WeightWatchers 2005 Annual Report Download - page 98

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Notes in the amounts of $5,100 USD denominated and A8,400 euro-denominated. Due to this early
extinguishment of debt, the Company recognized expenses of $1,010 in the fiscal year ended January 1,
2005 related to the redemption premiums associated with this redemption, and $47,368 in the fiscal
year ended January 3, 2004, which included tender premiums of $42,619, the write-off of unamortized
debt issuance costs of $4,387 and $362 of fees associated with the transaction.
At January 3, 2004, the euro notes of A8,388 translated into $10,564. The unrealized impact of the
change in foreign exchange rates related to euro denominated debt was reflected in other expense, net.
The Company used interest rate swaps and foreign currency forward contracts in association with its
debt. As of January 3, 2004, 100% of the Company’s euro denominated Notes were effectively hedged
through the use of a cash flow hedge.
Maturities
At December 31, 2005, the aggregate amounts of existing long-term debt maturing in each of the
next five years and thereafter are as follows:
2006 .......................................... $ 4,700
2007 .......................................... 4,700
2008 .......................................... 4,700
2009 .......................................... 452,481
2010 .......................................... 234,544
2011 and thereafter ............................... 45,000
$746,125
7. Treasury Stock
On October 9, 2003, the Company, at the direction of WWI’s Board of Directors, authorized a
program to repurchase up to $250,000 of the Company’s outstanding common stock. On June 13, 2005,
the Company, at the direction of WWI’s Board of Directors, authorized adding $250,000 to this
program.
The repurchase program allows for shares to be purchased from time to time in the open market
or through privately negotiated transactions. No shares will be purchased from Artal under the
program.
From October 9, 2003 through December 31, 2005, the Company purchased 9,184 shares of
common stock in the open market for a total cost of $381,877. This included 784 shares purchased in
the fourth quarter of 2003 for a total price of $28,815. In fiscal 2005 and 2004, the Company purchased
3,732 and 4,668 shares of common stock in the open market at a total cost of $175,980 and $177,081,
respectively.
F-22