-----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, LFFkbLrHHz9EKvvGGcyCVQMx63IuYJDw5TiJmw9s6zm6iGGvkJKds6FzZmQiUqXy 09wd7TwJTKwm0ZtdGo3tzA== 0000276641-99-000003.txt : 19990519 0000276641-99-000003.hdr.sgml : 19990519 ACCESSION NUMBER: 0000276641-99-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990403 FILED AS OF DATE: 19990518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPIEGEL INC CENTRAL INDEX KEY: 0000276641 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] IRS NUMBER: 362593917 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16126 FILM NUMBER: 99629559 BUSINESS ADDRESS: STREET 1: 3500 LACEY RD CITY: DOWNERS GROVE STATE: IL ZIP: 60515-5432 BUSINESS PHONE: 7089868800 MAIL ADDRESS: STREET 1: 3500 LACEY ROAD CITY: DOWNERS GROVE STATE: IL ZIP: 60515-5432 EX-27 1 ART. 5 FDS FOR 1ST QUARTER 10-Q
5 1,000 3-MOS JAN-01-2000 APR-03-1999 34,204 0 568,615 13,453 502,985 1,218,924 609,149 259,870 1,809,089 469,889 684,322 131,802 0 0 496,362 1,809,089 564,525 625,177 384,255 384,255 0 0 14,242 (16,970) (6,958) (10,012) 0 0 0 (10,012) (0.08) (0.08)
10-Q 2 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ UNITED STATES 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 quarter ended April 3, 1999 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 0-16126 SPIEGEL, INC. (Exact name of registrant as specified in its charter) Delaware 36-2593917 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 3500 Lacey Road, Downers Grove, Illinois 60515-5432 (Address of principal executive offices) (Zip Code) 630-986-8800 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) 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 [ ] APPLICABLE ONLY TO CORPORATE ISSUERS The number of shares outstanding of each of the issuer's classes of common stock, as of May 14, 1999 are as follows: Class A non-voting common stock, $1.00 par value 14,791,544 shares Class B voting common stock, $1.00 par value 117,009,869 shares. - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ SPIEGEL, INC. AND SUBSIDIARIES PART I - FINANCIAL INFORMATION Item 1 - Financial Statements Consolidated Balance Sheets, April 3, 1999 and January 2, 1999 Consolidated Statements of Earnings, Thirteen Weeks Ended April 3, 1999 and April 4, 1998 Consolidated Statements of Cash Flows, Thirteen Weeks Ended April 3, 1999 and April 4, 1998 Notes to Consolidated Financial Statements Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Item 3 - Quantitative and Qualitative Disclosures About Market Risk Information contained in Part I, Item 2. under the caption "Market Risk" on page 11 of this Form 10-Q is incorporated herein by reference. 2 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ Spiegel, Inc. and Subsidiaries Consolidated Balance Sheets ($000s omitted, except per share amounts) April 3, 1999 and January 2, 1999
(unaudited) April 3, January 2, 1999 1999 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 34,204 $ 91,200 Receivables, net 555,162 544,146 Inventories 502,985 490,915 Prepaid expenses 89,736 93,390 Refundable income taxes 10,877 9,897 Deferred income taxes 25,960 25,946 ------------ ------------ Total current assets 1,218,924 1,255,494 Property and equipment, net 349,279 359,361 Intangible assets, net 152,941 153,146 Other assets 87,945 89,259 ------------ ------------ Total Assets $ 1,809,089 $ 1,857,260 ------------ ------------ ------------ ------------ LIABILITIES and STOCKHOLDERS' EQUITY Current liabilities: Current maturities of debt $ 35,714 $ 85,714 Accounts payable 205,720 287,585 Accrued liabilities: Salaries and wages 24,274 46,301 General taxes 86,564 103,890 Allowance for returns 21,434 33,222 Other accrued liabilities 96,183 106,539 ------------ ------------ Total current liabilities 469,889 663,251 Long-term debt, excluding current maturities 684,322 523,036 Deferred income taxes 26,714 33,706 ------------ ------------ Total liabilities 1,180,925 1,219,993 Stockholders' equity: Class A non-voting common stock, $1.00 par value; authorized 16,000,000 shares; 14,791,544 shares issued and outstanding at April 3, 1999; 14,747,844 shares issued and outstanding at January 2, 1999 14,792 14,748 Class B voting common stock, $1.00 par value; authorized 121,500,000 shares; 117,009,869 shares issued and outstanding at April 3, 1999 and January 2, 1999 117,010 117,010 Additional paid-in capital 328,712 328,489 Accumulated other comprehensive income (loss) (3,913) (4,555) Retained earnings 171,563 181,575 ------------ ------------ Total stockholders' equity 628,164 637,267 ------------ ------------ Total liabilities and stockholders' equity $ 1,809,089 $ 1,857,260 ------------ ------------ ------------ ------------
[FN] See accompanying notes to consolidated financial statements. 3 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ Spiegel, Inc. and Subsidiaries Consolidated Statements of Earnings ($000s omitted, except per share amounts) Thirteen Weeks Ended April 3, 1999 and April 4, 1998 (unaudited)
Thirteen Weeks Ended April 3, April 4, 1999 1998 ------------ ------------ Net sales and other revenues: Net sales $ 564,525 $ 532,450 Finance revenue 51,458 49,214 Other revenue 9,194 8,889 ------------ ------------ 625,177 590,553 Cost of sales and operating expenses: Cost of sales, including buying and occupancy expenses 384,255 379,612 Selling, general and administrative expenses 243,650 234,704 ------------ ------------ 627,905 614,316 ------------ ------------ Operating income (loss) (2,728) (23,763) Interest expense 14,242 16,870 ------------ ------------ Earnings (loss) before income taxes (16,970) (40,633) Income tax benefit (6,958) (17,500) ------------ ------------ Net earnings (loss) $ (10,012) $ (23,133) ------------ ------------ ------------ ------------ Net earnings (loss) per common share Basic and diluted $ (0.08) $ (0.19) ------------ ------------ ------------ ------------ Weighted average number of common shares outstanding 131,788,511 119,484,137 ------------ ------------ ------------ ------------
[FN] See accompanying notes to consolidated financial statements. 4 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- Spiegel, Inc. and Subsidiaries Consolidated Statements of Cash Flows ($000s omitted) Thirteen Weeks ended April 3, 1999 and April 4, 1998 (unaudited)
Thirteen Weeks Ended April 3, April 4, 1999 1998 ------------ ------------ Cash flows from operating activities: Net earnings (loss) $ (10,012) $ (23,133) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Depreciation and amortization 19,021 19,207 Change in assets and liabilities, net of effects of acquisition: (Increase) decrease in receivables, net (11,016) 98,853 Increase in inventories (12,070) (6,729) Decrease in prepaid expenses 3,654 7,794 Decrease in accounts payable (81,865) (91,657) Decrease in accrued liabilities (61,497) (51,602) Decrease in income taxes (7,986) (20,286) ------------ ------------ Net cash used in operating activities (161,771) (67,553) ------------ ------------ Cash flows from investing activities: Net additions to property and equipment (4,613) (6,147) Net additions to other assets (2,807) (3,874) ------------ ------------ Net cash used in investing activities (7,420) (10,021) ------------ ------------ Cash flows from financing activities: Issuance of debt 172,000 145,000 Payment of debt (60,714) (155,000) Issuance of Class B common stock -- 69,998 Exercise of stock options 267 113 ------------ ------------ Net cash provided by financing activities 111,553 60,111 ------------ ------------ Effect of exchange rate on cash 642 (190) Net change in cash and cash equivalents (56,996) (17,653) Cash and cash equivalents at beginning of year 91,200 47,582 ------------ ------------ Cash and cash equivalents at end of period $ 34,204 $ 29,929 ------------ ------------ ------------ ------------ Supplemental cash flow information: Cash paid during the period for: Interest $ 11,085 $ 13,374 ------------ ------------ ------------ ------------ Income taxes $ 979 $ 3,243 ------------ ------------ ------------ ------------
[FN] See accompanying notes to consolidated financial statements. 5 - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- Spiegel, Inc. and Subsidiaries Notes to Consolidated Financial Statements ($000s omitted) (unaudited) (1) Basis of presentation The consolidated financial statements included herein are unaudited and have been prepared from the books and records of the Company in accordance with generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission. All adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of financial position and operating results for the interim periods are reflected. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's most recent Annual Report on Form 10-K, which includes financial statements for the year ended January 2, 1999. Due to the seasonality of the Company's business, the results for interim periods are not necessarily indicative of the results for the year. (2) Reclassifications Certain prior amounts have been reclassified from amounts previously reported to conform with the 1999 presentation. (3) Debt The Company has a revolving credit agreement with a group of banks that expires on March 26, 2000. Outstanding borrowings of $172,000 related to the revolver are classified as long-term debt in the Company's balance sheet as of April 3, 1999. The Company intends to refinance the obligation on a long-term basis with terms similar to those existing under the current financing agreement prior to its expiration. 6 - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- (4) Segment reporting Segment revenues and operating profit, including a reconciliation to the consolidated Company's earnings before income taxes, follows:
Thirteen Weeks Ended April 3, April 4, 1999 1998 ------------ ------------ Revenues: Merchandising $ 609,428 $ 573,021 Bankcard 15,749 17,532 ------------ ------------ Total revenues $ 625,177 $ 590,553 ------------ ------------ ------------ ------------ Operating income (loss): Merchandising $ (7,054) $ (34,256) Bankcard 4,564 10,890 ------------ ------------ Total segment operating income (2,490) (23,366) Premium on acquisitions (238) (397) ------------ ------------ Total operating income (loss) (2,728) (23,763) Interest expense 14,242 16,870 ------------ ------------ Earnings (loss) before income taxes $ (16,970) $ (40,633) ------------ ------------ ------------ ------------
7 - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ($000s omitted, except per share amounts) RESULTS OF OPERATIONS For the thirteen weeks ended April 3, 1999, the Company recorded a net loss of $10,012, or $0.08 per share, compared with a net loss of $23,133, or $0.19 per share, in the first thirteen weeks of 1998. The significant improvement in operating results was driven primarily by a stronger customer response to merchandise offerings and gross margin improvement in the merchandising segment. Merchandising segment:
Thirteen Weeks Ended April 3, April 4, 1999 1998 ------------ ------------ Retail net sales $ 256,414 $ 237,779 Comp store % change 4% (10)% Catalog net sales 308,111 294,671 ------------ ------------ Total net sales 564,525 532,450 Finance revenue 35,709 31,682 Other revenue 9,194 8,889 ------------ ------------ Total revenue 609,428 573,021 ------------ ------------ % change 6.4% (3.7)% Gross margin % to total net sales 32.0% 28.7% SG&A % to total revenue 38.1% 39.7% Operating income $ (7,054) $ (34,256) ------------ ------------
Total merchandising revenues increased in the thirteen weeks ended April 3, 1999 compared to the same period last year, driven by a 6 percent increase in net sales and a 13 percent increase in finance revenue generated from FCNB Preferred charge programs. The net sales increase included a 5 percent gain in total catalog net sales and an 8 percent increase in total retail net sales, reflecting stronger customer response to merchandise offerings. The increase in catalog net sales was led by sales growth at Newport News and Spiegel Catalog, both of which experienced a positive response to an increase in pages circulated. Eddie Bauer catalog sales were down in the period, reflecting a planned decrease in pages circulated, offset substantially by significant gains in productivity. Retail net sales results included a 4 percent increase in Eddie Bauer comparable-store sales, reflecting an improved merchandising and inventory position compared to last year. Finance revenue was driven higher primarily by an increase in the net excess realized from off-balance sheet receivables, reflecting an improvement in the productivity of the portfolio. 8 - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- Operating income for the merchandising segment increased $27,202 in the thirteen weeks ended April 3, 1999 compared to the last year period. Eddie Bauer, Spiegel Catalog and Newport News each improved upon the prior year's results, accompanied by a positive earnings contribution from the FCNB Preferred charge programs. Key factors contributing to this progress included higher gross margins and better expense ratios realized due to the growth in revenue accompanied by successful cost containment initiatives. Gross profit margin on net sales increased to 32.0 percent for the thirteen weeks ended April 3, 1999 from 28.7 percent for the comparable 1998 period. The favorable margin performance, driven by Spiegel Catalog and Eddie Bauer, resulted from stronger customer response to merchandise offerings and in turn, lower markdowns compared to last year. The selling, general and administrative expenses ratio benefited from the increase in revenues ending the period at 38.1 percent of total revenues compared to 39.7 percent in the comparable last year period. Continued emphasis on cost controls and higher levels of productivity on catalog mailings realized by Eddie Bauer, Newport News and Spiegel Catalog also contributed to the improvement. Bankcard segment:
Thirteen Weeks Ended April 3, April 4, 1999 1998 ------------ ------------ Finance revenue $ 15,749 $ 17,532 Operating income $ 4,564 $ 10,890 ------------ ------------
Bankcard finance revenue decreased 10 percent in the thirteen weeks ended April 3, 1999 compared with the same period last year. Overall, bankcard revenue from serviced receivables grew by 38 percent during the period. The relative level of receivables sold for the period remained the same as last year at approximately 75 percent of the total portfolio. However, recognized revenues decreased relative to last year, primarily due to lower late fee income and, to a lesser extent, the impact of the accounting for receivables sold under SFAS 125. The lower late fee income is being driven by improved delinquency statistics in the overall bankcard portfolio. Bankcard operating income declined in the first thirteen weeks of 1999 compared to the prior year as well, primarily due to certain noncomparable items which benefited the first thirteen weeks of 1998. The 1998 period was favorably impacted by the reversal of approximately $3,000 of provision for doubtful accounts related to the sale of receivables in accordance with SFAS 125. Additionally, the first period of 1998 benefited from a new credit program which began in late 1997. In general, newly issued credit programs initially generate finance revenues without the immediate corresponding charge-offs associated with extending credit. The 1999 results reflect the full impact of this credit program. Excluding these noncomparable items from 1998's first period results, bankcard operating income was essentially flat to last year. 9 - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- INTEREST EXPENSE The Company continues to benefit from lower average debt levels, a reflection of stronger operating results and improved utilization of working capital. Interest expense decreased 16 percent to $14,242 for the thirteen weeks ended April 3, 1999 compared to $16,870 for the prior year period. Average debt for the first thirteen weeks of 1999 was $677,961 compared to $899,475 for the comparable period last year. Ending debt levels of $722,412 were nearly $172 million, or 19 percent, below the year earlier levels. SEASONALITY AND QUARTERLY FLUCTUATIONS The Company, like other retailers, experiences seasonal fluctuations in its revenues and net earnings. Historically, a significant amount of the Company's net sales and a majority of its net earnings have been realized during the fourth quarter. Accordingly, the results for the individual quarters are not necessarily indicative of the results to be expected for the entire year. LIQUIDITY AND CAPITAL RESOURCES The Company has historically met its operating and cash requirements through funds generated from operations, the securitization of customer accounts receivable and the issuance of debt and common stock. Total customer receivables sold were $1,367,730 at April 3, 1999, $1,420,730 at January 2, 1999 and $1,267,816 at April 4, 1998. Impacted primarily by the Company's overall level of receivables, net cash provided by operations declined $94,218 in the first thirteen weeks of 1999 compared to the same period last year. Receivables provided $109,869 less cash in the 1999 period, driven by growth in the Preferred credit portfolio as well as increases in the bankcard portfolio. Excluding receivables, net cash provided by operating activities increased $15,651 in the first thirteen weeks of 1999, driven by improved operating results and strong inventory controls. Total inventories at quarter-end were down 2 percent compared to last year, despite a 6 percent increase in net sales. Net additions to property and equipment for the thirteen weeks ended April 3, 1999 were $4,613 compared to $6,147 in the same period last year. Capital spending, which is primarily related to Eddie Bauer retail store expansion and remodeling, declined compared to the 1998 period driven by a lower number of Eddie Bauer store openings planned in 1999. On March 26, 1998, the Company issued 13,526,571 shares of Class B voting common stock to its majority shareholder, Spiegel Holdings, Inc. The net proceeds of $69,998 were used primarily to fund working capital and investing needs. 10 - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- The Company believes that its cash on hand, together with cash flows anticipated to be generated from operations, borrowings under its existing credit facilities, securitizations of customer receivables and other available sources of funds, will be adequate to fund the Company's capital and operating requirements for the foreseeable future. MARKET RISK The Company is exposed to market risk from changes in interest rates and, to a lesser extent, foreign exchange rate fluctuations. In seeking to minimize risk, the Company manages exposure through its regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. The Company does not use financial instruments for trading or other speculative purposes and is not party to any leveraged financial instruments. Interest rates: The Company manages interest rate exposure through a mix of fixed- and variable-rate financings. The Company is generally able to meet certain targeted objectives through its direct borrowings, a significant portion of which are fixed-rate obligations. Accordingly, the interest rate risk to the Company is minimal. Substantially all of the Company's variable-rate exposure relates to changes in the three month LIBOR rate. If the three month LIBOR rate had changed by 50 basis points, the Company's first quarter 1999 interest expense would have changed by approximately $190. In addition, derivative financial instruments are utilized occasionally to reach the Company's targeted objectives. Interest rate swaps may be used to minimize interest rate exposure when appropriate based on market conditions. The use of interest rate swaps is minimal, and as of April 3, 1999, the notional amount totaled $64,286. In conjunction with its asset-backed securitizations, the Company recognizes gains representing the present value of estimated future cash flows the Company expects to receive over the estimated outstanding securitization period. Certain estimates inherent in determining the present value of these estimated future cash flows are influenced by factors outside the Company's control, including the impact of interest rate fluctuations on variable-rate instruments. As a result, estimates could materially change in the near term and affect the carrying value of these receivables. The Company believes that its interest rate exposure management policies, including the use of derivative financial instruments, are adequate to limit any material market risk exposure to its consolidated financial statements at April 3, 1999. Foreign currency exchange rates: The Company is subject to foreign currency exchange risk related to its Canadian operations, as well as its joint venture investments in Germany, Japan and the United Kingdom. The Company believes that its foreign exchange risk is not material due to the size and nature of the above operations and does not utilize any hedging instruments to minimize exposure to fluctuations in currency rates at this time. 11 - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- YEAR 2000 The Company continues to take the appropriate steps to minimize the threat of any material technical failure relating to Year 2000 compliance issues. A series of comprehensive plans, covering the renovation of internal systems, outside vendor readiness and testing are in place and are being executed in accordance with prescribed time tables. The renovation phase is generally progressing as planned, with nearly 90% of our internal hardware and software systems and facilities Year 2000 compliant as of April 3, 1999. Systems yet to be renovated include those that are dependent on minor third party vendor software upgrades, systems that have been targeted for replacement or renovation in 1999 and will be compliant upon installation, and off-the-shelf PC hardware and software that can be purchased and installed in a short period of time. At this point, it is anticipated that 95% of the Company's internal systems will be Year 2000 compliant by the end of the second quarter and 100% at the end of the third quarter. Contingency plans are currently in place in order to mitigate the impact of possible system failure. These plans also include contingencies for the renovation of existing systems in the event that replacement systems cannot be installed in a timely manner. Generally, individual systems are being tested as they are renovated. A fully integrated system test commenced in January 1999 and is expected to be completed midyear. Systems not yet renovated will be added to this integrated test as renovation is completed. The Company has also implemented a comprehensive plan to communicate to all critical vendors and suppliers the expectation that they attain Year 2000 compliance in a timely manner. To date, the Company has received responses from over 90% of these critical vendors and is aggressively pursuing those who have not responded or have responded in an unsatisfactory manner. Contingency plans have been put in place to provide alternate solutions if the progress of certain vendors and suppliers is deemed questionable so as not to jeopardize the Company's ability to service customers. The direct costs associated with the Year 2000 initiative are expected to range between $8,000 and $10,000. These costs, totaling $6,400 through April 3, 1999, are funded through current operations and expensed as incurred. Risks associated with Year 2000 failures range from sporadic delays of limited scope all the way to an extended impairment of the Company's merchandise receipt, distribution and billing capabilities. While difficult to predict, the most reasonably likely scenario will include some sporadic delays of limited scope. While the Company believes it is acting prudently in addressing the Year 2000 issue, it is impossible for any company to ensure complete Year 2000 compliance. While it is certainly possible that there may be litigation arising from the Year 2000 conversion, at this time the Company does not anticipate, nor can it estimate, any costs associated with such litigation. 12 - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- ACCOUNTING STANDARDS Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities," effective for all fiscal quarters of fiscal years beginning after June 15, 1999, establishes accounting and reporting standards for derivatives and for hedging activities. The Company is studying the statement to determine its effect on the consolidated financial position or results of operations, if any. The Company will adopt SFAS No. 133, as required, in fiscal year 2000. FORWARD-LOOKING STATEMENTS This report contains statements which are forward-looking statements within the meaning of applicable federal securities laws and are based upon the Company's current expectations and assumptions. Such forward-looking statements are subject to a number of risks and uncertainties which could cause actual results to differ materially from those anticipated including but not limited to, financial strength and performance of the retail and direct marketing industry, changes in consumer spending patterns, dependence on the securitization of accounts receivable to fund operations, state and federal laws and regulations related to offering and extending credit, the impact of competitive activities, inventory risks due to shifts in the market demand, risks associated with collections on the Company's credit card portfolios, interest rate fluctuations, and postal rate, paper or printing cost increases, and the success of planned merchandising, advertising, marketing and promotional campaigns, as well as other risks indicated in other filings with the Securities and Exchange Commission such as the Company's most recent Form 10-K. 13 - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- SIGNATURE 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 thereunto duly authorized. SPIEGEL, INC.
Signature Title Date - ------------------------- -------------------------- ---------------- /s/ James W. Sievers Office of the President, May 18, 1999 James W. Sievers Chief Financial Officer (Principal Operating Executive Officer and Principal Financial and Accounting Officer)
-----END PRIVACY-ENHANCED MESSAGE-----