Pep Boys 2007 Annual Report Download - page 103
Download and view the complete annual report
Please find page 103 of the 2007 Pep Boys 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.-
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 -
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
 |
 |
THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended February 2, 2008, February 3, 2007 and January 28, 2006
(dollar amounts in thousands, except share data)
The following details the reserve balances through February 2, 2008. The reserve includes
remaining rent on leases net of sublease income, other contractual obligations associated with leased
properties and employee severance.
Other Costs and
Lease Contractual
Severance Expenses Obligations Total
Balance at January 29, 2005 .............. $ — $ 1,755 $ 141 $ 1,896
Provision for present value of liabilities ...... — 119 — 119
Change in assumptions about future sublease
income, lease termination, contractual
obligations and severance ............... — (1,011) 73 (938)
Cash payments ........................ — (675) (105) (780)
Balance at January 28, 2006 .............. $ — $ 188 $ 109 $ 297
Provision for present value of liabilities ...... — 677 — 677
Change in assumptions about future sublease
income, lease termination, contractual
obligations and severance ............... — 839 — 839
Cash payments ........................ — (1,014) — (1,014)
Balance at February 3, 2007 .............. $ — $ 690 $ 109 $ 799
Store Closure Charge ................... 155 2,906 — 3,061
Provision for present value of liabilities ...... — 641 — 641
Change in assumptions about future sublease
income, lease termination, contractual
obligations and severance ............... — (627) — (627)
Cash payments ........................ (97) (36) — (133)
Balance at February 2, 2008 .............. $ 58 $ 3,574 $ 109 $ 3,741
NOTE 8—DISCONTINUED OPERATIONS
In accordance with SFAS No. 144, the Company’s discontinued operations reflect the operating
results for the 11 of the 31 low-return stores closed as part of the Company’s long term strategic plan
adopted in 2007. The remaining 20 stores operating results remain in continuing operations, as the
Company believes that its remaining stores will retain the cash flows lost from the closed locations. The
results for the fiscal years ended February 3, 2007 and January 28, 2006 have been reclassified to show
the results of operations for the 11 closed stores in discontinued operations. Below is a summary of the
results for discontinued operations:
February 2, February 3, January 28,
Year ended 2008 2007 2006
Merchandise Sales ....................... $21,422 $23,213 $23,776
Service Revenue ........................ 3,988 5,093 5,279
Total Revenues ......................... 25,410 28,306 29,055
(Loss) Earnings from Discontinued Operations
Before Income Taxes ................... $(6,064) $ 6,129 $ 1,713
57
10-K