LILLIAN VERNON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Fiscal Years Ended
February 23,
2002
February 24,
2001
February 26,
2000
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 259,634
$ 287,094
$ 281,044
Costs and expenses:
Product and delivery costs . . . . . . . . . . . . . . . . . . . . . . . .
154,294
162,647
156,640
Selling, general and administrative expenses . . . . . . . . .
118,864
123,398
115,792
Restructuring and other charges . . . . . . . . . . . . . . . . . . .
2,050
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(746)
273,158
288,095
271,686
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . .
(13,524)
(1,001)
9,358
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
718
1,464
1,248
Financing expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(792)
(288)
(256)
Income (loss) before provision for
(benefit from) income taxes . . . . . . . . . . . . . . . . . . .
(13,598)
175
10,350
Provision for (benefit from) income taxes:
Current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,613)
434
3,998
Deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(896)
479
63
(4,509)
913
4,061
Income (loss) before cumulative effect . . . . . . . . . . . .
(9,089)
(738)
6,289
Cumulative effect of accounting change, net of
income taxes of $360 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
640
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(9,089) $
(1,378) $
6,289
Basic and diluted net income (loss) per common share:
Income (loss) before cumulative effect of
accounting change . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(1.08) $
(0.09) $
0.69
Cumulative effect of accounting change . . . . . . . . . . . . .
(0.07)
Net income (loss) per common share - Basic and Diluted
$
(1.08) $
(0.16) $
0.69
Weighted average number of common shares - Basic . . . .
8,389
8,740
9,128
Weighted average number of common shares and
common share equivalents - Diluted . . . . . . . . . . . . . . . .
8,389
8,740
9,130
See Notes to Consolidated Financial Statements.
F-3
L I L L I A N V E R N O N
