Build-A-Bear Workshop 2011 Annual Report Download - page 68

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BUILD-A-BEAR WORKSHOP, INC. 2011 FORM 10-K
Notes to Consolidated Financial Statements (continued)
Following is a summary of the financial information for the Company’s reporting segments (in thousands):
Retail Commercial
International
Franchising Total
Fiscal 2011
Net sales to external customers $ 387,041 $ 3,943 $ 3,391 $ 394,375
Net income (loss) before income taxes (6,553) 1,940 1,961 (2,652)
Capital expenditures 12,137 — 111 12,248
Depreciation and amortization 24,183 — 49 24,232
Fiscal 2010
Net sales to external customers $387,163 $11,246 $3,043 $401,452
Net income (loss) before income taxes (6,858) 2,827 1,559 (2,472)
Capital expenditures 14,490 — 159 14,649
Depreciation and amortization 26,482 — 494 26,976
Fiscal 2009
Net sales to external customers $388,552 $ 4,001 $3,353 $395,906
Net income (loss) before income taxes (27,726) 1,973 1,913 (23,840)
Capital expenditures 7,879 — 269 8,148
Depreciation and amortization 28,045 — 442 28,487
Total Assets as of:
December 31, 2011 $ 229,190 $ 9,877 $ 2,504 $ 241,571
January 1, 2011 $ 263,193 $ 9,647 $ 2,954 $ 275,794
The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each
reportable segment may operate in many geographic areas. Revenues are recognized in the geographic areas based on the
location of the customer or franchisee. The following schedule is a summary of the Company’s sales to external customers and
long-lived assets by geographic area (in thousands):
North
America(1) Europe(2) Other(3) Total
Fiscal 2011
Net sales to external customers $ 316,853 $ 75,469 $ 2,053 $ 394,375
Property and equipment, net 65,902 11,543 — 77,445
Fiscal 2010
Net sales to external customers $328,524 $70,864 $2,064 $401,452
Property and equipment, net 76,729 11,300 — 88,029
Fiscal 2009
Net sales to external customers $320,033 $74,255 $1,618 $395,906
Property and equipment, net 87,860 13,184 — 101,044
For purposes of this table only:
(1) North America includes the United States, Canada, Puerto Rico and Mexico
(2) Europe includes the United Kingdom, Ireland, franchise businesses in Europe and, prior to 2011, Company-owned stores in France
(3) Other includes franchise businesses outside of North America and Europe
(20) SUBSEQUENT EVENT
On February 23, 2012, the Company announced the
extension of its previously announced $50 million share
repurchase program until March 31, 2013, subject to further
extension by the Company’s Board of Directors. The
Company currently intends to purchase up to $50 million of
its common stock in the open market (including through
10b5-1 plans), through privately negotiated transactions or
through an accelerated repurchase transaction. The primary
source of funding for the program is expected to be cash on
hand. The timing and amount of share repurchases, if any,
will depend on price, market conditions, applicable
regulatory requirements, and other factors. The program does
not require the Company to repurchase any specific number
of shares and may be modified, suspended or terminated at
any time without prior notice. Shares repurchased under
the program will be subsequently retired. As of March 12,
2011, there was $8.7 million of availability remaining under
the program.
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