EX-99.1 5 a2226390zex-99_1.htm EX-99.1
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Exhibit 99.1

ITEM 6.    SELECTED FINANCIAL DATA

Note: Capitalized terms not defined herein have the meaning as ascribed to them in our Annual Report on Form 10-K for the year ended November 30, 2014, filed with the SEC on February 13, 2015 ("Annual Report").

        The table below (includes the notes hereto) sets forth a summary of selected consolidated financial data. The selected consolidated financial data should be read in conjunction with the related consolidated financial statements and notes thereto provided in Item 8. Financial Statements and Supplementary Data and the Consolidated Financial Statement and Schedules included as Exhibit 99.3 of our Current Report on Form 8-K filed with the SEC on November 3, 2015.

 
   Year ended  
 
   (in thousands, except per share data)  
 
   11/30/14   11/30/2013   11/30/12   11/30/11   11/30/10  
 
   (1)
   (2)
    
    
    
  

Net sales

   $ 84,225   $ 28,417   $ 9,484   $ 7,231   $ 4,283  

Cost of goods sold

     44,502     14,451     2,835     2,448     1,590  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     39,723     13,966     6,649     4,783     2,693  

Operating expenses

    
 		    
 		    
 		    
 		    
 		  

Selling, general and administrative

     42,329     21,956     10,728     9,363     6,882  

Impairment of goodwill

     23,585     —     —              

Depreciation and amortization

     3,637     1,319     565     588     361  

Retail stores impairment

     840     —     —     1,144     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

    70,391     23,275     11,293     11,095     7,243  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating loss from continuing operations

     (30,668 )   (9,309 )   (4,644 )   (6,312 )   (4,550 )

Interest expense

     5,141     1,032     —     —     —  

Other expense

     (2,268 )   209     —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss before taxes

     (33,541 )   (10,550 )   (4,644 )   (6,312 )   (4,550 )

Income tax (benefit) provision

     (5,059 )   (3,134 )   (2,012 )   (2,555 )   (1,884 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from continuing operations

     (28,482 )   (7,416 )   (2,632 )   (3,757 )   (2,666 )

Income from discontinued operations, net of tax

    
766		    
102		    
8,197		    
2,392		    
5,267 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net (loss) income and comprehensive (loss) income

   $ (27,716 ) $ (7,314 ) $ 5,565   $ (1,365 ) $ 2,601  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (loss) per common share—basic

                                

Loss from continuing operations

   $ (0.42 ) $ (0.11 ) $ (0.04 ) $ (0.06 ) $ (0.04 )

Earnings from discontinued operations

     0.01     0.00     0.12     0.04     0.08  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (loss) per common share—basic

   $ (0.41 ) $ (0.11 ) $ 0.08   $ (0.02 ) $ 0.04  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (loss) per common share—diluted

                                

Loss from continuing operations

   $ (0.42 ) $ (0.11 ) $ (0.04 ) $ (0.06 ) $ (0.04 )

Earnings from discontinued operations

     0.01     0.00     0.12     0.04     0.08  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (loss) per common share—diluted

   $ (0.41 ) $ (0.11 ) $ 0.08   $ (0.02 ) $ 0.04  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Weighted average shares outstanding

                                

Basic

     68,226     67,163     65,496     64,001     62,362  

Diluted

     68,226     67,163     66,849     64,001     64,505  

Balance sheet data:

    
 		    
 		    
 		    
 		    
 		  

Total assets

   $ 203,949   $ 223,023   $ 86,024   $ 80,162   $ 81,469  

Long term debt(3)

     24,733     89,982     —     —     —  

Stockholders' equity

     40,997     65,769     71,739     64,757     64,873  
(1)
Reclassification, presentation and certain computational changes have been made for the results for the certain operating and intellectual property assets used or held for use in our business operated under the brand names "Joe's Jeans," Joe's," "Joe's JD" and "else" sold and reclassified as discontinued operations for all periods presented.

(2)
Includes results of operation for Hudson from the acquisition date of September 30, 2013 through the end of our fiscal year ended November 30, 2013.

(3)
Includes long term debt, convertible notes and buyout payable. During fiscal 2014, certain of the prior year long term debt was reclassified as current debt due to the default under the respective term loan agreement.



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