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FOR IMMEDIATE RELEASE
select comfort ANNOUNCES FOURTH quarter
and full-year 2009 results
Reports Fourth Quarter Net Income of $0.69 Per Share, $0.08 Per Share on an Adjusted Basis;
23 Percent Increase in Same-store Sales; Elimination of Debt
MINNEAPOLIS (Feb. 10, 2010) Select Comfort Corporation (NASDAQ: SCSS) today reported fourth quarter and fiscal 2009 results for the period ended Jan. 2, 2010. Net sales for the quarter totaled $136.5 million, an increase of 4 percent on same-store growth of 23 percent, compared to $131.1 million in the fourth quarter of 2008, which included a 14-week selling period as compared to 13 weeks in 2009. The company reported fourth quarter net income of $35.3 million, or $0.69 per diluted share, compared to a net loss of $57.4 million, or $1.30 per diluted share, in the fourth quarter of 2008.
Both 2008 and 2009 periods included valuation allowance adjustments for income taxes and asset impairment charges. Adjusting for these items, net income would have been $0.08 per share in the fourth quarter of 2009 as compared to a net loss of $0.26 per share in the same period a year ago. A reconciliation is provided at the end of this news release.
Our fourth quarter and full-year performance reflects strong execution against a set of initiatives that focused on controlling costs, building our brand for improved sales and preserving cash. The result is significantly improved profitability, with the company experiencing two consecutive quarters of same-store sales growth, said Bill McLaughlin, president and CEO, Select Comfort Corporation. The strategic focus and our improved business performance positions us well for continued same-store sales growth and improved profitability throughout 2010.
The following information was filed by Select Comfort Corp (SCSS) on Wednesday, February 10, 2010 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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