EX-99.2 3 c00100exv99w2.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, 2004     and other     October 30, 2004  
    As reported (1)     charges (1) (2)     As adjusted  
NET SALES
   $ 87,923     $ —     $ 87,923  
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
     62,356       (128 )     62,484  
 
                  
Gross margin
     25,567       128       25,439  
 
                        
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
     28,851       2,821       26,030  
DEPRECIATION AND AMORTIZATION
     3,824       38       3,786  
 
                  
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)   Reclassified for the presentation of certain lease accounting issues clarified by the Office of the Chief Accountant of the Securities and Exchange Commission in a letter to the American Institute of Certified Public Accountants on February 7, 2005.
 
(2)   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 Statements of Operations to Adjusted Statement of Operations
                         
    For the year-to-date             For the year-to-date  
    period ended             period ended  
            Restructuring        
    October 30, 2004     and other     October 30, 2004  
    As reported (1)     charges (1) (2)     As adjusted  
NET SALES
   $ 241,004     $ 20,778     $ 220,226  
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
     183,810       17,098       166,712  
 
                  
Gross margin
     57,194       3,680       53,514  
 
                        
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
     90,606       15,127       75,479  
DEPRECIATION AND AMORTIZATION
     26,235       13,681       12,554  
 
                  
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)   Reclassified for the presentation of certain lease accounting issues clarified by the Office of the Chief Accountant of the Securities and Exchange Commission in a letter to the American Institute of Certified Public Accountants on February 7, 2005.
 
(2)   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.