Supercuts 2005 Annual Report Download - page 28

Download and view the complete annual report

Please find page 28 of the 2005 Supercuts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 121

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121

All repurchases of the Company’s common stock during the quarter ended June 30, 2005 were part of this repurchase program. The
following table shows the monthly, fourth quarter fiscal year 2005 stock repurchase activity:
*
In May 2005, the BOD elected to increase the maximum allowed for repurchase under the stock repurchase program from $100.0 to
$200.0 million
Item 6.
Selected Financial Data
The following table sets forth, in thousands (except per share data), for the periods indicated, selected financial data derived from the
Company’s Consolidated Financial Statements in Item 8.
(a)
An income tax benefit related to the implementation of certain tax strategies increased reported net income by approximately $1.8 million
in fiscal year 2002. The majority of the nonrecurring benefit was realized through the amendment of previous tax filings.
(b)
Effective July 1, 2001, Regis changed its accounting to discontinue the amortization of goodwill. In fiscal year 2001, goodwill
amortization reduced reported net income by $8,866.
(c)
During fiscal year 2005, the Company wrote down the carrying value of its European business to reflect its estimated fair value, resulting
in a goodwill impairment charge of $38.3 million. Refer to Note 1 to the Consolidated Financial Statements for further discussion.
(d)
Revenues from salons, schools or hair restorations centers acquired each year were $181.2, $122.3, $152.9, $46.8 and $94.4 million
during fiscal years 2005, 2004, 2003, 2002 and 2001, respectively.
27
Total Number of
Approximate Dollar
Shares Purchased
Value of Shares that
As Part of Publicly
May Yet Be Purchased
Total Number of
Average Price
Announced Plans
under the Plans or
Period
Shares Purchased
Paid per Share
or Programs
Programs (in thousands)
4/1/05 - 4/30/05
—
—
—
$
35,108
5/1/05
-
5/31/05
320,515
$
36.30
320,515
123,473
*
6/1/05 - 6/30/05
—
—
—
123,473
Total
320,515
$
36.30
320,515
$
123,473
2005
2004
2003
2002
2001
Revenues (d)
$
2,194,294
$
1,923,143
$
1,684,530
$
1,454,191
$
1,311,621
Operating income
137,890
(c)
178,748
157,113
131,919
107,617
Net income
64,631
104,218
85,555
70,855
(a)
52,035
(b)
Net income per diluted share
1.39
2.26
1.89
1.60
1.24
Total assets
1,725,976
1,271,859
1,112,955
957,190
736,505
Long-term debt, including current
portion
568,776
301,143
301,757
299,016
261,558
Dividends declared
$
0.16
$
0.14
$
0.12
$
0.12
$
0.12