WeightWatchers 2013 Annual Report Download - page 42

Holders
The approximate number of holders of record of our common stock as of January 31, 2014 was 283. This
number does not include beneficial owners of our securities held in the name of nominees.
Dividends
On October 30, 2013, we announced that we suspended our quarterly cash dividend. As a result, no dividend
was issued for the fourth quarter of fiscal 2013. We historically had issued a quarterly cash dividend of $0.175
per share of our common stock every quarter for the past several fiscal years. In the fourth quarter of fiscal 2012,
our Board of Directors declared such a quarterly cash dividend and accelerated its payment to December 2012
instead of having it paid in January 2013 as it had typically done for the fourth quarter dividend declaration. We
currently intend to use the annual cash savings from such dividend suspension to preserve financial flexibility
while funding our strategic growth initiatives and building cash for future debt repayments. Any future
determination to declare and pay dividends will be made at the discretion of our Board of Directors, after taking
into account our financial results, capital requirements and other factors it may deem relevant. The WWI Credit
Facility (as defined below) also contains restrictions on our ability to pay dividends on our common stock. See
“Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity
and Capital Resources—Long-Term Debt” in Part II, and “Item 15. Exhibits and Financial Statement
Schedules—Financial Statements—Note 6. Long-Term Debt”, of this Annual Report on Form 10-K for a
description of the WWI Credit Facility.
Item 6. Selected Financial Data
The following schedule sets forth our selected financial data for the last five fiscal years.
SELECTED FINANCIAL DATA
(in millions, except per share amounts)
Fiscal 2013
(52 weeks)
Fiscal 2012
(52 weeks)
Fiscal 2011
(52 weeks)
Fiscal 2010
(52 weeks)
Fiscal 2009
(52 weeks)
Revenues, net(1) .............................. $1,724.1 $1,839.4 $1,832.5 $1,464.1 $1,412.6
Net income attributable to the Company ........... $ 204.7 $ 257.4 $ 304.9 $ 194.2 $ 177.3
Working capital (deficit) ....................... $ (30.1) $ (229.9) $ (279.7) $ (348.7) $ (336.1)
Total assets ................................. $1,408.9 $1,218.6 $1,121.6 $1,092.0 $1,087.5
Long-term debt .............................. $2,358.0 $2,291.7 $ 926.9 $1,167.6 $1,238.0
Earnings per share:
Basic .................................. $ 3.65 $ 4.27 $ 4.16 $ 2.57 $ 2.30
Diluted ................................. $ 3.63 $ 4.23 $ 4.11 $ 2.56 $ 2.30
Dividends declared per common share ............ $ 0.53 $ 0.70 $ 0.70 $ 0.70 $ 0.70
(1) The classification of certain brand marketing funds received from licensees has been revised to reflect them as revenue as opposed to
being recorded as an offset to expense. See “Critical Accounting Policies” below for additional information about this reclassification.
Items Affecting Comparability
Several events occurred during each of the last five fiscal years that affect the comparability of our financial
statements. The nature of these events and their impact on underlying business trends are as follows:
Early Extinguishment of Debt Charge
Net income and earnings per share, or EPS, for the full year of fiscal 2013 were impacted by a $21.7 million
($13.3 million after tax), or $0.24 per fully diluted share, early extinguishment of debt charge recorded in the second
quarter of fiscal 2013 resulting from the write-off of fees in connection with our April 2013 debt refinancing.
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