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EXHIBIT (99)
GENESCO STOCK SAVINGS PLAN
Financial Statements
January 31, 1995 and 1994
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April 7, 1995
To the Participants and Administrator
of the Genesco Stock Savings Plan
Report of Independent Accountants
In our opinion, the accompanying statement of financial condition and the
related statement of income and changes in plan equity present fairly, in all
material respects, the financial condition of the Genesco Stock Savings Plan at
January 31, 1995 and 1994, and the income and changes in plan equity for each
of the three years in the period ended January 31, 1995, in conformity with
generally accepted accounting principles. These financial statements are the
responsibility of the plan's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for the opinion expressed above.
/s/Price Waterhouse LLP
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GENESCO STOCK SAVINGS PLAN
Statement of Financial Condition
January 31
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ASSETS 1995 1994
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Due from Genesco Inc. $128,526 $277,788
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TOTAL ASSETS $128,526 $277,788
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LIABILITIES AND PLAN EQUITY
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Payable to withdrawn participants $ 8,317 $ 12,218
Plan equity 120,209 265,570
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TOTAL LIABILITIES AND PLAN EQUITY $128,526 $277,788
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The accompanying Notes are an integral part of these Financial Statements.
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GENESCO STOCK SAVINGS PLAN
Statement of Income and Changes in Plan Equity
For the Years Ended January 31
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1995 1994 1993
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Interest income $ 15,509 $ 16,345 $ 17,032
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Employee contributions 210,779 302,040 273,860
Options exercised (22,627) (188,238) (189,165)
Distributions to withdrawn participants (349,022) (84,138) (223,906)
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Net increase (decrease) in plan equity (145,361) 46,009 (122,179)
Plan equity at beginning of period 265,570 219,561 341,740
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PLAN EQUITY AT END OF PERIOD $ 120,209 $ 265,570 $ 219,561
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The accompanying Notes are an integral part of these Financial Statements.
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GENESCO STOCK SAVINGS PLAN
Notes to Financial Statements
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The records of the Genesco Stock Savings Plan (the "Plan") are maintained on
the accrual basis of accounting.
All expenses incurred in administration of the Plan are paid by Genesco Inc.
(the "Company") and are excluded from these financial statements.
NOTE 2
THE PLAN
BACKGROUND AND SUMMARY
The following description of the Plan provides only general information.
Participants should refer to the Plan prospectus for a more complete
description of the Plan's provisions.
The Plan was created in June 1990 to advance the interests of the Company and
its shareholders by enabling the Company to attract and retain qualified
employees and by encouraging employees to identify with shareholder interests
through the acquisition of shares of the Company's common stock.
ELIGIBILITY
All employees become eligible to participate in the Plan after one year of
employment with more than 1,000 hours of service and annual compensation of
less than $100,000.
CONTRIBUTIONS
Contributions to the Plan are solely from participating employees of the
Company who, through after-tax payroll deductions, may use their contributions,
and interest earned thereon, to purchase common stock of the Company at the end
of a two-year option period.
An option enables the participant to purchase shares of the Company's common
stock at the lower of the fair market value of such shares at the date the
option is granted or the date at which it is exercised. Options are to be
granted each year through August 1, 1999, unless the board of directors, at its
discretion, determines in advance that no options are to be granted. The
options granted and rights thereto may not be sold, assigned, pledged or
otherwise transferred and may be exercised during the lifetime of the
participant only by the participant.
PARTICIPANT ACCOUNTS
A separate account is maintained for participant's contributions and interest
income thereon. The Company provides each participant with an annual statement
reflecting the value of their account. Participant contributions are held by
Genesco Inc., which has an unfunded and unsecured obligation to the Plan.
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GENESCO STOCK SAVINGS PLAN
Notes to Financial Statements
NOTE 2
THE PLAN, CONTINUED
The Plan requires interest income to be credited to the participants' accounts
quarterly based on their average account balance and computed using the index
rate of a local bank in effect on the first business day of each quarter.
VESTING
Participants are 100% vested in the value of their account and may withdraw
from the Plan at any time with 30 days advance notice.
If a participant is terminated for any reason other than retirement or death,
the participant's involvement in the Plan and any unexercised options
automatically terminate, and the participant will receive the balance of their
account in cash.
TERMINATION OF THE PLAN
The Company reserves the right to terminate the Plan at any time. In the event
of plan termination, the balance of each participant's account shall be paid in
cash as soon as is reasonably practical.
PLAN ADMINISTRATOR
The Plan is administered by the director of employee benefits of the Company
and, as to certain matters, by the compensation committee of the board of
directors or the board of directors of the Company.
REGULATORY MATTERS
The Plan is intended to qualify as an Employee Stock Purchase Plan within the
meaning of Section 423 of the Internal Revenue Code of 1986, as amended.
Accordingly, no income will result for federal income tax purposes when an
option is granted or exercised, however, income may result upon disposition of
the stock. Interest accruing on a participant's account is includable in
taxable income of the participant upon the earlier of withdrawal from the Plan
or exercise of the participant's option.
The Plan is not subject to any provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
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GENESCO STOCK SAVINGS PLAN
Notes to Financial Statements
NOTE 3
SUPPLEMENTAL DATA
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PLAN PLAN PLAN PLAN
OPTIONS TO PURCHASE COMPANY STOCK TOTAL 1991 1992 1993 1994
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Outstanding, January 31, 1993 86,982 37,056 49,926 - -
Granted 40,093 - - 40,093 -
Exercised (30,118) (30,118) - - -
Withdrawn (18,282) (6,938) (7,627) (3,717) -
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Outstanding, January 31, 1994 78,675 -0- 42,299 36,376 -
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Granted 66,158 - - - 66,158
Exercised (9,527) - (9,527) -
Withdrawn (54,877) - (32,772) (19,564) (2,541)
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Outstanding, January 31, 1995 80,429 - -0- 16,812 63,617
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Fair market value of stock at
date of grant $6.25 $7.625 $8.625 $2.50
Date of grant 10/1/91 10/1/92 10/1/93 10/1/94
Fair market value of stock at date
of exercise $8.00 $2.375 N/A N/A
Exercise date 9/30/93 9/30/94 9/30/95 9/30/96
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PLAN PLAN PLAN PLAN
NUMBER OF PARTICIPANTS TOTAL 1991 1992 1993 1994
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As of February 1, 1993 345 148 197 - -
Initial enrollment 156 - - 156 -
Exercised options (106) (106) - - -
Withdrawn (95) (42) (36) (17) -
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As of January 31, 1994 300 -0- 161 139 -
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Initial enrollment 284 - - - 284
Exercised options (38) - (38) -
Withdrawn (210) - (123) (73) (14)
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As of January 31, 1995 336 - -0- 66 270
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