EX-99 4 exhibit992.txt HISTORICAL FINANCIAL STATEMENTS
EXHIBIT 99.2 DOLLAR TREE STORES, INC. AND SUBSIDIARIES HISTORICAL FINANCIAL DATA CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) October 31, July 31, April 30, 2002 2002 2002 ---- ---- ---- ASSETS Current assets: Cash and cash equivalents......................................... $ 99,030 $ 137,408 $ 136,958 Short-term investments............................................ 1,500 16,500 -- Merchandise inventories........................................... 546,373 435,015 404,424 Deferred tax asset................................................ 11,675 8,974 10,159 Income taxes receivable........................................... -- 3,660 -- Prepaid expenses and other current assets......................... 12,981 17,224 30,221 --------- ------- ------- Total current assets.......................................... 671,559 618,781 581,762 Property and equipment, net............................................ 337,783 310,781 296,389 Deferred tax asset..................................................... 8,684 8,165 7,686 Goodwill............................................................... 38,358 38,358 38,358 Other assets........................................................... 17,671 17,488 17,512 --------- ------- ------- TOTAL ASSETS.................................................. $ 1,074,055 $ 993,573 $ 941,707 ========= ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt................................. $ 25,000 $ 25,000 $ 25,000 Accounts payable.................................................. 134,401 114,809 105,067 Income taxes payable.............................................. 17,877 -- 1,947 Other current liabilities......................................... 57,874 49,189 46,605 Current installments of obligations under capital leases.................................................. 4,046 3,983 3,922 --------- ------- ------- Total current liabilities..................................... 239,198 192,981 182,541 Long-term debt, excluding current portion.............................. 6,000 6,000 6,000 Obligations under capital leases, excluding current installments......................................................... 18,013 19,049 20,067 Other liabilities ..................................................... 28,076 24,300 22,049 --------- ------- ------- Total liabilities............................................. 291,287 242,330 230,657 --------- ------- ------- Shareholders' equity: Common stock...................................................... 1,142 1,141 1,135 Additional paid-in capital........................................ 216,729 215,757 199,727 Accumulated other comprehensive loss.............................. (1,322) (968) (486) Unearned compensation............................................. (125) (137) (150) Retained earnings................................................. 566,344 535,450 510,824 --------- ------- ------- Total shareholders' equity.................................... 782,768 751,243 711,050 Commitments............................................................ -- -- -- --------- ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.................... $ 1,074,055 $ 993,573 $ 941,707 ========= ======= =======
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DOLLAR TREE STORES, INC. AND SUBSIDIARIES HISTORICAL FINANCIAL DATA CONDENSED CONSOLIDATED INCOME STATEMENTS (In thousands, except per share and store data) (Unaudited) Three months ended ---------------------------------------------- October 31, July 31, April 30, 2002 2002 2002 ---- ---- ---- Net sales.............................................................. $ 556,864 $ 512,444 $ 509,668 Cost of sales ......................................................... 351,681 329,321 325,159 ------- ------- ------- Gross Profit.................................................. 205,183 183,123 184,509 ------- ------- ------- Selling, general and administrative expenses............................................................. 153,906 141,883 138,793 ------- ------- ------- Operating income.............................................. 51,277 41,240 45,716 ------- ------- ------- Other income (expense): Interest income...................................................... 660 792 1,064 Interest expense..................................................... (1,068) (1,061) (1,228) Changes in fair value of non-hedging interest rate swaps............................................... (635) (929) 110 ------- ------- ------- Total other expense........................................... (1,043) (1,198) (54) ------- ------- ------- Income before income taxes.................................... 50,234 40,042 45,662 Provision for income taxes............................................. 19,340 15,416 17,580 ------- ------- ------- Net income.................................................... $ 30,894 $ 24,626 $ 28,082 ======= ======= ======= Net income per share: Basic......................................................... $ 0.27 $ 0.22 $ 0.25 Diluted....................................................... $ 0.27 $ 0.21 $ 0.25 Weighted average number of common shares outstanding................... 114,124 113,922 112,801 Weighted average number of common shares and dilutive potential common shares outstanding........................... 114,570 115,139 114,035 Store Data: Comparable store net sales increase........................... 0.43% 3.08% 0.89% Number of stores open at end of quarter....................... 2,211 2,114 2,048 Total selling square footage (in thousands)................... 12,542 11,547 10,889
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DOLLAR TREE STORES, INC. AND SUBSIDIARIES HISTORICAL FINANCIAL DATA CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Year-to-Date -------------------------------------------- October 31, July 31, April 30, 2002 2002 2002 ---- ---- ---- Cash flows from operating activities: Net income...................................................... $ 83,602 $ 52,708 $ 28,082 Adjustments to reconcile net income to net cash..................... used in operating activities: Depreciation and amortization................................... 53,168 34,487 16,601 Loss on disposal of property and equipment...................... 1,661 1,314 1,008 Change in fair value of non-hedging interest rate swaps.................................................... 1,454 819 (109) Provision for deferred income taxes............................. (3,164) (167) (1,178) Tax benefit of stock option exercises........................... 9,627 9,567 5,155 Other non-cash adjustments to net income........................ 291 201 129 Changes in assets and liabilities increasing (decreasing) cash and cash equivalents: Merchandise inventories....................................... (182,630) (71,272) (40,681) Prepaid expenses and other current assets..................... 8,432 4,189 (8,808) Refundable income taxes....................................... -- (3,660) -- Other assets.................................................. (2,553) (2,169) (2,012) Accounts payable.............................................. 7,267 (12,325) (22,067) Income taxes payable.......................................... 5,172 (3,513) (6,097) Other current liabilities..................................... (19,939) (37,816) (35,869) Other liabilities............................................. 6,870 4,310 3,778 ------- ------- ------- Net cash used in operating activities.................. (30,742) (23,327) (62,068) ------- ------- ------- Cash flows from investing activities Capital expenditures................................................ (107,867) (62,191) (29,762) Purchase of short-term investments.................................. (16,500) (16,500) -- Proceeds from maturities of short-term investments.................. 15,000 -- -- Settlement of merger-related contingencies.......................... 75 75 42 Acquisition of favorable lease rights............................... 813 813 813 Proceeds from sale of property and equipment........................ (4) 223 252 ------- ------- ------- Net cash used in investing activities...................... (108,483) (77,580) (28,655) ------- ------- ------- Cash flows from financing activities: Repayment of long-term debt and facility fees....................... ( 6,025) (6,025) (6,025) Principal payments under capital lease obligations.................. (2,870) (1,897) (940) Proceeds from stock issued pursuant to stock-based compensation plans................................................ 29,073 28,160 16,569 Repurchase of common stock.......................................... -- -- -- ------- ------- ------- Net cash provided by (used in) financing .................. activities............................................... 20,178 20,238 9,604 ------- ------- ------- Net decrease in cash and cash equivalents................................ (119,047) (80,669) (81,119) Cash and cash equivalents at beginning of period......................... 218,077 218,077 218,077 ------- ------- ------- Cash and cash equivalents at end of period............................... $ 99,030 $ 137,408 $ 136,958 ======= ======= ======= Supplemental disclosure of cash flow information: Cash paid for: Interest........................................................ $ 3,063 $ 1,956 $ 1,314 Income taxes.................................................... $ 1,006 $ 15,587 $ 49,374
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