UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
Form 8-K
 
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2015
 
 
 
hhgregg, Inc.
(Exact name of registrant as specified in its charter)
 
 
 

Commission File Number: 001-33600
 
 
 
 
Delaware
 
20-8819207
(State or other jurisdiction
of incorporation)
 
(IRS Employer
Identification No.)
4151 East 96th Street
Indianapolis, Indiana 46240
(Address of principal executive offices, including zip code)
(317) 848-8710
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02.
Results of Operations and Financial Condition
On August 6, 2015, hhgregg, Inc. (the “Company” or “hhgregg”) issued a press release announcing its results for the three months ended June 30, 2015. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this item.
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

Item 5.07.
Submission of Matters to a Vote of Security Holders

On August 4, 2015, hhgregg, Inc. (the “Registrant”) held its Annual Meeting of Stockholders. Set forth below are the matters submitted by the Board of Directors to a vote of stockholders at this meeting and the final results of the voting on each proposal.

1. Election of Directors. The following nominees were elected to serve on the Registrant's Board of Directors until the next annual meeting of stockholders or until their respective successors are elected and qualified, as follows:
 
Director Nominee
 
For
 
Withheld
 
Broker Non-Votes
 
 
 
 
 
 
 
Dennis L. May
 
22,980,198

 
94,010

 
2,366,078

Gregory M. Bettinelli
 
22,979,899

 
94,309

 
2,366,078

William P. Carmichael
 
22,988,184

 
86,024

 
2,366,078

Lawrence P. Castellani
 
22,981,400

 
92,808

 
2,366,078

Benjamin D. Geiger
 
22,979,849

 
94,359

 
2,366,078

Catherine A. Langham
 
22,968,725

 
105,483

 
2,366,078

John M. Roth
 
22,841,032

 
233,176

 
2,366,078

Peter M. Starrett
 
22,980,299

 
93,909

 
2,366,078

Kathleen C. Tierney
 
22,979,866

 
94,342

 
2,366,078

Darell E. Zink
 
22,977,914

 
96,294

 
2,366,078






2. Ratification of Appointment of Independent Registered Public Accountants. The appointment of KPMG, LLP as the Registrant's independent registered public accountants for the fiscal year ending March 31, 2016 was ratified, as follows:
For
 
Against
 
Abstain
 
Broker Non-Votes
 
 
 
 
 
 
 
25,264,109

 
129,103

 
47,074

 
—

3. Reincorporation of the Registrant from the State of Delaware to the State of Indiana. The reincorporation of the Registrant from the State of Delaware to the State of Indiana was approved, as follows:
For
 
Against
 
Abstain
 
Broker Non-Votes
 
 
 
 
 
 
 
19,688,789

 
3,320,040

 
65,379

 
2,366,078

4. Provision in the New Articles of Incorporation Requiring Action by Stockholder Written Consent be Unanimous as Required Under Indiana State Law. The provision in the new Articles of Incorporation requiring action by stockholder written consent be unanimous as required under Indiana state law was approved, as follows:
For
 
Against
 
Abstain
 
Broker Non-Votes
 
 
 
 
 
 
 
20,465,975

 
2,598,779

 
9,454

 
2,366,078

5. Elimination of the Ability of the Company's Stockholders, Following the Reincorporation, to Amend the Company's New By-Laws as Permitted under Indiana state law. The elimination of the ability of the Company's stockholders, following the reincorporation, to amend the Company's new By-Laws as permitted under Indiana state law was approved, as follows:
For
 
Against
 
Abstain
 
Broker Non-Votes
 
 
 
 
 
 
 
19,445,081

 
3,610,193

 
18,934

 
2,366,078


Item 9.01.
Financial Statements and Exhibits
 
Exhibit No.
  
Description
99.1
  
Press release of hhgregg, Inc. dated August 6, 2015.





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
hhgregg, Inc.
 
 
 
Date: August 6, 2015
 
 
By:
/s/ Robert J. Riesbeck
 
 
 
 
Robert J. Riesbeck
 
 
 
 
Chief Financial Officer





Exhibit Index
 
Exhibit No.
  
Description
99.1
  
Press release of hhgregg, Inc. dated August 6, 2015.






Exhibit 99.1
hhgregg Announces First Fiscal Quarter Operating Results
INDIANAPOLIS, August 6, 2015 - hhgregg, Inc. (NYSE: HGG) today announced operating results for the first quarter ended June 30, 2015 as compared to the first quarter ended June 30, 2014.
First Quarter Summary
 
•
Net sales decreased 6.6% to $441.1 million compared to prior year first quarter
•
Comparable store sales decreased 6.3% compared to the prior year first quarter. This was a 370 basis point sequential improvement compared to the comparable stores sales decrease of 10.0% in the fourth quarter of fiscal 2015.
•
25.5% increase in comparable sales on the e-commerce site
•
Gross margin increased to 30.5% compared to 29.7% in the prior year first quarter
•
Net loss per diluted share was $0.32 versus net loss per diluted share of $0.36 in the prior year first quarter
•
EBITDA increased to $0.2 million compared to $(3.5) million in the prior year first quarter
Dennis May, President and Chief Executive Officer, commented, “We were pleased to have a solid start to our fiscal year and to see an immediate impact from our fiscal 2016 initiatives on our financial results, highlighted by generating positive EBITDA for the quarter.  Our transformation investments have been focused on both cost cutting efforts and revenue generation. While comps were still negative in the first fiscal quarter, we saw a positive sequential improvement in our sales and traffic trend despite a significant reduction in our advertising expense.  Though we were pleased with the traction of the transformation initiatives, we still have a lot of work in front of us.”
 

  
 
Three Months Ended
 
 
June 30,
(unaudited, amounts in thousands, except share and per share data)
 
2015
 
2014
Net sales
 
$
441,063

 
$
472,293

Net sales % decrease
 
(6.6
)%
 
(10.0
)%
Comparable store sales % decrease (1)
 
(6.3
)%
 
(10.2
)%
Gross profit as a % of net sales
 
30.5
 %
 
29.7
 %
SG&A as a % of net sales
 
25.2
 %
 
24.7
 %
Net advertising expense as a % of net sales
 
5.2
 %
 
5.8
 %
Depreciation and amortization expense as a % of net sales
 
1.9
 %
 
2.2
 %
Loss from operations as a % of net sales
 
(1.9
)%
 
(3.0
)%
Net interest expense as a % of net sales
 
0.1
 %
 
0.1
 %
Net loss
 
$
(8,755
)
 
$
(10,269
)
Net loss per diluted share
 
$
(0.32
)
 
$
(0.36
)
EBITDA
 
$
199

 
$
(3,474
)
Weighted average shares outstanding—diluted
 
27,680,209

 
28,444,948

Number of stores open at the end of period
 
227

 
229

 
(1) 
Comprised of net sales at stores in operation for at least 14 full months, including remodeled and relocated stores, as well as net sales for the Company’s e-commerce site.

 




HIGHLIGHTS FOR THE FIRST QUARTER
Revenue Highlights
Our net sales performance in the quarter was driven primarily by a comparable store sales decline, although we sequentially improved our comparable sales in appliances, consumer electronics and home products categories from fourth quarter of fiscal 2015 to first quarter of fiscal 2016. Net sales mix and comparable store sales percentage changes by product category for the three month periods ended June 30, 2015 and 2014 were as follows:
 
 
 
Net Sales Mix Summary
 
 
Comparable Store Sales Summary
 
 
Three Months Ended June 30,
 
 
Three Months Ended June 30,
 
 
2015
 
2014
 
 
2015
 
2014
Appliances
 
59
%
 
57
%
 
 
(2.2
)%
 
(2.0
)%
Consumer electronics (1)
 
30
%
 
31
%
 
 
(8.3
)%
 
(18.7
)%
Computers and tablets
 
5
%
 
7
%
 
 
(42.0
)%
 
(29.5
)%
Home products (2)
 
6
%
 
5
%
 
 
12.1
 %
 
(0.5
)%
Total
 
100
%
 
100
%
 
 
(6.3
)%
 
(10.2
)%
 
(1) 
Primarily consists of televisions, audio, personal electronics and accessories.
(2) 
Primarily consists of furniture and mattresses.

Our comparable store sales drivers for the three months ended June 30, 2015 are summarized below:

 
 
Comparable Store Sales
 
Comparable Store Sales Excluding Mobile and Fitness

 
Average Selling Price
 
Sales Volume
Appliances
 
(2.2
)%
 
(2.2
)%
 
Decrease
 
Decrease
Consumer electronics (1)
 
(8.3
)%
 
(8.3
)%
 
Increase
 
Decrease
Computers and tablets
 
(42.0
)%
 
(38.6
)%
 
Decrease
 
Decrease
Home products (2)
 
12.1
 %
 
17.4
 %
 
Increase
 
Increase
Total
 
(6.3
)%
 
(5.7
)%
 
 
 
 

(1) 
Primarily consists of televisions, audio, personal electronics and accessories.
(2) 
Primarily consists of furniture and mattresses.

Gross Margin Highlights
Our gross profit margin, expressed as gross profit as a percentage of net sales, increased approximately 80 basis points for the three month period ended June 30, 2015 to 30.5% from 29.7% for the comparable prior year period.
•
Our increase in gross profit margin for the period was primarily a result of a favorable product sales mix to categories with higher gross margin rates and increases in gross profit margin rates for the consumer electronics, computers and tablets and home products categories.












Cost Structure Highlights
We continue to manage our cost structure to align with our expected sales levels and to keep our company positioned for EBITDA growth.
The increase in SG&A as a percentage of net sales to 25.2% from 24.7% for the comparable prior year period was a result of:
▪
77 basis point increase in consulting expenses to assist in rationalizing our marketing spend, optimizing our logistics network and accelerating our transformation efforts. During the quarter, $3.9 million of consulting fees were incurred related to transformation efforts;
▪
48 basis point increase in occupancy costs due to the deleveraging effect of our net sales decline; and
▪
38 basis point increase in bank transactions fees associated with higher cost financing options offered to the customer and higher private label credit card penetration.
These increases were partially offset by the result of:
▪
47 basis point decrease in wages due to our continuing effort to drive efficiencies in our labor structure; and
▪
35 basis point decrease in employee benefits due to a reduction in medical expenses.
•
The decrease in net advertising expense as a percentage of net sales was due to a reduction of gross advertising spend primarily driven by reductions in print media along with rebalancing of spending among the different advertising mediums.
•
During the first quarter, we realized $9.8 million of our expected $50 million of cost savings identified as a fiscal 2016 initiative. We were able to front load more of this cost savings than we originally anticipated.

Stock Repurchase Plan
During the first quarter ended June 30, 2015, the Company did not repurchase any shares under the Company’s $40 million share repurchase program that was authorized by the Company’s Board of Directors and was effective on May 20, 2014. The Company acquired a total of $5.3 million under the program. This share repurchase program expired on May 20, 2015.

Teleconference and Webcast
hhgregg will be conducting a conference call to discuss operating results for the three months ended June 30, 2015, on Thursday, August 6, 2015 at 9:00 a.m. (Eastern Time). Our call will be hosted by Dennis May, our President and CEO, Robert Riesbeck, our CFO, and Lance Peterson, our Director of Finance & Investor Relations.
Interested investors and other parties may listen to a simultaneous webcast of the conference call by logging onto hhgregg’s website at www.hhgregg.com. The on-line replay will be available for a limited time immediately following the call. The call can also be accessed live over the phone by dialing (877) 304-8963. Callers should reference the hhgregg earnings call.

About hhgregg
hhgregg is an appliance, electronics and furniture retailer that is committed to providing customers with a truly differentiated purchase experience through superior customer service, knowledgeable sales associates and the highest quality product selections. Founded in 1955, hhgregg is a multi-regional retailer currently with 227 stores in 20 states that also offers market-leading global and local brands at value prices nationwide via hhgregg.com.
Forward Looking Statements
The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This press release includes forward-looking statements, including with respect to the Company’s financial performance, ability to manage costs, ability to execute our 2016 initiatives, innovation in the video industry, the impact and amount of non-cash charges, and shifts in the Company’s sales mix. hhgregg has based these forward-looking statements on its current expectations,




assumptions, estimates and projections. While hhgregg believes these expectations, assumptions, estimates and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These and other important factors may cause hhgregg’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Some of the key factors that could cause actual results to differ from hhgregg’s expectations are: the ability to successfully execute its strategies and initiatives, particularly in the sales mix shift and consumer electronics category; its ability to maintain a positive brand perception and recognition; the failure of manufacturers to introduce new products and technologies; competition in existing, adjacent and new metropolitan markets; its ability to maintain the security of customer, associate and Company information; its ability to roll out new financing offers to customers; its ability to effectively manage and monitor its operations, costs and service quality; its ability to maintain and upgrade its information technology systems; its ability to maintain and develop multi-channel sales and marketing strategies; competition from internet retailers; its ability to meet delivery schedules; the effect of general and regional economic and employment conditions on its net sales; its ability to attract and retain qualified sales personnel; its ability to meet financial performance guidance; its ability to generate sufficient cash flows to recover the fair value of long-lived assets and recognize deferred tax assets; its reliance on a small number of suppliers; its ability to negotiate with its suppliers to provide product on a timely basis at competitive prices; changes in legal and/or trade regulations, currency fluctuations and prevailing interest rates and the potential for litigation.

Other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K filed May 15, 2015. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. hhgregg does not undertake, and specifically declines, any obligation to update any of these statements or to publicly announce the results of any revisions to any of these statements to reflect future events or developments.
 
 
 
Contact:
Lance Peterson, Director, Finance & Investor Relations
 
investorrelations@hhgregg.com
 
(317) 848-8710





HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 
Three Months Ended
 
June 30,
2015
 
June 30,
2014
 
(In thousands, except share and per share data)
Net sales
$
441,063

 
$
472,293

Cost of goods sold
306,706

 
331,954

Gross profit
134,357

 
140,339

Selling, general and administrative expenses
111,104

 
116,589

Net advertising expense
23,054

 
27,224

Depreciation and amortization expense
8,369

 
10,475

Loss from operations
(8,170
)
 
(13,949
)
Other expense (income):
 
 
 
Interest expense
590

 
629

Interest income
(5
)
 
(5
)
Total other expense
585

 
624

Loss before income taxes
(8,755
)
 
(14,573
)
Income tax benefit
—

 
(4,304
)
Net loss
$
(8,755
)
 
$
(10,269
)
Net loss per share
 
 
 
Basic
$
(0.32
)
 
$
(0.36
)
Diluted
$
(0.32
)
 
$
(0.36
)
Weighted average shares outstanding-basic and diluted
27,680,209

 
28,444,948

HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(AS A PERCENTAGE OF NET SALES)
(UNAUDITED) 
 
 
Three Months Ended
 
 
June 30, 2015
 
June 30, 2014
Net sales
 
100.0
 %
 
100.0
 %
Cost of goods sold
 
69.5

 
70.3

Gross profit
 
30.5

 
29.7

Selling, general and administrative expenses
 
25.2

 
24.7

Net advertising expense
 
5.2

 
5.8

Depreciation and amortization expense
 
1.9

 
2.2

Loss from operations
 
(1.9
)
 
(3.0
)
Other expense (income):
 
 
 
 
Interest expense
 
0.1

 
0.1

Interest income
 
—

 
—

Total other expense
 
0.1

 
0.1

Loss before income taxes
 
(2.0
)
 
(3.1
)
Income tax benefit
 
—

 
(0.9
)
Net loss
 
(2.0
)%
 
(2.2
)%
Certain percentage amounts do not sum due to rounding





HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2015, MARCH 31, 2015 AND JUNE 30, 2014
(UNAUDITED)
 
 
June 30, 2015
 
March 31,
2015
 
June 30, 2014
 
 
(In thousands, except share data)
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
9,742

 
$
30,401

 
$
3,147

Accounts receivable—trade, less allowances of $13, $19 and $137 as of June 30, 2015, March 31, 2015 and June 30, 2014, respectively
 
17,178

 
11,901

 
20,026

Accounts receivable—other
 
16,109

 
16,715

 
17,244

Merchandise inventories, net
 
324,551

 
257,469

 
364,252

Prepaid expenses and other current assets
 
10,229

 
6,581

 
6,548

Income tax receivable
 
5,345

 
5,326

 
14,690

Total current assets
 
383,154

 
328,393

 
425,907

Net property and equipment
 
123,985

 
128,107

 
188,229

Deferred financing costs, net
 
1,661

 
1,796

 
2,200

Deferred income taxes
 
7,816

 
6,489

 
37,613

Other assets
 
2,914

 
2,844

 
2,243

Total long-term assets
 
136,376

 
139,236

 
230,285

Total assets
 
$
519,530

 
$
467,629

 
$
656,192

Liabilities and Stockholders’ Equity
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
167,108

 
$
112,143

 
$
167,261

Customer deposits
 
49,737

 
48,742

 
48,395

Accrued liabilities
 
52,161

 
46,723

 
54,695

Deferred income taxes
 
7,816

 
6,489

 
5,339

Total current liabilities
 
276,822

 
214,097

 
275,690

Long-term liabilities:
 
 
 
 
 
 
Deferred rent
 
66,107

 
67,935

 
71,731

Other long-term liabilities
 
10,870

 
12,009

 
11,540

Total long-term liabilities
 
76,977

 
79,944

 
83,271

Total liabilities
 
353,799

 
294,041

 
358,961

Stockholders’ equity:
 
 
 
 
 
 
Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2015, March 31, 2015 and June 30, 2014, respectively
 
—

 
—

 
—

Common stock, par value $.0001; 150,000,000 shares authorized; 41,204,660, 41,161,753 and 41,158,041 shares issued; and 27,707,978, 27,665,071 and 28,394,164 outstanding as of June 30, 2015, March 31, 2015, and June 30, 2014, respectively
 
4

 
4

 
4

Additional paid-in capital
 
302,578

 
301,680

 
298,541

Retained earnings
 
13,377

 
22,132

 
144,609

Common stock held in treasury at cost 13,496,682, 13,496,682 and 12,763,877 shares as of June 30, 2015, March 31, 2015, and June 30, 2014, respectively
 
(150,228
)
 
(150,228
)
 
(145,923
)
Total stockholders’ equity
 
165,731

 
173,588

 
297,231

Total liabilities and stockholders’ equity
 
$
519,530

 
$
467,629

 
$
656,192







HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED JUNE 30, 2015 AND 2014
(UNAUDITED)
 
 
Three Months Ended
 
June 30, 2015
 
June 30, 2014
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net loss
$
(8,755
)
 
$
(10,269
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
Depreciation and amortization
8,369

 
10,475

Amortization of deferred financing costs
135

 
134

Stock-based compensation
898

 
1,469

Gain on sales of property and equipment
(78
)
 
(27
)
Deferred income taxes
—

 
9,128

Tenant allowances received from landlords
580

 
—

Changes in operating assets and liabilities:
 
 
 
Accounts receivable—trade
(5,277
)
 
(4,905
)
Accounts receivable—other
46

 
(736
)
Merchandise inventories
(67,082
)
 
(65,710
)
Income tax receivable
(19
)
 
(13,310
)
Prepaid expenses and other assets
(3,645
)
 
98

Accounts payable
55,081

 
24,685

Customer deposits
995

 
6,877

Income tax payable
—

 
(122
)
Accrued liabilities
5,438

 
3,670

Deferred rent
(1,848
)
 
(1,803
)
Other long-term liabilities
(1,072
)
 
(385
)
Net cash used in operating activities
(16,234
)
 
(40,731
)
Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(4,304
)
 
(4,430
)
Proceeds from sales of property and equipment
11

 
33

Purchases of corporate-owned life insurance
(73
)
 
(218
)
Net cash used in investing activities
(4,366
)
 
(4,615
)
Cash flows from financing activities:
 
 
 
Purchases of treasury stock
—

 
(976
)
Net (repayments) borrowings on inventory financing facility
(59
)
 
1,305

Net cash (used in) provided by financing activities
(59
)
 
329

Net decrease in cash and cash equivalents
(20,659
)
 
(45,017
)
Cash and cash equivalents
 
 
 
Beginning of period
30,401

 
48,164

End of period
$
9,742

 
$
3,147

Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
459

 
$
489

Income taxes paid
$
19

 
$
—

Capital expenditures included in accounts payable
$
1,352

 
$
1,533





HHGREGG, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION OF EBITDA
(UNAUDITED)
 
Three Months Ended
(Amounts in thousands)
June 30,
2015
 
June 30,
2014
 
 
 
 
Net loss as reported
$
(8,755
)
 
$
(10,269
)
Adjustments:
 
 
 
Depreciation and amortization
8,369

 
10,475

Interest expense, net
585

 
624

Income tax expense (benefit)
—

 
(4,304
)
EBITDA
$
199

 
$
(3,474
)

EBITDA represents net income (loss) before income tax expense, interest income, interest expense, depreciation and amortization. We have presented EBITDA because we consider it an important supplemental measure of our performance and believe it is frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. Management uses EBITDA as a measurement tool for evaluating our actual operating performance compared to budget and prior periods. EBITDA is not a measure of performance under generally accepted accounting principles (GAAP) and should not be considered as a substitute for net loss prepared in accordance with GAAP. EBITDA has limitations as an analytical tool, and you should not consider these in isolation or as a substitute for analysis of our results as reported under GAAP.

Some of the limitations of EBITDA measures are:
 
•
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
•
EBITDA does not reflect interest expense or the cash requirements necessary to service interest payments on our debt;
•
EBITDA does not reflect tax expense or the cash requirements necessary to pay for tax obligations; and
•
Although depreciation and amortization are non-cash charges, the asset being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements.

We compensate for these limitations by relying primarily on our GAAP results and using EBITDA only as a supplement.




HHGREGG, INC. AND SUBSIDIARIES
Store Count by Quarter for Fiscal Years 2014, 2015 and 2016
(Unaudited)
 
 
FY2014
 
FY2015
 
FY2016
 
Q1
 
Q2
 
Q3
 
Q4
 
Q1
 
Q2
 
Q3
 
Q4
 
Q1
Beginning Store Count
228

 
228

 
228

 
228

 
228

 
229

 
228

 
228

 
228

Store Openings
—

 
—

 
—

 
—

 
1

 
—

 
—

 
—

 
1

Store Closings
—

 
—

 
—

 
—

 
—

 
(1
)
 
—

 
—

 
(2
)
Ending Store Count
228

 
228

 
228

 
228

 
229

 
228

 
228

 
228

 
227

Note: hhgregg, Inc.’s fiscal year is comprised of four quarters ending June 30th, September 30th, December 31st and March 31st.



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