Famous Footwear 2004 Annual Report Download - page 58

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Table of Contents
Notes to Consolidated Financial Statements (continued)
BROWN SHOE COMPANY, INC. 2003 FORM 10-K
Operating earnings (losses) of the segments have been recast to include amounts that were previously classified as non-operating expenses.
Wholesale Naturalizer
($ thousands) Famous Footwear Operations Retail Other Total
Fiscal 2003
External sales $1,073,611 $561,288 $189,195 $8,014 $1,832,108
Intersegment sales — 139,417 — — 139,417
Depreciation and amortization 17,353 1,244 4,624 2,251 25,472
Operating earnings (loss) 52,971 55,641 (3,960) (30,678) 73,974
Operating segment assets 336,911 253,518 59,793 69,108 719,330
Capital expenditures 20,632 2,878 4,851 1,106 29,467
Fiscal 2002
External sales $1,075,193 $566,410 $195,426 $4,414 $1,841,443
Intersegment sales — 134,728 — — 134,728
Depreciation and amortization 15,607 2,585 4,137 1,850 24,179
Operating earnings (loss) 46,291 54,380 1,426 (28,764) 73,333
Operating segment assets 361,601 227,468 65,642 60,165 714,876
Capital expenditures 18,438 1,844 5,156 210 25,648
Fiscal 2001
External sales $1,044,419 $503,326 $206,957 $1,146 $1,755,848
Intersegment sales — 126,980 — — 126,980
Depreciation and amortization 15,143 2,847 4,896 2,857 25,743
Operating earnings (loss) 8,759 51,159 (18,828) (27,854) 13,236
Operating segment assets 379,868 195,090 70,731 62,913 708,602
Capital expenditures 15,998 1,979 6,957 1,385 26,319
Following is a reconciliation of operating earnings to earnings (loss) before income taxes:
($ thousands) 2003 2002 2001
Total operating earnings $73,974 $73,333 $13,236
Interest expense 9,781 12,236 20,240
Interest income (462) (402) (1,329)
Loss on early redemption of debt — — 7,556
Earnings (loss) before income taxes $64,655 $61,499 $(13,231)
In fiscal 2003, the impact of special charges on operating earnings was as follows:
• Wholesale Operations — $4.3 million charge related to costs to close a Canadian manufacturing facility
• Naturalizer Retail — $0.2 million charge related to costs to close a Canadian manufacturing facility
• Other — $3.1 million related to the Company’s class action litigation related to its Redfield facility in Denver, Colorado, and related costs,
including the verdict, anticipated pretrial interest and sanction costs
In fiscal 2002, the impact of the recoveries from special charges recorded in fiscal 2001 on operating earnings was as follows:
• Naturalizer Retail — $0.9 million of excess store closing reserve