-----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, H9nnokBvgqL4KpvQNdgdeRcdBb/hml5+Pgfh+M8cspnKoj1hv/EZ+bMEGy3A5LMK jidNDlBuCm2EI4+XqjOG8Q== 0000912057-00-025603.txt : 20000522 0000912057-00-025603.hdr.sgml : 20000522 ACCESSION NUMBER: 0000912057-00-025603 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000516 ITEM INFORMATION: FILED AS OF DATE: 20000519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STAPLES INC CENTRAL INDEX KEY: 0000791519 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] IRS NUMBER: 042896127 STATE OF INCORPORATION: DE FISCAL YEAR END: 0127 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-17586 FILM NUMBER: 639997 BUSINESS ADDRESS: STREET 1: 500 STAPLES DRIVE STREET 2: P O BOX 9328 CITY: FRAMINGHAM STATE: MA ZIP: 01702 BUSINESS PHONE: 508-253-5000 8-K 1 8-K 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): May 16, 2000 ----------------- STAPLES, INC. ---------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-17586 04-2896127 --------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) Five Hundred Staples Drive, Framingham, Massachusetts 01702 -------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (508) 253-5000 -------------- Not Applicable ------------------------------ (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS On May 16, 2000, Staples, Inc. issued two press releases announcing the financial results of the Staples Retail and Delivery and Staples.com divisions for the fiscal quarter ended April 29, 2000. Attached hereto as Exhibit 99.1 are the consolidated financial results of Staples, Inc. for the fiscal quarter ended April 29, 2000. Attached hereto as Exhibit 99.2 and Exhibit 99.3 are the combined financial results of Staples Retail and Delivery and Staples.com, respectively, for the fiscal quarter ended April 29, 2000. 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. Date: May 19, 2000 STAPLES, INC. By:/s/ John J. Mahoney ---------------------------- John J. Mahoney Executive Vice President and Chief Financial Officer EX-99.1 2 EXHIBIT 99.1 STAPLES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
April 29, 2000 January 29, (Unaudited) 2000 ----------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents................................................... $ 651 $ 110,483 Short-term investments...................................................... 1,047 1,071 Merchandise inventories..................................................... 1,547,780 1,607,516 Receivables, net............................................................ 438,383 360,901 Deferred income taxes....................................................... 40,095 39,730 Prepaid expenses and other current assets................................... 84,912 73,750 ---------- ---------- TOTAL CURRENT ASSETS................................................ 2,112,868 2,193,451 PROPERTY AND EQUIPMENT: Land and buildings.......................................................... 336,445 328,994 Leasehold improvements...................................................... 463,060 442,119 Equipment................................................................... 581,078 547,309 Furniture and fixtures...................................................... 311,888 286,260 ---------- ---------- TOTAL PROPERTY AND EQUIPMENT........................................ 1,692,471 1,604,682 Less accumulated depreciation and amortization.............................. 560,873 509,920 ---------- ---------- NET PROPERTY AND EQUIPMENT.......................................... 1,131,598 1,094,762 OTHER ASSETS: Lease acquisition costs, net of amortization................................ 67,000 68,832 Investments................................................................. 244,469 34,755 Goodwill, net of amortization............................................... 389,406 387,595 Deferred income taxes....................................................... -- 34,912 Other....................................................................... 35,383 31,769 ---------- ---------- TOTAL OTHER ASSETS.................................................. 736,258 557,863 ---------- ---------- $3,980,724 $3,846,076 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable............................................................ $ 842,113 $ 897,523 Accrued expenses and other current liabilities.............................. 528,562 545,162 Debt maturing within one year............................................... 27,498 12,219 ---------- ---------- TOTAL CURRENT LIABILITIES........................................... 1,398,173 1,454,904 LONG-TERM DEBT ................................................................. 543,781 500,903 DEFERRED INCOME TAXES........................................................... 29,223 -- OTHER LONG-TERM OBLIGATIONS..................................................... 64,063 61,456 STOCKHOLDERS' EQUITY: Preferred stock, $.01 par value 5,000,000 shares authorized; no shares issued ............................................. -- -- Common stock: Staples RD Stock, $.0006 par value 1,500,000,000 shares authorized; 472,312,364 shares issued and outstanding at April 29, 2000 and 470,752,253 at January 29, 2000............... 283 282 Staples.com Stock, $.0006 par value 600,000,000 shares authorized; 14,028,672 shares issued and outstanding at April 29, 2000 and 13,626,093 at January 29, 2000................... 8 8 Additional paid-in capital.................................................. 1,213,611 1,196,512 Cumulative foreign currency translation adjustments......................... (5,164) (4,473) Unrealized gain on investments.............................................. 100,718 6,651 Retained earnings .......................................................... 992,476 948,309 Less: treasury stock at cost, 15,571,243 shares at April 29, 2000 and 13,668,743 shares at January 29, 2000.................. (356,448) (318,476) ---------- ---------- TOTAL STOCKHOLDERS' EQUITY...................................... 1,945,484 1,828,813 ---------- ---------- $3,980,724 $3,846,076 ========== ==========
STAPLES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED) 13 WEEKS ENDED ----------------------------------- APRIL 29, MAY 1, 2000 1999 ---------- ---------- Sales......................................................................... $2,555,786 $2,072,066 Cost of goods sold and occupancy costs........................................ 1,946,139 1,577,313 ---------- ---------- GROSS PROFIT.............................................................. 609,647 494,753 OPERATING AND OTHER EXPENSES: Operating and selling....................................................... 419,357 315,320 Pre-opening................................................................. 7,983 4,508 General and administrative.................................................. 104,987 88,740 Amortization of goodwill.................................................... 3,572 2,287 Store closure charge........................................................ (7,250) -- Interest and other expense, net............................................. 6,139 1,416 ---------- ---------- TOTAL OPERATING AND OTHER EXPENSES........................................ 534,788 412,271 ---------- ---------- INCOME BEFORE INCOME TAXES................................................. 74,859 82,482 Income tax expense............................................................ 30,692 32,168 ---------- ---------- NET INCOME................................................................ $ 44,167 $ 50,314 NET INCOME (LOSS) ATTRIBUTED TO: Staples.com Stock........................................................... $(2,842) $ -- Staples RD Stock............................................................ 47,009 50,314 ---------- ---------- $ 44,167 $ 50,314 ========== ========== BASIC EARNINGS PER COMMON SHARE Historical net income per common share Staples, Inc. Stock................ $ 0.11 ========== Historical net income per common share - Staples RD Stock................. $ 0.10 ========== Historical net loss per common share - Staples.com Stock.................. $ (0.21) ========== DILUTED EARNINGS PER COMMON SHARE Historical net income per common share Staples, Inc. Stock................ $ 0.11 ========== Historical net income per common share - Staples RD Stock................. $ 0.10 ========== Historical net loss per common share - Staples.com Stock.................. $ (0.21) ========== PRO FORMA EARNINGS PER COMMON SHARE CALCULATION FOR TRACKING STOCK: BASIC EARNINGS PER COMMON SHARE Pro forma net income per common share - Staples RD Stock................... $ 0.11 ========== Pro forma net loss per common share - Staples.com Stock................... $ (0.02) ========== DILUTED EARNINGS PER COMMON SHARE Pro forma net income per common share - Staples RD Stock................... $ 0.11 ========== Pro forma net loss per common share - Staples.com Stock.................. $ (0.02) ==========
STAPLES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED) 13 WEEKS ENDED ----------------------------------- April 29, May 1, 2000 1999 ---------- --------- Net income ............................................................... $ 44,167 $ 50,314 Adjustments to reconcile net income to net cash (used in)/provided by) operating activities: Depreciation and amortization.......................................... 50,677 34,456 Store closure charge................................................... (7,250) -- Expense from 401K and PARS stock contribution.......................... 3,192 4,625 Deferred income taxes benefit.......................................... (1,497) (2,800) Change in assets and liabilities, net of companies acquired using purchase accounting: Decrease in merchandise inventories................................... 62,345 47,238 Increase in receivables............................................... (78,056) (100,995) (Increase)/Decrease in prepaid expenses and other assets.............. (20,596) 11,278 Decrease in accounts payable, accrued expenses and other current liabilities............................. (65,836) (41,760) Increase in other long-term obligations............................... 1,749 526 --------- --------- (55,272) (47,432) --------- --------- NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES....................... (11,105) 2,882 INVESTING ACTIVITIES: Acquisition of property and equipment................................... (81,404) (60,623) Acquisition of businesses, net of cash acquired ........................ -- (137,625) Proceeds from sales and maturities of short-term investments ........... 34 10,572 Purchase of short-term investments...................................... -- (16,651) Purchase of long-term investments....................................... (49,917) -- Acquisition of lease rights............................................. 335 656 Other .................................................................. (11,374) 2,553 --------- --------- NET CASH USED IN INVESTING ACTIVITIES................................... (142,326) (201,118) FINANCING ACTIVITIES: Proceeds from sale of capital stock..................................... 8,926 9,973 Proceeds from borrowings................................................ 584,278 13,150 Payments on borrowings.................................................. (514,137) (11,914) Purchase of treasury stock.............................................. (37,972) (19,779) --------- --------- NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES..................... 41,095 (8,570) Effect of exchange rate changes on cash................................. 2,504 483 NET DECREASE IN CASH AND CASH EQUIVALENTS ................................ (109,832) (206,323) Cash and cash equivalents at beginning of period ......................... 110,483 357,993 --------- --------- CASH AND CASH EQUIVALENTS AT END OF PERIOD ............................... $ 651 $ 151,670 ========= =========
EX-99.2 3 EXHIBIT 99.2 STAPLES RETAIL AND DELIVERY (A DIVISION OF STAPLES, INC.) COMBINED BALANCE SHEETS (DOLLAR AMOUNTS IN THOUSANDS)
April 29, 2000 January 29, (Unaudited) 2000 ----------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents ....................... $ 651 $ 110,483 Short-term investments .......................... 1,047 1,071 Merchandise inventories ......................... 1,547,780 1,607,516 Receivables, net ................................ 438,383 360,901 Inter-business receivable from Staples.com ...... 100,208 -- Deferred income taxes ........................... 40,095 39,730 Prepaid expenses and other current assets ....... 83,257 72,172 ----------- ----------- TOTAL CURRENT ASSETS ........................ 2,211,421 2,191,873 PROPERTY AND EQUIPMENT: Land and buildings .............................. 336,445 328,994 Leasehold improvements .......................... 463,060 442,119 Equipment ....................................... 563,194 533,771 Furniture and fixtures .......................... 311,888 286,260 ----------- ----------- TOTAL PROPERTY AND EQUIPMENT ................ 1,674,587 1,591,144 Less accumulated depreciation and amortization .. 558,095 508,810 ----------- ----------- NET PROPERTY AND EQUIPMENT .................. 1,116,492 1,082,334 OTHER ASSETS: Retained interest in Staples.com ................ -- 16,254 Lease acquisition costs, net of amortization .... 67,000 68,832 Investments ..................................... 5,055 -- Goodwill, net of amortization ................... 389,406 387,595 Deferred income taxes ........................... -- 34,912 Other ........................................... 35,383 31,769 ----------- ----------- TOTAL OTHER ASSETS .......................... 496,844 539,362 ----------- ----------- $ 3,824,757 $ 3,813,569 =========== =========== LIABILITIES AND GROUP EQUITY CURRENT LIABILITIES: Accounts payable ................................ $ 842,113 $ 897,523 Inter-business payable to Staples.com ........... -- 23,660 Accrued expenses and other current liabilities ............................ 510,806 537,696 Debt maturing within one year ................... 27,498 12,219 ----------- ----------- TOTAL CURRENT LIABILITIES ................... 1,380,417 1,471,098 LONG-TERM DEBT ................................... 543,781 500,903 DEFERRED INCOME TAXES ............................ 29,223 -- INVESTMENT IN CAPITAL DEFICIENCY OF STAPLES.COM .................................. 4,337 -- OTHER LONG-TERM OBLIGATIONS ...................... 64,063 61,456 DIVISIONAL NET WORTH: Preferred stock, $ .01 par value-authorized 5,000,000 shares; no shares issued ............. -- -- Common stock: Staples RD Stock, $ .0006 par value 1,500,000,000 shares authorized; 472,312,364 shares issued and outstanding at April 29, 2000 and 470,752,253 at January 29, 2000 ............... 283 282 Additional paid-in capital ...................... 1,168,258 1,153,784 Cumulative foreign currency translation adjustments ........................ (5,167) (4,473) Unrealized gain on investments .................. (38) (44) Retained earnings ............................... 996,048 949,039 Less: treasury stock at cost, 15,571,243 shares at April 29, 2000 and 13,668,743 shares at January 29, 2000 ............................... (356,448) (318,476) ----------- ----------- TOTAL DIVISIONAL NET WORTH .................. 1,802,936 1,780,112 ----------- ----------- $ 3,824,757 $ 3,813,569 =========== ===========
STAPLES RETAIL AND DELIVERY (A DIVISION OF STAPLES, INC.) COMBINED STATEMENTS OF INCOME (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED) 13 WEEKS ENDED --------------------------- April 29, May 1, 2000 1999 ------------- ------------ Sales ............................................ $ 2,480,423 $ 2,060,374 Cost of goods sold and occupancy costs ........... 1,885,532 1,568,291 ------------- ------------ GROSS PROFIT ................................ 594,891 492,083 OPERATING AND OTHER EXPENSES: Operating and selling .......................... 378,456 311,528 Pre-opening .................................... 7,983 4,508 General and administrative ..................... 91,496 86,486 Amortization of goodwill ....................... 3,572 2,287 Store closure charge ........................... (7,250) -- Interest and other expense, net ................ 6,054 1,401 ------------- ------------ TOTAL OPERATING AND OTHER EXPENSES .......... 480,311 406,210 ------------- ------------ INCOME BEFORE INCOME TAXES .................... 114,580 85,873 Income tax expense ............................. 46,978 33,490 ------------- ------------ NET INCOME BEFORE RETAINED INTEREST IN STAPLES.COM ............................... 67,602 52,383 Loss related to retained interest in Staples.com .................................. (20,593) (2,069) ------------- ------------ NET INCOME .................................... $ 47,009 $ 50,314 ============= ============ BASIC NET INCOME PER COMMON SHARE Historical net income per common share ......... $ 0.10 ============= DILUTED NET INCOME PER COMMON SHARE Historical net income per common share ......... $ 0.10 ============= PRO FORMA NET INCOME PER COMMON SHARE FOR TRACKING STOCK: BASIC NET INCOME PER COMMON SHARE Pro forma net income per common share ......... $ 0.11 ============ DILUTED NET INCOME PER COMMON SHARE Pro forma net income per common share ......... $ 0.11 ============
STAPLES RETAIL AND DELIVERY (A DIVISION OF STAPLES, INC.) COMBINED STATEMENTS OF CASH FLOWS (DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED) 13 WEEKS ENDED --------------------- April 29, May 1, 2000 1999 --------- --------- OPERATING ACTIVITIES: Net income .............................................. $ 47,009 $ 50,314 Adjustments to reconcile net income to net cash (used in)/provided by operating activities: Retained interest in loss of Staples.com ............ 20,593 2,069 Depreciation and amortization ....................... 48,259 34,385 Store closure charge ................................ (7,250) Expense from 401K and PARS stock contribution ....... 3,192 4,625 Deferred income taxes (benefit)/expense ............. (1,497) (2,800) Change in assets and liabilities, net of companies acquired using purchase accounting: Decrease in merchandise inventories ................ 62,345 47,238 Increase in receivables ............................ (78,056) (100,995) (Increase)/Decrease in prepaid expenses and other assets ...................................... (20,519) 11,027 Decrease in accounts payable, accrued expenses and other current liabilities ............ (76,126) (42,499) Increase in other long-term obligations ............ 1,749 526 --------- --------- (47,310) (46,424) --------- --------- NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES ..... (301) 3,890 INVESTING ACTIVITIES: Acquisition of property and equipment ................. (77,058) (60,519) Acquisition of businesses, net of cash acquired ................................. -- (137,625) Proceeds from sales and maturities of short-term investments ............................ 34 10,572 Purchase of short-term investments .................... -- (16,651) Purchase of long-term investments ..................... (5,055) -- Capital contribution to Staples.com ................... -- (104) Acquisition of lease rights ........................... 335 656 Other ................................................. (11,374) 2,553 --------- --------- NET CASH USED IN INVESTING ACTIVITIES (93,118) (201,118) FINANCING ACTIVITIES: Proceeds from sale of capital stock ................... 7,049 9,973 Proceeds from borrowings .............................. 584,278 13,150 Payments on borrowings ................................ (514,137) (11,914) Purchase of treasury stock ............................ (37,972) (19,779) Repayment of inter-business advance from Staples.com .......................................... (27,940) -- Inter-business advance to Staples.com ................. (30,195) (1,008) --------- --------- NET CASH USED IN INVESTING ACTIVITIES FINANCING ACTIVITIES ................................. (18,917) (9,578) Effect of exchange rate changes on cash ............... 2,504 483 --------- --------- NET DECREASE IN CASH AND CASH EQUIVALENTS ............... (109,832) (206,323) Cash and cash equivalents at beginning of period ................................................ 110,483 357,993 --------- --------- CASH AND CASH EQUIVALENTS AT END OF PERIOD .............. $ 651 $ 151,670 ========= =========
EX-99.3 4 EXHIBIT 99.3 STAPLES.COM (A DIVISION OF STAPLES, INC.) COMBINED BALANCE SHEETS (DOLLAR AMOUNTS IN THOUSANDS)
APRIL 29, 2000 JANUARY 29, (UNAUDITED) 2000 ----------- ---------- ASSETS CURRENT ASSETS: Cash and cash equivalents ......................... $ -- $ -- Prepaid expenses and other current assets ......... 1,655 1,578 Inter-business receivable from Staples RD ......... -- 23,660 ----------- ---------- TOTAL CURRENT ASSETS ........................... 1,655 25,238 EQUIPMENT: Equipment ......................................... 17,884 13,538 Less accumulated depreciation ..................... 2,778 1,110 ----------- ---------- NET EQUIPMENT .................................. 15,106 12,428 OTHER ASSETS Investments ....................................... 239,414 34,755 ----------- ---------- $ 256,175 $ 72,421 ============ ========== LIABILITIES AND DIVISIONAL NET WORTH CURRENT LIABILITIES: Accrued expenses and other current liabilities............................... $ 17,756 $ 7,466 Inter-business payable to Staples RD .............. 100,208 -- ----------- ---------- TOTAL CURRENT LIABILITIES ...................... 117,964 7,466 DIVISIONAL NET WORTH: Common stock: Staples.com Stock, $ .0006 par value 600,000,000 shares authorized; 14,028,672 shares issued and outstanding at April 29, 2000 and 13,626,093 at January 29, 2000 ............................... 8 8 Additional paid-in capital ........................ 78,231 75,604 Cumulative foreign currency translation adjustments .......................... 3 -- Unrealized gain on investments .................... 100,756 6,695 Accumulated deficit ............................... (40,787) (17,352) ----------- ---------- TOTAL DIVISIONAL NET WORTH ..................... 138,211 64,955 ----------- ---------- $ 256,175 $ 72,421 ============ ==========
STAPLES.COM (A DIVISION OF STAPLES, INC.) COMBINED STATEMENTS OF OPERATIONS (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED) 13 WEEKS ENDED ---------------------- April 29, May 1, 2000 1999 ---------- ---------- Sales .................................................. $ 75,363 $ 11,692 Cost of goods sold and occupancy costs ................. 60,607 9,022 ---------- ---------- Gross profit ....................................... 14,756 2,670 OPERATING AND OTHER EXPENSES: Operating and selling ................................ 33,248 3,683 Site development costs ............................... 7,653 518 General and administrative ........................... 13,491 1,845 Interest and other expense, net ...................... 85 15 ---------- ---------- TOTAL OPERATING AND OTHER EXPENSES ................. 54,477 6,061 ---------- ---------- LOSS BEFORE INCOME TAXES ............................ (39,721) (3,391) Income tax benefit ................................... (16,286) (1,322) ---------- ---------- NET LOSS ........................................... $(23,435) $ (2,069) ========== ========== NET LOSS ATTRIBUTED TO (NOTE A): Staples.com Stock ................................ (2,842) -- Staples RD Stock ................................. (20,593) (2,069) ---------- ---------- $(23,435) $ (2,069) ========== ========== BASIC NET LOSS PER COMMON SHARE Historical net loss per common share .............. $ (0.21) ========== DILUTED NET LOSS PER COMMON SHARE Historical net loss per common share .............. $ (0.21) ========== PRO FORMA NET LOSS PER COMMON SHARE FOR TRACKING STOCK: BASIC NET LOSS PER COMMON SHARE Pro forma net loss per common share ............... $ (0.02) ========== DILUTED NET LOSS PER COMMON SHARE Pro forma net loss per common share ............... $ (0.02) ==========
STAPLES.COM (A DIVISION OF STAPLES, INC.) COMBINED STATEMENTS OF CASH FLOWS (DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED) 13 WEEKS ENDED ----------------------- April 29, May 1, 2000 1999 ---------- ---------- OPERATING ACTIVITIES: Net loss .............................................. $(23,435) $ (2,069) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization ........................ 2,418 71 Change in assets and liabilities: Increase in prepaid expenses and other assets ................................... (77) 251 Increase in accounts payable, accrued expenses and other current liabilities ............. 10,290 739 ---------- ---------- 12,631 1,061 ---------- ---------- NET CASH USED IN OPERATING ACTIVITIES ................. (10,804) (1,008) INVESTING ACTIVITIES: Acquisition of property and equipment ................. (4,346) (104) Purchase of long-term investments ..................... (44,862) -- ---------- ---------- NET CASH USED IN INVESTING ACTIVITIES ................. (49,208) (104) FINANCING ACTIVITIES: Net proceeds from sale of capital stock ............... 1,877 -- Repayment of inter-business advance to Staples RD ................................ 27,940 -- Proceeds from borrowings from Staples RD .............. 30,195 1,008 Capital contributions from Staples RD ................. -- 104 ---------- ---------- NET CASH PROVIDED BY FINANCING ACTIVITIES ............. 60,012 1,112 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ...................................... -- -- Cash and cash equivalents at beginning of period ................................ -- -- ---------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD ...................................... $ -- $ -- ========== ==========
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