EX-99.2 3 c02938exv99w2.htm RECONCILIATION TABLE exv99w2
 

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     Restructuring     For the three months ended  
    January 29,     And Other     January 29,  
    2005 - As Reported     Charges (1)     2005 - Adjusted  
NET SALES
   $ 200,067     $ —     $ 200,067  
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
     115,903       (154 )     116,057  
 
                  
Gross margin
     84,164       154       84,010  
SELLING, GENERAL AND ADMINISTRATIVE COSTS
     38,634       2,315       36,319  
DEPRECIATION AND AMORTIZATION
     4,395       99       4,296  
 
                  
Operating income (loss)
     41,135       (2,260 )     43,395  
INTEREST EXPENSE, net
     1,345       —       1,345  
 
                  
Income (loss) from continuing operations before income taxes
     39,790       (2,260 )     42,050  
INCOME TAX BENEFIT
     (2,183 )     —       (2,183 )
 
                  
Income (loss) from continuing operations
     41,973       (2,260 )     44,233  
Income from discontinued operations, net of tax
     173       —       173  
 
                  
Net Income (loss)
   $ 42,146     $ (2,260 )   $ 44,406  
 
                  
Basic earnings per share:
                        
Income from continuing operations
   $ 1.08     $ (0.06 )   $ 1.14  
Income from discontinued operations
     —       —       —  
 
                  
Basic earnings per share
   $ 1.08     $ (0.06 )   $ 1.14  
 
                  
Basic weighted average shares outstanding
     38,872       —       38,872  
 
                  
Diluted earnings per share:
                        
Income from continuing operations
   $ 1.05     $ (0.06 )   $ 1.11  
Income from discontinued operations
     —       —       —  
 
                  
Diluted earnings per share
   $ 1.05     $ (0.06 )   $ 1.11  
 
                  
Diluted weighted average shares outstanding
     40,159       —       40,159  
 
                  
 
(1)   Includes $2.3 million related to performance bonuses related to former officers of the Company, retention bonuses, and the remainder of the lease termination 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:
                         
    For the year ended     Restructuring     For the year ended  
    January 29,     And Other     January 29,  
    2005 - As Reported     Charges (1)     2005 - Adjusted  
NET SALES
   $ 441,071     $ 20,778     $ 420,293  
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
     299,713       16,944       282,769  
 
                  
Gross margin
     141,358       3,834       137,524  
SELLING, GENERAL AND ADMINISTRATIVE COSTS
     129,240       17,442       111,798  
DEPRECIATION AND AMORTIZATION
     30,630       13,780       16,850  
 
                  
Operating income (loss)
     (18,512 )     (27,388 )     8,876  
INTEREST EXPENSE, net
     7,427       —       7,427  
 
                  
Income (loss) from continuing operations before income taxes
     (25,939 )     (27,388 )     1,449  
INCOME TAX BENEFIT
     (2,183 )     —       (2,183 )
 
                  
Income (loss) from continuing operations
     (23,756 )     (27,388 )     3,632  
Income from discontinued operations, net of tax
     173       —       173  
 
                  
Net Income (loss)
   $ (23,583 )   $ (27,388 )   $ 3,805  
 
                  
Basic earnings (loss) per share:
                        
Income (loss) from continuing operations
   $ (0.76 )   $ (0.87 )   $ 0.11  
Income from discontinued operations
     0.01       —       0.01  
 
                  
Basic earnings (loss) per share
   $ (0.75 )   $ (0.87 )   $ 0.12  
 
                  
Basic weighted average shares outstanding
     31,275       —       31,275  
 
                  
Diluted earnings (loss) per share:
                        
Income (loss) from continuing operations
   $ (0.76 )   $ (0.87 )   $ 0.11  
Income from discontinued operations
     0.01       —       0.01  
 
                  
Diluted earnings (loss) per share
   $ (0.75 )   $ (0.87 )   $ 0.12  
 
                  
Diluted weighted average shares outstanding
     31,275       —       32,057  
 
                  
 
(1)   Includes $27.4 million related to the transfer of inventory to an independent liquidator in conjunction with the closing of approximately 111 stores, accelerated depreciation, fixed asset write-offs, lease termination costs related store closings, severance, and other restructuring charges.