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The Children's Place Reports Fourth Quarter and Fiscal 2012 Results

SECAUCUS, N.J., March 26, 2013 (GLOBE NEWSWIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq:PLCE), the largest pure-play children's specialty apparel retailer in North America, today announced financial results for the fourth quarter and fiscal 2012 periods ended February 2, 2013.

President and Chief Executive Officer Jane Elfers commented, "We continued to make significant progress during 2012 and had a strong finish to the year. We delivered record sales of $1.8 billion in fiscal 2012 and a 2% increase in comparable retail sales. Non-GAAP earnings per share increased 11% to $3.23. In addition, we generated $205 million in cash from operations during the year and returned approximately $89 million to shareholders through our share buyback program.

"For the fourth quarter, comparable retail sales increased 4.3%, non-GAAP operating income increased 65% and non-GAAP earnings increased 32% to $1.15 per diluted share," Ms. Elfers said.

Net Income and EPS

The Company announced on February 26, 2013 that it was changing its accounting policy to report its inventory on the cost method instead of the retail inventory method and that it will capitalize additional supply chain costs instead of reporting them as period expenses, effective in the fourth quarter. The Company is reporting fourth quarter and fiscal 2012 results under both the new and previous accounting policies to facilitate comparisons between the two accounting methods. In this press release the term (i) "cost method" reflects the change in accounting principle to report inventory on the cost method and the capitalization of additional supply chain costs, (ii) "adjusted" refers to results in prior periods which have been adjusted to reflect the GAAP cost method, and (iii) "Non-GAAP" refers to results which exclude transactions which the Company believes are not indicative of the performance of its core business. The Company believes that by providing this supplemental disclosure to investors it will facilitate comparisons of its past and present performance. A reconciliation of net income and earnings per diluted share as reported is included in this press release in Table 3.

Under the cost method, the Company reported net income of $19.1 million and earnings per diluted share of $0.80 for the fourteen weeks ended February 2, 2013, compared to adjusted net income of $23.3 million and adjusted earnings per diluted share of $0.93 for the thirteen weeks ended January 28, 2012. For the fifty-three weeks ended February 2, 2013, the Company reported net income of $63.2 million and earnings per diluted share of $2.61, compared to adjusted net income of $74.3 million and adjusted earnings per diluted share of $2.90 for the 52-week period ended January 28, 2012.

Under the retail method, the Company reported net income of $22.1 million and earnings per diluted share of $0.93 for the fourteen weeks ended February 2, 2013, compared to net income of $24.2 million and earnings per diluted share of $0.97 in the thirteen weeks ended January 28, 2012. For the fifty-three weeks ended February 2, 2013, the Company reported net income of $62.7 million and earnings per diluted share of $2.58, compared to net income of $77.2 million and earnings per diluted share of $3.01 for the fifty-two weeks ended January 28, 2012.

The results reported above include transactions that the Company believes are not indicative of the performance of its core business. The following table also shows Non-GAAP earnings per diluted share under the retail method excluding such transactions for the fiscal quarters and fiscal years ended February 2, 2013 and January 28, 2012.

Fourth Quarter Fiscal Year
2012 2011 2012 2011
Earnings per diluted share under the cost method on a GAAP basis $0.80 $0.93 $2.61 $2.90
Impact of the change in method of accounting for inventory $0.13 $0.04 -$0.03 $0.11
Earnings per diluted share under the retail method $0.93 $0.97 $2.58 $3.01
Add back: Accelerated depreciation for DC closures and remodels; restructuring and other costs $0.22 $0.03 $0.65 $0.03
Remove: Settlement of state tax audits; reversal of prior year's US tax accrual on foreign earnings - -$0.13 - -$0.12
Non-GAAP earnings per diluted share under the retail method $1.15 $0.87 $3.23 $2.92

2012 Results Reported under the Retail Method

Fourth Quarter 2012

  • Net sales, which included $21.6 million of sales in the 53rd week, increased 11.3% to $509.2 million, compared to $457.5 million the prior year.
  • Comparable retail sales, which excluded the 53rd week, increased 4.3% compared to the prior year.
  • Gross profit increased 17.5% to $192.7 million, and increased 200 basis points to 37.8% of sales.
  • Selling, general and administrative expense increased 12.4% to $136.1 million, and deleveraged 20 basis points to 26.7% of sales.
  • Non-GAAP operating income increased 64.8% to $38.7 million, and increased 250 basis points to 7.6% of sales.
  • Non-GAAP net income was $27.3 million, a 24.8% increase compared to the prior year.
  • Non-GAAP EPS of $1.15 per diluted share compares to $0.87 last year, a 32.2% increase.

Fiscal 2012 Results

  • Net sales, which included the 53rd week, increased 5.5% to $1,809.5, compared to $1,715.9 million the prior year.
  • Comparable retail sales, which excluded the 53rd week, increased 2.0% compared to the prior year.
  • Gross profit increased 4.0% to $690.5 million, and deleveraged 50 basis points to 38.2% of sales.
  • Non-GAAP selling, general and administrative expense increased 6.2% to $507.0 million, and deleveraged 20 basis points to 28.0% of sales.
  • Non-GAAP operating income increased 3.0% to $114.3 million, and deleveraged 20 basis points to 6.3% of sales.
  • Non-GAAP net income was $78.3 million, a 4.5% increase compared to prior year.
  • Non-GAAP EPS of $3.23 per diluted share compares to $2.92 last year, a 10.6% increase.

Store Openings and Closures

The Company opened four stores and closed 11 during the fourth quarter of 2012. During fiscal 2012, the Company opened 64 stores and closed 18, ending the year with 1,095 stores.

Share Repurchase Program

During the fourth quarter of 2012, the Company repurchased 863 thousand shares for approximately $41.2 million. In fiscal 2012, the Company repurchased 1.8 million shares for approximately $88.9 million. At the end of fiscal 2012, $80.4 million of the $100 million share repurchase program authorized in November 2012 remained available for future share repurchases.

Outlook for 2013 under the Cost Method

With the unfavorable weather and weak macro-economic environment affecting consumer spending quarter-to-date, the Company is forecasting Non-GAAP earnings per diluted share will be between $0.60 and $0.65 for the first quarter of 2013. This compares to Non-GAAP adjusted earnings per diluted share of $1.14 in the first quarter of 2012. This guidance assumes negative high-single digit comparable retail sales for the quarter.

For fiscal 2013, the Company is projecting that Non-GAAP earnings per diluted share will be between $2.90 and $3.10. This compares to Non-GAAP adjusted earnings per diluted share of $3.25 in fiscal 2012. This guidance assumes negative low-single digit comparable retail sales for the year.

This earnings guidance assumes that currency exchange rates will remain where they are today. It does not include the impact of potential share repurchases.

Conference Call Information

The Children's Place will host a conference call to discuss its fourth quarter and fiscal year 2012 results today at 8:30 a.m. Eastern Time. The call will be broadcast live at http://investor.childrensplace.com. An audio archive will be available on the Company's website approximately one hour after the conclusion of the call.

About The Children's Place Retail Stores, Inc.

The Children's Place is the largest pure-play children's specialty apparel retailer in North America. The Company designs, contracts to manufacture and sells fashionable, high-quality merchandise at value prices, primarily under the proprietary "The Children's Place" brand name. As of February 2, 2013, the Company operated 1,095 stores and an online store at www.childrensplace.com.

Forward Looking Statements

This press release (and the above referenced call) may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company's positioning, and forecasts regarding store openings and earnings per diluted share. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including in the "Risk Factors" section of its annual report on Form 10-K for the fiscal year ended January 28, 2012. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company's business and its dependence on consumer spending patterns, which may be affected by the continued weakness in the economy or by other factors such as increases in the cost of gasoline and food, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

Table 1
THE CHILDREN'S PLACE RETAIL STORES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AT COST METHOD
(In thousands, except per share amounts)
(Unaudited)
Fourth Quarter Ended Fiscal Year Ended
February 2, January 28, February 2, January 28,
2013 2012 2013 2012
(As adjusted) (As adjusted)
Net sales $ 509,224 $ 457,463 $ 1,809,486 $ 1,715,862
Cost of sales 320,667 294,843 1,118,046 1,056,213
Gross profit 188,557 162,620 691,440 659,649
Selling, general and administrative expenses 136,089 121,088 510,918 477,425
Asset impairment charges 215 461 2,284 2,208
Other costs 6,622 -- 11,088 --
Depreciation and amortization 19,712 19,851 77,435 74,573
Operating income 25,919 21,220 89,715 105,443
Interest (expense), net 84 (35) (20) (690)
Income before taxes 26,003 21,185 89,695 104,753
Provision for income taxes 6,875 (2,140) 26,452 30,408
Net income $ 19,128 $ 23,325 $ 63,243 $ 74,345
Earnings per common share
Basic $ 0.81 $ 0.94 $ 2.63 $ 2.92
Diluted $ 0.80 $ 0.93 $ 2.61 $ 2.90
Weighted average common shares outstanding
Basic 23,541 24,834 24,092 25,459
Diluted 23,789 25,033 24,276 25,668
Table 2
THE CHILDREN'S PLACE RETAIL STORES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AT RETAIL METHOD
(In thousands, except per share amounts)
(Unaudited)
Fourth Quarter Ended Fiscal Year Ended
February 2, January 28, February 2, January 28,
2013 2012 2013 2012
Net sales $ 509,224 $ 457,463 $ 1,809,486 $ 1,715,862
Cost of sales 316,533 293,502 1,119,025 1,051,649
Gross profit 192,691 163,961 690,461 664,213
Selling, general and administrative expenses 136,089 121,088 510,918 477,425
Asset impairment charges 215 461 2,284 2,208
Other costs 6,622 -- 11,088 --
Depreciation and amortization 19,712 19,851 77,435 74,573
Operating income 30,053 22,561 88,736 110,007
Interest (expense), net 84 (35) (20) (690)
Income before taxes 30,137 22,526 88,716 109,317
Provision for income taxes 8,019 (1,700) 25,971 32,092
Net income $ 22,118 $ 24,226 $ 62,745 $ 77,225
Earnings per common share
Basic $ 0.94 $ 0.98 $ 2.60 $ 3.03
Diluted $ 0.93 $ 0.97 $ 2.58 $ 3.01
Weighted average common shares outstanding
Basic 23,541 24,834 24,092 25,459
Diluted 23,789 25,033 24,276 25,668
Table 3
THE CHILDREN'S PLACE RETAIL STORES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO REPORTED AT RETAIL METHOD
(In thousands, except per share amounts)
(Unaudited)
Fourth Quarter Ended Fiscal Year Ended
February 2, January 28, February 2, January 28,
2013 2012 2013 2012
Net sales $ 509,224 $ 457,463 $ 1,809,486 $ 1,715,862
Cost of sales 316,533 293,502 1,119,025 1,051,649
Gross profit 192,691 163,961 690,461 664,213
Selling, general and administrative expenses 136,089 121,088 510,918 477,425
Restructuring severance/miscellaneous costs -- -- 2,854 --
Legal Settlement -- -- 1,087 --
Non-GAAP Selling, general and administrative expenses 136,089 121,088 506,977 477,425
Asset impairment charges 215 461 2,284 2,208
Store Impairment due to early termination -- -- 1,250 --
Non-GAAP Asset impairment charges 215 461 1,034 2,208
Other costs 6,622 -- 11,088 --
DC exit costs 6,622 -- 11,088 --
Non-GAAP Other costs -- -- -- --
Depreciation and amortization 19,712 19,851 77,435 74,573
DC exit costs and Canadian store remodels 2,019 922 9,335 1,032
Non-GAAP Depreciation and amortization 17,693 18,929 68,100 73,541
Operating income 30,053 22,561 88,736 110,007
Non-GAAP Operating income 38,694 23,483 114,350 111,039
Interest (expense), net 84 (35) (20) (690)
Income before taxes 30,137 22,526 88,716 109,317
Non-GAAP Income before taxes 38,778 23,448 114,330 110,349
Provision for income taxes 8,019 (1,700) 25,971 32,092
Non-GAAP Provision for income taxes 11,475 1,579 35,996 35,402
Net income 22,118 24,226 62,745 77,225
Non-GAAP Net income $ 27,303 $ 21,869 $ 78,334 $ 74,947
Non-GAAP Earnings per common share
Basic $ 1.16 $ 0.88 $ 3.25 $ 2.94
Diluted $ 1.15 $ 0.87 $ 3.23 $ 2.92
Weighted average common shares outstanding
Basic 23,541 24,834 24,092 25,459
Diluted 23,789 25,033 24,276 25,668
Table 4
THE CHILDREN'S PLACE RETAIL STORES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AT COST METHOD
(In thousands, except per share amounts)
(Unaudited)
Fiscal Year Ended
February 2, January 28, January 29, January 30, January 31,
2013 2012 2011 2010 2009
(As adjusted) (As adjusted) (As adjusted) (As adjusted)
Net sales $ 1,809,486 $ 1,715,862 $ 1,673,999 $ 1,643,587 $ 1,630,323
Cost of sales 1,118,046 1,056,213 1,013,878 991,393 954,227
Gross profit 691,440 659,649 660,121 652,194 676,096
Selling, general and administrative expenses 510,918 477,425 456,558 456,338 467,730
Asset impairment charges 2,284 2,208 2,713 2,200 6,491
Other costs 11,088 -- -- -- 213
Depreciation and amortization 77,435 74,573 71,640 71,447 71,410
Operating income 89,715 105,443 129,210 122,209 130,252
Interest (expense), net (20) (690) (1,530) (5,731) (4,939)
Income from continuing operations before income taxes 89,695 104,753 127,680 116,478 125,313
Provision for income taxes 26,452 30,408 47,920 32,743 46,147
Income from continuing operations 63,243 74,345 79,760 83,735 79,166
(Loss) from discontinued operations, net of income taxes -- -- (463) (487) 8,435
Net income $ 63,243 $ 74,345 $ 79,297 $ 83,248 $ 87,601
Basic earnings per common share
Income from continuing operations $ 2.63 $ 2.92 $ 2.94 $ 2.94 $ 2.70
(Loss) from discontinued operations -- -- (0.02) (0.02) 0.29
Net income $ 2.63 $ 2.92 $ 2.93 $ 2.92 $ 2.99
Basic weighted average common shares outstanding 24,092 25,459 27,084 28,463 29,307
Diluted earnings per common share
Income from continuing operations $ 2.61 $ 2.90 $ 2.91 $ 2.92 $ 2.68
(Loss) from discontinued operations -- -- (0.02) (0.02) 0.29
Net income $ 2.61 $ 2.90 $ 2.89 $ 2.90 $ 2.96
Diluted weighted average common shares outstanding 24,276 25,668 27,436 28,707 29,548
Table may not add due to rounding
Table 5
THE CHILDREN'S PLACE RETAIL STORES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AT COST METHOD
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended
February 2, October 27, July 28, April 28, January 28, October 29, July 30, April 30,
2013 2012 2012 2012 2012 2011 2011 2011
(As adjusted) (As adjusted) (As adjusted) (As adjusted) (As adjusted) (As adjusted) (As adjusted)
Net sales $ 509,224 $ 500,928 $ 360,826 $ 438,508 $ 457,463 $ 484,085 $ 343,508 $ 430,806
Cost of sales 320,667 291,395 246,121 259,863 294,843 286,059 225,934 249,377
Gross profit 188,557 209,533 114,705 178,645 162,620 198,026 117,574 181,429
Selling, general and administrative expenses 136,089 131,875 120,671 122,283 121,088 127,229 112,446 116,662
Asset impairment charges 215 539 280 1,250 461 369 980 398
Other costs 6,622 570 3,062 834 -- -- -- --
Depreciation and amortization 19,712 23,023 17,482 17,218 19,851 18,493 18,478 17,751
Operating income (loss) 25,919 53,526 (26,790) 37,060 21,220 51,935 (14,330) 46,618
Interest (expense), net 84 (23) (30) (51) (35) (70) (314) (271)
Income (loss) before taxes 26,003 53,503 (26,820) 37,009 21,185 51,865 (14,644) 46,347
Provision (benefit) for income taxes 6,875 16,198 (8,896) 12,275 (2,140) 19,728 (5,757) 18,577
Net income (loss) $ 19,128 $ 37,305 $ (17,924) $ 24,734 $ 23,325 $ 32,137 $ (8,887) $ 27,770
Earnings (loss) per common share
Basic $ 0.81 $ 1.55 $ (0.74) $ 1.01 $ 0.94 $ 1.28 $ (0.35) $ 1.06
Diluted $ 0.80 $ 1.54 $ (0.74) $ 1.00 $ 0.93 $ 1.27 $ (0.35) $ 1.05
Weighted average common shares outstanding
Basic 23,541 24,086 24,249 24,535 24,834 25,121 25,738 26,120
Diluted 23,789 24,293 24,249 24,691 25,033 25,279 25,738 26,387
Table 6
THE CHILDREN'S PLACE RETAIL STORES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP AT COST METHOD
(In thousands, except per share amounts)
(Unaudited)
Fiscal Year Ended
February 2, January 28, January 29, January 30, January 31,
2013 2012 2011 2010 2009
(As adjusted) (As adjusted) (As adjusted) (As adjusted)
Net sales $ 1,809,486 $ 1,715,862 $ 1,673,999 $ 1,643,587 $ 1,630,323
Cost of sales 1,118,046 1,056,213 1,013,878 991,393 954,227
Gross profit 691,440 659,649 660,121 652,194 676,096
Selling, general and administrative expenses 510,918 477,425 456,558 456,338 467,730
Restructuring severance/miscellaneous costs 2,854 -- -- 2,805 3,056
Proxy fees -- -- -- 2,054 --
Transition income -- -- -- -- (11,582)
Sale of store lease -- -- -- -- (2,300)
Tax benefit -- -- -- -- (50)
Legal Settlement 1,087 -- -- -- --
Settlement of employment tax audits related to stock options -- -- (619) (3,532) --
Non-GAAP Selling, general and administrative expenses 506,977 477,425 457,177 455,011 478,606
Asset impairment charges 2,284 2,208 2,713 2,200 6,491
Store Impairment 1,250 -- -- 852 4,902
Non-GAAP Asset impairment charges 1,034 2,208 2,713 1,348 1,589
Other costs 11,088 -- -- -- 213
DC exit costs 11,088 -- -- -- 213
Non-GAAP Other costs -- -- -- -- --
Depreciation and amortization 77,435 74,573 71,640 71,447 71,410
DC exit costs and Canadian store remodels 9,335 1,032 -- -- --
Non-GAAP Depreciation and amortization 68,100 73,541 71,640 71,447 71,410
Operating income 89,715 105,443 129,210 122,209 130,252
Non-GAAP Operating income 115,329 106,475 128,591 124,388 124,491
Interest (expense), net (20) (690) (1,530) (5,731) (4,939)
Settlement of employment tax audits related to stock options and other misc -- -- 72 (907) --
Non-GAAP Interest (expense), net (20) (690) (1,602) (4,824) (4,939)
Income before taxes 89,695 104,753 127,680 116,478 125,313
Non-GAAP Income before taxes 115,309 105,785 126,989 119,564 119,552
Provision for income taxes 26,452 30,408 47,920 32,743 46,147
Non-GAAP Provision for income taxes 36,477 33,718 47,644 48,869 48,308
Income from continuing operations 63,243 74,345 79,760 83,735 79,166
Non-GAAP Income from continuing operations 78,832 72,067 79,345 70,695 71,244
(Loss) from discontinued operations, net of income taxes -- -- (463) (487) 8,435
Net income 63,243 74,345 79,297 83,248 87,601
Non-GAAP Net income $ 78,832 $ 72,067 $ 78,882 $ 70,208 $ 79,679
Non-GAAP Basic earnings per common share
Income from continuing operations $ 3.27 $ 2.83 $ 2.93 $ 2.48 $ 2.43
(Loss) from discontinued operations -- -- (0.02) (0.02) 0.29
Net income $ 3.27 $ 2.83 $ 2.91 $ 2.47 $ 2.72
Basic weighted average common shares outstanding 24,092 25,459 27,084 28,463 29,307
Non-GAAP Diluted earnings per common share
Income from continuing operations $ 3.25 $ 2.81 $ 2.89 $ 2.46 $ 2.41
(Loss) from discontinued operations -- -- (0.02) (0.02) 0.29
Net income $ 3.25 $ 2.81 $ 2.88 $ 2.45 $ 2.70
Diluted weighted average common shares outstanding 24,276 25,668 27,436 28,707 29,548
Table may not add due to rounding
Table 7
THE CHILDREN'S PLACE RETAIL STORES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP AT COST METHOD
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended
February 2, October 27, July 28, April 28, January 28, October 29, July 30, April 30,
2013 2012 2012 2012 2012 2011 2011 2011
(As adjusted) (As adjusted) (As adjusted) (As adjusted) (As adjusted) (As adjusted) (As adjusted)
Net sales $ 509,224 $ 500,928 $ 360,826 $ 438,508 $ 457,463 $ 484,085 $ 343,508 $ 430,806
Cost of sales 320,667 291,395 246,121 259,863 294,843 286,059 225,934 249,377
Gross profit 188,557 209,533 114,705 178,645 162,620 198,026 117,574 181,429
Selling, general and administrative expenses 136,089 131,875 120,671 122,283 121,088 127,229 112,446 116,662
Restructuring severance/miscellaneous costs -- -- 164 2,690 -- -- -- --
Legal Settlement -- -- 1,087 -- -- -- -- --
Non-GAAP Selling, general and administrative expenses 136,089 131,875 119,420 119,593 121,088 127,229 112,446 116,662
Asset impairment charges 215 539 280 1,250 461 369 980 398
Store Impairment due to early termination -- -- -- 1,250 -- -- -- --
Non-GAAP Asset impairment charges 215 539 280 -- 461 369 980 398
Other costs 6,622 570 3,062 834 -- -- -- --
DC exit costs 6,622 570 3,062 834 -- -- -- --
Non-GAAP Other costs -- -- -- -- -- -- -- --
Depreciation and amortization 19,712 23,023 17,482 17,218 19,851 18,493 18,478 17,751
DC exit costs and Canadian store remodels 2,019 5,958 465 893 922 110 -- --
Non-GAAP Depreciation and amortization 17,693 17,065 17,017 16,325 18,929 18,383 18,478 17,751
Operating income (loss) 25,919 53,526 (26,790) 37,060 21,220 51,935 (14,330) 46,618
Non-GAAP Operating income (loss) 34,560 60,054 (22,012) 42,727 22,142 52,045 (14,330) 46,618
Interest (expense), net 84 (23) (30) (51) (35) (70) (314) (271)
Income (loss) before taxes 26,003 53,503 (26,820) 37,009 21,185 51,865 (14,644) 46,347
Non-GAAP Income (loss) before taxes 34,644 60,031 (22,042) 42,676 22,107 51,975 (14,644) 46,347
Provision (benefit) for income taxes 6,875 16,198 (8,896) 12,275 (2,140) 19,728 (5,757) 18,577
Non-GAAP Provision (benefit) for income taxes 10,331 18,772 (7,047) 14,422 1,139 19,759 (5,757) 18,577
Net income (loss) 19,128 37,305 (17,924) 24,734 23,325 32,137 (8,887) 27,770
Non-GAAP Net income (loss) $ 24,313 $ 41,259 $ (14,995) $ 28,254 $ 20,968 $ 32,216 $ (8,887) $ 27,770
Non-GAAP Earnings (loss) per common share
Basic $ 1.03 $ 1.71 $ (0.62) $ 1.15 $ 0.84 $ 1.28 $ (0.35) $ 1.06
Diluted $ 1.02 $ 1.70 $ (0.62) $ 1.14 $ 0.84 $ 1.27 $ (0.35) $ 1.05
Weighted average common shares outstanding
Basic 23,541 24,086 24,249 24,535 24,834 25,121 25,738 26,120
Diluted 23,789 24,293 24,249 24,691 25,033 25,279 25,738 26,387
Table 8
THE CHILDREN'S PLACE RETAIL STORES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
COST METHOD RETAIL METHOD
February 2, January 28, February 2, January 28,
2013 2012 2013 2012
Assets: (As adjusted)
Cash and short-term investments $ 209,128 $ 176,655 $ 209,128 $ 176,655
Accounts receivable 18,490 17,382 18,490 17,382
Inventories 266,976 237,786 241,105 212,916
Other current assets 50,641 57,105 60,391 66,372
Total current assets 545,235 488,928 529,114 473,325
Property and equipment, net 330,101 323,863 330,101 323,863
Other assets, net 48,074 53,461 48,074 53,461
Total assets $ 923,410 $ 866,252 $ 907,289 $ 850,649
Liabilities and Stockholders' Equity:
Accounts payable $ 87,461 $ 55,516 $ 87,461 $ 55,516
Accrued expenses and other current liabilities 104,045 76,039 104,045 76,039
Total current liabilities 191,506 131,555 191,506 131,555
Other liabilities 110,955 109,728 110,955 109,728
Total liabilities 302,461 241,283 302,461 241,283
Stockholders' equity 620,949 624,969 604,828 609,366
Total liabilities and stockholders' equity $ 923,410 $ 866,252 $ 907,289 $ 850,649

CONTACT: Jane Singer Vice President, Investor Relations (201) 453-6955Source:The Children's Place Retail Stores, Inc.