0001060822-12-000003.txt : 20120229 0001060822-12-000003.hdr.sgml : 20120229 20120228211834 ACCESSION NUMBER: 0001060822-12-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120228 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120229 DATE AS OF CHANGE: 20120228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARTERS INC CENTRAL INDEX KEY: 0001060822 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 133912933 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31829 FILM NUMBER: 12649779 BUSINESS ADDRESS: STREET 1: THE PROSCENIUM STREET 2: 1170 PEACHTREE STREET NE SUITE 900 CITY: ATLANTA STATE: GA ZIP: 30309 BUSINESS PHONE: (404) 745-2700 MAIL ADDRESS: STREET 1: THE PROSCENIUM STREET 2: 1170 PEACHTREE STREET NE SUITE 900 CITY: ATLANTA STATE: GA ZIP: 30309 FORMER COMPANY: FORMER CONFORMED NAME: CARTER HOLDINGS INC DATE OF NAME CHANGE: 19980430 8-K 1 form8_k.htm FORM 8-K form8_k.htm
 
 

 

 
UNITED STATES
 
 
SECURITIES AND EXCHANGE COMMISSION
 
 
Washington, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
 
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (Date of earliest event reported): February 29, 2012
 
Carter’s, Inc.
(Exact name of Registrant as specified in its charter)

Delaware
  
001-31829
  
13-3912933
(State or other jurisdiction
of incorporation)
  
(Commission File Number)
  
(I.R.S. Employer
Identification No.)
         
The Proscenium,
1170 Peachtree Street NE, Suite 900
Atlanta, Georgia 30309
(Address of principal executive offices, including zip code)
 
(404) 745-2700
(Registrant’s telephone number, including area code)
 
 
(Former name or former address, if changed since last report.)
 
 
 
 
 
 
 
 
 
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
 
 

 
 
 
 
 

Item 2.02.                      Results of Operations and Financial Condition.

On February 29, 2012, Carter’s, Inc. issued a press release announcing its financial results for its fourth quarter and fiscal year ended December 31, 2011.  A copy of that press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
 
The information in this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  The information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
 
 
Item 9.01.                      Financial Statements and Exhibits.

 

 
 
Exhibits – The following exhibit is furnished as part of this Current Report on Form 8-K.
 
       
 
Exhibit
Number
  
Description
       
 
99.1
  
Press Release of Carter’s, Inc., dated February 29, 2012

 
 
 

 
Signature
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, Carter’s, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 

 
 


February 29, 2012
CARTER’S, INC.
 
     
 
By:
/s/ BRENDAN M. GIBBONS
 
Name:
Brendan M. Gibbons
 
Title:
Senior Vice President of Legal & Corporate Affairs, General Counsel,
and Secretary
 
 
 
 
    
 
EX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 exhibit99_1.htm
Corporate Logo
 
 
Contact:
 
Sean McHugh
 
Vice President
Investor Relations & Treasury
 
(404) 745-2889

 

CARTER’S, INC. REPORTS FOURTH QUARTER AND FISCAL 2011 RESULTS

 
·  
Fourth Quarter Net Sales $607 Million, Up 22%
 
·  
Fourth Quarter EPS $0.59, Down 2%; Adjusted EPS $0.63, Up 5%
 
·  
Fiscal 2011 Net Sales $2.1 Billion, Up 21%
 
·  
Fiscal 2011 EPS $1.94, Down 21%; Adjusted EPS $2.09, Down 15%
 

 
Atlanta, Georgia, February 29, 2012 – Carter’s, Inc. (NYSE:CRI), the largest branded marketer in the United States of apparel exclusively for babies and young children, today reported its fourth quarter and fiscal 2011 results.

“In the fourth quarter, we achieved sales growth in every segment of our business, which reflects the strength of our brands and compelling value they provide to consumers,” said Michael D. Casey, Chairman and Chief Executive Officer.  “For the year, we achieved a record level of sales by extending the reach of our brands in the United States and international markets.  Earnings continue to be impacted by abnormally high cotton prices.  We expect to see the benefit of lower cotton prices in the second half of 2012, and we are forecasting good growth in sales and profitability this year.”

Fourth Quarter of Fiscal 2011 compared to Fourth Quarter of Fiscal 2010

Consolidated net sales increased $111.4 million, or 22.5%, to $606.6 million.  Net domestic sales of the Company’s Carter’s brands increased $54.5 million, or 14.1%, to $442.4 million.  Net domestic sales of the Company’s OshKosh B’gosh brand increased $10.6 million, or 10.6%, to $110.0 million.  Net international sales, which are comprised of sales of Carter’s and OshKosh B’gosh branded products to wholesale customers outside the United States and Canadian retail store sales, increased $46.3 million to $54.3 million.

 
 
 
 
 
The Company’s pre-tax income in the fourth quarter of fiscal 2011 includes expenses related to the acquisition of Bonnie Togs, a Canadian children’s apparel retailer, of approximately $3.0 million.

Operating income in the fourth quarter of fiscal 2011 was $55.0 million, a decrease of $3.7 million, or 6.4%, from $58.8 million in the fourth quarter of fiscal 2010.  Excluding the effect of the acquisition-related expenses noted above and detailed at the end of this release, adjusted operating income in the fourth quarter of fiscal 2011 was $58.0 million, a decrease of $0.8 million, or 1.3%, from the fourth quarter of fiscal 2010.  The decrease primarily reflects the net effect of higher product costs.

Net income decreased $0.1 million, or 0.3%, to $34.8 million, or $0.59 per diluted share, compared to $34.9 million, or $0.60 per diluted share, in the fourth quarter of fiscal 2010.  Excluding the effect of the acquisition-related expenses noted above and detailed at the end of this release, adjusted net income in the fourth quarter of fiscal 2011 increased $2.5 million, or 6.8%, to $37.3 million, or $0.63 per diluted share from the fourth quarter of fiscal 2010.

A reconciliation of income as reported under accounting principles generally accepted in the United States of America (“GAAP”) to adjusted income is provided at the end of this release.

Business Segment Results

In light of the acquisition of Bonnie Togs in June 2011, the Company realigned certain of its reportable segments.  Effective October 1, 2011, the Carter’s and OshKosh  wholesale segments reflect domestic business activities formerly reported in these brands’ wholesale and mass channel segments.  In addition, the Company added a new international segment, which includes its Canadian retail business, international wholesale sales, and international royalty income.  Prior-year amounts have been recast to conform to the current year presentation.


 
2
 

Carter’s Segments

Carter’s retail segment sales increased $42.6 million, or 26.1%, to $206.3 million, driven by incremental sales of $19.3 million generated by new store openings and $13.0 million generated by eCommerce sales, and a comparable store sales increase of $11.0 million, or 7.2%, which were partially offset by the effect of store closings of $0.7 million.  In the fourth quarter of fiscal 2011, the Company opened nine Carter’s retail stores and closed one. As of the end of the fourth quarter, the Company operated 359 Carter’s retail stores.

Carter’s wholesale segment sales increased $11.9 million, or 5.3%, to $236.1 million reflecting strong demand for the Company’s Carter’s, Just One You, and Child of Mine brands.

OshKosh B’gosh Segments

OshKosh retail segment sales increased $9.5 million, or 11.9%, to $89.3 million, driven by a comparable store sales increase of $5.0 million, or 6.9%, incremental sales of $4.6 million generated by eCommerce sales and $1.6 million generated by new store openings, which were partially offset by the effect of store closings of $1.9 million.  In the fourth quarter of fiscal 2011, the Company closed six OshKosh retail stores.  As of the end of the fourth quarter, the Company operated 170 OshKosh retail stores.

OshKosh wholesale segment sales increased $1.1 million, or 5.6%, to $20.6 million.

International Segment

International segment sales increased $46.3 million to $54.3 million, reflecting the acquisition of the Canadian retailer Bonnie Togs in fiscal 2011 and higher wholesale sales.  In the fourth quarter of fiscal 2011, the Company opened one store in Canada.  As of the end of the fourth quarter, the Company operated 65 retail stores in Canada.
 

 
3
 
 
Fiscal 2011 compared to Fiscal 2010

Consolidated net sales increased $360.5 million, or 20.6%, to $2.1 billion.  Net domestic sales of the Company’s Carter’s brands increased $236.7 million, or 17.2%, to $1.6 billion.  Net domestic sales of the Company’s OshKosh B’gosh brand increased $22.4 million, or 6.6%, to $362.8 million.  Net international sales increased $101.4 million to $136.2 million.

The Company’s pre-tax income in fiscal 2011 includes Bonnie Togs acquisition-related charges of approximately $12.2 million.

Operating income in fiscal 2011 was $187.5 million, a decrease of $55.8 million, or 22.9%, from $243.3 million in fiscal 2010.  Excluding the effect of the acquisition-related expenses noted above and detailed at the end of this release, adjusted operating income in fiscal 2011 was $199.7 million, a decrease of $43.6 million, or 17.9%, from fiscal 2010.  The decrease primarily reflects the net effect of higher product costs.

Net income decreased $32.5 million, or 22.2%, to $114.0 million, or $1.94 per diluted share, compared to $146.5 million, or $2.46 per diluted share, in fiscal 2010.  Excluding the effect of the acquisition-related expenses noted above and detailed at the end of this release, adjusted net income in fiscal 2011 decreased $23.2 million, or 15.9%, to $123.2 million, or $2.09 per diluted share from fiscal 2010.

A reconciliation of income as reported under GAAP to income adjusted for expenses related to the Company’s acquisition of the Bonnie Togs business is provided at the end of this release.

Cash flow from operations in fiscal 2011 was $81.1 million compared to $85.8 million in fiscal 2010, reflecting decreased earnings in fiscal 2011, partially offset by lower net working capital requirements.




 
4
 

Carter’s Segments

Carter’s retail segment sales increased $125.4 million, or 22.9%, to $671.6 million, driven by incremental sales of $57.0 million generated by new store openings and $40.8 million generated by eCommerce sales, and a comparable store sales increase of $29.1 million, or 5.6%, which were partially offset by the effect of store closings of $1.5 million.  In fiscal 2011, the Company opened 56 Carter’s retail stores and closed three stores.

Carter’s wholesale segment sales increased $111.3 million, or 13.4%, to $939.1 million, driven by growth in the Company’s Carter’s, Child of Mine, and Just One You brands.

OshKosh B’gosh Segments

OshKosh retail segment sales increased $16.0 million, or 6.0%, to $280.9 million, driven by incremental sales of $12.9 million generated by eCommerce sales and $8.9 million generated by new store openings, which were partially offset by a comparable store sales decrease of $0.7 million, or 0.3%, and the effect of store closings of $5.0 million.  In fiscal 2011, the Company opened three OshKosh retail stores and closed thirteen stores.

OshKosh wholesale segment sales increased $6.4 million, or 8.5%, to $81.9 million driven by higher off-price channel sales.

International Segment

International segment sales increased $101.4 million to $136.2 million, reflecting the acquisition of Bonnie Togs in fiscal 2011 and higher wholesale sales.

2012 Business Outlook

The Company anticipates that product costs for its Spring 2012 merchandise assortments will increase approximately 15% compared to its Spring 2011 assortments, due to continued elevated cotton, labor, and other product-related costs.  Product costs for the Company’s Fall 2012 merchandise assortment are expected to decline approximately 10% compared to its Fall 2011 assortments, principally due to lower cotton costs.

 
5
 
 
For fiscal 2012, the Company projects net sales will increase approximately 8% to 10% over fiscal 2011.  The Company expects adjusted diluted earnings per share, excluding approximately $5 million to $7 million in charges related to the Bonnie Togs acquisition or other unusual items, to be approximately $2.40 to $2.50 compared to $2.09 in fiscal 2011.

For the first quarter of fiscal 2012, the Company expects net sales to increase approximately 11% to 13% over the first quarter of fiscal 2011.  The Company expects adjusted diluted earnings per share, excluding approximately $1 million to $2 million in charges related to the Bonnie Togs acquisition or other unusual items, to be approximately $0.38 to $0.43, compared to $0.56 in the first quarter of fiscal 2011.

Conference Call

The Company will hold a conference call with investors to discuss fiscal 2011 results and its business outlook on February 29, 2012 at 8:30 a.m. Eastern Time.  To participate in the call, please dial 913-981-5519.  To listen to a live broadcast of the call on the internet, please log on to www.carters.com and select the “Q4 2011 Earnings Conference Call” link under the “Investor Relations” tab.  Presentation materials for the call can be accessed at www.carters.com by selecting the “Conference Calls & Webcasts” link under the “Investor Relations” tab.  A replay of the call will be available shortly after the broadcast through March 9, 2012, at 719-457-0820, passcode 8641534.  The replay will also be archived on the Company’s website.

For more information on Carter’s, Inc., please visit www.carters.com.

 
6
 

Cautionary Language

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to the Company’s future performance, including, without limitation, statements with respect to the Company’s anticipated financial results for the first quarter of fiscal 2012 and fiscal 2012, or any other future period, assessment of the Company’s performance and financial position, and drivers of the Company’s sales and earnings growth.  Such statements are based on current expectations only, and are subject to certain risks, uncertainties, and assumptions.  Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected.  Factors that could cause actual results to materially differ include: the acceptance of the Company's products in the marketplace; changes in consumer preference and fashion trends; seasonal fluctuations in the children's apparel business; negative publicity; the breach of the Company's consumer databases; increased production costs; deflationary pricing pressures and customer acceptance of higher selling prices; a continued decrease in the overall level of consumer spending; the Company's dependence on its foreign supply sources; failure of its foreign supply sources to meet the Company's quality standards or regulatory requirements; the impact of governmental regulations and environmental risks applicable to the Company's business; disruption to our eCommerce business; the loss of a product sourcing agent; increased competition in the baby and young children's apparel market; the ability of the Company to identify new retail store locations, and negotiate appropriate lease terms for the retail stores; the ability of the Company to adequately forecast demand, which could create significant levels of excess inventory; failure to successfully integrate Bonnie Togs into our existing business and realize growth opportunities and other benefits from the acquisition; failure to achieve sales growth plans, cost savings, and other assumptions that support the carrying value of the Company's intangible assets; and the ability to attract and retain key individuals within the organization.  Many of these risks are further described in the most recently filed Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission under the headings "Risk Factors" and "Forward-Looking Statements."  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 
7
 

CARTER’S, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except for share data)
(unaudited)

   
For the three-month periods ended
    
For the twelve-month periods ended
  
   
December 31,
2011
    
January 1,
2011
    
December 31,
2011
    
January 1,
2011
  
                         
Net sales
   $ 606,629     $ 495,270     $ 2,109,734     $ 1,749,256  
Cost of goods sold
     399,894       311,262       1,418,582       1,075,384  
Gross profit
     206,735       184,008       691,152       673,872  
Selling, general, and administrative expenses
     160,872       135,108       540,960       468,192  
Royalty income
     (9,182 )     (9,886 )     (37,274 )     (37,576 )
Operating income
     55,045       58,786       187,466       243,256  
Interest expense, net
     1,843       3,196       7,148       9,870  
Foreign currency gain
     (251 )     --       (570 )     --  
Income before income taxes
     53,453       55,590       180,888       233,386  
Provision for income taxes
     18,668       20,696       66,872       86,914  
Net income
   $ 34,785     $ 34,894     $ 114,016     $ 146,472  
                                 
Basic net income per common share
   $ 0.59     $ 0.61     $ 1.96     $ 2.50  
                                 
Diluted net income per common share
   $ 0.59     $ 0.60     $ 1.94     $ 2.46  

 
8
 

CARTER’S, INC.
BUSINESS SEGMENT RESULTS
(unaudited)

   
For the three-month periods ended
    
For the twelve-month periods ended
  
(dollars in thousands)
  
December 31,
2011
      
% of
Total
    
January 1,
2011
    
% of
Total
    
December 31,
2011
      
% of
Total
    
January 1,
2011
    
% of
Total
  
Net sales:
                                                    
                                                     
Carter’s Wholesale
   $ 236,087         38.9 %   $ 224,216       45.3 %   $ 939,115         44.5 %   $ 827,815       47.3 %
Carter’s Retail (a)
     206,309         34.0 %     163,663       33.0 %     671,590         31.8 %     546,233       31.2 %
    Total Carter’s
     442,396         72.9 %     387,879       78.3 %     1,610,705         76.3 %     1,374,048       78.5 %
                                                                     
OshKosh Retail (a)
     89,322         14.7 %     79,837       16.2 %     280,900         13.3 %     264,887       15.2 %
OshKosh Wholesale
     20,640         3.4 %     19,549        3.9 %      81,888         3.9 %      75,484       4.3 %
    Total OshKosh
     109,962         18.1 %     99,386       20.1 %     362,788         17.2 %      340,371       19.5 %
                                                                     
International (b)
     54,271         9.0 %     8,005       1.6 %     136,241         6.5 %     34,837       2.0 %
                                                                     
         Total net sales
   $ 606,629         100.0 %   $ 495,270       100.0 %   $ 2,109,734         100.0 %   $ 1,749,256       100.0 %
                                                                     
Operating income (loss):
            
% of
segment
net sales
            
% of
segment
net sales
              
% of
segment
net sales
            
% of
segment
net sales
  
                                                                     
Carter’s Wholesale
   $ 29,080         12.3 %   $ 29,875       13.3 %   $ 119,682         12.7 %   $ 152,281       18.4 %
Carter’s Retail (a)
     33,672         16.3 %     38,132       23.3 %     105,818         15.8 %     113,277       20.7 %
                                                                     
    Total Carter’s
     62,752         14.2 %     68,007       17.5 %     225,500         14.0 %     265,558       19.3 %
                                                                     
OshKosh Retail (a)
     (140 )       (0.2 %)     7,622       9.5 %     (9,469 )       (3.4 %)     19,356       7.3 %
OshKosh Wholesale
     (1,232 )       (6.0 %)     (613 )     (3.1 %)     (1,490 )       (1.8 %)     3,863       5.1 %
                                                                     
    Total OshKosh
     (1,372 )       (1.2 %)     7,009       7.1 %     (10,959 )       (3.0 %)     23,219       6.8 %
                                                                     
International (b)
     10,743  
(c)
     19.8 %     4,131       51.6 %     27,251  
(c)
     20.0 %     16,925       48.6 %
                                                                     
          Segment operating income
     72,123         11.9 %     79,147       16.0 %     241,792         11.5 %     305,702       17.5 %
                                                                     
Corporate expenses (d)
     (17,078 )
(e)
     (2.8 %)     (20,361 )     (4.1 %)     (54,326 )
(e)
     (2.6 %)     (62,446 )     (3.6 %)
                                                                     
Total operating income
   $ 55,045         9.1 %   $ 58,786       11.9 %   $ 187,466         8.9 %   $ 243,256       13.9 %


(a)  
Includes eCommerce results.
(b)  
Net sales include international retail and wholesale sales.  Operating income includes international licensing income.
(c)  
Includes $0.7 million and $6.7 million of expense related to the amortization of the fair value step-up for Bonnie Togs inventory acquired for the three and twelve-month periods ended December 31, 2011, respectively, and a $1.5 million and $2.5 million charge associated with the revaluation of the Company’s contingent consideration for the three and twelve-month periods ended December 31, 2011, respectively.
(d)  
Corporate expenses generally include expenses related to incentive compensation, stock-based compensation, executive management, severance and relocation, finance, building occupancy, information technology, certain legal fees, consulting, and audit fees.
(e)  
Includes $0.8 million and $3.0 million of professional service fees associated with the acquisition of Bonnie Togs for the three and twelve-month periods ended December 31, 2011, respectively.

 
9
 



CARTER’S, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except for share data)
(unaudited)

   
December 31,
2011
    
January 1,
2011
  
ASSETS
            
Current assets:
            
Cash and cash equivalents
   $ 233,494     $ 247,382  
Accounts receivable, net
     157,754       121,453  
Finished goods inventories, net
     347,215       298,509  
Prepaid expenses and other current assets
     18,519       17,372  
Deferred income taxes
     25,165       31,547  
                 
Total current assets
     782,147       716,263  
Property, plant, and equipment, net
     122,346       94,968  
Tradenames
     306,176       305,733  
Goodwill
     188,679       136,570  
Deferred debt issuance costs, net
     2,624       3,332  
Other intangible assets, net
     258       --  
Other assets
     479       316  
Total assets
   $ 1,402,709     $ 1,257,182  
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Current maturities of long-term debt
   $ --     $ --  
Accounts payable
     102,804       116,481  
Other current liabilities
     49,949       66,891  
                 
Total current liabilities
     152,753       183,372  
Long-term debt
     236,000       236,000  
Deferred income taxes
     114,421       113,817  
Other long-term liabilities
     93,826        44,057  
Total liabilities
     597,000        577,246  
                 
Commitments and contingencies
                
Stockholders’ equity:
                
Preferred stock; par value $.01 per share; 100,000 shares authorized; none issued or outstanding at December 31, 2011 and January 1, 2011
     --       --  
Common stock, voting; par value $.01 per share; 150,000,000 shares authorized, 58,595,421 and 57,493,567 shares issued and outstanding at December 31, 2011 and  January 1, 2011, respectively
     586       575  
Additional paid-in capital
     231,738       210,600  
Accumulated other comprehensive loss
     (11,282 )     (1,890 )
Retained earnings
     584,667       470,651  
                 
Total stockholders’ equity
     805,709       679,936  
                 
Total liabilities and stockholders’ equity
   $ 1,402,709     $ 1,257,182  

 
10
 

 
CARTER’S, INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(dollars in thousands)
(unaudited)

   
For the fiscal years ended
  
   
December 31,
2011
    
January 1,
2011
  
Cash flows from operating activities:
            
Net income                                                                                                
   $ 114,016     $ 146,472  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization                                                                                               
     32,548       31,727  
Amortization of Bonnie Togs inventory step-up                                                                                               
     6,672       --  
Non-cash revaluation of contingent consideration                                                                                               
     2,484       --  
Amortization of Bonnie Togs tradename and non-compete agreements 
     187       --  
Amortization of debt issuance costs
     708       2,616  
Non-cash stock-based compensation expense
     9,644       7,303  
Income tax benefit from stock-based compensation
     (6,900 )     (9,249 )
Loss (gain) on disposal / sale of property, plant, and equipment
     139       (118 )
Deferred income taxes
     9,128       4,370  
Effect of changes in operating assets and liabilities:
                
     Accounts receivable
     (33,222 )     (39,359 )
     Inventories
     (20,571 )     (84,509 )
     Prepaid expenses and other assets
     (948 )     (6,269 )
     Accounts payable and other liabilities
     (32,811 )     32,837  
     Net cash provided by operating activities                                                                                         
     81,074       85,821  
                 
Cash flows from investing activities:
                
Capital expenditures
     (45,495 )     (39,782 )
  Acquisition of Bonnie Togs, net of cash acquired
     (61,207 )     --  
Proceeds from sale of property, plant, and equipment
     10       286  
     Net cash used in investing activities
     (106,692 )     (39,496 )
                 
Cash flows from financing activities:
                
Payments on term loan
     --       (334,523 )
  Proceeds from revolving credit facility
     --       236,000  
  Payments of debt issuance costs
     --       (3,479 )
  Repurchases of common stock
     --       (50,000 )
Income tax benefit from stock-based compensation
     6,900       9,249  
  Withholdings from vesting of restricted stock
     (2,181 )     (927 )
Proceeds from exercise of stock options
     6,786       9,696  
     Net cash provided by (used in) financing activities
     11,505       (133,984 )
                 
Effect of exchange rate changes on cash
     225       --  
Net decrease in cash and cash equivalents
     (13,888 )     (87,659 )
Cash and cash equivalents, beginning of period
     247,382       335,041  
                 
Cash and cash equivalents, end of period
   $ 233,494     $ 247,382  


 
11
 


CARTER’S INC.
RECONCILIATION OF GAAP TO ADJUSTED RESULTS
 
  
   
Three-month period ended December 31, 2011
  
(dollars in millions, except earnings per share)
  
Gross Margin
    
SG&A
    
Operating
Income
    
Net
Income
    
Diluted
EPS
  
                               
As reported (GAAP)                                                                          
   $ 206.7     $ 160.9     $ 55.0     $ 34.8     $ 0.59  
                                         
Acquisition-related expenses:
                                        
Amortization of fair value step-up of inventory (a)
     0.7       --       0.7       0.5       0.01  
Revaluation of contingent consideration               
     --       (1.5 )     1.5       1.5       0.02  
Professional fees / other expenses (b)                           
     --        (0.8 )     0.8        0.5        0.01  
                                         
Total acquisition-related expenses
     0.7        (2.2 )     3.0       2.5        0.04  
As adjusted (c)
   $ 207.5     $ 158.6     $ 58.0     $ 37.3     $ 0.63  



   
Twelve-month period ended December 31, 2011
  
(dollars in millions, except earnings per share)
  
Gross Margin
    
SG&A
    
Operating
Income
    
Net
Income
    
Diluted
EPS
  
                               
As reported (GAAP)                                                                          
   $ 691.2     $ 541.0     $ 187.5     $ 114.0     $ 1.94  
                                         
Acquisition-related expenses:
                                        
Amortization of fair value step-up of inventory (a)
     6.7       --       6.7       4.8       0.08  
Revaluation of contingent consideration                                      
     --       (2.5 )     2.5       2.5       0.04  
Professional fees / other expenses (b)                                      
     --        (3.0 )     3.0        1.9        0.03  
                                         
Total acquisition-related expenses
     6.7        (5.5 )     12.2       9.2        0.15  
As adjusted (c)
   $ 697.8     $ 535.4     $ 199.7     $ 123.2     $ 2.09  


(a)  
Expense related to the amortization of the fair value step-up for Bonnie Togs inventory acquired.

(b)  
Professional service fees associated with the acquisition of Bonnie Togs.
 
(c)  
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present gross margin, SG&A, operating income, net income, and net income on a diluted share basis excluding the adjustments discussed above.  The Company has excluded $3.0 million and $12.2 million in acquisition-related expenses from these results for the three and twelve-month periods ended December 31, 2011, respectively.  The Company believes these adjustments provide a meaningful comparison of the Company’s results.  The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP.  The adjusted, non-GAAP financial measurements are presented for informational purposes only and are not necessarily indicative of the Company’s future condition or results of operations.

 
 
12
 
CARTER’S INC.
RECONCILIATION OF GAAP TO ADJUSTED RESULTS
 
  
   
Three-month period ended April 2, 2011
  
(dollars in millions, except earnings per share)
  
SG&A
    
Operating
Income
    
Net
Income
    
Diluted
EPS
  
                         
As reported (GAAP)
   $ 113.5     $ 53.6     $ 32.1     $ 0.55  
                                 
Professional fees / other expenses (a)
      (1.0 )     1.0        0.7        0.01  
                                 
As adjusted (b) 
   $ 112.5     $ 54.7     $ 32.8     $ 0.56  
                                 

(a)  
Professional service fees associated with the acquisition of Bonnie Togs.

(b)  
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present SG&A, operating income, net income, and net income on a diluted share basis excluding the adjustments discussed above.  The Company has excluded $1.0 million in acquisition-related expenses from these results for the three month period ended April 2, 2011.  The Company believes these adjustments provide a meaningful comparison of the Company’s results.  The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP.  The adjusted, non-GAAP financial measurements are presented for informational purposes only and are not necessarily indicative of the Company’s future condition or results of operations.



 
13
 

 
CARTER’S, INC.
RECONCILIATION OF NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS
 
 
  
   
For the fourth quarter ended
    
For fiscal years ended
  
   
December 31,
2011
    
January 1,
2011
    
December 31,
2011
    
January 1,
2011
  
Weighted-average number of common and common equivalent shares outstanding:
                        
Basic number of common shares outstanding
     57,955,394       57,003,785       57,513,748       58,135,868  
Dilutive effect of unvested restricted stock
     180,569       134,533       129,262       117,708  
Dilutive effect of stock options
     486,570       696,635       571,907       762,473  
Diluted number of common and common equivalent shares outstanding
     58,622,533       57,834,953       58,214,917       59,016,049  
                                 
As reported on a GAAP Basis:
                                
Basic net income per common share:
                                
Net income
   $ 34,785,000     $ 34,894,000     $ 114,016,000     $ 146,472,000  
Income allocated to participating securities
     (366,660 )     (292,222 )     (1,210,944 )     (1,202,948 )
Net income available to common shareholders
   $ 34,418,340     $ 34,601,778     $ 112,805,056     $ 145,269,052  
                                 
Basic net income per common share
   $ 0.59     $ 0.61     $ 1.96     $ 2.50  
                                 
Diluted net income per common share:
                                
Net income
   $ 34,785,000     $ 34,894,000     $ 114,016,000     $ 146,472,000  
Income allocated to participating securities
     (363,639 )     (288,723 )     (1,199,147 )     (1,187,501 )
Net income available to common shareholders
   $ 34,421,361     $ 34,605,277     $ 112,816,853     $ 145,284,499  
                                 
Diluted net income per common share
   $ 0.59     $ 0.60     $ 1.94     $ 2.46  
                                 
As adjusted (a):
                                
Basic net income per common share:
                                
Net income
   $ 37,257,000     $ 34,894,000     $ 123,229,000     $ 146,472,000  
Income allocated to participating securities
     (392,717 )     (292,222 )     (1,308,794 )     (1,202,948 )
Net income available to common shareholders
   $ 36,864,283     $ 34,601,778     $ 121,920,206     $ 145,269,052  
                                 
Basic net income per common share
   $ 0.64     $ 0.61     $ 2.12     $ 2.50  
                                 
     Diluted net income per common share:
                                
Net income
   $ 37,257,000     $ 34,894,000     $ 123,229,000     $ 146,472,000  
Income allocated to participating securities
     (389,481 )     (288,723 )     (1,296,043 )     (1,187,501 )
Net income available to common shareholders
   $ 36,867,519     $ 34,605,277     $ 121,932,957     $ 145,284,499  
                                 
Diluted net income per common share
   $ 0.63     $ 0.60     $ 2.09     $ 2.46  
                                 
 
(a)  
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present per share data excluding the adjustments discussed above.  The Company has excluded $3.0 million and $12.2 million in acquisition-related expenses from these results for the three and twelve-month periods ended December 31, 2011, respectively.
 
 
14

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