Tumi Holdings, Inc. announced consolidated unaudited financial results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales were $102,925,000 against $80,021,000 in the same period a year ago. Operating income was $17,614,000 against $13,276,000 in the same period a year ago. Income before income taxes was $16,992,000 against $6,898,000 a year ago. Net income was $10,535,000 or $0.16 per basic and diluted share against $2,897,000 or $0.06 per basic and diluted share in the same period a year ago. Net income before preferred dividend expense (non-cash) and one-time costs was $10.8 million against $9.2 million a year ago. Excluding one-time expense, operating income increased 36.3% to $18.1 million, and operating income margin was 17.6% in the first quarter of 2013. The company announced that for the fiscal 2013, net sales are expected to increase between 18% and 20%. Net income in 2013 is expected to increase between 53% and 59%. Diluted earnings per share are expected to be in the range of $0.82 to $0.86 per diluted share. Capital expenditures for fiscal 2013 are expected to be in the range of $21.0 million to $26.0 million. This estimate assumes an average weighted GAAP tax rate of about 38%.

Tumi Holdings, Inc. believes that it has the opportunity to triple its store count globally over the long-term and expect to have open 8 to 16 stores by the end of this year with a focus on ensuring that such openings occur in underserved markets at the right time and at the right cost. For partner stores, the company opened up 5 in first quarter. The company's projections are to open up 35 for the year.

Tumi Holdings, Inc., Q1 2013 Earnings Call, May 08, 2013