-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MW2XdIfdAguPfKW/iDd8uS9igVFbFVD0n3DXmzrNlHl2dYzwfmbQ1lIYhR7RTnl6 8O82z388ul4fB4MFFnNmaw== 0000940510-96-000005.txt : 19960613 0000940510-96-000005.hdr.sgml : 19960613 ACCESSION NUMBER: 0000940510-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960428 FILED AS OF DATE: 19960611 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BORDERS GROUP INC CENTRAL INDEX KEY: 0000940510 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 383196915 STATE OF INCORPORATION: DE FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13740 FILM NUMBER: 96579335 BUSINESS ADDRESS: STREET 1: 500 E WASHINGTON ST CITY: ANN ARBOR STATE: MI ZIP: 48104 BUSINESS PHONE: 3139131100 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10 - Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 28, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to __________. Commission file number 1-13740 Borders Group, Inc. (Exact name of registrant as specified in its charter) DELAWARE 38-3196915 (State or other (I.R.S. jurisdiction of Employer incorporation or Identification organization) No.) 500 East Washington Street, Ann Arbor, Michigan 48104 (Address of principal executive offices) (zip code) (313) 913-1100 (Registrant's telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes___X___ No_______ Title of Class Shares Outstanding As Of Common Stock June 6, 1996 ($.001 par value) 37,755,748 BORDERS GROUP, INC. INDEX Part I - Financial Information Page Item 1. Financial Statements 1 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Part II - Other Information Item 1. Legal Proceedings N/A Item 2. Changes in Securities N/A Item 3. Defaults Upon Senior Securities N/A Item 4. Submission of Matters to a vote of Securityholders N/A Item 5. Other Information N/A Item 6. Exhibits and Reports on Form 8-K 17 Signatures BORDERS GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in millions except per common share data) (Unaudited) 13 Weeks Ended April 28, April 23, 1996 1995 ------- ------- Sales $ 404.0 $ 353.6 Cost of merchandise sold, including occupancy costs 310.8 274.4 ------ ------ Gross profit 93.2 79.2 Selling, general and administrative expenses 96.2 86.7 Pre-opening expense 0.4 0.7 Goodwill amortization 0.3 1.9 Operating losses of stores identified for closure -- (1.3) ----- ------ Operating loss (3.7) (8.8) Interest expense (income) 1.9 (0.1) ----- ------ Loss before income tax (5.6) (8.7) Income tax benefit (2.2) (3.1) ----- ------ Net loss $ (3.4) $ (5.6) ====== ====== Loss per common share data (Pro forma for 13 weeks ended April 23, 1995- Note 2): Loss per common share $(0.08) $(0.13) ====== ====== Weighted average common shares outstanding (in thousands) 40,917 43,570 ====== ====== See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. BORDERS GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions except per common share data) (Unaudited) 4/28/96 4/23/95 1/28/96 Assets Current Assets Cash $ 51.6 $ 45.8 $ 36.5 Merchandise inventories 651.2 545.5 637.5 Accounts receivable and other current assets 31.2 29.5 37.5 Property held for resale 25.3 13.1 28.7 ------- ------- ------ Total current assets 759.3 633.9 740.2 Property and equipment, net of accumulated depreciation of $178.3, $173.8 and $179.0, respectively 253.9 257.1 243.5 Other assets and deferred charges 26.7 37.3 29.0 Goodwill, net of accumulated amortization of $40.7, $38.6, and $40.4, respectively (Note 3) 39.3 257.6 39.6 ------- ------- ------- $1,079.2 $1,185.9 $1,052.3 ======= ======= ======= Liabilities and Stockholders' Equity Current liabilities: Short-term debt and capital lease obligations due within one year $ 125.6 $ 4.4 $ 60.5 Trade accounts payable 303.0 238.7 304.8 Accrued payroll and other liabilities 131.9 98.5 157.0 Restructuring reserve 5.5 41.3 7.0 Taxes, including income taxes 4.2 8.7 13.6 ------- ------ ------- Total Current Liabilities 570.2 391.6 542.9 Long-term debt and capital lease obligations 9.2 11.2 8.1 Other long-term liabilities 28.7 57.2 29.3 Commitments and contingencies (Note 5) -- -- -- ------- ------ ------- Total Liabilities 608.1 460.0 580.3 Mandatory redeemable Series A preferred stock; 1,100,000 shares authorized -- 5.4 --- ------- ------- ------- Shareholders' equity: Preferred Stock, par value $.001 per share; 8,900,000 shares authorized; no shares issued and outstanding -- -- -- Common stock, par value $.001 per share; 200,000,000 shares authorized; 37,753,944 and 37,658,992 issued and outstanding at April 28, 1996 and January 28, 1996 respectively -- -- -- Additional paid-in capital 669.9 708.7 669.2 Officers recievables and deferred compensation (1.6) -- (3.4) Retained earnings (deficit) (197.2) 11.8 (193.8) ------- ------- ------- Total stockholders' equity 471.1 720.5 472.0 ------- ------- ------- $1,079.2 $1,185.9 $1,052.3 ======= ======= ======= See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. BORDERS GROUP, INC. CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY FOR THE 13 WEEKS ENDED APRIL 28, 1996 (Dollars in millions) (Unaudited) Officers Receiv. Add'l Retained Common Stock Deferred Paid-in Earnings Shares Amount Comp Capital (Deficit) Total Balance at 1/28/96 37,658,992 $-- $ (3.4) $669.2 $(193.8) $472.0 Net loss -- -- -- -- (3.4) (3.4) Issuance of common stock 94,952 -- 0.7 -- 0.7 Payment of receiv. and deferred comp. expense -- -- 1.8 -- -- 1.8 __________ ____ ______ ______ ________ ______ Balance at 4/28/96 37,753,944 $0.0 $(1.6) $669.9 $(197.2) $471.1 ========== ==== ====== ====== ======== ====== See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. BORDERS GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) (Unaudited) 13 Weeks Ended April 28, April 23, 1996 1995 Cash provided by (used for): Operations Net loss $(3.4) $(5.6) Adjustments to reconcile net loss to operating cash flows: Depreciation and goodwill amortization 9.6 11.5 Other non-cash charges --- 1.1 Increase (decrease) in other long- term assets and liabilities 1.7 1.2 Cash provided by (used for) current assets and current liabilities: Increase in inventories (13.7) (18.0) Decrease in restructuring reserve (1.5) (5.0) Decrease in property held for resale 3.4 --- Decrease in accounts payable (1.8) (33.2) Other, net (29.6) (25.7) _____ _____ Net cash used for operations (35.3) (73.7) _____ _____ Investing Capital expenditures (18.3) (23.0) _____ _____ Net cash used for investing (18.3) (23.0) _____ _____ Financing Net funding from credit facility 65.0 --- Proceeds from construction funding 3.0 3.6 Issuance of common stock 0.7 --- Repayment of long-term debt --- (0.3) Repayment of Kmart borrowing --- (97.8) _____ _____ Net cash provided by (used for) financing 68.7 (94.5) _____ _____ Net increase(decrease) in cash and equivalents 15.1 (191.2) Cash and equivalents at beginning of year 36.5 237.0 _____ ______ Cash and equivalents at end of period $51.6 $ 45.8 ===== ====== See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. Note 1 - Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Borders Group, Inc. (the Company) have been prepared in accordance with Rule 10-01 of Regulation S-X and do not include all the information and notes required by generally accepted accounting principles for complete financial statements. All adjustments, consisting only of normal recurring adjustments, have been made which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year. The unaudited condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto for the fiscal year ended January 28, 1996 (the 1995 consolidated financial statements). The Company's fiscal year ends on the Sunday immediately preceding the last Wednesday in January. At April 28, 1996, the Company operated a chain of 976 mall-based bookstores, 124 book superstores, and 9 music stores throughout the United States. Certain reclassifications of previously reported April 23, 1995 balances have been made to conform with the 1995 change in reporting presentation. Note 2 - Public Offering of Common Stock An initial public offering of the Company's common stock (the IPO) was completed June 1, 1995. Prior to the IPO, the Company was a majority-owned subsidiary of Kmart. As a result of the IPO and a subsequent transaction completed in August 1995, Kmart no longer holds an interest in the Company's common stock. See the 1995 consolidated financial statements for further discussion. Weighted average shares outstanding are calculated as follows: Pro-Forma 13 Weeks 13 Weeks Ended Ended 4/28/96 4/23/95 _______ _______ Shares outstanding at beginning of period 37,659 28,760 Shares sold by the Company in the IPO 12,531 Shares issued upon completion of the IPO 1,405 Shares issued during the period 45 Common stock equivalents 3,213 874 ______ ______ Weighted average common shares outstanding 40,917 43,570 ====== ====== The pro forma earnings per common share data are based on actual common shares outstanding after the IPO and assume the IPO took place at the beginning of fiscal 1995. Note 3 - Accounting for Goodwill In the second and fourth quarters of 1995 the Company recorded pre-tax charges to operations of $201.8 to reflect the change in the method of evaluating the recoverability of goodwill. These noncash write-downs in goodwill were the result of a change in policy by the Company after the IPO to evaluate the recoverability of goodwill based on a fair value method. There was no write-down required under this policy in the first quarter ended April 28, 1996. Note 4 - Restructuring Program In 1993, the Company implemented a restructuring plan pursuant to which it planned to close 187 underperforming Walden stores and to combine certain distribution and headquarters functions of Borders and Walden. The Company recorded a restructuring charge of $142.8 to provide for the estimated costs of implementing the plan. The Company recorded an additional charge of $6.4 in the fourth quarter of 1994 to reflect revised estimates of the cost of completing the reconstruction plan. As of January 28, 1996, the store closure program was substantially complete. For the 13 weeks ended April 28, 1996 $1.5 of cash expenditures were charged to the restructuring reserve. Note 5 - Commitments and Contingencies There are various claims, lawsuits, and actions pending against the Company and its subsidiaries which are incident to their operations. It is the opinion of management that the ultimate resolution of these matters will not have a material effect on the Company's liquidity, financial position or results of operations. During 1994, the Company entered into an agreement in which leases with respect to four Borders' locations serve as collateral for certain mortgage pass-through certificates. These mortgage pass-through certificates include a provision requiring the Company to repurchase the underlying mortgage notes in certain events, including the failure by the Company to make payments of rent under the related leases, the failure by Kmart to maintain required investment grade ratings or the termination of the guarantee by Kmart of the Company's obligations under the related leases (which would require mutual consent of Kmart and Borders). In the event the Company is required to repurchase all of the underlying mortgage notes, the Company would be obligated to pay approximately $36.6. Kmart has failed to maintain investment grade ratings and therefore these notes are now subject to put by the holder. To date the holder has not exercised its right to put the notes. In addition to the contingent repurchase obligations described above, leases relating to two other Borders locations serve as collateral for certain mortgage pass-thru certificates. On March 11, 1996 Kmart was required to repurchase the underlying notes. Kmart has asserted to the Company that it believes that the Company is required to reimburse Kmart for approximately $13.2 of payments that it made to repurchase these notes, which includes the "make whole" premium of approximately $1.5. The Company and Kmart have agreed, subject to approval of the Company's lenders, that the Company will purchase the notes from Kmart for approximately $12.1. The Company does not believe that the note purchase has a material effect on the Company's financial position or earnings. Note 6 - Financing Credit Facility: The Company has a credit agreement which provides a $300, five-year working capital facility. Borrowings under the credit facility bear interest at a base rate or an increment over LIBOR at the Company's option. The credit agreement contains operating covenants which limit the Company's ability to incur indebtedness, make acquisitions, dispose of assets and issue, repurchase or pay dividends on its common stock, and require the Company to meet certain financial measures regarding fixed charge coverage, leverage and tangible net worth. The Company had borrowings outstanding under the credit facility of $125.0 at April 28, 1996. Lease Financing Facility: On November 26, 1995 the Company entered into a five year, $150 lease financing facility ("the Facility") to finance new stores and other property through operating leases. The Facility will provide financing to Lessors through loans from a third party lender for up to 95% of a project cost. It is expected that Lessors will make equity contributions approximating 5% of each project. Independent of its obligations as lessee, the Company will guarantee payment when due of all amounts required to be paid to the third party lender. The principal amount guaranteed will be limited to approximately 89% of the original cost of a project so long as the Company is not in default under the lease relating to such project. There was $26.4 outstanding under the lease facility at April 28, 1996. In February 1996, the Company entered into interest rate swaps with a total notional amount of $140, which effectively converted variable rate borrowings to a fixed rate based on 3 month LIBOR. These swap agreements all expire within 12 months of the date the Company entered into the agreements. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The Company, through its subsidiaries, is the second largest operator of book superstores and the largest operator of mall- based bookstores in the United States based upon both sales and number of stores. At April 28, 1996, the Company operated 124 book superstores under the Borders name, 976 mall-based and other bookstores primarily under the Waldenbooks name, and 9 stores under the names Planet Music and CD Superstore. The Company's first quarter of 1996 and 1995 consisted of the 13 weeks ended April 28, 1996 and April 23, 1995, respectively. Reporting Format. During 1995, the Company changed its reporting format from prior years to reclassify certain occupancy costs and exclude buying costs from cost of sales. Previously reported April 23, 1995 balances have been reclassified to conform to the revised presentation. Results of Operations The following table presents the Company's statement of operations data, as a percentage of sales, for the periods indicated: 13 Weeks Ended April 28, April 23, 1996 1995 Sales 100.0% 100.0% Cost of merchandise sold, including occupancy costs 76.9 77.6 _____ _____ Gross margin 23.1 22.4 Selling, general and administrative expenses 23.8 24.6 Pre-opening expense 0.1 0.2 Goodwill amortization and write-down 0.1 0.5 Operating losses of stores identified for closure (1) -- (0.4) _____ _____ Operating loss (0.9) (2.5) Interest expense 0.5 0.0 _____ _____ Loss before income tax (1.4) (2.5) Income tax benefit 0.5 0.9 _____ _____ Net Loss (0.9)% (1.6)% ===== ===== (1) Operating losses from stores included in the Waldenbooks restructuring program are charged against the reserve for such losses in 1995. Store Activity The Company's store activity is summarized below: 4/28/96 4/23/95 1/28/96 Borders Superstores Beginning number of stores 116 75 75 Openings 8 6 41 _____ _____ _____ Ending number of stores 124 81 16 ===== ===== ===== Walden Mall Bookstores Beginning number of stores 992 1,102 1,102 Openings 1 0 5 Closings (17) (49) (115) _____ _____ _____ Ending number of stores 976 1,053 992 ===== ===== ===== CD Superstores/ Planet Music Superstores: Beginning number of stores 9 10 10 Openings --- --- 1 _____ _____ _____ Endings 9 10 9 ===== ===== ===== 13 Weeks Ended April 28, 1996 and April 23, 1995 Sales in the first quarter of 1996 were $404.0 million, a $50.4 million, or 14.3%, increase over first quarter 1995 sales of $353.6 million. This increase reflects a $65.3 million, or 49.6%, increase in Borders' sales resulting from new store openings and a comparable store sales increase of 8.2%. This increase was offset in part by a decline in Waldenbooks sales of $14.9 million due to store closings and a 1.5% decrease in comparable store sales. Cost of merchandise sold, including occupancy costs, was $310.8 million in the first quarter of 1996, as compared with $274.4 million in the first quarter of 1995. Gross margin as a percentage of sales was 23.1% in the first quarter of 1996 versus 22.4% in the first quarter of 1995. This 0.7% improvement reflects the impact of consolidated distribution operations, further leveraging of occupancy costs and reduced depreciation expense as a result of the 1995 FAS 121 write-down. Selling, general and administrative ("SG&A") expenses in the first quarter of 1996 were up $9.5 million, or 10.9%, over SG&A expenses in the first quarter of 1995 ($96.2 million versus $86.7 million). As a percentage of sales, SG&A expenses fell from 24.6% in the first quarter of 1995 to 23.8% in the first quarter of 1996. This 0.8% decrease is primarily due to the leveraging of corporate overhead over the Company's expanding sales base, as well as headcount and wage savings resulting from the move of the Waldenbooks headquarters from Stamford, Connecticut to Ann Arbor, Michigan in the third quarter of 1995 and reduced depreciation expense as a result of the 1995 adoption of FAS 121. Pre-opening expense in the first quarter of 1996 was $0.4 million as compared to $0.7 million in 1995. Pre-opening expense consists principally of grand-opening advertising expense and store payroll related to the opening, and is expensed in the first full fiscal month of a store's operations. Pre-opening expense per store varies primarily as a result of differing levels of grand opening advertising, depending on the presence of the Company and its competitors in the market and differing levels of labor costs associated with merchandising the store. The Company opened 8 Borders superstores and 1 Waldenbooks mall- based store in the first quarter of 1996 as compared to 6 Borders superstores in the first quarter of 1995. The reduction in pre- opening expense is a result of the timing of the 1996 store openings. The majority of the expense associated with these openings will be incurred in the second quarter. Goodwill amortization was $0.3 million in the first quarter 1996 as compared to $1.9 million in 1995. The decrease in goodwill amortization is a result of the aforementioned goodwill write-down taken in 1995. Interest expense was $1.9 million in 1996 as compared to income of $0.1 in 1995. The increase is due primarily to borrowings outstanding during the period ended April 28, 1996 used to fund the Kmart share purchase in the third quarter of 1995 and property held for resale. Income tax benefit in the first quarter of 1996 was $2.2 million as compared to a benefit of $3.1 million in 1995. Liquidity and Capital Resources The Company's principal capital requirements are to fund working capital needs, the opening of new stores and the refurbishment and expansion of existing stores. Net cash used for operations for the 13 weeks ended April 28, 1996 was $35.3 million as compared to $73.7 million in the corresponding period in the prior year. The current year activity primarily reflects a net loss of $3.4 million combined with an increase in inventories of $13.7 million and a decrease in payables of $1.8 million, partially offset by a decrease of $3.4 million of property held for resale. The decrease in cash used for operations as compared to the prior year is primarily attributable to the increase in accounts payable over the prior year representing a higher level of vendor funded inventory purchases. Other operating cash flow primarily represent decreases in accrued liabilities and other non-trade accounts payable. The Company expects to complete the sale of properties included in property held for resale in the second quarter of 1996. Net cash used for investing for the first 13 weeks of 1996 was $18.3 million as compared to $23.0 million in the first 13 weeks of 1995. The Company opened 8 new superstores and 1 new Waldenbooks store in the first 13 weeks of 1996 versus 6 new superstores in the first 13 weeks of 1995. The decrease is due primarily to the use of the company's lease facility to construct developer financed store locations. Net cash provided by financing in the first 13 weeks of 1996 was $68.7 million versus cash used for financing of $94.5 million in the first 13 weeks of 1995. Net cash provided by financing in 1996 resulted primarily from net borrowings under the credit facility. The Company anticipates that planned closings of Waldenbooks stores will decrease Waldenbooks' annual working capital requirements. On a consolidated basis, the Company expects its working capital requirements to increase as a result of its expansion program for its Borders books and music superstores. In 1995 the Company entered into a $300 million, five-year working capital line of credit, with a syndicate of banks. The Company had $125.0 million in outstanding borrowings under the Credit Facility as of April 28, 1996 On November 26, 1995 the Company entered into a five year $150 million lease financing facility to finance new stores and other property through operating leases. The lease facility will provide financing to Lessors through loans from a first party lender for up to 95% of a project cost. It is expected that Lessors will make equity contributions approximating 5% of each project. Independent of its obligations as lessee, the Company will guarantee payment when due of all amounts required to be paid to the first party lender. The principal amount guaranteed will be limited to approximately 89% of the original cost of a project so long as the Company is not in default under the lease relating to such project. There were 7 properties financed through the lease facility, with a financed value of $26.4 million, at April 28, 1996. During 1994, the Company entered into agreements in which leases with respect to four Borders' locations serve as collateral for certain mortgage pass-through certificates. These mortgage pass-through certificates include a provision requiring the Company to repurchase the underlying mortgage notes in certain events, including the failure by the Company to make payments of rent under the related leases, the failure by Kmart to maintain required investment grade ratings or the termination of the guarantee by Kmart of the Company's obligations under the related leases (which would require mutual consent of Kmart and Borders). In the event the Company is required to repurchase all of the underlying mortgage notes, the Company would be obligated to pay approximately $36.6 million. Kmart has failed to maintain investment grade ratings and therefore these notes are now subject to put by the holder. To date the holder has not exercised its right to put the notes. The Company would expect to fund this obligation through its line of credit. In addition to the contingent repurchase obligations described above, leases relating to two other Borders locations serve as collateral for certain mortgage pass-thru certificates. On March 11, 1996 Kmart Corporation was required, to repurchase the underlying notes. Kmart has asserted to the Company that it believes that the Company is required to reimburse Kmart for approximately $13.2 million of payments that it made to repurchase these notes, which includes a "make whole" premium of approximately $1.5 million. The Company and Kmart have agreed, subject to approval of the Company's lenders, that the Company will purchase the notes from Kmart for approximately $12.1 million. The Company does not believe that the note purchase has a material effect on the Company's financial position or earnings. PART II - OTHER INFORMATION Item 6. Exhibits and reports on form 8-K Exhibits: (a) Exhibits: 11.1 Statement of Computation of per share earnings 27 Financial data schedule for 13 weeks ended April 28, 1996 (b) Reports on Form 8-K: None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized. BORDERS GROUP, INC. (Registrant) Date: June 10, 1996 By: /S/ George R. Mrkonic ----------------------- George R. Mrkonic Vice Chairman and President (Principal Financial and Accounting Officer) EX-6 2 Exhibit 11.1 Statement of Computation of Per Share Earnings (dollars in millions except per share data) For the 13-weeks Ended April 28, 1996 Primary Earnings per Common Share: Net loss $ (3.4) Pro forma weighted average shares outstanding (000's) 40,917 -------- Primary E.P.S. $ (0.08) Fully Diluted Earnings per Common Share: Net Loss $ (3.4) Pro forma weighted average shares outstanding (000's) 41,936 ------- Fully Diluted E.P.S. $ (0.08) EX-27 3
5 1,000,000 3-MOS JAN-26-1997 JAN-29-1996 APR-28-1996 52 0 31 0 651 759 432 178 1,079 570 9 0 0 0 471 1,079 404 404 311 311 0 0 2 (6) (2) (3) 0 0 0 (3) (.08) (.08)
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