Financial Information For The Company And Its Subsidiaries | 9 Months Ended |
Nov. 02, 2013 |
Financial Information For The Company And Its Subsidiaries [Abstract] | ' |
Financial Information For The Company And Its Subsidiaries | ' |
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Note 17 | Financial Information for the Company and its Subsidiaries | | | | | | | | | | | | | |
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Brown Shoe Company, Inc. issued senior notes, which are fully and unconditionally and jointly and severally guaranteed by all of its existing and future subsidiaries that are guarantors under its existing agreement. The following table presents the consolidating financial information for each of Brown Shoe Company, Inc. (“Parent”), the Guarantors and subsidiaries of the Parent that are not Guarantors (the “Non-Guarantors”), together with consolidating eliminations, as of and for the periods indicated. The Guarantors are 100% owned by the Parent. On May 14, 2013, during the second quarter of 2013, ASG was sold and ceased to be a borrower under the Credit Agreement. ASG is included as a “Guarantor” in the financial statements through the sale date. The proceeds from the sale were utilized to pay down the Company’s revolving credit facility. See Note 3 to the condensed consolidated financial statements for further information on the sale of ASG. |
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The consolidating financial statements have been prepared using the equity method of accounting in accordance with the requirements for presentation of such information. Management believes that the information, presented in lieu of complete financial statements for each of the Guarantors, provides meaningful information to allow investors to determine the nature of the assets held by, and operations and cash flows of, each of the consolidated groups. |
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UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF NOVEMBER 2, 2013 |
| | | | | | | | Non- | | | | | | |
($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Assets | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | – | | $ | 29,722 | | $ | 12,684 | | $ | – | | $ | 42,406 |
Receivables, net | | 93,097 | | | 1,275 | | | 18,119 | | | – | | | 112,491 |
Inventories, net | | 98,548 | | | 439,807 | | | 6,234 | | | – | | | 544,589 |
Prepaid expenses and other current assets | | 37,418 | | | 11,423 | | | 3,393 | | | – | | | 52,234 |
Current assets – discontinued operations | | 158 | | | – | | | 23 | | | – | | | 181 |
Total current assets | | 229,221 | | | 482,227 | | | 40,453 | | | – | | | 751,901 |
Other assets | | 95,221 | | | 15,812 | | | 614 | | | – | | | 111,647 |
Goodwill and intangible assets, net | | 56,369 | | | 18,812 | | | – | | | – | | | 75,181 |
Property and equipment, net | | 26,908 | | | 118,976 | | | 2,298 | | | – | | | 148,182 |
Investment in subsidiaries | | 851,906 | | | 152,992 | | | – | | | -1,004,898 | | | – |
Intercompany receivable | | 431,576 | | | 483,654 | | | 233,841 | | | -1,149,071 | | | – |
Total assets | $ | 1,691,201 | | $ | 1,272,473 | | $ | 277,206 | | $ | -2,153,969 | | $ | 1,086,911 |
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Liabilities and Equity | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | |
Trade accounts payable | $ | 44,889 | | $ | 136,669 | | $ | 19,148 | | $ | – | | $ | 200,706 |
Other accrued expenses | | 58,289 | | | 83,483 | | | 9,370 | | | – | | | 151,142 |
Current liabilities – discontinued operations | | 2,065 | | | – | | | 45 | | | – | | | 2,110 |
Total current liabilities | | 105,243 | | | 220,152 | | | 28,563 | | | – | | | 353,958 |
Other liabilities | | | | | | | | | | | | | | |
Long-term debt | | 198,963 | | | – | | | – | | | – | | | 198,963 |
Other liabilities | | 29,395 | | | 51,192 | | | 1,444 | | | – | | | 82,031 |
Intercompany payable | | 906,299 | | | 149,223 | | | 93,549 | | | -1,149,071 | | | – |
Total other liabilities | | 1,134,657 | | | 200,415 | | | 94,993 | | | -1,149,071 | | | 280,994 |
Equity | | | | | | | | | | | | | | |
Brown Shoe Company, Inc. shareholders’ equity | | 451,301 | | | 851,906 | | | 152,992 | | | -1,004,898 | | | 451,301 |
Noncontrolling interests | | – | | | – | | | 658 | | | – | | | 658 |
Total equity | | 451,301 | | | 851,906 | | | 153,650 | | | -1,004,898 | | | 451,959 |
Total liabilities and equity | $ | 1,691,201 | | $ | 1,272,473 | | $ | 277,206 | | $ | -2,153,969 | | $ | 1,086,911 |
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UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THIRTEEN WEEKS ENDED NOVEMBER 2, 2013 |
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($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Net sales | $ | 213,028 | | $ | 498,383 | | $ | 36,753 | | $ | -45,376 | | $ | 702,788 |
Cost of goods sold | | 157,500 | | | 282,617 | | | 29,807 | | | -45,376 | | | 424,548 |
Gross profit | | 55,528 | | | 215,766 | | | 6,946 | | | – | | | 278,240 |
Selling and administrative expenses | | 53,327 | | | 178,810 | | | 1,435 | | | – | | | 233,572 |
Equity in (earnings) loss of subsidiaries | | -31,516 | | | 2,728 | | | – | | | 28,788 | | | – |
Operating earnings (loss) | | 33,717 | | | 34,228 | | | 5,511 | | | -28,788 | | | 44,668 |
Interest expense | | -5,254 | | | – | | | – | | | – | | | -5,254 |
Interest income | | 4 | | | 69 | | | 59 | | | – | | | 132 |
Intercompany interest income (expense) | | 3,558 | | | -3,693 | | | 135 | | | – | | | – |
Intercompany dividend | | – | | | 7,778 | | | -7,778 | | | – | | | – |
Earnings (loss) before income taxes from continuing operations | | 32,025 | | | 38,382 | | | -2,073 | | | -28,788 | | | 39,546 |
Income tax provision | | -5,011 | | | -6,822 | | | -662 | | | – | | | -12,495 |
Net earnings (loss) from continuing operations | | 27,014 | | | 31,560 | | | -2,735 | | | -28,788 | | | 27,051 |
Discontinued operations: | | | | | | | | | | | | | | |
Earnings (loss) from discontinued operations, net of tax | | 300 | | | -44 | | | -23 | | | – | | | 233 |
Net earnings (loss) from discontinued operations | | 300 | | | -44 | | | -23 | | | – | | | 233 |
Net earnings (loss) | | 27,314 | | | 31,516 | | | -2,758 | | | -28,788 | | | 27,284 |
Net loss attributable to noncontrolling interests | | – | | | – | | | -30 | | | – | | | -30 |
Net earnings (loss) attributable to Brown Shoe Company, Inc. | $ | 27,314 | | $ | 31,516 | | $ | -2,728 | | $ | -28,788 | | $ | 27,314 |
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Comprehensive income (loss) | $ | 27,320 | | $ | 31,313 | | $ | -2,758 | | $ | -28,585 | | $ | 27,290 |
Comprehensive loss attributable to noncontrolling interests | | – | | | – | | | -25 | | | – | | | -25 |
Comprehensive income (loss) attributable to Brown Shoe Company, Inc. | $ | 27,320 | | $ | 31,313 | | $ | -2,733 | | $ | -28,585 | | $ | 27,315 |
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UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THIRTY-NINE WEEKS ENDED NOVEMBER 2, 2013 |
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($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Net sales | $ | 551,962 | | $ | 1,361,742 | | $ | 136,825 | | $ | -137,379 | | $ | 1,913,150 |
Cost of goods sold | | 412,736 | | | 754,229 | | | 110,682 | | | -137,379 | | | 1,140,268 |
Gross profit | | 139,226 | | | 607,513 | | | 26,143 | | | – | | | 772,882 |
Selling and administrative expenses | | 169,097 | | | 504,351 | | | 5,074 | | | – | | | 678,522 |
Restructuring and other special charges, net | | 686 | | | 576 | | | – | | | – | | | 1,262 |
Impairment of assets held for sale | | – | | | – | | | 4,660 | | | – | | | 4,660 |
Equity in (earnings) loss of subsidiaries | | -70,990 | | | 3,789 | | | – | | | 67,201 | | | – |
Operating earnings (loss) | | 40,433 | | | 98,797 | | | 16,409 | | | -67,201 | | | 88,438 |
Interest expense | | -16,076 | | | -91 | | | – | | | – | | | -16,167 |
Interest income | | 17 | | | 201 | | | 64 | | | – | | | 282 |
Intercompany interest income (expense) | | 10,487 | | | -10,879 | | | 392 | | | – | | | – |
Intercompany dividend | | – | | | 7,778 | | | -7,778 | | | – | | | – |
Earnings (loss) before income taxes from continuing operations | | 34,861 | | | 95,806 | | | 9,087 | | | -67,201 | | | 72,553 |
Income tax benefit (provision) | | 2,630 | | | -26,995 | | | -157 | | | – | | | -24,522 |
Net earnings (loss) from continuing operations | | 37,491 | | | 68,811 | | | 8,930 | | | -67,201 | | | 48,031 |
Discontinued operations: | | | | | | | | | | | | | | |
(Loss) earnings from discontinued operations, net of tax | | -5,582 | | | 1,137 | | | -339 | | | – | | | -4,784 |
Impairment of net assets/disposition of discontinued operations | | – | | | 1,042 | | | -12,554 | | | – | | | -11,512 |
Net (loss) earnings from discontinued operations | | -5,582 | | | 2,179 | | | -12,893 | | | – | | | -16,296 |
Net earnings (loss) | $ | 31,909 | | $ | 70,990 | | $ | -3,963 | | $ | -67,201 | | $ | 31,735 |
Net loss attributable to noncontrolling interests | | – | | | – | | | -174 | | | – | | | -174 |
Net earnings (loss) attributable to Brown Shoe Company, Inc. | $ | 31,909 | | $ | 70,990 | | $ | -3,789 | | $ | -67,201 | | $ | 31,909 |
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Comprehensive income (loss) | $ | 31,005 | | $ | 69,771 | | $ | -3,964 | | $ | -65,982 | | $ | 30,830 |
Comprehensive loss attributable to noncontrolling interests | | – | | | – | | | -114 | | | – | | | -114 |
Comprehensive income (loss) attributable to Brown Shoe Company, Inc. | $ | 31,005 | | $ | 69,771 | | $ | -3,850 | | $ | -65,982 | | $ | 30,944 |
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UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE THIRTY-NINE WEEKS ENDED NOVEMBER 2, 2013 |
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($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Net cash provided by (used for) operating activities | $ | 27,271 | | $ | 60,573 | | $ | -25,859 | | $ | – | | $ | 61,985 |
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Investing activities | | | | | | | | | | | | | | |
Purchases of property and equipment | | -3,389 | | | -33,737 | | | -762 | | | – | | | -37,888 |
Capitalized software | | -3,591 | | | -117 | | | -7 | | | – | | | -3,715 |
Intercompany investing | | -1,024 | | | 1,024 | | | – | | | – | | | – |
Proceeds from sale of subsidiaries, net of cash balance | | – | | | 69,347 | | | – | | | – | | | 69,347 |
Net cash (used for) provided by investing activities | | -8,004 | | | 36,517 | | | -769 | | | – | | | 27,744 |
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Financing activities | | | | | | | | | | | | | | |
Borrowings under revolving credit agreement | | 966,000 | | | – | | | – | | | – | | | 966,000 |
Repayments under revolving credit agreement | | -1,071,000 | | | – | | | – | | | – | | | -1,071,000 |
Dividends paid | | -9,073 | | | – | | | – | | | – | | | -9,073 |
Issuance of common stock under share-based plans, net | | -2,406 | | | – | | | – | | | – | | | -2,406 |
Tax benefit related to share-based plans | | 2,581 | | | – | | | – | | | – | | | 2,581 |
Intercompany financing | | 94,631 | | | -97,780 | | | 3,149 | | | – | | | – |
Net cash (used for) provided by financing activities | | -19,267 | | | -97,780 | | | 3,149 | | | – | | | -113,898 |
Effect of exchange rate changes on cash and cash equivalents | | – | | | -1,648 | | | – | | | – | | | -1,648 |
Decrease in cash and cash equivalents | | – | | | -2,338 | | | -23,479 | | | – | | | -25,817 |
Cash and cash equivalents at beginning of period | | – | | | 32,060 | | | 36,163 | | | – | | | 68,223 |
Cash and cash equivalents at end of period | $ | – | | $ | 29,722 | | $ | 12,684 | | $ | – | | $ | 42,406 |
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UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF FEBRUARY 2, 2013 |
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($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Assets | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | – | | $ | 32,060 | | $ | 36,163 | | $ | – | | $ | 68,223 |
Receivables, net | | 67,571 | | | 6,593 | | | 37,228 | | | – | | | 111,392 |
Inventories, net | | 92,683 | | | 394,468 | | | 16,537 | | | – | | | 503,688 |
Prepaid expenses and other current assets | | 14,523 | | | 26,524 | | | 969 | | | – | | | 42,016 |
Current assets – discontinued operations | | 5,447 | | | 41,553 | | | 109 | | | – | | | 47,109 |
Total current assets | | 180,224 | | | 501,198 | | | 91,006 | | | – | | | 772,428 |
Other assets | | 99,527 | | | 19,320 | | | 848 | | | – | | | 119,695 |
Goodwill and intangible assets, net | | 37,270 | | | 19,901 | | | 22,532 | | | – | | | 79,703 |
Noncurrent assets – discontinued operations | | 1,145 | | | 3,980 | | | 52,925 | | | -3,473 | | | 54,577 |
Property and equipment, net | | 27,931 | | | 108,224 | | | 8,701 | | | – | | | 144,856 |
Investment in subsidiaries | | 765,729 | | | 91,136 | | | 113,033 | | | -969,898 | | | – |
Intercompany receivable | | 341,221 | | | 527,863 | | | 183,372 | | | -1,052,456 | | | – |
Total assets | $ | 1,453,047 | | $ | 1,271,622 | | $ | 472,417 | | $ | -2,025,827 | | $ | 1,171,259 |
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Liabilities and Equity | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | |
Borrowings under revolving credit agreement | $ | 105,000 | | $ | – | | $ | – | | $ | – | | $ | 105,000 |
Trade accounts payable | | 53,350 | | | 118,096 | | | 42,214 | | | – | | | 213,660 |
Other accrued expenses | | 51,751 | | | 78,293 | | | 7,146 | | | – | | | 137,190 |
Current liabilities – discontinued operations | | 3,754 | | | 9,396 | | | 109 | | | – | | | 13,259 |
Total current liabilities | | 213,855 | | | 205,785 | | | 49,469 | | | – | | | 469,109 |
Other liabilities | | | | | | | | | | | | | | |
Long-term debt | | 198,823 | | | – | | | – | | | – | | | 198,823 |
Other liabilities | | 17,042 | | | 48,986 | | | 4,402 | | | – | | | 70,430 |
Non current liabilities – discontinued operations | | – | | | – | | | 10,469 | | | -3,473 | | | 6,996 |
Intercompany payable | | 598,198 | | | 138,089 | | | 316,169 | | | -1,052,456 | | | – |
Total other liabilities | | 814,063 | | | 187,075 | | | 331,040 | | | -1,055,929 | | | 276,249 |
Equity | | | | | | | | | | | | | | |
Brown Shoe Company, Inc. shareholders’ equity | | 425,129 | | | 878,762 | | | 91,136 | | | -969,898 | | | 425,129 |
Noncontrolling interests | | – | | | – | | | 772 | | | – | | | 772 |
Total equity | | 425,129 | | | 878,762 | | | 91,908 | | | -969,898 | | | 425,901 |
Total liabilities and equity | $ | 1,453,047 | | $ | 1,271,622 | | $ | 472,417 | | $ | -2,025,827 | | $ | 1,171,259 |
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UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF OCTOBER 27, 2012 |
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($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Assets | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | – | | $ | 29,113 | | $ | 11,771 | | $ | – | | $ | 40,884 |
Receivables, net | | 89,342 | | | 5,863 | | | 18,314 | | | – | | | 113,519 |
Inventories, net | | 73,175 | | | 421,458 | | | 17,573 | | | – | | | 512,206 |
Prepaid expenses and other current assets | | 22,219 | | | 3,412 | | | 4,880 | | | – | | | 30,511 |
Current assets – discontinued operations | | 16,868 | | | 39,465 | | | 32 | | | – | | | 56,365 |
Total current assets | | 201,604 | | | 499,311 | | | 52,570 | | | – | | | 753,485 |
Other assets | | 115,445 | | | 18,409 | | | 810 | | | – | | | 134,664 |
Goodwill and intangible assets, net | | 38,337 | | | 20,265 | | | 22,617 | | | – | | | 81,219 |
Noncurrent assets – discontinued operations | | 1,185 | | | 1,595 | | | 53,159 | | | -1,185 | | | 54,754 |
Property and equipment, net | | 24,578 | | | 106,269 | | | 9,135 | | | – | | | 139,982 |
Investment in subsidiaries | | 862,308 | | | 234,014 | | | – | | | -1,096,322 | | | – |
Intercompany receivable | | 215,585 | | | 384,523 | | | 174,894 | | | -775,002 | | | – |
Total assets | $ | 1,459,042 | | $ | 1,264,386 | | $ | 313,185 | | $ | -1,872,509 | | $ | 1,164,104 |
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Liabilities and Equity | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | |
Borrowings under revolving credit agreement | $ | 110,000 | | $ | – | | $ | – | | $ | – | | $ | 110,000 |
Trade accounts payable | | 32,579 | | | 118,756 | | | 22,521 | | | – | | | 173,856 |
Other accrued expenses | | 41,432 | | | 89,006 | | | 15,249 | | | – | | | 145,687 |
Current liabilities – discontinued operations | | 6,746 | | | 7,149 | | | 40 | | | – | | | 13,935 |
Total current liabilities | | 190,757 | | | 214,911 | | | 37,810 | | | – | | | 443,478 |
Other liabilities | | | | | | | | | | | | | | |
Long-term debt | | 198,773 | | | – | | | – | | | – | | | 198,773 |
Other liabilities | | 34,398 | | | 42,601 | | | 5,714 | | | – | | | 82,713 |
Intercompany payable | | 603,976 | | | 144,566 | | | 26,460 | | | -775,002 | | | – |
Noncurrent liabilities – discontinued operations | | – | | | – | | | 8,388 | | | -1,185 | | | 7,203 |
Total other liabilities | | 837,147 | | | 187,167 | | | 40,562 | | | -776,187 | | | 288,689 |
Equity | | | | | | | | | | | | | | |
Brown Shoe Company, Inc. shareholders’ equity | | 431,138 | | | 862,308 | | | 234,014 | | | -1,096,322 | | | 431,138 |
Noncontrolling interests | | – | | | – | | | 799 | | | – | | | 799 |
Total equity | | 431,138 | | | 862,308 | | | 234,813 | | | -1,096,322 | | | 431,937 |
Total liabilities and equity | $ | 1,459,042 | | $ | 1,264,386 | | $ | 313,185 | | $ | -1,872,509 | | $ | 1,164,104 |
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UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THIRTEEN WEEKS ENDED OCTOBER 27, 2012 |
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($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Net sales | $ | 192,767 | | $ | 512,952 | | $ | 42,437 | | $ | -52,171 | | $ | 695,985 |
Cost of goods sold | | 144,270 | | | 291,940 | | | 32,611 | | | -52,171 | | | 416,650 |
Gross profit | | 48,497 | | | 221,012 | | | 9,826 | | | – | | | 279,335 |
Selling and administrative expenses | | 55,773 | | | 182,963 | | | -2,540 | | | – | | | 236,196 |
Restructuring and other special charges, net | | 1,522 | | | 624 | | | – | | | – | | | 2,146 |
Equity in (earnings) loss of subsidiaries | | -31,317 | | | -10,031 | | | – | | | 41,348 | | | – |
Operating earnings (loss) | | 22,519 | | | 47,456 | | | 12,366 | | | -41,348 | | | 40,993 |
Interest expense | | -5,301 | | | -97 | | | – | | | – | | | -5,398 |
Interest income | | – | | | 61 | | | 15 | | | – | | | 76 |
Intercompany interest income (expense) | | 3,040 | | | -3,147 | | | 107 | | | – | | | – |
Earnings (loss) before income taxes from continuing operations | | 20,258 | | | 44,273 | | | 12,488 | | | -41,348 | | | 35,671 |
Income tax benefit (provision) | | 3,101 | | | -12,402 | | | -2,117 | | | – | | | -11,418 |
Net earnings (loss) from continuing operations | | 23,359 | | | 31,871 | | | 10,371 | | | -41,348 | | | 24,253 |
Discontinued operations: | | | | | | | | | | | | | | |
Earnings (loss) from discontinued operations, net of tax | | 927 | | | -548 | | | -345 | | | – | | | 34 |
Net earnings (loss) from discontinued operations | | 927 | | | -548 | | | -345 | | | – | | | 34 |
Net earnings (loss) | | 24,286 | | | 31,323 | | | 10,026 | | | -41,348 | | | 24,287 |
Net loss attributable to noncontrolling interests | | – | | | – | | | -5 | | | – | | | -5 |
Net earnings (loss) attributable to Brown Shoe Company, Inc. | $ | 24,286 | | $ | 31,323 | | $ | 10,031 | | $ | -41,348 | | $ | 24,292 |
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Comprehensive income (loss) | $ | 24,842 | | $ | 31,872 | | $ | 10,018 | | $ | -41,348 | | $ | 25,384 |
Comprehensive loss attributable to noncontrolling interests | | – | | | – | | | 2 | | | – | | | 2 |
Comprehensive income (loss) attributable to Brown Shoe Company, Inc. | $ | 24,842 | | $ | 31,872 | | $ | 10,016 | | $ | -41,348 | | $ | 25,382 |
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UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 27, 2012 |
| | | | | | | | Non- | | | | | | |
($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Net sales | $ | 529,074 | | $ | 1,347,547 | | $ | 133,406 | | $ | -150,966 | | $ | 1,859,061 |
Cost of goods sold | | 403,710 | | | 756,547 | | | 108,527 | | | -150,966 | | | 1,117,818 |
Gross profit | | 125,364 | | | 591,000 | | | 24,879 | | | – | | | 741,243 |
Selling and administrative expenses | | 138,732 | | | 512,516 | | | 8,129 | | | – | | | 659,377 |
Restructuring and other special charges, net | | 9,796 | | | 9,864 | | | – | | | – | | | 19,660 |
Equity in (earnings) loss of subsidiaries | | -46,486 | | | -13,087 | | | – | | | 59,573 | | | – |
Operating earnings (loss) | | 23,322 | | | 81,707 | | | 16,750 | | | -59,573 | | | 62,206 |
Interest expense | | -16,800 | | | -279 | | | – | | | – | | | -17,079 |
Interest income | | – | | | 185 | | | 51 | | | – | | | 236 |
Intercompany interest income (expense) | | 9,569 | | | -9,889 | | | 320 | | | – | | | – |
Earnings (loss) before income taxes from continuing operations | | 16,091 | | | 71,724 | | | 17,121 | | | -59,573 | | | 45,363 |
Income tax benefit (provision) | | 10,308 | | | -22,303 | | | -3,280 | | | – | | | -15,275 |
Net earnings (loss) from continuing operations | | 26,399 | | | 49,421 | | | 13,841 | | | -59,573 | | | 30,088 |
Discontinued operations: | | | | | | | | | | | | | | |
Loss from discontinued operations, net of tax | | -2,953 | | | -2,714 | | | -1,220 | | | – | | | -6,887 |
Net loss from discontinued operations | | -2,953 | | | -2,714 | | | -1,220 | | | – | | | -6,887 |
Net earnings (loss) | | 23,446 | | | 46,707 | | | 12,621 | | | -59,573 | | | 23,201 |
Net loss attributable to noncontrolling interests | | – | | | – | | | -251 | | | – | | | -251 |
Net earnings (loss) attributable to Brown Shoe Company, Inc. | $ | 23,446 | | $ | 46,707 | | $ | 12,872 | | $ | -59,573 | | $ | 23,452 |
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Comprehensive income (loss) | $ | 23,422 | | | 46,954 | | | 12,617 | | | -59,573 | | | 23,420 |
Comprehensive loss attributable to noncontrolling interests | | – | | | – | | | -248 | | | – | | | -248 |
Comprehensive income (loss) attributable to Brown Shoe Company, Inc. | $ | 23,422 | | $ | 46,954 | | $ | 12,865 | | $ | -59,573 | | $ | 23,668 |
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UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 27, 2012 |
| | | | | | | | Non- | | | | | | |
($ thousands) | | Parent | | | Guarantors | | | Guarantors | | | Eliminations | | | Total |
Net cash provided by (used for) operating activities | $ | 19,306 | | $ | -53,096 | | $ | 177,313 | | $ | – | | $ | 143,523 |
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Investing activities | | | | | | | | | | | | | | |
Purchases of property and equipment | | -3,809 | | | -33,602 | | | -1,670 | | | – | | | -39,081 |
Capitalized software | | -5,433 | | | – | | | -3 | | | – | | | -5,436 |
Acquisition cost | | – | | | -5,000 | | | – | | | – | | | -5,000 |
Net cash used for investing activities | | -9,242 | | | -38,602 | | | -1,673 | | | – | | | -49,517 |
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Financing activities | | | | | | | | | | | | | | |
Borrowings under revolving credit agreement | | 582,000 | | | – | | | – | | | – | | | 582,000 |
Repayments under revolving credit agreement | | -673,000 | | | – | | | – | | | – | | | -673,000 |
Dividends paid | | -9,007 | | | – | | | – | | | – | | | -9,007 |
Issuance of common stock under share-based plans, net | | -1,860 | | | – | | | – | | | – | | | -1,860 |
Tax benefit related to share-based plans | | 889 | | | – | | | – | | | – | | | 889 |
Intercompany financing | | 95,300 | | | 86,305 | | | -181,605 | | | – | | | – |
Net cash (used for) provided by financing activities | | -5,678 | | | 86,305 | | | -181,605 | | | – | | | -100,978 |
Effect of exchange rate changes on cash and cash equivalents | | – | | | 174 | | | – | | | – | | | 174 |
Increase (decrease) in cash and cash equivalents | | 4,386 | | | -5,219 | | | -5,965 | | | – | | | -6,798 |
Cash and cash equivalents at beginning of period | | -4,386 | | | 34,332 | | | 17,736 | | | – | | | 47,682 |
Cash and cash equivalents at end of period | $ | – | | $ | 29,113 | | $ | 11,771 | | $ | – | | $ | 40,884 |
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