Pier 1 2009 Annual Report Download - page 84

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 13—SUBSEQUENT EVENT
On March 20, 2009, a foreign subsidiary of the Company purchased $78,941,000 of the Company’s
outstanding 6.375% convertible senior notes due 2036 at a purchase price of $27,399,000,including
interest accrued to the date of purchase. The foreign subsidiary presently intends to hold the notes
until maturity. As a result of this transaction the Company has reduced its outstanding convertible debt
to $86,059,000 on a consolidated basis. In connection with this transaction, the Company expects to
recognize a gain of approximately $49,000,000 during the first quarter of fiscal 2010.
NOTE 14—SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly financial data for the years ended February 28, 2009 and March 1, 2008 are
set forth below (in thousands except per share amounts):
Three Months Ended
Fiscal 2009 5/31/2008 8/30/2008 11/29/2008 2/28/2009
Net sales .................................... $310,020 $320,494 $300,906 $389,257
Gross profit .................................. 87,606 86,135 87,891 101,832
Net loss ..................................... (32,824) (30,156) (36,855) (29,418)
Basic and diluted loss per share .................... (.37) (.34) (.41) (.33)
Three Months Ended
Fiscal 2008 6/2/2007 9/1/2007 12/1/2007 3/1/2008
Net sales .................................... $356,375 $344,566 $374,181 $436,710
Gross profit .................................. 87,178 87,524 125,895 138,955
Net income (loss) .............................. (56,378) (43,409) (9,962) 13,738
Basic and diluted income (loss) per share ............. (.64) (.49) (.11) .16
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