Financial Guarantees (Tables)

9 Months Ended

Dec. 29, 2012

Financial Guarantees

CONDENSED CONSOLIDATING BALANCE SHEETS

As of December 29, 2012

(Successor)

(In thousands)

(Unaudited)

	Issuer			Subsidiary Guarantor			Consolidating Adjustments			Consolidated
ASSETS
Current Assets:
Cash	$	37,024		$	115		$	(1,462	)	$	35,677
Short-term investments	476			—			—			476
Accounts receivable, net	1,181			125			—			1,306
Income taxes receivable	17,680			—			—			17,680
Deferred income taxes	24,091			—			—			24,091
Inventories, net	209,946			29,297			—			239,243
Assets held for sale	2,621			—			—			2,621
Other	11,965			1,037			—			13,002
Total current assets	304,984			30,574			(1,462		)	334,096
Property and equipment, net	412,165			63,827			—			475,992
Deferred financing costs, net	21,730			—			—			21,730
Equity investments and advances to subsidiaries	109,669			22,510			(132,179		)	—
Intangible assets, net	470,044			2,834			—			472,878
Goodwill	471,750			—			—			471,750
Deposits and other assets	11,089			3,291			—			14,380
Total assets	$	1,801,431		$	123,036		$	(133,641	)	$	1,790,826
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	53,515		$	5,699		$	(1,462	)	$	57,752
Intercompany payable	22,510			14,152			(36,662		)	—
Payroll and payroll-related	17,489			1,779			—			19,268
Sales tax	7,252			677			—			7,929
Other accrued expenses	18,855			3,844			—			22,699
Workers’ compensation	37,458			75			—			37,533
Current portion of long-term debt	5,237			—			—			5,237
Current portion of capital lease obligation	81			—			—			81
Total current liabilities	162,397			26,226			(38,124		)	150,499
Long-term debt	754,020			—			—			754,020
Unfavorable lease commitments, net	15,142			723			—			15,865
Deferred rent	3,683			570			—			4,253
Deferred compensation liability	5,212			—			—			5,212
Capital lease obligation, net of current portion	292			—			—			292
Long-term deferred income taxes	216,828			—			—			216,828
Other liabilities	3,780			—			—			3,780
Total liabilities	1,161,354			27,519			(38,124		)	1,150,749
Shareholders’ Equity:
Preferred stock	—			—			—			—
Common stock	—			—			—			—
Additional paid-in capital	638,465			99,942			(99,942		)	638,465
Retained earnings (deficit)	2,718			(4,425		)	4,425			2,718
Other comprehensive loss	(1,106		)	—			—			(1,106		)
Total shareholders’ equity	640,077			95,517			(95,517		)	640,077
Total liabilities and shareholders’ equity	$	1,801,431		$	123,036		$	(133,641	)	$	1,790,826

As of March 31, 2012

(Successor)

(In thousands)

(Unaudited)

	Issuer			Subsidiary Guarantors			Consolidating Adjustments			Consolidated
ASSETS
Current Assets:
Cash	$	23,793		$	3,973		$	—		$	27,766
Short-term investments	3,631			—			—			3,631
Accounts receivable, net	2,592			407			—			2,999
Income taxes receivable	6,634			234			—			6,868
Deferred income taxes	25,843			—			—			25,843
Inventories, net	187,234			27,084			—			214,318
Assets held for sale	6,849			—			—			6,849
Other	10,515			782			—			11,297
Total current assets	267,091			32,480			—			299,571
Property and equipment, net	408,456			68,069			—			476,525
Deferred financing costs, net	30,400			—			—			30,400
Equity investments and advances to subsidiaries	472,360			373,224			(845,584		)	—
Intangible assets, net	477,492			(58		)	—			477,434
Goodwill	471,513			—			—			471,513
Deposits and other assets	9,689			2,909			—			12,598
Total assets	$	2,137,001		$	476,624		$	(845,584	)	$	1,768,041
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	38,271		$	3,136		$	—		$	41,407
Intercompany payable	377,766			453,952			(831,718		)	—
Payroll and payroll-related	13,986			1,594			—			15,580
Sales tax	5,630			498			—			6,128
Other accrued expenses	27,207			3,362			—			30,569
Workers’ compensation	38,949			75			—			39,024
Current portion of long-term debt	5,250			—			—			5,250
Current portion of capital lease obligation	77			—			—			77
Total current liabilities	507,136			462,617			(831,718		)	138,035
Long-term debt	758,351			—			—			758,351
Unfavorable lease commitments, net	19,035			(76		)	—			18,959
Deferred rent	581			217			—			798
Deferred compensation liability	5,136			—			—			5,136
Capital lease obligation, net of current portion	354			—			—			354
Long-term deferred income taxes	214,874			—			—			214,874
Other liabilities	767			—			—			767
Total liabilities	1,506,234			462,758			(831,718		)	1,137,274
Shareholders’ Equity:
Preferred stock	—			—			—			—
Common stock	—			1			(1		)	—
Additional paid-in capital	636,037			15,000			(15,000		)	636,037
Accumulated deficit	(5,293		)	(1,135		)	1,135			(5,293		)
Other comprehensive income	23			—			—			23
Total shareholders’ equity	630,767			13,866			(13,866		)	630,767
Total liabilities and shareholders’ equity	$	2,137,001		$	476,624		$	(845,584	)	$	1,768,041

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Third Quarter Ended December 29, 2012

(Successor)

(In thousands)

(Unaudited)

	Issuer			Subsidiary Guarantors			Consolidating Adjustments			Consolidated
Net Sales:
Total sales	$	400,790		$	38,700		$	—		$	439,490
Cost of sales (excluding depreciation and amortization expense shown separately below)	239,453			24,778			—			264,231
Gross profit	161,337			13,922			—			175,259
Selling, general and administrative expenses:
Operating expenses	113,952			12,060			—			126,012
Depreciation and amortization	12,310			2,422			—			14,732
Total selling, general and administrative expenses	126,262			14,482			—			140,744
Operating income (loss)	35,075			(560		)	—			34,515
Other (income) expense:
Interest income	(29		)	—			—			(29		)
Interest expense	14,747			—			—			14,747
Equity in (earnings) loss of subsidiaries	560			—			(560		)	—
Other	252			—			—			252
Total other expense, net	15,530			—			(560		)	14,970
Income (loss) before provision for income taxes	19,545			(560		)	560			19,545
Provision for income taxes	6,853			—			—			6,853
Net income (loss)	$	12,692		$	(560	)	$	560		$	12,692
Comprehensive income	$	12,581		$	—		$	—		$	12,581

For the First Three Quarters Ended December 29, 2012

(Successor)

 (In thousands)

(Unaudited)

	Issuer			Subsidiary Guarantors			Consolidating Adjustments			Consolidated
Net Sales:
Total sales	$	1,125,417		$	108,386		$	—		$	1,233,803
Cost of sales (excluding depreciation and amortization expense shown separately below)	682,032			68,800			—			750,832
Gross profit	443,385			39,586			—			482,971
Selling, general and administrative expenses:
Operating expenses	329,676			35,469			—			365,145
Depreciation and amortization	35,847			7,451			—			43,298
Total selling, general and administrative expenses	365,523			42,920			—			408,443
Operating income (loss)	77,862			(3,334		)	—			74,528
Other (income) expense:
Interest income	(244		)	(44		)	—			(288		)
Interest expense	45,861			—			—			45,861
Equity in (earnings) loss of subsidiaries	3,290			—			(3,290		)	—
Loss on extinguishment of debt	16,346			—			—			16,346
Other	319			—			—			319
Total other expense (income), net	65,572			(44		)	(3,290		)	62,238
Income (loss) before provision for income taxes	12,290			(3,290		)	3,290			12,290
Provision for income taxes	4,279			—			—			4,279
Net income (loss)	$	8,011		$	(3,290	)	$	3,290		$	8,011
Comprehensive income	$	6,882		$	—		$	—		$	6,882

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the First Three Quarters Ended December 29, 2012

(Successor)

(In thousands)

(Unaudited)

	Issuer			Subsidiary Guarantors			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net cash provided by operating activities	$	59,617		$	(5,491	)	$	(1,462	)	$	52,664
Cash flows from investing activities:
Purchases of property and equipment	(41,848		)	(2,580		)	—			(44,428		)
Proceeds from sales of fixed assets	12,044			—			—			12,044
Purchases of investments	(1,525		)	—			—			(1,525		)
Proceeds from sale of investments	4,372			—			—			4,372
Investment in subsidiaries	(4,213		)	—			4,213			—
Net cash used in investing activities	(31,170		)	(2,580		)	4,213			(29,537		)
Cash flows from financing activities:
Payment of debt	(3,928		)	—			—			(3,928		)
Payment of debt issuance costs	(11,230		)	—			—			(11,230		)
Payments of capital lease obligation	(58		)	—			—			(58		)
Capital contributions	—			4,213			(4,213		)	—
Net cash (used in) provided by financing activities	(15,216		)	4,213			(4,213		)	(15,216		)
Net increase (decrease) in cash	13,231			(3,858		)	(1,462		)	7,911
Cash — beginning of period	23,793			3,973			—			27,766
Cash — end of period	$	37,024		$	115		$	(1,462	)	$	35,677

Predecessor

Financial Guarantees

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Third Quarter Ended December 31, 2011

(Predecessor)

(In thousands)

(Unaudited)

	Issuer			Subsidiary Guarantors		Consolidating Adjustments			Consolidated
Net Sales:
Total sales	$	367,878		$	36,042	$	—		$	403,920
Cost of sales (excluding depreciation and amortization expense shown separately below)	216,538			22,167		—			238,705
Gross profit	151,340			13,875		—			165,215
Selling, general and administrative expenses:
Operating expenses	109,071			11,534		—			120,605
Depreciation and amortization	6,263			805		—			7,068
Total selling, general and administrative expenses	115,334			12,339		—			127,673
Operating income	36,006			1,536		—			37,542
Other (income) expense:
Interest income	(79		)	—		—			(79		)
Interest expense	34			6		—			40
Equity in (earnings) loss of subsidiaries	(1,530		)	—		1,530			—
Other-than-temporary investment impairment due to credit losses	314			—		—			314
Other	(11		)	—		—			(11		)
Total other (income) expense, net	(1,272		)	6		1,530			264
Income before provision for income taxes	37,278			1,530		(1,530		)	37,278
Provision for income taxes	15,103			—		—			15,103
Net income	$	22,175		$	1,530	$	(1,530	)	$	22,175
Comprehensive income	$	22,524		$	—	$	—		$	22,524

For the First Three Quarters Ended December 31, 2011

(Predecessor)

(In thousands)

(Unaudited)

	Issuer			Subsidiary Guarantors		Consolidating Adjustments			Consolidated
Net Sales:
Total sales	$	1,035,259		$	100,039	$	—		$	1,135,298
Cost of sales (excluding depreciation and amortization expense shown separately below)	613,789			61,700		—			675,489
Gross profit	421,470			38,339		—			459,809
Selling, general and administrative expenses:
Operating expenses	314,904			33,634		—			348,538
Depreciation and amortization	18,413			2,358		—			20,771
Total selling, general and administrative expenses	333,317			35,992		—			369,309
Operating income	88,153			2,347		—			90,500
Other (income) expense:
Interest income	(281		)	—		—			(281		)
Interest expense	363			12		—			375
Equity in (earnings) loss of subsidiaries	(2,335		)	—		2,335			—
Other-than-temporary investment impairment due to credit losses	345			—		—			345
Other	(73		)	—		—			(73		)
Total other (income) expense, net	(1,981		)	12		2,335			366
Income before provision for income taxes	90,134			2,335		(2,335		)	90,134
Provision for income taxes	35,162			—		—			35,162
Net income	$	54,972		$	2,335	$	(2,335	)	$	54,972
Comprehensive income	$	55,165		$	—	$	—		$	55,165

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the First Three Quarters Ended December 31, 2011

(Predecessor)

(In thousands)

(Unaudited)

	Issuer			Subsidiary Guarantors			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash provided by operating activities	$	36,804		$	7,254		$	—	$	44,058
Cash flows from investing activities:
Purchases of property and equipment	(31,374		)	(1,874		)	—		(33,248		)
Proceeds from sale of fixed assets	4			91			—		95
Purchases of investments	(50,927		)	—			—		(50,927		)
Proceeds from sale of investments	49,969			—			—		49,969
Net cash used in investing activities	(32,328		)	(1,783		)	—		(34,111		)
Cash flows from financing activities:
Payments of capital lease obligation	(54		)	—			—		(54		)
Repurchases of common stock related to issuance of Performance Stock Units	(1,744		)	—			—		(1,744		)
Proceeds from exercise of stock options	3,338			—			—		3,338
Excess tax benefit from share-based payment arrangements	1,383			—			—		1,383
Net cash provided by financing activities	2,923			—			—		2,923
Net increase in cash	7,399			5,471			—		12,870
Cash — beginning of period	15,505			1,218			—		16,723
Cash — end of period	$	22,904		$	6,689		$	—	$	29,593