EXHIBIT 99.1
WILD OATS MARKETS, INC.
SELECTED FINANCIAL DATA
(unaudited)
(In thousands, except per-share amounts)
The following data for the eight fiscal quarters ended January 1, 2000 are
derived from the consolidated financial statements of Wild Oats Markets, Inc.
The information set forth below should be read in conjunction with our complete
Supplemental Combined Financial Statements as filed on Form 8-K on February 29,
2000. Certain reclassifications have been made to prior financial statements to
conform with current period presentation.
STATEMENT OF OPERATIONS:
Fiscal Quarter Ended March 28, 1998 June 27, 1998 September 26, 1998 January 2, 1999
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Sales $ 123,888 100.0% $131,794 100.0% $130,235 100.0% $144,809 100.0%
Cost of goods sold and occupancy costs 85,914 69.3% 91,758 69.6% 90,664 69.6% 101,139 69.8%
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Gross profit 37,974 30.7% 40,036 30.4% 39,571 30.4% 43,670 30.2%
Operating expenses:
Direct store expenses 26,481 21.4% 28,556 21.7% 27,628 21.2% 30,429 21.0%
Selling, general and administrative expenses 4,623 3.7% 5,076 3.9% 5,148 4.0% 5,179 3.6%
Pre-opening expenses 587 0.5% 472 0.4% 840 0.6% 1,550 1.1%
Non-recurring expenses -- 0.0% 393 0.3% -- 0.0% 0.0%
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Income (loss) from operations 6,283 5.1% 5,539 4.2% 5,955 4.6% 6,512 4.5%
Other expense (income):
Interest expense (income), net (154) -0.1% 7 0.0% 91 0.1% 84 0.1%
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Income (loss) before income taxes 6,437 5.2% 5,532 4.2% 5,864 4.5% 6,428 4.4%
Income tax expense (benefit) 1,742 1.4% 1,720 1.3% 1,973 1.5% 2,387 1.6%
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Net income (loss) before cumulative effect of
change in accounting principle 4,695 3.8% 3,812 2.9% 3,891 3.0% 4,041 2.8%
Cumulative effect of change in accounting
principle, net of tax 0.0% 0.0% 0.0% 0.0%
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Net income (loss) 4,695 3.8% 3,812 2.9% 3,891 3.0% 4,041 2.8%
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Other comprehensive income:
Foreign currency translation adjustment, net 22 8 (114) 106
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Comprehensive income $ 4,717 $ 3,820 $ 3,777 $ 4,147
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Basic net income (loss) per common share $ 0.21 $ 0.17 $ 0.17 $ 0.18
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Diluted net income (loss) per common share $ 0.20 $ 0.17 $ 0.17 $ 0.17
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Average common shares outstanding 22,144 22,485 22,540 22,569
Dilutive effect of stock options 816 737 585 625
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Average common shares outstanding assuming dilution 22,960 23,222 23,125 23,194
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PRO FORMA NET INCOME (1) $ 3,810 $ 3,479 $ 3,480 $ 3,749
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PRO FORMA BASIC NET INCOME PER COMMON SHARE (1) $ 0.17 $ 0.15 $ 0.15 $ 0.17
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PRO FORMA DILUTED NET INCOME PER COMMON SHARE (1) $ 0.17 $ 0.15 $ 0.15 $ 0.16
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STATEMENT OF OPERATIONS:
Fiscal Quarter Ended April 3, 1999 July 3, 1999 October 2, 1999 January 1, 2000
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Sales $ 159,643 100.0% $ 173,207 100.0% $ 186,522 100.0% $201,719 100.0%
Cost of goods sold and occupancy costs 111,291 69.7% 120,402 69.5% 128,557 68.9% 139,376 69.1%
--------- ----- --------- ----- --------- ----- -------- -----
Gross profit 48,352 30.3% 52,805 30.5% 57,965 31.1% 62,343 30.9%
Operating expenses:
Direct store expenses 33,996 21.3% 36,974 21.3% $ 40,076 21.5% 44,823 22.2%
Selling, general and administrative expenses 6,140 3.8% 6,846 4.0% 7,388 4.0% 7,565 3.8%
Pre-opening expenses 674 0.4% 938 0.5% 650 0.3% 505 0.3%
Non-recurring expenses 10,894 6.8% 0.0% 645 0.3% 1,103 0.5%
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Income (loss) from operations (3,352) -2.1% 8,047 4.6% 9,206 4.9% 8,347 4.1%
Other expense (income):
Interest expense (income), net 250 0.2% 708 0.4% 1,696 0.9% 1,626 0.8%
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Income (loss) before income taxes (3,602) -2.3% 7,339 4.2% 7,510 4.0% 6,721 3.3%
Income tax expense (benefit) (2,445) -1.5% 2,743 1.6% 2,628 1.4% 2,273 1.1%
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Net income (loss) before cumulative effect of
change in accounting principle (1,157) -0.7% 4,596 2.7% 4,882 2.6% 4,448 2.2%
Cumulative effect of change in accounting
principle, net of tax 281 0.2% 0.0% 0.0% 0.0%
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Net income (loss) (1,438) -0.9% 4,596 2.7% 4,882 2.6% 4,448 2.2%
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Other comprehensive income:
Foreign currency translation adjustment, net 166 256 216 (128)
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Comprehensive income $ (1,272) $ 4,582 $ 5,098 $ 4,320
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Basic net income (loss) per common share $ (0.06) $ 0.20 $ 0.22 $ 0.19
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Diluted net income (loss) per common share $ (0.06) $ 0.19 $ 0.21 $ 0.19
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Average common shares outstanding 22,626 22,765 22,884 22,950
Dilutive effect of stock options 590 732 692
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Average common shares outstanding assuming dilution 22,626 23,355 23,616 23,642
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PRO FORMA NET INCOME (1) $ 4,449 $ 3,953 $ 4,457 $ 4,941
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PRO FORMA BASIC NET INCOME PER COMMON SHARE (1) $ 0.20 $ 0.17 $ 0.19 $ 0.22
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PRO FORMA DILUTED NET INCOME PER COMMON SHARE (1) $ 0.19 $ 0.17 $ 0.19 $ 0.21
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(1) The pro forma net income and pro forma net income per share reflect the
tax adjustment for the fiscal 1999 mergers with Henry's Marketplace, Inc.
and Sun Harvest Farms, Inc. in pooling of interests transactions, which
included entities that were previously not taxable, as if Henry's and Sun
Harvest had filed C corporation tax returns for all periods presented. For
all quarters, the pro forma net income and pro forma net income per share
also exclude non-recurring expenses and the cumulative effect of change in
accounting principle.
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