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Tile Shop Holdings, Inc. (TTS) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Tile Shop Holdings, Inc.

CIK: 1552800 Ticker: TTS

Exhibit 99.1

Picture 1



THE TILE SHOP REPORTS third QUARTER 2018 RESULTS

DECLARES CASH DIVIDEND



MINNEAPOLIS – October 18, 2018Tile Shop Holdings, Inc. (Nasdaq: TTS) (the “Company”), a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories, today announced results for its third quarter ended September 30, 2018.    



Third Quarter Summary



Net Sales Increased 5.7%

Comparable Store Sales Increased 2.1% 

Gross Margin of 70.6%

Diluted Earnings per Share of $0.05

Net Income of $2.6 million; Adjusted EBITDA of $11.9 million

Completed 3 store remodels in Q3;  Completed 10 store remodels year-to-date in 2018



Management Commentary

“We made good progress in the third quarter on our strategy to deliver the best product, the best presentation and the best service in our industry,” said Robert Rucker, interim CEO.  We are nearly complete with our year-long product assortment initiative and we continue to attract pros who share in our focus on serving a higher-end demographic.  With the improvement we are now beginning to see in our sales execution, we continued to make additional investments in inventory, store merchandising, and service during the third quarter.  We are extremely focused on improving our key metrics as we fully restore and further enhance the model which has proven successful for over 30 years.”



  



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Nine Months Ended

 

(unaudited, amounts in thousands, except per

 

September 30,

 

September 30,

 

share data)

 

2018

 

2017

 

2018

 

2017

 

Net sales

 

$

89,259 

 

$

84,421 

 

$

273,307 

 

$

266,020 

 

Net sales growth(1)

 

 

5.7 

%

 

7.5 

%

 

2.7 

%

 

7.5 

%

Comparable store sales growth (decline)(2)

 

 

2.1 

%

 

1.1 

%

 

(2.3)

%

 

2.2 

%

Gross margin rate

 

 

70.6 

%

 

67.1 

%

 

70.4 

%

 

69.1 

%

Income from operations as a % of net sales

 

 

4.3 

%

 

5.2 

%

 

6.4 

%

 

11.1 

%

Net income

 

$

2,553 

 

$

2,438 

 

$

11,522 

 

$

18,170 

 

Net income per diluted share

 

$

0.05 

 

$

0.05 

 

$

0.22 

 

$

0.35 

 

Adjusted EBITDA

 

$

11,857 

 

$

12,203 

 

$

40,675 

 

$

51,796 

 

Adjusted EBITDA as a % of net sales

 

 

13.3 

%

 

14.5 

%

 

14.9 

%

 

19.5 

%

Number of stores open at the end of period

 

 

140 

 

 

134 

 

 

140 

 

 

134 

 



(1)

As compared to the prior year period.

(2)

Comparable store sales growth (decline) is the percentage change in sales of comparable stores period over period. A store is considered comparable on the first day of the 13th full month of operation. When a store is relocated, it is excluded from the comparable store sales growth calculation. Comparable store sales growth (decline) amounts include total charges to customers less any actual returns. Comparable store sales data reported by other companies may be prepared on a different basis and therefore may not be useful for purposes of comparing the Company’s results to those of other businesses.


The following information was filed by Tile Shop Holdings, Inc. (TTS) on Thursday, October 18, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Tile Shop Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Tile Shop Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity (Deficit)
Background
Background (Narrative) (Details)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Earnings Per Share
Earnings Per Share (Schedule Of Earnings Per Share) (Details)
Earnings Per Share (Tables)
Equity Incentive Plans
Equity Incentive Plans (Narrative) (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Narrative) (Details)
Fair Value Of Financial Instruments (Summary Of Fair Value Of Financial Assets Measured On A Recurring Basis) (Details)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Inventories
Inventories (Schedule Of Inventories) (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
New Market Tax Credit
New Market Tax Credit (Narrative) (Details)
Other Accrued Liabilities
Other Accrued Liabilities (Schedule Of Other Accrued Liabilities) (Details)
Other Accrued Liabilities (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Revenues
Revenues (Narrative) (Details)
Revenues (Schedule Of Components Of Returns Reserve) (Details)
Revenues (Schedule Of Revenues Disaggregated By Product Category) (Details)
Revenues (Tables)
Subsequent Events
Subsequent Events (Narrative) (Details)

Material Contracts, Statements, Certifications & more

Tile Shop Holdings, Inc. provided additional information to their SEC Filing as exhibits

Ticker: TTS
CIK: 1552800
Form Type: 10-Q Quarterly Report
Accession Number: 0001552800-18-000039
Submitted to the SEC: Fri Oct 26 2018 5:52:52 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Retail Home Furniture Furnishings And Equipment Stores

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