(b) Revaluation of the contingent consideration liability associated with the Company's June 2011 acquisition of Bonnie Togs.
(c) Includes costs related to the closure of a distribution facility located in Hogansville, GA, announced in the first quarter of fiscal 2012.
(d) Expense related to the amortization of the fair value step-up for Bonnie Togs inventory acquired.
(e) Professional service fees and other expenses associated with the acquisition of Bonnie Togs.(f) In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present gross margin, SG&A, operating income, net income, and net income on a diluted share basis excluding the adjustments discussed above. The Company believes these adjustments provide a meaningful comparison of the Company’s results. The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP. The adjusted, non-GAAP financial measurements are presented for informational purposes only and are not necessarily indicative of the Company’s future condition or results of operations. Note: Results may not be additive due to rounding. Certain prior year amounts have been reclassified for comparative purposes.
RECONCILIATION OF GAAP TO ADJUSTED RESULTS
(dollars in millions, except earnings per share)
|Quarter ended March 31, 2012|
|SG&A||Operating Income||Net Income||Diluted EPS|
|As reported (GAAP):||$||149.7||$||53.8||$||32.3||$||0.54|
|Revaluation of contingent consideration (a)||(0.7||)||0.7||0.7||0.01|
|Facility closure costs - Hogansville DC (b)||(1.1||)||1.1||0.7||0.01|
|As adjusted (c):||$||147.9||$||55.6||$||33.7||$||0.56|