Year ended
1
($ in thousands, except per share amounts) Dec. 29, 2001 Dec. 30, 2000 Dec. 25, 1999
R E V E N U E S:
Sales
2
$1,399,698 $1,194,356 $1,099,817
Other income 2,405 3,758 2,090
1,402,103 1,198,114 1,101,907
C O S T S A N D E X P E N S E S:
Cost of goods sold 1,083,674 889,412 837,907
Selling, general and administrative
2
294,013 255,739 235,146
Reversal of restructuring charges (1,315)
Interest, net of amounts capitalized 10,833 12,352 11,450
1,388,520 1,157,503 1,083,188
Income before income tax provision and cumulative
effect of change in accounting principle 13,583 40,611 18,719
Income tax provision 4,754 15,233 7,132
Income before cumulative effect of change in
accounting principle 8,829 25,378 11,587
Cumulative effect of change in accounting principle 595
Net income 8,829 25,378 10,992
Accretion of preferred stock to redemption value
3
212 462 424
Preferred stock dividends
3, 4
348 696 696
Net income available to common stockholders $ 8,269 $ 24,220 $ 9,872
P E R C O M M O N S H A R E ¬ B A S I C:
Income available to common stockholders before
cumulative effect of change in accounting principle $ .26 $ .86 $ .38
Cumulative effect of change in accounting principle .02
Net income available to common stockholders $ .26 $ .86 $ .36
P E R C O M M O N S H A R E ¬ D I LU T E D:
Income available to common stockholders before
cumulative effect of change in accounting principle $ .24 $ .72 $ .35
Cumulative effect of change in accounting principle .02
Net income available to common stockholders $ .24 $ .72 $ .33
The Company÷s fiscal year is a 52-week or 53-week period ending on the last Saturday in December. Fiscal years 2001 and 1999 each consisted
of 52 weeks, while fiscal year 2000 consisted of 53 weeks.
As a result of EITF 01-09, ñAccounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor÷s Products),î certain
expenses presently classified as selling, general and administrative expenses will be recorded as a reduction of sales beginning in the first quarter
of 2002. In accordance with this pronouncement, all prior periods will be reclassified on a retroactive basis. This retroactive reclassification will
have no effect on net income as previously reported.
The Company÷s redeemable convertible preferred stock was converted to common stock in the second quarter of 2001.
On February 14, 2001, the Board of Directors declared its intention to increase the regular quarterly dividend from $.03 to $.06 per common
share for each quarter of 2001.
C O N S O L I D AT E D S TAT E M E N T O F I N C O M E
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Forward