Business Valuation of Polo Ralph Lauren Corporation - Mark Moore ...

Total current liabilities 501,130 500,347 391,771 439,577 406,228Long-term debt 277,345 248,494 285,414 296,988 342,707Other noncurrent liabilities 69,693 81,214 74,117 80,219 99,190Class A common stock 620 489 361 349 344Class B common stock 433 433 433 433 433Class C common stock - 106 227 227 227Additional paid-in-capital 563,457 504,700 490,337 463,001 450,030Retained earnings (accumulateddeficit) 927,390 776,359 602,124 430,047 370,785Treasury stock, class A, at cost 78,975 77,928 73,246 71,179 57,346Accumulated other comprehensiveincome (loss) 23,942 10,787 -19,799 -10,529 9,655Unearned compensation 14,794 6,179 2,242 3,040 1,691Total stockholders' equity (deficit) 1,422,073 1,208,767 998,195 809,309 772,43752Polo Ralph Lauren Corp.As Reported Annual IncomeStatement 4/3/2004 3/29/2003 3/30/2002 3/31/2001 4/1/2000Currency USD USD USD USD USDAuditor StatusNotQualifiedNotQualifiedNotQualifiedNotQualified Not QualifiedConsolidated Yes Yes Yes Yes YesScale Thousands Thousands Thousands Thousands ThousandsNet sales 2,380,844 2,189,321 2,122,333 1,982,419 1,712,375Licensing revenue 268,810 250,019 241,374 243,355 236,302Other income - - - - 6,851Net revenues 2,649,654 2,439,340 2,363,707 2,225,774 1,955,528Cost of goods sold 1,326,335 1,231,739 1,216,904 1,162,727 1,002,390Gross profit (loss) 1,323,319 1,207,601 1,146,803 1,063,047 953,138Selling, general & administrative expenses 1,029,957 904,741 837,591 822,272 689,227Restructuring charge 19,566 14,443 16,000 123,554 -Total expenses 1,049,523 919,184 853,591 945,826 -Income (loss) from operations 273,796 288,417 293,212 117,221 263,911Foreign currency gains (losses) -1,864 -529 1,820 5,846 -Interest expense 10,000 13,502 19,033 25,113 15,025Income before income taxes - Domestic 198,957 190,167 287,291 127,071 215,270Income before income taxes - Foreign 62,975 84,219 -11,292 -29,117 33,616Income (loss) before provision for incometax - 274,386 275,999 97,954 248,886Income (loss) before provision for incometax 261,932 - - - -Current provision for income taxes-federal 81,781 77,299 58,529 27,984 71,565Current prov for income taxes-state & local 4,135 6,550 6,457 21,605 17,398Current provision for income taxes-foreign 10,450 7,401 17,297 12,533 5,698Total current provision for income taxes 96,366 91,250 82,283 62,122 94,661Dfd income tax provisions (credits)-federal -4,421 9,039 15,835 -11,689 4,527Dfd income tax provs (credits)-state & local -831 -2,045 4,672 -11,741 2,234Deferred provision for income taxes-foreign 3,941 1,907 709 - -Total dfd income tax provisions (credits) -1,311 8,901 21,216 -23,430 6,761Provision for income taxes 95,055 100,151 103,499 38,692 101,422Other income (expense), net 4,077 - - - -