Build-A-Bear Workshop 2014 Annual Report Download - page 28

Recent Sales of Unregistered Securities
There were no sales of unregistered securities during the past
three years.
Dividend Policy
No dividends were paid in 2014, 2013 or 2012. We anticipate that we
will retain any future earnings to support operations, to finance the
growth and development of our business and to repurchase shares
of our common stock from time to time and we do not expect, at
this time, to pay cash dividends. Any future determination relating
to our dividend policy will be made at the discretion of our board of
directors and will depend on a number of factors, including future
earnings, capital requirements, financial conditions, future prospects
and other factors that the board of directors may deem relevant.
Additionally, under our credit agreement, we are prohibited from
declaring dividends without the prior consent of our lender, subject
to certain exceptions, as described in “Management’s Discussion and
Analysis of Financial Condition and Results of Operations — Liquidity
and Capital Resources.”
ITEM 6. SELECTED FINANCIAL DATA
Throughout this Annual Report on Form 10-K, we refer to our fiscal years ended January 3, 2015, December 28, 2013, December 29, 2012,
December 31, 2011 and January 1, 2011, as fiscal years 2014, 2013, 2012, 2011 and 2010, respectively. Our fiscal year consists of 52 or 53 weeks,
and ends on the Saturday nearest December 31 in each year. The 2014 fiscal year included 53 weeks and fiscal years 2013, 2012, 2011, and 2010
included 52 weeks. All of our fiscal quarters presented in this Annual Report on Form 10-K included 13 weeks, with the exception of the fourth
quarter of fiscal 2014, which included 14 weeks. When we refer to our fiscal quarters, or any three month period ending as of a specified date, we
are referring to the 13-week or 14-week period prior to that date.
The following table sets forth, for the periods and dates indicated, our selected consolidated financial and operating data. The balance sheet
data for fiscal 2014 and 2013 and the statement of operations and other financial data for fiscal 2014, 2013 and 2012 are derived from our audited
financial statements included elsewhere in this Annual Report on Form 10-K. The balance sheet data for fiscal 2012, 2011 and 2010, and the
statement of operations and other financial data for fiscal 2011 and 2010 are derived from our audited consolidated financial statements that
are not included in this Annual Report on Form 10-K. You should read our selected consolidated financial and operating data in conjunction with
our consolidated financial statements and related notes and with “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” appearing elsewhere in this Annual Report on Form 10-K.
(Dollars in thousands, except share, per share,
per store and per gross square foot data)
Fiscal Year
2014 2013 2012 2011 2010
Statement of operations data:
Total revenues $ 392,354 $ 379,069 $ 380,941 $ 394,375 $ 401,452
Costs and expenses:
Cost of merchandise sold 211,832 220,738 230,181 234,227 239,556
Selling, general and administrative 164,445 160,708 165,516 162,881 164,618
Goodwill impairment - - 33,670 - -
Interest expense (income), net 53 (259
)3(81)(250)
Total costs and expenses 376,330 381,187 429,370 397,027 403,924
Loss before income taxes 16,024 (2,118)(48,429)(2,652)(2,472)
Income tax expense (benefit) 1,662 (6
)866 14,410 (2,576)
Net income (loss) $ 14,362 $ (2,112)$ (49,295)$ (17,062)$ 104
Earnings (loss) per common share:
Basic $ 0.82 $ (0.13) $ (3.02) $ (0.98) $ 0.01
Diluted $ 0.81 $ (0.13) $ (3.02) $ (0.98) $ 0.01
Shares used in computing common per share amounts:
Basic 16,908,001 16,465,138 16,331,672 17,371,315 18,601,465
Diluted 17,133,811 16,465,138 16,331,672 17,371,315 18,653,012
16 BUILD-A-BEAR WORKSHOP, INC. 2014 ANNUAL REPORT