Dillard's 2009 Annual Report Download - page 31

Download and view the complete annual report

Please find page 31 of the 2009 Dillard's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 82

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82

Interest and Debt Expense, Net
(in thousands of dollars) Fiscal 2009 Fiscal 2008 Fiscal 2007
Interest and debt expense, net ............... $74,003 $88,821 $91,556
2009 Compared to 2008
Net interest and debt expense declined $14.8 million in fiscal 2009 compared to fiscal 2008
primarily due to lower average debt levels and a $1.7 million pretax gain on discounted repurchases of
outstanding notes in 2009 partially offset by reduced capitalized interest of $1.2 million. Total weighted
average debt outstanding during fiscal 2009 decreased approximately $285.6 million compared to fiscal
2008.
2008 Compared to 2007
Net interest and debt expense declined $2.7 million in fiscal 2008 compared to fiscal 2007 primarily
due to expense savings of $9.4 million attributable to a lower average interest rate and lower average
debt partially offset by lower capitalized interest of $3.7 million and lower investment income of
$2.8 million.
Gain on Disposal of Assets
(in thousands of dollars) Fiscal 2009 Fiscal 2008 Fiscal 2007
Gain on disposal of assets ................. $3,207 $24,567 $12,625
Fiscal 2009
During fiscal 2009, the Company sold a vacant store location in Kansas City, Missouri resulting in
a $2.3 million pretax gain.
Fiscal 2008
During fiscal 2008, the Company sold its store location at Rivercenter in San Antonio, Texas for
$8.0 million, resulting in a pretax gain of $7.2 million on the sale. The Company also purchased a
corporate aircraft by exercising its option under a synthetic lease and by issuing a $23.6 million note
payable, secured by letters of credit. The Company then sold the aircraft for $44.5 million. A pretax
gain of $17.6 million was recognized related to the sale.
Fiscal 2007
During fiscal 2007, the Company recognized a $14.1 million pretax gain relating to hurricane
recovery for two stores damaged by the hurricanes of 2005 as the Company completed the cleanup of
the damaged locations during fiscal 2007. This gain was partially offset when the Company sold its
properties in Longmont, Colorado and Richardson, Texas for $5.8 million, recognizing a pretax net loss
of $2.5 million on the sales.
Asset Impairment and Store Closing Charges
(in thousands of dollars) Fiscal 2009 Fiscal 2008 Fiscal 2007
Asset impairment and store closing charges ..... $3,084 $197,922 $20,500
27