GameStop 2011 Annual Report Download - page 109

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GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
20. Unaudited Quarterly Financial Information
The following table sets forth certain unaudited quarterly consolidated statement of operations information
for the fiscal years ended January 28, 2012 and January 29, 2011. The unaudited quarterly information includes
all normal recurring adjustments that management considers necessary for a fair presentation of the information
shown.
Fiscal Year Ended January 28, 2012 Fiscal Year Ended January 29, 2011
1st
Quarter
2nd
Quarter
3rd
Quarter(1)
4th
Quarter(2)
1st
Quarter
2nd
Quarter
3rd
Quarter(3)
4th
Quarter(4)
(Amounts in millions, except per share amounts)
Sales ........................ $2,281.4 $1,743.7 $1,946.8 $3,578.6 $2,082.7 $1,799.1 $1,899.2 $3,692.8
Gross profit ................... 620.2 543.2 572.9 943.2 570.8 516.8 546.3 903.7
Operating earnings ............. 131.1 53.6 82.6 302.5 124.4 69.6 92.8 375.7
Consolidated net income
attributable to GameStop ...... 80.4 30.9 53.9 174.7 75.2 40.3 54.7 237.8
Basic net income per common
share ...................... 0.56 0.22 0.39 1.28 0.49 0.27 0.36 1.58
Diluted net income per common
share ...................... 0.56 0.22 0.39 1.27 0.48 0.26 0.36 1.56
The following footnotes are discussed as pretax expenses.
(1) The results of operations for the third quarter of the fiscal year ended January 28, 2012 include debt
extinguishment expense of $0.6 million.
(2) The results of operations for the fourth quarter of the fiscal year ended January 28, 2012 include asset
impairments and restructuring charges of $81.2 million and debt extinguishment expense of $0.4 million.
(3) The results of operations for the third quarter of the fiscal year ended January 29, 2011 include debt
extinguishment expense of $6.0 million.
(4) The results of operations for the fourth quarter of the fiscal year ended January 29, 2011 include asset
impairments and restructuring charges of $1.5 million.
21. Subsequent Events
On February 8, 2012, the Board of Directors of the Company announced the initiation of a quarterly cash
dividend to its stockholders of $0.15 per Class A common share. The first quarterly dividend was paid on
March 12, 2012 to all stockholders of record as of February 21, 2012. Future dividends will be subject to
approval by the Board of Directors of the Company.
On March 20, 2012, the Board of Directors authorized the Company to use $500 million to repurchase
shares of the Company’s common stock. This authorization replaces the $500 million authorization announced in
November 2011, which had $253.4 million remaining at the time of the new authorization. Under the new
repurchase program, the Company may purchase shares of issued and outstanding common stock through open
market purchases. The timing and actual amount of share repurchases will be determined by the Company’s
management based on their evaluation of market conditions and other factors. In addition, repurchases may be
suspended or discontinued at any time. As of March 22, 2012, the Company has not purchased any shares under
this authorization.
F-35