UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the quarterly period ended May 29, 2004 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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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 June 30, 2004, 36,491,196 shares of the registrant’s common stock were outstanding.
CHRISTOPHER & BANKS CORPORATION
FORM 10-Q QUARTERLY REPORT
INDEX
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PART I |
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FINANCIAL INFORMATION |
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Item 1. |
Consolidated Condensed Financial Statements: |
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Consolidated
Condensed Balance Sheet |
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Consolidated
Condensed Statement of Income |
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Management’s
Discussion and Analysis of |
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OTHER INFORMATION |
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Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities |
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2
(Unaudited)
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May 29, |
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February 28, |
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May 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
38,791,470 |
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$ |
34,955,015 |
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$ |
22,178,301 |
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Short-term investments |
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48,854,522 |
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53,844,025 |
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49,834,012 |
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Accounts receivable |
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4,260,399 |
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3,253,001 |
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4,462,891 |
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Merchandise inventory, net |
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34,833,473 |
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31,300,016 |
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25,970,430 |
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Other current assets |
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3,395,084 |
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2,990,053 |
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2,889,219 |
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Total current assets |
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130,134,948 |
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126,342,110 |
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105,334,853 |
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Property, equipment and improvements, net |
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81,905,163 |
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80,122,243 |
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71,944,798 |
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Other assets |
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144,525 |
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82,275 |
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70,789 |
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Total assets |
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$ |
212,184,636 |
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$ |
206,546,628 |
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$ |
177,350,440 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
6,471,012 |
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$ |
6,823,287 |
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$ |
3,825,637 |
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Accrued salaries, wages and related expenses |
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5,612,559 |
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3,604,736 |
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5,873,953 |
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Other accrued liabilities |
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8,663,125 |
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9,873,996 |
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7,375,343 |
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Income taxes payable |
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5,768,246 |
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— |
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4,798,525 |
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Total current liabilities |
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26,514,942 |
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20,302,019 |
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21,873,458 |
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Other liabilities |
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8,628,515 |
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8,442,627 |
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4,681,172 |
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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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— |
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— |
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Common stock – $0.01 par value, 74,000,000 shares authorized, 42,287,696, 42,217,943 and 41,609,456 shares issued and 37,039,196, 37,521,443 and 37,206,956 shares outstanding at May 29, 2004, February 28, 2004 and May 31, 2003, respectively |
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422,857 |
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422,191 |
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416,083 |
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Additional paid-in capital |
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59,785,881 |
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59,307,323 |
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52,565,612 |
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Retained earnings |
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151,924,555 |
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143,265,406 |
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118,088,340 |
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Common stock held in treasury, 5,248,500, 4,696,500 and 4,402,500 shares at cost at May 29, 2004, February 28, 2004 and May 31, 2003, respectively |
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(35,092,114 |
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(25,192,938 |
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(20,274,225 |
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Total stockholders’ equity |
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177,041,179 |
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177,801,982 |
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150,795,810 |
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Total liabilities and stockholders’ equity |
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$ |
212,184,636 |
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$ |
206,546,628 |
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$ |
177,350,440 |
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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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May 29, |
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May 31, |
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Net sales< | |||||||