Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K - GOLFSMITH INTERNATIONAL HOLDINGS INC | d325925d8ka.htm |
Exhibit 99.01
Golfsmith International Holdings, Inc.
Consolidated Balance Sheets
| December 31, | January 1, | |||||||
| 2011 | 2011 | |||||||
| ASSETS |
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| Current assets: |
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| Cash |
$ | 2,647,478 | $ | 204,340 | ||||
| Receivables, net of allowances |
5,955,683 | 2,011,241 | ||||||
| Inventories |
90,375,824 | 79,417,087 | ||||||
| Prepaid expenses and other current assets |
8,717,141 | 6,891,261 | ||||||
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| Total current assets |
107,696,126 | 88,523,929 | ||||||
| Property and equipment, net |
59,451,248 | 58,925,620 | ||||||
| Intangible assets, net |
25,276,751 | 25,524,016 | ||||||
| Other long-term assets |
2,487,402 | 2,057,363 | ||||||
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| Total assets |
$ | 194,911,527 | $ | 175,030,928 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ | 49,682,063 | $ | 35,694,830 | ||||
| Accrued expenses and other current liabilities |
22,315,818 | 20,393,614 | ||||||
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| Total current liabilities |
71,997,881 | 56,088,444 | ||||||
| Deferred rent liabilities |
16,632,995 | 15,344,004 | ||||||
| Long-term debt |
41,905,144 | 40,390,034 | ||||||
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| Total liabilities |
130,536,020 | 111,822,482 | ||||||
| Total stockholders’ equity |
64,375,507 | 63,208,446 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 194,911,527 | $ | 175,030,928 | ||||
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Golfsmith International Holdings, Inc.
Consolidated Statements of Operations
| Three Months Ended | Fiscal Year Ended | |||||||||||||||
| December 31, | January 1, | December 31, | January 1, | |||||||||||||
| 2011 | 2011 | 2011 | 2011 | |||||||||||||
| Net revenues |
$ | 74,535,103 | $ | 72,884,488 | $ | 387,266,900 | $ | 351,851,394 | ||||||||
| Cost of products sold |
47,368,598 | 49,520,381 | 252,161,117 | 232,311,169 | ||||||||||||
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| Gross profit |
27,166,505 | 23,364,107 | 135,105,783 | 119,540,225 | ||||||||||||
| Selling, general and administrative |
33,082,810 | 27,214,422 | 132,023,943 | 120,377,666 | ||||||||||||
| Store pre-opening expenses |
349,918 | 240,688 | 995,213 | 737,898 | ||||||||||||
| Store closing, lease termination and impairment charges |
— | 1,133,212 | 182,914 | 2,705,836 | ||||||||||||
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| Total operating expenses |
33,432,728 | 28,588,322 | 133,202,070 | 123,821,400 | ||||||||||||
| Operating income (loss) |
(6,266,223 | ) | (5,224,215 | ) | 1,903,713 | (4,281,175 | ) | |||||||||
| Interest expense |
493,611 | 455,942 | 1,684,250 | 1,262,053 | ||||||||||||
| Other income (expense), net |
33,264 | 2,925 | 76,017 | 67,781 | ||||||||||||
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| Income (loss) before income taxes |
(6,726,570 | ) | (5,677,232 | ) | 295,480 | (5,475,447 | ) | |||||||||
| Income tax benefit (expense) |
120,707 | (38,784 | ) | (387,683 | ) | (17,898 | ) | |||||||||
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| Net loss |
$ | (6,605,863 | ) | $ | (5,716,016 | ) | $ | (92,203 | ) | $ | (5,493,345 | ) | ||||
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| Net loss per common share: |
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| Basic |
$ | (0.41 | ) | $ | (0.35 | ) | $ | (0.01 | ) | $ | (0.34 | ) | ||||
| Diluted |
$ | (0.41 | ) | $ | (0.35 | ) | $ | (0.01 | ) | $ | (0.34 | ) | ||||