UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): July 19, 2007
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Carter’s,
Inc.
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(Exact
name of Registrant as specified in its
charter)
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Delaware
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001-31829
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13-3912933
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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The
Proscenium,
1170
Peachtree Street NE, Suite 900
Atlanta,
Georgia 30309
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(Address
of principal executive offices, including zip code)
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(404)
745-2700
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(Registrant’s
telephone number, including area code)
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(Former
name or former address, if changed since last
report.)
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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| Item 2.02. |
Results
of Operations and Financial Condition.
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On
July
24, 2007, Carter’s, Inc. issued a press release announcing its financial results
for its second quarter ended June 30, 2007. A copy of that press release is
attached as Exhibit 99.1 to this Current Report on Form 8-K.
The
information in this Current Report on Form 8-K is being furnished and shall
not
be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that
Section. The information in this Current Report on Form 8-K shall not be
incorporated by reference into any registration statement or other document
filed pursuant to the Securities Act of 1933, as amended.
| Item 2.06. |
Material
Impairments.
|
Under
generally accepted accounting principles, the Company is required to test the
carrying value of its intangible assets annually, or more frequently if events
or circumstances indicate that a decrease in their values may be warranted.
As
a
result of the continued negative trends in sales and profitability of the
Company’s OshKosh B’Gosh wholesale and retail segments and projections for such
segments for the balance of fiscal 2007, the Company conducted an interim
impairment test on the value of the intangible assets that the Company recorded
in connection with the acquisition of OshKosh B’Gosh, Inc. in July
2005.
As
a
result of this analysis, on July 19, 2007, the Company determined that these
intangible assets were impaired and that a material charge would be required.
The Company determined that its Cost in Excess of Fair Value of Net Assets
Acquired assets related to both the OshKosh wholesale and retail segments were
fully impaired in the approximate amount of $142.9 million, and that its
Tradename asset is impaired in the amount of $12 million.
Neither
of these impairment charges will result in any future cash expenditures.
| Item 9.01. |
Financial
Statements and Exhibits.
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| (d) |
Exhibits
- The following exhibit is furnished as part of this Current
Report on
Form 8-K.
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| Exhibit |
| Number | Description |
| 99.1 |
Press
Release of Carter’s, Inc., dated July 24,
2007
|
Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, Carter’s, Inc. has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
July
24,
2007
| CARTER’S, INC. | ||
| |
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| By: | /S/ MICHAEL D. CASEY | |
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Name: Michael D. Casey |
||
| Title: Executive Vice President and Chief Financial Officer | ||
Contact:
Eric
Martin
Vice
President, Investor Relations
(404)
745-2889
CARTER’S,
INC. REPORTS SECOND QUARTER RESULTS
Atlanta,
Georgia, July 24, 2007 / PRNewswire -- FirstCall / -- Carter’s, Inc. (NYSE:CRI),
the
largest branded marketer in the United States of apparel exclusively for babies
and young children, reported its second quarter fiscal 2007
results.
Second
Quarter of Fiscal 2007 compared to Second Quarter of Fiscal
2006
Consolidated
net sales increased 3.7% to $287.8 million. Net sales of the Company’s Carter’s
brands increased 10.8% to $228.7 million. Net sales of the Company’s OshKosh
brand decreased 16.9% to $59.1 million.
The
Company’s wholesale sales decreased 0.9% to $103.5 million. Carter’s wholesale
sales, excluding off-price sales of $7.9 million in the second quarter of fiscal
2007 and $8.1 million in the second quarter of fiscal 2006, increased 12.4%
to
$85.4 million. OshKosh wholesale sales, excluding off-price sales of $0.3
million in the second quarter of fiscal 2007 and $2.3 million in the second
quarter of fiscal 2006, decreased 45.3% to
$9.9
million.
The
Company’s mass channel sales, which are comprised of sales of its Child
of Mine
brand to
Wal-Mart and Just
One Year
brand to
Target, increased 15.9% to $59.1 million.
Total
retail store sales increased 2.5% to $125.2 million. Carter’s retail store sales
increased 6.8% to $76.3 million, driven by sales of $5.3 million from Carter’s
stores opened since the second quarter of fiscal 2006 and a comparable store
sales increase of $0.5 million, or 0.8%, partially offset by the impact of
store
closures of $0.9 million. OshKosh retail store sales decreased 3.6% to $48.9
million due to a comparable store sales decrease of $4.8 million, or 9.7%,
and
the impact of store closures of $0.3 million, partially offset by increased
sales of $3.3 million from OshKosh stores opened since the second quarter of
fiscal 2006.
In
the
second quarter of fiscal 2007, the Company opened one Carter’s retail store and
two OshKosh retail stores. As of June 30, 2007, the Company had 221 Carter’s and
159 OshKosh retail stores. The Company plans to open a total of ten Carter’s and
eight OshKosh retail stores during fiscal 2007. The Company also plans to close
six Carter’s and three OshKosh retail stores during fiscal 2007.
As
noted
in our press release filed February 21, 2007, the Company announced its plans
to
close its distribution facility located in White House, Tennessee, which ceased
operations on April 5, 2007. During the second quarter of fiscal 2007, the
Company recorded total pre-tax charges of approximately $1.1 million, or $0.01
per diluted share, related to this closure. These charges include accelerated
depreciation of $0.6 million.
Under
generally accepted accounting principles ("GAAP"), the Company is required
to
review the carrying value of its intangible assets on an annual basis, or more
frequently if events or circumstances indicate that a decrease in their values
may be warranted. Due to the continued negative trends in sales and
profitability of the Company’s OshKosh wholesale and retail segments and the
current outlook for such segments for the balance of the year, the Company
conducted an interim review of the value of the intangible assets that the
Company recorded in connection with the acquisition of OshKosh B'Gosh, Inc.
As a
result of this analysis, the Tradename was adjusted from $102 million to $90
million and the Cost in Excess of Fair Value of Net Assets Acquired of $142.9
million was written off.
2
In
the
second quarter of fiscal 2007, the Company’s net loss was $143.4 million, or
$2.48 per diluted share, compared to net income of $9.0 million, or $0.15 per
diluted share, in the second quarter of fiscal 2006. Excluding the charges
related to the impairment of OshKosh intangible assets and costs related to
the
closure of the White House, Tennessee distribution facility, adjusted second
quarter net income decreased 14.6% to $7.7 million, and adjusted diluted
earnings per share decreased 13.3% to $0.13. The reconciliation of the loss
as
reported under GAAP to income adjusted for the impairment charges and closure
costs is shown below.
|
(dollars
in millions, except
EPS)
Three-month period ended June 30, 2007 |
||||||||||
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(Loss)
Income
Before
|
Net
(Loss)
|
Diluted
|
||||||||
|
Taxes
|
Income
|
EPS
|
||||||||
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Loss,
as reported (GAAP)
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($143.6
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)
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($143.4
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)
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($2.48
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)
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||||
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Intangible
asset impairment (a)
|
154.9
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150.5
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2.60
|
|||||||
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Distribution
facility closure costs (b)
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0.5
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0.3
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0.00
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|||||||
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Accelerated
depreciation (c)
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0.6
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0.3
|
0.01
|
|||||||
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Income,
as adjusted (d)
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$
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12.4
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$
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7.7
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$
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0.13
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||||
| (a) |
OshKosh-related
intangible asset impairment
charges.
|
| (b) |
Costs
associated with the closure of the White House, Tennessee distribution
facility.
|
| (c) |
Accelerated
depreciation charges (included in selling, general, and administrative
expenses) related to the closure of the White House, Tennessee
distribution facility.
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| (d) |
In
addition to the results provided in this earnings release in accordance
with GAAP, the Company has provided adjusted, non-GAAP financial
measurements that present income before taxes, net income, and net
income
on a diluted share basis excluding the adjustments discussed above.
We
believe these adjustments provide a more meaningful comparison of
the
Company’s results. These adjusted, non-GAAP financial measurements
included in this earnings release should not be considered as an
alternative to net income or as any other measurement of performance
derived in accordance with GAAP. The adjusted, non-GAAP financial
information is presented for informational purposes only and is not
necessarily indicative of the Company’s future condition or results of
operations.
|
3
“The
strength of our Carter’s wholesale and mass channel segments offset lower than
expected performance from our OshKosh segments in the second quarter,” noted
Fred Rowan, Chairman and CEO. “We expect Carter’s wholesale and mass channel
business segments will continue to deliver solid growth in sales and earnings
based on the strength of their essential core product marketing strategy and
strong leadership. The performance of our OshKosh segments has continued to
be
disappointing, and, as a result, we have revised our outlook for the year.”
Mr.
Rowan
added, “We have made significant changes that we believe will improve OshKosh’s
performance beginning in fiscal 2008, including hiring a new leader of our
retail segments and placing our President, Joe Pacifico, directly in charge
of
OshKosh’s merchandising and design functions. We have also made significant
changes in OshKosh’s product strategies which we believe will improve OshKosh’s
performance beginning with our Spring 2008 product line, particularly for our
wholesale customers. We are committed to improving the performance of OshKosh,
which we continue to believe can meaningfully contribute to our long-term growth
objectives. As a Company, we are making key investments in branding, consumer
research, talent, and product competitiveness. We are convinced these steps
will
enable us to return to a sustainable, high-growth model.”
First
Half of Fiscal 2007 compared to First Half of Fiscal
2006
Consolidated
net sales increased 5.9% to $607.9 million. Net sales of the Company’s Carter’s
brands increased 10.7% to $478.0 million. Net sales of the Company’s OshKosh
brand decreased 8.6% to $130.0 million.
The
Company’s wholesale sales increased 2.4% to $241.2 million. Carter’s wholesale
sales, excluding off-price sales of $13.6 million in the first half of fiscal
2007 and
$13.8
million in the first half of fiscal 2006, increased 11.4% to $192.4 million.
OshKosh wholesale sales, excluding off-price sales of $1.3 million in the first
half of fiscal 2007 and $4.9 million in the first half of fiscal 2006, decreased
23.2% to $34.0 million.
The
Company’s mass channel sales increased 15.1% to $120.9 million.
Total
retail store sales increased 5.3% to $245.8 million. Carter’s retail store sales
increased 7.6% to $151.1 million, driven by sales of $12.0 million from Carter’s
stores opened since the second quarter of fiscal 2006 and a comparable store
sales increase of $1.0 million, or 0.7%, partially offset by the impact of
store
closures of $2.3 million. OshKosh retail store sales increased 1.8% to $94.7
million, driven by sales of $6.9 million from OshKosh stores opened since the
second quarter of fiscal 2006, partially offset by a comparable store sales
decrease of $4.5 million, or 4.9%, and the impact of store closures of $0.6
million. In the first half of fiscal 2007, the Company opened two Carter’s and
two OshKosh retail stores.
In
connection with the closure of the Company’s distribution facility located in
White House, Tennessee, the Company recorded total pre-tax charges of
approximately $7.1 million, or $0.07 per diluted share, during the first half
of
fiscal 2007. These charges include accelerated depreciation of $2.1 million.
The
Company expects to incur an additional $1.4 million in pre-tax charges related
to this closure. The estimated annual savings resulting from the closure of
this
facility are approximately $4.0 million beginning in the second half of fiscal
2007.
As
previously discussed, results for the first half of fiscal 2007 include non-cash
pre-tax intangible asset impairment charges of approximately $154.9
million.
4
In
the
first half of fiscal 2007, the Company’s net loss was $133.8 million, or $2.30
per diluted share, compared to net income of $24.8 million, or $0.41 per diluted
share, in the first half of fiscal 2006. Excluding the charges related to the
impairment of OshKosh intangible assets and costs related to the closure of
our
White House, Tennessee distribution facility, adjusted net income for the first
half of fiscal 2007 decreased 15.1% to $21.1 million, and adjusted diluted
earnings per share decreased 14.6% to $0.35. The reconciliation of the loss
as
reported under GAAP to income adjusted for the impairment charges and closure
costs is shown below.
|
(dollars
in millions, except EPS)
Six-month
period ended June 30, 2007
|
||||||||||
|
(Loss)
Income
Before
|
Net
(Loss)
|
Diluted
|
||||||||
|
Taxes
|
Income
|
EPS
|
||||||||
|
Loss,
as reported (GAAP)
|
($128.1
|
)
|
($133.8
|
)
|
($2.30
|
)
|
||||
|
Intangible
asset impairment (a)
|
154.9
|
150.5
|
2.58
|
|||||||
|
Distribution
facility closure costs (b)
|
5.0
|
3.1
|
0.05
|
|||||||
|
Accelerated
depreciation (c)
|
2.1
|
1.3
|
0.02
|
|||||||
|
Income,
as adjusted (d)
|
$
|
33.9
|
$
|
21.1
|
$
|
0.35
|
||||
| (a) |
OshKosh-related
intangible asset impairment
charges.
|
| (b) |
Costs
associated with the closure of the White House, Tennessee distribution
facility.
|
| (c) |
Accelerated
depreciation charges (included in selling, general, and administrative
expenses) related to the closure of the White House, Tennessee
distribution facility.
|
| (d) |
In
addition to the results provided in this earnings release in accordance
with GAAP, the Company has provided adjusted, non-GAAP financial
measurements that present income before taxes, net income, and net
income
on a diluted share basis excluding the adjustments discussed above.
We
believe these adjustments provide a more meaningful comparison of
the
Company’s results. These adjusted, non-GAAP financial measurements
included in this earnings release should not be considered as an
alternative to net income or as any other measurement of performance
derived in accordance with GAAP. The adjusted, non-GAAP financial
information is presented for informational purposes only and is not
necessarily indicative of the Company’s future condition or results of
operations.
|
Net
cash
used in operating activities during the first half of fiscal 2007 was $8.3
million compared to $2.7 million in the first half of fiscal 2006. Net cash
flow
used in operations in the first half of fiscal 2007 was impacted primarily
by
increased levels of inventory and lower levels of net income.
5
In
connection with the Company’s $100 million share repurchase program, during the
first half of fiscal 2007 the Company repurchased 1,647,419 shares of its common
stock for approximately $40.0 million at an average price of $24.29 per share.
Business
Outlook
Our
business outlook is based on our current expectations and includes
“forward-looking statements” within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. Although the Company believes the
comments reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
|
(dollars
in millions, except for share data)
|
||||||
|
Third
Quarter 2007 (a)
|
Fourth
Quarter 2007 (c)
|
Fiscal
Year 2007 (e)
|
||||
|
Consolidated
Net Sales
|
$408
to $413
|
4%
to 5%
|
$399
to $404
|
6%
to 7%
|
$1,415
to $1,425
|
5%
to 6%
|
|
Consolidated
Adjusted Diluted EPS
|
$0.55
to $0.57
|
(4%)
to 0% (b)
|
$0.53
to $0.55
|
18%
to 22% (d)
|
$1.42
to $1.46
|
0%
to 3% (f)
|
| (a) |
Comparison
to the third quarter of fiscal
2006.
|
| (b) |
Third
quarter of fiscal 2007 excludes $0.4 million, or $0.01 per diluted
share,
in estimated after-tax costs related to the closure of the White
House,
Tennessee distribution facility.
|
| (c) |
Comparison
to the fourth quarter of fiscal
2006.
|
| (d) |
Fourth
quarter of fiscal 2007 excludes $0.2 million in estimated after-tax
costs
related to the closure of our White House, Tennessee distribution
facility.
|
| (e) |
Comparison
to fiscal 2006.
|
| (f) |
Fiscal
2007 excludes approximately $150.5 million of non-cash after-tax
impairment charges, or $2.59 per diluted share, and $4.9 million,
or $0.08
per diluted share, in estimated after-tax costs related to the closure
of
the White House, Tennessee distribution facility.
|
The
Company will broadcast its quarterly conference call on July 25, 2007 at
8:30
a.m.
Eastern Time. To participate in the call, please dial 1-913-981-5523. To listen
to the live broadcast over the internet, please log on to www.carters.com,
go to
“About Carter’s,” click on “Investor Relations,” and click on the link “Second
Quarter Conference Call.” A replay of the call will be available shortly after
the broadcast through August 3, 2007, at 1-719-457-0820, passcode 7480429.
This
replay will also be archived on the Company’s website at the same
location.
For
more
information on Carter’s, Inc., please visit www.carters.com.
6
Cautionary
Language
Statements
contained herein that relate to the Company’s future performance, including,
without limitation, statements with respect to the Company’s anticipated results
for fiscal 2007 or any other future period, are forward-looking statements
within the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are based on current expectations
only, and are subject to certain risks, uncertainties, and assumptions. Should
one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
anticipated, estimated, or projected. Factors that could cause actual results
to
materially differ include a decrease in sales to, or the loss of one or more
of
the Company’s key customers; increased competition in the baby and young
children’s apparel market; the acceptance of our products in the marketplace;
deflationary pressures on our prices; disruptions in foreign supply sources;
negative publicity; our substantial leverage, which increases our exposure
to
interest rate risk and could require us to dedicate a substantial portion of
our
cash flow to repay principal; changes in consumer preference and fashion trends;
a decrease in the overall level of consumer spending; the impact of governmental
regulations and environmental risks applicable to the Company’s business; our
ability to adequately forecast demand, which could create significant levels
of
excess inventory; our ability to identify new retail store locations, and
negotiate appropriate lease terms for our retail stores; our ability to improve
the performance of our retail and OshKosh wholesale segments; our ability to
attract and retain key individuals within the organization; failure to realize
the revenue growth, cost savings and other benefits that we expect will result
from our acquisition of OshKosh B’Gosh, Inc., which could further impact the
carrying value of our intangible assets; and seasonal fluctuations in the
children’s apparel business. These risks are further described in our most
recently filed Annual Report on Form 10-K and other reports filed with the
SEC
under the headings “Risk Factors” and “Forward-Looking Statements.” The Company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
7
CARTER’S,
INC.
CONSOLIDATED
STATEMENT OF OPERATIONS
(dollars
in thousands, except for share data)
(unaudited)
|
Three-month
periods ended
|
Six-month
periods ended
|
||||||||||||
|
June
30,
2007
|
July
1,
2006
|
June
30,
2007
|
July
1,
2006
|
||||||||||
|
Net
sales:
|
|||||||||||||
|
Wholesale
- Carter’s
|
$
|
93,294
|
$
|
84,095
|
$
|
205,947
|
$
|
186,456
|
|||||
|
Wholesale
- OshKosh
|
10,227
|
20,411
|
35,220
|
49,092
|
|||||||||
|
Total
Wholesale sales
|
103,521
|
104,506
|
241,167
|
235,548
|
|||||||||
|
Retail
- Carter’s
|
76,275
|
71,395
|
151,101
|
140,463
|
|||||||||
|
Retail
- OshKosh
|
48,885
|
50,703
|
94,733
|
93,015
|
|||||||||
|
Total
Retail sales
|
125,160
|
122,098
|
245,834
|
233,478
|
|||||||||
|
Mass
Channel
|
59,094
|
50,973
|
120,902
|
104,998
|
|||||||||
|
Total
net sales
|
287,775
|
277,577
|
607,903
|
574,024
|
|||||||||
|
Cost
of goods sold
|
192,357
|
180,342
|
406,105
|
368,625
|
|||||||||
|
Gross
profit
|
95,418
|
97,235
|
201,798
|
205,399
|
|||||||||
|
Selling,
general, and administrative expenses
|
84,635
|
82,466
|
172,881
|
165,448
|
|||||||||
|
Intangible
asset impairment
|
154,886
|
--
|
154,886
|
--
|
|||||||||
|
Closure
costs
|
470
|
10
|
4,977
|
91
|
|||||||||
|
Royalty
income
|
(6,700
|
)
|
(6,654
|
)
|
(14,245
|
)
|
(13,828
|
)
|
|||||
|
Operating
(loss) income
|
(137,873
|
)
|
21,413
|
(116,701
|
)
|
53,688
|
|||||||
|
Interest
expense, net
|
5,704
|
6,929
|
11,432
|
13,813
|
|||||||||
|
(Loss)
income before income taxes
|
(143,577
|
)
|
14,484
|
(128,133
|
)
|
39,875
|
|||||||
|
(Benefit
from) provision for income taxes
|
(128
|
)
|
5,466
|
5,705
|
15,071
|
||||||||
|
Net
(loss) income
|
($143,449
|
)
|
$
|
9,018
|
($133,838
|
)
|
$
|
24,804
|
|||||
|
Basic
net (loss) income per common share
|
($2.48
|
)
|
$
|
0.16
|
($2.30
|
)
|
$
|
0.43
|
|||||
|
Diluted
net (loss) income per common share
|
($2.48
|
)
|
$
|
0.15
|
($2.30
|
)
|
$
|
0.41
|
|||||
|
Basic
weighted-average number of shares outstanding
|
57,838,075
|
57,877,753
|
58,142,782
|
57,793,393
|
|||||||||
|
Diluted
weighted-average number of shares outstanding
|
57,838,075
|
61,183,491
|
58,142,782
|
61,160,185
|
|||||||||
8
CARTER’S,
INC.
CONSOLIDATED
BALANCE SHEET
(dollars
in thousands, except for share data)
(unaudited)
|
June
30, 2007
|
December
30, 2006
|
July
1, 2006
|
||||||||
|
ASSETS
|
||||||||||
|
Current
assets:
|
||||||||||
|
Cash
and cash equivalents
|
$
|
19,848
|
$
|
68,545
|
$
|
41,624
|
||||
|
Accounts
receivable, net
|
104,534
|
110,615
|
103,151
|
|||||||
|
Inventories,
net
|
231,588
|
193,588
|
190,524
|
|||||||
|
Prepaid
expenses and other current assets
|
15,000
|
7,296
|
8,413
|
|||||||
|
Assets
held for sale
|
6,109
|
--
|
--
|
|||||||
|
Deferred
income taxes
|
19,087
|
22,377
|
18,795
|
|||||||
|
Total
current assets
|
396,166
|
402,421
|
362,507
|
|||||||
|
Property,
plant, and equipment, net
|
72,693
|
87,940
|
76,192
|
|||||||
|
Tradenames
|
310,233
|
322,233
|
322,233
|
|||||||
|
Cost
in excess of fair value of net assets acquired
|
136,570
|
279,756
|
283,122
|
|||||||
|
Deferred
debt issuance costs, net
|
5,320
|
5,903
|
7,118
|
|||||||
|
Licensing
agreements, net
|
10,767
|
12,895
|
15,022
|
|||||||
|
Leasehold
interests, net
|
918
|
1,151
|
1,385
|
|||||||
|
Other
assets
|
9,568
|
10,892
|
7,779
|
|||||||
|
Total
assets
|
$
|
942,235
|
$
|
1,123,191
|
$
|
1,075,358
|
||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||||
|
Current
liabilities:
|
||||||||||
|
Current
maturities of long-term debt
|
$
|
2,627
|
$
|
2,627
|
$
|
3,979
|
||||
|
Accounts
payable
|
85,872
|
70,878
|
57,074
|
|||||||
|
Other
current liabilities
|
28,563
|
63,012
|
55,490
|
|||||||
|
Total
current liabilities
|
117,062
|
136,517
|
116,543
|
|||||||
|
Long-term
debt
|
340,653
|
342,405
|
389,915
|
|||||||
|
Deferred
income taxes
|
115,150
|
125,784
|
127,613
|
|||||||
|
Other
long-term liabilities
|
32,708
|
22,994
|
21,528
|
|||||||
|
Total
liabilities
|
605,573
|
627,700
|
655,599
|
|||||||
|
Commitments
and contingencies
|
||||||||||
|
Stockholders’
equity:
|
||||||||||
|
Preferred
stock; par value $.01 per share; 100,000 shares authorized; none
issued or
outstanding at June 30, 2007, December 30, 2006, and July 1,
2006
|
--
|
--
|
--
|
|||||||
|
Common
stock, voting; par value $.01 per share; 150,000,000 shares authorized;
58,185,355, 58,927,280, and 58,153,110 shares issued and outstanding
at
June 30, 2007, December 30, 2006, and July 1, 2006
|
582
|
589
|
582
|
|||||||
|
Additional
paid-in capital
|
247,587
|
275,045
|
263,822
|
|||||||
|
Accumulated
other comprehensive income
|
5,187
|
5,301
|
3,215
|
|||||||
|
Retained
earnings
|
83,306
|
214,556
|
152,140
|
|||||||
|
Total
stockholders’ equity
|
336,662
|
495,491
|
419,759
|
|||||||
|
Total
liabilities and stockholders’ equity
|
$
|
942,235
|
$
|
1,123,191
|
$
|
1,075,358
|
||||
9