EX-99.2 3 c89816exv99w2.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:

                         
    For the three months ended           For the three months ended
   
  Restructuring  
    October 30,   and other   October 30,
    2004 - As reported
   charges (1)
   2004 - Adjusted
NET SALES
   $ 87,923     $ —     $ 87,923  
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
     62,846       (90 )     62,936  
 
    
 		      
 		      
 		  
Gross margin
     25,077       90       24,987  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
     28,851       2,821       26,030  
DEPRECIATION AND AMORTIZATION
     3,334       —       3,334  
 
    
 		      
 		      
 		  
Operating loss
     (7,108 )     (2,731 )     (4,377 )
INTEREST EXPENSE, net
     1,385       —       1,385  
 
    
 		      
 		      
 		  
Loss before income taxes
     (8,493 )     (2,731 )     (5,762 )
INCOME TAX PROVISION
     —       —       —  
 
    
 		      
 		      
 		  
Net loss
   $ (8,493 )   $ (2,731 )   $ (5,762 )
 
    
 		      
 		      
 		  
BASIC AND DILUTED LOSS PER SHARE:
                        
Basic and diluted loss per share
   $ (0.22 )   $ (0.07 )   $ (0.15 )
 
    
 		      
 		      
 		  
Weighted average shares outstanding — basic and diluted
     38,843       —       38,843  
 
    
 		      
 		      
 		  

(1)   Includes $2.7 million related to lease termination costs, severance, and other restructuring charges.

 

 

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:

                         
    For the year-to-date           For the year-to-date
    period ended           period ended
   
  Restructuring  
    October 30,   and other   October 30,
    2004 - As reported
   charges (1)
   2004 - Adjusted
NET SALES
   $ 241,004     $ 20,778     $ 220,226  
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
     187,667       19,494       168,173  
 
    
 		      
 		      
 		  
Gross margin
     53,337       1,284       52,053  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
     90,606       15,127       75,479  
DEPRECIATION AND AMORTIZATION
     22,378       11,285       11,093  
 
    
 		      
 		      
 		  
Operating loss
     (59,647 )     (25,128 )     (34,519 )
INTEREST EXPENSE, net
     6,082       —       6,082  
 
    
 		      
 		      
 		  
Loss before income taxes
     (65,729 )     (25,128 )     (40,601 )
INCOME TAX PROVISION
     —       —       —  
 
    
 		      
 		      
 		  
Net loss
   $ (65,729 )   $ (25,128 )   $ (40,601 )
 
    
 		      
 		      
 		  
BASIC AND DILUTED LOSS PER SHARE:
                        
Basic and diluted loss per share
   $ (2.29 )   $ (0.88 )   $ (1.41 )
 
    
 		      
 		      
 		  
Weighted average shares outstanding — basic and diluted
     28,743       —       28,743  
 
    
 		      
 		      
 		  

(1)   Includes $25.1 million related to the transfer of inventory to an independent liquidator in conjunction with the closing of approximately 111 stores, lease termination costs, accelerated depreciation, asset write-offs related to store closings, severance, and other restructuring charges.