Dollar Tree 2004 Annual Report Download - page 52

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48 DOLLAR TREE STORES, INC. • 2004 ANNUAL REPORT
At January 31, 2004 amounts included in the balance
sheet related to the variable-interest entity are as follows:
January 31, 2004
Property and equipment, net $114,426
Long-term debt, excluding current portion 142,568
Other assets, net 639
The Company repaid the variable-interest entity
debt in March 2004 with borrowings from the Facility
(see Note 5). As a result of the repayment of the variable-
interest entity debt, the assets of the variable-interest
entity were transferred to the Company.
The following table reconciles reported net income
and net income per share to net income and net income
per share that would have been recorded if FIN 46 were
effective for the year ended December 31, 2002:
Year Ended
December 31,
2002
Reconciliation of net income:
Net income $154,647
Less: Depreciation, amortization
and deferred rent effect (net of tax) 4,121
Adjusted net income $150,526
Basic net income per share:
Net income available to common shareholders $ 1.36
Depreciation, amortization and
deferred rent effect (net of tax) (0.04)
Adjusted net income $ 1.32
Diluted net income per share:
Net income available to common shareholders $ 1.35
Depreciation, amortization and
deferred rent effect (net of tax) (0.04)
Adjusted net income $ 1.31
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 13 – QUARTERLY FINANCIAL INFORMATION (Unaudited)
The following table sets forth certain items from the Company’s unaudited consolidated statements of operations for
each quarter of fiscal year 2004 and 2003. The unaudited information has been prepared on the same basis as the audited
consolidated financial statements appearing elsewhere in this report and includes all adjustments, consisting only of
normal recurring adjustments, which management considers necessary for a fair presentation of the financial data shown.
The operating results for any quarter are not necessarily indicative of results for a full year or for any future period.
First Second Third Fourth
Quarter Quarter Quarter Quarter
Fiscal 2004:
Net sales $ 710,330 $ 704,234 $ 723,967 $ 987,478
Gross profit 253,036 250,373 258,399 350,731
Operating income 58,659 49,084 53,589 132,219
Net income 35,150 29,592 31,854 83,654
Diluted net income per share 0.31 0.26 0.28 0.74
Stores open at end of quarter 2,579 2,612 2,674 2,735
Comparable store net sales change (0.4%) (0.2%) 0.7% 0.5%
Fiscal 2003:
Net sales $ 615,568 $ 626,028 $ 665,211 $ 893,065
Gross profit 219,186 222,505 244,997 331,725
Operating income 54,491 47,600 60,365 131,141
Net income 32,795 28,799 36,161 79,828
Diluted net income per share 0.29 0.25 0.31 0.69
Stores open at end of quarter 2,319 2,468 2,511 2,513
Comparable store net sales change 2.2% 5.1% 1.7% 1.6%
(1) Easter was observed on April 11, 2004 and April 20, 2003.