Dillard's 2013 Annual Report Download - page 60

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F-14
(in thousands of dollars) Retail Operations
Fiscal 2012
Construction Consolidated
Net sales from external customers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,489,366 $ 103,803 $ 6,593,169
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,340,754 5,307 2,346,061
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259,414 207 259,621
Interest and debt expense (income), net . . . . . . . . . . . . . . . . . . . . . . . . 69,719 (123) 69,596
Income before income taxes and income on and equity in losses of
joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479,181 569 479,750
Income on and equity in losses of joint ventures . . . . . . . . . . . . . . . . . 1,272 — 1,272
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,011,835 36,909 4,048,744
(in thousands of dollars) Retail Operations
Fiscal 2011
Construction Consolidated
Net sales from external customers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,193,903 $ 69,697 $ 6,263,600
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,215,232 1,099 2,216,331
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257,504 181 257,685
Interest and debt expense (income), net . . . . . . . . . . . . . . . . . . . . . . . . 72,218 (159) 72,059
Income (loss) before income taxes and income on and equity in
losses of joint ventures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399,813 (3,144) 396,669
Income on and equity in losses of joint ventures . . . . . . . . . . . . . . . . . 4,722 — 4,722
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,266,511 39,626 4,306,137
Intersegment construction revenues of $35.0 million, $32.4 million and $37.3 million were eliminated during
consolidation and have been excluded from net sales for the years ended February 1, 2014, February 2, 2013 and January 28,
2012, respectively.
3. Revolving Credit Agreement
At February 1, 2014, the Company maintained a $1.0 billion revolving credit facility ("credit agreement") with J. P.
Morgan Securities LLC ("JPMorgan") and Wells Fargo Capital Finance, LLC as the agents for various banks, secured by the
inventory of Dillard's, Inc. operating subsidiaries. The credit agreement expires July 1, 2018. Borrowings under the credit
agreement accrue interest at either JPMorgan's Base Rate or LIBOR plus 1.5% (1.66% at February 1, 2014) subject to certain
availability thresholds as defined in the credit agreement.
Limited to 90% of the inventory of certain Company subsidiaries, availability for borrowings and letter of credit
obligations under the credit agreement was $908.9 million at February 1, 2014. No borrowings were outstanding at February 1,
2014. Letters of credit totaling $35.7 million were issued under this credit agreement leaving unutilized availability under the
facility of approximately $873 million at February 1, 2014. No borrowings were outstanding as of February 2, 2013. There are
no financial covenant requirements under the credit agreement provided that availability for borrowings and letters of credit
exceeds $100 million. The Company pays an annual commitment fee to the banks of 0.25% of the committed amount less
outstanding borrowings and letters of credit. The Company had weighted-average borrowings of $45.5 million and $17.0
million during fiscal 2013 and 2012, respectively.
4. Long-Term Debt
Long-term debt of $614.8 million was outstanding at February 1, 2014 and February 2, 2013. This debt consisted of
unsecured notes, bearing interest rates ranging from 6.63% to 7.88% and maturing during fiscal 2017 through fiscal 2028.
During fiscal 2011, the Company repurchased $5.7 million face amount of its 6.625% notes with an original maturity on
January 15, 2018. This repurchase resulted in a pretax gain of approximately $0.2 million which was recorded in net interest
and debt expense.
There are no financial covenants under any of the debt agreements. There are no maturities of long-term debt during
fiscal 2014 through fiscal 2016, and $87.2 million and $161.0 million of long-term debt matures in fiscal 2017 and fiscal 2018,
respectively.