Dillard's 2003 Annual Report Download - page 52

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At January 31, 2004 and February 1, 2003, the Company had $50.0 million and $0 outstanding, respectively, in short-term borrowings
under its accounts receivable conduit facilities related to seasonal financing needs. Remaining available short-term borrowings under
these conduit facilities at January 31, 2004 were $450.0 million.
16. Quarterly Results of Operations (unaudited)
During the second quarter of 2002, the Company adopted Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill
and Other Intangible Assets.” The cumulative effect of the accounting change as of February 3, 2002 was to decrease net income for
fiscal year 2002 by $530 million or $6.22 per diluted share.
Fiscal 2003, Three Months Ended
(in thousands of dollars, except per share data) May 3 August 2 November 1 January 31
Net sales $1,813,911 $1,721,485 $1,764,484 $2,299,054
Gross profit 601,939 535,067 564,431 727,324
Net income (loss) 24,349 (50,346) (15,835) 51,176
Diluted earnings per share:
Net income (loss) 0.29 (0.60) (0.19) 0.61
Fiscal 2002, Three Months Ended
(in thousands of dollars, except per share data) May 4 August 3 November 2 February 1
Net sales $1,910,879 $1,817,976 $1,794,250 $2,387,891
Gross profit 684,451 620,677 602,813 748,921
Income (loss) before cumulative
effect of accounting change 58,112 6,666 (5,102) 72,250
Net income (loss) (472,219) 6,666 (5,102) 72,250
Diluted earnings per share:
Income (loss) before cumulative
effect of accounting change 0.68 0.08 (0.06) 0.85
Net income (loss) (5.56) 0.08 (0.06) 0.85
Total of quarterly earnings per common share may not equal the annual amount because net income per common share is calculated
independently for each quarter.
Quarterly information for fiscal 2003 and fiscal 2002 include the following items:
First Quarter
2003
• a pretax gain of $15.6 million ($10.0 million after tax or $0.12 per diluted share) pertaining to the Company’s sale of its interest
in Sunrise Mall and its associated center in Brownsville, Texas.
• a pretax gain of $12.3 million ($7.9 million after tax or $0.09 per diluted share) recorded due to the resolution of certain liabilities
originally recorded in conjunction with the purchase of Mercantile Stores Company, Inc.
Second Quarter
2003
• a call premium resulting in additional interest expense of $15.6 million ($10.0 million after tax or $0.12 per diluted share)
associated with a $125.9 million call of debt.
• a $17.1 million pretax charge ($10.9 million after tax, or $0.13 per diluted share) for asset impairment and store closing charges
related to certain stores.
F-20