Burlington Coat Factory Pro-Forma Changes Reflecting Adoption of Staff Accounting Bulletin No. 101 Revenue Recognition in Financial Statements.Business Editors BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , N.J.--(BUSINESS WIRE)--Aug. 9, 2000 (For Informational Purposes Only) During the fiscal year ended June June: see month. 3, 2000, Burlington Coat Factory Burlington Coat Factory Warehouse Corporation is a national department store retailer focusing on clothing and shoes, with over 360 stores in 42 states (as of 2006). In early 2007, the first location to be opened in Canada will be at the Vaughan Mills mall in Toronto. Warehouse Corporation (NYSE NYSE See: New York Stock Exchange :BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter ) adopted SEC Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements. Accordingly, certain reclassifications to sales, cost of sales and other income were reflected in the 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: Statements of Income for the fiscal year and three months ended June 3, 2000. The Company reported these results on July July: see month. 26, 2000. The accounting changes affected the Company's reporting of leased departments sales and layaway An agreement between a retail seller and a consumer that provides that the seller will retain designated consumer goods for sale to the consumer at a specified price on a future date, if the consumer deposits with the seller an agreed upon sum of money. sales. Previously sales of leased departments were included in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight while payments by the Company to the leased departments were recorded as cost of sales. Under the revised accounting standards the net income from the leased departments is included in other income. The change affecting the accounting for layaway sales required the Company to recognize layaway sales only after the delivery of 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 is made to the customer rather than recording the sale at the time of the initial deposit transaction. The Company's July 26, 2000 earnings release reflected the adoption of these changes in the fourth quarter and year to date results for the year ended June 3, 2000. The following tables show the pro-forma results of the first three fiscal quarters of the fiscal year ended June 3, 2000 as well as all four quarters of the fiscal year ended May 29, 1999, as if the accounting changes had been implemented as of the beginning of the fiscal year ended May 29, 1999.
Burlington Coat Factory Warehouse Corporation
Pro Forma Consolidated Statements of Operations (a)
(all amounts in thousands except share data)
(unaudited)
Fiscal Year
Ended
June 3, 2000 Qtr 1 Qtr 2 Qtr 3
Revenues:
Net Sales $ 374,789 $ 610,942 $ 686,727
Other Income 4,920 6,090 8,490
------------ ------------ ------------
379,709 617,032 695,217
Costs and
Expenses:
Cost of Sales 243,417 377,749 456,207
Selling and
Admini-
strative
Expenses 139,862 180,362 172,002
Depreciation
and
Amortization 9,095 9,957 10,598
Interest
Expense 1,359 1,284 1,317
------------ ------------ ------------
Total Costs
and Expenses 393,733 569,352 640,124
Income (Loss)
Before
Provision
(Benefit) for
Income Taxes (14,024) 47,680 55,093
Provision
(Benefit) for
Income Taxes (5,346) 18,253 20,337
------------ ------------ ------------
Net Income
(Loss) ($ 8,678) $ 29,427 $ 34,756
============ ============ ============
Net Income
(Loss) Per
Share ($ 0.19) $ 0.64 $ 0.76
Shares
Outstanding 46,403,509 46,362,277 45,586,377
Fiscal Year
Ended
June 3, 2000 Qtr 4 Total
Revenues:
Net Sales $ 526,238 $ 2,198,696
Other Income 7,987 27,487
------------ ------------
534,225 2,226,183
Costs and
Expenses:
Cost of Sales 329,252 1,406,625
Selling and
Admini-
strative
Expenses 180,801 673,027
Depreciation
and
Amortization 11,378 41,028
Interest
Expense 1,417 5,377
------------ ------------
Total Costs
and Expenses 522,848 2,126,057
Income (Loss)
Before
Provision
(Benefit) for
Income Taxes 11,377 100,126
Provision
(Benefit) for
Income Taxes 4,406 37,650
------------ ------------
Net Income
(Loss) $ 6,971 $ 62,476
============ ============
Net Income
(Loss) Per
Share $ 0.16 $ 1.37
Shares
Outstanding 44,568,991 45,707,520
Fiscal Year
Ended
May 29,1999 Qtr 1 Qtr 2 Qtr 3
Revenues:
Net Sales $ 329,189 $ 586,146 $ 580,902
Other Income 5,242 6,325 6,615
------------ ------------ ------------
Total Revenues 334,431 592,471 587,517
Costs and
Expenses:
Cost of Sales 215,048 364,015 387,009
Selling and
Admini-
strative
Expenses 132,833 168,562 150,716
Depreciation
and
Amortization 7,820 8,811 8,856
Interest
Expense 1,728 1,745 1,671
------------ ------------ ------------
Total Costs
and Expenses 357,429 543,133 548,252
Income (Loss)
Before
Provision
(Benefit)
for Income
Taxes (22,998) 49,338 39,265
Provision
(Benefit)
for Income
Taxes (9,095) 19,717 14,276
------------ ------------ ------------
Net Income
(Loss) ($ 13,903) $ 29,621 $ 24,989
============ ============ ============
Net Income
(Loss) Per
Share ($ 0.29) $ 0.63 $ 0.53
Shares
Outstanding 47,362,196 47,044,613 46,684,693
Fiscal Year
Ended
May 29,1999 Qtr 4 Total
Revenues:
Net Sales $ 447,035 $ 1,943,272
Other Income 6,496 24,678
------------ ------------
Total Revenues 453,531 1,967,950
Costs and
Expenses:
Cost of Sales 278,115 1,244,187
Selling and
Admini-
strative
Expenses 156,521 608,632
Depreciation
and
Amortization 9,559 35,046
Interest
Expense 625 5,769
------------ ------------
Total Costs
and Expenses 444,820 1,893,634
Income (Loss)
Before
Provision
(Benefit)
for Income
Taxes 8,711 74,316
Provision
(Benefit)
for Income
Taxes 2,776 27,674
------------ ------------
Net Income
(Loss) $ 5,935 $ 46,642
============ ============
Net Income
(Loss) Per
Share $ 0.13 $ 1.00
Shares
Outstanding 46,432,030 46,876,564
(a) Reflecting adoption of SEC Staff Accounting Bulletin No. 101,
Revenue Recognition in Financial Statements
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