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For the Years Ended | ||||||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | ||||||||||
Net loss (a) | $ | (27,676,000 | ) | $ | (48,064,000 | ) | $ | (25,868,000 | ) | |||
Weighted average number of common shares outstanding — Basic | 48,874,842 | 46,451,262 | 33,326,200 | |||||||||
Dilutive effect of stock options, non-vested shares and warrants | — | — | — | |||||||||
Weighted average number of common shares outstanding — Diluted | 48,874,842 | 46,451,262 | 33,326,200 | |||||||||
Net loss per common share | $ | (0.57 | ) | $ | (1.03 | ) | $ | (0.78 | ) | |||
Net loss per common share — assuming dilution | $ | (0.57 | ) | $ | (1.03 | ) | $ | (0.78 | ) |
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Estimated Useful Life (In Years) | February 2, 2013 | January 28, 2012 | ||||||||
Land and improvements | — | $ | 3,437,000 | $ | 3,399,000 | |||||
Buildings and improvements | 5-40 | 23,261,000 | 23,283,000 | |||||||
Transmission and production equipment | 5-10 | 5,907,000 | 8,416,000 | |||||||
Office and warehouse equipment | 3-15 | 8,611,000 | 9,818,000 | |||||||
Computer hardware, software and telephone equipment | 3-7 | 86,602,000 | 90,447,000 | |||||||
Leasehold improvements | 3-5 | 2,681,000 | 2,733,000 | |||||||
Less — Accumulated depreciation | (105,834,000 | ) | (110,104,000 | ) | ||||||
$ | 24,665,000 | $ | 27,992,000 |
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Weighted Average Life (Years) | February 2, 2013 | January 28, 2012 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||
NBCU trademark license - second renewal | 1.7 | $ | 6,830,000 | $ | (2,833,000 | ) | $ | — | $ | — | ||||||||
NBCU trademark license - first renewal | 1.0 | $ | 4,166,000 | $ | (4,166,000 | ) | $ | 4,166,000 | $ | (2,951,000 | ) | |||||||
Indefinite-lived intangible assets: | ||||||||||||||||||
FCC broadcast license | $ | 12,000,000 | $ | 23,111,000 |
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February 2, 2013 | January 28, 2012 | |||||||
Accrued cable access fees | $ | 15,156,000 | $ | 27,506,000 | ||||
Accrued salaries and related | 2,377,000 | 1,343,000 | ||||||
NBCU license agreement | 2,830,000 | — | ||||||
Reserve for product returns | 5,854,000 | 4,544,000 | ||||||
Other | 4,379,000 | 4,449,000 | ||||||
$ | 30,596,000 | $ | 37,842,000 |
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February 2, 2013 | January 28, 2012 | |||||||
Intangible FCC Broadcasting License Asset: | ||||||||
Beginning balance | $ | 23,111,000 | $ | 23,111,000 | ||||
Losses included in earnings (asset impairment) | (11,111,000 | ) | — | |||||
Ending balance | $ | 12,000,000 | $ | 23,111,000 |
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For the Years Ended | |||||||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | |||||||||||
Jewelry & Watches | $ | 282,275 | $ | 272,689 | $ | 272,151 | |||||||
Home & Consumer Electronics | 146,838 | 146,917 | 170,714 | ||||||||||
Beauty, Health & Fitness | 73,247 | 61,160 | 46,612 | ||||||||||
Fashion & Accessories | 42,240 | 34,947 | 30,815 | ||||||||||
All other | 42,220 | 42,681 | 41,981 | ||||||||||
Total | $ | 586,820 | $ | 558,394 | $ | 562,273 |
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February 2, 2013 | January 28, 2012 | |||||||
Accruals and reserves not currently deductible for tax purposes | $ | 5,365 | $ | 4,663 | ||||
Inventory capitalization | 719 | 763 | ||||||
Differences in depreciation lives and methods | 2,885 | 2,727 | ||||||
Differences in investments and other items | 442 | 495 | ||||||
Net operating loss carryforwards | 111,276 | 109,538 | ||||||
Other | (392 | ) | (3,709 | ) | ||||
Valuation allowance | (120,295 | ) | (114,477 | ) | ||||
Net deferred tax asset | $ | — | $ | — |
For the Years Ended | ||||||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | ||||||||||
Current | $ | (20 | ) | $ | (84 | ) | $ | 577 | ||||
Deferred | — | — | — | |||||||||
$ | (20 | ) | $ | (84 | ) | $ | 577 |
For the Years Ended | |||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | |||||||
Taxes at federal statutory rates | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income taxes, net of federal tax benefit | 1.8 | 0.4 | 1.3 | ||||||
Non-cash stock option vesting expense | (3.8 | ) | (0.9 | ) | (3.7 | ) | |||
Non-deductible interest | — | (1.2 | ) | (10.6 | ) | ||||
Non-deductible loss on debt extinguishment | — | (18.7 | ) | (1.6 | ) | ||||
Other | 0.1 | 0.1 | 0.5 | ||||||
Valuation allowance and NOL carryforward benefits | (33.2 | ) | (14.9 | ) | (18.7 | ) | |||
Effective tax rate | (0.1 | )% | (0.2 | )% | 2.2 | % |
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Fiscal Year | Amount | ||
2013 | $ | 80,859,000 | |
2014 | 78,025,000 | ||
2015 | 53,037,000 | ||
2016 | — | ||
2017 and thereafter | — |
Future Minimum Lease Payments: | Amount | ||
2013 | $ | 1,335,000 | |
2014 | 962,000 | ||
2015 | 966,000 | ||
2016 | 653,000 | ||
2017 and thereafter | 113,000 |
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For the Years Ended | ||||||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | ||||||||||
Supplemental Cash Flow Information: | ||||||||||||
Interest paid | $ | 1,959,000 | $ | 3,320,000 | $ | 647,000 | ||||||
Income taxes paid | $ | 27,000 | $ | 98,000 | $ | 100,000 | ||||||
Supplemental non-cash investing and financing activities: | ||||||||||||
Common stock purchase warrants forfeited | $ | 34,000 | $ | 35,000 | $ | 35,000 | ||||||
Deferred financing costs included in accrued liabilities | $ | — | $ | 53,000 | $ | 4,000 | ||||||
Property and equipment purchases included in accounts payable | $ | 48,000 | $ | 156,000 | $ | 87,000 | ||||||
Issuance of 689,655 shares of common stock for license agreement | $ | — | $ | 4,166,000 | $ | — | ||||||
Intangible asset purchase included in accrued liabilities | $ | 2,830,000 | $ | — | $ | — |
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For the Years Ended | ||||||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | ||||||||||
Net loss (a) | $ | (27,676,000 | ) | $ | (48,064,000 | ) | $ | (25,868,000 | ) | |||
Weighted average number of common shares outstanding — Basic | 48,874,842 | 46,451,262 | 33,326,200 | |||||||||
Dilutive effect of stock options, non-vested shares and warrants | — | — | — | |||||||||
Weighted average number of common shares outstanding — Diluted | 48,874,842 | 46,451,262 | 33,326,200 | |||||||||
Net loss per common share | $ | (0.57 | ) | $ | (1.03 | ) | $ | (0.78 | ) | |||
Net loss per common share — assuming dilution | $ | (0.57 | ) | $ | (1.03 | ) | $ | (0.78 | ) |
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Estimated Useful Life (In Years) | February 2, 2013 | January 28, 2012 | ||||||||
Land and improvements | — | $ | 3,437,000 | $ | 3,399,000 | |||||
Buildings and improvements | 5-40 | 23,261,000 | 23,283,000 | |||||||
Transmission and production equipment | 5-10 | 5,907,000 | 8,416,000 | |||||||
Office and warehouse equipment | 3-15 | 8,611,000 | 9,818,000 | |||||||
Computer hardware, software and telephone equipment | 3-7 | 86,602,000 | 90,447,000 | |||||||
Leasehold improvements | 3-5 | 2,681,000 | 2,733,000 | |||||||
Less — Accumulated depreciation | (105,834,000 | ) | (110,104,000 | ) | ||||||
$ | 24,665,000 | $ | 27,992,000 |
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Weighted Average Life (Years) | February 2, 2013 | January 28, 2012 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||
NBCU trademark license - second renewal | 1.7 | $ | 6,830,000 | $ | (2,833,000 | ) | $ | — | $ | — | ||||||||
NBCU trademark license - first renewal | 1.0 | $ | 4,166,000 | $ | (4,166,000 | ) | $ | 4,166,000 | $ | (2,951,000 | ) | |||||||
Indefinite-lived intangible assets: | ||||||||||||||||||
FCC broadcast license | $ | 12,000,000 | $ | 23,111,000 |
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February 2, 2013 | January 28, 2012 | |||||||
Accrued cable access fees | $ | 15,156,000 | $ | 27,506,000 | ||||
Accrued salaries and related | 2,377,000 | 1,343,000 | ||||||
NBCU license agreement | 2,830,000 | — | ||||||
Reserve for product returns | 5,854,000 | 4,544,000 | ||||||
Other | 4,379,000 | 4,449,000 | ||||||
$ | 30,596,000 | $ | 37,842,000 |
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For the Years Ended | |||||||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | |||||||||||
Jewelry & Watches | $ | 282,275 | $ | 272,689 | $ | 272,151 | |||||||
Home & Consumer Electronics | 146,838 | 146,917 | 170,714 | ||||||||||
Beauty, Health & Fitness | 73,247 | 61,160 | 46,612 | ||||||||||
Fashion & Accessories | 42,240 | 34,947 | 30,815 | ||||||||||
All other | 42,220 | 42,681 | 41,981 | ||||||||||
Total | $ | 586,820 | $ | 558,394 | $ | 562,273 |
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February 2, 2013 | January 28, 2012 | |||||||
Accruals and reserves not currently deductible for tax purposes | $ | 5,365 | $ | 4,663 | ||||
Inventory capitalization | 719 | 763 | ||||||
Differences in depreciation lives and methods | 2,885 | 2,727 | ||||||
Differences in investments and other items | 442 | 495 | ||||||
Net operating loss carryforwards | 111,276 | 109,538 | ||||||
Other | (392 | ) | (3,709 | ) | ||||
Valuation allowance | (120,295 | ) | (114,477 | ) | ||||
Net deferred tax asset | $ | — | $ | — |
For the Years Ended | ||||||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | ||||||||||
Current | $ | (20 | ) | $ | (84 | ) | $ | 577 | ||||
Deferred | — | — | — | |||||||||
$ | (20 | ) | $ | (84 | ) | $ | 577 |
For the Years Ended | |||||||||
February 2, 2013 | January 28, 2012 | January 29, 2011 | |||||||
Taxes at federal statutory rates | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income taxes, net of federal tax benefit | 1.8 | 0.4 | 1.3 | ||||||
Non-cash stock option vesting expense | (3.8 | ) | (0.9 | ) | (3.7 | ) | |||
Non-deductible interest | — | (1.2 | ) | (10.6 | ) | ||||
Non-deductible loss on debt extinguishment | — | (18.7 | ) | (1.6 | ) | ||||
Other | 0.1 | 0.1 | 0.5 | ||||||
Valuation allowance and NOL carryforward benefits | (33.2 | ) | (14.9 | ) | (18.7 | ) | |||
Effective tax rate | (0.1 | )% | (0.2 | )% | 2.2 | % |
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