U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended October 31, 2003
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File No. 0-26608
CUTTER & BUCK INC.
(Exact Name of Registrant as Specified in Its Charter)
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Washington |
91-1474587 |
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(State or Other Jurisdiction of |
(I.R.S. Employer |
701 N. 34th
Street, Suite 400
Seattle, WA 98103
(Address of Principal Executive Offices, Including Zip Code)
(206) 622-4191
(Registrant’s Telephone Number, Including Area Code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of Common Stock of the registrant outstanding as of December 11, 2003 was 10,703,242.
CUTTER &
BUCK INC.
Quarterly Report on Form 10-Q
For the Quarter Ended October 31, 2003
Index
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3 |
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4 |
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5 |
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6 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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21 |
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2
CUTTER &
BUCK INC.
Condensed Consolidated Balance Sheets
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October 31, 2003 |
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April 30, 2003 |
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(unaudited) |
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(in thousands, except share amounts) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
34,070 |
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$ |
18,864 |
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Accounts receivable, net of allowances for doubtful accounts and returns of $2,884 at October 31, 2003 and $3,746 at April 30, 2003 |
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18,501 |
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24,333 |
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Inventories, net |
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21,818 |
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34,539 |
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Deferred income taxes |
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2,852 |
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3,586 |
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Prepaid expenses and other current assets |
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3,189 |
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4,740 |
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Total current assets |
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80,430 |
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86,062 |
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Furniture and equipment, net |
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7,305 |
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8,894 |
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Deferred income taxes |
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178 |
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178 |
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Other assets |
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502 |
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544 |
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Total assets |
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$ |
88,415 |
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$ |
95,678 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,849 |
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$ |
6,381 |
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Accrued liabilities |
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7,362 |
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12,245 |
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Current portion of capital lease obligations |
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817 |
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1,732 |
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Other current liabilities |
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37 |
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82 |
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Total current liabilities |
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10,065 |
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20,440 |
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Capital lease obligations, less current portion |
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399 |
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702 |
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Other liabilities |
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2,530 |
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2,548 |
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Commitments and contingencies |
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— |
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— |
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Shareholders’ equity: |
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Preferred stock, no par value, 6,000,000 shares authorized: none issued and outstanding |
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— |
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— |
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Common stock, no par value, 25,000,000 shares authorized: 10,703,291 issued and outstanding at October 31, 2003 and 10,634,132 at April 30, 2003 |
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65,017 |
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64,805 |
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Deferred compensation |
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(5 |
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(37 |
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Retained earnings |
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10,409 |
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7,220 |
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Total shareholders’ equity |
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75,421 |
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71,988 |
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Total liabilities and shareholders’ equity |
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$ |
88,415 |
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$ |
95,678 |
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See accompanying notes
3
Condensed Consolidated Statements of Operations (Unaudited)
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Three Months Ended |
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Six Months Ended |
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October 31, |
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October 31, |
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October 31, |
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October 31, |
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2003 |
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2002 |
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2003 |
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2002 |
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(in thousands, except share and per share amounts) |
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Net sales |
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$ |
34,747 |
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$ |
36,505 |
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$ |
67,484 |
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$ |
69,812 |
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Cost of sales |
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18,527 |
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21,740 |
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36,525 |
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41,099 |
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Gross profit |
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16,220 |
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14,765 |
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30,959 |
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28,713 |
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Operating expenses: |
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Depreciation |
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1,051 |
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1,275 |
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2,113 |
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2,551 |
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