Barnes & Noble Announces Second Quarter Results; Bookstore EPS Meets Estimates; GameStop EPS Exceeds Estimates; Earnings Guidance Updated.Business Editors NEW YORK--(BUSINESS WIRE)--August 22, 2002 Barnes Barnes, former municipal borough, SE England. See Richmond upon Thames. & Noble, Inc. (NYSE NYSE See: New York Stock Exchange :BKS BKS Barracks BKS Best Kept Secret (gaming) BKS Bildung, Kultur Und Sport (German) BKS Brookside (city) BKS Bergen Kirurgiske Sykehus (Bergen, Norway) ), the world's largest bookseller, today reported financial results for the second quarter ended August 3, 2002. Total sales for the second quarter were $1,159.2 million, a 10.4% increase over the same period last year. BOOKSTORES Total bookstore sales for the period were $884.6 million, an increase of 4.9% over the comparable period last year. Net earnings were $13.6 million or $0.20 per share, meeting guidance. - Barnes & Noble sales were $823.9 million for the quarter, an increase of 6.6%. Comparable store sales increased 0.3%. The company opened eight new locations and closed one, ending the quarter with 606 stores. - B. Dalton Bookseller sales were $58.9 million for the quarter, a decrease of (13.5%). Comparable store sales decreased (3.7%). Twelve under-performing locations were closed, ending the quarter with 286 stores. GAMESTOP GameStop Corporation (NYSE: GME), headquartered in Grapevine, Texas, a suburb of Dallas, is the world's largest video game and entertainment software retailer. The company operates over 4,900 retail stores throughout Japan, U.S. GameStop sales were $274.3 million for the quarter, an increase of 32.6% over the comparable period last year. Comparable store sales increased 22.9%. Net earnings were $6.1 million, or $0.10 per share. The company's share of GameStop net earnings (based upon approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 60% diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ownership) for the second quarter was $2.5 million or $0.04 per share, exceeding analysts' estimates by $0.03 per share. BARNES & NOBLE.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. The company's share of net losses for Barnes & Noble.com was ($4.5) million, meeting expectations. This compares to a ($6.6) million loss for the prior year period. The decline in operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. represents increased efficiency and productivity, as every category of expense declined in real dollars and as a percentage of sales. OTHER INVESTMENTS As a result of its policy of continual monitoring of the recoverability of its equity-method investments, the company has written off all of the remaining carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of such investments. These non-cash write offs of $14.7 million, or $0.13 per share, have eliminated any material future risks associated with those investments, which include iUniverse iUniverse, founded in October 1999, is one of the largest self-publishing companies in the United States. The company uses print-on-demand technology and publishes more than 5,000 new titles each year. iUniverse has offices in New York City, Shanghai and Lincoln, Nebraska. .com, BOOK magazine, Indigo Books & Music Inc. and enews, inc. CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: EARNINGS Consolidated net earnings for the quarter were $1.4 million, or $0.02 per share, consisting of $0.20 per share for bookstores, $0.04 per share for GameStop, ($0.07) per share for Barnes & Noble.com and ($0.15) per share for other investments. SECOND HALF 2002 OUTLOOK In light of recent retail sales trends, the company believes it is prudent to revise its second half comparable store sales forecast Sales forecast A key input to a firm's financial planning process. External sales forecasts are based on historical experience, statistical analysis, and consideration of various macroeconomic factors. from 4% - 5% to 2% - 3%. The third quarter will provide an easier comparison due to the effect of the events of September September: see month. 11th on last year's sales. Furthermore, the company believes that the list of new titles for the fall and holiday season is strong, making 2% to 3% achievable. Accordingly, guidance for bookstore EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. is revised for the third quarter to $0.07 per share and the fourth quarter to $1.35 per share, or $1.72 for the full year. Full-year guidance for consolidated earnings is revised to $1.76 per share, prior to the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge taken in the first quarter. "We are pleased with our second-quarter results. Strong expense management enabled us to meet earnings in what remains a difficult retail environment," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Riggio, chief executive officer of Barnes & Noble, Inc. "We are also pleased with the performance of our new stores, particularly new flagship This article is about the lead ship, store, or product of a group. For other uses, see Flagship (disambiguation). A flagship is the ship used by the commanding officer of a group of naval ships. locations at the Prudential Center  This article or section is about a planned or proposed arena.It may contain information of a speculative nature and the content may change dramatically as the construction and/or in Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. and Farmers Market in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . These stores are wonderful examples of Barnes & Noble's ability to identify sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. communities that had not been served previously by
large-format bookstores," he added.
"The company is positioned to perform well during the second half," said Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Zilavy, chief financial officer of Barnes & Noble, Inc. "We have a strong balance sheet, and if the season exceeds our current forecasts, we will benefit from the upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside ," he said. A conference call with Barnes & Noble, Inc.'s management will be simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. on the Web at (www.companyboardroom.com) beginning at 11 A.M. ET on Thursday Thursday: see week. , August 22, 2002, and is accessible at (http://www.barnesandnobleinc.com/financials), where it will be archived until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 20, 2002. The next scheduled press release will be the August sales release on September 5, 2002. ABOUT BARNES & NOBLE, INC. Barnes & Noble, Inc. (NYSE: BKS) is the world's largest bookseller, operating 606 Barnes & Noble bookstores in 49 states. It also operates 286 B. Dalton Dalton, city (1990 pop. 21,761), seat of Whitfield co., extreme NW Ga., in the Appalachian valley; inc. 1847. It is a highly industrialized city in a farm area. Bookseller stores, primarily in regional shopping malls shopping mall or shopping centre Collection of independent retail stores, services, and parking areas constructed and maintained by a management firm as a unit. It is a 20th-century adaptation of the historical marketplace. In the U.S. . The company offers titles from more than 50,000 publisher imprints, including thousands of small, independent publishers and university presses. It conducts its e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. business through Barnes & Noble.com (http://www.bn.com) in which it owns a 36% interest. Barnes & Noble also has approximately a 60% interest in GameStop (NYSE: GME GME granulomatous meningoencephalitis. GME Graduate medical education, see there ), the nation's largest video-game and entertainment-software specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer with 1,128 stores. General financial information on Barnes & Noble, Inc. can be obtained via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by visiting the company's corporate Web site: http://www.barnesandnobleinc.com/financials. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Barnes & Noble is including this statement for the express purpose of availing itself of the protections of the safe harbor provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 with respect to all such forward-looking statements. These forward-looking statements are based on currently available information and represent the beliefs of the management of the company. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, general economic and market conditions, decreased consumer demand for the company's products, possible disruptions in the company's computer or telephone systems, possible work stoppages or increases in labor costs, possible increases in shipping rates or interruptions in shipping service, effects of competition, possible disruptions or delays in the opening of new stores or the inability to obtain suitable sites for new stores, higher than anticipated store closing or relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. costs, higher interest rates, the performance of the company's online and other initiatives, the successful integration of acquired businesses, unanticipated increases in merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain or occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal , unanticipated adverse litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. results or effects, product shortages, and other factors which may be outside of the company's control. Please refer to the company's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Second Quarter Summary
($ in millions, except per share amounts)
13 weeks ended 26 weeks ended
------------------------ -----------------------
August 3, August 4, August 3, August 4,
2002 2001 2002 2001
------------ ----------- ----------- -----------
BARNES & NOBLE RETAIL
OPERATIONS
BARNES & NOBLE
BOOKSELLERS
(Bookstores - excludes
Calendar Club)
Sales $ 885 843 1,746 1,651
Operating profit 26 28 35 47
EBITDA 57 56 95 104
EPS 0.20 0.21 0.25 0.33
GAMESTOP
(Video Game &
Entertainment
Software Stores)
Sales 274 207 546 408
Operating profit
(loss) 10 (2) 19 (8)
EBITDA 15 5 29 7
EPS 0.04 (0.06) 0.07 (0.16)
RETAIL EPS 0.24 0.15 0.32 0.17
INVESTING ACTIVITIES
Share of net losses
of Barnes &
Noble.com (1) (0.07) (0.10) (0.13) (0.21)
Share of net losses
from other
investments
Calendar Club (0.02) (0.03) (0.05) (0.04)
Other
investments (2) (0.13) (0.02) (0.14) (0.04)
------------ ----------- ----------- -----------
Net losses from
other investments (0.15) (0.05) (0.19) (0.08)
------------ ----------- ----------- -----------
CONSOLIDATED EPS
BEFORE GEMSTAR
IMPAIRMENT CHARGE 0.02 0.00 0.00 (0.12)
------------ ----------- ----------- -----------
Impairment charge
(Gemstar
International
Ltd.) (3) 0.00 0.00 (0.22) 0.00
------------ ----------- ----------- -----------
CONSOLIDATED EPS
BEFORE LEGAL
SETTLEMENT EXPENSE 0.02 0.00 (0.22) (0.12)
------------ ----------- ----------- -----------
Legal settlement
expense 0.00 0.00 0.00 (0.04)
------------ ----------- ----------- -----------
CONSOLIDATED
PRO-FORMA EPS (1) 0.02 0.00 (0.22) (0.16)
============ =========== =========== ===========
CONSOLIDATED EPS, AS
REPORTED $ 0.02 (0.03) (0.22) (0.20)
============ =========== =========== ===========
Weighted average
shares outstanding 69,739,000 66,172,000 67,332,000 65,689,000
(1) 2001 results are presented on a pro-forma basis for informational
purposes only and are not prepared in accordance with generally
accepted accounting principles. Such results present the net loss
of barnesandnoble.com inc., excluding equity in net loss of equity
investments.
(2) Primarily losses attributable to investments in iUniverse.com,
BOOK magazine, Indigo Books & Music Inc. and enews, inc.
(3) In fiscal 1998, Barnes & Noble, Inc. purchased an investment in
NuvoMedia, Inc. for $4.8 million. In fiscal 1999, NuvoMedia was
acquired by Gemstar International Ltd. (Gemstar). In connection
with this sale, Barnes & Noble, Inc. recognized a pre-tax gain of
$22.4 million (which was recorded as stock in Gemstar). As a
result of Gemstar's recent financial difficulties, the Company
believes that the decline in the value of its investment in
Gemstar is other than temporary. Therefore, an impairment charge
was recorded in the first quarter of fiscal 2002.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Reconciliation of Summary Reporting to
Consolidated Statements of Operations
Second Quarter 2002
($ in thousands, except per share amounts)
13 weeks ended 26 weeks ended
------------------------ -----------------------
August 3, August 4, August 3, August 4,
2002 2001 2002 2001
------------ ----------- ----------- -----------
BOOKSTORES
Consolidated operating
profit as reported 33,603 23,175 23,367 30,008
Less: GameStop
operating (profit)
loss, as reported (9,863) 2,163 (18,576) 7,503
Addback: impairment
charge 0.00 0.00 25,328 0.00
Addback: Calendar
Club operating loss 2,501 2,725 5,077 4,739
------------ ----------- ----------- -----------
Bookstores operating
profit 26,241 28,063 35,196 42,250
Bookstores interest
expense, net (3,439) (4,749) (6,494) (10,185)
Legal settlement
expense 0.00 0.00 0.00 4,500
------------ ----------- ----------- -----------
Bookstores pre-tax
profit 22,802 23,314 28,702 36,565
Income taxes 9,178 9,675 11,553 15,174
------------ ----------- ----------- -----------
Bookstores net
earnings 13,624 13,639 17,149 21,391
Bookstores EPS 0.20 0.21 0.25 0.33
GAMESTOP
Net earnings (loss),
as reported 6,118 (4,189) 11,032 (10,708)
Less: minority
interest (diluted) (2,524) 0.00 (4,411) 0.00
Interest expense on
Barnes & Noble,
Inc.'s investment in
GameStop, net of tax (1,120) 0.00 (2,241) 0.00
------------ ----------- ----------- -----------
Barnes & Noble's
ownership interest
in GameStop 2,473 (4,189) 4,380 (10,708)
Share in GameStop EPS 0.04 (0.06) 0.07 (0.16)
------------ ----------- ----------- -----------
Consolidated Retail
EPS 0.24 0.15 0.32 0.17
------------ ----------- ----------- -----------
BARNES & NOBLE.COM
Net loss, as
reported (1) (20,620) (31,351) (41,155) (65,034)
Barnes & Noble's
ownership interest
(approx. 36%) (7,469) (11,349) (14,904) (23,543)
Income taxes (3,006) (4,709) (5,998) (9,770)
------------ ----------- ----------- -----------
Barnes & Noble's
ownership interest
in Barnes &
Noble.com (4,463) (6,640) (8,906) (13,773)
------------ ----------- ----------- -----------
Share of Barnes &
Noble.com EPS (0.07) (0.10) (0.13) (0.21)
------------ ----------- ----------- -----------
OTHER INVESTMENTS
Other expense, as
reported (14,685) (2,328) (16,498) (3,213)
Share of Calendar
Club pretax loss (2,516) (2,807) (5,075) (4,860)
------------ ----------- ----------- -----------
Operating losses,
other investments (17,201) (5,135) (21,573) (8,073)
Income taxes (6,923) (2,131) (8,683) (3,350)
------------ ----------- ----------- -----------
Net losses from other
investments (10,278) (3,004) (12,890) (4,723)
------------ ----------- ----------- -----------
Other investments EPS (0.15) (0.05) (0.19) (0.08)
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
Consolidated EPS
before Gemstar
impairment charge 0.02 0.00 0.00 (0.12)
------------ ----------- ----------- -----------
Gemstar impairment
charge, net of tax 0.00 0.00 (15,133) 0.00
------------ ----------- ----------- -----------
Gemstar impairment
charge EPS 0.00 0.00 (0.22) 0.00
------------ ----------- ----------- -----------
Legal settlement
expense, net of tax 0.00 0.00 0.00 (2,633)
------------ ----------- ----------- -----------
Legal settlement
expense EPS 0.00 0.00 0.00 (0.04)
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
CONSOLIDATED
PRO-FORMA EPS (1) 0.02 0.00 (0.22) (0.16)
============ =========== =========== ===========
------------ ----------- ----------- -----------
CONSOLIDATED EPS, AS
REPORTED 0.02 (0.03) (0.22) (0.20)
============ =========== =========== ===========
Weighted average
shares outstanding 69,739,000 66,172,000 67,332,000 65,689,000
(1) 2001 results are presented on a pro-forma basis for informational
purposes only and are not prepared in accordance with generally
accepted accounting principles. Such results present the net loss
of barnesandnoble.com inc., excluding equity in net loss of equity
investments.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(thousands of dollars, except per share data)
13 weeks ended 26 weeks ended
------------------------ -----------------------
August 3, August 4, August 3, August 4,
2002 2001 2002 2001
------------ ----------- ----------- -----------
Sales (1) $ 1,159,214 1,050,018 2,292,340 2,059,655
Cost of sales and
occupancy 857,159 774,696 1,706,652 1,525,282
------------ ----------- ----------- -----------
Gross profit 302,055 275,322 585,688 534,373
------------ ----------- ----------- -----------
Selling and
administrative
expenses 229,582 214,691 460,623 424,861
Legal settlement
expense - - - 4,500
Depreciation and
amortization 36,620 36,560 72,370 73,283
Pre-opening expenses 2,250 896 4,000 1,721
Impairment charge - - 25,328 -
------------ ----------- ----------- -----------
Operating
profit (2) 33,603 23,175 23,367 30,008
Interest expense, net (4,960) (9,830) (10,366) (21,107)
Equity in net loss of
Barnes & Noble.com (7,469) (13,906) (14,904) (28,221)
Other expense,
primarily losses
attributable to
equity-method
investments (14,685) (2,328) (16,498) (3,213)
------------ ----------- ----------- -----------
Income (loss)
before taxes and
minority
interest (3) 6,489 (2,889) (18,401) (22,533)
Income taxes 2,821 (1,199) (7,406) (9,351)
------------ ----------- ----------- -----------
Income (loss)
before minority
interest 3,668 (1,690) (10,995) (13,182)
Minority interest (2,239) - (3,897) -
------------ ----------- ----------- -----------
Net income (loss) $ 1,429 (1,690) (14,892) (13,182)
============ =========== =========== ===========
Income (loss) per
common share:
Basic $ 0.02 (0.03) (0.22) (0.20)
Diluted $ 0.02 (0.03) (0.22) (0.20)
Weighted average
common shares
outstanding
Basic 67,413,000 66,172,000 67,332,000 65,689,000
Diluted 69,739,000 66,172,000 67,332,000 65,689,000
Percentage of sales:
Sales 100.0% 100.0% 100.0% 100.0%
Cost of sales
and occupancy 73.9% 73.8% 74.4% 74.1%
------------ ----------- ----------- -----------
Gross profit 26.1% 26.2% 25.6% 25.9%
------------ ----------- ----------- -----------
Selling and
administrative
expenses 19.8% 20.4% 20.1% 20.6%
Legal settlement
expense 0.0% 0.0% 0.0% 0.2%
Depreciation and
amortization 3.2% 3.5% 3.2% 3.5%
Pre-opening expenses 0.2% 0.1% 0.2% 0.1%
Impairment charge 0.0% 0.0% 1.1% 0.0%
------------ ----------- ----------- -----------
Operating profit 2.9% 2.2% 1.0% 1.5%
Interest expense, net -0.4% -1.0% -0.5% -1.0%
Equity in net loss of
Barnes & Noble.com -0.7% -1.3% -0.6% -1.4%
Other expense,
primarily losses
attributable to
equity-method
investments -1.3% -0.2% -0.7% -0.2%
------------ ----------- ----------- -----------
Income (loss)
before taxes and
minority
interest (3) 0.5% -0.3% -0.8% -1.1%
Income taxes 0.2% -0.1% -0.3% -0.5%
------------ ----------- ----------- -----------
Income (loss)
before minority
interest 0.3% -0.2% -0.5% -0.6%
Minority interest -0.2% 0.0% -0.2% 0.0%
------------ ----------- ----------- -----------
Net income (loss) 0.1% -0.2% -0.7% -0.6%
============ =========== =========== ===========
(1) Includes Calendar Club sales of $365 and $633 for the 13 and 26
weeks ended August 3, 2002, respectively.
Includes Calendar Club sales of $162 and $532 for the 13 and 26
weeks ended August 4, 2001, respectively.
(2) Includes Calendar Club operating loss of $2,501 and $5,077 for the
13 and 26 weeks ended August 3, 2002, respectively.
Includes Calendar Club operating loss of $2,725 and $6,459 for the
13 and 26 weeks ended August 4, 2001, respectively.
(3) Includes Calendar Club pretax losses of $2,516 and $5,075 for the
13 and 26 weeks ended August 3, 2002, respectively.
Includes Calendar Club pretax losses of $2,807 and $4,860 for the
13 and 26 weeks ended August 4, 2001, respectively.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(thousands of dollars, except per share data)
August 3, August 4, February 2,
2002 2001 2002
------------ ----------- -----------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 205,000 26,107 108,218
Receivables, net 100,322 83,466 98,570
Merchandise inventories 1,395,971 1,267,082 1,285,005
Prepaid expenses and other
current assets 112,637 103,686 99,201
------------ ----------- -----------
Total current assets 1,813,930 1,480,341 1,590,994
------------ ----------- -----------
Property and equipment:
Land and land improvements 3,247 3,247 3,247
Buildings and leasehold
improvements 471,734 446,545 468,954
Fixtures and equipment 881,015 725,998 798,505
------------ ----------- -----------
1,355,996 1,175,790 1,270,706
Less accumulated depreciation
and amortization 754,720 626,937 674,937
------------ ----------- -----------
Net property and equipment 601,276 548,853 595,769
------------ ----------- -----------
Intangible assets, net 341,081 351,606 352,897
Investment in Barnes & Noble.com 33,313 108,373 48,217
Other noncurrent assets 25,504 46,688 35,343
------------ ----------- -----------
Total assets $ 2,815,104 2,535,861 2,623,220
============ =========== ===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 726,020 626,409 695,284
Accrued liabilities 344,504 255,563 444,944
------------ ----------- -----------
Total current liabilities 1,070,524 881,972 1,140,228
------------ ----------- -----------
Long-term debt 355,000 676,300 449,000
Deferred income taxes 115,207 72,622 36,178
Other long-term liabilities 106,880 100,485 109,704
Minority interest 184,719 - -
Shareholders' equity:
Common stock; $.001 par value;
300,000,000 shares
authorized; 72,959,598,
72,326,161 and 72,713,069
shares issued, respectively 73 72 73
Additional paid-in capital 823,896 715,459 728,015
Accumulated other
comprehensive loss (628) (8,224) (14,303)
Retained earnings 276,810 214,552 291,702
Treasury stock, at cost,
5,504,700 shares (117,377) (117,377) (117,377)
------------ ----------- -----------
Total shareholders' equity 982,774 804,482 888,110
------------ ----------- -----------
Commitments and contingencies - - -
------------ ----------- -----------
Total liabilities and
shareholders' equity $ 2,815,104 2,535,861 2,623,220
============ =========== ===========
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