Old COPPER (CPPRQ) 8-K Consolidated Statements of Operations

Exhibit 99.1

J. C. PENNEY COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Month Ended						Four Months Ended
	June 6,			June 8,			June 6,			June 8,
(In millions, except per share data)	2020			2019			2020			2019
Total net sales	$	266		$	1,003		$	1,348		$	3,442
Credit income and other		7			32			121			148
Total revenues		273			1,035			1,469			3,590
Costs and expenses/(income):
Cost of goods sold (exclusive of depreciation and amortization shown separately below)		166			645			979			2,275
Selling, general and administrative (SG&A)		113			313			685			1,169
Depreciation and amortization		50			56			185			203
Real estate and other, net		(3	)		6			(5	)		1
Restructuring and management transition		7			2			162			22
Total costs and expenses		333			1,022			2,006			3,670
Operating income/(loss)		(60	)		13			(537	)		(80	)
Other components of net periodic pension cost/(income)		(8	)		(4	)		(31	)		(18	)
Net interest expense		25			27			100			100
Loss due to discontinuance of hedge accounting		—			—			77			—
Reorganization items, net		72			—			72			—
Income/(loss) before income taxes		(149	)		(10	)		(755	)		(162	)
Income tax expense/(benefit)		(1	)		1			(61	)		3
Net income/(loss)	$	(148	)	$	(11	)	$	(694	)	$	(165	)
Earnings/(loss) per share - basic	$	(0.46	)	$	(0.03	)	$	(2.14	)	$	(0.52	)
Earnings/(loss) per share - diluted	$	(0.46	)	$	(0.03	)	$	(2.14	)	$	(0.52	)

J. C. PENNEY COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 6,			June 8,
	2020			2019
(In millions)
Assets
Current assets:
Cash in banks and in transit	$	154		$	148
Cash short-term investments		583			7
Cash and cash equivalents		737			155
Merchandise inventory		2,124			2,398
Prepaid expenses and other		300			297
Total current assets		3,161			2,850
Property and equipment, net		3,306			3,626
Operating lease assets		929			912
Prepaid pension		144			159
Other assets		626			662
Total assets	$	8,166		$	8,209
Liabilities and stockholders’ equity
Current liabilities:
Merchandise accounts payable	$	583		$	807
Other accounts payable and accrued expenses		919			881
Current operating lease liabilities		101			83
Current portion of finance leases and note payable		—			2
Current portion of long-term debt, net		4,884			92
Total current liabilities		6,487			1,865
Noncurrent operating lease liabilities		1,080			1,076
Long-term debt		—			3,793
Deferred taxes		47			119
Other liabilities		355			330
Total liabilities		7,969			7,183
Stockholders’ equity
Common stock		161			159
Additionalpaid-in capital		4,721			4,719
Reinvested earnings/(accumulated deficit)		(4,363	)		(3,566	)
Accumulated other comprehensive income/(loss)		(322	)		(286	)
Total stockholders’ equity		197			1,026
Total liabilities and stockholders’ equity	$	8,166		$	8,209

J. C. PENNEY COMPANY, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

								Reinvested			Accumulated
	Number of				Additional			Earnings/			Other
	Common		Common		Paid-in			(Accumulated			Comprehensive			Total Stockholders’
(In millions)	Shares		Stock		Capital			Deficit)			Income/(Loss)			Equity
February 1, 2020		320.5	$	160	$	4,723		$	(3,667	)	$	(387	)	$	829
Net income/(loss)		—		—		—			(546	)		—			(546	)
Discontinuance of hedge accounting		—		—		—			—			63			63
Other comprehensive income/(loss)		—		—		—			—			1			1
Stock-based compensation and other		1.4		1		2			(2	)		—			1
May 2, 2020		321.9		161		4,725			(4,215	)		(323	)		348
Net income/(loss)		—		—		—			(148	)		—			(148	)
Other comprehensive income/(loss)		—		—		—			—			1			1
Stock-based compensation and other		—		—		(4	)		—			—			(4	)
June 6, 2020		321.9	$	161	$	4,721		$	(4,363	)	$	(322	)	$	196
								Reinvested			Accumulated
	Number of				Additional			Earnings/			Other
	Common		Common		Paid-in			(Accumulated			Comprehensive			Total Stockholders’
(In millions)	Shares		Stock		Capital			Deficit)			Income/(Loss)			Equity
February 2, 2019		316.1	$	158	$	4,713		$	(3,373	)	$	(328	)	$	1,170
ASC 842 (Leases) and ASU2018-02 (Stranded Taxes) adoption		—		—		—			(26	)		53			27
Net income/(loss)		—		—		—			(154	)		—			(154	)
Other comprehensive income/(loss)		—		—		—			—			(11	)		(11	)
Stock-based compensation and other		0.7		—		2			—			—			2
May 4, 2019		316.8		158		4,715			(3,553	)		(286	)		1,034
Net income/(loss)		—		—		—			(11	)		—			(11	)
Stock-based compensation and other		0.3		1		4			(2	)		—			3
June 8, 2019		317.1	$	159	$	4,719		$	(3,566	)	$	(286	)	$	1,026

J. C. PENNEY COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Month Ended						Four Months Ended
	June 6,			June 8,			June 6,			June 8,
(In millions)	2020			2019			2020			2019
Cash flows from operating activities:
Net income/(loss)	$	(148	)	$	(11	)	$	(694	)	$	(165	)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Restructuring and management transition		—			—			139			15
Net gain on sale of operating assets		—			7			—			3
Discontinuance of hedge accounting		—			—			77			—
Depreciation and amortization		50			56			185			203
Benefit plans		(5	)		(9	)		(27	)		(23	)
Stock-based compensation		(5	)		3			(3	)		5
Deferred taxes		—			—			(60	)		(3	)
Change in cash from:
Inventory		97			79			42			39
Prepaid expenses and other assets		(28	)		(10	)		(126	)		(108	)
Merchandise accounts payable		4			(35	)		(203	)		(40	)
Income taxes		—			(4	)		(1	)		(1	)
Accrued expenses and other		124			(44	)		(54	)		(98	)
Net cash provided by/(used in) operating activities		89			32			(725	)		(173	)
Cash flows from investing activities:
Capital expenditures		—			(18	)		(33	)		(89	)
Proceeds from sale of operating assets		—			4			—			12
Net cash provided by/(used in) investing activities		—			(14	)		(33	)		(77	)
Cash flows from financing activities:
Proceeds from borrowings under the credit facility		—			221			1,950			629
Payments of borrowings under the credit facility		—			(255	)		(771	)		(545	)
Payments of finance leases and note payable		—			—			(1	)		(1	)
Payments of long-term debt		—			—			(19	)		(11	)
Debtor-in-possession financing costs		(50	)		—			(50	)		—
Net cash provided by/(used in) financing activities		(50	)		(34	)		1,109			72
Net increase/(decrease) in cash and cash equivalents		39			(16	)		351			(178	)
Cash and cash equivalents at beginning of period		698			171			386			333
Cash and cash equivalents at end of period	$	737		$	155		$	737		$	155

(1)     4-Wall EBITDA is an internal store performance metric, which excludes most corporate overhead and other fixed allocated costs. Monthly 4-Wall EBITDA numbers do not reflect certain allocations made only on an annual basis.

(1)     Operating Profit is an internal store performance metric, which excludes most corporate overhead and other fixed allocated costs.

(1)     Controllable expenses include store salaries, facilities expenses and utilities expenses, among others.

(1)     Noncontrollable expenses include expenses relating to marketing, display, maintenance and repairs, among others.

(1)     4-Wall EBITDA is an internal store performance metric, which excludes most corporate overhead and other fixed allocated costs. Monthly 4-Wall EBITDA numbers do not reflect certain allocations made only on an annual basis.

(1)     Operating Profit is an internal store performance metric, which excludes most corporate overhead and other fixed allocated costs.

(1)     Controllable expenses include store salaries, facilities expenses and utilities expenses, among others.

(1)     Noncontrollable expenses include expenses relating to marketing, display, maintenance and repairs, among others.

(1)     4-Wall EBITDA is an internal store performance metric, which excludes most corporate overhead and other fixed allocated costs. Monthly 4-Wall EBITDA numbers do not reflect certain allocations made only on an annual basis.

(1)     Operating Profit is an internal store performance metric, which excludes most corporate overhead and other fixed allocated costs.

(1)     Controllable expenses include store salaries, facilities expenses and utilities expenses, among others.

(1)     Noncontrollable expenses include expenses relating to marketing, display, maintenance and repairs, among others.

(1)     4-Wall EBITDA is an internal store performance metric, which excludes most corporate overhead and other fixed allocated costs. Monthly 4-Wall EBITDA numbers do not reflect certain allocations made only on an annual basis.

(1)     Operating Profit is an internal store performance metric, which excludes most corporate overhead and other fixed allocated costs.

(1)     Controllable expenses include store salaries, facilities expenses and utilities expenses, among others.

(1)     Noncontrollable expenses include expenses relating to marketing, display, maintenance and repairs, among others.