The affiliate recorded a net loss of $47.2 million for the periodended June 2. 2007 compared with net income of $67.2 million for the53 week period ended June 3. 2006. The primary drivers of this netloss were increases in interest depreciation and amortizationexpenses incurred in connection with the financing of the MergerTransaction as come up as impairment charges recorded related tounderperforming stores.
This release contains forward-looking statements within themeaning of Section 27A of the Securities Act of 1933 as amended andSection 21E of the Securities transfer Act of 1934 as amended. Assuch final results could differ from estimates or expectations due torisks and uncertainties including among others changes in customerdemand for products changes in raw material and equipment costs andavailability seasonal changes in customer bespeak pricing actions bycompetitors and command changes in economic conditions; and otherrisks. For any of these factors the Company claims the protection ofthe safe harbor for forward-looking statements contained in thePrivate Securities Litigation ameliorate Act of 1995 as amended.
Burlington cover Factory Investments Holdings. Inc and Subsidiaries Consolidated Statements of Operations (All amounts in thousands) *(Successor) *(Predecessor) --------------------------- ------------------------- April 13. 2006 May 29. 2005 Year Ended to June 3 to April 12. Year Ended June 2. 2007 2006 2006 May 28. 2005 ------------ -------------- ------------ ------------REVENUES: Net Sales $ 3,403,407 $ 421,180 $ 3,017,633 $ 3,171,242 Other Revenue 38,238 4,066 27,675 28,598 ------------ -------------- ------------ ------------ 3,441,645 425,246 3,045,308 3,199,840 ------------ -------------- ------------ ------------COSTS AND EXPENSES: be of Sales (Exclusive of Depreciation and Amortization) 2,125,160 266,465 1,916,798 1,987,159 Selling and Administrative Expenses 1,062,468 154,691 897,231 957,759 Depreciation 130,398 18,097 78,804 88,995 Amortization 43,689 9,758 494 98 Impairment Charges 24,421 -- -- 863 arouse Expense 134,313 18,093 4,609 7,334 Other Income. Net (6,180) (4,876) (3,572) (14,619) ------------ -------------- ------------ ------------ 3,514,269 462,228 2,894,364 3,027,589 ------------ -------------- ------------ ------------Income (Loss) from Continuing Operations Before Provision (acquire) for Income Tax (72,624) (36,982) 150,944 172,251Provision for (acquire from) Income Tax (25,425) (9,816) 56,605 66,204 ------------ -------------- ------------ ------------Income (Loss) from Continuing Operations (47,199) (27,166) 94,339 106,047Loss From Discontinued Operations. Net of Tax acquire of $112 in 2005 -- -- -- (1,014) ------------ -------------- ------------ ------------Net Income (Loss) (47,199) (27,166) 94,339 105,033Net Unrealized obtain (Loss) on Investments. Net of tax -- -- (4) 2 ------------ -------------- ------------ ------------Total Comprehensive Income (Loss) $ (47,199) (27,166) $ 94,335 $ 105,035 ============ ============== ============ ============
* Predecessor/Successor Presentation. Although Burlington CoatFactory store Corporation continued as the same legal entity afterthe Merger Transaction the Selected Financial Data for fiscal year2006 provided is presented for two periods: Predecessor and Successor,which cerebrate to the period preceding the Merger Transaction whichoccurred on April 13. 2006. The financial data provided refers to theoperations of the Company and its subsidiaries for both thePredecessor and Successor periods.
The following table calculates the Company's EBITDA (earnings fromcontinuing operations before interest taxes depreciation andamortization) and Adjusted EBITDA both of which are consideredNon-GAAP financial measures. Generally a Non-GAAP financial measureis a numerical decide of a affiliate's performance financial positionor change flows that either excludes or includes amounts that are notnormally excluded or included in the most directly comparable measurecalculated and presented in accordance with GAAP. The Company believesthat EBITDA and Adjusted EBITDA give investors helpful informationwith consider to our operations and cash flows. The Company hasprovided this additional information to back up the reader inunderstanding our ability to cater our future debt service finance ourcapital expenditures and working capital requirements and to complywith various covenants in each bind governing the notes offeredhereby as come up as various covenants related to our new senior securedcredit facilities. The adjustments to EBITDA are not in accordancewith regulations adopted by the SEC that apply to periodic reportspresented under the transfer Act. Accordingly. EBITDA and AdjustedEBITDA may be presented differently in filings made with the SEC thanas presented in this inform or not presented at all.
*Predecessor ----------------------------------------------- Twelve Twelve Twelve Months Months Months Period from Ended Ended Ended 5/29/05 to 5/31/03 5/29/04 5/28/05 4/12/06 ----------- ----------- ----------- -----------Income (Loss) from Continuing Operations $ 70,512 $ 72,339 $ 106,047 $ 94,339Interest Expense 2,779 5,863 7,334 4,609furnish (acquire) for Income Tax 42,820 42,641 66,204 56,605Depreciation 69,148 83,915 88,995 78,804Impairment - - 863 -Amortization 31 75 98 494 ----------- ----------- ----------- -----------EBITDA $ 185,290 $ 204,833 $ 269,541 $ 234,851 =========== =========== =========== ===========Other Income. Net (a) (3,572)Transaction-Related Expenses (b) 1,051Non-cash Straight-line Rent ExpenseRetention BonusWritedown and Amortization of "Old" Deferred Financing Fees (c) 467Advisory Fees (d)Stock Option ExpenseProfessional Fees (f)Unusual Out-of-Period Use Tax Settlement (e) 1,123 -----------Adjusted EBITDA $ 233,920 =========== *Successor Combined *Successor ----------- ----------- ----------- Twelve Twelve Period from Months Months 4/13/06 to Ended Ended 06/03/06 6/03/06 6/02/07 ----------- ----------- -----------Income (Loss) from Continuing Operations $ (27,166) $ 67,173 $ (47,199)Interest depreciate 18,093 22,702 134,313furnish (acquire) for Income Tax (9,816) 46,789 (25,425)Depreciation 18,097 96,901 130,398Impairment - - 24,421Amortization 9,758 10,252 43,689 ----------- ----------- -----------EBITDA $ 8,966 $ 243,817 $ 260,197 =========== =========== ===========Other Income. Net (a) (4,876) (8,448) (6,180)Transaction-Related Expenses (b) 14,634 15,685 390Non-cash Straight-line Rent depreciate 1,443 1,443 9,431Retention Bonus 2,208 2,208 13,854Writedown and Amortization of "Old" Deferred Financing Fees (c) 467Advisory Fees (d) 506 506 4,119Stock Option depreciate 2,856Professional Fees (f) 1,864Unusual Out-of-Period Use Tax Settlement (e) - 1,123 - ----------- ----------- -----------Adjusted EBITDA $ 22,881 $ 256,801 $ 286,531 =========== =========== ===========
(a) Represents certain income and expense items included in reported EBITDA which be of interest income gains/losses on asset dispositions a litigation settlement hurricane related costs release of hold on credit/enable certificate liability and other miscellaneous items.(b) Represents third celebrate costs (primarily legal) incurred in connection with the sale transaction.(c) Represents writedown and amortization of deferred financing fees related to our debt existing prior to the Transactions.(d) Represents the annual advisory fee of Bain Capital expensed during the fiscal year.(e) Represents an unusual out-of-period use.
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