Finish Line Reports Second Quarter 2011 Results; EPS $.31

The Finish Line, Inc. (Nasdaq: FINL) today reported results for the second quarter of fiscal 2011.Net sales increased 0.8% to $301.1 million in the second quarter compared to $298.7 million one year ago. Comparable store net sales increased 2.0% in the second quarter compared to a comparable store net sales decline of 9.9% a year ago.Finish Line reported second quarter income from continuing operations of $16.8 million, or $0.31 per diluted share compared to income from continuing operations of $11.7 million or $0.21 per diluted share a year ago. The $0.31 per share represents a 47.6% increase over the prior year. Consolidated merchandise inventories decreased by 2.0% to $217.0 million at the end of the quarter compared to $221.4 million a year ago. On a per-square-foot basis, inventories were up 0.6%. At quarter end, the company had no interest-bearing debt and $253.7 million in cash and cash equivalents, up from $142.9 million at the end of the second quarter a year ago. Finish Line repurchased 1.2 million shares of its outstanding common stock in the second quarter totaling $15.8 million.