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 April 30, 2005 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: 000-24603
ELECTRONICS BOUTIQUE HOLDINGS CORP.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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51-0379406 |
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(State of Incorporation) |
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(IRS Employer Identification Number) |
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931
South Matlack Street |
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19382 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: 610/430-8100
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 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
At June 6, 2005, there were 24,864,741 shares of common stock outstanding.
FORM 10-Q
ELECTRONICS BOUTIQUE HOLDINGS CORP.
AND SUBSIDIARIES
2
ELECTRONICS BOUTIQUE HOLDINGS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)
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April 30, |
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January 29, |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
92,752 |
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$ |
94,345 |
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Marketable securities |
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45,225 |
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80,950 |
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Accounts receivable: |
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Trade and vendors |
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14,632 |
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17,685 |
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Other |
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3,224 |
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3,585 |
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Merchandise inventories |
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329,650 |
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291,678 |
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Deferred tax asset |
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9,795 |
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9,438 |
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Prepaid expenses and other current assets |
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18,849 |
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17,955 |
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Total current assets |
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514,127 |
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515,636 |
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Property and equipment: |
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Building and leasehold improvements |
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155,760 |
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153,883 |
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Furniture, fixtures and equipment |
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160,955 |
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154,896 |
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Land |
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8,145 |
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8,120 |
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Construction in progress |
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2,429 |
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2,473 |
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327,289 |
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319,372 |
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Less accumulated depreciation and amortization |
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153,885 |
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145,951 |
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Net property and equipment |
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173,404 |
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173,421 |
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Goodwill and other intangible assets, net of accumulated amortization of $1,344 and $1,155 |
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16,187 |
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16,308 |
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Deferred tax asset |
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12,474 |
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12,433 |
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Other non-current assets |
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6,876 |
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6,402 |
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Total assets |
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$ |
723,068 |
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$ |
724,200 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
236,098 |
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$ |
228,825 |
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Accrued expenses |
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94,150 |
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99,939 |
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Income taxes payable |
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2,110 |
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11,450 |
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Total current liabilities |
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332,358 |
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340,214 |
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Deferred rent and other long-term liabilities |
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33,277 |
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32,518 |
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Total liabilities |
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365,635 |
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372,732 |
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Stockholders’ equity: |
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Preferred stock – authorized 25,000 shares; $.01 par value; no shares issued and outstanding at April 30, 2005 and January 29, 2005 |
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— |
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— |
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Common stock – authorized 100,000 shares; $.01 par value; 27,568 shares issued and 24,783 shares outstanding at April 30, 2005; 27,433 shares issued and 24,648 shares outstanding at January 29, 2005 |
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276 |
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274 |
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Treasury stock – 2,785 shares at April 30, 2005 and January 29, 2005, at cost |
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(66,132 |
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(66,132 |
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Additional paid-in capital |
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210,638 |
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206,503 |
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Accumulated other comprehensive income |
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6,031 |
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6,980 |
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Retained earnings |
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206,620 |
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203,843 |
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Total stockholders’ equity |
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357,433 |
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351,468 |
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Total liabilities and stockholders’ equity |
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$ |
723,068 |
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$ |
724,200 |
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See accompanying notes to consolidated financial statements.
3
ELECTRONICS BOUTIQUE HOLDINGS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Amounts in thousands, except per share amounts)
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Thirteen weeks ended |
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April 30, |
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May 1, |
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Net sales |
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$ |
505,961 |
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$ |
370,964 |
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Management fees |
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1,124 |
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1,461 |
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Total revenues |
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