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Carter's, Inc. Reports Fourth Quarter And Fiscal 2012 Results

Stocks in this article: CRI

(b) Includes costs related to the closure of a distribution facility located in Hogansville, GA, announced in the first quarter of fiscal 2012.

(c) 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 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.

CARTER’S, INC.

RECONCILIATION OF NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS

       
For the

quarters ended

For the fiscal years ended

December 29, 2012   December 31, 2011 December 29, 2012   December 31, 2011
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding 58,344,635 57,955,394 58,217,503 57,513,748
Dilutive effect of unvested restricted stock 203,105 180,569 186,018 129,262
Dilutive effect of stock options 668,564   486,570   665,666   571,907  
Diluted number of common and common equivalent shares outstanding 59,216,304   58,622,533       59,069,187   58,214,917  
 
As reported on a GAAP Basis:
Basic net income per common share:
Net income $ 48,692,000 $ 34,785,000 $ 161,150,000 $ 114,016,000
Income allocated to participating securities (631,743 ) (366,660 ) (2,095,309 ) (1,210,944 )
Net income available to common shareholders $ 48,060,257   $ 34,418,340   $ 159,054,691   $ 112,805,056  
 
Basic net income per common share $ 0.82 $ 0.59 $ 2.73 $ 1.96
 
Diluted net income per common share:
Net income $ 48,692,000 $ 34,785,000 $ 161,150,000 $ 114,016,000
Income allocated to participating securities (624,678 ) (363,639 ) (2,071,926 ) (1,199,147 )
Net income available to common shareholders $ 48,067,322   $ 34,421,361   $ 159,078,074   $ 112,816,853  
 
Diluted net income per common share $ 0.81 $ 0.59 $ 2.69 $ 1.94
 
As adjusted (a):
Basic net income per common share:
Net income $ 53,669,000 $ 37,257,000 $ 170,717,000 $ 123,229,000
Income allocated to participating securities (696,316 ) (392,717 ) (2,219,701 ) (1,308,794 )
Net income available to common shareholders $ 52,972,684   $ 36,864,283   $ 168,497,299   $ 121,920,206  
 
Basic net income per common share $ 0.91 $ 0.64 $ 2.89 $ 2.12
 
Diluted net income per common share:
Net income $ 53,669,000 $ 37,257,000 $ 170,717,000 $ 123,229,000
Income allocated to participating securities (688,528 ) (389,481 ) (2,194,930 ) (1,296,043 )
Net income available to common shareholders $ 52,980,472   $ 36,867,519   $ 168,522,070   $ 121,932,957  
 
Diluted net income per common share $ 0.89 $ 0.63 $ 2.85 $ 2.09
 

(a) 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 per share data excluding the adjustments discussed above. The Company has excluded $5.0 million and $9.6 million in after-tax expenses from these results for quarter and fiscal year ended December 29, 2012. The Company has excluded $2.5 million and $9.2 million in after-tax expenses from these results for the quarter and fiscal year ended December 31, 2011, respectively.

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