Build-A-Bear Workshop 2009 Annual Report Download - page 33

BUILD-A-BEAR WORKSHOP, INC. 2009 FORM 10-K
(Dollars in thousands, except share, per
share, per store and per gross square foot data)
Fiscal Year
2009 2008 2007 2006 2005
Statement of operations data:
Total revenues $ 394,375 $ 467,861 $ 474,361 $ 437,072 $ 361,809
Costs and expenses:
Cost of merchandise sold 245,980 270,463 259,078 227,509 180,373
Selling, general and administrative 161,692 185,608 177,375 158,712 133,921
Store preopening 90 2,410 4,416 3,958 4,812
Store closing 981 2,952 — — —
Losses from investment in affiliate 9,615 ————
Interest expense (income), net (143) (799) (1,531) (1,530) (1,710)
Total costs and expenses 418,215 460,634 439,338 388,649 317,396
Income (loss) before income taxes (23,840) 7,227 35,023 48,423 44,413
Income tax expense (benefit) (11,367) 2,663 12,514 18,933 17,099
Net income (loss) $ (12,473) $ 4,564 $ 22,509 $ 29,490 $ 27,314
Earnings (loss) per common share:
Basic $ (0.66) $ 0.24 $ 1.11 $ 1.46 $ 1.38
Diluted $ (0.66) $ 0.24 $ 1.10 $ 1.44 $ 1.35
Shares used in computing common per share amounts:
Basic 18,874,352 19,153,123 20,256,847 20,169,814 19,735,067
Diluted 18,874,352 19,224,273 20,448,793 20,468,256 20,229,978
Other financial data:
Gross margin ($)(1) $ 142,572 $ 190,500 $ 209,090 $ 205,063 $ 178,528
Gross margin (%)(1) 36.7% 41.3% 44.7% 47.4% 49.7%
Capital expenditures, net(2) $ 8,148 $ 23,215 $ 37,235 $ 54,036 $ 32,652
Depreciation and amortization 28,487 28,883 26,292 22,394 17,592
Cash flow data:
Cash flows provided by operating activities $ 23,990 $ 23,615 $ 56,374 $ 53,035 $ 54,642
Cash flows used in investing activities (8,898) (26,629) (40,938) (93,772) (37,077)
Cash flows provided by (used in) financing activities —(14,024) (3,052) 3,537 6,058
Store data(3):
Number of stores at end of period
North America 291 292 272 233 200
Europe 54 54 49 38 —
Total stores 345 346 321 271 200
Square footage at end of period
North America 846,373 856,504 810,208 712,299 615,194
Europe(4) 77,520 77,520 70,577 56,701 —
Total square footage 923,893 934,024 880,785 769,000 615,194
Average net retail sales per store(5)(6) $ 1,044 $ 1,329 $ 1,576 $ 1,761 $ 1,864
Net retail sales per gross square foot - North America(6)(7) $ 358 $ 445 $ 516 $ 573 $ 615
Consolidated comparable store sales change (%)(8) (13.4)% (14.0)% (9.9)% (6.5)% (0.2)%
Balance sheet data:
Cash and cash equivalents $ 60,399 $ 47,000 $ 66,261 $ 53,109 $ 90,950
Working capital 53,865 38,880 40,090 28,731 66,646
Total assets 284,273 300,152 339,531 305,170 246,108
Total stockholders’ equity 164,780 167,725 193,608 170,443 130,357
(1) Gross margin represents net retail sales less cost of merchandise sold. Gross margin percentage represents gross margin divided by net retail sales.
(2) Capital expenditures, net consist of leasehold improvements, furniture and fixtures, land, buildings, computer equipment and software purchases, as well as
trademarks, intellectual property, key money deposits and deferred leasing fees.
(3) Excludes our webstore and seasonal and event-based locations.
(4) Square footage for stores located in Europe is estimated selling square footage and includes stores in the United Kingdom, Ireland and France.
(5) Average net retail sales per store represents net retail sales from stores open throughout the entire period in North America divided by the total number of such
stores.
(6) When we refer to average net retail sales per store and net retail sales per gross square foot for any period, we include in those calculations only those stores that
have been open for that entire period in North America. European stores are not included.
(7) Net retail sales per gross square foot represents net retail sales from stores open throughout the entire period in North America divided by the total gross square
footage of such stores. European stores are not included.
(8) Comparable store sales percentage changes are based on net retail sales and stores are considered comparable beginning in their thirteenth full month of
operation. Fiscal 2008 first quarter was the first quarter that our European operations met the criteria for inclusion in our comparable store calculation. As such,
fiscal 2008 is the first period to include comparable store sales change for Europe in the consolidated comparable store sales change.
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