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 SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended July 31, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number: 0-23214
SAMSONITE CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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36-3511556 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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11200 East 45th Avenue, Denver, CO |
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80239 |
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(Address of principal executive offices) |
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(Zip Code) |
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(303) 373-2000 |
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(Registrant’s telephone number, including area code) |
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(Former name, if changed since last report) |
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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 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 Act) Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 224,834,708 shares of common stock, par value $0.01 per share, as of September 10, 2004
FORM 10-Q
CONTENTS
Important Notice:
This Quarterly Report on Form 10-Q (including documents incorporated by reference herein) contains statements with respect to the Company’s expectations or beliefs as to future events. These types of statements are “forward-looking” and are subject to uncertainties. See “Forward-Looking Statements”.
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SAMSONITE CORPORATION AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
as of July 31, 2004 and January 31, 2004
(In thousands)
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July 31, |
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January 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
25,237 |
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29,524 |
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Trade receivables, net of allowances for doubtful accounts of $7,717 and $7,809 |
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81,736 |
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76,246 |
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Notes and other receivables |
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19,253 |
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14,471 |
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Inventories (Note 3) |
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139,111 |
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132,376 |
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Deferred income tax assets |
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1,887 |
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1,471 |
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Prepaid expenses and other current assets |
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24,467 |
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21,616 |
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Total current assets |
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291,691 |
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275,704 |
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Property, plant and equipment, net (Note 4) |
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105,636 |
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114,471 |
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Intangible assets, less accumulated amortization of $66,302 and $65,304 (Note 5) |
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97,767 |
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98,589 |
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Other assets and long-term receivables, net of allowances for doubtful accounts of $521 |
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15,516 |
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13,124 |
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$ |
510,610 |
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501,888 |
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See accompanying notes to consolidated financial statements
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SAMSONITE CORPORATION AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
as of July 31, 2004 and January 31, 2004
(In thousands, except share data)
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July 31, |
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January 31, |
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Liabilities and Stockholders’ Equity (Deficit) |
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Current liabilities: |
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Short-term debt (Note 6) |
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$ |
5,960 |
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6,110 |
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Current installments of long-term obligations (Note 6) |
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1,502 |
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1,682 |
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Accounts payable |
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59,079 |
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52,976 |
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Accrued liabilities |
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68,580 |
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65,694 |
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Total current liabilities |
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135,121 |
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126,462 |
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Long-term obligations, less current installments (Note 6) |
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344,834 |
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325,885 |
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Deferred income tax liabilities |
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10,540 |
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11,039 |
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Other non-current liabilities |
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54,620 |
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49,202 |
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Total liabilities |
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545,115 |
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512,588 |
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Minority interests in consolidated subsidiaries |
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12,612 |
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12,132 |
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Stockholders’ equity (deficit) (Note 8): |
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Preferred stock |
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173,186 |
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166,498 |
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Common stock |
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2,352 |
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2,352 |
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Additional paid-in capital |
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768,433 |
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768,433 |
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Accumulated deficit |
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(536,731 |
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(507,975 |
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Accumulated other comprehensive loss |
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(34,357 |
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(32,140 |
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372,883 |
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397,168 |
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Treasury stock, at cost (10,500,000 shares) |
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(420,000 |
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(420,000 |
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Total stockholders’ deficit |
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(47,117 |
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(22,832 |
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Commitments and contingencies (Notes 6, 8, 9 and 11) |
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$ |
510,610 |
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501,888 |
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See accompanying notes to consolidated financial statements
4
SAMSONITE CORPORATION AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
for the three months ended July 31, 2004 and 2003
(In thousands, except per share data)
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Three Months Ended |
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2004 |
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2003 |
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