Exhibit 99.1
Note: As discussed in Note 2 to the consolidated financial statements, effective February 1, 2009, the Company adopted Financial Accounting Standards Board (“FASB”), Staff Position (“FSP”) Accounting Principles Board (“APB”) No. 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement)” (“FSP APB 14-1”) and FSP Emerging Issues Task Force (“EITF”) No. 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities” (“FSP EITF 03-6-1”). These accounting pronouncements both required retrospective application.
Item 6. Selected Financial Data.
The selected financial data set forth below should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Company’s Consolidated Financial Statements and notes thereto contained elsewhere in this Form 8-K.
| | | | | | | | | | | | | | | | | | | | |
| | | Year Ended | |
| (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | | January 31,
2009
(Revised) | | | February 2,
2008
(Revised) | | | February 3,
2007*
(Revised) | | | January 28,
2006
(Revised) | | | January 29,
2005
(Revised) | |
CONSOLIDATED INCOME STATEMENT DATA: | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 3,029,743 | | | $ | 3,224,076 | | | $ | 2,888,427 | | | $ | 2,732,428 | | | $ | 2,737,324 | |
Cost of sales (excluding depreciation and amortization) | | | 2,062,494 | | | | 1,972,251 | | | | 1,780,127 | | | | 1,731,142 | | | | 1,666,126 | |
| | | | | | | | | | | | | | | | | | | | |
Gross margin | | | 967,249 | | | | 1,251,825 | | | | 1,108,300 | | | | 1,001,286 | | | | 1,071,198 | |
| | | | | |
Selling, general and administrative expenses | | | 770,815 | | | | 827,624 | | | | 799,292 | | | | 813,321 | | | | 785,568 | |
Other operating expenses | | | 320,683 | | | | 317,046 | | | | 312,486 | | | | 317,760 | | | | 311,967 | |
Impairments and dispositions | | | 11,139 | | | | 4,279 | | | | 11,775 | | | | (8,349 | ) | | | 20,768 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Operating income (loss) | | | (135,388 | ) | | | 102,876 | | | | (15,253 | ) | | | (121,446 | ) | | | (47,105 | ) |
| | | | | |
Interest expense | | | (45,739 | ) | | | (48,303 | ) | | | (55,693 | ) | | | (82,539 | ) | | | (109,213 | ) |
Gain (loss) on extinguishment of debt | | | — | | | | (5,634 | ) | | | 7 | | | | (29,375 | ) | | | — | |
Other income, net | | | 5,600 | | | | 24,912 | | | | 28,407 | | | | 7,705 | | | | 4,061 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income (loss) from continuing operations before income taxes | | | (175,527 | ) | | | 73,851 | | | | (42,532 | ) | | | (225,655 | ) | | | (152,257 | ) |
| | | | | |
Provision (benefit) for income taxes | | | (48,902 | ) | | | 26,755 | | | | (34,947 | ) | | | (92,062 | ) | | | (71,590 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income (loss) from continuing operations | | | (126,625 | ) | | | 47,096 | | | | (7,585 | ) | | | (133,593 | ) | | | (80,667 | ) |
| | | | | |
Discontinued operations: | | | | | | | | | | | | | | | | | | | | |
Income (loss) from discontinued operations before income taxes | | | (52,727 | ) | | | (4,860 | ) | | | 188,227 | | | | 314,943 | | | | 232,055 | |
Provision (benefit) for income taxes | | | (20,548 | ) | | | (1,646 | ) | | | 130,536 | | | | 163,241 | | | | 93,036 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from discontinued operations | | | (32,179 | ) | | | (3,214 | ) | | | 57,691 | | | | 151,702 | | | | 139,019 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (158,804 | ) | | $ | 43,882 | | | $ | 50,106 | | | $ | 18,109 | | | $ | 58,352 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Basic earnings per common share: | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (.92 | ) | | $ | .33 | | | $ | (.06 | ) | | $ | (.97 | ) | | $ | (.58 | ) |
Income (loss) from discontinued operations | | $ | (.23 | ) | | $ | (.02 | ) | | $ | .43 | | | $ | 1.10 | | | $ | 1.00 | |
Net Income (loss) | | $ | (1.15 | ) | | $ | .31 | | | $ | .37 | | | $ | .13 | | | $ | .42 | |
| | | | | |
Diluted earnings per common share: | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (.92 | ) | | $ | .31 | | | $ | (.06 | ) | | $ | (.97 | ) | | $ | (.58 | ) |
Income (loss) from discontinued operations | | $ | (.23 | ) | | $ | (.02 | ) | | $ | .43 | | | $ | 1.10 | | | $ | 1.00 | |
Net Income (loss) | | $ | (1.15 | ) | | $ | .29 | | | $ | .37 | | | $ | .13 | | | $ | .42 | |
| | | | | |
Weighted average common shares: | | | | | | | | | | | | | | | | | | | | |
Basic | | | 138,384 | | | | 140,402 | | | | 135,880 | | | | 138,348 | | | | 139,470 | |
Diluted | | | 138,384 | | | | 153,530 | | | | 135,880 | | | | 138,348 | | | | 139,470 | |
| | | | | |
CONSOLIDATED BALANCE SHEET DATA: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Working capital | | $ | 503,952 | | | $ | 345,097 | | | $ | 388,061 | | | $ | 799,601 | | | $ | 1,115,460 | |
Total assets | | $ | 2,147,677 | | | $ | 2,350,744 | | | $ | 2,521,211 | | | $ | 3,825,247 | | | $ | 4,682,113 | |
Long-term debt, less current portion | | $ | 593,103 | | | $ | 204,238 | | | $ | 394,498 | | | $ | 661,202 | | | $ | 1,279,026 | |
Shareholders’ equity | | $ | 990,586 | | | $ | 1,204,434 | | | $ | 1,128,559 | | | $ | 2,035,439 | | | $ | 2,102,713 | |
Cash dividends (per share) | | $ | — | | | $ | — | | | $ | 8.00 | | | $ | — | | | $ | 2.00 | |
| * | The year ended February 3, 2007 includes an extra week, creating a 53-week fiscal year that occurs every six years in the accounting cycle. |
