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 Fiscal Quarter Ended October 30, 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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Commission File Number 0-21915
COLDWATER CREEK INC.
Exact name of registrant as specified in its charter)
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DELAWARE |
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82-0419266 |
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(State of other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
ONE COLDWATER CREEK DRIVE, SANDPOINT, IDAHO 83864
(Address of principal executive offices)
(208) 263-2266
(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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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Class |
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Shares outstanding as of December 3, 2004 |
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Common Stock ($.01 par value) |
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40,409,678 |
INDEX TO FORM 10-Q
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Page |
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PART I. FINANCIAL INFORMATION |
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3 |
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Consolidated Balance Sheets at October 30, 2004 and January 31, 2004 |
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5 |
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6 |
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7 |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
17 |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk |
32 |
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33 |
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PART II. OTHER INFORMATION |
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34 |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
34 |
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34 |
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34 |
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34 |
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35 |
2
COLDWATER CREEK INC. AND SUBSIDIARIES
(unaudited, in thousands, except for share data)
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ASSETS |
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October 30, |
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January 31, |
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2004 |
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2004 |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
113,128 |
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$ |
45,754 |
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Receivables |
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17,439 |
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9,457 |
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Inventories |
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91,151 |
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52,701 |
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Prepaid and other |
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6,547 |
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5,797 |
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Prepaid and deferred catalog costs |
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9,583 |
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4,219 |
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Total current assets |
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237,848 |
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117,928 |
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Property and equipment, net |
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116,667 |
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92,232 |
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Other |
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425 |
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497 |
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Total assets |
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$ |
354,940 |
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$ |
210,657 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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94,933 |
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38,855 |
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Accrued liabilities |
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30,997 |
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24,246 |
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Income taxes payable |
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2,079 |
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4,089 |
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Total current liabilities |
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128,009 |
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67,190 |
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Deferred income taxes |
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3,844 |
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3,844 |
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Deferred rents |
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34,622 |
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19,826 |
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Other |
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200 |
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— |
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Total liabilities |
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166,675 |
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90,860 |
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Commitments and contingencies |
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STOCKHOLDERS’ EQUITY: |
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Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued and outstanding |
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— |
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Common stock, $.01 par value, 60,000,000 shares authorized, 40,365,990 and 36,249,302 shares issued, respectively |
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404 |
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363 |
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Additional paid-in capital |
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98,086 |
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47,927 |
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Retained earnings |
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89,775 |
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71,507 |
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Total stockholders’ equity |
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188,265 |
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119,797 |
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Total liabilities and stockholders’ equity |
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$ |
354,940 |
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$ |
210,657 |
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4
COLDWATER CREEK INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except for per share data)
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Three Months Ended |
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Nine Months Ended |
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October 30, |
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November 1, |
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October 30, |
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November 1, |
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Statements of Operations: |
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2004 |
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2003 |
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2004 |
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2003 |
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Net sales |
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$ |
150,504 |
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$ |
138,152 |
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$ |
386,179 |
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$ |
350,010 |
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Cost of sales |
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81,365 |
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81,214 |
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215,765 |
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213,273 |
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Gross profit |
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69,139 |
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56,938 |
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170,414 |
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136,737 |
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Selling, general and administrative expenses |
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53,403 |
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47,993 |
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140,249 |
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