North Face 2004 Annual Report Download - page 54

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103vf corporation 2004 Annual Report
note v – supplemental cash flow information
note w – subsequent events
A subsidiary of VF acquired substantially all of the
net assets of Holoubek, Inc., a business having rights
to manufacture and market apparel products under
license from Harley-Davidson Motor Company, Inc.
The purchase price was $26.4 million, with an
additional maximum of $2.5 million in contingent
consideration. VF also sold a 20% interest in
its John Varvatos® luxury sportswear business
to Mr. Varvatos reducing VF’s ownership to 80%.
In thousands 2004 2003 2002
Income taxes paid $ 186,223 $ 128,770 $ 132,645
Interest paid 73,171 56,148 72,182
Noncash transactions:
Notes received for sale of assets 13,664 – –
Notes issued in acquisition –58,300 –
Debt assumed in acquisitions 28,842 18,758 –
Conversion of Redeemable Preferred
Stock to Common Stock 3,934 6,914 3,514
Issuance of Common Stock for compensation plans 647 1,004 973
First Second Third Fourth Full
In thousands, except per share amounts Quarter Quarter Quarter Quarter Year
2004
Net sales $1,432,669 $ 1,269,537 $ 1,792,569 $ 1,559,761 $ 6,054,536
Gross profit 554,276 499,829 719,828 636,348 2,410,281
Net income 103,874 90,088 155,437 125,303 474,702
Earnings per share:
Basic $0.95 $ 0.82 $ 1.41 $ 1.13 $ 4.30
Diluted 0.93 0.80 1.38 1.10 4.21
Dividends per common share $0.26 $ 0.26 $ 0.26 $ 0.27 $ 1.05
2003
Net sales $1,250,055 $ 1,134,742 $ 1,435,403 $ 1,387,259 $ 5,207,459
Gross profit 468,763 420,731 537,078 518,512 1,945,084
Net income 92,066 74,945 125,289 105,633 397,933
Earnings per share:
Basic $0.84 $ 0.69 $ 1.16 $ 0.97 $ 3.67
Diluted 0.83 0.68 1.14 0.96 3.61
Dividends per common share $0.25 $ 0.25 $ 0.25 $ 0.26 $ 1.01
2002
Net sales $1,212,262 $ 1,160,256 $ 1,400,389 $ 1,310,616 $ 5,083,523
Gross profit 427,894 435,180 529,272 437,169 1,829,515
Income from continuing operations 77,047 88,480 128,564 70,337 364,428
Net income (loss) (448,258) 88,866 128,249 76,600 (154,543)
Earnings per share from continuing operations:
Basic $ 0.67 $ 0.79 $ 1.16 $ 0.64 $ 3.26
Diluted 0.67 0.79 1.15 0.63 3.24
Dividends per common share $ 0.24 $ 0.24 $ 0.24 $ 0.25 $ 0.97
quarterly results of operations (unaudited)