-----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, T2RNZa9bRzeej1U1fFec23n3396r663TMUPxBSwxla5lQPjNifoOmbkMs2uE24bA iXV9qGoLCcxDSVeonp+mdQ== 0000950123-99-006400.txt : 19990712 0000950123-99-006400.hdr.sgml : 19990712 ACCESSION NUMBER: 0000950123-99-006400 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990529 FILED AS OF DATE: 19990709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAUTICA ENTERPRISES INC CENTRAL INDEX KEY: 0000093736 STANDARD INDUSTRIAL CLASSIFICATION: MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320] IRS NUMBER: 952431048 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-06708 FILM NUMBER: 99661553 BUSINESS ADDRESS: STREET 1: 40 WEST 57TH STREET CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2125415990 MAIL ADDRESS: STREET 1: 40 W 57TH STREET CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: STATE O MAINE INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC COAST KNITTING MILLS INC DATE OF NAME CHANGE: 19751124 10-Q 1 NAUTICA ENTERPRISES, INC. 1 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 May 29, 1999 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 0-6708 Nautica Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 95-2431048 -------- ---------- (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 40 West 57th Street, New York, N.Y. 10019 (Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code (212) 541-5757 (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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court Yes No APPLICABLE ONLY TO CORPORATE ISSUERS The number of shares of Common Stock outstanding as of July 9, 1999 was 34,595,121. 2 NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES MAY 29, 1999 (Unaudited) INDEX -----
Page No. -------- Part I - Financial Information: Item 1. Financial Statements (Unaudited): Condensed Consolidated Balance Sheets As at May 29, 1999 and February 27, 1999 ........................ 2 Condensed Consolidated Statements of Earnings For the Three Month Periods Ended May 29, 1999 and May 30, 1998 ................................... 3 Condensed Consolidated Statements of Cash Flows For the Three Month Periods Ended May 29, 1999 and May 30, 1998 ................................... 4 Notes to Condensed Consolidated Financial Statements ....................................................... 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ............ 8 Item 3. Quantitative and Qualitative Disclosures About Market Risk 10 Part II - Other Information ............................................... 11
3 CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data)
ASSETS (unaudited) May 29, February 27, 1999 1999 --------- --------- Current assets: Cash and cash equivalents $ 1,938 $ 15,498 Short-term investments 52,394 55,049 Accounts receivable - net 72,824 102,471 Inventories 83,400 70,212 Prepaid expenses and other current assets 6,324 5,434 Deferred tax benefit 7,670 7,369 --------- --------- Total current assets 224,550 256,033 Property, plant and equipment, net of accumulated depreciation and amortization 67,202 64,524 Other assets 13,812 11,777 --------- --------- $ 305,564 $ 332,334 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ -- $ 50 Accounts payable - trade 32,106 29,596 Accrued expenses and other current liabilities 36,033 40,298 Income taxes payable 6,664 6,523 --------- --------- Total current liabilities 74,803 76,467 Long-term debt -net -- 50 Stockholders' equity: Preferred stock - par value $.01; authorized, 2,000,000 shares; no shares issued Common stock - par value $.10; authorized, 100,000,000 shares; issued 42,632,000 shares at May 29, 1999 and 42,604,000 shares at February 27, 1999 4,264 4,260 Additional paid-in capital 66,953 66,813 Retained earnings 280,246 275,882 Accumulated other comprehensive loss (140) (35) --------- --------- 351,323 346,920 Less: Common stock in treasury - at cost; 8,041,000 shares at May 29, 1999 and 5,596,000 at February 27, 1999 (120,562) (91,103) --------- --------- Total stockholders' equity 230,761 255,817 --------- --------- $ 305,564 $ 332,334 ========= =========
The accompanying notes are an integral part of these statements. -2- 4 NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (amounts pin thousands, except share data)
(unaudited) Three Months Three Months Ended Ended May 29, 1999 May 30, 1998 ------------ ------------ Net Sales $ 109,163 $ 110,980 Cost of goods sold 57,860 59,226 ------------ ------------ Gross profit 51,303 51,754 Selling, general and administrative expenses 46,102 38,815 Net royalty income (1,416) (1,613) ------------ ------------ Operating profit 6,617 14,552 Investment income, net 561 1,410 Minority interest in loss of consolidated subsidiary -- 317 ------------ ------------ Earnings before provision for income taxes 7,178 16,279 Provision for income taxes 2,814 6,430 ------------ ------------ NET EARNINGS $ 4,364 $ 9,849 ============ ============ Net earnings per share of common stock Basic $ 0.12 $ 0.25 ============ ============ Diluted $ 0.12 $ 0.23 ============ ============ Weighted average number of common shares outstanding Basic 35,405,000 39,419,000 ============ ============ Diluted 37,181,000 41,981,000 ============ ============ Cash dividends per common share none none ============ ============
The accompanying notes are an integral part of these statements. -3- 5 NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands)
Three Months Three Months Ended Ended May 29, 1999 May 30, 1998 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 4,364 $ 9,849 -------- -------- Adjustments to reconcile net earnings to net cash provided by operating activities: Minority interest in net loss of consolidated subsidiary -- (317) Deferred income taxes (231) -- Depreciation and amortization 4,378 2,807 Provision for bad debts 278 779 Changes in operating assets and liabilities Accounts receivable 29,369 22,859 Inventories (13,188) (18,915) Prepaid expenses and other current assets (890) (3,489) Other assets (2,266) (737) Accounts payable - trade 2,509 12,727 Accrued expenses and other current liabilities (4,264) (5,252) Income taxes payable 141 2,573 -------- -------- Total adjustments 15,836 13,035 -------- -------- Net cash provided by operating activities 20,200 22,884 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (6,825) (7,229) Sale (purchase) of short-term investments 2,480 (650) -------- -------- Net cash used in investing activities (4,345) (7,879) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Principal payments on long-term debt (100) (50) Purchase of treasury stock (29,460) -- Proceeds from issuance of common stock 145 495 -------- -------- Net cash (used in) provided by financing activities (29,415) 445 -------- -------- (Decrease) increase in cash and cash equivalents (13,560) 15,450 Cash and cash equivalents at beginning of period 15,498 34,616 -------- -------- Cash and cash equivalents at end of period $ 1,938 $ 50,066 -------- -------- Supplemental disclosure of cash flow information: Cash paid during the period for income taxes $ 2,665 $ 3,838 -------- --------
The accompanying notes are an integral part of these statements. -4- 6 NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MAY 29, 1999 (Unaudited) (amounts in thousands) NOTE 1 - The accompanying financial statements have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These statements include all adjustments, consisting only of normal recurring accruals, considered necessary for a fair presentation of financial position and results of operations. The financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the latest annual report on Form 10-K. NOTE 2 - The results of operations for the three-month period ended May 29, 1999 are not necessarily indicative of the results to be expected for the full year. NOTE 3 - The Company utilized the last-in, first-out "Lifo" method for inventories as at May 29, 1999 and February 27, 1999 and for the three month periods ended May 29, 1999 and May 30, 1998. The "Lifo" inventory for the three month periods ended May 29, 1999 and May 30, 1998 are based upon end of year estimates. Inventories at May 29, 1999 and February 27, 1999 consist primarily of finished goods. NOTE 4 - The Company has adopted Statement of Financial Accounting Standards No. 130 ("SFAS No. 130), "Reporting Comprehensive Income." SFAS No. 130 establishes standards for reporting comprehensive income and its components in a financial statement. Accumulated other comprehensive income as presented on the accompanying balance sheets, consists of the changes in unrealized gains and losses on securities. Comprehensive income as defined includes all changes in equity during a period from non-owner sources, as follows:
Three Months Three Months Ended Ended May 29, 1999 May 30, 1998 ------------ ------------ Net earnings $ 4,364 $ 9,849 Changes in unrealized gains and losses on securities, net of tax (105) (57) ------- ------- Comprehensive Income $ 4,259 $ 9,792 ======= =======
-5- 7 NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) MAY 29, 1999 (Unaudited) (amounts in thousands) NOTE 5 - Short-term investments consist primarily of government and agency bonds, tax exempt municipal bonds and corporate bonds. These marketable securities are classified as available-for-sale and are adjusted to market value at the end of each accounting period. Unrealized market gains and losses, net of deferred tax, are reported in stockholders' equity. Realized gains and losses on sales of investments are determined on a specific identification basis, and are included in the consolidated statements of earnings. Gross realized gains totaled $19 and $52 and gross realized losses totaled $43 and $27, for the three months ended May 29, 1999 and May 30, 1998, respectively. The unrealized losses on available-for-sale securities which were included in accumulated other comprehensive loss were losses of $234 (net of deferred tax of $94) and $58 (net of deferred tax of $23) as of May 29, 1999 and February 27, 1999, respectively. NOTE 6 - Basic net earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding for the period. Diluted net earnings per share reflects the weighted-average common shares outstanding plus the potential dilutive effect of options which are convertible into common shares. Options which were excluded from the calculation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares and, therefore, would be antidilutive, were 2,479,700 during the three months ended May 29, 1999. All options were included in the calculation of related earnings per share during the three months ended May 30, 1998. NOTE 7 - The Company has adopted Statement of Financial Accounting Standards No. 131, "Disclosures about Segments of an Enterprise and Related Information," which established reporting and disclosure standards for an enterprise's operating segments. Operating segments are defined as components of an enterprise for which separate financial information is available and regularly reviewed by the Company's senior management. The Company has the following two reportable segments: Wholesale and Outlet Retail. The Wholesale segment designs, markets, sources and distributes sportswear, activewear, outerwear, robes and sleepwear for men and robes and sleepwear for ladies to retail store customers. The Outlet Retail segment sells men's apparel and other Nautica-branded products primarily through outlet retail store locations directly to consumers. -6- 8 NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) MAY 29, 1999 (Unaudited) (amounts in thousands) Segment profit is based on earnings before income taxes. The reportable segments are distinct business units and are separately managed with different distribution channels.
Outlet All Corporate/ Wholesale Retail Other eliminations Totals --------- ------ ----- ------------ ------ FOR THE THREE MONTHS ENDED MAY 29, 1999 Net Sales $85,755 $23,408 $109,163 Segment operating profit 5,199 1,703 $1,416 $(1,140) 7,178 Segment Assets 172,608 49,488 8,728 74,740 305,564 Depreciation expense 3,670 239 82 156 4,147 FOR THE THREE MONTHS ENDED MAY 30, 1998 Net Sales $ 89,687 $ 21,293 $ 110,980 Segment operating profit 11,880 3,190 $ 1,613 $ (404) 16,279 Segment Assets 164,306 36,510 10,065 119,594 330,475 Depreciation expense 2,305 180 51 89 2,625
In the Corporate/elimination column the segment assets primarily consist of the Company's cash and investment portfolio and the segment operating (loss) profit consists of corporate expenses offset by investment income earned. - 7 - 9 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited) RESULTS OF OPERATIONS For the Three Months Ended May 29, 1999: Net sales decreased 1.6% to $109.2 million in the three months ended May 29, 1999 from $111.0 million in the comparable prior year period. The decrease in sales is due primarily to decreased unit volume rather than price decreases. Wholesale sales decreased 4.3% to $85.8 million from $89.7 million due to a decline in sales of the men's sportswear business and the sale of the Company's private label sleepwear business during the first quarter of the prior year. This decrease was partially offset by shipments related to the launch of the Nautica Sport Tech's spring product line. Outlet Retail sales increased 9.9% to $23.4 million from $21.3 million as a result of opening additional outlet stores. Gross profit for the period was 47.0% compared to 46.6% in the comparable prior year period. The increase resulted from an increase in higher margin outlet retail segment sales relative to the wholesale segment. Total selling, general and administrative expenses increased by $7.3 million to $46.1 million from $38.8 million. Selling, general and administrative expenses as a percentage of net sales increased to 42.2% from 35.0% in the comparable prior year period. The increase in the percentage of net sales is principally due to costs associated with the launch and support of new product lines. Net royalty income decreased by $.2 million to $1.4 million from $1.6 million in the comparable prior year period. The decrease is due to the termination of the women's sportswear license and the transition of the jeans and fragrance licenses. Investment income decreased by $.8 million to $.6 million from $1.4 million in the comparable prior year period. The decrease is the result of lower average cash balances, due to the Company's stock purchase program. The provision for income taxes decreased to 39.2% from 39.5% of earnings before income taxes in the comparable prior year period. The decrease is due primarily to a reduction in the effective state income tax rates. Net earnings decreased 55.7% to $4.4 million from $9.8 million in the comparable prior year period as a result of the factors discussed above. - 8 - 10 LIQUIDITY AND CAPITAL RESOURCES During the three months ended May 29, 1999, the Company generated cash from operating activities of $20.2 million principally from net earnings and higher cash receipts from increased sales in the fourth quarter of the prior year. The increase in inventory of $13.2 million, was financed principally by cash generated from net earnings and a decrease in accounts receivable. Accounts receivable was 26.7% higher than the same period in the prior year due to timing of shipments, with a greater percentage occurring in the last part of the quarter. Inventory was 2.6% lower than the same period in the prior year due to a shift by retailers in order delivery dates for the fall season particularly outerwear. During the three months ended May 30, 1998, the Company generated cash from operating activities of $22.9 million principally from net earnings and higher cash receipts from increased sales. The increases in inventory of $18.9 million, to support increased sales levels, was financed by cash generated from net earnings, increases in accounts payable-trade and a decrease in accounts receivable. Accounts receivable and inventory were higher than the same period in the prior year by 8.7% and 16.7%, respectively. These increases were related to sales increases. During the three months ended May 29, 1999, the Company's principal investing activities related primarily to the continued expansion of the Nautica in-store shop program. The Company expects to continue to incur capital expenditures to expand the in-store shop program, open additional outlet retail stores, and to launch and support new product lines. At May 29, 1999, there were no other material commitments for capital expenditures. During the three months ended May 29, 1999, the Company purchased 2,444,500 shares of its outstanding common stock at a cost of $29.5 million. The Company has a total of $100.0 million in lines of credit with two commercial banks available for short-term borrowings and letters of credit. These lines are collateralized by inventory and accounts receivable. At May 29, 1999 and February 27, 1999, letters of credit outstanding under the lines were $68.6 million and $37.9 million, respectively, and there were no short-term borrowings outstanding. Historically, the Company has experienced its highest level of sales in the second and third quarters and its lowest level in the first and fourth quarters due to seasonal patterns. In the future, the timing of seasonal shipments may vary by quarter. The Company anticipates that internally generated funds from operations, existing cash balances, short-term investments and the Company's existing credit lines will be sufficient to satisfy its cash requirements. INFLATION AND CURRENCY FLUCTUATIONS The Company believes that inflation and the effect of fluctuations of the dollar against foreign currencies have not had a material effect on the cost of imports or the Company's results of operations. YEAR 2000 The Company is engaged in a process to ensure that its systems will recognize and process transactions for the year 2000 and beyond. The Company expects to implement successfully the systems and programming changes necessary to address year 2000 issues with respect to its internal systems and does not believe that the cost of such actions will have a material adverse effect on its results of operations or financial condition. The Company has developed a plan which identifies all systems requiring modification or replacement, established a timeframe for ensuring its -9- 11 year 2000 compliance and appointed a responsible party in the organization for the particular system. The Company has substantially finished the year 2000 testing and implementation of the systems upgrade and will be continuously monitoring and testing the internal systems through the end of 1999. The Company also has initiated discussions with its significant suppliers, customers and financial institutions to ensure that those parties have appropriate plans to remediate year 2000 issues when their systems interface with the Company's systems or may otherwise impact operations. Although the Company is not aware of any material operational issues or costs associated with preparing its internal systems for the year 2000, there can be no assurance that there will not be a delay in, or increased costs associated with, the implementation of the necessary systems and changes to address the year 2000 issues. The Company's current estimate of costs to be incurred is less than $500,000, which is mostly being incurred internally and does not reflect significant incremental costs. The Company and its significant suppliers, customers, and financial institutions' inability to implement such systems and changes could have an adverse effect on future results of operations, or financial condition of the Company. The Company is in the process of developing a contingency plan in order to minimize the potential disruption of business operations that may result if the Company, its vendors or customers fail to become year 2000 compliant. The contingency plan is expected to be completed by the end of August 1999. FORWARD-LOOKING AND CAUTIONARY STATEMENTS This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, that are not historical facts but rather reflect the Company's current expectations concerning future results and events. The words "believes," "anticipates," "expects" and similar expressions, which identify forward-looking statements, are subject to certain risks and uncertainties, including those which are economic, competitive and technological, that could cause actual results to differ materially from those forecast or anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are also urged to carefully review and consider the various disclosures made by the Company in this report, as well as the Company's periodic reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Disclosure about interest rate risk The Company has no long-term debt, and finances capital needs through available capital, future earnings and bank lines of credit. The Company's exposure to market risk for changes in interest rates is primarily in its investment portfolio. The Company, pursuant to investing guidelines, mitigates exposure by limiting maturity, placing investments with high credit quality issuers and limiting the amount of credit exposure to any one issuer. During the three months ended May 29, 1999, the Company earned investment income of $.6 million. If interest rates had been 1% lower than they were during the year, investment income would have been $.2 million lower. The market risks associated with the investment portfolio exposure has not changed materially since February 27, 1999. -10- 12 PART II OTHER INFORMATION Items I through 9. - All items are inapplicable except: Item 6. Exhibits and Reports on Form 8-K (a) Exhibit Index Exhibit No. Distribution - ----------- ------------ 3(a) Registrant's By-laws as currently in effect are incorporated herein by reference to Registrant's Registration Statement on Form S-1 (Registration No. 33-21998). 3(b) Registrant's Certificate of Incorporation is incorporated by reference to the Registration Statement on Form S-3 (Registration No. 33-71926), as amended by a Certificate of Amendment dated June 29, 1995. 10(iii)(a) Registrant's Executive Incentive Stock Option Plan is incorporated by reference herein from the Registrant's Registration Statements on Form S-8 (Registration Number 33-1488), as amended by the Company's Registration Statement on Form S-8 (Registration Number 33-45823). 10(iii)(b) Registrant's 1989 Employee Incentive Stock Plan is incorporated by reference herein from the Registrant's Registration Statement on Form S-8 (Registration Number 33-36040). 10(iii)(c) Registrant's 1996 Stock Incentive Plan is incorporated by reference herein from Registrant's Registration Statement on Form S-8 (Registration Number 333-55711). 10(iii)(d) Registrant's 1994 Incentive Compensation Plan is incorporated herein from the Registrant's Annual Report on Form 10-K for the fiscal year ended February 28, 1997. 10(iii)(e) Registrant's Deferred Compensation Plan is incorporated herein by reference from the Registrant's Annual Report on Form 10-K for the fiscal year ended February 28, 1998. 10(iii)(f) Option Agreement and Royalty Agreement, each dated July 1, 1987, by and among the Registrant and David Chu are incorporated herein by reference from the Registrant's Registration Statement on Form S-1 (Registration No. 33-21998), and letter agreement dated May 1, 1998 between Mr. Chu and the Registrant is incorporated herein by reference from the Registrant's Annual Report on Form 10-K for the fiscal year ended February 28, 1998. 27 Financial Data Schedule (b) Reports on Form 8-K. None - 11 - 13 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. NAUTICA ENTERPRISES, INC. By: s/Harvey Sanders ------------------------- Harvey Sanders Chairman of the Board and President Date: July 9, 1999 - ------------------- By: s/W. Donald Pennington ------------------------- W. Donald Pennington Chief Financial Officer Date: July 9, 1999 - ------------------- - 12 - EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENTS OF THE COMPANY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS MAR-04-2000 FEB-28-1999 MAY-29-1999 1,938 52,394 75,699 2,875 83,400 224,550 104,177 36,975 305,564 74,803 0 0 0 4,264 226,497 305,564 109,163 111,140 57,860 57,860 0 0 0 7,178 2,814 4,364 0 0 0 4,364 0.12 0.12
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