Exhibit 99.2
New York & Company, Inc. and Subsidiaries
Schedule of Consolidating Statements of Operations
- - Fiscal Year 2007 (amounts in thousands, except per share amounts) -
(Unaudited)
|
| Three Months Ended May 5, 2007 |
| Three Months Ended August 4, 2007 |
| Three Months Ended November 3, 2007 |
| Three Months Ended February 2, 2008 |
| Twelve Months Ended February 2, 2008 |
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| New York |
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| Consolidated |
| New York |
|
|
| Consolidated |
| New York |
|
|
| Consolidated |
| New York |
|
|
| Consolidated |
| New York |
|
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| Consolidated |
|
|
| Company |
| JasmineSola |
| Company |
| Company |
| JasmineSola |
| Company |
| Company |
| JasmineSola |
| Company |
| Company |
| JasmineSola |
| Company |
| Company |
| JasmineSola |
| Company |
|
Net sales |
| $274,186 |
| $9,776 |
| $283,962 |
| $284,966 |
| $9,436 |
| $294,402 |
| $276,379 |
| $10,601 |
| $286,980 |
| $359,413 |
| $13,414 |
| $372,827 |
| $1,194,944 |
| $43,227 |
| $1,238,171 |
|
Cost of goods sold, buying and occupancy costs |
| 194,743 |
| 10,776 |
| 205,519 |
| 206,275 |
| 9,296 |
| 215,571 |
| 194,263 |
| 8,066 |
| 202,329 |
| 256,458 |
| 16,796 |
| 273,254 |
| 851,739 |
| 44,934 |
| 896,673 |
|
Gross profit |
| 79,443 |
| (1,000 | ) | 78,443 |
| 78,691 |
| 140 |
| 78,831 |
| 82,116 |
| 2,535 |
| 84,651 |
| 102,955 |
| (3,382 | ) | 99,573 |
| 343,205 |
| (1,707 | ) | 341,498 |
|
Selling, general and administrative expenses |
| 70,525 |
| 6,317 |
| 76,842 |
| 70,051 |
| 2,708 |
| 72,759 |
| 73,758 |
| 2,941 |
| 76,699 |
| 83,991 |
| 3,190 |
| 87,181 |
| 298,325 |
| 15,156 |
| 313,481 |
|
Loss from impairment charges related to JasmineSola |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 35,249 |
| 35,249 |
| — |
| — |
| — |
| — |
| 35,249 |
| 35,249 |
|
Operating income (loss) |
| 8,918 |
| (7,317 | ) | 1,601 |
| 8,640 |
| (2,568 | ) | 6,072 |
| 8,358 |
| (35,655 | ) | (27,297 | ) | 18,964 |
| (6,572 | ) | 12,392 |
| 44,880 |
| (52,112 | ) | (7,232 | ) |
Interest expense, net |
| 261 |
| — |
| 261 |
| 219 |
| — |
| 219 |
| 437 |
| — |
| 437 |
| 283 |
| — |
| 283 |
| 1,200 |
| — |
| 1,200 |
|
Income (loss) before income taxes |
| 8,657 |
| (7,317 | ) | 1,340 |
| 8,421 |
| (2,568 | ) | 5,853 |
| 7,921 |
| (35,655 | ) | (27,734 | ) | 18,681 |
| (6,572 | ) | 12,109 |
| 43,680 |
| (52,112 | ) | (8,432 | ) |
Income tax provision (benefit) |
| 3,480 |
| (2,942 | ) | 538 |
| 3,385 |
| (1,031 | ) | 2,354 |
| 2,630 |
| (14,334 | ) | (11,704 | ) | 7,509 |
| (2,272 | ) | 5,237 |
| 17,004 |
| (20,579 | ) | (3,575 | ) |
Net income (loss) |
| $5,177 |
| $(4,375 | ) | $802 |
| $5,036 |
| $(1,537 | ) | $3,499 |
| $5,291 |
| $(21,321 | ) | $(16,030 | ) | $11,172 |
| $(4,300 | ) | $6,872 |
| $26,676 |
| $(31,533 | ) | $(4,857 | ) |
Basic earnings (loss) per share |
| $0.09 |
| $(0.08 | ) | $0.01 |
| $0.09 |
| $(0.03 | ) | $0.06 |
| $0.09 |
| $(0.36 | ) | $(0.27 | ) | $0.19 |
| $(0.07 | ) | $0.12 |
| $0.46 |
| $(0.54 | ) | $(0.08 | ) |
Diluted earnings (loss) per share |
| $0.08 |
| $(0.07 | ) | $0.01 |
| $0.08 |
| $(0.02 | ) | $0.06 |
| $0.09 |
| $(0.35 | ) | $(0.26 | ) | $0.18 |
| $(0.07 | ) | $0.11 |
| $0.44 |
| $(0.52 | ) | $(0.08 | ) |
Weighted average shares outstanding: |
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Basic shares of common stock |
| 57,805 |
| 57,805 |
| 57,805 |
| 58,262 |
| 58,262 |
| 58,262 |
| 58,845 |
| 58,845 |
| 58,845 |
| 59,237 |
| 59,237 |
| 59,237 |
| 58,537 |
| 58,537 |
| 58,537 |
|
Diluted shares of common stock |
| 60,869 |
| 60,869 |
| 60,869 |
| 60,954 |
| 60,954 |
| 60,954 |
| 61,074 |
| 61,074 |
| 61,074 |
| 61,214 |
| 61,214 |
| 61,214 |
| 61,028 |
| 61,028 |
| 61,028 |
|
As a percentage of net sales: |
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Net sales |
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Cost of goods sold, buying and occupancy costs |
| 71.0 | % | 110.2 | % | 72.4 | % | 72.4 | % | 98.5 | % | 73.2 | % | 70.3 | % | 76.1 | % | 70.5 | % | 71.4 | % | 125.2 | % | 73.3 | % | 71.3 | % | 103.9 | % | 72.4 | % |
Gross profit |
| 29.0 | % | (10.2 | %) | 27.6 | % | 27.6 | % | 1.5 | % | 26.8 | % | 29.7 | % | 23.9 | % | 29.5 | % | 28.6 | % | (25.2 | %) | 26.7 | % | 28.7 | % | (3.9 | %) | 27.6 | % |
Selling, general and administrative expenses |
| 25.7 | % | 64.6 | % | 27.0 | % | 24.6 | % | 28.7 | % | 24.7 | % | 26.7 | % | 27.7 | % | 26.7 | % | 23.3 | % | 23.8 | % | 23.4 | % | 24.9 | % | 35.1 | % | 25.3 | % |
Loss from impairment charges related to JasmineSola |
| — | % | — | % | — | % | — | % | — | % | — | % | — | % | 332.5 | % | 12.3 | % | — | % | — | % | — | % | — | % | 81.6 | % | 2.9 | % |
Operating income (loss) |
| 3.3 | % | (74.8 | %) | 0.6 | % | 3.0 | % | (27.2 | %) | 2.1 | % | 3.0 | % | (336.3 | %) | (9.5 | %) | 5.3 | % | (49.0 | %) | 3.3 | % | 3.8 | % | (120.6 | %) | (0.6 | %) |
Interest expense, net |
| 0.1 | % | — | % | 0.1 | % | 0.1 | % | — | % | 0.1 | % | 0.2 | % | — | % | 0.2 | % | 0.1 | % | — | % | 0.1 | % | 0.1 | % | — | % | 0.1 | % |
Income (loss) before income taxes |
| 3.2 | % | (74.8 | %) | 0.5 | % | 2.9 | % | (27.2 | %) | 2.0 | % | 2.8 | % | (336.3 | %) | (9.7 | %) | 5.2 | % | (49.0 | %) | 3.2 | % | 3.7 | % | (120.6 | %) | (0.7 | %) |
Income tax provision (benefit) |
| 1.3 | % | (30.0 | %) | 0.2 | % | 1.1 | % | (10.9 | %) | 0.8 | % | 0.9 | % | (135.2 | %) | (4.1 | %) | 2.1 | % | (16.9 | %) | 1.4 | % | 1.5 | % | (47.7 | %) | (0.3 | %) |
Net income (loss) |
| 1.9 | % | (44.8 | %) | 0.3 | % | 1.8 | % | (16.3 | %) | 1.2 | % | 1.9 | % | (201.1 | %) | (5.6 | %) | 3.1 | % | (32.1 | %) | 1.8 | % | 2.2 | % | (72.9 | %) | (0.4 | %) |