Dick's Sporting Goods 2008 Annual Report Download - page 73

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Financial assets measured at fair value as of January 31, 2009 are set forth in the table below:
Description Level 1 Level 2 Level 3
Assets:
Unregistered common stock of GSI Commerce (see Note 15) $ 2,629 $ — $ —
Deferred compensation plan assets held in trust (see Note 16) 8,065 — —
Total assets $ 10,694 $ — $ —
19. Subsequent Event
As of February 18, 2009, the Company received notice from the holders of its senior convertible notes issued in February 2004 who
exercised their right to cause the Company to purchase their notes outstanding on February 18, 2009 at a price equal to the sum of
the issuance price plus accrued original issue discount of such notes on the redemption date ($676.25 per note). The Company had
$172.5 million aggregate principal amount of such notes outstanding at January 31, 2009. On February 18, 2009, the Company
purchased $172.4 million of these notes. The Company used availability under its Credit Agreement to fund the redemption.
20. Quarterly Financial Information (Unaudited)
Summarized quarterly fi nancial information in fi scal years 2008 and 2007 is as follows:
First Quarter Second Quarter Third Quarter Fourth Quarter
(In thousands, except earnings (loss) per share)
Fiscal 2008
Net sales $ 912,112 $ 1,086,294 $ 924,191 $ 1,207,531
Gross profi t 259,106 319,658 253,100 352,183
Income (loss) from operations 2 34,218 75,431 13,602 (92,872)
Net income (loss) 20,775 41,115 7,393 (104,377)1
Net earnings (loss) per share:
Basic
2 $ 0.19 $ 0.37 $ 0.07 $ (0.93)
Diluted
2 $ 0.18 $ 0.35 $ 0.06 $ (0.93)
Weighted average number of shares of common stock outstanding:
Basic 111,216 111,483 111,906 112,115
Diluted 117,295 116,806 116,774 112,115
Fiscal 2007
Net sales 2 $ 823,553 $ 1,013,421 $ 838,831 $ 1,212,615
Gross profi t 244,419 298,660 238,663 376,320
Income from operations 39,291 83,194 21,682 124,650
Net income 2 21,701 47,930 12,233 73,171
Net earnings per share:
Basic
2 $ 0.20 $ 0.44 $ 0.11 $ 0.66
Diluted
2 $ 0.19 $ 0.41 $ 0.10 $ 0.62
Weighted average number of shares of common stock outstanding:
Basic 107,098 108,580 110,804 111,033
Diluted 114,442 115,528 118,305 117,721
1 The net loss in the fourth quarter of 2008 includes non-cash impairment charges of $193.4 million.
2 Quarterly results for fi scal 2008 and 2007 do not add to full year results due to rounding.
DICK’S SPORTING GOODS, INC. 2008 ANNUAL REPORT 71