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ITEM 6. SELECTED FINANCIAL DATA
Note: Capitalized terms not defined herein have the meaning as ascribed to them in our Annual Report on Form 10-K for the year ended November 30, 2014, filed with the SEC on February 13, 2015 ("Annual Report").
The table below (includes the notes hereto) sets forth a summary of selected consolidated financial data. The selected consolidated financial data should be read in conjunction with the related consolidated financial statements and notes thereto provided in Item 8. Financial Statements and Supplementary Data and the Consolidated Financial Statement and Schedules included as Exhibit 99.3 of our Current Report on Form 8-K filed with the SEC on November 3, 2015.
| Year ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except per share data) | |||||||||||||||
| 11/30/14 | 11/30/2013 | 11/30/12 | 11/30/11 | 11/30/10 | |||||||||||
| (1) | (2) | | | | |||||||||||
Net sales | $ | 84,225 | $ | 28,417 | $ | 9,484 | $ | 7,231 | $ | 4,283 | ||||||
Cost of goods sold | 44,502 | 14,451 | 2,835 | 2,448 | 1,590 | |||||||||||
| | | | | | | | | | | | | | | | |
Gross profit | 39,723 | 13,966 | 6,649 | 4,783 | 2,693 | |||||||||||
Operating expenses | ||||||||||||||||
Selling, general and administrative | 42,329 | 21,956 | 10,728 | 9,363 | 6,882 | |||||||||||
Impairment of goodwill | 23,585 | — | — | |||||||||||||
Depreciation and amortization | 3,637 | 1,319 | 565 | 588 | 361 | |||||||||||
Retail stores impairment | 840 | — | — | 1,144 | — | |||||||||||
| | | | | | | | | | | | | | | | |
70,391 | 23,275 | 11,293 | 11,095 | 7,243 | ||||||||||||
| | | | | | | | | | | | | | | | |
Operating loss from continuing operations | (30,668 | ) | (9,309 | ) | (4,644 | ) | (6,312 | ) | (4,550 | ) | ||||||
Interest expense | 5,141 | 1,032 | — | — | — | |||||||||||
Other expense | (2,268 | ) | 209 | — | — | — | ||||||||||
| | | | | | | | | | | | | | | | |
Loss before taxes | (33,541 | ) | (10,550 | ) | (4,644 | ) | (6,312 | ) | (4,550 | ) | ||||||
Income tax (benefit) provision | (5,059 | ) | (3,134 | ) | (2,012 | ) | (2,555 | ) | �� | (1,884 | ) | |||||
| | | | | | | | | | | | | | | | |
Loss from continuing operations | (28,482 | ) | (7,416 | ) | (2,632 | ) | (3,757 | ) | (2,666 | ) | ||||||
Income from discontinued operations, net of tax | 766 | 102 | 8,197 | 2,392 | 5,267 | |||||||||||
| | | | | | | | | | | | | | | | |
Net (loss) income and comprehensive (loss) income | $ | (27,716 | ) | $ | (7,314 | ) | $ | 5,565 | $ | (1,365 | ) | $ | 2,601 | |||
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Earnings (loss) per common share—basic | ||||||||||||||||
Loss from continuing operations | $ | (0.42 | ) | $ | (0.11 | ) | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.04 | ) | |
Earnings from discontinued operations | 0.01 | 0.00 | 0.12 | 0.04 | 0.08 | |||||||||||
| | | | | | | | | | | | | | | | |
Earnings (loss) per common share—basic | $ | (0.41 | ) | $ | (0.11 | ) | $ | 0.08 | $ | (0.02 | ) | $ | 0.04 | |||
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Earnings (loss) per common share—diluted | ||||||||||||||||
Loss from continuing operations | $ | (0.42 | ) | $ | (0.11 | ) | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.04 | ) | |
Earnings from discontinued operations | 0.01 | 0.00 | 0.12 | 0.04 | 0.08 | |||||||||||
| | | | | | | | | | | | | | | | |
Earnings (loss) per common share—diluted | $ | (0.41 | ) | $ | (0.11 | ) | $ | 0.08 | $ | (0.02 | ) | $ | 0.04 | |||
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| | | | | | | | | | | | | | | | |
Weighted average shares outstanding | ||||||||||||||||
Basic | 68,226 | 67,163 | 65,496 | 64,001 | 62,362 | |||||||||||
Diluted | 68,226 | 67,163 | 66,849 | 64,001 | 64,505 | |||||||||||
Balance sheet data: | ||||||||||||||||
Total assets | $ | 203,949 | $ | 223,023 | $ | 86,024 | $ | 80,162 | $ | 81,469 | ||||||
Long term debt(3) | 24,733 | 89,982 | — | — | — | |||||||||||
Stockholders' equity | 40,997 | 65,769 | 71,739 | 64,757 | 64,873 |
- (1)
- Reclassification, presentation and certain computational changes have been made for the results for the certain operating and intellectual property assets used or held for use in our business operated under the brand names "Joe's Jeans," Joe's," "Joe's JD" and "else" sold and reclassified as discontinued operations for all periods presented.
- (2)
- Includes results of operation for Hudson from the acquisition date of September 30, 2013 through the end of our fiscal year ended November 30, 2013.
- (3)
- Includes long term debt, convertible notes and buyout payable. During fiscal 2014, certain of the prior year long term debt was reclassified as current debt due to the default under the respective term loan agreement.