$SNBR
Sleep Number Corp

2012 Q3 Form 10-Q Financial Statement

#000082718712000050 Filed on October 26, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q4
Revenue $246.8M $189.1M
YoY Change 52.86% 18.1%
Cost Of Revenue $86.09M $73.84M
YoY Change 45.91% 22.86%
Gross Profit $160.7M $125.8M
YoY Change 56.8% 25.76%
Gross Profit Margin 65.12% 66.52%
Selling, General & Admin $118.7M $98.27M
YoY Change 41.93% 19.11%
% of Gross Profit 73.82% 78.14%
Research & Development $1.742M $1.029M
YoY Change 45.17% 105.8%
% of Gross Profit 1.08% 0.82%
Depreciation & Amortization $5.400M $3.400M
YoY Change 68.75% 6.25%
% of Gross Profit 3.36% 2.7%
Operating Expenses $120.5M $99.30M
YoY Change 42.1% 19.64%
Operating Profit $40.23M $26.46M
YoY Change 128.21% 55.64%
Interest Expense $16.00K $24.00K
YoY Change -124.0%
% of Operating Profit 0.04% 0.09%
Other Income/Expense, Net $73.00K $23.00K
YoY Change
Pretax Income $40.30M $26.48M
YoY Change 128.97% 58.57%
Income Tax $14.09M $9.246M
% Of Pretax Income 34.96% 34.91%
Net Earnings $26.21M $15.37M
YoY Change 132.16% 46.38%
Net Earnings / Revenue 10.62% 8.13%
Basic Earnings Per Share $0.47 $0.31
Diluted Earnings Per Share $0.46 $0.31
COMMON SHARES
Basic Shares Outstanding 55.44M shares 55.21M shares
Diluted Shares Outstanding 56.99M shares 56.50M shares

Balance Sheet

Concept 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.6M $136.3M
YoY Change 103.14% 65.38%
Cash & Equivalents $110.4M $116.3M
Short-Term Investments $47.23M $20.02M
Other Short-Term Assets $9.141M $6.004M
YoY Change -44.93% -52.35%
Inventory $29.00M $24.85M
Prepaid Expenses $8.098M $5.778M
Receivables $15.22M $13.84M
Other Receivables $0.00 $0.00
Total Short-Term Assets $223.5M $191.2M
YoY Change 83.23% 67.57%
LONG-TERM ASSETS
Property, Plant & Equipment $68.30M $43.85M
YoY Change 88.68% 33.28%
Goodwill $2.850M $2.850M
YoY Change
Intangibles
YoY Change
Long-Term Investments $35.50M $20.10M
YoY Change 77.5%
Other Assets $4.994M $4.606M
YoY Change -70.8% -78.48%
Total Long-Term Assets $122.5M $71.46M
YoY Change 67.13% 31.61%
TOTAL ASSETS
Total Short-Term Assets $223.5M $191.2M
Total Long-Term Assets $122.5M $71.46M
Total Assets $346.1M $262.7M
YoY Change 77.19% 55.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.82M $50.14M
YoY Change 61.23% 12.93%
Accrued Expenses $23.10M $25.80M
YoY Change 5.48% 10.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $141.5M $119.1M
YoY Change 56.83% 16.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $14.11M $11.50M
YoY Change -8.4% -27.66%
Total Long-Term Liabilities $14.11M $11.50M
YoY Change -8.4% -28.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.5M $119.1M
Total Long-Term Liabilities $14.11M $11.50M
Total Liabilities $157.5M $133.3M
YoY Change 49.14% 12.27%
SHAREHOLDERS EQUITY
Retained Earnings $146.7M $81.10M
YoY Change
Common Stock $41.85M $48.27M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $188.6M $129.4M
YoY Change
Total Liabilities & Shareholders Equity $346.1M $262.7M
YoY Change 77.19% 55.97%

Cashflow Statement

Concept 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income $26.21M $15.37M
YoY Change 132.16% 46.38%
Depreciation, Depletion And Amortization $5.400M $3.400M
YoY Change 68.75% 6.25%
Cash From Operating Activities $54.40M $40.80M
YoY Change 3526.67% -2.86%
INVESTING ACTIVITIES
Capital Expenditures -$14.30M -$4.900M
YoY Change 107.25% 172.22%
Acquisitions
YoY Change
Other Investing Activities -$17.80M $0.00
YoY Change -55.5%
Cash From Investing Activities -$32.10M -$5.000M
YoY Change -31.41% 177.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.200M 2.800M
YoY Change -283.33% 47.37%
NET CHANGE
Cash From Operating Activities 54.40M 40.80M
Cash From Investing Activities -32.10M -5.000M
Cash From Financing Activities -2.200M 2.800M
Net Change In Cash 20.10M 38.60M
YoY Change -145.58% -8.31%
FREE CASH FLOW
Cash From Operating Activities $54.40M $40.80M
Capital Expenditures -$14.30M -$4.900M
Free Cash Flow $68.70M $45.70M
YoY Change 717.86% 4.34%

Facts In Submission

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CY2012Q3 us-gaap Other Assets Current
OtherAssetsCurrent
9141000 USD
CY2011Q4 us-gaap Other Assets Current
OtherAssetsCurrent
6004000 USD
CY2011Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4606000 USD
CY2012Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4994000 USD
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
32000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
29000 USD
CY2011Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
56000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6000 USD
CY2012Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
20084000 USD
CY2011Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
15691000 USD
CY2011Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11502000 USD
CY2012Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
14106000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
350000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
24071000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
50000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
40021000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
63240000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
36816000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14492000 USD
CY2011Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2012Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2011Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2012Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2011Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5778000 USD
CY2012Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8098000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2165000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3279000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-537000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2323000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
10103000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
42000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
11000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
43850000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68301000 USD
CY2011Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1029000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2983000 USD
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1742000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4288000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
81101000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
146700000 USD
us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
33082000 USD
us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
29891000 USD
us-gaap Sales Returns And Allowances Goods
SalesReturnsAndAllowancesGoods
-32231000 USD
us-gaap Sales Returns And Allowances Goods
SalesReturnsAndAllowancesGoods
-28329000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
714419000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
554130000 USD
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
246817000 USD
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
199600000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
296143000 USD
CY2011Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
83936000 USD
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
101718000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
234724000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9570000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3674000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
0 USD
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
5595000 USD
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
0 USD
CY2012Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5064000 USD
CY2011Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6955000 USD
CY2011Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5744000 USD
CY2011Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6310000 USD
CY2012Q3 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
1924000 USD
CY2011Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
2714000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
-3573000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
-3785000 USD
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
1210000 USD
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-1247000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
882000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-484000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3023000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3902000 USD
us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
20-year
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3279000 USD
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
290000000 USD
us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
186700000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
800000 shares
CY2012Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
400000 shares
CY2011Q4 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
20000000 USD
CY2012Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
10000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
-24071000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
129391000 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
188564000 USD
CY2012Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
18087000 USD
CY2011Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
9883000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of sales, expenses and income taxes during the reporting period. Predicting future events is inherently an imprecise activity and, as such, requires the use of judgment. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods. Our critical accounting policies consist of asset impairment charges, stock-based compensation, self-insured liabilities, warranty liabilities and revenue recognition.</font></div></div>
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56986000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57202000 shares
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56495000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56306000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55444000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54966000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55601000 shares
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55214000 shares
CY2012Q3 scss Customer Participation Term
CustomerParticipationTerm
P18Y
scss Employee Compensation Deferral
EmployeeCompensationDeferral
0.50
CY2012Q3 scss Incremental Common Shares Attributable Options
IncrementalCommonSharesAttributableOptions
1121000 shares
CY2011Q4 scss Incremental Common Shares Attributable Options
IncrementalCommonSharesAttributableOptions
777000 shares
scss Incremental Common Shares Attributable Options
IncrementalCommonSharesAttributableOptions
804000 shares
scss Incremental Common Shares Attributable Options
IncrementalCommonSharesAttributableOptions
1085000 shares
scss Incremental Common Shares Attributable Restricted Shares
IncrementalCommonSharesAttributableRestrictedShares
516000 shares
CY2012Q3 scss Incremental Common Shares Attributable Restricted Shares
IncrementalCommonSharesAttributableRestrictedShares
421000 shares
scss Incremental Common Shares Attributable Restricted Shares
IncrementalCommonSharesAttributableRestrictedShares
536000 shares
CY2011Q4 scss Incremental Common Shares Attributable Restricted Shares
IncrementalCommonSharesAttributableRestrictedShares
504000 shares
CY2011Q4 scss Inventory Finished Goods And Components
InventoryFinishedGoodsAndComponents
19921000 USD
CY2012Q3 scss Inventory Finished Goods And Components
InventoryFinishedGoodsAndComponents
24767000 USD
CY2012Q3 scss Marketable Debt Securities Total Fair Value
MarketableDebtSecuritiesTotalFairValue
82750000 USD
CY2011Q4 scss Marketable Debt Securities Total Fair Value
MarketableDebtSecuritiesTotalFairValue
30062000 USD
CY2011Q4 scss Sales Return Liability
SalesReturnLiability
4506000 USD
CY2011Q4 scss Sales Return Liability
SalesReturnLiability
4402000 USD
CY2012Q3 scss Sales Return Liability
SalesReturnLiability
5253000 USD
CY2011Q1 scss Sales Return Liability
SalesReturnLiability
2944000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-29
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-29
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000827187
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
56040000 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
SELECT COMFORT CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

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0000827187-12-000050.txt Edgar Link pending
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ex311.htm Edgar Link pending
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Financial_Report.xls Edgar Link pending
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