American Eagle Outfitters 2004 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2004 American Eagle Outfitters annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 86

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86

35
Part II
The following is a summary of the effects of the restatement adjustments on our Consolidated Financial Statements.
Consolidated Statements of Operations
(In thousands, except per share amounts) As Previously
Reported (1)
Adjustments
As Restated
Fiscal year ended January 31, 2004
Cost of sales $895,444 $(9,505) $885,939
Gross profit 539,992 9,505 549,497
Selling, general and administrative expenses 354,749 1,512 356,261
Depreciation and amortization expense 51,355 8,610 59,965
Operating income 133,888 (617) 133,271
Income before income taxes 135,904 (617) 135,287
Provision for income taxes 52,418 (239) 52,179
Income from continuing operations 83,486 (378) 83,108
Net income 60,000 (378) 59,622
Basic income from continuing operations per common share 0.59 - 0.59
Diluted income from continuing operations per common share 0.58 (0.01) 0.57
Basic income per common share 0.42 - 0.42
Diluted income per common share 0.42 (0.01) 0.41
Fiscal year ended February 1, 2003
Cost of sales $848,813 $(6,845) $841,968
Gross profit 534,110 6,845 540,955
Selling, general and administrative expenses 328,185 548 328,733
Depreciation and amortization expense 46,040 7,321 53,361
Operating income 159,885 (1,024) 158,861
Income before income taxes 162,303 (1,024) 161,279
Provision for income taxes 62,032 (397) 61,635
Income from continuing operations 100,271 (627) 99,644
Net income 88,735 (627) 88,108
Basic income from continuing operations per common share 0.70 (0.01) 0.69
Diluted income from continuing operations per common share 0.69 (0.01) 0.68
Basic income per common share 0.62 (0.01) 0.61
Diluted income per common share 0.61 (0.01) 0.60
(1) Amounts have been reclassified to reflect the Bluenotes’ results of operations as discontinued operations. See
Note 10 of the Consolidated Financial Statements for additional information.