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):
March 29, 2006
Shoe Pavilion, Inc.
13245 Riverside Drive, Suite 450
(Exact name of registrant as specified in its charter)
Sherman Oaks, California 91423
(Address of principal executive offices including zip code)
(818) 907 9975
(Registrant's telephone number, including area code)
Not Applicable
(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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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. Item 8.01. Other Events. On February 24, 2006, the Company announced preliminary unaudited results for the 13-week fourth
quarter period of 2005 and for the fiscal year ended December 31, 2005. The Company's year-end audit is currently being completed in
connection with the preparation of its 2005 Form 10-K to be filed with the Securities and Exchange Commission by March 31, 2006.
Based on further review in connection with the audit, the Company has updated its preliminary unaudited financial results for the fourth
quarter and full year 2005 as reflected in the following table. SHOE PAVILION, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts and number of stores) 13-Weeks ended 13-Weeks ended 52-Weeks ended 52-Weeks ended December 31, January 1, December 31, January 1, 2005 2005 2005 2005 Unaudited Unaudited Unaudited Total net sales $ 29,462 $ 24,797 $ 102,510 $ 85,770 Cost of sales and related occupancy expenses 18,767 15,551 66,588 55,831 Gross profit 10,695 9,245 35,921 29,940 Selling expenses 6,223 5,679 22,369 19,266 General and administrative expenses 2,329 1,837 8,722 6,924 Income (loss) from operations 2,143 1,730 4,831 3,750 Interest expense (124) (117) (505) (361) Other income 0 0 1 10 Income (loss) before income taxes 2,020 1,613 4,327 3,399 Income tax (expense) benefit (775) (622) (1,680) (1,333) Net income (loss) $ 1,244 $ 991 $ 2,647 $ 2,066 Earnings (loss) per share: Basic $ 0.17 $ 0.15 $ 0.36 $ 0.30 Diluted $ 0.16 $ 0.14 $ 0.36 $ 0.30 Weighted average shares outstanding: Basic 7,400 6,801 7,382 6,800 Diluted 7,678 6,970 7,382 6,909 Stores operated at end of period 90 86 90 86
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 thereunto duly authorized.
Date: March 29, 2006
| By: /s/ Neil T. Watanabe |
|
| |
| Name: Neil T. Watanabe | |
| Title: Executive Vice President and Chief Financial Officer |