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80 2012 BROWN SHOE COMPANY, INC. FORM 10-K
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
FOR THE FISCAL YEAR ENDED JANUARY 28, 2012
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 691,008 $ 1,857,192 $ 219,939 $ (185,315) $ 2,582,824
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . 529,087 1,061,312 181,100 (185,315) 1,586,184
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,921 795,880 38,839 – 996,640
Selling and administrative expenses . . . . . . . . . . . . . . . . 168,414 715,987 53,018 – 937,419
Restructuring and other special charges, net . . . . . . . . . . . 20,308 3,363 – – 23,671
Equity in (earnings) loss of subsidiaries . . . . . . . . . . . . . . (49,662) 14,613 – 35,049 –
Operating earnings (loss) . . . . . . . . . . . . . . . . . . . . . . 22,861 61,917 (14,179) (35,049) 35,550
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,113) (633) 605 – (26,141)
Loss on early extinguishment of debt . . . . . . . . . . . . . . . (1,003) – – – (1,003)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 247 396 – 644
Intercompany interest income (expense) . . . . . . . . . . . . . 15,714 (15,098) (616) – –
Earnings (loss) before income taxes from continuing operations . 11,460 46,433 (13,794) (35,049) 9,050
Income tax benefit (provision) . . . . . . . . . . . . . . . . . . . 13,129 (12,437) (1,018) – (326)
Net earnings (loss) from continuing operations . . . . . . . . . . 24,589 33,996 (14,812) (35,049) 8,724
Discontinued operations:
Earnings from operations of subsidiary, net of tax . . . . . . – 1,701 – – 1,701
Gain on sale of subsidiary, net of tax. . . . . . . . . . . . . . – 13,965 – – 13,965
Net earnings from discontinued operations . . . . . . . . . . . . – 15,666 – – 15,666
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . 24,589 49,662 (14,812) (35,049) 24,390
Net loss attributable to noncontrolling interests . . . . . . . . . – – (199) – (199)
Net earnings (loss) attributable to Brown Shoe Company, Inc. . $ 24,589 $ 49,662 $ (14,613) $ (35,049) $ 24,589
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE FISCAL YEAR ENDED JANUARY 28, 2012
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,589 $ 49,662 $ (14,812) $ (35,049) $ 24,390
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment . . . . . . . . . . . . . – 1,320 (1,113) – 207
Pension and other postretirement benefits adjustments . . . . 3,358 (417) – – 2,941
Unrealized (loss) gain on derivative financial instruments,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36) 379 – – 343
Net loss from derivatives reclassified into earnings, net of tax . 22 22 – – 44
Other comprehensive income (loss), net of tax . . . . . . . . . . . . 3,344 1,304 (1,113) – 3,535
Comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . 27,933 50,966 (15,925) (35,049) 27,925
Comprehensive loss attributable to noncontrolling interest . . . . . – – (160) – (160)
Comprehensive income (loss) attributable
to Brown Shoe Company, Inc. . . . . . . . . . . . . . . . . . . . $ 27,933 $ 50,966 $ (15,765) $ (35,049) $ 28,085
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JANUARY 28, 2012
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net cash (used for) provided by operating activities . . . . . . . $ (205,188) $ 234,780 $ 18,439 $ 55 $ 48,086
Investing activities
Purchases of property and equipment . . . . . . . . . . . . . . . (2,739) (21,917) (3,201) – (27,857)
Capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . (10,419) (288) – – (10,707)
Acquisition cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (156,636) – (156,636)
Cash recognized on initial consolidation . . . . . . . . . . . . . . – 3,121 – – 3,121
Net proceeds from sale of subsidiary. . . . . . . . . . . . . . . . – 61,922 (6,572) – 55,350
Net cash (used for) provided by investing activities . . . . . . . (13,158) 42,838 (166,409) – (136,729)
Financing activities
Borrowings under revolving credit agreement . . . . . . . . . . 1,595,500 – – – 1,595,500
Repayments under revolving credit agreement . . . . . . . . . . (1,592,500) – – – (1,592,500)
Intercompany financing . . . . . . . . . . . . . . . . . . . . . . . 205,689 (271,509) 65,875 (55) –
Proceeds from issuance of 2019 Senior Notes . . . . . . . . . . . 198,633 – – – 198,633
Redemption of 2012 Senior Notes . . . . . . . . . . . . . . . . . (150,000) – – – (150,000)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,076) – – – (12,076)
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . (6,428) – – – (6,428)
Acquisition of treasury stock . . . . . . . . . . . . . . . . . . . . (25,484) – – – (25,484)
Issuance of common stock under share-based plans, net . . . . 918 – – – 918
Tax (deficiency) benefit related to share-based plans . . . . . . (292) 1,292 – – 1,000
Contributions by noncontrolling interests . . . . . . . . . . . . . – – 378 – 378
Net cash provided by (used for) financing activities . . . . . . . 213,960 (270,217) 66,253 (55) 9,941
Eect of exchange rate changes on cash and cash equivalents . – (164) – – (164)
(Decrease) increase in cash and cash equivalents. . . . . . . . . (4,386) 7,237 (81,717) – (78,866)
Cash and cash equivalents at beginning of period . . . . . . . . – 27,095 99,453 – 126,548
Cash and cash equivalents at end of period . . . . . . . . . . . . $ (4,386) $ 34,332 $ 17,736 $ – $ 47,682