Reuters ProVestor Plus Company Report

Reuters ProVestor Plus Company Report

17 September 2010

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Fossil, Inc. (NASD:FOSL)

Table of Contents

Overview 2Stock Price Performance 3Industry Overview 4Quarterly Trends 5Industry Valuation 6

Industry Returns 7Industry Profitability 8Annual Financial Statements 9 - 14Quarterly Financial Statements 15 - 20

Reuters ProVestor Plus Company ReportFossil, Inc. (NASD:FOSL)

Overview

17 September, 2010

Fiscal Year ends January 02. All data are on a fiscal year basis except where noted. All financials are reported to conform to the current year presentation and may reflect certainreclassifications made in prior years. TTM = Trailing Twelve Month. MRQ = Most Recent Quarter.

Business Summary

Fossil, Inc. is a global designer, marketer and distributer company that specializes in consumer fashion accessories. Its offerings include a line of men's and women's fashion watches and jewelry,handbags, small leather goods, belts, sunglasses, footwear, cold weather accessories and apparel. Its products are distributed globally through a range of distribution channels, including wholesale incountries where it has a physical presence, direct to the consumer through its retail stores and commercial Websites and through third-party distributors in countries, where it does not maintain aphysical presence. Fossil, Inc. sells its products through a diversified distribution network that includes department stores, specialty retail locations, specialty watch and jewelry stores, owned retail andfactory outlet stores, mass market stores, owned and affiliate Internet sites and through its FOSSIL catalogs.

Financial Summary

BRIEF: For the twenty six weeks ended 3 July 2010, Fossil, Inc.'s revenues increased 26% to $805.8M. Net income totaled $90.4M, up from $33.9M. Revenues reflect an increase in income fromNorth America wholesale segment, higher revenue from Europe segment & Asia Pacific segment and an increase in income from Direct to consumer sales. Net income also reflects a decrease ininterest expenses and improved gross operational margins.

Share Price Summary

Close Price on 9/17/10 $51.58Absolute Price Change on 9/17/10 (0.30)Percent Change (0.57%)52-Week High $52.0852-Week Low $26.14Beta 1.629

Percent Price Change

Time Period FOSL S&P 500Year to Date 53.70 0.94One Year 76.41 5.64Two Years 98.01 (2.66)Three Years 43.28 (23.77)Five Years 155.36 (9.07)

Overview

Float (mil) 53.05210 Day Average Volume (mil) 0.6671 Day Volume Change on 9/17/10 76.74%Market Capitalization (mil) $3,462TTM Price/Earnings 17.89Price/Earnings Current Fiscal Year Estimate 15.99

10 Year Price Chart (Monthly)

20.00

40.00

$60.00

2001 2002 2003 2004 2005 2006 2007 2008 2009

11.64

Vol (mil)

5 Year Price Chart (Monthly)

20.00

30.00

40.00

50.00

$60.00

2006 2007 2008 2009 2010

14.60

Vol (mil)

Price History

Calendar Year 2003 2004 2005 2006 2007 2008 2009 Qtr. to Date Yr. to DateHigh Price 20.13 32.37 28.95 23.84 46.25 40.74 34.18 52.08 52.08Low Price 10.63 17.68 14.96 15.89 20.98 11.51 11.00 35.49 31.31Year End Price 18.75 25.64 21.51 22.58 41.98 16.70 33.56 NA NA

High P/E 98.90 152.11 191.31 NA NA 158.09 55.60 NM 17.66Low P/E 29.19 42.25 52.99 NA NA 23.83 11.53 NM 15.73Year End P/E 64.99 92.75 74.31 NA NA 34.57 16.19 NA NADividend Yield (%) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NA NA

Per Share Statistics and Current Price Multiples

Per Share MultipleEarnings (TTM) $2.88 17.9Book Value (MRQ) $15.34 3.4Cash Flow (TTM) $3.59 14.4Revenues (TTM) $25.28 2.0

Employees

Employee Count 7,900Sales Per Employee (TTM) $217,087Net Income Per Employee (TTM) $25,641


Stock Price Performance

17 September, 2010

TTM = Trailing Twelve Month. YTD = Year to Date.

52 Week Price History

10.00

20.00

30.00

40.00

50.00

$60.00

50 Day Moving Average

200 Day Moving Average

Sep Oct '09 Nov Dec Jan '10 Feb Mar Apr May Jun Jul Aug Sep

0.66Average Volume

Volume (mil)

Price Performance

Actual Percent vs. vs. Rank in IndustryTime Period Change Change S&P 500 Industry Industry Rank4 Week 7.43 16.8% 11.2% 1.0% 80 9813 Week 11.06 27.3% 26.4% (5.0%) 87 10026 Week 13.22 34.5% 38.6% 2.2% 79 10052 Week 22.34 76.4% 67.0% 5.5% 70 99Year To Date 18.02 53.7% 52.3% 1.8% 72 99

Bar Chart Key Rank KeyYTD 4 Wk. Worst Best 1 100

Equity Information

Common Stock $.01 Par, 08/10, 100M auth. 67,122,724 issd. Insiders owns 20.96%. IPO: 4/93, 2.76M shares @ $7.50 by MontgomerySecurities. PO 5/98, 2,150,000 shares(215K by the Co.) @ $19 by Salomon Smith Barney.

Analyst Footnotes

4/04, FY'00 Q's are 6/02, 8/99, 4/98, 3-for-2 stocksplits. reclassified. FY'04 Qs are reclassified.

Insider Trading

In the last 6 months, there have been no insiderpurchases, and there have been 10 insider sales for atotal of 229,530 shares.

Net Change (6 months) (0.2)6 Month Net Transactions (10)

Officers

Kosta N. Kartsotis Chief Executive Officer, DirectorMichael W. Barnes President, Chief Operating Officer, DirectorMark D. Quick Vice ChairmanMichael L. Kovar Chief Financial Officer, Executive Vice President, TreasurerJennifer . Pritchard President - Retail Division

Headquarters

2280 N. Greenville AvenueRichardson, TX 75082United States

Telephone: (972) 234-2525Facsimile: (972) 348-1366

Institutional Ownership

Net Change (Most Recent Quarter) (125,483.3%)Net Purchases (Most Recent Quarter) (100.00 bil)Shares Purchased (Most Recent Quarter) (100.00 bil)Shares Sold (Most Recent Quarter) (100.00 bil)


Industry Overview

17 September, 2010

Fossil, Inc. is in the Jewelry & Silverware Industry of the Consumer Cyclical Sector. Below is a list of companies most similar to the market capitalization of Fossil, Inc. in the Jewelry &Silverware Industry and listed in descending order. There are 15 companies in this industry. TTM = Trailing Twelve Months.

Peer Comparisons

Company Name (Ticker Symbol) Market Cap. TTM Revenue Net P/E Price 52-Week 52-Week(Millions) (Millions) Margin 9/17/10 9/17/10 High Low

Fossil, Inc. (FOSL) $3,462.36 $1,714.99 11.8% 17.9x $51.58 $52.08 $26.14Kingold Jewelry Inc., (KGJI) $396.36 $320.33 4.5% 7.4x $9.49 $11.95 $0.16Movado Group, Inc (MOV) $270.38 $379.31 (13.4%) NA $10.94 $15.10 $8.66Fuqi International, Inc. (FUQI) $180.97 $466.88 10.3% 3.1x $6.55 $31.36 $4.51LJ International, Inc. (JADE) $89.35 $125.23 6.0% 12.1x $3.62 $3.98 $1.91Charles & Colvard, Ltd. (CTHR) $44.29 $10.69 (2.9%) NA $2.30 $3.25 $0.44Jade Art Group Inc (JADA) $26.31 $27.08 54.2% 1.8x $0.33 $1.09 $0.18Swank, Inc. (SNKI) $14.24 $119.40 1.0% 12.5x $2.51 $3.05 $2.00Gold Bag Inc (GBGI) $12.29 $0.00 NA NA $0.20 $0.74 $0.13Tri-Mark MFG Inc (TIMR) $4.50 $0.10 (58.2%) NA $0.50 $0.75 $0.29Bergio International, Inc. (BRGO) $1.37 $1.07 (93.9%) NA $0.01 $0.93 $0.00Asia Time Corporation (ATYM) $1.06 $147.00 7.8% 0.1x $0.04 $0.06 $0.00Finlay Enterprises, Inc. (FNLYQ) $0.08 $708.51 (16.9%) NA $0.01 $0.08 $0.00House of Taylor Jewelry Inc. (HOTJ) $0.04 $30.14 (27.3%) NA $0.00 $0.01 $0.00Syratech Corporation (SYRA) $0.00 $180.64 (17.8%) NA $0.00 $0.06 $0.00


Quarterly Trends

17 September, 2010

Years are Fiscal Years. Current Fiscal Year End is January 02.TTM = Trailing Twelve Month.

Price/Earnings and Price/Sales Bands

MonthlySharePrice

($ USD) Low

High

Close

Earnings Bands

Sales Bands

Valuation bands are basedon 5 year historical highand low Trailing TwelveMonth (TTM) P/E andPrice/Sales values appliedeach quarter to the TTMEPS for earnings bands andto the TTM sales for thesales bands.

$2.00

5.00

10.00

20.00

50.00

$100.00

Prices entering this shaded area indicate possible overvaluation

Prices entering this shaded area indicate possible undervaluation

0.32

0.46

0.30 0.280.14 0.16

0.31

0.51

0.360.21

0.43 0.75 0.43 0.36 0.54 0.69

0.26 0.25

0.52 1.03 0.53 0.80$ USD DilutedQuarterly EPS

232.5 458.7 260.2 324.2 264.2 259.2 299.7 390.8 304.8 306.5 358.6 463.1 356.2 353.2 409.8 464.1 323.0 315.9 381.4 527.8 393.2 412.6$ USD MillionsQuarterly Sales

Q1 Q2 Q3 Q4

2005

Q1 Q2 Q3 Q4

2006

Q1 Q2 Q3 Q4

2007

Q1 Q2 Q3 Q4

2008

Q1 Q2 Q3 Q4

2009

Q1 Q2

2010

Industry Comparison of Revenue Growth and EBITD Margin*

EBITD Margin (TTM)

Reven

ue G

rowth (TTM

)

-20% -10% 0% 10% 20%

-50%

0%

50%

100%

MOV

FUQI

JADE

CTHR

JADA(87%)

SNKI

ATYM

FNLYQ

HOTJ

SYRA

FOSLFOSL

million< $300 - 20%

million$30-12521 - 40%

million$125-37941 - 60%

million$379-70961 - 80%

million> $70981 - 100%

TTM Revenue Quintile

Companies with higher than average EBITD margin andrevenue growth are doing well. Companies with a lowEBITD margin and revenue growth are suffering.

Companies for this scatter plot have a marketcapitalization between $1 thousand and $3 billion.Companies with NA or NM values do not appear.

*EBITD – Earnings Before Interest, Taxes andDepreciation.


Industry Valuation

17 September, 2010

This page compares selected valuation measures for Fossil, Inc. with other companies in the Jewelry & Silverware Industry as well as the S&P 500.TTM = Trailing Twelve Month. MRQ = Most Recent Quarter.

Valuation Ratios

FOSL Industry Sector S&P 500 Company Rank in IndustryPrice/Earnings for Trailing Twelve Months 17.9 16.8 23.9 18.7 100High Price/Earnings for the Last 5 Years 31.1 31.0 29.5 32.1 67Low Price/Earnings for the Last 5 Years 5.5 5.5 9.6 10.4 67Beta 5 Year Monthly Average 1.6 1.6 1.7 1.0 60Price/Sales for Trailing Twelve Months 2.0 1.8 1.2 2.4 79Price/Book for Most Recent Quarter 3.4 3.5 3.3 3.5 84Price/Cash Flow for Trailing Twelve Months 14.2 15.7 13.0 13.1 100Price/Tangible Book for Most Recent Quarter 3.7 3.8 5.3 5.2 82Price/Free Cash Flow for Trailing Twelve Months 19.1 22.2 14.6 22.2 84

Worst BestRatios for Fossil, Inc. use the September 17 closing price of $51.58. Fossil, Inc. trades at a higher multiple of trailing earnings than theaverage for the Jewelry & Silverware Industry and at a higher multiple of sales than the industry average.

Dividend Comparisons

FOSL Industry Sector S&P 500Dividend Yield NA NM 1.9% 2.5%5 Year Average Yield 0.0% 0.1% 1.7% 2.0%5 Year Dividend Growth Rate NA (100.0%) (19.4%) 4.5%Payout Ratio for Trailing Twelve Months 0.0 0.0 18.6 27.7

Dividend Trends

Fiscal Dividends DividendYear Per Share Yield (%)2009Q4 $0.000 0.0%2009Q3 $0.000 0.0%2009Q2 $0.000 0.0%2009Q1 $0.000 0.0%2009 $0.000 0.0%

Industry Comparison of Revenue Growth and Earnings Yield

Earnings (TTM) Yield

Reven

ue G

rowth (TTM

)

-20% 0% 20% 40% 60%

-50%

0%

50%

100%

KGJI(225%)

MOV

FUQI

JADE

CTHR

JADA

SNKI

BRGO(-119%)

ATYM(1,037%)

FNLYQ(-142,251%)

HOTJ(-25,879%)

SYRA(-3,230,970%)

FOSLFOSL

million< $300 - 20%

million$30-12521 - 40%

million$125-32041 - 60%

million$320-46761 - 80%

million> $46781 - 100%


Companies that exhibit both a high earnings yield andhigh revenue growth are generally more attractive thancompanies with low revenue growth and low earningsyield.



Industry Returns

17 September, 2010

TTM = Trailing Twelve Month.

Company Quality

Profitability Ratios (%) FOSL Industry Sector S&P 500 Company Rank in IndustryGross Margin for Trailing Twelve Months 56.2 49.0 30.9 44.8 82Gross Margin for Past 5 Years 52.5 46.5 31.9 44.8 80Operating Margin for Trailing Twelve Months 16.4 11.9 7.8 19.6 93Operating Margin for Past 5 Years 12.3 9.4 6.3 18.2 100EBITD Margin for Trailing Twelve Months 18.8 14.2 10.4 24.4 92EBITD Margin for Past 5 Years 14.8 11.8 10.1 22.9 100Pretax Margin for Trailing Twelve Months 16.5 11.2 7.4 17.1 93Pretax Margin for Past 5 Years 12.2 9.0 5.9 17.2 100Net Margin for Trailing Twelve Months 11.8 7.1 5.0 13.0 93Net Margin for Past 5 Years 8.3 6.0 4.2 12.1 100Effective Tax Rate for Trailing Twelve Months 28.4 28.2 23.5 28.1 72Effective Tax Rate for Past 5 Years 31.6 30.6 30.9 30.1 88The trailing twelve month gross margin for Fossil, Inc. is higher than the average for the industry.

Efficiency Ratios (TTM) FOSL Industry Sector S&P 500 Company Rank in IndustryAsset Turnover 1.4 1.8 1.1 0.9 72Receivables Turnover 11.4 15.0 6.9 10.9 91Inventory Turnover 2.7 3.4 13.7 12.6 60Revenue/Employee $217,087 $268,544 $461,248 $843,549 25Net Income/Employee $25,641 $25,870 $41,475 $109,567 43The revenue per employee for Fossil, Inc. is lower than the industry average.

Management Effectiveness Ratios (%) FOSL Industry Sector S&P 500 Company Rank in IndustryReturn on Assets for TTM 16.9 12.7 6.2 8.1 74Return on Assets for Past 5 Years 11.7 8.8 6.0 8.4 88Return on Investment for TTM 20.1 12.2 8.8 10.5 79Return on Investment for Past 5 Years 15.3 11.6 7.9 12.0 75Return on Equity for TTM 20.9 19.4 14.6 18.7 77Return on Equity for Past 5 Years 16.1 10.9 15.0 20.2 72

Worst BestThe trailing twelve month return on assets for Fossil, Inc. is higher than the industry average.

Industry Comparison of Profit Margin (TTM) and Profit Margin (5-Yr. Avg.)

Profit Margin (5-Yr. Avg.)

Profit M

argin (TTM

)

-10% -5% 0% 5% 10%

-20%

-10%

0%

10%

20%

KGJI

MOV

FUQI

JADE

CTHR

SNKI

ATYM

FNLYQSYRA

FOSLFOSL

million< $1250 - 20%

million$125-18121 - 40%

million$181-37941 - 60%

million$379-70961 - 80%

million> $70981 - 100%


Companies with trailing twelve month profit marginsabove their 5-year average are improving theirprofitability.



Industry Profitability

17 September, 2010

TTM = Trailing Twelve Month. MRQ = Most Recent Quarter.

Financial Strength

FOSL Industry Sector S&P 500 Company Rank in IndustryQuick Ratio 3.3 2.4 1.4 1.3 80Current Ratio 4.7 4.6 2.5 1.8 74Total Debt to Equity 0.0 0.0 0.8 0.7 100Long Term Debt to Equity 0.0 0.0 0.7 0.7 100Interest Coverage for Trailing Twelve Months 1,277.1 13.1 8.3 13.5 100

Worst BestValues are for Most Recent Quarter unless noted otherwise. Fossil, Inc. is less leveraged than the average for the Jewelry & Silverwareindustry.

Growth Rates (%)

% Growth Rate FOSL Industry Sector S&P 500 Company Rank in IndustrySales Growth For Most Recent Quarter 30.6 30.2 27.5 16.2 47Sales Growth For Trailing 12 Months 13.4 8.8 3.3 5.6 62Sales Growth For Past 5 Years 10.1 7.6 2.8 9.6 78

Capital Spending Growth for Past 5 Years 5.8 0.3 0.5 6.3 72

EPS Growth for Most Recent Quarter 222.2 118.2 40.7 17.1 94EPS Growth for Trailing Twelve Months 65.9 65.4 11.9 19.0 67EPS Growth for Past 5 Years 11.1 11.0 0.0 11.5 60

Worst BestThe 5 year revenue growth for Fossil, Inc. is faster than the industry average. The 5 year earnings growth rate is faster than the industryaverage.

Industry Comparison of Profit Margin and Effective Tax Rate

Effective Tax Rate (TTM)

Profit M

argin (TTM

)

20% 23% 25% 28% 30%

0%

5%

10%

15%

KGJI

FUQI

JADE(10%)

JADA(54%)

SNKI(39%)

ATYM

FOSLFOSL

million< $1190 - 20%

million$119-14721 - 40%

million$147-32041 - 60%

billion$0.3-261 - 80%

billion> $281 - 100%


Earnings of companies with below average tax ratesmight erode if the tax rate increases.

Companies for this scatter plot have a marketcapitalization between $1 million and $3 billion.Companies with NA or NM values do not appear.


Annual Financial Statements

17 September, 2010

Years are Fiscal Years.Currency in Thousands of U.S. Dollars (except per share values). Shares in Thousands.

Annual Income Statement

2002 2003 2004 2005 2006 2007 2008 200952 Weeks 52 Weeks 52 Weeks 52 Weeks 53 Weeks 52 Weeks 52 Weeks 52 Weeks

Jan. 04, 2003 Jan. 03, 2004 Jan. 01, 2005 Dec. 31, 2005 Jan. 06, 2007 Jan. 05, 2008 Jan. 03, 2009 Jan. 02, 2010Reclassified as of Reclassified as of Restated as of Restated as of Reclassified as of Reclassified as of

Jan. 01, 2005 Jan. 01, 2005 Jan. 06, 2007 Jan. 06, 2007 Jan. 02, 2010 Jan. 02, 2010

Net sales $663,338 $781,175 $957,309 $1,043,120 $1,213,965 $1,432,984 $1,583,242 $1,548,093Total Revenue $663,338 $781,175 $957,309 $1,043,120 $1,213,965 $1,432,984 $1,583,242 $1,548,093

Cost of sales $330,335 $381,210 $454,699 $507,980 $605,046 $690,953 $732,091 $703,243Selling expenses 185,552 225,686 269,465 311,302 357,813 398,602 489,600 478,637Administrative exp 51,521 64,529 102,401 114,850 127,781 156,944 155,781 154,586Total Operating Expense $567,408 $671,425 $826,565 $934,132 $1,090,640 $1,246,499 $1,377,472 $1,336,466

Interest expense ($107) ($62) ($32) ($321) ($3,554) ($890) ($555) ($235)Interest income 1,013 1,415 1,283 1,590 1,113 5,362 4,209 1,310Minority interest expense (1,958) (3,221) (4,054) (4,343) (4,382) NA NA NAEquity in the earnings of jointventures 842 1,200 1,873 1,856 706 2,202 1,562 1,146Currency gains (losses) (528) 598 6,943 (3,780) 2,039 (826) (16,897) 5,779Royalty income 611 561 302 510 415 447 453 478Other gains (losses) NA NA (851) (1,552) (867) 1,134 (338) (207)Other (expense) income net 176 (770) NA NA NA NA NA NANet Income Before Taxes $95,979 $109,471 $136,208 $102,948 $118,795 $193,914 $194,204 $219,898Provision for Income Taxes 37,072 41,136 46,663 27,278 41,213 65,426 52,351 75,604Net Income After Taxes $58,907 $68,335 $89,545 $75,670 $77,582 $128,488 $141,853 $144,294

Minority Interest NA NA NA NA NA ($5,227) ($3,756) ($5,106)Net Income Before Extra. Items $58,907 $68,335 $89,545 $75,670 $77,582 $123,261 $138,097 $139,188

Net Income $58,907 $68,335 $89,545 $75,670 $77,582 $123,261 $138,097 $139,188

EPS Reconciliation

2002 2003 2004 2005 2006 2007 2008 2009

Income Available to Com ExclExtraOrd $58,907 $68,335 $89,545 $75,670 $77,582 $123,261 $138,097 $139,188

Income Available to Com InclExtraOrd $58,907 $68,335 $89,545 $75,670 $77,582 $123,261 $138,097 $139,188

Basic Weighted Average Shares 68,990 69,817 70,367 70,476 67,177 68,213 67,525 66,684Basic EPS Excluding ExtraOrdinaryItems $0.85 $0.98 $1.27 $1.07 $1.15 $1.81 $2.05 $2.09Basic EPS Including ExtraOrdinaryItem $0.85 $0.98 $1.27 $1.07 $1.15 $1.81 $2.05 $2.09

Diluted Net Income $58,907 $68,335 $89,545 $75,670 $77,582 $123,261 $138,097 $139,188

Diluted Weighted Average Shares 72,357 73,182 72,998 72,424 68,817 70,333 68,323 67,153Diluted EPS Excluding ExtraOrd Items $0.81 $0.93 $1.23 $1.04 $1.13 $1.75 $2.02 $2.07Diluted EPS Including ExtraOrd Items $0.81 $0.93 $1.23 $1.04 $1.13 $1.75 $2.02 $2.07

Normalized Income Before Taxes $95,979 $109,471 $136,208 $102,948 $118,795 $193,914 $194,204 $219,898Inc Tax Ex Impact of Sp Items 37,072 41,136 46,663 27,278 41,213 65,426 52,351 75,604Normalized Income After Taxes $58,907 $68,335 $89,545 $75,670 $77,582 $128,488 $141,853 $144,294

Normalized Inc. Avail to Com. $58,907 $68,335 $89,545 $75,670 $77,582 $123,261 $138,097 $139,188

Basic Normalized EPS $0.85 $0.98 $1.27 $1.07 $1.15 $1.81 $2.05 $2.09Diluted Normalized EPS $0.81 $0.93 $1.23 $1.04 $1.13 $1.75 $2.02 $2.07

Trend Graphs on next page



17 September, 2010


Income Statement Trend Graphs

Bar graphs of specific Income Statement items can be used to help in identifying volatility.

Fiscal Year 2009 (52 Weeks)Fiscal Year 2008 (52 Weeks)Fiscal Year 2007 (52 Weeks)Fiscal Year 2006 (53 Weeks)Fiscal Year 2005 (52 Weeks)Fiscal Year 2004 (52 Weeks)Fiscal Year 2003 (52 Weeks)Fiscal Year 2002 (52 Weeks)

16.315.315.313.012.916.016.516.6

$2.07$2.02$1.75$1.13$1.04$1.23$0.93$0.81

$1,548,093$1,583,242$1,432,984$1,213,965$1,043,120$957,309$781,175$663,338

54.653.851.850.251.352.551.250.2

Annual EBITD Margin (%) EPS Diluted (Excl. Extraord.) Net Annual Revenue Annual Gross Margin (%)



17 September, 2010

Years are Fiscal Years.Currency in Thousands of U.S. Dollars. Shares in Thousands.

Annual Balance Sheet

2002 2003 2004 2005 2006 2007 2008 2009As of As of As of As of As of As of As of As of

Jan. 04, 2003 Jan. 03, 2004 Jan. 01, 2005 Dec. 31, 2005 Jan. 06, 2007 Jan. 05, 2008 Jan. 03, 2009 Jan. 02, 2010Reclassified as of Restated as of Restated as of

Jan. 01, 2005 Dec. 31, 2005 Jan. 06, 2007AssetsCash and cash equivalents $112,348 $158,062 $185,430 $58,222 $133,304 $255,244 $172,012 $405,175Securities available for sale 5,576 5,991 6,277 6,553 6,894 12,626 6,436 7,995Accounts receivable 98,951 131,552 166,401 150,993 165,036 237,381 219,373 225,784Doubtful Debt (12,600) (11,700) (11,100) (9,800) (9,800) (9,900) (13,400) (16,000)Finished Merchandise 83,470 83,059 124,678 192,121 175,519 217,097 252,523 201,515Merchandise at Store 11,430 14,782 21,503 23,206 31,807 NA NA NAMerchandise in Transit 15,025 15,803 17,728 18,509 21,496 23,826 30,056 35,012Work-In-Process 2,417 4,385 3,703 4,807 1,691 5,129 3,339 2,943Components/Parts 9,481 8,760 11,555 14,763 9,786 15,615 22,354 17,041Obsolescence NA NA NA (12,397) (12,074) (13,219) (16,317) (10,797)Prepaid expenses and other currentasset 15,944 19,973 31,271 41,387 36,923 56,797 60,084 48,868Deferred income tax assets net 13,597 8,653 19,790 18,808 20,406 24,221 27,006 28,937Total Current Assets $355,639 $439,320 $577,236 $507,172 $580,988 $824,817 $763,466 $946,473

Building $35,516 $44,125 $46,776 $54,112 $72,334 $80,304 $77,660 $78,916Improvements 19,851 21,912 26,611 30,484 43,637 58,451 86,844 99,736Land 9,300 8,828 10,056 14,307 15,979 16,968 18,113 19,738Furn. & Fixt. 45,271 50,084 57,039 54,507 66,996 76,068 83,980 85,847Computer Equip. 20,151 44,449 58,144 62,024 68,375 87,091 90,726 101,187Constr. in Prog. 13,812 4,074 2,225 15,615 13,361 2,007 6,763 9,271Depreciation (40,789) (57,406) (77,991) (83,806) (109,183) (134,847) (156,758) (182,328)Goodwill 13,799 17,136 39,812 40,667 43,038 45,485 43,217 44,266Trademarks 5,540 2,541 1,767 1,890 2,015 2,417 2,620 2,646Customer list NA 0 5,300 5,300 8,274 8,279 7,656 7,786Patents 530 504 571 644 713 733 752 764Other Intangibles NA 117 135 118 194 205 196 201Accumulated Amortization (933) (978) (1,719) (2,643) (3,990) (5,341) (9,159) (13,628)Tradenames-not subject toamortization NA 4,000 29,702 28,947 29,263 29,869 23,327 20,815Investments 1,926 4,635 7,018 9,352 10,855 13,902 13,011 13,730Other Assets 2,913 4,200 5,111 6,452 9,748 16,220 34,882 41,063Total Assets $482,526 $587,541 $787,793 $745,142 $852,597 $1,122,628 $1,087,296 $1,276,483

LiabilitiesAccounts payable $32,999 $32,362 $48,861 $60,628 $53,306 $111,015 $91,027 $103,591Accrued Accounts Payable NA 16,772 21,850 20,028 23,562 NA NA NAAccrued Compens. 11,314 15,648 20,767 22,259 28,896 44,224 34,091 39,773Royalties NA 10,543 NA 8,316 14,265 22,524 17,078 16,774Accrued Advert. 13,784 14,292 16,146 15,178 11,554 17,769 21,869 18,498Other Accrued 33,028 11,040 26,791 16,550 27,388 32,833 30,306 29,618Short term debt 2,505 2,805 27,085 8,552 11,338 9,993 5,271 3,618Income taxes payable 20,832 22,297 48,603 29,159 53,071 40,049 7,327 33,408Total Current Liabilities $114,462 $125,759 $210,103 $180,670 $223,380 $278,407 $206,969 $245,280

Long-term debt NA NA NA NA $0 $3,452 $4,733 $4,538Capital Lease NA 0 1,487 NA NA NA NA NATotal Long Term Debt NA 0 1,487 NA 0 3,452 4,733 4,538Deferred income tax liabilities 23,599 32,861 46,021 28,936 15,021 16,168 22,880 27,039Minority interest in subsidiaries 3,924 5,495 6,182 2,527 4,102 6,127 3,219 5,631Long-term income taxes payable NA NA NA NA 0 38,455 38,784 18,840Other long-term liabilities NA NA NA 6,692 7,893 8,357 8,567 12,374Total Liabilities $141,985 $164,115 $263,793 $218,825 $250,396 $350,966 $285,152 $313,702

Shareholder EquityCommon Stock $464 $699 $711 $683 $678 $697 $665 $669Additional paid-in capital 27,096 25,648 39,045 47,675 53,459 88,000 81,905 93,037Retained earnings 311,019 379,354 469,923 475,504 529,376 646,492 695,427 834,615Treasury Stock NA NA NA 0 (1,337) 0 0 NAUnrealised gains or loss onsecurities NA NA NA NA 19 (688) (1,437) (344)Unrealised gains or loss on forwardcont NA NA NA NA (338) (3,398) 3,815 (549)Cumulative translation Adjustment NA NA NA NA 20,344 40,559 21,769 35,353

Continued on next page



17 September, 2010


Annual Balance Sheet, continued

2002 2003 2004 2005 2006 2007 2008 2009As of As of As of As of As of As of As of As of

Jan. 04, 2003 Jan. 03, 2004 Jan. 01, 2005 Dec. 31, 2005 Jan. 06, 2007 Jan. 05, 2008 Jan. 03, 2009 Jan. 02, 2010Reclassified as of Restated as of Restated as of

Jan. 01, 2005 Dec. 31, 2005 Jan. 06, 2007

Accumulated other comprehensiveincome 4,263 20,969 19,447 7,676 NA NA NA NADeferred Comp. (2,301) (3,244) (5,126) (5,221) 0 NA NA NATotal Equity $340,541 $423,426 $524,000 $526,317 $602,201 $771,662 $802,144 $962,781

Total Liabilities & Shareholders'Equity $482,526 $587,541 $787,793 $745,142 $852,597 $1,122,628 $1,087,296 $1,276,483

S/O-Common Stock 69,588 69,942 71,109 68,319 67,725 69,713 66,502 66,900Total Common SharesOutstanding 69,588 69,942 71,109 68,319 67,725 69,713 66,502 66,900

T/S-Common Stock NA NA NA 0 69 0 0 0

Balance Sheet Trend Graphs

Bar graphs of specific Balance Sheet items can be used to help in identifying volatility.

Fiscal Year 2009Fiscal Year 2008Fiscal Year 2007Fiscal Year 2006Fiscal Year 2005Fiscal Year 2004Fiscal Year 2003Fiscal Year 2002

$405,175$172,012$255,244$133,304$58,222

$185,430$158,062$112,348

$313,702$285,152$350,966$250,396$218,825$263,793$164,115$141,985

$962,781$802,144$771,662$602,201$526,317$524,000$423,426$340,541

66,90066,50269,71367,72568,31971,10969,94269,588

Cash and Equivalents Total Liabilities Total Equity Shares Outstanding



17 September, 2010

Years are Fiscal Years.Currency in Thousands of U.S. Dollars.

Annual Cash Flow Statement

2002 2003 2004 2005 2006 2007 2008 200952 Weeks 52 Weeks 52 Weeks 52 Weeks 53 Weeks 52 Weeks 52 Weeks 52 Weeks

Jan. 04, 2003 Jan. 03, 2004 Jan. 01, 2005 Dec. 31, 2005 Jan. 06, 2007 Jan. 05, 2008 Jan. 03, 2009 Jan. 02, 2010Reclassified as of Restated as of Reclassified as of Reclassified as of

Jan. 06, 2007 Jan. 06, 2007 Jan. 02, 2010 Jan. 02, 2010Cash From (Used By) OperationsNet Income $58,907 $68,335 $89,545 $75,670 $77,582 $128,488 $141,853 $144,294Depreciation 14,230 18,948 23,339 26,510 32,049 32,796 37,642 41,334Deferred income taxes 13,674 13,283 (15,542) (17,082) (15,485) (3,952) 1,106 3,235Sale Fixed Assets 369 426 (129) (727) 72 (82) 154 618Impairment loss NA NA 863 0 318 170 10,570 5,232Equity in Affiliate (827) (1,841) (1,515) (1,907) (685) (2,202) (1,562) (449)Stock based compensation NA NA 3,231 4,221 5,293 6,148 7,253 6,787Minority Interest 1,958 3,221 4,054 4,343 4,382 NA NA NAAllow. Returns 484 1,042 547 1,544 3,126 3,459 2,406 (557)Distribution from joint venture NA NA NA NA 0 0 955 0Allow. Doubt. Accts. 907 292 (1,216) (744) (1,254) 111 3,441 2,599Excess tax benefits from stock basedcom NA NA 6,006 3,379 (1,474) (17,727) (574) (1,166)Deferred Comp. 283 906 NA NA NA NA NA NAOption Tax Benefit 3,053 3,082 NA NA NA NA NA NAAccounts receivable (15,537) (37,669) (27,918) 10,555 (18,903) (75,975) 17,712 (4,180)Inventories (14,783) (4,188) (45,424) (57,392) 17,776 (20,063) (45,558) 44,569Prepaid Exp./Other (5,463) (1,973) (3,924) (9,999) 5,408 (19,875) (1,497) 8,491Accounts Payable 16,398 (9,281) 13,260 8,852 (9,481) 27,650 (18,756) 6,101Accrued expenses 6,802 11,874 12,266 3,441 24,349 34,895 (13,351) 1,777Income taxes payable 594 7,170 23,781 (16,115) 25,386 38,123 (32,840) 7,303Cash from Operating Activities $81,049 $73,627 $81,224 $34,549 $148,459 $131,964 $108,954 $265,988

Plus: Cash From (Used By) Investment ActivitiesCapital Expenditures ($26,860) ($28,926) ($28,407) ($53,202) ($50,787) ($40,246) ($63,934) ($37,687)Business acquisitions, net of cashacqui (4,373) (104) (47,863) (4,439) (7,227) (1,582) 0 0Prop./Equipment Sale NA NA 1,217 525 151 1,984 791 76Market Secs. (216) (308) (298) (1,293) (287) 4,508 12,386 938Purchase of securities available forsal NA NA NA 0 0 (10,372) (7,106) (1,237)Intangible/Other 917 (1,359) (929) (2,032) (3,242) (6,834) (23,664) (385)Cash from Investing Activities ($30,532) ($30,697) ($76,280) ($60,441) ($61,392) ($52,542) ($81,527) ($38,295)

Plus: Cash From (Used By) Financing ActivitiesMinority Interest ($1,319) ($1,650) ($3,403) ($8,006) ($2,813) ($2,209) ($6,660) ($2,693)Excess tax benefits from stock basedcom NA NA 0 0 1,474 17,727 574 1,166Issue. Common Stock 6,438 8,203 10,482 5,650 5,116 29,060 4,909 3,756Acquire/Retire Comm. (59) (14,347) (6,923) (75,260) (25,930) (16,209) (105,873) 0

Payments on notes payable NA NA NA NA $0 $0 ($120,216) ($7,055)Borrowings on notes payable ($13,998) $300 $23,629 ($18,155) $2,028 $1,361 $114,462 $5,111

Cash from Financing Activities ($8,938) ($7,494) $23,785 ($95,771) ($20,125) $29,730 ($112,804) $285

Foreign Exchange Effects $3,278 $10,278 ($1,361) ($5,545) $8,140 $12,788 $2,145 $5,185

Equals: Increase (Decrease) In CashNet Change in Cash $44,857 $45,714 $27,368 ($127,208) $75,082 $121,940 ($83,232) $233,163

Beginning of year $67,491 $112,348 $158,062 $185,430 $58,222 $133,304 $255,244 $172,012Net Cash - Ending Balance 112,348 158,062 185,430 58,222 133,304 255,244 172,012 405,175Cash Interest Paid 11 36 30 315 3,471 755 569 443Cash Taxes Paid 17,608 24,567 33,110 59,774 29,858 40,219 77,240 62,957




17 September, 2010


Cash Flow Trend Graphs

Bar graphs of specific Cash Flow items can be used to help in identifying volatility.

Fiscal Year 2009 (52 Weeks)Fiscal Year 2008 (52 Weeks)Fiscal Year 2007 (52 Weeks)Fiscal Year 2006 (53 Weeks)Fiscal Year 2005 (52 Weeks)Fiscal Year 2004 (52 Weeks)Fiscal Year 2003 (52 Weeks)Fiscal Year 2002 (52 Weeks)

$265,988$108,954$131,964$148,459$34,549$81,224$73,627$81,049

($37,687)($63,934)($40,246)($50,787)($53,202)($28,407)($28,926)($26,860)

$285($112,804)$29,730($20,125)($95,771)$23,785($7,494)($8,938)

$233,163($83,232)$121,940$75,082

($127,208)$27,368$45,714$44,857

Cash from Operations Total Capital Expenditures Cash from Financing Net Change in Cash


Quarterly Financial Statements

17 September, 2010


Quarterly Income Statement

Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 201013 Weeks 13 Weeks 13 Weeks 13 Weeks 13 Weeks 13 Weeks 13 Weeks 13 Weeks

Oct. 04, 2008 Jan. 03, 2009 Apr. 04, 2009 Jul. 04, 2009 Oct. 03, 2009 Jan. 02, 2010 Apr. 03, 2010 Jul. 03, 2010Reclassified as of Reclassified as of Reclassified as of

Oct. 03, 2009 Jan. 02, 2010 Jul. 03, 2010

Net sales $409,760 $464,107 $323,028 $315,865 $381,362 $527,838 $393,229 $412,560Total Revenue $409,760 $464,107 $323,028 $315,865 $381,362 $527,838 $393,229 $412,560

Cost of Sales $185,583 $221,723 $153,648 $148,683 $170,625 $230,287 $173,810 $175,675Selling expenses 120,644 148,236 108,088 107,522 115,263 147,764 124,855 129,192Administrative exp 39,795 36,192 37,489 37,184 38,110 41,803 43,301 43,347Total Operating Expense $346,022 $406,151 $299,225 $293,389 $323,998 $419,854 $341,966 $348,214

Interest expense ($79) ($184) ($63) ($69) ($50) ($53) ($58) ($59)Other income - net (2,692) (7,582) 4,683 4,550 (1,660) 934 2,534 237Net Income Before Taxes $60,967 $50,190 $28,423 $26,957 $55,654 $108,865 $53,739 $64,524Provision for Income Taxes 23,447 4,166 9,683 9,709 19,109 37,103 16,043 7,965Net Income After Taxes $37,520 $46,024 $18,740 $17,248 $36,545 $71,762 $37,696 $56,559

Net income attributable to noncont ($1,049) $248 ($1,420) ($625) ($1,270) ($1,791) ($1,789) ($2,074)Net Income Before Extra. Items $36,471 $46,272 $17,320 $16,623 $35,275 $69,971 $35,907 $54,485

Net Income $36,471 $46,272 $17,320 $16,623 $35,275 $69,971 $35,907 $54,485

EPS Reconciliation

Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010

Income Available to Com ExclExtraOrd $36,471 $46,272 $17,320 $16,623 $35,275 $69,971 $35,907 $54,485

Income Available to Com InclExtraOrd $36,471 $46,272 $17,320 $16,623 $35,275 $69,971 $35,907 $54,485

Basic Weighted Average Shares 67,261 66,338 66,546 66,668 66,714 66,831 67,039 67,446Basic EPS Excluding ExtraOrdinaryItems $0.54 $0.70 $0.26 $0.25 $0.53 $1.05 $0.54 $0.81Basic EPS Including ExtraOrdinaryItem $0.54 $0.70 $0.26 $0.25 $0.53 $1.05 $0.54 $0.81

Diluted Net Income $36,471 $46,272 $17,320 $16,623 $35,275 $69,971 $35,907 $54,485

Diluted Weighted Average Shares 68,049 66,644 66,546 67,110 67,408 67,672 67,953 68,278Diluted EPS Excluding ExtraOrd Items $0.54 $0.69 $0.26 $0.25 $0.52 $1.03 $0.53 $0.80Diluted EPS Including ExtraOrd Items $0.54 $0.69 $0.26 $0.25 $0.52 $1.03 $0.53 $0.80

Normalized Income Before Taxes $60,967 $50,190 $28,423 $26,957 $55,654 $108,865 $53,739 $64,524Inc Tax Ex Impact of Sp Items 23,447 4,166 9,683 9,709 19,109 37,103 16,043 7,965Normalized Income After Taxes $37,520 $46,024 $18,740 $17,248 $36,545 $71,762 $37,696 $56,559

Normalized Inc. Avail to Com. $36,471 $46,272 $17,320 $16,623 $35,275 $69,971 $35,907 $54,485

Basic Normalized EPS $0.54 $0.70 $0.26 $0.25 $0.53 $1.05 $0.54 $0.81Diluted Normalized EPS $0.54 $0.69 $0.26 $0.25 $0.52 $1.03 $0.53 $0.80




17 September, 2010


Income Statement Trend Graphs

Bar graphs of specific Income Statement items can be used to help in identifying volatility.

Second Quarter 2010First Quarter 2010Fourth Quarter 2009Third Quarter 2009Second Quarter 2009First Quarter 2009Fourth Quarter 2008Third Quarter 2008

18.015.622.617.610.410.514.718.0

$0.80$0.53$1.03$0.52$0.25$0.26$0.69$0.54

$412,560$393,229$527,838$381,362$315,865$323,028$464,107$409,760

57.455.856.455.352.952.452.254.7

Quarterly EBITD Margin (%) EPS Diluted (Excl. Extraord.) Net Quarterly Revenue Quarterly Gross Margin (%)



17 September, 2010


Quarterly Balance Sheet

Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010As of As of As of As of As of As of As of As of

Oct. 04, 2008 Jan. 03, 2009 Apr. 04, 2009 Jul. 04, 2009 Oct. 03, 2009 Jan. 02, 2010 Apr. 03, 2010 Jul. 03, 2010Reclassified as of Reclassified as of

Apr. 04, 2009 Apr. 03, 2010AssetsCash and cash equivalents $117,811 $172,012 $195,400 $264,090 $297,963 $405,175 $449,902 $434,544ST Investments 7,432 6,436 7,516 7,980 8,749 7,995 8,254 8,445Accounts Receivablle 278,263 261,569 208,350 186,553 235,580 265,750 222,486 221,559Doubtful Debt (48,967) (55,596) (49,946) (47,370) (51,099) (55,966) (58,821) (58,641)Merchandise in Transit 46,407 30,056 27,077 26,853 41,632 35,012 35,803 43,915Finished Merchandise 271,030 252,523 256,950 221,859 233,938 201,515 206,402 239,639Work-In-Process 5,073 3,339 1,935 1,080 1,726 2,943 3,014 3,542Components/Parts 23,209 22,354 14,731 15,802 16,162 17,041 17,691 25,251Obsolescence (14,105) (16,317) (15,611) (15,462) (13,847) (10,797) (12,589) (14,877)Prepaid/Other 67,479 60,084 57,459 61,167 54,237 48,868 56,304 74,897Deferred income tax assets - net 25,188 27,006 27,394 28,728 29,665 28,937 28,066 26,292Total Current Assets $778,820 $763,466 $731,255 $751,280 $854,706 $946,473 $956,512 $1,004,566

Property plant and equipment $354,326 $364,086 $363,137 $374,379 $386,867 $394,695 $392,367 $389,033Depreciation (153,087) (156,758) (160,399) (166,479) (175,045) (182,328) (185,231) (186,940)Goodwill 44,326 43,217 42,892 43,765 44,194 44,266 43,649 43,081Intangible 67,159 69,433 71,622 75,633 76,312 73,275 72,785 70,590Amortisation (6,679) (9,159) (10,065) (11,266) (12,354) (13,628) (14,509) (15,152)Invest. - Affiliate 13,564 13,011 10,219 11,987 12,756 13,730 8,647 8,456Total Assets $1,098,429 $1,087,296 $1,048,661 $1,079,299 $1,187,436 $1,276,483 $1,274,220 $1,313,634

LiabilitiesAccount Payable $108,107 $91,027 $69,787 $70,615 $109,651 $103,591 $89,306 $88,993Accrued Advertising 13,132 21,869 10,383 10,893 10,825 18,498 9,766 11,342Accrued Compensation 38,087 34,091 29,371 29,333 31,569 39,773 30,039 34,893Accrued royalties 15,799 17,078 8,968 11,603 12,065 16,774 13,922 18,586Other Accrued 29,510 30,306 27,068 26,099 33,609 29,618 30,583 42,732Short term debt 4,485 5,271 4,849 3,505 3,735 3,618 3,565 3,776Income Taxes Payable 42,481 7,327 4,432 2,307 28,620 33,408 34,813 15,492Total Current Liabilities $251,601 $206,969 $154,858 $154,355 $230,074 $245,280 $211,994 $215,814

Long-term debt $3,367 $4,733 $4,460 $4,473 $4,613 $4,538 $4,344 $4,140Total Long Term Debt $3,367 $4,733 $4,460 $4,473 $4,613 $4,538 $4,344 $4,140

Long-term income taxes payable $41,396 $38,784 $39,963 $40,739 $22,511 $18,840 $19,140 $7,218Deferred income tax liabilities 17,462 22,880 26,248 28,297 32,617 27,039 25,531 36,815Noncontrolling interest 5,777 3,219 2,128 2,661 3,928 5,631 5,042 5,243Other long-term liabilities 10,796 8,567 8,780 9,384 9,607 12,374 12,342 12,715Total Liabilities $330,399 $285,152 $236,437 $239,909 $303,350 $313,702 $278,393 $281,945

Shareholder EquityCommon stock $670 $665 $666 $667 $667 $669 $674 $672Paid in Capital 80,526 81,905 83,593 85,476 88,233 93,037 102,370 96,986Retained Earnings 658,873 695,427 712,747 729,370 764,645 834,615 870,523 925,007Acc. Other Income 27,961 24,147 15,218 23,877 30,541 34,460 22,260 9,024Total Equity $768,030 $802,144 $812,224 $839,390 $884,086 $962,781 $995,827 $1,031,689

Total Liabilities & Shareholders'Equity $1,098,429 $1,087,296 $1,048,661 $1,079,299 $1,187,436 $1,276,483 $1,274,220 $1,313,634

S/O-Common Stock 67,038 66,502 66,622 66,657 66,733 66,900 67,375 67,234Total Common SharesOutstanding 67,038 66,502 66,622 66,657 66,733 66,900 67,375 67,234




17 September, 2010


Balance Sheet Trend Graphs

Bar graphs of specific Balance Sheet items can be used to help in identifying volatility.

Second Quarter 2010First Quarter 2010Fourth Quarter 2009Third Quarter 2009Second Quarter 2009First Quarter 2009Fourth Quarter 2008Third Quarter 2008

$434,544$449,902$405,175$297,963$264,090$195,400$172,012$117,811

$281,945$278,393$313,702$303,350$239,909$236,437$285,152$330,399

$1,031,689$995,827$962,781$884,086$839,390$812,224$802,144$768,030

67,23467,37566,90066,73366,65766,62266,50267,038

Cash and Equivalents Total Liabilities Total Equity Shares Outstanding



17 September, 2010


Quarterly Cash Flow Statement

Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 201039 Weeks 52 Weeks 13 Weeks 26 Weeks 39 Weeks 52 Weeks 13 Weeks 26 Weeks

Oct. 04, 2008 Jan. 03, 2009 Apr. 04, 2009 Jul. 04, 2009 Oct. 03, 2009 Jan. 02, 2010 Apr. 03, 2010 Jul. 03, 2010Reclassified as of Reclassified as of

Oct. 03, 2009 Jan. 02, 2010Cash From (Used By) OperationsNet Income $95,829 $141,853 $18,496 $35,988 $72,533 $144,294 $37,696 $94,255Depreciation 27,763 37,642 10,060 20,450 30,272 41,334 10,107 20,036Deferred Income Tax (1,061) 1,106 2,927 4,802 8,828 3,235 (1,410) 11,754Loss (gain) on disposal of assets 141 154 35 95 234 618 29 101Impairment loss 1,116 10,570 NA 900 1,650 5,232 434 2,476Equity in Affiliate (1,211) (1,562) 2,239 930 719 (449) (412) (687)Distribution from joint venture NA 955 NA 0 NA 0 4,726 4,726Stock Based Compensation 5,262 7,253 1,293 3,576 5,223 6,787 1,734 4,500Excess tax (benefit) expense fromstock- (535) (574) (341) 323 (3) (1,166) (2,395) (2,975)Allow. Doubt. Accts. 918 3,441 824 1,281 3,036 2,599 (108) (1,273)Allow. Returns 187 2,406 (3,638) (5,400) (4,139) (557) 1,737 2,138Accounts Receivable 1,018 17,712 53,219 75,017 25,990 (4,180) 43,264 44,191Inventories (87,104) (45,558) 4,037 37,715 8,950 44,569 (3,382) (49,946)Prepaid Exp./Other (10,682) (1,497) 8,773 (3,619) 1,371 8,491 (2,632) (17,670)Accounts Payable 1,063 (18,756) (25,404) (27,255) 8,117 6,101 (16,322) (15,523)Accrued Expenses (19,208) (13,351) (27,710) (25,093) (14,799) 1,777 (22,376) 1,108Taxes Payable 4,886 (32,840) (1,744) (3,387) 5,023 7,303 4,100 (26,563)Cash from Operating Activities $18,382 $108,954 $43,066 $116,323 $153,005 $265,988 $54,790 $70,648

Plus: Cash From (Used By) Investment ActivitiesCapital Expenditures ($40,548) ($63,934) ($5,310) ($16,205) ($28,172) ($37,687) ($5,667) ($17,626)Prop./Equipment Sale NA 791 NA NA NA 76 NA NASales and maturities of securitiesavail 6,395 NA NA NA 45 NA NA NASales/maturities of securitiesavailable NA NA 20 20 NA NA 75 151Purchase of securities available forsal NA 12,386 (677) (868) NA 938 (150) (302)Purchase of Securities AFS (1,847) (7,106) NA NA (1,111) (1,237) NA NAIntangible/Other (13,274) (23,664) (3,017) (3,170) (1,378) (385) (126) (2,371)Cash from Investing Activities ($49,274) ($81,527) ($8,984) ($20,223) ($30,616) ($38,295) ($5,868) ($20,148)

Plus: Cash From (Used By) Financing ActivitiesMinority Interest ($4,359) ($6,660) ($2,513) ($2,602) ($2,602) ($2,693) ($2,387) ($4,272)Excess tax benefit (expense) fromstock- 535 574 341 (323) 3 1,166 2,395 2,975Issue. Common Stock 4,297 4,909 424 813 1,666 3,756 6,968 9,544Acquisition of common stock (94,888) (105,873) 0 0 0 0 NA (11,157)Borrowings on notes payable 0 114,462 NA 1,561 1,900 5,111 37 46Payments on notes payable (6,209) (120,216) NA NA (3,769) (7,055) NA NAPayments on notes payable NA NA (69) (3,355) NA NA (67) (221)Cash from Financing Activities ($100,624) ($112,804) ($1,817) ($3,906) ($2,802) $285 $6,946 ($3,085)

Foreign Exchange Effects ($5,917) $2,145 ($8,877) ($116) $6,364 $5,185 ($11,141) ($18,046)

Equals: Increase (Decrease) In CashNet Change in Cash ($137,433) ($83,232) $23,388 $92,078 $125,951 $233,163 $44,727 $29,369

Net Cash - Beginning Balance $255,244 $255,244 $172,012 $172,012 $172,012 $172,012 $405,175 $405,175Net Cash - Ending Balance 117,811 172,012 195,400 264,090 297,963 405,175 449,902 434,544Cash Interest Paid NA 569 NA NA NA 443 NA NACash Taxes Paid NA 77,240 NA NA NA 62,957 NA NA




17 September, 2010


Cash Flow Trend Graphs

Bar graphs of specific Cash Flow items can be used to help in identifying volatility.

Second Quarter 2010 (26 Weeks)First Quarter 2010 (13 Weeks)Fourth Quarter 2009 (52 Weeks)Third Quarter 2009 (39 Weeks)Second Quarter 2009 (26 Weeks)First Quarter 2009 (13 Weeks)Fourth Quarter 2008 (52 Weeks)Third Quarter 2008 (39 Weeks)

$70,648$54,790

$265,988$153,005$116,323$43,066

$108,954$18,382

($17,626)($5,667)

($37,687)($28,172)($16,205)($5,310)

($63,934)($40,548)

($3,085)$6,946$285

($2,802)($3,906)($1,817)

($112,804)($100,624)

$29,369$44,727

$233,163$125,951$92,078$23,388($83,232)

($137,433)

Cash from Operations Total Capital Expenditures Cash from Financing Net Change in Cash

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