Supercuts 2011 Annual Report Download - page 65
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Table of Contents
The $74.1 million goodwill impairment charge related to the Promenade salon concept, a $31.2 million valuation reserve on the note
receivable due from the purchaser of Trade Secret, and a $9.2 million impairment on the Company's investment in MY Style, partially offset by
cash flows from operations, were the primary factors for the decrease in total assets as of June 30, 2011 compared to June 30, 2010.
Cash flows from operations, partially offset by the $35.3 million goodwill impairment charge related to the Regis salon concept were the
primary factors for the increase in total assets as of June 30, 2010 compared to June 30, 2009.
The non-cash goodwill impairment within the United Kingdom salon division, non-cash impairment of our investment in Provalliance, non-
cash impairment related to the sale of Trade Secret salon concept, and a planned reduction in inventory were the primary factors for the decrease
in total assets as of June 30, 2009 compared to June 30, 2008.
Total shareholders' equity at June 30, 2011, 2010, and 2009 was as follows:
During the twelve months ended June 30, 2011, equity increased primarily as a result of $30.4 million of foreign currency translation and
$9.6 million of stock based compensation, partially offset by $11.5 million of dividends and $8.9 million of net loss.
During the twelve months ended June 30, 2010, equity increased primarily as a result of the issuance of the $163.6 million in common
stock, the $24.7 million ($15.2 million net of tax) equity component of the convertible debt, stock based compensation of $9.3 million and the
$42.7 million of earnings during fiscal year 2010. Partially offsetting the increase was $9.1 million of dividends, $8.2 million in equity issuance
costs and $5.4 million of foreign currency translation adjustments.
During the twelve months ended June 30, 2009, equity decreased primarily as a result of the non-cash goodwill impairment within the
United Kingdom salon division, the non-cash impairment of our investment in Provalliance, the non-
cash impairment related to the sale of Trade
Secret and foreign currency due to the strengthening of the United States dollar against the Canadian dollar, Euro, and British Pound.
63
Increase (Decrease)
Over Prior Fiscal Year
Shareholders'
Equity
As of June 30, Dollar Percentage
(Dollars in thousands)
2011
$
1,032,619
$
19,326
1.9
%
2010
1,013,293
210,433
26.2
2009
802,860
(173,326
)
(17.8
)