Company to present at ICR Conference 2022
Tuesday, January 11th at 3:30 p.m. EST
Build-A-Bear Workshop, Inc. (NYSE: BBW) updated its financial
guidance for the 2021 fiscal year in advance of its participation
at the ICR Conference 2022. The Company believes that its projected
results reflect continued progress in its strategic initiatives
including the acceleration of its digital transformation, the rapid
evolution of its omnichannel capabilities and the ability to
leverage its financial strength to drive profitable growth. The
Company expects its fiscal 2021 results to reflect the highest
profitability in its nearly 25-year history.
On a preliminary basis for the 2021 fiscal year (52 weeks ending
January 29, 2022 compared to the 52 weeks ended January 30, 2021),
the Company currently expects:
- Total revenues for the fiscal year to be in the range of $408
million to $412 million, an increase from its previous expectation
for total revenues in the range of $390 million to $400 million.
The Company reported total revenues of $255.3 million in the 2020
fiscal year and $338.5 million in the 2019 fiscal year;
- Pre-tax income to be in the range of $49 million to $51 million
compared to pre-tax loss of ($20.2) million in fiscal 2020 and
pre-tax income of $1.6 million in fiscal 2019;
- Earnings before interest, taxes, depreciation and amortization
(EBITDA) in fiscal 2021 to be in the range of $61.5 million to
$63.5 million, an increase from its previous expectation for EBITDA
in the range of $55 million to $60 million. The Company reported
EBITDA of ($7.0) million in the 2020 fiscal year and $15.3 million
in the 2019 fiscal year; and
- Capital expenditures to be in the range of $7 million to $8
million and depreciation and amortization to be approximately $12.5
million in fiscal 2021.
The Company notes that its updated guidance assumes no
additional material COVID impact either in its supply chain or
store operations.
Sharon Price John, Build-A-Bear Workshop President and Chief
Executive Officer commented, “We have continued to see positive
momentum in our business throughout the current fourth quarter and
combined with our record-breaking profit in the first nine-month
period, we expect fiscal 2021 to deliver the Company’s highest
profitability as it enters its 25th year of operations. We also
expect to deliver growth in total revenues including the strongest
digital demand in our history, reaching nearly 20% of net retail
sales. We have remained focused on the disciplined execution of our
strategic initiatives even with ongoing external volatility and
COVID impacts. We believe that we have fundamentally evolved our
company and built a solid foundation to further advance our digital
transformation, expand our omnichannel capabilities and leverage
our positive financial position to support investments intended to
drive future growth.”
The Company is scheduled to participate at the ICR Conference
2022 being held virtually on January 10, 2022 and January 11, 2022.
The Company expects to conduct a fireside chat presentation on
Tuesday, January 11, 2022, at 3:30 p.m. EST. The audio portion of
the presentation will be broadcast over the internet and can be
accessed at the Company’s investor relations website,
http://IR.buildabear.com. A replay of the broadcast will remain on
the Company’s investor relations website for one year.
The Company noted that it expects to report full results for the
fourth quarter and fiscal 2021 year in March 2022.
Note Regarding Non-GAAP Financial Measures:
In this press release, the Company’s financial results are
provided both in accordance with generally accepted accounting
principles (GAAP) and using certain non-GAAP financial measures. In
particular, the Company provides projected and historic EBIT, which
is a non-GAAP financial measure. These projections and results are
included as a complement to results provided in accordance with
GAAP because management believes these non-GAAP financial measures
help identify underlying trends in the Company’s business and
provide useful information to both management and investors by
excluding certain items that may not be indicative of the Company’s
core operating results. These measures should not be considered a
substitute for or superior to GAAP results. These non-GAAP
financial measures are defined and reconciled to the most
comparable GAAP measure later in this document.
About Build-A-Bear Build-A-Bear is a multi-generational
global brand focused on its mission to “add a little more heart to
life” appealing to a wide array of consumer groups who enjoy the
personal expression in making their own “furry friends” to
celebrate and commemorate life moments. Nearly 500 interactive
brick-and-mortar retail locations operated through a variety of
formats provide guests of all ages a hands-on entertaining
experience, which often fosters a lasting and emotional brand
connection. The company also offers engaging e-commerce/digital
purchasing experiences on www.buildabear.com including its online
“Bear-Builder” as well as the new “Bear Builder 3D Workshop”. In
addition, extending its brand power beyond retail, Build-A-Bear
Entertainment, a subsidiary of Build-A-Bear Workshop, Inc., is
dedicated to creating engaging content for kids and adults that
fulfills the company’s mission, while the company also offers
products at wholesale and in non-plush consumer categories via
licensing agreements with leading manufacturers. Build-A-Bear
Workshop, Inc. (NYSE: BBW) posted total revenue of $255.3 million
in fiscal 2020. For more information, visit the Investor Relations
section of buildabear.com.
Forward-Looking Statements: This press release contains
certain statements that are, or may be considered to be,
“forward-looking statements” for the purpose of federal securities
laws, including, but not limited to, statements that reflect our
current views with respect to future events and financial
performance. We generally identify these statements by words or
phrases such as “may,” “might,” “should,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “intend,” “predict,” “future,”
“potential” or “continue,” the negative or any derivative of these
terms and other comparable terminology. All of the information
concerning our future liquidity, future revenues, margins and other
future financial performance and results, achievement of operating
of financial plans or forecasts for future periods, sources and
availability of credit and liquidity, future cash flows and cash
needs, success and results of strategic initiatives and other
future financial performance or financial position, as well as our
assumptions underlying such information, constitute forward-looking
information.
These statements are based only on our current expectations and
projections about future events. Because these forward-looking
statements involve risks and uncertainties, there are important
factors that could cause our actual results, level of activity,
performance or achievements to differ materially from the results,
level of activity, performance or achievements expressed or implied
by these forward-looking statements, including those factors
discussed under the caption entitled “Risks Related to Our
Business” and “Forward-Looking Statements” in our Annual Report on
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on April 15, 2021 and other periodic reports filed with the SEC
which are incorporated herein.
All of our forward-looking statements are as of the date of this
Press Release only. In each case, actual results may differ
materially from such forward-looking information. We can give no
assurance that such expectations or forward-looking statements will
prove to be correct. An occurrence of or any material adverse
change in one or more of the risk factors or other risks and
uncertainties referred to in this Press Release or included in our
other public disclosures or our other periodic reports or other
documents or filings filed with or furnished to the SEC could
materially and adversely affect our continuing operations and our
future financial results, cash flows, available credit, prospects
and liquidity. Except as required by law, the Company does not
undertake to publicly update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
All other brand names, product names, or trademarks belong to
their respective holders.
* Non-GAAP Financial Measures
BUILD-A-BEAR WORKSHOP, INC. AND
SUBSIDIARIES Reconciliation of GAAP to Non-GAAP
Results(dollars in millions)
NewProjected2021
PreviousProjected2021 Actual2020
Actual2019 Income (loss) before income taxes
(pre-tax)
$49.0 - $51.0
$42.0 - $46.0
$
(20.2)
$
1.6
Interest expense (income), net
-
-
-
-
Depreciation & Amortization
12.5
13 - 14
13.2
14
Earnings before interest, taxes, depreciation and amortization
(EBITDA)
$61.5 - $63.5
$55.0 - $60.0
$
(7.0)
$
15.3
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version on businesswire.com: https://www.businesswire.com/news/home/20220111005519/en/
Investors: Voin Todorovic Build-A-Bear Workshop 314.423.8000
x5221
Media: Public Relations PR@buildabear.com
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