North Face 2007 Annual Report Download - page 31

DECEMBER
In thousands 2007 2006
Assets
Current Assets
Cash and equivalents $ 321,863 $ 343,224
Accounts receivable 970,951 809,594
Inventories 1,138,752 958,262
Deferred income taxes 104,489 84,519
Other current assets 109,074 120,485
Current assets of discontinued operations — 261,926
Total current assets 2,645,129 2,578,010
Property, Plant and Equipment 651,858 593,058
Intangible Assets 1,435,269 755,693
Goodwill 1,278,163 1,030,925
Other Assets 436,266 348,862
Noncurrent Assets of Discontinued Operations — 159,145
$ 6,446,685 $ 5,465,693
Liabilities and Stockholders’ Equity
Current Liabilities
Short-term borrowings $ 131,545 $ 88,467
Current portion of long-term debt 3,803 68,876
Accounts payable 509,879 385,700
Accrued liabilities 488,089 392,815
Current liabilities of discontinued operations 1,071 78,990
Total current liabilities 1,134,387 1,014,848
Long-term Debt 1,144,810 635,359
Other Liabilities 590,659 536,728
Noncurrent Liabilities of Discontinued Operations — 13,586
Commitments and Contingencies
Common Stockholders’ Equity
Common Stock 109,798 112,185
Additional paid-in capital 1,619,320 1,469,764
Accumulated other comprehensive income (loss) 61,495 (123,652)
Retained earnings 1,786,216 1,806,875
Total common stockholders’ equity 3,576,829 3,265,172
$ 6,446,685 $ 5,465,693
Audited financial statements and notes, along with management’s discussion and analysis of results of operations and financial condition, are
available in our 2007 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.vfc.com.
CONSOLIDATED BALANCE SHEETSFINANCIAL SUMMARY
VF CORPORATION | 48
VF CORPORATION | 49
Dollars in thousands, except per share amounts 2007 2006 2005 2004 2003
Summary of Operations
Total revenues from continuing operations $ 7,219,359 $ 6,215,794 $ 5,654,155 $ 5,218,066 $ 4,413,354
Operating income from continuing operations 965,441 826,144 767,951 664,357 552,523
Income from continuing operations 613,246 535,051 482,629 398,879 343,261
Discontinued operations(1) (21,625) (1,535) 35,90 6 75,823 54,672
Cumulative effect of a change in accounting policy(2) — — (11,833) — —
Net income 591,621 533,516 506,702 474,702 397,933
Earnings per common share—basic
Income from continuing operations $ 5.55 $ 4.83 $ 4.33 $ 3.61 $ 3.17
Discontinued operations(1) (0.20) (0.01) 0.32 0.69 0.51
Cumulative effect of a change in accounting policy(2) — — (0.11) — —
Net income 5.36 4.82 4.54 4.30 3.67
Earnings per common share—diluted
Income from continuing operations $ 5.41 $ 4.73 $ 4.23 $ 3.54 $ 3.11
Discontinued operations(1) (0.19) (0.01) 0.31 0.67 0.50
Cumulative effect of a change in accounting policy(2) — — (0.10) — —
Net income 5.22 4.72 4.44 4.21 3.61
Dividends per share 2.23 1.94 1.10 1.05 1.01
Dividend payout ratio(3) 42.7% 41.1% 24.2% 24.9% 28.0%
Average number of common shares outstanding 110,443 110,560 111,192 109,872 107,713
Financial Position
Working capital $ 1,510,742 $ 1,563,162 $ 1,213,233 $ 1,006,354 $ 1,419,281
Current ratio 2.3 2.5 2.1 1.7 2.8
Total assets $ 6,446,685 $ 5,465,693 $ 5,171,071 $ 5,004,278 $ 4,245,552
Long-term debt 1,144,810 635,359 6 47,728 556,639 955,393
Redeemable preferred stock — — 23,326 26,053 29,987
Common stockholders’ equity 3,576,829 3,265,172 2,808,213 2,513,241 1,951,307
Debt to total capital ratio(4) 26.4% 19.5% 22.6% 28.5% 33.7%
Book value per common share $ 32.58 $ 29.11 $ 25.50 $ 22.56 $ 18.04
Other Statistics(5)
Operating margin 13.4% 13.3% 13.6% 12.7% 12.5%
Return on invested capital(6) (7) 14.8% 14.7% 14.2% 13.4% 14.4%
Return on average common stockholders’ equity(7) 18.4% 18.0% 18.0% 17.8% 19.3%
Return on average total assets(7) 10.4% 10.0% 9.4% 8.5% 9.1%
Cash dividends paid $ 246,634 $ 216,529 $ 124,116 $ 117,731 $ 111,258
(1) Women’s intimate apparel business sold in April 2007.
(2) After tax effect of change in accounting policy in 2005 to adopt FASB Statement 123(R), Share-Based Payment.
(3) Dividends per share divided by the total of income from continuing and discontinued operations per diluted share.
(4) Total capital is defined as common stockholders’ equity plus short-term and long-term debt.
(5) Operating statistics and market data are based on continuing operations.
(6) Invested capital is defined as average common stockholders’ equity plus average short-term and long-term debt.
(7) Return is defined as income from continuing operations before net interest expense, after income taxes.