DOLLAR TREE STORES, INC.
COMBINED COMPANIES, AFTER GIVING EFFECT TO THE POOLING
BALANCE SHEET INFORMATION
(In thousands)
(Unaudited)
Mar. 31, Jun. 30, Sept. 30, Dec. 31, Mar. 31,
1998 1998 1998 1998 1999
ASSETS
Current assets:
Cash and cash equivalents $ 8,002 $ 8,932 $ 9,355 $ 74,644 $ 20,997
Merchandise inventories 150,399 179,237 210,747 142,706 176,615
Deferred tax asset 5,347 6,238 6,664 6,709 7,099
Prepaid expenses and other
current assets 7,249 6,079 9,379 7,451 6,625
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Total current assets 170,997 200,486 236,145 231,510 211,336
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Property and equipment, net 93,060 98,459 114,055 122,503 126,551
Deferred tax asset 2,092 2,457 2,617 2,194 2,291
Goodwill, net 43,996 43,514 43,033 42,551 42,069
Other assets, net 2,515 2,355 2,279 6,429 6,037
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TOTAL ASSETS $312,660 $347,271 $398,129 $405,187 $388,284
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 10,880 $ 20,964 $ 53,982 $ 16,500 $ 18,500
Accounts payable 49,359 53,739 63,836 53,030 42,538
Income taxes payable 3,898 2,284 0 21,353 5,936
Other current liabilities 25,449 20,203 18,921 26,445 16,605
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Total current liabilities 89,586 97,190 136,739 117,328 83,579
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Long-term debt 40,490 53,000 50,000 30,000 30,000
Other liabilities 6,662 6,645 8,040 9,043 8,516
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Total liabilities 136,738 156,835 194,779 156,371 122,095
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Common stock 407 613 613 614 618
Additional paid-in capital 42,791 46,068 46,910 53,030 59,422
Retained earnings 132,724 143,755 155,827 195,172 206,149
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Total shareholders' equity 175,922 190,436 203,350 248,816 266,189
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $312,660 $347,271 $398,129 $405,187 $388,284
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DOLLAR TREE STORES, INC.
COMBINED COMPANIES, AFTER GIVING EFFECT TO THE POOLING
INCOME STATEMENT INFORMATION
(In thousands except store and per share data)
(Unaudited)
Year Quarter
Quarter Ended Ended Ended
March 31, June 30, Sept. 30, Dec. 31, Dec. 31 March 31,
1998 1998 1998 1998 1998 1999
Net sales $180,599 $205,209 $210,008 $348,307 $944,122 $227,044
Cost of sales 116,610 131,130 132,014 209,327 589,080 146,179
Merger related costs 0 0 0 1,301 1,301 0
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Gross profit 63,989 74,079 77,994 137,679 353,741 80,865
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Selling, general and administrative expenses:
Operating expenses 45,997 49,463 51,312 62,010 208,782 56,125
Merger related expenses 0 0 0 4,024 4,024 0
Depreciation and amortization 4,414 4,889 5,174 6,041 20,518 6,220
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Total selling, general and
administrative expenses 50,411 54,352 56,486 72,075 233,324 62,345
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Operating income 13,578 19,727 21,508 65,604 120,417 18,520
Interest expense 708 1,051 1,531 1,041 4,331 482
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Income before income taxes 12,870 18,676 19,977 64,563 116,086 18,038
Provision for income taxes * 4,986 7,169 7,666 25,737 45,558 6,945
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Net income * $ 7,884 $ 11,507 $ 12,311 $ 38,826 $ 70,528 $ 11,093
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Pro forma net income per share:*
Basic net income per share $ 0.13 $ 0.19 $ 0.20 $ 0.63 $ 1.15 $ 0.18
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Weighted average number of
common shares outstanding 60,920 61,182 61,296 61,342 61,185 61,543
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Diluted net income per share $ 0.12 $ 0.17 $ 0.18 $ 0.57 $ 1.04 $ 0.16
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Weighted average number of
common shares and dilutive
potential common shares
outstanding 67,321 67,644 67,750 67,787 67,626 67,909
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STORE DATA:
Comparable store sales increase 6.4% 11.9% 5.5% 5.2% 6.8% 5.2%
Number of stores open at end of
period 1,003 1,063 1,139 1,179 1,179 1,227
Total gross square footage
(in thousands) 4,368 4,716 5,122 5,376 5,376 5,785
Total selling square footage
(in thousands) 3,573 3,854 4,191 4,398 4,398 4,818
* Amounts include a pro forma adjustment for C-corporation income taxes relating
to ONLY $ONE of $96 for March 31, 1998, $299 for June 30, 1998, $111 for
September 30, 1998, $519 for December 31, 1998, $1,025 for the year ended
December 31, 1998 and $234 for March 31, 1999.