Fourth Quarter Earnings Per Diluted Share Total $0.39
Full Year Sales Increased 14.9% to $400.0 million
Full Year Earnings Per Diluted Share Total $0.63


SEATTLE, FEBRUARY 12, 2013
-- Blue Nile, Inc. (Nasdaq: NILE), the leading online retailer of diamonds and fine jewelry, today reported financial results for its fourth quarter ended December 30, 2012.
Net sales increased 21.2% to $136.1 million for the fourth quarter ended December 30, 2012. Operating income for the quarter totaled $7.1 million, representing an operating margin of 5.2% of net sales. Net income totaled $4.9 million, or $0.39 per diluted share. Non-GAAP adjusted EBITDA for the quarter totaled $9.1 million.
For the full year, Blue Nile reported net sales of $400.0 million, compared to $348.0 million for the full year of 2011, an increase of 14.9%. Operating income for the full year was $12.3 million compared to $16.9 million in the prior year. Net income for the year was $8.4 million and earnings per diluted share totaled $0.63. Non-GAAP adjusted EBITDA for 2012 was $20.6 million.
Net cash provided by operating activities totaled $34.4 million for the year compared to $15.4 million for the year ended January 1, 2012. Non-GAAP free cash flow for the year was $31.9 million compared to $10.1 million for the prior year.
"The fourth quarter caps off a great year of growth at Blue Nile, building upon our sequential growth while posting greater profitability versus the prior year. Investments we made in 2012 paid off with the highest annual levels of revenue growth and customer acquisition in five years, exceptional strength in engagement sales in the US, and a return to strong growth internationally. While we fell short of our expected sales of non-engagement jewelry during the holiday season, in part due to a weaker environment for consumer discretionary spending, we gained valuable insight that will guide the evolution of our product mix. We believe that our strategy to accelerate this part of our business is on track" said Harvey Kanter, President and Chief Executive Officer. 
The Company also announced it has entered into a Credit Agreement with U.S. Bank National Association. The Credit Agreement provides for borrowings under a $35 million revolving credit facility maturing in 2014. Availability of capital from this agreement augments the company's positive cash flow from operations and provides further flexibility to pursue strategic opportunities to enhance shareholder value.

Highlights
U.S. engagement net sales for the fourth quarter 2012 increased 31.0% to $73.6 million, compared to $56.2 million for the fourth quarter of 2011. U.S. engagement net sales for the full year 2012 increased 21.7% to $226.6 million, compared to $186.2 million for the full year 2011.

U.S. non-engagement net sales for the fourth quarter 2012 increased 5.3% to $42.5 million, compared to $40.4 million for the fourth quarter of 2011. U.S. non-engagement net sales for the full year 2012 increased 4.9% to $111.0 million, compared to $105.9 million for the full year 2011.

International net sales for the fourth quarter 2012 were $20.0 million, compared to $15.7 million for the fourth quarter 2011, an increase of 26.8%. International net sales for the full year 2012 increased 11.7% to $62.4 million, compared to $55.9 million for the full year 2011. Excluding the impact from changes in foreign exchange rates, international net sales increased 12.6% for the fiscal year.



The following information was filed by Blue Nile Inc on Tuesday, February 12, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information Document
Condensed Consolidated Balance Sheets
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Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (loss)
Condensed Consolidated Statements Of Operations
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Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Future Minimum Lease Payments) (details)
Commitments And Contingencies (tables)
Common Stock
Common Stock (details)
Description Of The Company And Summary Of Significant Accounting Policies
Description Of The Company And Summary Of Significant Accounting Policies (concentration Of Risk) (details)
Description Of The Company And Summary Of Significant Accounting Policies (details)
Description Of The Company And Summary Of Significant Accounting Policies (estimated Useful Lives By Major Asset Category) (details)
Description Of The Company And Summary Of Significant Accounting Policies (narrative) (details)
Description Of The Company And Summary Of Significant Accounting Policies (policy)
Description Of The Company And Summary Of Significant Accounting Policies (tables)
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Income Per Share
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Selected Quarterly Financial Information (unaudited)
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CIK: 1091171
Form Type: 10-K Annual Report
Accession Number: 0001091171-13-000018
Submitted to the SEC: Mon Feb 25 2013 5:21:23 PM EST
Accepted by the SEC: Mon Feb 25 2013
Period: Sunday, December 30, 2012
Industry: Retail Jewelry Stores

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