Dillard's 2002 Annual Report Download - page 38

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The following pro forma financial information is presented as if the statement was adopted at January 30, 2000 (in thousands, except
per share amounts):
Fiscal 2002 Fiscal 2001 Fiscal 2000
Reported net income (loss) $(398,405) $71,798 $(5,850)
Cumulative effect of accounting change 530,331 - -
Net income before the cumulative
effect of accounting change
131,926
71,798
(5,850)
Add back:
Goodwill amortization
-
15,604
15,858
Pro forma net income $ 131,926 $87,402 $10,008
Net income (loss) per share reported – basic $ (4.71) $ 0.85 $ (0.06)
Cumulative effect of accounting change 6.27 - -
Goodwill amortization - 0.19 0.17
Pro forma net income per share – basic $ 1.56 $ 1.04 $ 0.11
Net income (loss) per share reported – diluted $ (4.67) $ 0.85 $ (0.06)
Cumulative effect of accounting change 6.22 - -
Goodwill amortization - 0.18 0.17
Pro forma net income per share – diluted $ 1.55 $ 1.03 $ 0.11
3. Revolving Credit Agreement
During fiscal 2002 and 2001, there were no commercial paper borrowings. The average amount of commercial paper outstanding
during fiscal 2000 was $14 million, at a weighted-average interest rate of 6.63%.
At February 1, 2003, the Company maintained a $400 million revolving credit facility with Fleet Retail Finance, Inc. (“Fleet”).
Borrowings under the facility accrue interest at Fleet’s Base Rate or Eurodollar Rate plus 1.75%. The line of credit agreement is
secured by inventory of certain Company stores. The agreement expires on May 9, 2005 and cannot be withdrawn except in the case
of defaults by the Company. The Company pays an annual commitment fee of 0.375% of the committed amount to the banks. At
February 1, 2003, inventory of $555 million was pledged as collateral on the revolving credit facility. There were no funds borrowed
under the revolving credit facility during fiscal 2002.
4. Long-term Debt
Long-term debt consists of the following:
(in thousands of dollars) February 1, 2003 February 2, 2002
Unsecured notes
at rates ranging from
6.13% to 9.50%,
due 2003 through 2028 $1,823,429 $2,147,279
Receivable financing facilities
at rates ranging from 1.6% to
3.8% due 2005 through 2006 400,000 -
Mortgage notes, payable
monthly or quarterly
(some with balloon payments)
through 2013 and bearing
interest at rates ranging from
4.90% to 13.25% 108,391 75,615
2,331,820 2,222,894
Current portion (138,814) (98,317)
$2,193,006 $2,124,577
F-12