COLDWATER CREEK INC

CIK:0001018005|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified

3 Months Ended

9 Months Ended

Nov. 02, 2013

Oct. 27, 2012

Nov. 02, 2013

Oct. 27, 2012

Income Statement [Abstract]

Net sales

$ 154,485

^[1]

$ 188,124

^[1]

$ 459,916

^[1]

$ 521,698

^[1]

Cost of sales

106,330

122,059

316,757

352,722

Gross profit

48,155

66,065

143,159

168,976

Selling, general and administrative expenses

70,832

76,106

201,756

219,299

Loss on asset impairments

2,669

Loss from operations

(25,346)

(10,041)

(61,266)

(50,323)

Other loss (gain), net

(7,975)

6,797

(14,533)

5,519

Interest expense, net

3,766

3,573

10,972

5,859

Loss before income taxes

(21,137)

(20,411)

(57,705)

(61,701)

Income tax provision (benefit)

2,650

115

1,880

143

Net loss

(23,787)

(20,526)

(59,585)

(61,844)

Other comprehensive income:

Supplemental Executive Retirement Plan liability adjustment, net of tax

(10)

(28)

Total comprehensive loss

$ (23,787)

$ (20,516)

$ (59,585)

$ (61,816)

Net loss per share - Basic and Diluted (in dollars per share)

$ (0.78)

$ (0.67)

$ (1.95)

$ (2.03)

Weighted average shares outstanding — Basic and Diluted (in shares)

30,619

30,504

30,580

30,460

[1]	There were no sales between the retail and direct segments during the reported periods.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Nov. 02, 2013	Oct. 27, 2012
Operating activities:
Net loss	$ (59,585)	$ (61,844)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	31,506	39,037
Non-cash interest expense	6,964	3,001
Stock-based compensation expense	1,379	1,335
Supplemental executive retirement plan expense	340	441
Deferred income taxes and valuation allowance adjustments	2,542	(369)
Deferred credit card program revenue	24,679	(702)
Deferred rents	(16,228)	(15,569)
Loss (gain) on derivative liability	(14,533)	4,434
Series A Preferred Stock issuance costs	0	1,086
Net loss on asset dispositions and other termination charges	1,340	2,249
Loss on asset impairments	2,669	0
Other	(398)	207
Net change in operating assets and liabilities:
Receivables	(1,847)	(1,064)
Inventories	(27,530)	(29,740)
Prepaid and other current assets	(1,509)	(4,781)
Accounts payable	30,202	34,965
Accrued liabilities	(3,057)	(7,612)
Net cash used in operating activities	(23,066)	(34,926)
Investing activities:
Purchase of property and equipment	(7,414)	(14,234)
Proceeds from asset dispositions	891	141
Net cash used in investing activities	(6,523)	(14,093)
Financing activities:
Borrowings on revolving line of credit	28,000	10,000
Payments on revolving line of credit	(13,000)	(25,000)
Proceeds from the issuance of long-term debt	0	65,000
Payments of long-term debt and capital lease obligations	(419)	(15,309)
Payment of debt and Series A Preferred Stock issuance costs	0	(5,895)
Other	60	152
Net cash provided by financing activities	14,641	28,948
Net decrease in cash and cash equivalents	(14,948)	(20,071)
Cash and cash equivalents, beginning	21,734	51,365
Cash and cash equivalents, ending	6,786	31,294
Supplemental Cash Flow Data:
Interest paid, net of amount capitalized	4,024	2,863
Income taxes paid (refunded), net	$ (354)	$ 3,396

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Nov. 02, 2013	Feb. 02, 2013	Oct. 27, 2012
Current assets:
Cash and cash equivalents	$ 6,786	$ 21,734	$ 31,294
Receivables	7,372	5,150	8,554
Inventories	152,737	125,207	161,715
Prepaid and other current assets	18,374	17,072	13,909
Deferred income taxes	1,021	1,252	2,819
Total current assets	186,290	170,415	218,291
Property and equipment, net	141,949	169,007	180,640
Deferred income taxes	0	2,112	2,207
Other assets	3,726	4,374	4,568
Total assets	331,965	345,908	405,706
Current liabilities:
Accounts payable	90,297	57,891	91,430
Accrued liabilities	73,788	87,915	90,060
Current maturities of debt and capital lease obligations	15,624	577	560
Total current liabilities	179,709	146,383	182,050
Deferred rents	67,437	82,726	86,900
Long-term debt and capital lease obligations	69,510	63,784	61,797
Supplemental executive retirement plan	10,770	10,994	12,431
Deferred income taxes	1,021	699	2,512
Other liabilities	24,651	4,186	4,275
Total liabilities	353,098	308,772	349,965
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 1,000 shares authorized; 1, 1 and 1 shares issued, respectively	0	0	0
Common stock, $0.01 par value, 75,000 shares authorized; 30,630, 30,531 and 30,520 shares issued, respectively	306	305	305
Additional paid-in capital	154,461	153,146	152,397
Accumulated other comprehensive loss	(1,532)	(1,532)	(2,176)
Retained earnings (accumulated deficit)	(174,368)	(114,783)	(94,785)
Total stockholders' equity	(21,133)	37,136	55,741
Total liabilities and stockholders' equity	$ 331,965	$ 345,908	$ 405,706