CompUSA 2007 Annual Report Download - page 99

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56
13. QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarterly financial data is as follows (in thousands, except for per share amounts):
First Quarter Second Quarter Third Quarter Fourth Quarter
(1)
2007:
Net sales $676,122 $647,102 $687,317 $769,334
Gross profit $96,674 $99,318 $110,653 $119,656
Net income $13,895 $13,762 $17,644 $24,180
Net income per common share:
Basic $.39 $.38 $.49 $.67
Diluted $.37 $.37 $.47 $.64
2006:
Net sales $574,908 $547,242 $575,041 $647,974
Gross profit $90,763 $77,370 $91,514 $83,272
Net income $17,557 $7,106 $12,451 $8,033
Net income per common share:
Basic $.51 $.20 $.36 $.23
Diluted $.48 $.19 $.33 $.22
(1) During the fourth quarter of 2007 the Company recorded a write down of certain assets in Europe of approximately $6.7
million and a reversal of certain liabilities in a domestic location of approximately $3.9 million.
13. SUBSEQUENT EVENTS
On January 5, 2008, the Company, through various subsidiaries, entered into an asset purchase agreement with CompUSA
Inc., a Delaware corporation.
Pursuant to the Purchase Agreement, the Company agreed to acquire certain assets and liabilities related to the e-commerce
business of CompUSA Inc., certain intellectual property rights owned by CompUSA, and the E-Commerce Business for
$18.9 million in cash. The Company completed its acquisition of the E-Commerce Business on January 10, 2008.
Pursuant to the Purchase Agreement, the Company also agreed to acquire up to sixteen retail leases from CompUSA Inc.
and certain fixtures located at these locations. The closing of the acquisition of each lease was subject to the receipt of the
consent of the landlord, if required under the terms of a lease. During February and March 2008 the Company completed
the acquisition of these sixteen store leases and fixtures for an aggregate purchase price of approximately $11.5 million.
On March 3, 2008, the Company’s Board of Directors declared a special dividend of $1.00 per share payable on April 2,
2008 to shareholders of record on Mar 21, 2008. This special dividend is the second dividend we will have paid since our
initial public offering.