BON TON STORES INC - 10-Q filing on 2017-06-07

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

3 Months Ended

Apr. 29, 2017

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Schedule of Condensed Consolidating Balance Sheet

The Bon-Ton Stores, Inc.

Condensed Consolidating Balance Sheet

April 29, 2017

							Guarantor		Consolidating			Company
	Parent			Issuer			Subsidiaries		Eliminations			Consolidated

Assets
Current assets:
Cash and cash equivalents	$	1		$	3,704		$	3,307	$	—		$	7,012
Merchandise inventories	—			458,100			255,631		—			713,731
Prepaid expenses and other current assets	—			78,206			4,841		(180		)	82,867

Total current assets	1			540,010			263,779		(180		)	803,610
Property, fixtures and equipment at cost, net	—			269,674			301,035		—			570,709
Intangible assets, net	—			17,079			54,669		—			71,748
Investment in and advances to affiliates	(78,784		)	425,715			428,928		(775,859		)	—
Other long-term assets	—			24,663			808		(3,087		)	22,384

Total assets	$	(78,783	)	$	1,277,141		$	1,049,219	$	(779,126	)	$	1,468,451


Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$	—		$	160,643		$	—	$	—		$	160,643
Accrued payroll and benefits	—			18,665			4,086		—			22,751
Accrued expenses	—			85,502			70,591		(180		)	155,913
Current maturities of capital lease and financing obligations	—			2,039			4,784		—			6,823

Total current liabilities	—			266,849			79,461		(180		)	346,130

Long-term debt and capital lease and financing obligations, less current maturities	—			966,366			60,708		—			1,027,074
Other long-term liabilities	—			129,762			47,355		(3,087		)	174,030

Total liabilities	—			1,362,977			187,524		(3,267		)	1,547,234

Shareholders’ (deficit) equity	(78,783		)	(85,836		)	861,695		(775,859		)	(78,783		)


Total liabilities and shareholders’ (deficit) equity	$	(78,783	)	$	1,277,141		$	1,049,219	$	(779,126	)	$	1,468,451

The Bon-Ton Stores, Inc.

Condensed Consolidating Balance Sheet

April 30, 2016

							Guarantor		Consolidating			Company
	Parent			Issuer			Subsidiaries		Eliminations			Consolidated

Assets
Current assets:
Cash and cash equivalents	$	1		$	3,006		$	4,800	$	—		$	7,807
Merchandise inventories	—			455,428			256,685		—			712,113
Prepaid expenses and other current assets	—			68,015			4,411		(180		)	72,246

Total current assets	1			526,449			265,896		(180		)	792,166
Property, fixtures and equipment at cost, net	—			311,145			311,941		—			623,086
Intangible assets, net	—			20,302			60,317		—			80,619
Investment in and advances to affiliates	(1,260		)	445,980			373,687		(818,407		)	—
Other long-term assets	—			19,024			955		(3,266		)	16,713

Total assets	$	(1,259	)	$	1,322,900		$	1,012,796	$	(821,853	)	$	1,512,584


Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$	—		$	159,818		$	—	$	—		$	159,818
Accrued payroll and benefits	—			18,059			4,250		—			22,309
Accrued expenses	—			74,620			72,145		(180		)	146,585
Current maturities of capital lease and financing obligations	—			1,447			4,082		—			5,529

Total current liabilities	—			253,944			80,477		(180		)	334,241

Long-term debt and capital lease and financing obligations, less current maturities	—			937,882			52,243		—			990,125
Other long-term liabilities	—			137,104			55,639		(3,266		)	189,477

Total liabilities	—			1,328,930			188,359		(3,446		)	1,513,843

Shareholders’ (deficit) equity	(1,259		)	(6,030		)	824,437		(818,407		)	(1,259		)


Total liabilities and shareholders’ (deficit) equity	$	(1,259	)	$	1,322,900		$	1,012,796	$	(821,853	)	$	1,512,584

The Bon-Ton Stores, Inc.

Condensed Consolidating Balance Sheet

January 28, 2017

							Guarantor		Consolidating			Company
	Parent			Issuer			Subsidiaries		Eliminations			Consolidated

Assets
Current assets:
Cash and cash equivalents	$	1		$	3,575		$	3,160	$	—		$	6,736
Merchandise inventories	—			475,816			248,638		—			724,454
Prepaid expenses and other current assets	—			94,585			4,153		(180		)	98,558

Total current assets	1			573,976			255,951		(180		)	829,748
Property, fixtures and equipment at cost, net	—			277,511			307,292		—			584,803
Intangible assets, net	—			17,715			55,396		—			73,111
Investment in and advances to affiliates	(22,782		)	414,949			446,521		(838,688		)	—
Other long-term assets	—			19,800			733		(3,132		)	17,401

Total assets	$	(22,781	)	$	1,303,951		$	1,065,893	$	(842,000	)	$	1,505,063


Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$	—		$	185,900		$	—	$	—		$	185,900
Accrued payroll and benefits	—			21,405			4,416		—			25,821
Accrued expenses	—			70,988			79,633		(180		)	150,441
Current maturities of capital lease and financing obligations	—			1,995			4,690		—			6,685

Total current liabilities	—			280,288			88,739		(180		)	368,847

Long-term debt and capital lease and financing obligations, less current maturities	—			920,782			61,852		—			982,634
Other long-term liabilities	—			132,165			47,330		(3,132		)	176,363

Total liabilities	—			1,333,235			197,921		(3,312		)	1,527,844

Shareholders’ (deficit) equity	(22,781		)	(29,284		)	867,972		(838,688		)	(22,781		)


Total liabilities and shareholders’ (deficit) equity	$	(22,781	)	$	1,303,951		$	1,065,893	$	(842,000	)	$	1,505,063

Schedule of Condensed Consolidating Statement Of Operations

The Bon-Ton Stores, Inc.

Condensed Consolidating Statement of Operations

Thirteen Weeks Ended April 29, 2017

							Guarantor			Consolidating			Company
	Parent			Issuer			Subsidiaries			Eliminations			Consolidated

Net sales	$	—		$	335,504		$	200,637		$	—		$	536,141
Other income	—			10,813			6,067			—			16,880

	—			346,317			206,704			—			553,021


Costs and expenses:
Costs of merchandise sold	—			229,405			134,156			—			363,561
Selling, general and administrative	—			127,436			82,684			(5,035		)	205,085
Depreciation and amortization	—			12,285			9,922			—			22,207
Amortization of lease-related interests	—			454			500			—			954

Loss from operations	—			(23,263		)	(20,558		)	5,035			(38,786		)

Other income (expense):
Intercompany income	—			398			15,634			(16,032		)	—
Equity in losses of subsidiaries	(57,363		)	(6,026		)	—			63,389			—
Interest expense, net	—			(27,913		)	(1,102		)	10,997			(18,018		)
Loss on extinguishment of debt	—			(559		)	—			—			(559		)


Loss before income taxes	(57,363		)	(57,363		)	(6,026		)	63,389			(57,363		)
Income tax (benefit) provision	(48		)	(48		)	252			(204		)	(48		)


Net loss	$	(57,315	)	$	(57,315	)	$	(6,278	)	$	63,593		$	(57,315	)

The Bon-Ton Stores, Inc.

Condensed Consolidating Statement of Operations

Thirteen Weeks Ended April 30, 2016

							Guarantor			Consolidating			Company
	Parent			Issuer			Subsidiaries			Eliminations			Consolidated

Net sales	$	—		$	357,496		$	233,511		$	—		$	591,007
Other income	—			10,754			6,662			—			17,416

	—			368,250			240,173			—			608,423


Costs and expenses:
Costs of merchandise sold	—			238,589			152,324			—			390,913
Selling, general and administrative	—			133,118			88,183			(5,116		)	216,185
Depreciation and amortization	—			12,902			10,292			—			23,194
Amortization of lease-related interests	—			468			539			—			1,007

Loss from operations	—			(16,827		)	(11,165		)	5,116			(22,876		)

Other income (expense):
Intercompany income	—			474			12,009			(12,483		)	—
Equity in losses of subsidiaries	(37,962		)	(178		)	—			38,140			—
Interest expense, net	—			(21,431		)	(1,022		)	7,367			(15,086		)


Loss before income taxes	(37,962		)	(37,962		)	(178		)	38,140			(37,962		)
Income tax (benefit) provision	(144		)	(144		)	235			(91		)	(144		)


Net loss	$	(37,818	)	$	(37,818	)	$	(413	)	$	38,231		$	(37,818	)

Schedule of Condensed Consolidating Statement of Comprehensive Loss

The Bon-Ton Stores, Inc.

Condensed Consolidating Statement of Comprehensive Loss

Thirteen Weeks Ended April 29, 2017

							Guarantor			Consolidating			Company
	Parent			Issuer			Subsidiaries			Eliminations			Consolidated

Net loss	$	(57,315	)	$	(57,315	)	$	(6,278	)	$	63,593		$	(57,315	)
Other comprehensive income, net of tax:
Pension and postretirement benefit plans	763			763			—			(763		)	763

Comprehensive loss	$	(56,552	)	$	(56,552	)	$	(6,278	)	$	62,830		$	(56,552	)

The Bon-Ton Stores, Inc.

Condensed Consolidating Statement of Comprehensive Loss

Thirteen Weeks Ended April 30, 2016

							Guarantor			Consolidating			Company
	Parent			Issuer			Subsidiaries			Eliminations			Consolidated

Net loss	$	(37,818	)	$	(37,818	)	$	(413	)	$	38,231		$	(37,818	)
Other comprehensive income, net of tax:
Pension and postretirement benefit plans	867			867			—			(867		)	867

Comprehensive loss	$	(36,951	)	$	(36,951	)	$	(413	)	$	37,364		$	(36,951	)

Schedule of Condensed Consolidating Statement of Cash Flows

The Bon-Ton Stores, Inc.

Condensed Consolidating Statement of Cash Flows

Thirteen Weeks Ended April 29, 2017

							Guarantor			Consolidating		Company
	Parent			Issuer			Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	40		$	(34,598	)	$	3,563		$	—	$	(30,995	)


Cash flows from investing activities:
Capital expenditures	—			(7,414		)	(2,367		)	—		(9,781		)
Proceeds from sale of property, fixtures and equipment	—			24			—			—		24

Net cash used in investing activities	—			(7,390		)	(2,367		)	—		(9,757		)


Cash flows from financing activities:
Payments on long-term debt and capital lease and financing obligations	—			(121,422		)	(1,049		)	—		(122,471		)
Proceeds from issuance of long-term debt and financing obligations	—			166,465			—			—		166,465
Deferred financing costs paid	—			(6,589		)	—			—		(6,589		)
Restricted shares forfeited in lieu of payroll taxes	(40		)	—			—			—		(40		)
Increase in book overdraft balances				3,663								3,663

Net cash (used in) provided by financing activities	(40		)	42,117			(1,049		)	—		41,028


Net increase in cash and cash equivalents	—			129			147			—		276

Cash and cash equivalents at beginning of period	1			3,575			3,160			—		6,736


Cash and cash equivalents at end of period	$	1		$	3,704		$	3,307		$	—	$	7,012

The Bon-Ton Stores, Inc.

Condensed Consolidating Statement of Cash Flows

Thirteen Weeks Ended April 30, 2016

							Guarantor			Consolidating		Company
	Parent			Issuer			Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	120		$	5,319		$	6,839		$	—	$	12,278


Cash flows from investing activities:
Capital expenditures	—			(7,499		)	(5,127		)	—		(12,626		)
Proceeds from sale of property, fixtures and equipment	—			7			—			—		7

Net cash used in investing activities	—			(7,492		)	(5,127		)	—		(12,619		)


Cash flows from financing activities:
Payments on long-term debt and capital lease and financing obligations	—			(143,149		)	(968		)	—		(144,117		)
Proceeds from issuance of long-term debt and financing obligations	—			151,461			—			—		151,461
Deferred financing costs paid	—			(495		)	—			—		(495		)
Restricted shares forfeited in lieu of payroll taxes	(120		)	—			—			—		(120		)
Decrease in book overdraft balances	—			(5,460		)	—			—		(5,460		)

Net cash (used in) provided by financing activities	(120		)	2,357			(968		)	—		1,269


Net increase in cash and cash equivalents	—			184			744			—		928

Cash and cash equivalents at beginning of period	1			2,822			4,056			—		6,879


Cash and cash equivalents at end of period	$	1		$	3,006		$	4,800		$	—	$	7,807