EXHIBIT 99.1
| FOR IMMEDIATE RELEASE: | Investor Relations contact: | |
| Evan Price | ||
| Tel: 415-278-7933 | ||
| investor_relations@gymboree.com | ||
| Media Relations contact: | ||
| Tel: 415-278-7493 | ||
| media_relations@gymboree.com |
The Gymboree Corporation Reports First Fiscal Quarter 2013 Results
San Francisco, Calif., June 5, 2013 – The Gymboree Corporation (the “Company”) today reported consolidated financial results for the first fiscal quarter ended May 4, 2013.
For the first quarter of the fiscal year ending February 1, 2014 (“fiscal 2013”), net sales were $292.8 million, a decrease of 1.7% compared to $297.8 million in net sales for the first fiscal quarter of the fiscal year ended February 2, 2013 (“fiscal 2012”). Comparable sales for the quarter decreased 5% versus the first quarter of fiscal 2012.
Gross profit for the first quarter of fiscal 2013 was $121.0 million, or 41.3% of net sales, compared to $121.8 million, or 40.9% of net sales, for the first quarter of fiscal 2012. Excluding purchase accounting adjustments of $2.6 million and $3.0 million for the first quarter of fiscal 2013 and the first quarter of fiscal 2012, respectively, relating to the November 2010 acquisition of the Company by Giraffe Holding, Inc., an entity controlled by investment funds sponsored by Bain Capital Partners, LLC (the “Acquisition”), gross profit was $123.6 million, or 42.2% of net sales, and $124.8 million, or 41.9% of net sales, for the first quarter of fiscal 2013 and the first quarter of fiscal 2012, respectively (see Exhibit D).
SG&A expense for the first quarter of fiscal 2013 was $104.1 million, or 35.6% of net sales, compared to $91.7 million, or 30.8% of net sales, in the first quarter of fiscal 2012. Results for the first quarter of fiscal 2013 and fiscal 2012 include $3.9 million and $5.2 million, respectively, of additional costs resulting from the Acquisition, including the effect of purchase accounting adjustments and other adjustments. Excluding these charges, SG&A expense for the first quarter of fiscal 2013 and fiscal 2012 was $100.3 million, or 34.2% of net sales, and $86.5 million, or 29.1% of net sales, respectively, which represents an increase of 510 basis points over fiscal 2012 (see Exhibit D).
Net loss for the first quarter of fiscal 2013 was $2.8 million compared to net income of $4.2 million for the same quarter of fiscal 2012.
Net income (loss) attributable to The Gymboree Corporation before interest (income) expense, income tax (expense) benefit and depreciation and amortization, adjusted for other items (“Adjusted EBITDA”), for the first quarter of fiscal 2013 decreased 29.2% to $36.0 million compared to $50.8 million for the first quarter of fiscal 2012. Adjusted EBITDA is not a performance measure under GAAP. See “Non-GAAP Financial Measures” below. A reconciliation of net income (loss) attributable to The Gymboree Corporation to Adjusted EBITDA presented herein is included in Exhibit D of this press release.
Balance Sheet Highlights
Effective March 2012, the Company’s $225 million asset-backed loan (“ABL”) facility was refinanced to take advantage of favorable rates and to extend the maturity date. There were no borrowings outstanding under the ABL as of the end of the first fiscal quarter of fiscal 2013 and approximately $143.1 million of undrawn availability.
Cash at the end of the first quarter of fiscal 2013 was $43.1 million compared to $88.3 million at the end of the first quarter of fiscal 2012, reflecting the pay down of approximately $69.4 million of debt since the end of the first quarter last year.
Capital expenditures for the first quarter of fiscal 2013 were $10.7 million, with the majority of the cash used to fund the opening of 23 new stores during the quarter.
Inventory balances at the end of the first quarter of fiscal 2013 were $180.8 million compared to $185.7 million at the end of the first quarter of fiscal 2012. Inventory cost on a per square foot basis was down 12%, while inventory units on a per square foot basis were down in the low single digits.
Fiscal 2013 Business Outlook
In fiscal 2013, the Company is focused on improving its inventory discipline, strengthening its product assortment and continuing to drive its growth opportunities of real estate, ecommerce and international. The Company’s fiscal 2013 outlook is based on the current economic environment and trends, as well as its expectations for the balance of the year.
Full Year
For the full year, the Company continues to expect Adjusted EBITDA to grow modestly over last year and comparable sales to be flat to slightly positive. Based on this guidance, the Company expects to generate sufficient cash flow to service its debt and invest in the business to drive long term growth.
New Stores
During fiscal 2013, the Company plans to open approximately 100 new stores, with the majority being Crazy 8 stores.
Capital Expenditures
During fiscal 2013, the Company anticipates spending approximately $50 million for capital expenditures.
Non-GAAP Financial Measures
The Company defines "Adjusted EBITDA" as net income (loss) attributable to The Gymboree Corporation before interest (income) expense, income tax expense (benefit), and depreciation and amortization ("EBITDA") adjusted for other items, including loss on extinguishment of debt, non-cash share-based compensation, loss on disposal/impairment of assets and sponsor management fees and expenses, as well as the impact of purchase accounting adjustments resulting from the Acquisition.
Adjusted EBITDA is a non-GAAP measure but is considered an important supplemental measure of the Company's performance and is believed to be used frequently by securities analysts, investors and other interested parties in the evaluation of similar retail companies. Adjusted EBITDA is not a presentation made in accordance with GAAP and the Company's computation of Adjusted EBITDA may vary from others in the industry. Adjusted EBITDA should not be considered an alternative to operating income or net income, as a measure of operating performance or cash flow, or as a measure of liquidity. Adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. See Exhibit D for a reconciliation of Adjusted EBITDA to net income (loss).
Management Presentation
To listen live over the internet, please log on to www.gymboree.com, click on "Company Information" at the bottom of the page, go to "Investors & Media" and then "Conference Calls & Webcasts." A replay of the call will be available two hours after the broadcast through midnight PT, Tuesday, June 11, 2013, at 855-859-2056, passcode 75524872.
About The Gymboree Corporation
The Gymboree Corporation’s specialty retail brands offer unique, high-quality products delivered with personalized customer service. As of May 4, 2013, the Company operated a total of 1,280 retail stores: 634 Gymboree® stores (584 in the United States, 43 in Canada, 1 in Puerto Rico and 6 in Australia), 160 Gymboree Outlet stores (158 in the United States, 2 in Puerto Rico), 134 Janie and Jack® shops and 352 Crazy 8® stores in the United States. The Company also operates online stores at www.gymboree.com, www.janieandjack.com and www.crazy8.com, and offers directed parent-child developmental play programs at 718 franchised and Company-operated Gymboree Play & Music® centers in the United States and 42 other countries.
Forward-Looking Statements
The foregoing financial information for the first fiscal quarter ended May 4, 2013 is unaudited and subject to quarter-end and year-end adjustments. The foregoing paragraphs contain forward-looking statements relating to The Gymboree Corporation's anticipated future financial performance, such as those relating to its comparable store sales growth, Adjusted EBITDA, capital expenditures, cash flows and new store openings in fiscal 2013. Actual results could vary materially as a result of a number of factors, including the ongoing volatility in the commodities market for cotton, uncertainties relating to high levels of unemployment and consumer debt, volatility in the financial markets, general economic conditions, the Company’s ability to anticipate and timely respond to changes in trends and consumer preferences and customer reactions to new merchandise, service levels and new concepts, competitive market conditions, success in meeting the Company's delivery targets, the Company's promotional activity, gross margin achievement, the Company's ability to appropriately manage inventory, effects of future embargos from countries used to source product, the Company’s ability to attract and retain key personnel and other qualified team members, and other factors, including those discussed under “Risk Factors” in “Item 1A, Risk Factors,” of the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2013 filed with the Securities and Exchange Commission (“SEC”) on May 2, 2013, and its subsequent SEC filings. The forward-looking statements contained in this press release reflect the Company's expectations as of the date hereof, and the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation by the Company that its plans or objectives will be achieved. The Company undertakes no obligation to update the information provided herein.
Gymboree, Janie and Jack, Crazy 8, and Gymboree Play & Music are registered trademarks of The Gymboree Corporation.
###
EXHIBIT A
| THE GYMBOREE CORPORATION | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (Unaudited) |
| Quarter Ended | Quarter Ended | |||||||
| May 4, 2013 | April 28, 2012 | |||||||
| 13 Weeks | 13 Weeks | |||||||
| (in thousands) | ||||||||
| Net sales: | ||||||||
| Retail | $ | 280,877 | $ | 288,116 | ||||
| Gymboree Play & Music | 6,328 | 5,792 | ||||||
| Retail Franchise | 5,578 | 3,843 | ||||||
| Total net sales | 292,783 | 297,751 | ||||||
| Cost of goods sold, including buying and occupancy expenses | (171,810 | ) | (175,927 | ) | ||||
| Gross profit | 120,973 | 121,824 | ||||||
| Selling, general and administrative expenses | (104,129 | ) | (91,739 | ) | ||||
| Operating income | 16,844 | 30,085 | ||||||
| Interest income | 41 | 59 | ||||||
| Interest expense | (20,402 | ) | (21,658 | ) | ||||
| Loss on extinguishment of debt | - | (1,237 | ) | |||||
| Other income (expense), net | 9 | (66 | ) | |||||
| Income (loss) before income taxes | (3,508 | ) | 7,183 | |||||
| Income tax (expense) benefit | 660 | (3,013 | ) | |||||
| Net income (loss) | (2,848 | ) | 4,170 | |||||
| Net loss attributable to noncontrolling interest | 312 | 826 | ||||||
| Net (loss) income attributable to The Gymboree Corporation | $ | (2,536 | ) | $ | 4,996 | |||
EXHIBIT B
| THE GYMBOREE CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited) |
| May 4, 2013 | February 2, 2013 | April 28, 2012 | ||||||||||
| (in thousands) | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | $ | 43,146 | $ | 33,328 | $ | 88,268 | ||||||
| Accounts receivable | 22,124 | 27,542 | 25,264 | |||||||||
| Merchandise inventories | 180,796 | 197,935 | 185,691 | |||||||||
| Prepaid income taxes | 3,076 | 2,903 | 3,220 | |||||||||
| Prepaid expenses | 16,809 | 17,341 | 3,573 | |||||||||
| Deferred income taxes | 30,647 | 31,383 | 30,800 | |||||||||
| Total current assets | 296,598 | 310,432 | 336,816 | |||||||||
| Property and equipment, net | 205,985 | 205,325 | 202,419 | |||||||||
| Goodwill | 898,983 | 898,966 | 899,097 | |||||||||
| Other intangible assets | 578,456 | 580,641 | 594,574 | |||||||||
| Deferred financing costs | 38,419 | 40,040 | 46,220 | |||||||||
| Other assets | 7,443 | 7,809 | 5,504 | |||||||||
| Total assets | $ | 2,025,884 | $ | 2,043,213 | $ | 2,084,630 | ||||||
| Current liabilities | ||||||||||||
| Accounts payable | $ | 57,753 | $ | 90,133 | $ | 48,954 | ||||||
| Accrued liabilities | 107,095 | 90,443 | 91,772 | |||||||||
| Current portion of long-term debt | - | - | 15,648 | |||||||||
| Total current liabilities | 164,848 | 180,576 | 156,374 | |||||||||
| Long-term liabilities | ||||||||||||
| Long-term debt | 1,138,524 | 1,138,455 | 1,192,241 | |||||||||
| Lease incentives and other deferred liabilities | 43,432 | 40,104 | 31,082 | |||||||||
| Unrecognized tax benefits | 8,135 | 7,848 | 8,172 | |||||||||
| Deferred income taxes | 231,540 | 234,593 | 242,244 | |||||||||
| Total liabilities | 1,586,479 | 1,601,576 | 1,630,113 | |||||||||
| Stockholders' equity | 439,405 | 441,637 | 454,517 | |||||||||
| Total liabilities and stockholders' equity | $ | 2,025,884 | $ | 2,043,213 | $ | 2,084,630 | ||||||
EXHIBIT C
| THE GYMBOREE CORPORATION | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
| (Unaudited) |
| Quarter Ended | Quarter Ended | |||||||
| May 4, 2013 | April 28, 2012 | |||||||
| 13 Weeks | 13 Weeks | |||||||
| (in thousands) | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income (loss) | $ | (2,848 | ) | $ | 4,170 | |||
| Adjustments to reconcile net income (loss) to net cash | ||||||||
| provided by operating activities: | ||||||||
| Loss on extinguishment of debt | - | 1,237 | ||||||
| Depreciation and amortization | 12,822 | 14,248 | ||||||
| Amortization of deferred financing costs and accretion of original issue discount | 1,690 | 1,802 | ||||||
| Interest rate cap contracts - adjustment to market | 183 | 53 | ||||||
| Provision (benefit) for deferred income taxes | (2,210 | ) | 2,098 | |||||
| Share-based compensation expense | 1,497 | 1,407 | ||||||
| Other | 314 | 848 | ||||||
| Change in assets and liabilities: | ||||||||
| Accounts receivable | 5,443 | (380 | ) | |||||
| Merchandise inventories | 17,244 | 24,046 | ||||||
| Prepaid expenses and other assets | 409 | 1,902 | ||||||
| Prepaid income taxes | (179 | ) | 525 | |||||
| Accounts payable | (32,377 | ) | (30,078 | ) | ||||
| Accrued liabilities | 13,395 | (5,378 | ) | |||||
| Lease incentives and other deferred liabilities | 4,335 | 3,476 | ||||||
| Net cash provided by operating activities | 19,718 | 19,976 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Capital expenditures | (10,658 | ) | (8,625 | ) | ||||
| Other | (93 | ) | (176 | ) | ||||
| Net cash used in investing activities | (10,751 | ) | (8,801 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Payments on Term Loan | - | (2,050 | ) | |||||
| Deferred financing costs paid | - | (1,274 | ) | |||||
| Investment by affiliate of Parent | - | 2,400 | ||||||
| Dividend payment to Parent | (201 | ) | - | |||||
| Capital contribution to noncontrolling interest | 1,007 | - | ||||||
| Net cash provided by (used in) financing activities | 806 | (924 | ) | |||||
| Effect of exchange rate fluctuations on cash | 45 | 107 | ||||||
| Net increase in cash and cash equivalents | 9,818 | 10,358 | ||||||
| CASH AND CASH EQUIVALENTS: | ||||||||
| Beginning of period | 33,328 | 77,910 | ||||||
| End of period | $ | 43,146 | $ | 88,268 | ||||
EXHIBIT D
| THE GYMBOREE CORPORATION | |||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||
| (Unaudited) |
ADJUSTED EBITDA:
The Company defines "Adjusted EBITDA" as net income (loss) attributable to The Gymboree Corporation
before interest (income) expense, income tax expense (benefit), and depreciation and amortization ("EBITDA") adjusted
for other items, including gain or loss on extinguishment of debt, non-cash share-based compensation, loss on disposal/impairment
of assets, sponsor management fees and expenses, as well as the impact of purchase accounting adjustments resulting from the acquisition
of the Company by investment funds sponsored by Bain Capital Partners, LLC (the "Acquisition"), non-recurring and unusual
items.
Adjusted EBITDA is not a performance measure under U.S. generally accepted accounting principles ("GAAP"), but is considered
an important supplemental measure of the Company's performance and is believed to be used frequently by securities analysts, investors
and other interested parties in the evaluation of similar retail companies. Adjusted EBITDA is not a presentation made in accordance
with GAAP and the Company's computation of Adjusted EBITDA may vary from others in the industry. Adjusted EBITDA should not be
considered an alternative to operating income or net income, as a measure of operating performance or cash flow, or as a measure
of liquidity. Adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a
substitute for analysis of the Company's results as reported under GAAP.
The table below provides a reconciliation of net income (loss) attributable to The Gymboree Corporation to Adjusted EBITDA (in
thousands):
| Quarter Ended | Quarter Ended | |||||||
| May 4, 2013 | April 28, 2012 | |||||||
| 13 Weeks | 13 Weeks | |||||||
| Net (loss) income attributable to The Gymboree Corporation | $ | (2,536 | ) | $ | 4,996 | |||
| Reconciling items (a): | ||||||||
| Interest expense | 20,402 | 21,658 | ||||||
| Interest income | (26 | ) | (48 | ) | ||||
| Income tax expense (benefit) | (861 | ) | 2,954 | |||||
| Depreciation and amortization (b) | 12,620 | 14,162 | ||||||
| Non-cash share-based compensation expense | 1,497 | 1,407 | ||||||
| Loss on disposal/impairment on assets | 300 | 62 | ||||||
| Loss (gain) on extinguishment of debt | - | 1,237 | ||||||
| Restructuring charges | 489 | - | ||||||
| Acquisition-related adjustments (c) | 4,093 | 4,398 | ||||||
| Adjusted EBITDA | $ | 35,978 | $ | 50,826 | ||||
| (a) Exclude amounts related to noncontrolling interest, which are already excluded from net income (loss) attributable to The Gymboree Corporation. | ||||||||
| (b) Includes the following (in thousands): | ||||||||
| Amortization of intangible assets (impacts SG&A) | $ | 2,258 | $ | 4,340 | ||||
| Amortization of below and above market leases (impacts COGS) | (386 | ) | (548 | ) | ||||
| $ | 1,872 | $ | 3,792 | |||||
| (c) Include the following (in thousands): | ||||||||
| Additional rent expense recognized due to the elimination of deferred rent and construction allowances in purchase accounting (impacts COGS) | $ | 2,232 | $ | 2,324 | ||||
| Sponsor fees, legal and accounting, as well as other costs incurred as a result of the Acquisition or refinancing (impacts SG&A) | 1,120 | 872 | ||||||
| Decrease in net sales due to the elimination of deferred revenue related to the Company's co-branded credit card program in purchase accounting (impacts net sales) | 741 | 1,202 | ||||||
| $ | 4,093 | $ | 4,398 | |||||
| OTHER NON-GAAP FINANCIAL MEASURES: | ||||||||
| Quarter Ended | Quarter Ended | |||||||
| May 4, 2013 | April 28, 2012 | |||||||
| 13 Weeks | 13 Weeks | |||||||
| Gross profit as reported | $ | 120,973 | $ | 121,824 | ||||
| Acquisition-related adjustments | 2,587 | 2,978 | ||||||
| Adjusted gross profit excluding Acquisition-related adjustments (non-GAAP measure) | $ | 123,560 | $ | 124,802 | ||||
| Quarter Ended | Quarter Ended | |||||||
| May 4, 2013 | April 28, 2012 | |||||||
| 13 Weeks | 13 Weeks | |||||||
| SG&A as reported | $ | (104,129 | ) | $ | (91,739 | ) | ||
| Acquisition-related adjustments | 3,378 | 5,212 | ||||||
| Other adjustments | 489 | - | ||||||
| 3,867 | 5,212 | |||||||
| Adjusted SG&A excluding Acquisition-related and other adjustments (non-GAAP measure) | $ | (100,262 | ) | $ | (86,527 | ) | ||
| EXHIBIT E | |||||||||
| THE GYMBOREE CORPORATION | |||||||||
| CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||
| (Unaudited) | |||||||||
| For the quarter ended May 4, 2013 | ||||||||||||||||
| Balance Before | ||||||||||||||||
| Consolidation of VIEs | VIEs* | Eliminations | As Reported | |||||||||||||
| (in thousands) | ||||||||||||||||
| Net sales | $ | 289,480 | $ | 4,634 | $ | (1,331 | ) | $ | 292,783 | |||||||
| Cost of goods sold, including buying and occupancy expenses | (170,782 | ) | (1,230 | ) | 202 | (171,810 | ) | |||||||||
| Gross profit | 118,698 | 3,404 | (1,129 | ) | 120,973 | |||||||||||
| Selling, general and administrative expenses | (101,631 | ) | (3,646 | ) | 1,148 | (104,129 | ) | |||||||||
| Operating income (loss) | 17,067 | (242 | ) | 19 | 16,844 | |||||||||||
| Interest income | 27 | 14 | - | 41 | ||||||||||||
| Interest expense | (20,402 | ) | - | - | (20,402 | ) | ||||||||||
| Other income (expense), net | (108 | ) | 117 | - | 9 | |||||||||||
| Loss before income taxes | (3,416 | ) | (111 | ) | 19 | (3,508 | ) | |||||||||
| Income tax benefit (expense) | 861 | (201 | ) | - | 660 | |||||||||||
| Net loss | (2,555 | ) | (312 | ) | 19 | (2,848 | ) | |||||||||
| Net loss attributable to noncontrolling interest | - | 312 | - | 312 | ||||||||||||
| Net loss attributable to The Gymboree Corporation | $ | (2,555 | ) | $ | - | $ | 19 | $ | (2,536 | ) | ||||||
| For the quarter ended April 28, 2012 | ||||||||||||||||
| Balance Before | ||||||||||||||||
| Consolidation of VIEs | VIEs* | Eliminations | As Reported | |||||||||||||
| (in thousands) | ||||||||||||||||
| Net sales | $ | 297,931 | $ | 2,143 | $ | (2,323 | ) | $ | 297,751 | |||||||
| Cost of goods sold, including buying and occupancy expenses | (176,049 | ) | (242 | ) | 364 | (175,927 | ) | |||||||||
| Gross profit | 121,882 | 1,901 | (1,959 | ) | 121,824 | |||||||||||
| Selling, general and administrative expenses | (90,894 | ) | (2,655 | ) | 1,810 | (91,739 | ) | |||||||||
| Operating income (loss) | 30,988 | (754 | ) | (149 | ) | 30,085 | ||||||||||
| Interest income | 48 | 11 | - | 59 | ||||||||||||
| Interest expense | (21,658 | ) | - | - | (21,658 | ) | ||||||||||
| Loss on extinguishment of debt | (1,237 | ) | - | - | (1,237 | ) | ||||||||||
| Other expense, net | (42 | ) | (24 | ) | - | (66 | ) | |||||||||
| Income (loss) before income taxes | 8,099 | (767 | ) | (149 | ) | 7,183 | ||||||||||
| Income tax expense | (2,954 | ) | (59 | ) | - | (3,013 | ) | |||||||||
| Net income (loss) | 5,145 | (826 | ) | (149 | ) | 4,170 | ||||||||||
| Net loss attributable to noncontrolling interest | - | 826 | - | 826 | ||||||||||||
| Net income attributable to The Gymboree Corporation | $ | 5,145 | $ | - | $ | (149 | ) | $ | 4,996 | |||||||
EXHIBIT E (continued)
| THE GYMBOREE CORPORATION | |||||||||
| CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||
| (Unaudited) |
| May 4, 2013 | ||||||||||||||||
| Balance Before | ||||||||||||||||
| Consolidation of VIEs | VIEs* | Eliminations | As Reported | |||||||||||||
| (in thousands) | ||||||||||||||||
| Current assets | $ | 288,822 | $ | 13,131 | $ | (5,355 | ) | $ | 296,598 | |||||||
| Non-current assets | 1,726,636 | 2,650 | - | 1,729,286 | ||||||||||||
| Total assets | $ | 2,015,458 | $ | 15,781 | $ | (5,355 | ) | $ | 2,025,884 | |||||||
| Current liabilities | $ | 157,669 | $ | 12,321 | $ | (5,142 | ) | $ | 164,848 | |||||||
| Non-current liabilities | 1,421,443 | 188 | - | 1,421,631 | ||||||||||||
| Total liabilities | $ | 1,579,112 | $ | 12,509 | $ | (5,142 | ) | $ | 1,586,479 | |||||||
| Total stockholders' equity | 436,346 | - | (213 | ) | 436,133 | |||||||||||
| Noncontrolling interest | - | 3,272 | - | 3,272 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 2,015,458 | $ | 15,781 | $ | (5,355 | ) | $ | 2,025,884 | |||||||
| April 28, 2012 | ||||||||||||||||
| Balance Before | ||||||||||||||||
| Consolidation of VIEs | VIEs* | Eliminations | As Reported | |||||||||||||
| (in thousands) | ||||||||||||||||
| Current assets | $ | 327,746 | $ | 11,536 | $ | (2,466 | ) | $ | 336,816 | |||||||
| Non-current assets | 1,746,957 | 857 | - | 1,747,814 | ||||||||||||
| Total assets | $ | 2,074,703 | $ | 12,393 | $ | (2,466 | ) | $ | 2,084,630 | |||||||
| Current liabilities | $ | 149,593 | $ | 9,098 | $ | (2,317 | ) | $ | 156,374 | |||||||
| Non-current liabilities | 1,473,680 | 59 | - | 1,473,739 | ||||||||||||
| Total liabilities | $ | 1,623,273 | $ | 9,157 | $ | (2,317 | ) | $ | 1,630,113 | |||||||
| Total stockholders' equity | 451,430 | - | (149 | ) | 451,281 | |||||||||||
| Noncontrolling interest | - | 3,236 | - | 3,236 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 2,074,703 | $ | 12,393 | $ | (2,466 | ) | $ | 2,084,630 | |||||||
| * The Variable Interest Entities ("VIEs") includes the results of Gymboree (China) Commercial and Trading Co. Ltd. and Gymboree (Tianjin) Educational Information Consultation Co. Ltd. While the Company does not control these two entities, they have been determined to be variable interest entities and their results have been consolidated by the Company. |