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 SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended November 27, 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 . |
Commission File No. 0-19972
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 24, 2004, 35,707,604 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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Page |
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Item 1. |
Consolidated Condensed Financial Statements: |
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3 |
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4 |
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5 |
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6 |
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7 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
14 |
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21 |
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21 |
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PART II
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21 |
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21 |
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22 |
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22 |
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24 |
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2
CHRISTOPHER & BANKS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited)
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November 27, |
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February 28, |
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November 29, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
24,313,228 |
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$ |
34,955,015 |
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$ |
21,157,278 |
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Short-term investments |
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17,000,000 |
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53,844,025 |
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50,865,109 |
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Accounts receivable |
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8,124,548 |
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3,253,001 |
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8,070,449 |
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Merchandise inventory, net |
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48,324,674 |
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31,300,016 |
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40,229,494 |
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Other current assets |
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8,017,336 |
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2,990,053 |
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2,179,932 |
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Total current assets |
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105,779,786 |
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126,342,110 |
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122,502,262 |
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Property, equipment and improvements, net |
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91,919,906 |
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80,122,243 |
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78,254,540 |
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Other assets: |
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Goodwill |
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3,587,052 |
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— |
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— |
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Intangible assets |
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820,903 |
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— |
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— |
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Other |
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147,186 |
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82,275 |
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85,198 |
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Total other assets |
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4,555,141 |
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82,275 |
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85,198 |
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Total assets |
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$ |
202,254,833 |
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$ |
206,546,628 |
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$ |
200,842,000 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
12,118,414 |
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$ |
6,823,287 |
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$ |
4,599,570 |
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Accrued salaries, wages and related expenses |
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6,349,486 |
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3,604,736 |
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7,228,844 |
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Other accrued liabilities |
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10,287,395 |
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9,873,996 |
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8,316,932 |
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Total current liabilities |
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28,755,295 |
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20,302,019 |
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20,145,346 |
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Other liabilities |
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10,369,598 |
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8,442,627 |
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4,997,159 |
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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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Common stock – $0.01 par value, 74,000,000 shares authorized, 42,492,340, 42,217,943 and 42,203,193 shares issued and 35,707,604, 37,521,443 and 37,800,693 shares outstanding at November 27, 2004, February 28, 2004 and November 29, 2003, respectively |
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424,904 |
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422,191 |
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422,012 |
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Additional paid-in capital |
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60,858,905 |
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59,307,323 |
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59,089,525 |
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Retained earnings |
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162,422,225 |
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143,265,406 |
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136,462,183 |
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Common stock held in treasury, 6,784,736, 4,696,500 and 4,402,500 shares at cost at November 27, 2004, February 28, 2004 and November 29, 2003, respectively |
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(60,576,094 |
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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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163,129,940 |
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177,801,982 |
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175,699,495 |
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Total liabilities and stockholders’ equity |
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