Abercrombie & Fitch 2002 Annual Report Download - page 28

certain affiliated persons) will be entitled to purchase, upon
exercise of the Right, shares of Common Stock having a mar-
ket value two times the exercise price of the Right. At any time
after any person becomes an Acquiring Person (but before any
person becomes the beneficial owner of 50% or more of the out-
standing shares), A&F’s Board of Directors may exchange all or
part of the Rights (other than Rights beneficially owned by an
Acquiring Person and certain affiliated persons) for shares of
Common Stock at an exchange ratio of one share of Common
Stock per Right. In the event that, at any time following the
Share Acquisition Date, A&F is acquired in a merger or other
business combination transaction in which A&F is not the sur-
viving corporation, the Common Stock is exchanged for other
securities or assets or 50% or more of A&F’s assets or earning
power is sold or transferred, the holder of a Right will be enti-
tled to buy, for the exercise price of the Rights, the number of
shares of Common Stock of the acquiring company which at
the time of such transaction will have a market value of two
times the exercise price of the Right.
The Rights, which do not have any voting rights, expire on
July 16, 2008, and may be redeemed by A&F at a price of $.01
per whole Right at any time before a person becomes an
Acquiring Person.
Rights holders have no rights as a shareholder of A&F,
including the right to vote and to receive dividends.
14. QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly financial results for 2002 and 2001 fol-
low (thousands except per share amounts):
2002 Quarter First Second Third Fourth
Net sales $312,792 $329,154 $419,329 $534,482
Gross income 114,429 131,874 166,736 243,010
Net income 23,289 31,141 47,687 92,818
Net income per basic share $.24 $.32 $.49 $.95
Net income per diluted share $.23 $.31 $.48 $.93
2001 Quarter First Second Third Fourth
Net sales $263,680 $280,116 $354,473 $466,584
Gross income 97,840 108,327 143,403 208,464
Net income 20,603 25,038 43,863 79,168
Net income per basic share $.21 $.25 $.44 $.80
Net income per diluted share $.20 $.24 $.43 $.78
MARKET PRICE INFORMATION A&F’s Class A Common Stock
is traded on the New York Stock Exchange under the symbol
“ANF.” The following is a summary of the high and low sales
prices of A&F’s Class A Common Stock as reported on the New
York Stock Exchange for the 2002 and 2001 fiscal years:
Sales Price
High Low
2002 Fiscal Year
4th Quarter $27.84 $17.76
3rd Quarter $25.18 $15.92
2nd Quarter $33.00 $20.51
1st Quarter $33.30 $23.04
2001 Fiscal Year
4th Quarter $30.40 $18.06
3rd Quarter $38.50 $16.21
2nd Quarter $47.50 $33.10
1st Quarter $37.90 $26.28
A&F has not paid dividends on its shares of Class A Common
Stock in the past and does not presently plan to pay dividends on
the shares. It is presently anticipated that earnings will be
retained and reinvested to support the growth of the Company’s
business. The payment of any future dividends on shares will be
determined by the A&F Board of Directors in light of conditions
then existing, including earnings, financial condition and capi-
tal requirements, restrictions in financing agreements, business
conditions and other factors.
On March 27, 2003, there were approximately 5,000 share-
holders of record. However, when including active associates
who participate in A&F’s stock purchase plan, associates who
own shares through A&F-sponsored retirement plans and others
holding shares in broker accounts under street name, A&F esti-
mates the shareholder base at approximately 55,000.
Abercrombie &Fitch
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