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): October 3, 2002
SELECT COMFORT CORPORATION
(Exact name of registrant as specified in its charter)
Minnesota 0-25121 41-1597886
(State of Incorporation) (Commission File (IRS Employer
Number) Identification No.)
6105 Trenton Lane North
Minneapolis, Minnesota 55442
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (763) 551-7000
ITEM 9. REGULATION FD DISCLOSURE.
On October 3, 2002, the registrant issued a press release, as follows:
FOR IMMEDIATE RELEASE CONTACT: Mark Kimball (763) 551-7070
October 3, 2002 Select Comfort Corporation
SELECT COMFORT CORPORATION ANNOUNCES
STRONG THIRD QUARTER RESULTS
EARNINGS GUIDANCE INCREASED ON QUARTERLY SALES GAIN OF 33 PERCENT
MINNEAPOLIS, MINN. (October 3, 2002) - Select Comfort Corporation (NASDAQ:
SCSS), the nation's leading bed retailer, announced today that it expects to
report fully diluted pro forma (after tax) earnings per share in the range of
$.09 to $.10 for the third quarter of 2002, above its previously announced
guidance range of $.02 to $.05 per share, and compared with net income of $.01
per share in third quarter 2001. The earnings improvement was led by estimated
net sales of $85.1 million, 33 percent higher than third quarter 2001 net sales
of $64.1 million.
"We continue to see strong earnings improvement and double-digit sales
growth across all channels again this quarter - including a comparable store
sales increase of 32 percent," said Bill McLaughlin, president and chief
executive officer. "Our program execution remains strong and we expect positive
momentum to continue in the fourth quarter and 2003."
Select Comfort also reported that it is reviewing with its auditors the
future realization of net operating loss carryforwards and other deferred tax
assets. If its deferred tax assets are restored to the balance sheet in the
third quarter, the Company would record a substantial one-time non-operating,
non-cash addition to net earnings.
Third quarter results represent the Company's fifth consecutive
profitable quarter. The Company will report full results for the third quarter
on October 15, 2002.
Select Comfort will hold a conference call to discuss its third quarter
results on Tuesday, October 15, at 10:00 a.m. Central Time. A simultaneous
webcast of the call will be available in the Investor Relations section of
www.selectcomfort.com. A digital replay of the conference call will be
accessible beginning at approximately 1:00 p.m. Central Time on Tuesday, October
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15, through 5:00 p.m. Central Time on October 22, 2002. To access the replay,
please call 800-642-1687 from anywhere in the U. S. International callers may
dial 706-645-9291. The passcode for the replay is 5867600. An archived replay of
the conference call may also be accessed after approximately 12:30 p.m. Central
Time on October 15 at www.selectcomfort.com.
Founded in 1987, Select Comfort Corporation is the nation's leading bed
retailer (1), holding 27 U.S. issued or pending patents for its personalized
sleep products. The company designs, manufactures and markets a line of
adjustable-firmness mattresses featuring air-chamber technology, branded the
Sleep Number(R) bed, as well as foundations and sleep accessories. Select
Comfort's products are sold through its 323 retail stores located nationwide,
including leased departments in Bed Bath & Beyond stores; through selected
bedding retailers; through its national direct marketing operations; and on the
Internet at www.selectcomfort.com.
###
Statements used in this press release that relate to future plans, events,
financial results or performance are forward-looking statements that are subject
to certain risks and uncertainties including, among others, such factors as
general and industry economic trends, consumer confidence, effectiveness of our
advertising and promotional efforts, acceptance of our products and sleep
technology, industry competition, our dependence on significant suppliers,
including United Parcel Service (UPS) for delivery of our sleep systems and
Conseco Finance for extension of consumer credit, and the vulnerability of any
such suppliers to recessionary pressures, labor negotiations, liquidity concerns
or other factors as well as the risk factors listed from time to time in the
company's filings with the SEC, including the company's Annual Report on Form
10-K and other periodic reports filed with the SEC.
The company has no obligation to publicly update or revise any of the
forward-looking statements that may be in this news release.
(1) Top 25 Bedding Retailers, Furniture Today, August 12, 2002
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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.
SELECT COMFORT CORPORATION
(Registrant)
Dated: October 3, 2002 By /s/Mark A. Kimball
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Title: Senior Vice President
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