UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
(Mark One) |
|
|
|
|
|
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
For the quarterly period ended May 31, 2003 |
|
|
|
|
|
or |
|
|
|
|
|
o |
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. 0-19972 |
|
(Exact name of registrant as specified in its charter)
|
Delaware |
|
06 - 1195422 |
|
(State or other
jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
2400 Xenium Lane North, Plymouth, Minnesota |
||
|
(Address of principal executive offices) |
||
|
|
|
|
55441 |
||
|
(Zip Code) |
||
|
|
|
|
|
(763) 551-5000 |
||
|
(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 ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
YES ý NO o
As of June 27, 2003, 24,908,617 shares of the registrant’s common stock were outstanding.
CHRISTOPHER & BANKS CORPORATION
FORM 10-Q QUARTERLY REPORT
INDEX
PART I
FINANCIAL INFORMATION
2
|
|
|
May 31, |
|
March 1, |
|
June 1, |
|
|||
|
|
|
(Unaudited) |
|
(Audited) |
|
(Unaudited) |
|
|||
|
ASSETS |
|
|
|
|
|
|
|
|||
|
Current assets: |
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents |
|
$ |
22,178,301 |
|
$ |
8,279,236 |
|
$ |
26,281,722 |
|
|
Short-term investments |
|
49,834,012 |
|
55,812,493 |
|
14,905,661 |
|
|||
|
Merchandise inventory |
|
25,970,430 |
|
24,133,715 |
|
19,085,050 |
|
|||
|
Other current assets |
|
7,352,110 |
|
8,664,699 |
|
9,283,796 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total current assets |
|
105,334,853 |
|
96,890,143 |
|
69,556,229 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Property, equipment and improvements, net |
|
71,944,798 |
|
69,163,637 |
|
60,439,883 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Other assets: |
|
|
|
|
|
|
|
|||
|
Long-term investments |
|
— |
|
— |
|
10,000,000 |
|
|||
|
Other assets |
|
70,789 |
|
303,148 |
|
1,938,878 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total other assets |
|
70,789 |
|
303,148 |
|
11,938,878 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total assets |
|
$ |
177,350,440 |
|
$ |
166,356,928 |
|
$ |
141,934,990 |
|
|
|
|
|
|
|
|
|
|
|||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Current liabilities: |
|
|
|
|
|
|
|
|||
|
Accounts payable |
|
$ |
3,825,637 |
|
$ |
4,716,731 |
|
$ |
1,464,757 |
|
|
Accrued liabilities |
|
13,249,296 |
|
13,531,924 |
|
10,641,572 |
|
|||
|
Income taxes payable |
|
4,798,525 |
|
— |
|
2,500,709 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total current liabilities |
|
21,873,458 |
|
18,248,655 |
|
14,607,038 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Other liabilities |
|
4,681,172 |
|
4,808,611 |
|
2,554,218 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|||
|
Preferred stock-$0.01 par value, 1,000,000 shares authorized; none outstanding |
|
— |
|
— |
|
— |
|
|||
|
Common stock-$0.01 par value, 74,000,000 shares authorized; 24,804,637, 25,015,874 and 25,482,409 shares issued and outstanding at May 31, 2003, March 1, 2003 and June 1, 2002, respectively |
|
277,389 |
|
276,788 |
|
273,453 |
|
|||
|
Additional paid-in capital |
|
52,704,306 |
|
52,372,044 |
|
49,252,340 |
|
|||
|
Retained earnings |
|
118,088,340 |
|
106,944,641 |
|
78,247,902 |
|
|||
|
Other stockholders’ equity |
|
(20,274,225 |
) |
(16,293,811 |
) |
(2,999,961 |
) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Total stockholders’ equity |
|
150,795,810 |
|
143,299,662 |
| |||||