EX-99.1 2 0002.txt CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFO.
DOLLAR TREE STORES, INC. Condensed Consolidated Income Statements For the Three Months and Year Ended December 31 (Amounts in thousands, except per share data) Fourth Quarter Year-to-Date 2000 1999 2000 1999 ------------ ------------ ------------ ------------ (unaudited) (unaudited) (unaudited) Net sales $ 599,173 $ 506,713 $ 1,688,105 $ 1,351,820 Cost of sales 365,092 309,798 1,063,416 854,124 Merger-related costs(a) - - 1,100 443 Gross profit 234,081 196,915 623,589 497,253 39.1% 38.9% 36.9% 36.8% Operating expenses 113,935 87,347 375,316 290,241 19.0% 17.2% 22.2% 21.5% Merger-related expenses(a) - - 3,266 607 Depreciation/amortization 13,084 8,576 41,971 30,809 Operating income 107,062 100,992 203,036 175,596 17.9% 19.9% 12.0% 13.0% Interest expense, net 1,634 1,730 3,551 5,686 Earnings before income taxes 105,428 99,262 199,485 169,910 17.6% 19.6% 11.8% 12.6% Income tax expense(b) 40,756 38,384 77,476 63,838 Pro forma net earnings before extraordinary item(b) 64,672 60,878 122,009 106,072 Loss on debt extinguishment, net of tax benefit of $242 - - 387 - Pro forma net earnings(b) 64,672 60,878 121,622 106,072 10.8% 12.0% 7.2% 7.8% Pro forma net earnings available to common shareholders(c) 64,672 58,935 120,209 99,045 10.8% 11.6% 7.1% 7.3% Pro forma net earnings per common share:(b) Basic $ 0.59 $ 0.60 $ 1.16 $ 1.01 Weighted average number of shares 109,128 98,748 103,972 98,435 Diluted $ 0.57 $ 0.54 $ 1.08 $ 0.92 Weighted average number of shares 113,344 108,338 111,809 107,960 (a) Merger related costs and expenses, net of taxes, were $3,134 for the full year 2000 and $792 for the full year 1999. (b) Amounts include a pro forma adjustment for C-corporation income taxes relating to ONLY $ONE of $505 for year-to-date 1999. (c) Amounts include accretion of the cumulative preferred stock to redemption value, accrued preferred stock dividends and amortization of the discount on preferred stock. The amounts deducted from pro forma net earnings available to common shareholders are $1,943 for the quarter ended December 31 1999, and $1,413 and $7,027 for the years ended December 31, 2000 and 1999, respectively.
DOLLAR TREE STORES, INC. Condensed Consolidated Balance Sheets (Dollars in thousands) December 31, December 31, 2000 1999 ------------ ------------ (unaudited) Cash and cash equivalents $ 181,553 $ 181,587 Merchandise inventories 258,687 192,838 Other current assets 37,661 20,681 ------- ------- Total current assets 477,901 395,106 ------- ------- Property and equipment, net 211,632 157,368 Goodwill, net 40,376 42,394 Other assets, net 16,950 16,365 ------- ------- Total assets $ 746,859 $ 611,233 ======= ======= Accounts payable $ 75,404 $ 71,750 Income taxes payable 23,448 29,193 Other current liabilities 50,453 39,386 Current portion of long-term debt 25,000 28,070 ------- ------- Total current liabilities 174,305 168,399 ------- ------- Long-term debt, excluding current portion 18,000 49,138 Other liabilities 35,896 42,287 ------- ------- Total liabilities 228,201 259,824 ------- ------- Cumulative convertible preferred stock - 35,171 ------- ------- Shareholders' equity 518,658 316,238 ------- ------- Total liabilities and shareholders' equity $ 746,859 $ 611,233 ======= ======= STORE DATA: Number of stores open at end of period 1,729 1,507 Total gross square footage (in thousands) 9,832 7,638
DOLLAR TREE STORES, INC. Condensed Consolidated Statements of Cash Flows (Amounts in thousands) Year ended Year ended December 31, December 31, 2000 1999 ------------ ------------ (unaudited) Cash flows from operating activities: Net income $ 121,622 $ 106,577 ------- ------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 41,971 30,809 Other non-cash adjustments (1,856) 3,943 Changes in working capital (54,085) (12,774) ------- ------- Total adjustments (13,970) 21,978 ------- ------- Net cash provided by operating activities 107,652 128,555 ------- ------- Cash flows from investing activities: Acquisition, net of cash acquired - (320) Capital expenditures (95,038) (55,013) Proceeds from sale of property and equipment 271 172 ------- ------- Net cash used in investing activities (94,767) (55,161) ------- ------- Cash flows from financing activities: Distributions paid - (60,934) Net change in long-term debt (34,208) 23,034 Net change in capital lease obligations (3,274) 20,454 Proceeds from issuance of preferred stock and common stock put warrants - 32,156 Proceeds from stock issued pursuant to stock-based compensation plans 24,563 8,769 ------- ------- Net cash provided by (used in) financing activities (12,919) 23,479 ------- ------- Net increase (decrease) in cash and cash equivalents (34) 96,873 Cash and cash equivalents at beginning of period 181,587 84,714 ------- ------- Cash and cash equivalents at end of period $ 181,553 $ 181,587 ======= =======