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Dover Saddlery Inc. (DOVR) filed Quarterly Report for the period ended 2011-06-30.
Dover Saddlery Inc. has a market cap of $19.8 million; its shares were traded at around $3.77 with a P/E ratio of 8.7 and P/S ratio of 0.3.
This is the annual revenues and earnings per share of DOVR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of DOVR.
Highlight of Business Operations:
When excluding the one-time gain of $402,000 from the insurance settlement from the Hobby Horse investment achieved in the second quarter of 2010, adjusted income before taxes (“IBT”) for the three months ending June 30, 2011 increased $58,000 or 5.5% from $1,050,000 to $1,108,000 from the same period in 2010. For the six months ending June 30, 2011, adjusted income before taxes (“IBT”) increased $611,000 or 81.5% to $1,361,000 from $750,000 for the same period in 2010.
Total revenues increased $0.4 million, or 2.0%, to $20.2 million for the three months ended June 30, 2011 from $19.9 million for the three months ended June 30, 2010. During the period, revenues in our direct market channel decreased $0.7 million, or 5.7%, to $12.2 million. Revenues in our retail market channel increased $1.1 million, or 16.1%, from the corresponding period in 2010 to $8.1 million. The decrease in our direct market channel was due to reduced consumer spending. The increase in revenues from our retail market channel was due to improved consumer spending, the opening of a new store in Parker, CO and promotions. Same store sales for the period increased 14.1% over the prior year.
Total revenues increased $1.5 million, or 4.0%, to $37.5 million for the six months ended June 30, 2011 from $36.1 million for the six months ended June 30, 2010. Revenues in our direct market channel decreased $0.4 million, or 1.5%, to $24.2 million from $24.6 million in the corresponding period in 2010. Revenues in our retail market channel increased $1.8 million, or 15.8%, to $13.3 million from $11.5 million in 2010. The decrease in our direct market channel was due to reduced consumer spending. The increase in revenues from our retail market channel was due primarily to improved consumer spending, opening a new store in Parker, CO in June 2011 and promotions. Same store sales for the six month period increased 14.6% over the prior year.
For the six months ended June 30, 2011, our cash was reduced by $450,000. Cash was utilized primarily for seasonal working capital requirements. The source for cash generated related to increased balances in depreciation and amortization and increased borrowings under our revolving credit facility. On March 28, 2011, the Company amended its line of credit facility with the bank with the potential to increase the available credit from $13,000,000 up to $20,000,000 at the bank’s discretion. As of June 30, 2011 $3,450,000 is outstanding. On March 28, 2011, the Company also refinanced the $5,000,000 Senior Subordinated Notes plus deferred interest from proceeds of a $5,500,000 term note facility from the bank at a reduced interest rate. The Company was in compliance with all covenants under both credit facilities as of June 30, 2011.
Cash utilized from our operating activities for the six months ended June 30, 2011 was $3.9 million compared to $0.7 million for the corresponding period in 2010. For the six months ended June 30, 2011, cash outflows consisted primarily of seasonal increases in inventory, increases in accounts receivable, payment of deferred interest and prepaid and other assets of $3.3 million, as well as reductions in accrued expenses, income taxes payable, other current liabilities, and accounts payable of $2.0 million. Cash inflows were attributable to the results of operations which consisted of net income, non-cash expenses of depreciation, amortization and non-cash interest and other expenses, totaling $1.4 million of cash. For the six months ended June 30, 2010, cash outflows consisted primarily of seasonal increases in inventory of $0.9 million, reductions in accounts payable of $0.5 million and decreases in accrued expenses and other liabilities of $0.4 million. Cash inflows were attributable to the results of operations which consisted of the net income, non-cash expenses of depreciation, amortization, non-cash investment income, non-cash interest and other expenses, which totaled $0.8 million.
Net cash provided by our financing activities was $3.9 million for the six months ended June 30, 2011, compared to $0.8 million provided in the corresponding period in 2010. For the six months ended June 30, 2011, we funded our seasonal operating activities with net borrowings of $3.4 million under our revolving credit facility as well as paying our subordinated note of $5.0 million and borrowing under a note term note for $5.5 million. For the six months ended June 30, 2010, we funded our seasonal operating and investing activities with net borrowings of $0.9 million under our revolving credit facility.
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