Exhibit 99.1
DOLLAR TREE STORES, INC.
Condensed Consolidated Income Statements
For the Three Months Ended March 31
(Amounts in thousands, except per share data)
(Unaudited)
First Quarter
2001 2000
---- ----
Net sales $387,319 $327,111
Cost of sales 255,858 213,538
Gross profit 131,461 113,573
33.9% 34.7%
Operating expenses 101,691 81,661
26.3% 25.0%
Depreciation/amortization 11,831 8,693
Operating income 17,939 23,219
4.6% 7.1%
Interest income (expense), net 387 (500)
Other income (expense) (a) (792) -
Earnings before income taxes 17,534 22,719
4.5% 6.9%
Income tax expense 6,751 8,767
Net earnings 10,783 13,952
Net earnings available to common shareholders (b) 10,783 12,876
2.8% 3.9%
Net earnings per common share:
Basic $ 0.10 $ 0.13
Weighted average number of shares 112,097 99,032
Diluted $ 0.10 $ 0.12
Weighted average number of shares 112,764 108,647
<FN>
(a) Amount represents the earnings impact of recording non-hedging interest rate
swaps to market value in accordance with Statement of Financial Accounting
Standards No. 133, which was effective January 1, 2001.
(b) Amount in 2000 includes accretion of the cumulative convertible redeemable
preferred stock to redemption value, accrued preferred stock dividends and
amortization of the discount on preferred stock. The amount deducted from net
earnings available to common shareholders is $1,076 for the quarter ended March
31, 2000.
</FN>
DOLLAR TREE STORES, INC.
Condensed Consolidated Balance Sheets
(Dollars in thousands)
March 31, Dec. 31, March 31,
2001 2000 2000
---- ---- ----
(Unaudited) (Unaudited)
Cash and cash equivalents $ 65,984 $ 181,166 $ 83,711
Merchandise inventories 354,911 258,687 276,811
Other current assets 35,829 37,661 17,464
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Total current assets 456,724 477,514 377,986
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Property and equipment, net 226,371 211,632 167,167
Goodwill, net 39,872 40,376 41,890
Other assets, net 18,094 17,337 16,275
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Total assets $ 741,061 $ 746,859 $ 603,318
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Accounts payable $ 81,936 $ 75,404 $ 71,022
Income taxes payable 12,426 23,448 10,502
Other current liabilities 35,484 50,453 27,878
Current portion of long-term debt 25,000 25,000 26,595
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Total current liabilities 154,846 174,305 135,997
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Long-term debt, excluding current portion 18,000 18,000 54,930
Other liabilities 36,945 35,896 40,514
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Total liabilities 209,791 228,201 231,441
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Cumulative convertible redeemable preferred stock - - 36,247
Shareholders' equity 531,270 518,658 335,630
------- ------- -------
Total liabilities and
shareholders' equity $ 741,061 $ 746,859 $ 603,318
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STORE DATA:
Number of stores open at
end of period 1,781 1,729 1,565
Total gross square footage
(in thousands) 10,510 9,832 8,097
DOLLAR TREE STORES, INC.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
Three-months ended Year ended Three-months ended
March 31, December 31, March 31,
2001 2000 2000
---- ---- ----
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income $ 10,783 $ 121,622 $ 13,952
------- ------- -------
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
Depreciation and amortization 11,831 41,971 8,693
Other non-cash adjustments 1,563 14,813 3,022
Changes in working capital (113,254) (71,141) (112,664)
------- ------- -------
Total adjustments (99,860) (14,357) (100,949)
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Net cash provided by (used in) operating activities (89,077) 107,265 (86,997)
------- ------- -------
Cash flows from investing activities:
Capital expenditures (26,325) (95,038) (18,069)
Proceeds from sale of property and equipment 13 271 65
------- ------- -------
Net cash used in investing activities (26,312) (94,767) (18,004)
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Cash flows from financing activities:
Net change in revolving credit facilities - (6,500) 6,000
Repayment of long-term debt and facility fees (239) (27,708) (1,683)
Principal payments under capital lease obligations (865) (3,274) (778)
Proceeds from stock issued pursuant to stock-based
compensation plans 1,311 24,563 3,586
------- ------- -------
Net cash provided by (used in) financing activities 207 (12,919) 7,125
------- ------- -------
Net decrease in cash and cash equivalents (115,182) (421) (97,876)
Cash and cash equivalents at beginning of period 181,166 181,587 181,587
------- ------- -------
Cash and cash equivalents at end of period $ 65,984 $ 181,166 $ 83,711
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