Supercuts 2002 Annual Report Download - page 28
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Table of Contents
PART II
25
Item 5. Market for the Registrant
’
s Common Equity and Related Stockholder Matters
Data relating to Market Stock Data Information and dividends as set forth in the sections included on page 43 of the Registrant’s 2002
Annual Report to Shareholders, a copy of which is included as Exhibit 13 hereto, are incorporated herein by reference.
As of June 30, 2002, Regis shares were owned by approximately 27,476 shareholders based on the number of record holders and an
estimate of individual participants in security position listings.
Item 6. Selected Financial Data
Five-Year Summary of Selected Financial Data which is included on page 18 of the Registrant’s 2002 Annual Report to Shareholders, a
copy of which is included as Exhibit 13 hereto, is incorporated herein by reference.
Item 7. Management
’
s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis of Results of Operations and Financial Condition of the Company on pages 19 to 25 of the
Registrant
’
s 2002 Annual Report to Shareholders, a copy of which is included as Exhibit 13 hereto, is incorporated herein by reference.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
The primary market risk exposure of the Company relates to changes in interest rates in connection with its debt, some of which bears
interest at floating rates based on LIBOR plus an applicable borrowing margin. To a lesser extent, the Company is also exposed to foreign
currency translation risk related to its net investments in its foreign subsidiaries.
As of June 30, 2002, the Company had $55 million of floating and $244 of fixed rate debt outstanding. The Company manages its interest
rate risk by balancing the amount of fixed and floating rate debt. On occasion the Company uses interest rate swaps to further mitigate the
risk associated with changing interest rates and to maintain its desired balances of fixed and floating rate debt. Generally, the terms of the
interest rate swap agreements contain quarterly settlement dates based on the notional amounts of the swap contracts. As of June 30,
2002, the Company has entered into interest rate swap agreements covering $55 million of its floating rate obligations and $111 million
of its fixed rate obligations, as discussed in Note 5 of the Registrant
’
s 2002 Annual Report to Shareholders.
The Company has also entered into interest rate swap agreements with a notional amount of $11.8 million to hedge its variable rate
operating lease obligations and a cross currency swap with a notional amount of $21.3 million to hedge its foreign currency exposure in
certain of its net investments.