North Face 2000 Annual Report Download - page 24

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22
Quarterly Results of Operations (Unaudited)
In thousands, Earnings Per Common Share Dividends Per
except per share amounts Net Sales Gross Profit Net Income Basic Diluted Common Share
2000 (restated**)
First quarter $1,355,184 $ 457,603 $ 71,069*$.61
*$.60
*$.22
Second quarter 1,330,325 462,859 75,745 .65 .64 .22
Third quarter 1,599,864 543,602 103,361 .90 .88 .22
Fourth quarter 1,462,506 441,364 10,159*.08*.08*.23
$5,747,879 $1,905,428 $260,334 $2.25 $2.21 $.89
1999
First quarter $1,358,244 $ 467,470 $ 85,566 $ .70 $ .69 $.21
Second quarter 1,364,830 461,935 79,582 .65 .64 .21
Third quarter 1,464,856 502,913 103,896 .87 .85 .21
Fourth quarter 1,363,686 462,178 97,198 .82 .81 .22
$5,551,616 $1,894,496 $366,242 $3.04 $2.99 $.85
1998
First quarter $1,326,205 $ 453,225 $ 78,106 $ .63 $ .62 $.20
Second quarter 1,350,319 455,956 86,781 .70 .69 .20
Third quarter 1,458,780 514,108 119,615 .98 .96 .20
Fourth quarter 1,343,503 468,832 103,804 .86 .84 .21
$5,478,807 $1,892,121 $388,306 $3.17 $3.10 $.81
*The first quarter includes an aftertax charge of $6.8 million ($.06 per share) for the cumulative effect of a change in accounting policy
for revenue recognition. In addition, in the fourth quarter, restructuring charges of $119.9 million reduced net income by $76.7 million
($.67 per share). See Notes A and M, respectively, to the consolidated financial statements.
**Amounts presented for the first three quarters of 2000 have been restated for a change in accounting policy for revenue recognition,
as discussed in Note A. The change has an insignificant impact on annual sales and net income but does result in a shift in sales and
earnings among the quarterly periods. The effect of this change for each quarter of 2000, excluding the cumulative effect of the change
in accounting policy in the first quarter, follows:
In thousands, Earnings Per Common Share
except per share amounts Net Sales Net Income Basic and Diluted
First quarter $(11,564) $(2,726) $(.02)
Second quarter (20,728) (5,059) (.05)
Third quarter 11,258 2,999 .03
Fourth quarter 17,436 4,862 .04
$(3,598) $ 76 $-0-