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8-K/A - 8-K/A - CHRISTOPHER & BANKS CORPa12-13247_18ka.htm

Exhibit 99.1

 

Christopher & Banks Corporation

Schedule of Unaudited Financial and Operational Data for the

Periods Ended April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012

 

In January 2012, the Company changed its fiscal year end to the close of business on the Saturday closest to the last day of January.  Previously, the Company’s fiscal year ended at the close of business on the Saturday closest to the last day of February.  As a result of the change the Company had an eleven month (48 week) transition period that ended on January 28, 2012 (the “Transition Period”).  In its earnings press releases for the quarters ending April 28, 2012, July 28, 2012, October 27, 2012 and February 2, 2013, the Company plans to provide unaudited financial and operational data for the periods ended April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012.

 

In advance of reporting the comparable financial and operational data in its quarterly earnings press releases for the quarters ending April 28, 2012, July 28, 2012, October 27, 2012 and February 2, 2013, the Company is furnishing a Schedule of Unaudited Financial and Operational Data for the periods ended April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012 (collectively, the “Schedule of Unaudited Financial and Operational Data”).  The Schedule of Unaudited Financial and Operational Data presents financial information determined in accordance with U.S. generally accepted accounting principles.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted.  The Schedule of Unaudited Financial and Operational Data should be read in conjunction with the audited financial statements and related notes included in our Transition Report on Form 10-K for the Transition Period ended January 28, 2012.

 

The Schedule of Unaudited Financial and Operational Data is not intended as a substitute for the quarterly and year-to-date financial statements for the periods ended April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012 that are intended to be reported in the Company’s earnings press releases for the periods ending April 28, 2012, July 28, 2012, October 27, 2012 and February 2, 2013.  Although the Company currently expects that the information for the periods ended April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012 to be provided in conjunction with the Company’s earnings press releases for the quarters ending April 28, 2012, July 28, 2012, October 27, 2012 and February 2, 2013 will be consistent with the information presented in the Schedule of Unaudited Financial and Operational Data, differences may arise between the Schedule of Unaudited Financial and Operational Data and the information for the periods ended April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012 to be provided in conjunction with the Company’s earnings press releases for the quarters ending April 28, 2012, July 28, 2012, October 27, 2012 and February 2, 2013.

 

1



 

Christopher & Banks Corporation

Schedule of Unaudited Financial and Operational Data

For the Periods Ended April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012

(in thousands, except per share data)

 

 

 

Three

 

Three

 

Three

 

Three

 

 

 

Months

 

Months

 

Months

 

Months

 

 

 

Ended

 

Ended

 

Ended

 

Ended

 

 

 

April 30,

 

July 30,

 

October 29,

 

January 28,

 

 

 

2011

 

2011

 

2011

 

2012

 

 

 

 

 

 

 

 

 

 

 

Quarterly Operating Statement Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

110,404

 

$

105,578

 

$

114,553

 

$

105,647

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Merchandise, buying and occupancy

 

78,220

 

71,426

 

85,473

 

98,169

 

Selling, general and administrative

 

35,094

 

34,077

 

37,319

 

35,335

 

Depreciation and amortization

 

5,364

 

6,352

 

5,754

 

4,521

 

Impairment and restructuring

 

 

 

 

21,183

 

Total costs and expenses

 

118,678

 

111,855

 

128,546

 

159,208

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(8,274

)

(6,277

)

(13,993

)

(53,561

)

 

 

 

 

 

 

 

 

 

 

Other income

 

95

 

68

 

111

 

86

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(8,179

)

(6,209

)

(13,882

)

(53,475

)

 

 

 

 

 

 

 

 

 

 

Income tax provision (benefit)

 

1

 

(7

)

(133

)

(251

)

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(8,180

)

$

(6,202

)

$

(13,749

)

$

(53,224

)

 

 

 

 

 

 

 

 

 

 

Basic loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(0.23

)

$

(0.18

)

$

(0.39

)

$

(1.50

)

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

35,467

 

35,496

 

35,578

 

35,581

 

 

 

 

 

 

 

 

 

 

 

Diluted loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(0.23

)

$

(0.18

)

$

(0.39

)

$

(1.50

)

 

 

 

 

 

 

 

 

 

 

Diluted shares outstanding

 

35,467

 

35,496

 

35,578

 

35,581

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.06

 

$

0.06

 

$

0.06

 

$

 

 

2



 

Christopher & Banks Corporation

Schedule of Unaudited Financial and Operational Data

For the Periods Ended April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012

(in thousands, except per share data)

 

 

 

Three

 

Six

 

Nine

 

Twelve

 

 

 

Months

 

Months

 

Months

 

Months

 

 

 

Ended

 

Ended

 

Ended

 

Ended

 

 

 

April 30,

 

July 30,

 

October 29,

 

January 28,

 

 

 

2011

 

2011

 

2011

 

2012

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Operating Statement Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

110,404

 

$

215,982

 

$

330,535

 

$

436,182

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Merchandise, buying and occupancy

 

78,220

 

149,646

 

235,119

 

333,288

 

Selling, general and administrative

 

35,094

 

69,171

 

106,490

 

141,825

 

Depreciation and amortization

 

5,364

 

11,716

 

17,470

 

21,991

 

Impairment and restructuring

 

 

 

 

21,183

 

Total costs and expenses

 

118,678

 

230,533

 

359,079

 

518,287

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(8,274

)

(14,551

)

(28,544

)

(82,105

)

 

 

 

 

 

 

 

 

 

 

Other income

 

95

 

163

 

274

 

360

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(8,179

)

(14,388

)

(28,270

)

(81,745

)

 

 

 

 

 

 

 

 

 

 

Income tax provision (benefit)

 

1

 

(6

)

(139

)

(390

)

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(8,180

)

$

(14,382

)

$

(28,131

)

$

(81,355

)

 

 

 

 

 

 

 

 

 

 

Basic loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(0.23

)

$

(0.41

)

$

(0.79

)

$

(2.29

)

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

35,467

 

35,491

 

35,527

 

35,547

 

 

 

 

 

 

 

 

 

 

 

Diluted loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(0.23

)

$

(0.41

)

$

(0.79

)

$

(2.29

)

 

 

 

 

 

 

 

 

 

 

Diluted shares outstanding

 

35,467

 

35,491

 

35,527

 

35,547

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.06

 

$

0.12

 

$

0.18

 

$

0.18

 

 

3



 

Christopher & Banks Corporation

Schedule of Unaudited Financial and Operational Data

As of April 30, 2011, July 30, 2011, October 29, 2011 and January 28, 2012

 

 

 

April 30,

 

July 30,

 

October 29,

 

January 28,

 

 

 

2011

 

2011

 

2011

 

2012

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

(at end of each period in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and short-term investments

 

$

67,619

 

$

66,564

 

$

46,415

 

$

48,442

 

Merchandise inventory

 

35,890

 

39,688

 

65,349

 

39,455

 

Long-term investments

 

25,771

 

29,299

 

18,143

 

13,284

 

Total assets

 

224,606

 

226,719

 

218,194

 

166,016

 

Long-term debt

 

 

 

 

 

Stockholders’ equity

 

164,141

 

157,748

 

141,747

 

89,362

 

Working capital

 

87,457

 

78,719

 

76,111

 

45,160

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same-store sales increase (decrease) for the quarter (13 weeks) ended (1) 

 

(2

)%

(7

)%

8

%

(18

)%

Stores at end of period

 

770

 

772

 

776

 

686

 

 


(1)          Same store sales data is calculated based on the change in net sales for stores that have been open for more than 13 full months and includes stores, if any, that have been relocated within the same mall.  Stores where square footage has been changed by more than 25 percent are excluded from the same store sales calculation for 13 full months following the change in square footage.  Stores closed during the year are included in the same store sales calculation only for the full months of the year during which the stores were open.  In addition, sales which are initiated in stores, but fulfilled through our e-commerce websites, are included in the calculation of same store sales.

 

4