EXHIBIT 99.1
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SUMMARY CONSOLIDATED FINANCIAL DATA
The following table sets forth our summary consolidated financial data
for the periods presented below and our earnings per share as adjusted for the
stock split described below. The summary consolidated financial data for each of
the five fiscal years in the five year period ended May 29, 2005 and at the end
of each of those fiscal years, have been derived from our audited consolidated
financial statements. The summary consolidated financial data as of and for the
three months ended August 28, 2005 and August 29, 2004 and the three and six
months ended November 27, 2005 and November 28, 2004 have been derived from our
unaudited consolidated financial statements. Our unaudited consolidated
financial statements include all adjustments, which include only normal and
recurring adjustments, necessary to state fairly the data included therein.
The per share amounts shown below have been retroactively adjusted to
reflect a three-for-two stock split in the form of a 50% stock dividend which
was paid on February 21, 2006 to stockholders of record on February 6, 2006 (See
Footnote "c" below).
Our historical results are not necessarily indicative of the results of
operations for future periods, and our results of operations for the six-month
period ended November 27, 2005 are not necessarily indicative of the results
that may be expected for the full year ending May 28, 2006. You should read the
following summary consolidated financial data in conjunction with "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and
our consolidated financial statements and related notes included in our Annual
Report on Form 10-K for the fiscal year ended May 29, 2005 and in our Quarterly
Report on Form 10-Q for the fiscal period ended November 27, 2005.
(Dollars in Thousands Except Per Share Amounts)
For the Three Months Ended For the Six Months Ended
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27-Nov-05 28-Nov-04 28-Aug-05 29-Aug-04 27-Nov-05 28-Nov-04
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Net Revenues (d) $ 78,112 $ 66,175 $ 71,016 $ 51,524 $ 149,128 $ 117,699
Gross Margin (d) 35,160 31,229 31,146 23,116 66,306 54,345
Income before
Income taxes (d) 10,408 3,301 7,738 5,249 18,146 8,550
Income from continuing operations 6,838 2,367 5,084 3,427 11,922 5,794
Per common share (a) (c):
Basic:
Continuing operations $ 0.16 $ 0.06 $ 0.12 $ 0.09 $ 0.28 $ 0.14
Discontinued operations - 0.04 - 0.05 - 0.09
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$ 0.16 $ 0.10 $ 0.12 $ 0.14 $ 0.28 $ 0.23
Diluted:
Continuing operations $ 0.16 $ 0.06 $ 0.12 $ 0.08 $ 0.28 $ 0.14
Discontinued operations - 0.04 - 0.05 - 0.09
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$ 0.16 $ 0.10 $ 0.12 $ 0.13 $ 0.28 $ 0.23
For the Fiscal Year Ended
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29-May-05 30-May-04 25-May-03 26-May-02 27-May-01
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Net Revenues (d) $ 264,759 $ 139,739 $ 126,841 $ 135,152 $ 112,057
Gross Margin (d) 120,185 59,261 50,498 55,522 46,296
Income before
Income taxes (d) 19,922 18,194 20,723 29,729 12,203
Income from continuing
operations 14,017 11,881 13,532 20,218 7,492
Per common share (a) (c):
Basic:
Continuing operations $ 0.34 $ 0.32 $ 0.36 $ 0.55 $ 0.22
Discontinued operations 0.56 0.08 0.04 0.01 0.10
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$ 0.90 $ 0.40 $ 0.40 $ 0.56 $ 0.32
Diluted:
Continuing operations $ 0.33 $ 0.31 $ 0.35 $ 0.52 $ 0.20
Discontinued operations 0.56 0.08 0.04 0.01 0.10
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$ 0.89 $ 0.39 $ 0.39 $ 0.53 $ 0.30
27-Nov-05 29-May-05 30-May-04 25-May-03 26-May-02 27-May-01
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Working Capital $ 105,265 $ 51,551 $ 52,020 $ 109,865 $ 93,113 $ 60,370
Total Assets 418,567 389,648 284,935 185,055 177,225 152,158
Long-Term debt
(net of current maturities) 58,559 19,885 57,635 4,384 4,668 6,185
Retained Earnings /
(accumulated deficit) 93,112 81,190 43,644 28,784 13,867 (6,722)
Stockholders' Equity 287,957 275,006 175,569 154,504 147,394 115,015
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(a) Income (loss) per common share has been computed during each period based on
the weighted average number of shares of Common Stock outstanding plus dilutive
potential common shares (where applicable).
(b) The Company did not pay a cash dividend on its Common Stock during any of
the periods indicated.
(c) Net income per common share has been restated to give effect to the three
for two stock split in the form of a 50% stock dividend to stockholders' of
record on February 6, 2006. The distribution date was February 21, 2006.
(d) Net revenues, gross margin, and income before income taxes were restated in
2005 to exclude amounts associated with IGC-Polycold Systems, Inc. ("Polycold"),
the Company's wholly-owned subsidiary, which was sold on February 15, 2005.