8-K 1 sab1018k.txt 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) March 13, 2001 Charming Shoppes, Inc. (Exact Name of Registrant as Specified in its Charter) Pennsylvania (State or Other Jurisdiction of Incorporation) 0-7258 23-1721355 (Commission File Number) (I.R.S. Employer Identification No.) 450 Winks Lane, Bensalem, PA 19020 (Address of Principal Executive Offices) (Zip Code) (215) 245-9100 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Item 9. Regulation FD Disclosure. On March 13, 2000 the Company announced its earnings for the fourth quarter and fiscal year ended February 3, 2001. The earnings announcement included the following disclosure: "During the fourth quarter of the current year, the Company adopted Staff Accounting Bulletin No. 101 ("SAB 101"), "Revenue Recognition in Financial Statements." SAB 101 provides guidelines on recognizing sales revenue and cost of sales on layaway sales and sales returns. All quarters during fiscal year 2001 have been restated. Due to the seasonal nature of the Company's businesses, restatement in certain quarters resulted in differences between previously reported results and restated results. For periods prior to January 29, 2000, the Company has recorded a charge in the amount of $540,000 as a Cumulative Effect of Accounting Change, which is not related to the Company's fiscal year 2001 performance." The tables on the following pages present the Company's results of operations for the Company's fiscal quarters and year-to-date periods ended April 29, 2000, July 29, 2000, and October 28, 2000 as originally included in the Reports on Form 10-Q as filed for the respective fiscal quarters and as restated for the adoption of SAB 101 as of January 29, 2000. NEITHER THE FURNISHING OF THIS INFORMATION, NOR THE POSTING OF THE INFORMATION ON THE COMPANY'S WEBSITE IS INTENDED TO, AND DOES NOT, CONSTITUTE A DETERMINATION BY THE COMPANY THAT THE INFORMATION IS MATERIAL OR THAT THE DISSEMINATION OF THE INFORMATION IS REQUIRED BY REGULATION FD. Charming Shoppes, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)
Thirteen Weeks Ended April 29, 2000 (in thousands) As Reported Restated Net sales........................................... $381,334 $378,925 Other income........................................ 2,058 2,058 -------- -------- Total revenue....................................... 383,392 380,983 -------- -------- Cost of goods sold, buying, and occupancy expenses. 272,841 271,516 Selling, general, and administrative expenses....... 92,771 92,771 Amortization of goodwill............................ 1,200 1,200 Interest expense.................................... 2,109 2,109 -------- -------- Total expenses...................................... 368,921 367,596 Income before income taxes and cumulative effect of accounting change............................... 14,471 13,387 Income tax provision................................ 5,528 5,114 -------- -------- Income before cumulative effect of accounting change 8,943 8,273 Cumulative effect of accounting change, net of income taxes.................................... 0 (540) -------- -------- Net income.......................................... $ 8,943 $ 7,733 ======== ======== Basic income per share Income before cumulative effect of accounting change $0.09 $0.08 Cumulative effect of accounting change, net of taxes 0.00 0.00 ----- ----- Net income.......................................... $0.09 $0.08 ===== ===== Income per share, assuming dilution Income before cumulative effect of accounting change $0.09 $0.08 Cumulative effect of accounting change, net of taxes 0.00 0.00 ----- ----- Net income.......................................... $0.09 $0.08 ===== =====
Charming Shoppes, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)
Thirteen Weeks Ended Twenty-six Weeks Ended July 29, 2000 July 29, 2000 (in thousands) As Reported Restated As Reported Restated Net sales...................................... $428,229 $429,658 $809,563 $808,583 Other income................................... 2,637 2,637 4,695 4,695 -------- -------- -------- -------- Total revenue.................................. 430,866 432,295 814,258 813,278 -------- -------- -------- -------- Cost of goods sold, buying, and occupancy expenses................................... 295,744 296,530 568,585 568,046 Selling, general, and administrative expenses.. 89,044 89,044 181,815 181,815 Amortization of goodwill....................... 1,196 1,196 2,396 2,396 Interest expense............................... 2,093 2,093 4,202 4,202 -------- -------- -------- -------- Total expenses................................. 388,077 388,863 756,998 756,459 -------- -------- -------- -------- Income before income taxes and cumulative effect of accounting change................ 42,789 43,432 57,260 56,819 Income tax provision........................... 16,345 16,591 21,873 21,705 -------- -------- -------- -------- Income before cumulative effect of accounting change..................................... 26,444 26,841 35,387 35,114 Cumulative effect of accounting change, net of income taxes........................ 0 0 0 (540) -------- -------- -------- -------- Net income..................................... $ 26,444 $ 26,841 $ 35,387 $ 34,574 ======== ======== ======== ======== Basic income per share Income before cumulative effect of accounting change..................................... $0.26 $0.27 $0.35 $0.35 Cumulative effect of accounting change, net of taxes............................... 0.00 0.00 0.00 0.01 ----- ----- ----- ----- Net income..................................... $0.26 $0.27 $0.35 $0.34 ===== ===== ===== ===== Income per share, assuming dilution Income before cumulative effect of accounting change..................................... $0.24 $0.24 $0.33 $0.33 Cumulative effect of accounting change, net of taxes............................... 0.00 0.00 0.00 0.01 ----- ----- ----- ----- Net income..................................... $0.24 $0.24 $0.33 $0.32 ===== ===== ===== =====
Charming Shoppes, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)
Thirteen Weeks Ended Thirty-nine Weeks Ended October 28, 2000 October 28, 2000 (in thousands) As Reported Restated As Reported Restated Net sales..................................... $365,690 $363,812 $1,175,253 $1,172,395 Other income.................................. 2,912 2,912 7,607 7,607 -------- -------- ---------- ---------- Total revenue................................. 368,602 366,724 1,182,860 1,180,002 -------- -------- ---------- ---------- Cost of goods sold, buying, and occupancy expenses.................................. 256,609 255,576 825,194 823,622 Selling, general, and administrative expenses. 95,619 95,619 277,434 277,434 Amortization of goodwill...................... 1,199 1,199 3,595 3,595 Interest expense.............................. 2,393 2,393 6,595 6,595 -------- -------- ---------- ---------- Total expenses................................ 355,820 354,787 1,112,818 1,111,246 -------- -------- ---------- ---------- Income before income taxes and cumulative effect of accounting change............... 12,782 11,937 70,042 68,756 Income tax provision.......................... 4,883 4,560 26,756 26,265 -------- -------- ---------- ---------- Income before cumulative effect of accounting change.................................... 7,899 7,377 43,286 42,491 Cumulative effect of accounting change, net of income taxes....................... 0 0 0 (540) -------- -------- ---------- ---------- Net income.................................... $ 7,899 $ 7,377 $ 43,286 $ 41,951 ======== ======== ========== ========== Basic income per share Income before cumulative effect of accounting change.................................... $0.08 $0.07 $0.43 $0.42 Cumulative effect of accounting change, net of taxes.............................. 0.00 0.00 0.00 0.00 ----- ----- ----- ----- Net income.................................... $0.08 $0.07 $0.43 $0.42 ===== ===== ===== ===== Income per share, assuming dilution Income before cumulative effect of accounting change.................................... $0.08 $0.07 $0.41 $0.40 Cumulative effect of accounting change, net of taxes.............................. 0.00 0.00 0.00 0.01 ----- ----- ----- ----- Net income.................................... $0.08 $0.07 $0.41 $0.39 ===== ===== ===== =====
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 hereunto duly authorized. CHARMING SHOPPES, INC. ---------------------- (Registrant) Dated: May 11, 2001 By: /S/ ERIC M. SPECTER ----------------------- Name: Eric M. Specter Title: Executive Vice President and Chief Financial Officer