Harris Teeter 2004 Annual Report Download - page 3

1 The historical Net Sales and Operating Profit for fiscal 1996 and prior represent continuing operations, and do not include
the Sales and Operating Profit of Jordan Graphics Inc. which was discontinued in fiscal 1996.
2 Operating Profit, Net Income, Net Income Per Share — Diluted and related returns include the following exit and impair-
ment charges and tax settlement, which are more fully described in the Company’s annual report on Form 10-K:
Fiscal 2004: Exit and impairment charges at A&E of $384,000 ($238,000 after taxes).
Fiscal 2003: Exit and impairment charges at A&E of $580,000 ($360,000 after taxes, or $0.01 per diluted share).
Fiscal 2002: Exit and impairment credits at H arris Teeter of $710,000 ($431,000 after taxes, or $0.01 per diluted share)
and exit and impairment charges at A&E of $7,823,000 ($4,825,000 after taxes, or $0.10 per diluted share).
Fiscal 2001: Exit and impairment charges at Harris Teeter of $45,035,000 ($27,370,000 after taxes, or $0.59 per diluted
share), exit and impairment charges at A&E of $2,105,000 ($1,285,000 after taxes, or $0.03 per diluted
share) and a tax settlement with the IRS for $20,000,000 ($0.43 per diluted share).
3 53-week year.
4 Includes purchase of assets of Threads USA.
(dollars in thousands, except share and per share data) 20042,3 2003220022200122000 199931998 1997 1996 1995 1994
Net Sales1
Harris Teeter $ 2,572,367 $ 2,431,632 $ 2,349,650 $ 2,416,799 $ 2,332,908 $ 2,273,156 $ 2,132,223 $ 1,931,212 $ 1,833,042 $ 1,711,813 $ 1,578,880
American & Efird 296,230 293,107 294,548 326,491 359,183 361,133 365,184 378,723 317,261 307,391 287,643
Total Net Sales $ 2,868,597 $ 2,724,739 $ 2,644,198 $ 2,743,290 $ 2,692,091 $ 2,634,289 $ 2,497,407 $ 2,309,935 $ 2,150,303 $ 2,019,204 $ 1,866,523
Operating Profit (Loss)1
Harris Teeter $ 104,406 $ 93,622 $ 88,773 $ 31,802 $ 59,146 $ 55,438 $ 52,126 $ 45,671 $ 48,459 $ 42,114 $ 37,032
American & Efird 13,073 13,624 12,495 21,635 47,478 48,617 42,070 49,165 34,684 34,614 26,916
Corporate (5,065) (5,134) (7,466) (4,735) (7,178) (7,507) (7,770) (9,794) (10,109) (8,126) (5,666)
Total Operating Profit $ 112,414 $ 102,112 $ 93,802 $ 48,702 $ 99,446 $ 96,548 $ 86,426 $ 85,042 $ 73,034 $ 68,602 $ 58,282
Net Income (Loss) $ 64,659 $ 59,882 $ 51,983 $ (727) $ 51,002 $ 50,714 $ 46,772 $ 47,731 $ 42,802 $ 39,267 $ 31,811
Net Income (Loss) Per Share — Diluted 1.38 1.29 1.12 (0.02) 1.10 1.08 1.00 1.02 0.92 0.84 0.67
Common Dividend 0.40 0.36 0.36 0.36 0.36 0.33 0.32 0.32 0.26 0.25 0.22
Shareholders’ Equity $ 549,710 $ 495,265 $ 457,688 $ 445,353 $ 473,005 $ 443,683 $ 410,725 $ 380,507 $ 346,856 $ 316,236 $ 291,209
Percent Return on Beginning Equity 13.1% 13.1% 11.7% (0.2%) 11.5% 12.3% 12.3% 13.8% 13.5% 13.5% 11.6%
Book Value Per Share $ 11.76 $ 10.71 $ 9.85 $ 9.61 $ 10.23 $ 9.55 $ 8.82 $ 8.17 $ 7.47 $ 6.82 $ 6.28
Capital Expenditures
Harris Teeter $ 83,941 $ 64,370 $ 66,591 $ 68,525 $ 98,973 $ 77,513 $ 75,082 $ 86,237 $ 83,204 $ 81,447 $ 46,349
American & Efird 8,104 9,197 7,833 19,169 19,744 15,658 20,246 28,878 35,605416,359 20,416
Corporate 47 14 4,692 27 38 3,766 145 184 4,471 399 35
Total Capital Expenditures $ 92,092 $ 73,581 $ 79,116 $ 87,721 $ 118,755 $ 96,937 $ 95,473 $ 115,299 $ 123,280 $ 98,205 $ 66,800
Working Capital $ 187,971 $ 165,192 $ 165,911 $ 112,272 $ 138,091 $ 124,060 $ 87,333 $ 88,893 $ 65,134 $ 73,741 $ 93,387
Total Assets 1,111,992 1,065,022 1,039,271 940,064 1,020,684 969,924 931,544 885,243 801,702 715,318 634,599
Long-Term Debt — Including Current Portion 166,287 189,095 185,892 157,113 227,940 198,961 191,931 190,494 164,435 128,952 109,567
Long-Term Debt as a Percent of Capital Employed 23.0% 27.3% 28.5% 25.7% 32.1% 30.7% 31.6% 33.1% 32.2% 29.0% 27.3%
Number of Employees 18,200 17,500 17,650 17,100 20,000 19,800 20,700 19,700 20,100 19,850 18,610
Number of Beneficial Shareholders
Including Employee/ Owners 14,600 13,600 15,400 15,000 16,000 19,500 21,000 19,100 16,700 14,500 14,100
Common Shares Outstanding 46,730,758 46,223,233 46,454,188 46,319,696 46,220,876 46,451,240 46,554,591 46,599,301 46,461,290 46,373,666 46,352,214
2004
Eleven-Year Financial and Operating Summary