2012 Q2 Form 10-Q Financial Statement

#000119312512260342 Filed on June 05, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2012 Q1 2011 Q2
Revenue $921.2M $1.329B $836.7M
YoY Change 10.1% 15.61% 21.64%
Cost Of Revenue $380.1M $551.8M $293.0M
YoY Change 29.73% 31.88% 14.28%
Gross Profit $541.1M $790.0M $525.5M
YoY Change 2.96% 8.07% 21.82%
Gross Profit Margin 58.74% 59.45% 62.81%
Selling, General & Admin $572.6M $713.8M $506.8M
YoY Change 12.98% 31.36% 12.37%
% of Gross Profit 105.82% 90.36% 96.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.50M $59.40M $57.20M
YoY Change -4.72% -3.26% 0.88%
% of Gross Profit 10.07% 7.52% 10.88%
Operating Expenses $572.6M $721.4M $504.9M
YoY Change 13.41% 34.11% 12.18%
Operating Profit -$28.95M $68.57M $38.75M
YoY Change -174.71% -64.49% -307.06%
Interest Expense $600.0K -$1.000M -$1.000M
YoY Change -160.0% -9.09% 25.0%
% of Operating Profit -1.46% -2.58%
Other Income/Expense, Net $1.900M -$100.0K $100.0K
YoY Change 1800.0%
Pretax Income -$30.03M $54.50M $37.80M
YoY Change -179.47% -62.05% -293.45%
Income Tax -$8.700M $18.60M $13.50M
% Of Pretax Income 34.13% 35.72%
Net Earnings -$21.31M $45.83M $13.00M
YoY Change -263.91% -50.51% -209.89%
Net Earnings / Revenue -2.31% 3.45% 1.55%
Basic Earnings Per Share -$0.25 $0.29
Diluted Earnings Per Share -$0.25 $0.52 $0.14
COMMON SHARES
Basic Shares Outstanding 84.59M shares 84.72M shares 87.28M shares
Diluted Shares Outstanding 84.59M shares 90.44M shares

Balance Sheet

Concept 2012 Q2 2012 Q1 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $359.5M $668.1M $741.8M
YoY Change -51.54% -19.16% 17.23%
Cash & Equivalents $321.6M $583.5M $745.6M
Short-Term Investments $37.90M $84.70M $0.00
Other Short-Term Assets $83.39M $84.34M $95.09M
YoY Change -12.31% 6.24% -33.97%
Inventory $592.2M $679.9M $358.4M
Prepaid Expenses
Receivables $73.40M $89.40M $78.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.110B $1.558B $1.340B
YoY Change -17.16% 9.17% 13.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.267B $1.197B $1.162B
YoY Change 9.03% 3.68% -3.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $14.90M $101.6M
YoY Change -100.0% -85.17% -27.58%
Other Assets $357.4M $347.2M $290.0M
YoY Change 23.23% 33.9% 42.16%
Total Long-Term Assets $1.624B $1.559B $1.553B
YoY Change 4.56% 2.95% -0.01%
TOTAL ASSETS
Total Short-Term Assets $1.110B $1.558B $1.340B
Total Long-Term Assets $1.624B $1.559B $1.553B
Total Assets $2.734B $3.117B $2.893B
YoY Change -5.5% 5.97% 5.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $160.2M $211.4M $151.4M
YoY Change 5.79% 54.02% 37.54%
Accrued Expenses $323.6M $369.1M $263.3M
YoY Change 22.9% 22.98% 25.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $545.2M $699.4M $491.8M
YoY Change 10.86% 26.62% 18.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $69.87M
YoY Change -100.0% -100.0% -1.03%
Other Long-Term Liabilities $247.0M $245.4M $206.2M
YoY Change 19.77% 20.56% -49.13%
Total Long-Term Liabilities $495.8M $486.3M $492.7M
YoY Change 0.63% -2.4% 3.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $545.2M $699.4M $491.8M
Total Long-Term Liabilities $495.8M $486.3M $492.7M
Total Liabilities $1.041B $1.186B $984.4M
YoY Change 5.74% 12.86% 4.95%
SHAREHOLDERS EQUITY
Retained Earnings $2.309B $2.390B $2.282B
YoY Change 1.16% 5.16%
Common Stock $368.4M $370.2M $344.1M
YoY Change 7.05% 5.68%
Preferred Stock
YoY Change
Treasury Stock (at cost) $986.6M $834.8M $727.1M
YoY Change 35.69% 15.09%
Treasury Stock Shares 20.76M shares 17.66M shares 15.92M shares
Shareholders Equity $1.693B $1.931B $1.909B
YoY Change
Total Liabilities & Shareholders Equity $2.734B $3.117B $2.893B
YoY Change -5.5% 5.97% 5.64%

Cashflow Statement

Concept 2012 Q2 2012 Q1 2011 Q2
OPERATING ACTIVITIES
Net Income -$21.31M $45.83M $13.00M
YoY Change -263.91% -50.51% -209.89%
Depreciation, Depletion And Amortization $54.50M $59.40M $57.20M
YoY Change -4.72% -3.26% 0.88%
Cash From Operating Activities -$44.51M $305.5M -$10.17M
YoY Change 337.59% -2.8% -71.89%
INVESTING ACTIVITIES
Capital Expenditures $103.8M -$91.00M $51.50M
YoY Change 101.59% 107.29% 168.14%
Acquisitions
YoY Change
Other Investing Activities $4.121M -$1.500M $0.00
YoY Change -110.2% -100.0%
Cash From Investing Activities -$45.51M -$92.60M -$51.38M
YoY Change -11.41% 214.97% 243.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $159.1M $25.47M
YoY Change 524.54%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$174.4M -113.2M -$29.45M
YoY Change 492.26% 65.5% 73.21%
NET CHANGE
Cash From Operating Activities -$44.51M 305.5M -$10.17M
Cash From Investing Activities -$45.51M -92.60M -$51.38M
Cash From Financing Activities -$174.4M -113.2M -$29.45M
Net Change In Cash -$264.5M 99.70M -$91.00M
YoY Change 190.61% -53.95% 33.56%
FREE CASH FLOW
Cash From Operating Activities -$44.51M $305.5M -$10.17M
Capital Expenditures $103.8M -$91.00M $51.50M
Free Cash Flow -$148.3M $396.5M -$61.67M
YoY Change 140.52% 10.69% 11.33%

Facts In Submission

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CY2011Q2 anf Leasehold Financing Obligations
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13. LEASEHOLD FINANCING OBLIGATIONS As of April 28, 2012 and January 28, 2012, the Company had $65.7 million and $57.9 million, respectively, of long-term debt related to the landlord financing obligation. In certain lease arrangements, the Company is involved with the construction of the building. If the Company determines that it has substantially all of the risks of ownership during construction of the leased property and therefore is deemed to be the owner of the construction project, the Company records an asset and related financing obligation for the amount of the total project costs and an amount related to the pre-existing, leased building, which is included in Property and Equipment, Net and Leasehold Financing Obligations, respectively, on the Consolidated Balance Sheets. Once construction is complete, the Company determines if the asset qualifies for sale-leaseback accounting treatment. If the arrangement does not qualify for sale-lease back treatment, the Company continues to amortize the obligation over the lease term and depreciates the asset over its useful life. The Company does not report rent expense for the portion of the rent payment determined to be related to the properties which are owned for accounting purposes. Rather, this portion of the rental payments under the lease are recognized as a reduction of the financing obligation and interest expense. Total interest expense was $2.2 million for both the thirteen weeks ended April 28, 2012 and April 30, 2011.
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65700000 USD
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57900000 USD
CY2012Q2 us-gaap Interest Expense
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12 months
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CY2011Q2 anf Deferred Compensation With Individual Percentage Of Monthly Compensation Benefit
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CY2012Q2 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">18. RECENT ACCOUNTING PRONOUNCEMENTS</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">Accounting Standards Codification 820-10</font><font style="font-family:Times New Roman;font-size:12pt;">,</font><font style="font-family:Times New Roman;font-size:12pt;"> &#8220;Fair Val</font><font style="font-family:Times New Roman;font-size:12pt;">ue Measurements and Disclosures</font><font style="font-family:Times New Roman;font-size:12pt;">&#8221; (&#8220;ASC 820-10&#8221;) was amended in January 2010 to require additional disclosures related to recurring and nonrecurring fair value measurements. The guidance requires disclosure of transfers of assets and liabilities between Levels 1 and 2 of the fair value hierarchy, including the reasons </font><font style="font-family:Times New Roman;font-size:12pt;">and the timing of the transfers;</font><font style="font-family:Times New Roman;font-size:12pt;"> and information on purchases, sales, issuances, and settlements on a gross basis in the reconciliation of the assets and liabilities measured under Level 3 of the fair value hierarchy. The guidance was effective for the Company beginning on </font><font style="font-family:Times New Roman;font-size:12pt;">January 31, 2010. The</font><font style="font-family:Times New Roman;font-size:12pt;"> disclosure guidance adopted on </font><font style="font-family:Times New Roman;font-size:12pt;">January 31, 2010,</font><font style="font-family:Times New Roman;font-size:12pt;"> did not have a material impact on our consolidated financial statements</font><font style="font-family:Times New Roman;font-size:12pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">In May 2011, ASC 820-10 was further amended to clarify certain disclosure requirements and improve consistency with international reporting standards. This amendment is to be applied prosp</font><font style="font-family:Times New Roman;font-size:12pt;">ectively and became</font><font style="font-family:Times New Roman;font-size:12pt;"> effective for the Company beginning January 2</font><font style="font-family:Times New Roman;font-size:12pt;">9</font><font style="font-family:Times New Roman;font-size:12pt;">, 2012. The adoption </font><font style="font-family:Times New Roman;font-size:12pt;">did not</font><font style="font-family:Times New Roman;font-size:12pt;"> have a material effect on </font><font style="font-family:Times New Roman;font-size:12pt;">our</font><font style="font-family:Times New Roman;font-size:12pt;"> consolidated financial statements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">Accounting Standards Codification Topic 220, &#8220;Comprehensive Income,&#8221;</font><font style="font-family:Times New Roman;font-size:12pt;"> was amended </font><font style="font-family:Times New Roman;font-size:12pt;">in June 2011 to </font><font style="font-family:Times New Roman;font-size:12pt;">require entities to present the </font><font style="font-family:Times New Roman;font-size:12pt;">tot</font><font style="font-family:Times New Roman;font-size:12pt;">al of comprehensive income, the </font><font style="font-family:Times New Roman;font-size:12pt;">components of net income, and the components of other</font><font style="font-family:Times New Roman;font-size:12pt;"> comprehensive income either in </font><font style="font-family:Times New Roman;font-size:12pt;">a single</font><font style="font-family:Times New Roman;font-size:12pt;"> </font><font style="font-family:Times New Roman;font-size:12pt;">continuous statement of comprehensiv</font><font style="font-family:Times New Roman;font-size:12pt;">e income or in two separate but </font><font style="font-family:Times New Roman;font-size:12pt;">consecutive statements. The amendment does not change the</font><font style="font-family:Times New Roman;font-size:12pt;"> </font><font style="font-family:Times New Roman;font-size:12pt;">items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to</font><font style="font-family:Times New Roman;font-size:12pt;"> </font><font style="font-family:Times New Roman;font-size:12pt;">net income under current </font><font style="font-family:Times New Roman;font-size:12pt;">U.S. </font><font style="font-family:Times New Roman;font-size:12pt;">GAAP. Thi</font><font style="font-family:Times New Roman;font-size:12pt;">s guidance became</font><font style="font-family:Times New Roman;font-size:12pt;"> effective for the </font><font style="font-family:Times New Roman;font-size:12pt;">Company's fiscal year and interim periods beginning January 29,</font><font style="font-family:Times New Roman;font-size:12pt;"> </font><font style="font-family:Times New Roman;font-size:12pt;">2012. The adoption </font><font style="font-family:Times New Roman;font-size:12pt;">did not </font><font style="font-family:Times New Roman;font-size:12pt;">have a material effec</font><font style="font-family:Times New Roman;font-size:12pt;">t on our </font><font style="font-family:Times New Roman;font-size:12pt;">consolidated financial </font><font style="font-family:Times New Roman;font-size:12pt;">statements.</font><font style="font-family:Times New Roman;font-size:12pt;"> </font></p>

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