0001104659-16-125146.txt : 20160602 0001104659-16-125146.hdr.sgml : 20160602 20160602172651 ACCESSION NUMBER: 0001104659-16-125146 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160602 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160602 DATE AS OF CHANGE: 20160602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOLLAR TREE INC CENTRAL INDEX KEY: 0000935703 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 541387365 STATE OF INCORPORATION: VA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-25464 FILM NUMBER: 161693551 BUSINESS ADDRESS: STREET 1: 500 VOLVO PARKWAY STREET 2: N/A CITY: CHESAPEAKE STATE: VA ZIP: 23320 BUSINESS PHONE: (757) 321-5000 MAIL ADDRESS: STREET 1: 500 VOLVO PARKWAY CITY: CHESAPEAKE STATE: VA ZIP: 23320 FORMER COMPANY: FORMER CONFORMED NAME: DOLLAR TREE STORES INC DATE OF NAME CHANGE: 19950117 8-K/A 1 a16-9849_38ka.htm 8-K/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM 8-K/A

 

(Amendment No.1)

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): June 2, 2016

 

GRAPHIC

 

DOLLAR TREE, INC.

(Exact name of registrant as specified in its charter)

 

VIRGINIA

(State or Other Jurisdiction of Incorporation)

 

0-25464

 

26-2018846

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

500 Volvo Parkway

Chesapeake, VA 23320

(Address of Principal Executive Offices and Zip Code)

 

(757) 321-5000

(Registrant’s Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Explanatory Note

 

Dollar Tree, Inc. (the “Company”) is filing this Amendment No. 1 on Form 8-K/A to amend its Current Report on Form 8-K, as filed with the Securities and Exchange Commission on May 5, 2016 (the “Original Filing”). The Company is filing this amendment to its Original Filing to amend certain information included in its pro forma financial information that was filed as Exhibit 99.6 to the Original Filing (the “Original Pro Forma Financial Information”).  In particular, the Company is amending the Original Pro Forma Financial Information to reflect revisions to the pro forma adjustment for interest expense, the related change to the pro forma income taxes and the addition of adjustment amounts in the footnotes thereto.  Except as indicated herein, no other information included in the Original Filing is amended by this Amendment No. 1 on Form 8-K/A.

 

Item 9.01.  Financial Statements and Exhibits.

 

(b) Pro Forma Financial Information.

 

The Amended Unaudited Pro Forma Condensed Combined Income Statement for fiscal year ended January 30, 2016 is filed as Exhibit 99.1 hereto and incorporated herein by reference.

 

(d) Exhibits

 

Exhibit No.

 

Description

 

 

 

99.1

 

Amended Unaudited Pro Forma Condensed Combined Income Statement for the Fiscal Year Ended January 30, 2016

 

2


 

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.

 

 

 

DOLLAR TREE, INC.

 

(Registrant)

 

 

 

 

 

 

Date:   June 2, 2016

By:

/s/ Kevin S. Wampler

 

 

Kevin S. Wampler

 

 

Chief Financial Officer

 

3


 

EXHIBIT INDEX

 

Exhibit
No.

 

Description

 

 

 

99.1

 

Amended Unaudited Pro Forma Condensed Combined Income Statement for the Fiscal Year Ended January 30, 2016

 

4

 EX-99.1 2 a16-9849_3ex99d1.htm EX-99.1

Exhibit 99.1

 

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

 

The accompanying unaudited pro forma condensed combined financial information is derived from the historical income statements of Dollar Tree and Family Dollar Stores, Inc. (“Family Dollar”). The unaudited pro forma condensed combined financial information is prepared using the purchase method of accounting, as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805, Business Combinations, with Dollar Tree treated as the acquirer.

 

Dollar Tree, a registrant with a year that ends on the Saturday closest to January 31, acquired Family Dollar, with a year that ends on the Saturday closest to August 31, on July 6, 2015.  The pro forma income statement for the year-ended January 30, 2016 will include (1) Dollar Tree’s year ended January 30, 2016 and (2) Family Dollar’s 12-month period ended January 30, 2016.

 

The Unaudited Pro Forma Condensed Combined Income Statement for the year ended January 30, 2016 is presented as if the merger and the related borrowings used to finance the merger occurred on February 1, 2015.  The pro forma adjustments reflect an exchange ratio of 0.2484 shares of Dollar Tree common stock for every share of Family Dollar common stock.

 

Certain reclassifications have been made in the presentation reclassification column of the pro forma condensed combined income statement, relative to Family Dollar’s historical financial statements.  These presentation reclassifications show the impact of conforming Family Dollar’s accounting policies in order to present them on a basis consistent with those of Dollar Tree.

 

As disclosed in Dollar Tree’s historical audited financial statements, Dollar Tree’s gross profit may not be comparable to other retailers, as some companies exclude costs related to their store occupancy and distribution network from cost of sales while others, like Dollar Tree, include all or a portion of such costs in cost of sales.  As such, for income statement purposes, certain buying, distribution and occupancy costs for Family Dollar were reclassified from Family Dollar’s selling, general and administrative expenses to cost of sales to conform to Dollar Tree’s calculation of gross profit.  In addition, amounts included in other income on Family Dollar’s income statement have been reclassified to selling, general and administrative expenses to conform to Dollar Tree’s presentation of these items.

 

The unaudited pro forma condensed combined financial information is presented for informational purposes only and is not intended to represent the consolidated results of operations of Dollar Tree that would have been reported had the merger been completed as of February 1, 2015, and should not be taken as indicative of any future consolidated results of operations. The Unaudited Pro Forma Condensed Combined Income Statement does not reflect any sales or cost savings from synergies that may be achieved with respect to the combined companies.

 

The unaudited pro forma condensed combined financial information should be read in conjunction with the historical consolidated financial statements and accompanying notes of Dollar Tree, Inc. in the Annual Report on Form 10-K for the fiscal year ended January 30, 2016 which includes seven months of Family Dollar results.  Additionally, the unaudited pro forma condensed combined financial information should be read in conjunction with the historical consolidated financial statements and accompanying notes of Family Dollar in the Quarterly Reports on Form 10-Q for the periods ended February 28, 2015 and May 30, 2015.

 

1


 

Dollar Tree, Inc.

Unaudited Pro Forma Condensed Combined Income Statement

For the year ended January 30, 2016

 

 

 

 

 

Historical

 

Presentation

 

Pro Forma

 

Note

 

Combined

 

 

 

Historical

 

Family Dollar

 

Reclassifications

 

Adjustments

 

References

 

Company

 

(in millions, except per share data)

 

Dollar Tree

 

(1)

 

(2)

 

(3)

 

(3)

 

Pro Forma

 

Net sales

 

$

9,336.4

 

$

10,831.9

 

$

(0.3

)

$

(385.7

)

B

 

$

19,782.3

 

Cost of sales

 

6,087.1

 

7,808.0

 

397.3

 

(339.7

)

B, D, F

 

13,952.7

 

Gross profit

 

3,249.3

 

3,023.9

 

(397.6

)

(46.0

)

 

 

5,829.6

 

Selling, general and administrative expenses

 

2,168.8

 

2,834.0

 

(412.0

)

(184.7

)

B, C, D, E

 

4,406.1

 

Operating income

 

1,080.5

 

189.9

 

14.5

 

138.7

 

 

 

1,423.6

 

Interest expense, net

 

444.3

 

166.5

 

—

 

(215.6

)

A

 

395.2

 

Other (income) expense, net

 

2.1

 

(14.5

)

14.5

 

1.2

 

B

 

3.3

 

Income before income taxes

 

634.0

 

38.0

 

—

 

353.1

 

 

 

1,025.1

 

Provision for income taxes

 

243.7

 

34.8

 

—

 

134.9

 

G

 

413.4

 

Net income

 

$

390.3

 

$

3.2

 

$

—

 

$

218.2

 

 

 

$

611.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.66

 

$

0.01

 

 

 

 

 

 

 

$

2.61

 

Diluted

 

$

1.66

 

$

0.01

 

 

 

 

 

 

 

$

2.59

 

Average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

234.7

 

234.7

 

 

 

 

 

 

 

234.7

 

Diluted

 

235.8

 

235.8

 

 

 

 

 

 

 

235.8

 

 

The accompanying notes are an integral part of the unaudited pro forma condensed combined financial information.

 

(1)      Family Dollar’s income statement was derived by adding the five months ended July 4, 2015 to the seven months ended January 30, 2016 which were included in the the consolidated company 10-K for the year ending January 30, 2016.

(2)      See Note 1 to the Unaudited Pro Forma Condensed Combined Financial Information for a description of the presentation reclassifications included in this column.

(3)      See Note 2 to the Unaudited Pro Forma Condensed Combined Financial Information.

 

2


 

NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION OF DOLLAR TREE

 

1.              Basis of pro forma presentation

 

The accompanying unaudited pro forma condensed combined financial information is derived from the historical income statements of Dollar Tree and Family Dollar. The unaudited pro forma condensed combined financial information is prepared using the purchase method of accounting, as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805, Business Combinations, with Dollar Tree treated as the acquirer.

 

Dollar Tree, a registrant with a year that ends on the Saturday closest to January 31, acquired Family Dollar, with a year that ends on the Saturday closest to August 31, on July 6, 2015.  The pro forma income statement for the year-ended January 30, 2016 will include (1) Dollar Tree’s year ended January 30, 2016 and (2) Family Dollar’s 12-month period ended January 30, 2016.

 

The Unaudited Pro Forma Condensed Combined Income Statement for the year ended January 30, 2016 is presented as if the merger and the related borrowings used to finance the merger occurred on February 1, 2015.  The pro forma adjustments reflect an exchange ratio of 0.2484 shares of Dollar Tree common stock for every share of Family Dollar common stock.

 

Certain reclassifications have been made in the presentation reclassification column of the pro forma condensed combined income statement, relative to Family Dollar’s historical financial statements.  These presentation reclassifications show the impact of conforming Family Dollar’s accounting policies in order to present them on a basis consistent with those of Dollar Tree.

 

As disclosed in Dollar Tree’s historical audited financial statements, Dollar Tree’s gross profit may not be comparable to other retailers, as some companies exclude costs related to their store occupancy and distribution network from cost of sales while others, like Dollar Tree, include all or a portion of such costs in cost of sales.  As such, for income statement purposes, certain buying, distribution and occupancy costs for Family Dollar were reclassified from Family Dollar’s selling, general and administrative expenses to cost of sales to conform to Dollar Tree’s calculation of gross profit.  In addition, amounts included in other income on Family Dollar’s income statement have been reclassified to selling, general and administrative expenses to conform to Dollar Tree’s presentation of these items.

 

The unaudited pro forma condensed combined financial information is presented for informational purposes only and is not intended to represent the consolidated results of operations of Dollar Tree that would have been reported had the merger been completed as of February 1, 2015, and should not be taken as indicative of any future consolidated results of operations. The Unaudited Pro Forma Condensed Combined Income Statement does not reflect any sales or cost savings from synergies that may be achieved with respect to the combined companies.

 

The unaudited pro forma condensed combined financial information should be read in conjunction with the historical consolidated financial statements and accompanying notes of Dollar Tree, Inc. in the Annual Report on Form 10-K for the fiscal year ended January 30, 2016 which includes seven months of Family Dollar results.  Additionally, the unaudited pro forma condensed combined financial information should be read in conjunction with the historical consolidated financial statements and accompanying notes of Family Dollar in the Quarterly Reports on Form 10-Q for the periods ended February 28, 2015 and May 30, 2015.

 

2.   Pro forma adjustments

 

A.            Interest expense has been adjusted to reflect the net effect of the issuance of new debt and retirement of certain Family Dollar and Dollar Tree debt.

 

B.            A condition of the acquisition, as required by the Federal Trade Commission, was to divest 330 Family Dollar stores, 325 of which were already open.  This adjustment eliminates the income statement effects of

 

3


 

the stores that were divested as of November 1, 2015, the date the Company completed the transaction pursuant to the divesture of 330 stores.

 

C.            Non-recurring acquisition and integration-related costs of $74.5 million incurred as a result of the acquisition were eliminated.

 

D.            Amortization of $70.2 million and accelerated depreciation of $42.0 million were eliminated for the inventory step-up and fixed asset purchase price adjustments, respectively.

 

E.             Favorable and unfavorable lease rights were recognized as a result of the acquisition.  As the related amortization will be reoccurring over the lease terms of the impacted stores, an adjustment of $32.4 million for the net effect of amortization was included for the 12-months ending January 30, 2016.

 

F.              As a result of the elimination of Family Dollar’s deferred rent liabilities and sale leaseback deferred gains, the amortization of $8.1 million of these liabilities as a reduction of rent expense has been eliminated resulting in an increase in Family Dollar’s occupancy costs, which is shown as an adjustment to cost of goods sold to conform to the Dollar Tree presentation.

 

G.            The pro forma condensed combined tax provision has been adjusted for the tax effect of adjustments to income before income taxes at the statutory rates in effect for the 12-months ended January 30, 2016.

 

4

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