Coach 2006 Annual Report Download - page 50

Subject to limited exceptions, these rights may be exercised if a person or group intentionally acquires 10% or more of the Company’s
common stock or announces a tender offer for 10% or more of the common stock on terms not approved by the Coach Board of Directors.
In this event, each right would entitle the holder of each share of Coach’s common stock to buy one additional common share of the
Company at an exercise price far below the then-current market price. Subject to certain exceptions, Coach’s Board of Directors will be
entitled to redeem the rights at $0.0001 per right at any time before the close of business on the tenth day following either the public
announcement that, or the date on which a majority of Coach’s Board of Directors becomes aware that, a person has acquired 10% or more
of the outstanding common stock. As of the end of fiscal 2007, there were no shareholders whose common stock holdings exceeded the 10%
threshold established by the rights plan.
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Net sales $ 529,421 $ 805,603 $ 625,303 $ 652,129
Gross profit 406,005 621,295 486,410 509,276
Income from continuing operations 115,239 214,497 147,390 159,403
Income from discontinued operations 10,377 12,976 2,574 1,209
Net income 125,616 227,473 149,964 160,612
Basic earnings per common share:
Continuing operations 0.31 0.58 0.40 0.43
Discontinued operations 0.03 0.04 0.01 0.00
Net income 0.34 0.62 0.41 0.43
Diluted earnings per common share:
Continuing operations 0.31 0.57 0.39 0.42
Discontinued operations 0.03 0.03 0.01 0.00
Net income 0.34 0.61 0.40 0.42
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Net sales $ 433,964 $ 619,830 $ 479,718 $ 501,573
Gross profit 330,096 481,753 376,199 393,519
Income from continuing operations 87,860 161,513 101,672 112,795
Income from discontinued operations 5,755 12,661 7,174 4,847
Net income 93,615 174,174 108,846 117,642
Basic earnings per common share:
Continuing operations 0.23 0.42 0.26 0.30
Discontinued operations 0.02 0.03 0.02 0.01
Net income 0.25 0.46 0.28 0.31
Diluted earnings per common share:
Continuing operations 0.23 0.41 0.26 0.29
Discontinued operations 0.01 0.03 0.02 0.01
Net income 0.24 0.45 0.28 0.31
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Net sales $ 329,950 $ 510,297 $ 403,462 $ 407,995
Gross profit 247,864 387,107 315,463 317,117
Income from continuing operations 55,556 118,394 76,218 86,479
Income from discontinued operations 5,425 8,509 4,654 3,377
Net income 60,981 126,903 80,872 89,856
Basic earnings per common share:
Continuing operations 0.15 0.31 0.20 0.23
Discontinued operations 0.01 0.02 0.01 0.01
Net income 0.16 0.33 0.21 0.24
Diluted earnings per common share:
Continuing operations 0.14 0.30 0.19 0.22
Discontinued operations 0.01 0.02 0.01 0.01
Net income 0.16 0.32 0.21 0.23
(1) During the third quarter of fiscal 2007, the Company exited its corporate accounts business. The results of the corporate accounts business, previously
included in the Indirect segment, have been segregated from continuing operations and reported as discontinued operations in the Consolidated Statements of
Income for all periods presented. Accordingly, the information below differs from amounts previously reported as follows: in the first and second quarter of fiscal
2007, net sales were reduced by $24,430 and $30,784, respectively, and gross profit was reduced by $18,675 and $23,181, respectively; in the first,
second, third and fourth quarters of fiscal 2006, net sales were reduced by $14,987, $30,506, $18,141 and $12,782, respectively, and gross profit was
reduced by $11,265, $22,923, $13,570 and $9,554, respectively; in the first, second, third and fourth quarters of fiscal 2005, net sales were reduced by
$14,115, $21,462, $12,477 and $10,665, respectively, and gross profit was reduced by $10,310, $15,861, $9,210 and $7,839, respectively.