Exhibit 99.4
New York & Company, Inc. and Subsidiaries
Schedule of Consolidating Statements of Operations
- - Fiscal Year 2005 (amounts in thousands, except per share amounts) –
(Unaudited)
|
| Three Months Ended April 30, 2005 |
| Three Months Ended July 30, 2005 |
| Three Months Ended October 29, 2005 |
| Three Months Ended January 28, 2006 |
| Twelve Months Ended January 28, 2006 |
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| New York |
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| Consolidated |
| New York |
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|
| Consolidated |
| New York |
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|
| Consolidated |
| New York |
|
|
| Consolidated |
| New York |
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|
| Consolidated |
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|
| Company |
| JasmineSola |
| Company |
| Company |
| JasmineSola |
| Company |
| Company |
| JasmineSola |
| Company |
| Company |
| JasmineSola |
| Company |
| Company |
| JasmineSola |
| Company |
|
Net sales |
| $269,975 |
| $— |
| $269,975 |
| $253,644 |
| $937 |
| $254,581 |
| $245,654 |
| $8,734 |
| $254,388 |
| $343,677 |
| $7,923 |
| $351,600 |
| $1,112,950 |
| $17,594 |
| $1,130,544 |
|
Cost of goods sold, buying and occupancy costs |
| 171,665 |
| — |
| 171,665 |
| 171,915 |
| 648 |
| 172,563 |
| 173,969 |
| 5,927 |
| 179,896 |
| 234,037 |
| 5,881 |
| 239,918 |
| 751,586 |
| 12,456 |
| 764,042 |
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Gross profit |
| 98,310 |
| — |
| 98,310 |
| 81,729 |
| 289 |
| 82,018 |
| 71,685 |
| 2,807 |
| 74,492 |
| 109,640 |
| 2,042 |
| 111,682 |
| 361,364 |
| 5,138 |
| 366,502 |
|
Selling, general and administrative expenses |
| 60,926 |
| — |
| 60,926 |
| 60,068 |
| 210 |
| 60,278 |
| 64,081 |
| 1,749 |
| 65,830 |
| 73,567 |
| 1,840 |
| 75,407 |
| 258,642 |
| 3,799 |
| 262,441 |
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Operating income |
| 37,384 |
| — |
| 37,384 |
| 21,661 |
| 79 |
| 21,740 |
| 7,604 |
| 1,058 |
| 8,662 |
| 36,073 |
| 202 |
| 36,275 |
| 102,722 |
| 1,339 |
| 104,061 |
|
Interest expense, net |
| 1,409 |
| — |
| 1,409 |
| 1,301 |
| — |
| 1,301 |
| 1,675 |
| — |
| 1,675 |
| 1,341 |
| — |
| 1,341 |
| 5,726 |
| — |
| 5,726 |
|
Loss on modification and extinguishment of debt |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 933 |
| — |
| 933 |
| 933 |
| — |
| 933 |
|
Income before income taxes |
| 35,975 |
| — |
| 35,975 |
| 20,360 |
| 79 |
| 20,439 |
| 5,929 |
| 1,058 |
| 6,987 |
| 33,799 |
| 202 |
| 34,001 |
| 96,063 |
| 1,339 |
| 97,402 |
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Income tax provision |
| 14,495 |
| — |
| 14,495 |
| 8,158 |
| 31 |
| 8,189 |
| 2,410 |
| 423 |
| 2,833 |
| 13,300 |
| 97 |
| 13,397 |
| 38,363 |
| 551 |
| 38,914 |
|
Net income |
| $21,480 |
| $— |
| $21,480 |
| $12,202 |
| $48 |
| $12,250 |
| $3,519 |
| $635 |
| $4,154 |
| $20,499 |
| $105 |
| $20,604 |
| $57,700 |
| $788 |
| $58,488 |
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Basic earnings per share |
| $0.40 |
| $— |
| $0.40 |
| $0.23 |
| $— |
| $0.23 |
| $0.07 |
| $0.01 |
| $0.08 |
| $0.38 |
| $— |
| $0.38 |
| $1.07 |
| $0.01 |
| $1.08 |
|
Diluted earnings per share |
| $0.38 |
| $— |
| $0.38 |
| $0.21 |
| $— |
| $0.21 |
| $0.06 |
| $0.01 |
| $0.07 |
| $0.36 |
| $— |
| $0.36 |
| $1.01 |
| $0.01 |
| $1.02 |
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Weighted average shares outstanding: |
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Basic shares of common stock |
| 53,340 |
| — |
| 53,340 |
| 53,654 |
| 53,654 |
| 53,654 |
| 54,297 |
| 54,297 |
| 54,297 |
| 54,400 |
| 54,400 |
| 54,400 |
| 53,923 |
| 53,923 |
| 53,923 |
|
Diluted shares of common stock |
| 56,673 |
| — |
| 56,673 |
| 57,197 |
| 57,197 |
| 57,197 |
| 57,675 |
| 57,675 |
| 57,675 |
| 57,717 |
| 57,717 |
| 57,717 |
| 57,316 |
| 57,316 |
| 57,316 |
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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 | % |
Cost of goods sold, buying and occupancy costs |
| 63.6 | % | — | % | 63.6 | % | 67.8 | % | 69.2 | % | 67.8 | % | 70.8 | % | 67.9 | % | 70.7 | % | 68.1 | % | 74.2 | % | 68.2 | % | 67.5 | % | 70.8 | % | 67.6 | % |
Gross profit |
| 36.4 | % | — | % | 36.4 | % | 32.2 | % | 30.8 | % | 32.2 | % | 29.2 | % | 32.1 | % | 29.3 | % | 31.9 | % | 25.8 | % | 31.8 | % | 32.5 | % | 29.2 | % | 32.4 | % |
Selling, general and administrative expenses |
| 22.5 | % | — | % | 22.5 | % | 23.7 | % | 22.4 | % | 23.7 | % | 26.1 | % | 20.0 | % | 25.9 | % | 21.4 | % | 23.3 | % | 21.5 | % | 23.3 | % | 21.6 | % | 23.2 | % |
Operating income |
| 13.9 | % | — | % | 13.9 | % | 8.5 | % | 8.4 | % | 8.5 | % | 3.1 | % | 12.1 | % | 3.4 | % | 10.5 | % | 2.5 | % | 10.3 | % | 9.2 | % | 7.6 | % | 9.2 | % |
Interest expense, net |
| 0.5 | % | — | % | 0.5 | % | 0.5 | % | — | % | 0.5 | % | 0.7 | % | — | % | 0.7 | % | 0.4 | % | — | % | 0.4 | % | 0.5 | % | — | % | 0.5 | % |
Loss on modification and extinguishment of debt |
| — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | 0.3 | % | — | % | 0.3 | % | 0.1 | % | — | % | 0.1 | % |
Income before income taxes |
| 13.4 | % | — | % | 13.4 | % | 8.0 | % | 8.4 | % | 8.0 | % | 2.4 | % | 12.1 | % | 2.7 | % | 9.8 | % | 2.5 | % | 9.6 | % | 8.6 | % | 7.6 | % | 8.6 | % |
Income tax provision |
| 5.4 | % | — | % | 5.4 | % | 3.2 | % | 3.3 | % | 3.2 | % | 1.0 | % | 4.8 | % | 1.1 | % | 3.8 | % | 1.2 | % | 3.7 | % | 3.4 | % | 3.1 | % | 3.4 | % |
Net income |
| 8.0 | % | — | % | 8.0 | % | 4.8 | % | 5.1 | % | 4.8 | % | 1.4 | % | 7.3 | % | 1.6 | % | 6.0 | % | 1.3 | % | 5.9 | % | 5.2 | % | 4.5 | % | 5.2 | % |