x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Delaware |
82-0419266 | |
| (State of other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification
No.) |
| Class |
Shares outstanding as of January 6, 2003 | |
| Common Stock ($.01 par value) |
15,975,674 |
| Page | ||||
| 3 | ||||
| Item 1. |
3 | |||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| Item 2. |
15 | |||
| Item 3. |
31 | |||
| Item 4. |
31 | |||
| 32 | ||||
| Item 1. |
32 | |||
| Item 2. |
32 | |||
| Item 3. |
32 | |||
| Item 4. |
32 | |||
| Item 5. |
32 | |||
| Item 6. |
32 | |||
| November 30, 2002 |
March 2, 2002
|
|||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
19,247 |
|
$ |
4,989 |
| ||
| Receivables |
|
10,859 |
|
|
4,927 |
| ||
| Inventories |
|
80,038 |
|
|
64,295 |
| ||
| Prepaid and other |
|
4,090 |
|
|
5,923 |
| ||
| Prepaid and deferred catalog costs |
|
14,314 |
|
|
7,770 |
| ||
| Deferred income taxes |
|
2,250 |
|
|
2,250 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
130,798 |
|
|
90,154 |
| ||
| Property and equipment, net |
|
81,753 |
|
|
78,282 |
| ||
| Executive Loans |
|
548 |
|
|
811 |
| ||
| |
|
|
|
|
| |||
| Total assets |
$ |
213,099 |
|
$ |
169,247 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ |
69,188 |
|
$ |
46,514 |
| ||
| Accrued liabilities |
|
23,584 |
|
|
16,961 |
| ||
| Income taxes payable |
|
2,720 |
|
|
|
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
95,492 |
|
|
63,475 |
| ||
| Deferred income taxes |
|
1,794 |
|
|
3,794 |
| ||
| Deferred rents |
|
11,632 |
|
|
7,050 |
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
108,918 |
|
|
74,319 |
| ||
| |
|
|
|
|
| |||
| Commitments and contingencies |
||||||||
| Stockholders equity: |
||||||||
| Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued and outstanding |
|
|
|
|
|
| ||
| Common stock, $.01 par value, 60,000,000 shares authorized, 16,161,449 and 16,047,873 shares issued, respectively
(1) |
|
162 |
|
|
160 |
| ||
| Additional paid-in capital |
|
51,017 |
|
|
49,609 |
| ||
| Treasury shares, at cost, 209,100 shares |
|
(4,715 |
) |
|
(4,715 |
) | ||
| Retained earnings (1) |
|
57,717 |
|
|
49,874 |
| ||
| |
|
|
|
|
| |||
| Total stockholders equity |
|
104,181 |
|
|
94,928 |
| ||
| |
|
|
|
|
| |||
| Total liabilities and stockholders equity |
$ |
213,099 |
|
$ |
169,247 |
| ||
| |
|
|
|
|
| |||
(1) |
The above common stock issued and retained earnings amounts have been adjusted to reflect a 50% stock dividend in the form of a 3-for-2 stock split declared by
the Board of Directors on December 19, 2002. Please refer to Note 11Post Balance Sheet EventStock Dividend and Note 7Net Income Per Share for further details. |
| Three Months Ended |
Nine Months Ended | |||||||||||
| November 30, 2002 |
December 1, 2001 |
November 30, 2002 |
December 1, 2001 | |||||||||
| Statements of Operations: |
||||||||||||
| Net sales |
$ |
153,802 |
$ |
141,707 |
$ |
358,623 |
$ |
347,423 | ||||
| Cost of sales |
|
88,414 |
|
79,245 |
|
208,179 |
|
196,247 | ||||
| |
|
|
|
|
|
|
| |||||
| Gross profit |
|
65,388 |
|
62,462 |
|
150,444 |
|
151,176 | ||||
| Selling, general and administrative expenses |
|
55,987 |
|
59,991 |
|
137,394 |
|
144,581 | ||||
| |
|
|
|
|
|
|
| |||||
| Income from operations |
|
9,401 |
|
2,471 |
|
13,050 |
|
6,595 | ||||
| Interest, net, and other |
|
57 |
|
106 |
|
83 |
|
343 | ||||
| |
|
|
|
|
|
|
| |||||
| Income before income taxes |
|
9,458 |
|
2,577 |
|
13,133 |
|
6,938 | ||||
| Income tax provision |
|
3,735 |
|
999 |
|
5,288 |
|
2,687 | ||||
| |
|
|
|
|
|
|
| |||||
| Net income |
$ |
5,723 |
$ |
1,578 |
$ |
7,845 |
$ |
4,251 | ||||
| |
|
|
|
|
|
|
| |||||
| Net income per shareBasic (1) |
$ |
0.36 |
$ |
0.10 |
$ |
0.49 |
$ |
0.27 | ||||
| |
|
|
|
|
|
|
| |||||
| Weighted average shares outstandingBasic (1) |
|
15,953 |
|
15,786 |
|
15,923 |
|
15,915 | ||||
| Net income per shareDiluted (1) |
$ |
0.36 |
$ |
0.10 |
$ |
0.49 |
$ |
0.26 | ||||
| |
|
|
|
|
|
|
| |||||
| Weighted average shares outstandingDiluted (1) |
|
16,001 |
|
16,125 |
|
16,067 |
|
16,287 | ||||
(1) |
The above weighted average shares outstanding and net income per share amounts have been adjusted to reflect a 50% stock dividend in the form of a 3-for-2 stock
split declared by the Board of Directors on December 19, 2002. Please refer to Note 11Post Balance Sheet EventStock Dividend and Note 7Net Income Per Share for further details.
|
| Nine Months Ended |
||||||||
| November 30, 2002 |
December 1, 2001 |
|||||||
| OPERATING ACTIVITIES: |
||||||||
| Net income |
$ |
7,845 |
|
$ |
4,251 |
| ||
| Non cash items: |
||||||||
| Depreciation and amortization |
|
11,448 |
|
|
8,897 |
| ||
| Deferred rents |
|
(271 |
) |
|
(39 |
) | ||
| Contributed services |
|
227 |
|
|
|
| ||
| Deferred income taxes |
|
(2,000 |
) |
|
|
| ||
| Other |
|
353 |
|
|
|
| ||
| Net change in current assets and liabilities: |
||||||||
| Receivables |
|
(488 |
) |
|
(3,153 |
) | ||
| Inventories |
|
(15,743 |
) |
|
(5,604 |
) | ||
| Prepaid and other |
|
2,127 |
|
|
(830 |
) | ||
| Prepaid and deferred catalog costs |
|
(6,544 |
) |
|
661 |
| ||
| Accounts payable |
|
22,674 |
|
|
26,555 |
| ||
| Accrued liabilities |
|
6,147 |
|
|
2,517 |
| ||
| Current income tax liabilities |
|
2,720 |
|
|
|
| ||
| |
|
|
|
|
| |||
| Net cash provided by operating activities |
|
28,495 |
|
|
33,255 |
| ||
| |
|
|
|
|
| |||
| INVESTING ACTIVITIES: |
||||||||
| Purchase of property and equipment |
|
(15,347 |
) |
|
(28,031 |
) | ||
| Executive loan repayments |
|
263 |
|
|
251 |
| ||
| |
|
|
|
|
| |||
| Net cash used in investing activities |
|
(15,084 |
) |
|
(27,780 |
) | ||
| |
|
|
|
|
| |||
| FINANCING ACTIVITIES: |
||||||||
| Net proceeds from exercises of stock options |
|
900 |
|
|
804 |
| ||
| Common shares repurchased for treasury |
|
|
|
|
(4,715 |
) | ||
| Other financing costs |
|
(53 |
) |
|
(53 |
) | ||
| |
|
|
|
|
| |||
| Net cash provided by (used in) financing activities |
|
847 |
|
|
(3,964 |
) | ||
| |
|
|
|
|
| |||
| Net increase in cash and cash equivalents |
|
14,258 |
|
|
1,511 |
| ||
| Cash and cash equivalents, beginning |
|
4,989 |
|
|
4,600 |
| ||
| |
|
|
|
|
| |||
| Cash and cash equivalents, ending |
$ |
19,247 |
|
$ |
6,111 |
| ||
| |
|
|
|
|
| |||
| SUPPLEMENTAL CASH FLOW DATA: |
||||||||
| Cash paid for interest |
$ |
2 |
|
$ |
14 |
| ||
| Cash paid for income taxes |
|
1,137 |
|
|
2,337 |
| ||
| Tax benefit from exercises of stock options |
|
281 |
|
|
207 |
| ||
| Deferred rent |
|
5,444 |
|
|
5,434 |
| ||