Supercuts 2010 Annual Report Download - page 139
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Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
16. SEGMENT INFORMATION (Continued)
Based on the way the Company manages its business, it has reported its North American salons, international salons, and hair restoration
centers as three separate reportable segments.
The accounting policies of the reportable operating segments are the same as those described in Note 1 to the Consolidated Financial
Statements. Corporate assets detailed below are primarily comprised of property and equipment associated with the Company's headquarters
and distribution centers, corporate cash, inventories located at corporate distribution centers, deferred income taxes, franchise receivables and
other corporate assets. Intersegment sales and transfers are not significant. Summarized financial information concerning the Company's
reportable operating segments is shown in the following table as of June 30, 2010, 2009, and 2008:
135
For the Year Ended June 30, 2010
Salons
Hair
Restoration
Centers Unallocated
Corporate
North America International Consolidated
(Dollars in thousands)
Revenues:
Service
$
1,605,979
$
111,833
$
66,325
$
—
$
1,784,137
Product
417,363
44,252
72,978
—
534,593
Royalties and fees
37,221
—
2,483
—
39,704
2,060,563
156,085
141,786
—
2,358,434
Operating expenses:
Cost of service
920,905
57,657
37,158
—
1,015,720
Cost of product
219,745
22,570
21,568
—
263,883
Site operating expenses
183,881
10,152
5,305
—
199,338
General and
administrative
113,956
13,115
36,207
128,713
291,991
Rent
294,263
38,681
9,013
2,141
344,098
Depreciation and
amortization
72,681
4,986
12,198
18,899
108,764
Goodwill impairment
35,277
—
—
—
35,277
Lease termination costs
—
2,145
—
—
2,145
Total operating expenses
1,840,708
149,306
121,449
149,753
2,261,216
Operating income (loss)
219,855
6,779
20,337
(149,753
)
97,218
Other income (expense):
Interest expense
—
—
—
(
54,414
)
(54,414
)
Interest income and
other, net
—
—
—
10,410
10,410
Income (loss) from
continuing operations
before income taxes and
equity in income (loss)
of affiliated companies
$
219,855
$
6,779
$
20,337
$
(193,757
)
$
53,214
Total assets
$
992,410
$
74,633
$
284,615
$
567,914
$
1,919,572
Long
-
lived assets
262,575
15,654
17,484
63,537
359,250
Capital expenditures
40,393
1,764
3,658
12,006
57,821
Purchases of salon assets
3,664
—
—
—
3,664