Famous Footwear 2013 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 of the 2013 Famous Footwear 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 96

  • 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
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

78 2013 BROWN SHOE COMPANY, INC. FORM 10-K
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 733,996 $ 1,768,049 $ 197,679 $ (186,611) $ 2,513,113
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549,281 975,389 160,766 (186,611) 1,498,825
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,715 792,660 36,913 – 1,014,288
Selling and administrative expenses . . . . . . . . . . . . . . . . . . 217,902 688,526 3,321 – 909,749
Restructuring and other special charges, net . . . . . . . . . . . . . 686 576 – – 1,262
Impairment of assets held for sale . . . . . . . . . . . . . . . . . . . – – 4,660 – 4,660
Operating (loss) earnings . . . . . . . . . . . . . . . . . . . . . . . . (33,873) 103,558 28,932 – 98,617
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,163) (91) – – (21,254)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 278 76 – 377
Intercompany interest income (expense) . . . . . . . . . . . . . . . 13,414 (15,399) 1,985 – –
Intercompany dividend . . . . . . . . . . . . . . . . . . . . . . . . . – 7,778 (7,778) – –
(Loss) earnings before income taxes from continuing operations . (41,599) 96,124 23,215 – 77,740
Income tax benefit (provision) . . . . . . . . . . . . . . . . . . . . . 7,496 (29,390) (1,864) – (23,758)
Equity in earnings from continuing operations of subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,262 21,528 – (109,790) –
Net earnings from continuing operations . . . . . . . . . . . . . . . 54,159 88,262 21,351 (109,790) 53,982
Discontinued operations:
(Loss) earnings from discontinued operations, net of tax . . . . . . (5,296) 1,073 (351) – (4,574)
Disposition/impairment of discontinued operations, net of tax . . – 1,042 (12,554) – (11,512)
Equity in loss from discontinued operations of subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,790) (12,905) – 23,695 –
Net loss from discontinued operations . . . . . . . . . . . . . . . . (16,086) (10,790) (12,905) 23,695 (16,086)
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,073 77,472 8,446 (86,095) 37,896
Net loss attributable to noncontrolling interests . . . . . . . . . . . – – (177) – (177)
Net earnings attributable to Brown Shoe Company, Inc. . . . . . . $ 38,073 $ 77,472 $ 8,623 $ (86,095) $ 38,073
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,073 $ 77,472 $ 8,446 $ (86,095) $ 37,896
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment . . . . . . . . . . . . . – (4,421) (117) – (4,538)
Pension and other postretirement benefits adjustments,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,114 415 – – 19,529
Derivative financial instruments, net of tax. . . . . . . . . . . . (55) 874 – – 819
Other comprehensive loss from investment in subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,317) (185) – 3,502 –
Other comprehensive income (loss), net of tax. . . . . . . . . . . . 15,742 (3,317) (117) 3,502 15,810
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . 53,815 74,155 8,329 (82,593) 53,706
Comprehensive loss attributable to noncontrolling interests . . . . – – (109) – (109)
Comprehensive income attributable
to Brown Shoe Company, Inc. . . . . . . . . . . . . . . . . . $ 53,815 $ 74,155 $ 8,438 $ (82,593) $ 53,815
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net cash provided by (used for) operating activities . . . . . . . $ 60,774 $ 63,384 $ (20,126) $ – $ 104,032
Investing activities
Purchases of property and equipment . . . . . . . . . . . . . . . (5,595) (37,478) (895) – (43,968)
Capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . (4,920) (193) (122) – (5,235)
Intercompany investing . . . . . . . . . . . . . . . . . . . . . . . (1,128) 1,128 – – –
Net proceeds from sale of subsidiaries . . . . . . . . . . . . . . . – 69,347 – – 69,347
Net cash (used for) provided by investing activities . . . . . . . (11,643) 32,804 (1,017) – 20,144
Financing activities
Borrowings under revolving credit agreement . . . . . . . . . . 1,129,000 – – – 1,129,000
Repayments under revolving credit agreement . . . . . . . . . . (1,227,000) – – – (1,227,000)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,105) – – – (12,105)
Issuance of common stock under share-based plans, net . . . . 804 – – – 804
Tax benefit related to share-based plans. . . . . . . . . . . . . . 3,439 – – – 3,439
Contributions by noncontrolling interests . . . . . . . . . . . . . – – 50 – 50
Intercompany financing . . . . . . . . . . . . . . . . . . . . . . . 56,731 (94,205) 37,474 – –
Net cash (used for) provided by financing activities . . . . . . . (49,131) (94,205) 37,524 – (105,812)
Eect of exchange rate changes on cash and cash equivalents . – (4,041) – – (4,041)
(Decrease) increase in cash and cash equivalents. . . . . . . . . – (2,058) 16,381 – 14,323
Cash and cash equivalents at beginning of year. . . . . . . . . . – 32,060 36,163 – 68,223
Cash and cash equivalents at end of year . . . . . . . . . . . . . $ – $ 30,002 $ 52,544 $ – $ 82,546