Natural Grocers by Vitamin Cottage, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the second quarter, the company's net sales were $106,484,819 compared with $84,907,259 a year ago. Operating income was $5,516,010 compared with $4,416,624 a year ago. Income before income taxes was $5,117,099 compared with $4,264,025 a year ago. Net income was $3,217,198 compared to $2,777,582 in the same period last year. Net income attributable to the company was $3,217,198 or $0.14 per basic and diluted share compared with $2,485,079 or $0.11 per basic and diluted share a year ago. EBITDA was $8,752,141 compared with $6,822,929 a year ago. For the six months period, the company's net sales were $202,316,167 compared with $159,745,847 a year ago. Operating income was $9,305,161 compared with $6,436,402 a year ago. Income before income taxes was $8,653,337 compared with $6,110,286 a year ago. Net income was $5,438,598 compared to $4,037,581 in the same period last year Net income attributable to the company was $5,438,598 or $0.24 per basic and diluted share compared with $3,475,392 or $0.16 per basic and diluted share a year ago. Net cash provided by operating activities was $10,693,363 compared with $13,930,694 a year ago. Acquisition of property and equipment was $17,667,475 compared with $8,203,767 a year ago. EBITDA was $15,535,168 compared with $11,129,410 a year ago. The company revised earnings guidance for fiscal year 2013. The company expects comparable store sales growth of 8.5% to 9.5% compared to 8.0% - 9.0% expected previously. EBITDA percentage of sales is expected to be 7.3% - 7.5% compared to 7.2% - 7.4% expect previously. Capital expenditures were $28 million to 33 million compared with previous guidance of $25 million to $30 million. Diluted earnings per share expected to be in the range of $0.46 to $0.49.

Natural Grocers by Vitamin Cottage, Inc. has leased about 18,000 square feet in the Bend River Promenade and plans to open a store by late August. The company has been rapidly expanding, going from 33 stores in 2009 to 65 in 13 states. It has plans to open 10 more in the next year including the store in Bend and others in Salem, Beaverton and Gresham.

Natural Grocers by Vitamin Cottage, Inc., Q2 2013 Earnings Call, May 09, 2013