EX-99.2 3 c87676exv99w2.htm RECONCILIATION TABLE OF NON-GAAP NUMBERS exv99w2
 

EXHIBIT 99.2

WILSONS THE LEATHER EXPERTS INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION — CONSOLIDATED STATEMENT OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)

Reconciliation of GAAP Consolidated Statement of Operations to Adjusted Statement of Operations:

                         
    Three Months Ended             Three Months Ended  
   
    Restructuring    
 
    July 31,     And Other     July 31,  
    2004 - As Reported
     Charges (1)
     2004 - Adjusted
  
NET SALES
   $ 55,330     $ —     $ 55,330  
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
     46,488       (950 )     47,438  
 
  
 		    
 		    
 		  
Gross margin
     8,842       950       7,892  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
     33,646       9,052       24,594  
DEPRECIATION AND AMORTIZATION
     3,687       117       3,570  
 
  
 		    
 		    
 		  
Operating loss
     (28,491 )     (8,219 )     (20,272 )
INTEREST EXPENSE, net
     1,953       —       1,953  
 
  
 		    
 		    
 		  
Loss before income taxes
     (30,444 )     (8,219 )     (22,225 )
INCOME TAX PROVISION
     —       —       —  
 
  
 		    
 		    
 		  
Net loss
   $ (30,444 )   $ (8,219 )   $ (22,225 )
 
  
 		    
 		    
 		  
 
                        
BASIC AND DILUTED LOSS PER SHARE:
                        
Basic and diluted loss per share
   $ (1.14 )   $ (0.31 )   $ (0.83 )
 
  
 		    
 		    
 		  
 
                        
Weighted average shares outstanding - basic and diluted
     26,698       —       26,698  
 
  
 		    
 		    
 		  

(1)   Includes $8.2 million related primarily to lease termination costs and asset write-offs related to previously announced store closings and other restructuring costs.

 

 

WILSONS THE LEATHER EXPERTS INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION — CONSOLIDATED STATEMENT OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)

Reconciliation of GAAP Consolidated Statement of Operations to Adjusted Statement of Operations

                         
    Year To Date             Year To Date  
    Period Ended             Period Ended  
   
    Restructuring    
 
    July 31,     And Other     July 31,  
    2004 - As Reported
     Charges (1)
     2004 - Adjusted
  
NET SALES
   $ 153,081     $ 20,778     $ 132,303  
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
     124,821       19,584       105,237  
 
  
 		    
 		    
 		  
Gross margin
     28,260       1,194       27,066  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
     61,755       12,306       49,449  
DEPRECIATION AND AMORTIZATION
     19,044       11,285       7,759  
 
  
 		    
 		    
 		  
Operating loss
     (52,539 )     (22,397 )     (30,142 )
INTEREST EXPENSE, net
     4,697       —       4,697  
 
  
 		    
 		    
 		  
Loss before income taxes
     (57,236 )     (22,397 )     (34,839 )
INCOME TAX PROVISION
     —       —       —  
 
  
 		    
 		    
 		  
Net loss
   $ (57,236 )   $ (22,397 )   $ (34,839 )
 
  
 		    
 		    
 		  
 
                        
BASIC AND DILUTED LOSS PER SHARE:
                        
Basic and diluted loss per share
   $ (2.42 )   $ (0.95 )   $ (1.47 )
 
  
 		    
 		    
 		  
 
                        
Weighted average shares outstanding - basic and diluted
     23,693       —       23,693  
 
  
 		    
 		    
 		  

(1)   Includes $22.4 million related primarily to the transfer of inventory to an independent liquidator in conjunction with the previously announced closing of approximately 111 stores, lease termination costs, accelerated depreciation, and asset write-offs related to store closings, and other restructuring costs.