THE GYMBOREE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share and store data)
(Unaudited)
13 Weeks Ended | 52 Weeks Ended | |||||||||||||||||||
May 1, | July 31, | October 30, | January 29, | January 29, | ||||||||||||||||
2004 | 2004 | 2004 | 2005 | 2005 | ||||||||||||||||
Net sales: | ||||||||||||||||||||
Retail | $ | 144,448 | $ | 113,399 | $ | 152,619 | $ | 172,712 | $ | 583,178 | ||||||||||
Play & Music and Other | 2,667 | 2,585 | 2,989 | 3,059 | 11,300 | |||||||||||||||
Total net sales | 147,115 | 115,984 | 155,608 | 175,771 | 594,478 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (84,758 | ) | (74,756 | ) | (93,944 | ) | (108,898 | ) | (362,356 | ) | ||||||||||
Gross profit | 62,357 | 41,228 | 61,664 | 66,873 | 232,122 | |||||||||||||||
Selling, general and administrative expenses | (50,603 | ) | (47,075 | ) | (54,306 | ) | (59,375 | ) | (211,359 | ) | ||||||||||
Lease termination charges | — | — | — | (4,408 | ) | (4,408 | ) | |||||||||||||
Operating income (loss) | 11,754 | (5,847 | ) | 7,358 | 3,090 | 16,355 | ||||||||||||||
Other income, net | 238 | 145 | 69 | 133 | 585 | |||||||||||||||
Income (loss) from continuing operations before income taxes | 11,992 | (5,702 | ) | 7,427 | 3,223 | 16,940 | ||||||||||||||
Income tax benefit (expense) | (4,377 | ) | 2,081 | 122 | 2,313 | 139 | ||||||||||||||
Income (loss) from continuing operations, net of income tax | 7,615 | (3,621 | ) | 7,549 | 5,536 | 17,079 | ||||||||||||||
Income (loss) from discontinued operations, net of income tax | 390 | (328 | ) | (3,377 | ) | (6,326 | ) | (9,641 | ) | |||||||||||
Income (loss) before cumulative effect of change in accounting principle | 8,005 | (3,949 | ) | 4,172 | (790 | ) | 7,438 | |||||||||||||
Cumulative effect of change in accounting principle, net of income tax | 1,227 | — | — | (21 | ) | 1,206 | ||||||||||||||
Net income (loss) | $ | 9,232 | $ | (3,949 | ) | $ | 4,172 | $ | (811 | ) | $ | 8,644 | ||||||||
Basic per share amounts: | ||||||||||||||||||||
Income (loss) from continuing operations net of income tax | $ | 0.25 | $ | (0.12 | ) | $ | 0.25 | $ | 0.18 | $ | 0.56 | |||||||||
Income (loss) from discontinued operations, net of income tax | 0.01 | (0.01 | ) | (0.11 | ) | (0.20 | ) | (0.31 | ) | |||||||||||
Cumulative effect of change in accounting principle, net of income tax | 0.04 | — | — | (0.00 | ) | 0.04 | ||||||||||||||
Net income (loss) | $ | 0.30 | $ | (0.13 | ) | $ | 0.14 | $ | (0.03 | ) | $ | 0.28 | ||||||||
Diluted per share amounts: | ||||||||||||||||||||
Income (loss) from continuing operations net of income tax | $ | 0.24 | $ | (0.12 | ) | $ | 0.24 | $ | 0.18 | $ | 0.54 | |||||||||
Income (loss) from discontinued operations, net of income tax | 0.01 | (0.01 | ) | (0.11 | ) | (0.20 | ) | (0.31 | ) | |||||||||||
Cumulative effect of change in accounting principle, net of income tax | 0.04 | — | — | (0.00 | ) | 0.04 | ||||||||||||||
Net income (loss) | $ | 0.29 | $ | (0.13 | ) | $ | 0.13 | $ | (0.03 | ) | $ | 0.28 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 30,476 | 30,693 | 30,801 | 31,019 | 30,747 | |||||||||||||||
Diluted | 31,348 | 30,693 | 31,346 | 31,435 | 31,391 | |||||||||||||||
Number of stores at end of period | 633 | 646 | 643 | 648 | 648 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
May 1, | July 31, | October 30, | January 29, | |||||||||||||
2004 | 2004 | 2004 | 2005 | |||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents | $ | 30,906 | $ | 18,495 | $ | 24,608 | $ | 30,599 | ||||||||
Marketable securities | 79,300 | 58,000 | 40,000 | 30,000 | ||||||||||||
Accounts receivable | 9,267 | 15,870 | 20,332 | 20,101 | ||||||||||||
Merchandise inventories | 64,840 | 74,931 | 91,706 | 97,237 | ||||||||||||
Prepaid expenses and deferred taxes | 9,241 | 2,845 | 3,606 | 6,789 | ||||||||||||
Current assets of discontinued operations | 9,092 | 9,051 | 4,428 | 1,794 | ||||||||||||
Total current assets | 202,646 | 179,192 | 184,680 | 186,520 | ||||||||||||
Property and Equipment, net | 118,623 | 129,898 | 146,097 | 150,746 | ||||||||||||
Lease Rights, Deferred Taxes and Other Assets | 9,328 | 13,223 | 12,777 | 14,433 | ||||||||||||
Total Assets | $ | 330,597 | $ | 322,313 | $ | 343,554 | $ | 351,699 | ||||||||
Current Liabilities | ||||||||||||||||
Accounts payable | $ | 35,998 | $ | 32,845 | $ | 38,245 | $ | 39,241 | ||||||||
Accrued liabilities | 43,765 | 37,295 | 43,391 | 41,803 | ||||||||||||
Current liabilities of discontinued operations | 3,950 | 4,513 | 5,631 | 7,144 | ||||||||||||
Total current liabilities | 83,713 | 74,653 | 87,267 | 88,188 | ||||||||||||
Long Term Liabilities | ||||||||||||||||
Deferred rent and other liabilities | 33,710 | 36,380 | 39,943 | 46,105 | ||||||||||||
Stockholders’ Equity | 213,174 | 211,280 | 216,344 | 217,406 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 330,597 | $ | 322,313 | $ | 343,554 | $ | 351,699 | ||||||||