UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended November 29, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to . |
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Commission File No. 0-19972 |
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CHRISTOPHER & BANKS CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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06 - 1195422 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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2400 Xenium Lane North, Plymouth, Minnesota |
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(Address of principal executive offices) |
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55441 |
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(Zip Code) |
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(763) 551-5000 |
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(Registrant’s telephone number, including area code) |
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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 December 26, 2003, 37,800,693 shares of the registrant’s common stock were outstanding.
FORM 10-Q QUARTERLY REPORT
INDEX
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Item 1. |
Consolidated Condensed Financial Statements: |
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Consolidated
Condensed Balance Sheet |
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Management’s Discussion and Analysis of |
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OTHER INFORMATION
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2
(Unaudited)
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November 29, |
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March 1, |
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November 30, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
21,157,278 |
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$ |
8,279,236 |
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$ |
34,925,981 |
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Short-term investments |
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50,865,109 |
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55,812,493 |
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11,991,911 |
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Merchandise inventory |
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40,229,494 |
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24,133,715 |
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36,658,951 |
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Other current assets |
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10,250,381 |
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8,664,699 |
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10,984,323 |
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Total current assets |
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122,502,262 |
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96,890,143 |
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94,561,166 |
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Property, equipment and improvements, net |
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78,254,540 |
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69,163,637 |
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66,901,415 |
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Other assets |
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85,198 |
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303,148 |
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1,955,834 |
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Total assets |
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$ |
200,842,000 |
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$ |
166,356,928 |
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$ |
163,418,415 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
4,599,570 |
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$ |
4,716,731 |
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$ |
898,132 |
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Accrued liabilities |
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15,545,776 |
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13,531,924 |
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14,129,082 |
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Total current liabilities |
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20,145,346 |
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18,248,655 |
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15,027,214 |
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Other liabilities |
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4,997,159 |
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4,808,611 |
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2,737,389 |
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Stockholders’ equity: |
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Preferred stock – $0.01 par value, 1,000,000 shares authorized, none outstanding |
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— |
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Common stock – $0.01 par value, 74,000,000 shares authorized, 37,800,693, 37,523,811 and 38,682,584 shares issued and outstanding at November 29, 2003, March 1, 2003 and November 30, 2002, respectively |
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422,012 |
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415,182 |
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414,702 |
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Additional paid-in capital |
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59,089,525 |
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52,233,650 |
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51,753,636 |
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Retained earnings |
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136,462,183 |
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106,944,641 |
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96,485,435 |
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Common stock held in treasury, 4,402,500, 3,994,500 and 2,794,500 shares at cost at November 29, 2003, March 1, 2003 and November 30, 2002, respectively |
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(20,274,225 |
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(16,293,811 |
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(2,999,961 |
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Total stockholders’ equity |
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175,699,495 |
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143,299,662 |
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145,653,812 |
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Total liabilities and stockholders’ equity |
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$ |
200,842,000 |
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$ |
166,356,928 |
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$ |
163,418,415 |
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The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.
3
CHRISTOPHER & BANKS CORPORATION
CONSOLIDATED CONDENSED STATEMENT OF INCOME
(Unaudited)
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Three Months Ended |
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November 29, |
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November 30, |
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Net sales |
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$ |
107,285,093 |
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$ |
91,750,230 |
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Cost of sales: |
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Merchandise, buying and occupancy, exclusive of depreciation and amortization shown separately below |
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62,211,393 |
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51,825,232 |
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Gross profit, exclusive of depreciation and amortization shown separately below |
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45,073,700 |
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39,924,998 |
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Selling, general and administrative |
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23,628,568 |
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19,350,754 |
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Depreciation and amortization |
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