EX-99.2 5 select091287_ex99-2.htm REPORTED TO ADJUSTED STATEMENTS OF OPERATIONS DATA RECONCILIATION SELECT COMFORT CORPORATION EXHIBIT 99.2

Exhibit 99.2

 

SELECT COMFORT CORPORATION AND SUBSIDIARIES

Reported to Adjusted Statements of Operations Data Reconciliation

(unaudited – in thousands, except per share amounts)

 

 

Three Months Ended

 

 

January 3, 2009

 

December 29, 2007

 

 

As Reported

 

Impairments(1)

 

Tax Valuation(2)

 

As Adjusted

 

As Reported

 

Impairments(1)

 

Tax Valuation

 

As Adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

 

$

(50,217

)

$

32,060

 

$

—

 

$

(18,157

)

$

2,799

 

$

211

 

$

—

 

$

3,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(51,506

)

 

32,060

 

 

—

 

 

(19,446

)

 

2,590

 

 

211

 

 

—

 

 

2,801

 

Income tax (benefit) expense(3)

 

 

5,930

 

 

12,818

 

 

(26,840

)

 

(8,092

)

 

422

 

 

78

 

 

—

 

 

500

 

Net (loss) income

 

$

(57,436

)

$

19,242

 

$

26,840

 

$

(11,354

)

$

2,168

 

$

133

 

$

—

 

$

2,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.30

)

$

0.43

 

$

0.61

 

$

(0.26

)

$

0.05

 

$

0.00

 

$

—

 

$

0.05

 

Diluted

 

$

(1.30

)

$

0.43

 

$

0.61

 

$

(0.26

)

$

0.05

 

$

0.00

 

$

—

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Shares

 

 

44,305

 

 

44,305

 

 

44,305

 

 

44,305

 

 

44,000

 

 

44,000

 

 

44,000

 

 

44,000

 

Diluted Shares

 

 

44,305

 

 

44,305

 

 

44,305

 

 

44,305

 

 

45,331

 

 

45,331

 

 

45,331

 

 

45,331

 

 

(1)

Period ended January 3, 2009 includes impairment charges for the abandonment of our plan to implement SAP-based applications and underperforming stores period ended December 29, 2007 includes impairment charges for underperforming stores

 

(2)

We established a $26.8 million valuation allowance against deferred taxes in the fourth quarter of fiscal 2008

 

(3)

Reflects annual effective tax rate, before discrete adjustments, of 40.0% and 37.1%, respectively, for the periods ended January 3, 2009 and December 29, 2007

 

 

Note -

Our “as adjusted” data is considered a non-GAAP financial measure and is not in accordance with, or preferable to, “as reported,” or GAAP financial data. However, we have are providing this information as we believe it facilitates year-over-year comparisons for investors and financial analysts

 

GAAP - generally accepted accounting principles

 





SELECT COMFORT CORPORATION AND SUBSIDIARIES

Reported to Adjusted Statements of Operations Data Reconciliation

(unaudited – in thousands, except per share amounts)

 

 

Fiscal Years Ended

 

 

January 3, 2009

 

December 29, 2007

 

 

As Reported

 

Impairments(1)

 

Tax Valuation(2)

 

As Adjusted

 

As Reported

 

Impairments(1)

 

Tax Valuation

 

As Adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

 

$

(69,458

)

$

34,594

 

$

—

 

$

(34,864

)

$

43,506

 

$

409

 

$

—

 

$

43,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(72,743

)

 

34,594

 

 

—

 

 

(38,149

)

 

43,466

 

 

409

 

 

—

 

 

43,875

 

Income tax (benefit) expense(3)

 

 

(2,566

)

 

13,831

 

 

(26,840

)

 

(15,575

)

 

15,846

 

 

152

 

 

—

 

 

15,998

 

Net (loss) income

 

$

(70,177

)

$

20,763

 

$

26,840

 

$

(22,574

)

$

27,620

 

$

257

 

$

—

 

$

27,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.59

)

$

0.47

 

$

0.61

 

$

(0.51

)

$

0.59

 

$

0.01

 

$

—

 

$

0.60

 

Diluted

 

$

(1.59

)

$

0.47

 

$

0.61

 

$

(0.51

)

$

0.57

 

$

0.01

 

$

—

 

$

0.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Shares

 

 

44,186

 

 

44,186

 

 

44,186

 

 

44,186

 

 

46,536

 

 

46,536

 

 

46,536

 

 

46,536

 

Diluted Shares

 

 

44,186

 

 

44,186

 

 

44,186

 

 

44,186

 

 

48,292

 

 

48,292

 

 

48,292

 

 

48,292

 

 

(1)

Period ended January 3, 2009 includes impairment charges for the abandonment of our plan to implement SAP-based applications and underperforming stores period ended December 29, 2007 includes impairment charges for underperforming stores

 

(2)

We established a $26.8 million valuation allowance against deferred taxes in the fourth quarter of fiscal 2008

 

(3)

Reflects annual effective tax rate, before discrete adjustments, of 40.0% and 37.1%, respectively, for the periods ended January 3, 2009 and December 29, 2007

 

 

Note -

Our “as adjusted” data is considered a non-GAAP financial measure and is not in accordance with, or preferable to, “as reported,” or GAAP financial data. However, we have are providing this information as we believe it facilitates year-over-year comparisons for investors and financial analysts

 

GAAP - generally accepted accounting principles