-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PdwMnuqgoTlOpA8gZrc6aLQ9ejUcxeHAM64Nwk64rXKjr9nvo1CPTB8Gb60gncqp ipoHsjenHXisKhAtWNA+VQ== 0000354950-95-000006.txt : 19951212 0000354950-95-000006.hdr.sgml : 19951212 ACCESSION NUMBER: 0000354950-95-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951029 FILED AS OF DATE: 19951130 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOME DEPOT INC CENTRAL INDEX KEY: 0000354950 STANDARD INDUSTRIAL CLASSIFICATION: 5211 IRS NUMBER: 953261426 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08207 FILM NUMBER: 95597695 BUSINESS ADDRESS: STREET 1: 2455 PACES FERRY ROAD CITY: ATLANTA STATE: GA ZIP: 30339-4024 BUSINESS PHONE: 770-433-8211 MAIL ADDRESS: STREET 1: 2455 PACES FERRY ROAD CITY: ATLANTA STATE: GA ZIP: 30339-4024 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 29, 1995 - OR - TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8207 THE HOME DEPOT, INC. (Exact name of registrant as specified in its charter) Delaware 95-3261426 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 2455 Paces Ferry Road Atlanta, Georgia 30339-4024 (Address of principal executive offices) (Zip Code) (770) 433-8211 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. $.05 par value 476,818,000 Shares, as of November 17, 1995 THE HOME DEPOT, INC. AND SUBSIDIARIES INDEX TO FORM 10-Q October 29, 1995 Page Part I. Financial Information: Item 1. Financial Statements CONSOLIDATED STATEMENTS OF EARNINGS - Three-Month and Nine-Month Periods Ended October 29, 1995 and October 30, 1994. . . . . . . 3 CONSOLIDATED CONDENSED BALANCE SHEETS - As of October 29, 1995 and January 29, 1995. . . . . . . 4 CONSOLIDATED STATEMENTS OF CASH FLOWS - Nine-Month Periods Ended October 29, 1995 and October 30, 1994. . . . . . . 5 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . 6 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition . . . . . . . . . . 7 - 9 Part II. Other Information: Item 4. Submission of Matters to a Vote of Security Holders.10 Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . .10 Signature Page. . . . . . . . . . . . . . . . . . . . . . . .11 Index to Exhibits . . . . . . . . . . . . . . . . . . . . . .12 PART I. FINANCIAL INFORMATION THE HOME DEPOT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (In Thousands, Except Per Share Data)
Three Months Ended Nine Months Ended --------------------- ---------------------- October 29, October 30, October 29, October 30, 1995 1994 1995 1994 ---------- --------- ---------- ---------- Net Sales $3,997,790 $3,240,050 $11,718,474 $9,399,215 Cost of Merchandise Sold 2,921,233 2,359,482 8,521,350 6,814,073 --------- ---------- ---------- ---------- Gross Profit 1,076,557 880,568 3,197,124 2,585,142 Operating Expenses: Selling & Store Operating 714,581 575,951 2,080,258 1,633,950 Pre-Opening 14,774 13,911 40,794 33,690 General and Administrative 66,911 59,317 199,470 167,101 ---------- ---------- ---------- ---------- Total Operating Expense 796,266 649,179 2,320,522 1,834,741 ---------- ---------- ---------- ---------- Operating Income 280,291 231,389 876,602 750,401 Interest Income (Expense): Interest and Investment Income 4,890 7,017 13,745 23,739 Interest Expense (318) (9,132) (3,772) (27,348) ---------- ---------- ---------- ---------- Interest, Net 4,572 (2,115) 9,973 (3,609) ---------- ---------- ---------- ---------- Earnings Before Income Taxes 284,863 229,274 886,575 746,792 Income Taxes 109,390 88,500 340,450 288,270 ---------- ---------- ---------- ---------- Net Earnings $ 175,473 $ 140,774 $ 546,125 $ 458,522 ========== ========== ========== ========== Earnings Per Common and Common Equivalent Share (Note 2) $ 0.37 $ 0.31 $ 1.15 $ 1.00 ========== ========== ========== ========== Dividends Per Share $ 0.05 $ 0.04 $ 0.14 $ 0.11 ========== ========== ========== ========== Weighted Average Number of Common and Common Equivalent Shares (Note 2) 477,671 476,075 477,469 475,567 ========== ========== ========== ==========
See accompanying notes to consolidated condensed financial statements. THE HOME DEPOT CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In Thousands)
October 29, January 29, 1995 1995 ------------ ------------ ASSETS - - ------ Current Assets: Cash and Cash Equivalents $ 49,485 $ 1,154 Short-Term Investments 80,245 56,712 Accounts Receivable, Net 333,791 272,225 Merchandise Inventories 2,214,014 1,749,312 Other Current Assets 49,230 53,560 ----------- ----------- Total Current Assets 2,726,765 2,132,963 Property and Equipment, at cost 4,638,480 3,747,268 Less: Accumulated Depreciation and Amortization (461,450) (350,031) ----------- ----------- Net Property and Equipment 4,177,030 3,397,237 Long Term Investments 35,828 98,022 Notes Receivable 54,141 32,528 Cost in Excess of the Fair Value of Net Assets Acquired, Net 89,491 88,513 Other 53,691 28,778 ----------- ----------- $ 7,136,946 $ 5,778,041 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY - - ------------------------------------ Current Liabilities: Accounts Payable $ 1,144,991 $ 681,291 Accrued Salaries and Related Expenses 215,350 192,151 Sales Taxes Payable 134,722 101,011 Other Accrued Expenses 290,793 208,377 Income Taxes Payable 28,313 8,717 Current Installments of Long-Term Debt 8,087 22,692 ----------- ----------- Total Current Liabilities 1,822,256 1,214,239 Convertible Subordinated Debt --- 804,985 Commercial Paper 200,000 100,000 Long-Term Debt, Net of Current Maturities 91,401 78,384 Other Long-Term Liabilities 108,585 67,953 Deferred Income Taxes 32,671 19,258 Minority Interest 71,609 50,999 Stockholders' Equity: Common Stock - 476,781,000 shares outstanding at 10/29/95 and 453,365,000 shares outstanding at 01/29/95 28,843 22,668 Paid-in Capital 2,400,537 1,526,463 Retained Earnings 2,417,504 1,937,284 Cumulative Translation Adjustments (1,422) (10,887) Unrealized Holding Gain/(Loss) on Investments, Net 357 (1,495) ----------- ----------- 4,840,819 3,474,033 Less: Notes Receivable from ESOP 30,149 31,810 Less: Shares Held in Employee Benefit Trust 246 --- ----------- ----------- 4,810,424 3,442,223 ----------- ----------- Total Stockholders' Equity $ 7,136,946 $ 5,778,041 =========== ===========
See accompanying notes to consolidated condensed financial statements. THE HOME DEPOT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In Thousands) Nine Months Ended ----------------------------- October 29,1995 October 30,1994 ------------- ------------- Cash Provided from Operations: - - ------------------------------ Net Earnings $ 546,125 $ 458,522 Reconciliation of Net Earnings to Net Cash Provided by Operations: Depreciation and Amortization 129,358 94,175 Increase (Decrease) in Deferred Income Taxes 12,444 (13,708) Increase in Accounts Payable and Accrued Expenses 632,911 506,249 Increase in Merchandise Inventories (461,325) (371,012) Increase (Decrease) in Income Taxes Payable 26,871 (5,874) Increase in Receivables, Net (73,536) (60,439) Other, Net 25,523 22,134 ------------- -------------- Total 292,246 171,525 ------------- -------------- Net Cash Provided by Operations 838,371 630,047 ------------- -------------- Cash Flows From Investing Activities: - - ------------------------------------- Capital Expenditures (942,661) (801,104) Initial Acquisition of Canadian Partnership Interest --- (161,548) Sale of Short-Term Investments, Net 27,034 92,068 Purchase of Long-Term Investments --- (67,710) Proceeds from Maturities of Long-Term Investments 6,257 44,846 Proceeds from Sales of Long-Term Investments 8,158 403,738 Proceeds from Sale of Property and Equipment 24,015 41,266 (Advances) Repayments of Advances Secured by Real Estate, Net (8,962) 6,425 ------------- ------------- Net Cash Used in Investing Activities (886,159) (442,019) ------------- ------------- Cash Flows From Financing Activities: - - ------------------------------------ Proceeds from Issuance of Commercial Paper, Net 100,000 --- Proceeds from Sales of Common Stock, Net 62,995 48,172 Principal Repayments of Long-Term Debt (21,524) (310) Cash Dividends Paid to Stockholders (65,904) (49,670) Minority Interest Contributions to Partnership 18,482 --- Cash Received from ESOP 1,661 2,931 ----------- --------- Net Cash Provided by Financing Activities (95,710) 1,123 ----------- --------- Effect of Exchange Rate Changes on Cash 409 --- Increase in Cash and Cash Equivalents 48,331 189,151 Cash and Cash Equivalents, Beginning of Period 1,154 99,997 ----------- ---------- Cash and Cash Equivalents, End of Period $ 49,485 $ 289,148 =========== ==========
See accompanying notes to consolidated condensed financial statements. THE HOME DEPOT, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) Summary of Significant Accounting Policies: 1. Basis of Presentation The accompanying consolidated condensed financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended January 29, 1995 as filed with the Securities and Exchange Commission (File No. 1-8207). 2. Conversion of Convertible Notes On March 31, 1995, the Company called for redemption all of its outstanding 4.5% Convertible Subordinated Notes due June 15, 1997 (the "Notes") at a redemption price of $1,016.75 (which included premium and interest) per $1,000 principal amount of Notes. The Notes were convertible by the holders thereof into Common Stock at the rate of one share for each $38.75 principal amount of Notes owned. All of the Notes were converted to Common Stock. Beginning in the second fiscal quarter of 1994, the Notes had a dilutive effect on earnings per share and accordingly, the Company has reported earnings per share for the nine months ended October 29, 1995 assuming the Notes had been converted at the beginning of the accounting period. THE HOME DEPOT, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The data below reflects selected sales data and the percentage relationship between sales and major categories in the Consolidated Statements of Earnings and the percentage change in the dollar amounts of each of the items.
Percentage Increase (Decrease) in Three Months Ended Nine Months Ended Dollar Amounts October 29, October 30, October 29, October 30, Three Nine 1995 1994 1995 1994 Months Months ----------- ----------- ----------- ----------- -------- ------- Selected Consolidated Statements of Earnings Data Net Sales 100.0% 100.0% 100.0% 100.0% 23.4 24.7 Gross Profit 26.9 27.2 27.3 27.5 22.3 23.7 Operating Expenses: Selling and Store Operating 17.9 17.8 17.7 17.4 24.1 27.3 Pre-Opening 0.3 0.4 0.4 0.3 6.2 21.1 General and Administrative 1.7 1.8 1.7 1.8 12.8 19.4 ------ ------ ------- ------ Total Operating Expenses 19.9 20.0 19.8 19.5 22.7 26.5 Operating Income 7.0 7.2 7.5 8.0 21.1 16.8 Interest (Income) Expense: Interest Income 0.1 0.2 0.1 0.3 (30.3) (42.1) Interest Expense --- (0.3) --- (0.3) (96.5) (86.2) ----- ------- ------ ------ Interest, Net 0.1 (0.1) 0.1 0.0 --- --- Earnings Before Income Taxes 7.1 7.1 7.6 8.0 24.2 18.7 Income Taxes 2.7 2.7 2.9 3.1 23.6 18.1 ------- ------ ------ ------ Net Earnings 4.4% 4.4% 4.7% 4.9% 24.6 19.1 ======= ====== ====== ====== Selected Consolidated Sales Data Number of Customer Transactions 94,767,000 77,162,000 278,015,000 226,793,000 22.8 22.6 Average Amount of Sales Per Transaction $ 42.19 $ 41.99 $ 42.15 $ 41.44 0.5 1.7 Weighted Average Weekly Sales Per Operating Store $ 792,000 $ 817,000 $ 818,000 $ 828,000 (3.1) (1.2) Weighted Average Sales Per Square Foot $ 393 $ 414 $ 406 $ 420 (5.1) (3.3) ============ =========== =========== ===========
THE HOME DEPOT, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (CONTINUED) RESULTS OF OPERATIONS Sales for the third quarter of fiscal 1995 increased 23% to $3,997,790,000 compared to sales of $3,240,050,000 for the third quarter of fiscal 1994. For the first nine months of fiscal 1995 sales increased 25% to $11,718,474,000 compared to sales of $9,399,215,000 for the comparable period of fiscal 1994. These sales increases were attributable to new stores (401 at the end of the third quarter of fiscal 1995 compared to 313 at the end of the third quarter of fiscal 1994) and a comparable store-for-store sales increase of 1.2% for the third quarter and 3.4% for the first nine months of fiscal 1995. Gross profit as a percent of sales was 26.9% for the third quarter of fiscal 1995 compared to 27.2% for the comparable period of fiscal 1994. For the first nine months of fiscal 1995, gross profit as a percent of sales was 27.3% compared to 27.5% for the comparable period of fiscal 1994. These decreases were attributable to, among other things, changes in merchandise mix, aggressive lumber pricing to stimulate sales because of lower lumber costs and corresponding retail prices, as well as continued emphasis on lower margins due to competitive pressure in many markets. Operating expenses as a percent of sales decreased to 19.9% for the third quarter of fiscal 1995 compared to 20.0% for the comparable period of fiscal 1994. For the first nine months of fiscal 1995, operating expenses as a percent of sales increased to 19.8% compared to 19.5% for the comparable period of fiscal 1994. Selling and store operating expenses as a percent of sales increased to 17.9% and 17.7% for the third quarter and first nine months of fiscal 1995, respectively, compared to 17.8% and 17.4% for the third quarter and first nine months of 1994, respectively. The increase for the quarter and nine months was attributable to, among other things, higher store payroll expenses due to higher average hourly wage rates resulting from a higher percentage of long term employees versus new hires and higher credit card costs due to increased credit sales. Pre-opening expenses as a percent of sales were 0.3% for the third quarter of fiscal 1995 compared to 0.4% for the same period in fiscal 1994. This decrease was primarily due to the timing of November and December store openings where 11 fourth quarter openings incurred pre-opening expenses in the third quarter for fiscal 1995 compared to 17 stores which opened in November and December of fiscal 1994. Pre-opening expenses as a percent of sales were 0.4% for the first nine months of fiscal 1995 compared to 0.3% for the comparable period of fiscal 1994. This increase was attributable to 61 new stores plus four relocations compared to 50 new stores plus seven relocations for the comparable period of fiscal 1994. General and administrative expenses as a percent of sales decreased to 1.7% for both the third quarter and first nine months of fiscal 1995 compared to 1.8% for the comparable periods of fiscal 1994. These decreases were attributable to, among other things, increased emphasis on controlling costs and higher sales volumes. Interest income as a percent of sales decreased to 0.1% for the third quarter and first nine months of fiscal 1995 from 0.2% for the third quarter and 0.3% for the first nine months of fiscal 1994. This decrease was attributable to a lower investment base partially offset by higher effective yields. Interest expense as a percent of sales decreased to 0% for both the third quarter and first nine months of fiscal 1995, compared to 0.3% for the third quarter and first nine months of fiscal 1994. This decrease was attributable to the conversion to Common Stock of the 4.5% Convertible Subordinated Notes due June 15, 1997 (The Notes) on March 31, 1995 and higher capitalized interest. The Company's combined Federal and state effective income tax rate decreased to 38.4% for the third quarter and first nine months of fiscal 1995 compared to 38.6% for the comparable periods of fiscal 1994. In the fourth quarter of fiscal 1994, the Company's combined Federal and state effective income tax rate was adjusted to 38.3% for the fiscal year. The increase in the rate for the third quarter and first nine months of fiscal 1995 from the adjusted fiscal 1994 tax rate was due to a higher effective state tax rate and the loss of targeted jobs tax credits. Net earnings as a percent of sales was 4.4% for both the third quarter of fiscal 1995 and fiscal 1994. For the first nine months of fiscal 1995, net earnings as a percent of sales decreased to 4.7% compared to 4.9% for the comparable period of fiscal 1994. This decrease was attributable to lower gross profits and higher operating expenses partially offset by higher net interest income and a lower effective income tax rate, as described above. Earnings per share was $0.37 and $1.15 for the third quarter and first nine months of fiscal 1995, respectively, compared to $0.31 and $1.00 for the third quarter and first nine months of fiscal 1994, respectively. THE HOME DEPOT, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (CONTINUED) LIQUIDITY AND CAPITAL RESOURCES Cash flow generated from store operations provides the Company with a significant source of liquidity. Additionally, a significant portion of the Company's inventory is financed under vendor credit terms. During the first nine months of fiscal 1995, the Company opened 61 stores and relocated four of its existing stores. During the remainder of fiscal 1995, the Company plans to open approximately 22 additional new stores and relocate one existing store. Of the planned 83 new stores and five relocations, it is expected that 78 will be owned and ten will be leased. The Company currently plans to open approximately 90 stores and may relocate six existing stores during fiscal 1996. Although some of these locations will be leased directly, it is expected that many may be obtained through the purchase of pre-existing leasehold interests, acquisition of land parcels and the construction or purchase of buildings during fiscal 1995. While the cost of new stores to be constructed and owned by the Company varies widely, principally due to land costs, new store costs (including land, building and fixtures) are currently estimated to average approximately $12,500,000 per location. The Company may purchase leasehold interests at varying amounts depending upon the value of such properties. The cost to remodel (including leasehold interests) and fixture stores to be leased is expected to average approximately $4,000,000 per store. In addition, each new store will require approximately $2,700,000 to finance inventories, net of vendor financing. On February 28,1995, the Company announced the call for redemption, on March 31, 1995 of all of its outstanding 4.5% Convertible Subordinated Notes due June 15, 1997 at a redemption price of $1,016.75 (which included premium and accrued interest) per $1,000 principal amount of Notes. The Notes were convertible by the holders thereof into Common Stock at the rate of one share for each $38.75 principal amount of Notes owned. All of the Notes were converted to Common Stock. Beginning in the second fiscal quarter of 1994, the Notes had a dilutive effect on earnings per share and accordingly, the Company has reported earnings per share for the first quarter and first nine months of fiscal 1995 assuming the Notes had been converted at the beginning of the accounting period. As of October 29, 1995, the Company had $129,730,000 in cash and short-term investments as well as $35,828,000 in long-term investments. During the third quarter of fiscal 1995, the Company increased its outstanding borrowings related to Commercial Paper to $200,000,000 from $0 outstanding at the end of the second fiscal quarter of 1995. Management believes that its current cash position, the proceeds from short-term and long-term investments, internally generated funds, its commercial paper program, and/or the ability to obtain alternate sources of financing should enable the Company to complete its capital expenditure programs, including store expansion and renovation, through the next several fiscal years. IMPACT OF INFLATION AND CHANGING PRICES Although the Company cannot accurately determine the precise effect of inflation on its operations, it does not believe inflation has had a material effect on sales or results of operations. Similarly, the Company does not believe that changing prices have had a material affect on sales or results of operations except as described above. THE HOME DEPOT, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (CONTINUED) PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders During the third quarter of fiscal 1995, no matters were submitted to a vote of security holders. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 11.1 Computation of Earnings per Common and Common Equivalent Share 27. Financial Data Schedule (only submitted to SEC in electronic format) (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter ended October 29, 1995. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE HOME DEPOT, INC. (Registrant) By: /s/ Arthur M. Blank Arthur M. Blank President /s/ Marshall L. Day Marshall L. Day Senior Vice President Chief Financial Officer (Date) THE HOME DEPOT, INC. AND SUBSIDIARIES INDEX TO EXHIBITS Exhibit Description Page 11.1 Computation of Earnings per Common and Common Equivalent Share. . . . . . . . . . . . . . . . . .13 Exhibit 11.1 THE HOME DEPOT, INC. AND SUBSIDIARIES Computation of Earnings Per Common and Common Equivalent Share
(In Thousands, Except Per Share Data) Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, 1995 1994 1995 1994 ----------- ----------- ----------- ----------- Net earnings applicable to common and common equivalent shares $ 175,473 $ 140,774 $ 546,125 $ 458,522 Tax effected interest expense, net of interest capitalized, attributable to convertible subordinated notes --- 5,606 2,415 15,946 ---------- ----------- ---------- ---------- $ 175,473 $ 146,380 $ 548,540 $ 474,468 ========== =========== ========== ========== Shares: Weighted average number of common and common equivalent shares assuming average market price 477,671 455,301 470,544 454,793 Additional shares from conversion of notes --- 20,774 6,925 20,774 ---------- ----------- ---------- ---------- 477,671 476,075 477,469 475,567 ========== =========== ========== ========== Primary earnings per common and common equivalent share $ 0.367 $ 0.307 $ 1.149 $ 0.998 ========== ========== ========== ==========
(1) Common equivalent shares represent shares granted under the Company's stock option plans and an employee stock purchase plan. (2) The Company's 4.5% Convertible Subordinated Notes, issued in 1992, were common stock equivalents prior to their conversion in March, 1995. For the nine months ended October 29, 1995 and the three and nine month periods ended October 30, 1994, the Notes were dilutive and, accordingly, are assumed to be converted as of the beginning of the accounting periods for purposes of calculating earnings per share. (3) Fully diluted earnings per share is not presented because the impact of a higher ending market price on weighted average common equivalent shares for the three and nine month periods ended October 29, 1995 and October 30, 1994 was anti-dilutive. EX-27 2
5 1000 9-MOS JAN-28-1996 OCT-29-1995 49485 80245 333791 0 2214014 2726765 4638480 461450 7136946 1822256 91401 23843 0 0 4786581 7136946 3997790 3997790 2921233 796266 0 0 (4572) 284863 109390 175473 0 0 0 175473 0.37 0
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