Build-A-Bear Workshop 2012 Annual Report Download - page 31

BUILD-A-BEAR WORKSHOP, INC. 2012 FORM 10-K
(Dollars in thousands, except share, per share, per store
and per gross square foot data)
Fiscal Year
2012 2011 2010 2009 2008
Statement of income data:
Total revenues $ 380,941 $ 394,375 $ 401,452 $ 395,906 $ 468,316
Costs and expenses:
Cost of merchandise sold 230,181 234,227 239,556 247,511 270,918
Selling, general and administrative 165,516 162,881 164,618 161,782 188,018
Goodwill impairment 33,670 ————
Store closing(1) —— — 981 2,952
Losses from investment in affiliate(2) —— — 9,615 —
Interest expense (income), net 3(81) (250) (143) (799)
Total costs and expenses 429,370 397,027 403,924 419,746 461,089
Income (loss) before income taxes (48,429) (2,652) (2,472) (23,840) 7,227
Income tax expense (benefit) 866 14,410 (2,576) (11,367) 2,663
Net income (loss) $ (49,295) $ (17,062) $ 104 $ (12,473) $ 4,564
Earnings (loss) per common share:
Basic $ (3.02) $ (0.98) $ 0.01 $ (0.66) $ 0.24
Diluted $ (3.02) $ (0.98) $ 0.01 $ (0.66) $ 0.24
Shares used in computing common per share amounts:
Basic 16,331,672 17,371,315 18,601,465 18,874,352 19,153,123
Diluted 16,331,672 17,371,315 18,653,012 18,874,352 19,224,273
Other financial data:
Retail gross margin ($)(3) $ 145,687 $ 154,468 $ 155,128 $ 142,572 $ 190,500
Retail gross margin (%)(3) 38.9% 39.9% 40.1% 36.7% 41.3%
Capital expenditures, net(4) $ 17,268 $ 12,248 $ 14,649 $ 8,148 $ 23,215
Depreciation and amortization 21,422 24,232 26,976 28,487 28,883
Cash flow data:
Cash flows provided by operating activities $ 14,864 $ 16,010 $ 22,021 $ 23,990 $ 23,615
Cash flows used in investing activities $ (15,096) $ (13,318) $ (13,766) $ (8,898) $ (26,629)
Cash flows provided by (used in) financing activities $ (1,224) $ (14,587) $ (7,216) $ — $ (14,024)
Store data(5):
Number of stores at end of period
North America — Traditional 283 287 290 291 292
North America — Non-traditional 811 15 5 5
Total North America 291 298 305 296 297
Europe 60 58 54 54 54
Total stores 351 356 359 350 351
Square footage at end of period
North America — Traditional 805,770 829,449 841,600 846,373 856,504
North America —Non-traditional 12,610 18,956 32,950 4,533 4,533
Total North America 818,380 848,405 874,550 850,906 861,037
Europe(6) 86,331 83,911 77,520 77,520 77,520
Total square footage 904,711 932,316 952,070 928,426 938,557
Average net retail sales per store — North America(7)(8) $ 1,003 $ 1,021 $ 1,030 $ 1,044 $ 1,329
Net retail sales per gross square foot — North
America(8)(9) $ 350 $ 354 $ 356 $ 358 $ 445
Consolidated comparable store sales change (%)(10) (3.3)% (2.1)% (2.0)% (13.4)% (14.0)%
Balance sheet data:
Cash and cash equivalents $ 45,171 $ 46,367 $ 58,755 $ 60,399 $ 47,000
Working capital 30,503 37,610 51,671 53,865 38,880
Total assets 192,102 241,571 275,794 284,273 300,152
Total stockholders’ equity 83,137 129,243 157,713 164,780 167,725
(1) Store closing represents expenses related to the closure of the friends 2B made concept.
(2) In 2012, $475 of losses from investment in affiliate was included in selling, general and administrative expenses.
(3) Retail gross margin represents net retail sales less cost of retail merchandise sold, which excludes cost of wholesale merchandise sold. Retail gross margin
percentage represents retail gross margin divided by net retail sales.
(4) 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.
(5) Excludes our web store and temporary, seasonal and event-based locations.
(6) Square footage for stores located in Europe is estimated selling square footage and includes stores in the United Kingdom, Ireland and France.
(7) Average net retail sales per store represents net retail sales from traditional stores open throughout the entire period in North America divided by the total
number of such stores.
(8) 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
traditional stores that have been open for that entire period in North America. European stores are not included.
(9) 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.
(10) Comparable store sales percentage changes are based on net retail sales. Stores are considered comparable beginning in their thirteenth full month of operation.
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