Famous Footwear 2012 Annual Report Download - page 83

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2012 BROWN SHOE COMPANY, INC. FORM 10-K 81
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
FOR THE FISCAL YEAR ENDED JANUARY 29, 2011
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 714,388 $ 1,768,767 $ 216,604 $ (195,668) $ 2,504,091
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . 545,219 967,712 183,274 (195,668) 1,500,537
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,169 801,055 33,330 – 1,003,554
Selling and administrative expenses . . . . . . . . . . . . . . . . 190,586 717,775 14,615 – 922,976
Restructuring and other special charges, net . . . . . . . . . . . 7,209 – 705 – 7,914
Equity in (earnings) loss of subsidiaries . . . . . . . . . . . . . . (58,275) (11,860) – 70,135 –
Operating earnings (loss) . . . . . . . . . . . . . . . . . . . . . . 29,649 95,140 18,010 (70,135) 72,664
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,643) (4) – – (19,647)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 76 126 – 203
Intercompany interest income (expense) . . . . . . . . . . . . . 14,961 (11,212) (3,749) – –
Earnings (loss) before income taxes . . . . . . . . . . . . . . . . 24,968 84,000 14,387 (70,135) 53,220
Income tax benefit (provision) . . . . . . . . . . . . . . . . . . . 12,265 (25,415) (3,010) – (16,160)
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . 37,233 58,585 11,377 (70,135) 37,060
Net earnings (loss) attributable to noncontrolling interests . . . – 310 (483) – (173)
Net earnings (loss) attributable to Brown Shoe Company, Inc. . $ 37,233 $ 58,275 $ 11,860 $ (70,135) $ 37,233
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE FISCAL YEAR ENDED JANUARY 29, 2011
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,233 $ 58,585 $ 11,377 $ (70,135) $ 37,060
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment . . . . . . . . . . . . . – 2,150 – – 2,150
Pension and other postretirement benefits adjustments . . . . 3,450 (17) – – 3,433
Unrealized (loss) gain on derivative financial instruments,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (80) 251 – – 171
Net loss from derivatives reclassified into earnings, net of tax . 208 25 – – 233
Other comprehensive income, net of tax. . . . . . . . . . . . . . . . 3,578 2,409 – – 5,987
Comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . 40,811 60,994 11,377 (70,135) 43,047
Comprehensive income (loss) attributable to
noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . – 310 (460) – (150)
Comprehensive income (loss) attributable
to Brown Shoe Company, Inc. . . . . . . . . . . . . . . . . . . . $ 40,811 $ 60,684 $ 11 ,837 $ (70,135) $ 43,197
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JANUARY 29, 2011
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net cash provided by (used for) operating activities . . . . . . . $ 64,824 $ (129,040) $ 61,904 $ – $ (2,312)
Investing activities
Purchases of property and equipment . . . . . . . . . . . . . . . (4,863) (25,126) (792) – (30,781)
Capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . (23,793) (253) – – (24,046)
Net cash used for investing activities. . . . . . . . . . . . . . . . (28,656) (25,379) (792) – (54,827)
Financing activities
Borrowings under revolving credit agreement . . . . . . . . . . 1,051,500 – – – 1,051,500
Repayments under revolving credit agreement . . . . . . . . . . (948,000) – – – (948,000)
Intercompany financing . . . . . . . . . . . . . . . . . . . . . . . (132,926) 206,664 (73,738) – –
Acquisition of noncontrolling interests (Edelman Shoe, Inc.) . . 7,309 (40,001) – – (32,692)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,254) 5,010 (5,010) – (12,254)
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . (2,636) – – – (2,636)
Issuance of common stock under share-based plans, net . . . . 926 – – – 926
Contributions by noncontrolling interests . . . . . . . . . . . . . – – 527 – 527
Tax deficiency related to share-based plans . . . . . . . . . . . . (87) – – – (87)
Net cash (used for) provided by financing activities . . . . . . . (36,168) 171,673 (78,221) – 57,284
Eect of exchange rate changes on cash and cash equivalents . – 570 – – 570
Increase (decrease) in cash and cash equivalents . . . . . . . . . – 17,824 (17,109) – 715
Cash and cash equivalents at beginning of period . . . . . . . . – 9,271 116,562 – 125,833
Cash and cash equivalents at end of period . . . . . . . . . . . . $ – $ 27,095 $ 99,453 $ – $ 126,548