FINISH LINE INC /IN/

CIK:0000886137|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Mar. 03, 2018	Feb. 25, 2017	Feb. 27, 2016
Income Statement [Abstract]
Net sales	$ 1,838,956	$ 1,844,393	$ 1,798,982
Cost of sales (including occupancy costs)	1,306,859	1,295,989	1,242,960
Gross profit	532,097	548,404	556,022
Selling, general, and administrative expenses	486,484	480,897	469,836
Impairment charges and store closing costs	36,691	13,312	43,637
Operating income	8,922	54,195	42,549
Interest (income) expense, net	(73)	279	65
Income from continuing operations before income taxes	8,995	53,916	42,484
Income tax (benefit) expense	(5,719)	18,760	13,562
Net income from continuing operations	14,714	35,156	28,922
Net loss from discontinued operations, net of tax	(304)	(53,364)	(7,126)
Net income (loss)	14,410	(18,208)	21,796
Net loss attributable to redeemable noncontrolling interest of discontinued operations	0	0	96
Net income (loss) attributable to The Finish Line, Inc.	$ 14,410	$ (18,208)	$ 21,892
Basic (loss) earnings per share attributable to The Finish Line, Inc. shareholders:
Basic earnings (loss) from continuing operations per share attributable to The Finish Line, Inc. shareholders (in USD per share)	$ 0.36	$ 0.86	$ 0.64
Earnings (loss) from discontinued operations, per basic share (in USD per share)	(0.01)	(1.31)	(0.15)
Basic earnings (loss) per share attributable to The Finish Line, Inc. shareholders (in USD per share)	0.35	(0.45)	0.49
Diluted (loss) earnings per share attributable to The Finish Line, Inc. shareholders:
Diluted earnings (loss) from continuing operations per share attributable to The Finish Line, Inc. shareholders (in USD per share)	0.36	0.85	0.64
Earnings (loss) from discontinued operations, per diluted share (in USD per share)	(0.01)	(1.29)	(0.16)
Diluted earnings (loss) per share attributable to The Finish Line, Inc. shareholders (in USD per share)	0.35	(0.44)	0.48
Dividends declared per share (in USD per share)	$ 0.445	$ 0.41	$ 0.37

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 03, 2018	Feb. 25, 2017	Feb. 27, 2016
Operating activities:
Net income (loss)	$ 14,410	$ (18,208)	$ 21,796
Net loss from discontinued operations, net of tax	(304)	(53,364)	(7,126)
Net income from continuing operations	14,714	35,156	28,922
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment charges and store closing costs	36,691	13,312	43,637
Depreciation and amortization	52,870	49,376	42,190
Deferred income taxes	(20,413)	8,223	(570)
Loss on disposals of property and equipment	(2)	703	139
Share-based compensation	6,999	9,945	10,567
Changes in operating assets and liabilities:
Accounts receivable, net	3,940	(3,988)	(255)
Merchandise inventories, net	9,404	16,820	(25,974)
Other assets	(14,257)	1,700	(8,339)
Accounts payable	(40,359)	15,576	26,888
Employee compensation	(2,993)	(3,515)	(323)
Income taxes receivable/payable	(739)	25,523	(15,629)
Other liabilities and accrued expenses	(2,565)	(2,475)	2,906
Deferred credits from landlords	2,496	1,630	3,345
Net cash provided by operating activities - continuing operations	45,786	167,986	107,504
Net cash provided by (used in) operating activities - discontinued operations	31,953	(2,975)	(7,800)
Net cash provided by operating activities	77,739	165,011	99,704
Investing activities:
Capital expenditures for property and equipment	(38,163)	(60,937)	(34,165)
Software development costs	(11,346)	(13,847)	(27,979)
Payments for sale of discontinued operations	(2,486)	(8,317)	0
Proceeds from disposals of property and equipment	39	596	52
Net cash used in investing activities - continuing operations	(51,956)	(82,505)	(62,092)
Net cash used in investing activities - discontinued operations	0	(1,659)	(12,259)
Net cash used in investing activities	(51,956)	(84,164)	(74,351)
Financing activities:
Borrowings on revolving credit facility	5,000	47,000	30,000
Repayments on revolving credit facility	(5,000)	(47,000)	(30,000)
Dividends paid to shareholders	(18,011)	(16,749)	(16,407)
Proceeds from issuance of common stock	80	39	1,976
Purchases of treasury stock	(3,823)	(52,776)	(79,880)
Net cash used in financing activities - continuing operations	(21,754)	(69,486)	(94,311)
Net cash used in financing activities - discontinued operations	(1,500)	0	(1,116)
Net cash used in financing activities	(23,254)	(69,486)	(95,427)
Net (decrease) increase in cash and cash equivalents	2,529	11,361	(70,074)
Cash and cash equivalents at beginning of year	90,856	79,495	149,569
Cash and cash equivalents at end of year	93,385	90,856	79,495
Supplemental disclosure of noncash operating and investing activities:
Capital expenditures incurred but not yet paid	$ 2,749	$ 3,111	$ 5,700

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 03, 2018	Feb. 25, 2017
Current assets:
Cash and cash equivalents	$ 93,385	$ 90,856
Accounts receivable, net	16,530	20,470
Merchandise inventories, net	321,742	331,146
Income taxes receivable	2,439	35,559
Other current assets	28,042	13,379
Total current assets	462,138	491,410
Property and equipment:
Land	1,557	1,557
Building	44,637	44,249
Leasehold improvements	184,771	206,446
Furniture, fixtures, and equipment	139,579	143,576
Construction in progress	3,749	5,966
Property and equipment, gross	374,293	401,794
Less accumulated depreciation	235,731	244,200
Total property and equipment, net	138,562	157,594
Software development costs, net	68,884	90,303
Other assets, net	5,448	7,161
Total assets	675,032	746,468
Current liabilities:
Accounts payable	122,590	166,614
Employee compensation	12,085	15,407
Accrued property and sales tax	10,087	9,750
Other liabilities and accrued expenses	25,809	30,200
Other liabilities and accrued expenses	170,571	221,971
Commitments and contingencies
Deferred credits from landlords	34,629	32,133
Deferred income taxes	11,813	32,226
Other long-term liabilities	7,029	8,640
Shareholders’ equity:
Common stock, $.01 par value; 110,000 shares authorized; 60,145 shares issued	601	601
Additional paid-in capital	249,195	245,335
Retained earnings	600,368	604,136
Treasury stock, shares held - (2018 – 19,388; 2017 – 19,421)	(399,174)	(398,574)
Total shareholders’ equity	450,990	451,498
Total liabilities and shareholders’ equity	675,032	746,468
Preferred Stock
Shareholders’ equity:
Preferred stock, $.01 par value; 1,000 shares authorized; none issued	0	0
No-Par Value Preferred Stock
Shareholders’ equity:
Preferred stock, $.01 par value; 1,000 shares authorized; none issued	$ 0	$ 0