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WMAR > SEC Filings for WMAR > Form 8-K on 25-Jul-2013All Recent SEC Filings

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Form 8-K for WEST MARINE INC


25-Jul-2013

Results of Operations and Financial Condition, Financial Statements and Exhibits


Item 2.02. Results of Operations and Financial Condition.

On July 25, 2013, West Marine, Inc. issued a press release announcing its condensed consolidated financial results for the 13-week period (second quarter) ended June 29, 2013 and for the 26-week period ended June 29, 2013. A copy of this press release is attached hereto as Exhibit 99.1.

The press release contains disclosure of Return on Invested Capital ("ROIC"). ROIC is defined as adjusted net income divided by average total capital. Net income is adjusted to exclude interest and fixed rent expense as well as any one-time or unusual items, such as impairment charges and gains or losses on the sale of assets. The exclusions from net income are calculated on an after-tax basis. Total capital is calculated by adding total debt, operating leases capitalized at eight times annual rent expense and total stockholders' equity, minus cash and cash equivalents. Management believes that ROIC is a meaningful measure of its efficient and effective use of capital. We believe ROIC is an appropriate measure because it is driven by both generation of earnings and the responsible management of our assets, and we also believe it is closely correlated with creating shareholder value. The ROIC reconciliation table contained in the press release also presents ROIC using GAAP amounts.

ROIC is not a measure of financial performance under GAAP and may not be defined and calculated by other companies in the same manner. Management has reconciled this non-GAAP financial measure to the most directly comparable GAAP financial measure in the tables included in the press release filed as Exhibit 99.1 to this report. This non-GAAP measure should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The information required to be furnished pursuant to Item 2.02 and Exhibit 99.1 of this report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, except if we specifically incorporate it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.



Item 9.01. Financial Statements and Exhibits.

(a) Not Applicable.

(b) Not Applicable.

(c) Not Applicable.

(d) Exhibit:

99.1 Press Release dated July 25, 2013 (furnished pursuant to Item 2.02).

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