2013 Q3 Form 10-Q Financial Statement

#000009484513000016 Filed on July 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $1.141B $1.099B $1.047B
YoY Change 3.67% 4.94% -4.19%
Cost Of Revenue $568.4M $550.2M $566.5M
YoY Change -2.01% -2.87% 2.58%
Gross Profit $572.8M $548.7M $480.7M
YoY Change 10.0% 14.15% -11.1%
Gross Profit Margin 50.19% 49.93% 45.9%
Selling, General & Admin $454.8M $449.1M $435.1M
YoY Change 4.79% 3.22% -8.55%
% of Gross Profit 79.39% 81.84% 90.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.30M $28.90M $31.60M
YoY Change 1.74% -8.54% 8.59%
% of Gross Profit 5.11% 5.27% 6.57%
Operating Expenses $454.8M $449.1M $435.1M
YoY Change 4.79% 3.22% -8.55%
Operating Profit $118.1M $99.64M $45.63M
YoY Change 36.06% 118.36% -29.77%
Interest Expense $30.90M $32.88M $32.41M
YoY Change -3.91% 1.46% -3.29%
% of Operating Profit 26.17% 33.0% 71.03%
Other Income/Expense, Net -$10.66M -$830.0K $10.70M
YoY Change 85.51% -107.76% -1163.32%
Pretax Income $76.52M $65.35M $15.71M
YoY Change 56.55% 315.97% -48.42%
Income Tax $20.08M $17.14M $2.467M
% Of Pretax Income 26.24% 26.23% 15.7%
Net Earnings $57.08M $48.15M $13.23M
YoY Change 101.32% 263.86% -36.9%
Net Earnings / Revenue 5.0% 4.38% 1.26%
Basic Earnings Per Share
Diluted Earnings Per Share $146.0K $123.0K $353.50
COMMON SHARES
Basic Shares Outstanding 37.40M shares 37.40M shares 37.35M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $382.3M $389.8M $277.9M
YoY Change 21.44% 40.27% 7.5%
Cash & Equivalents $382.3M $389.8M $277.9M
Short-Term Investments
Other Short-Term Assets $255.2M $245.4M $232.4M
YoY Change -3.26% 5.59% -19.53%
Inventory $624.6M $539.5M $506.1M
Prepaid Expenses
Receivables $419.8M $342.9M $366.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.682B $1.518B $1.383B
YoY Change 6.65% 9.74% -14.32%
LONG-TERM ASSETS
Property, Plant & Equipment $436.4M $445.9M $474.7M
YoY Change -4.76% -6.07% -6.89%
Goodwill $240.7M $239.8M $239.3M
YoY Change 0.52% 0.21%
Intangibles $51.33M $53.99M $65.55M
YoY Change -18.16% -17.64%
Long-Term Investments
YoY Change
Other Assets $116.1M $116.4M $133.0M
YoY Change -2.01% -12.47% -80.15%
Total Long-Term Assets $1.463B $1.463B $1.511B
YoY Change 2.29% -3.14% 0.58%
TOTAL ASSETS
Total Short-Term Assets $1.682B $1.518B $1.383B
Total Long-Term Assets $1.463B $1.463B $1.511B
Total Assets $3.145B $2.981B $2.893B
YoY Change 4.58% 3.02% -7.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $249.6M $208.1M $164.7M
YoY Change 7.92% 26.38% -29.54%
Accrued Expenses $406.5M $371.8M $370.9M
YoY Change -3.38% 0.24% -11.77%
Deferred Revenue
YoY Change
Short-Term Debt $38.15M $54.37M $65.68M
YoY Change -39.0% -17.22% 27.28%
Long-Term Debt Due $800.0K $1.000M $900.0K
YoY Change 60.0% 11.11% -52.63%
Total Short-Term Liabilities $767.8M $685.9M $605.1M
YoY Change 5.21% 13.36% -16.26%
LONG-TERM LIABILITIES
Long-Term Debt $1.502B $1.488B $1.690B
YoY Change -9.64% -11.97% -8.46%
Other Long-Term Liabilities $58.39M $59.62M $54.39M
YoY Change 0.87% 9.62% -91.93%
Total Long-Term Liabilities $1.560B $1.548B $1.745B
YoY Change -9.29% -11.3% -30.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $767.8M $685.9M $605.1M
Total Long-Term Liabilities $1.560B $1.548B $1.745B
Total Liabilities $3.041B $2.941B $2.999B
YoY Change -1.32% -1.95% -7.78%
SHAREHOLDERS EQUITY
Retained Earnings $460.8M $403.7M $192.7M
YoY Change 108.45% 109.49%
Common Stock $17.94M $18.54M $34.15M
YoY Change -46.4% -45.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.01M $9.695M -$119.2M
YoY Change
Total Liabilities & Shareholders Equity $3.145B $2.981B $2.893B
YoY Change 4.58% 3.02% -7.14%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $57.08M $48.15M $13.23M
YoY Change 101.32% 263.86% -36.9%
Depreciation, Depletion And Amortization $29.30M $28.90M $31.60M
YoY Change 1.74% -8.54% 8.59%
Cash From Operating Activities $19.60M $111.1M $222.8M
YoY Change -77.78% -50.13% 465.48%
INVESTING ACTIVITIES
Capital Expenditures -$21.10M -$21.00M -$19.30M
YoY Change 19.21% 8.81% -45.17%
Acquisitions
YoY Change
Other Investing Activities $5.700M -$3.400M $6.100M
YoY Change 307.14% -155.74% 1425.0%
Cash From Investing Activities -$15.50M -$24.40M -$13.10M
YoY Change -5.49% 86.26% -62.36%
FINANCING ACTIVITIES
Cash Dividend Paid $20.00M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.200M -142.5M -158.7M
YoY Change -74.44% -10.21% -7000.0%
NET CHANGE
Cash From Operating Activities 19.60M 111.1M 222.8M
Cash From Investing Activities -15.50M -24.40M -13.10M
Cash From Financing Activities -9.200M -142.5M -158.7M
Net Change In Cash -5.100M -55.80M 51.00M
YoY Change -114.25% -209.41% 639.13%
FREE CASH FLOW
Cash From Operating Activities $19.60M $111.1M $222.8M
Capital Expenditures -$21.10M -$21.00M -$19.30M
Free Cash Flow $40.70M $132.1M $242.1M
YoY Change -61.57% -45.44% 224.53%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year ends on the last Sunday of November in each year, although the fiscal years of certain foreign subsidiaries end on November&#160;30. Each quarter of both fiscal years </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:inherit;font-size:10pt;"> consists of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">13</font><font style="font-family:inherit;font-size:10pt;">&#160;weeks. All references to years relate to fiscal years rather than calendar years.</font></div></div>
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us-gaap Repayments Of Long Term Lines Of Credit
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CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2013Q2 us-gaap Sales Revenue Net
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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lvis Realized Loss Gain On Settlement Of Forward Foreign Exchange Contracts Not Designated For Hedge Accounting
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lvis Repayment Of Long Term Debt And Capital Lease Obligations Excluding Long Term Lines Of Credit
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CY2013Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2012Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
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us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company&#8217;s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods.</font></div></div>
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CY2013Q2 lvis Gain Loss On Derivative And Hedging Instruments Recognized In Accumulated Other Comprehensive Income Net Cumulative Income Taxes
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CY2012Q4 lvis Gain Loss On Derivative And Non Derivative Hedging Instruments Recognized In Accumulated Other Comprehensive Income Net Net Of Taxes
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CY2013Q2 lvis Gain Loss On Derivative And Non Derivative Hedging Instruments Recognized In Accumulated Other Comprehensive Income Net Net Of Taxes
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lvis Noncash Gain Loss On Extinguishment Of Debt
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lvis Noncash Gain Loss On Extinguishment Of Debt
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lvis Realized Loss Gain On Settlement Of Forward Foreign Exchange Contracts Not Designated For Hedge Accounting
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CY2012Q2 lvis Weeks In Quarter
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CY2013Q2 lvis Weeks In Quarter
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--11-24
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-05-26
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000094845
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
37399086 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
LEVI STRAUSS & CO
dei Entity Voluntary Filers
EntityVoluntaryFilers
Yes
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

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