As filed with the Securities and Exchange Commission on June 21, 2002
Registration No. 333-_____
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
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ANNTAYLOR STORES CORPORATION
(Exact name of Registrant as Specified in Its Charter)
Delaware 13-3499319
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification Number)
142 West 57th Street 10019
New York, New York (Zip Code)
(Address of Principal Executive Offices)
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ANNTAYLOR STORES CORPORATION
ASSOCIATE DISCOUNT STOCK PURCHASE PLAN
(Full Title of the Plan)
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Barbara K. Eisenberg, Esquire
Senior Vice President, General Counsel and Secretary
AnnTaylor Stores Corporation
142 West 57th Street
New York, New York
(Name and Address of Agent For Service)
(212) 541-3300
(Telephone Number, Including Area Code, of Agent For Service)
__________________________________
CALCULATION OF REGISTRATION FEE
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Proposed Maximum Proposed Maximum Amount of
Title of Securities Amount to be Offering Price Per Aggregate Offering Registration
to be Registered Registered Security (1) Price (1) Fee
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AnnTaylor Stores Corporation Common
Stock, par value $0.0068 per share 600,000 $25.20 $15,120,000 $1,392
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(1) Estimated solely for purposes of calculating the registration fee
pursuant to Rules 457(c) and (h) under the Securities Act of 1933,
as amended (the "Securities Act"), on the basis of the average of
the high and low sale prices for common stock of AnnTaylor Stores
Corporation as reported on the New York Stock Exchange on June 14,
2002.
In addition, pursuant to Rule 416(c) under the Securities Act of
1933, this registration statement also covers an indeterminate amount of
interests to be offered or sold pursuant to the employee benefit plan
described herein.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the information specified in Part I of
Form S-8 will be sent or given to participating employees as specified by
Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Act"). In
accordance with Rule 428 and the requirements of Part I of Form S-8, such
documents are not being filed with the Securities and Exchange Commission
(the "Commission") either as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424. The registrant
shall maintain a file of such documents in accordance with the provisions
of Rule 428. Upon request, the registrant shall furnish to the Commission
or its staff a copy or copies of any or all of the documents included in
such file. Such documents, taken together, constitute a prospectus that
meets the requirements of Section 10(a) of the Act.
Selected Financial Data
The following selected consolidated financial data has been derived from
our consolidated financial statements for the five years ended February 2,
2002 and should be read in conjunction with our consolidated financial
statements and notes thereto which are incorporated by reference from our
Annual Report for the year ended February 2, 2002 on Form 10-K.
Fiscal Years Ended
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Feb. 2, Feb. 3, Jan. 29, Jan. 30, Jan. 31,
2002 2001 2000 1999 1998
---- ---- ---- ------ ------
(dollars in thousands, except per square foot data and per share data)
Consolidated Income Statement Information:
Net sales ................................ $ 1,299,573 $ 1,232,776 $1,084,519 $ 911,939 $ 781,028
Cost of sales............................. 651,808 622,036 536,014 455,724 411,756
---------- ---------- ----------- ---------- -------
Gross profit.............................. 647,765 610,740 548,505 456,215 369,272
Selling, general and administrative
expenses................................ 576,584 501,460 414,315 350,522 308,780
Retirement of assets...................... --- --- --- 3,633 ---
Amortization of goodwill.................. 11,040 11,040 11,040 11,040 11,040
---------- ---------- ----------- ---------- ----------
Operating income.......................... 60,141 98,240 123,150 91,020 49,452
Interest income........................... 1,390 2,473 4,378 2,241 1,157
Interest expense.......................... 6,869 7,315 11,814 20,358 21,146
---------- ---------- ----------- ---------- ----------
Income before income taxes and
extraordinary loss...................... 54,662 93,398 115,714 72,903 29,463
Income tax provision...................... 25,557 41,035 50,221 33,579 17,466
---------- ---------- ----------- ---------- ----------
Income before extraordinary loss.......... 29,105 52,363 65,493 39,324 11,997
Extraordinary loss........................ --- --- 962 --- 173
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Net income (a)............................ $ 29,105 $ 52,363 $ 64,531 $ 39,324 $ 11,824
========== ========== =========== ========== ==========
Basic earnings per share before
extraordinary loss (a) (b)................ $.067 $ 1.22 $ 1.50 $ 1.02 $ 0.31
Extraordinary loss per share (a) ( b)..... --- --- 0.02 --- ---
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Basic earnings per share (a) (b).......... $ 0.67 $ 1.22 $ 1.48 $ 1.02 $ 0.31
========== ========== =========== ========== ==========
Diluted earnings per share before
extraordinary loss (a ) (b).............. $ 0.67 $ 1.17 $ 1.38 $ 0.96 $ 0.31
Extraordinary loss per share (a) (b)..... --- --- 0.02 --- ---
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Diluted earnings per share (a) (b)........ $ 0.67 $ 1.17 $ 1.36 $ 0.96 $ 0.31
========== ========== =========== ========== ==========
Weighted average shares outstanding
(in 000s) (b).......................... 43,325 49,912 43,532 38,573 38,442
Weighted average shares outstanding,
assuming dilution (in 000s) (b)......... 43,661 46,830 49,273 46,509 38,535
Consolidated Operating Information:
Percentage increase (decrease) in comparable
store sales............................... (6.1)% (0.5)% 8.4% 7.9% (5.5)%
Net sales per gross square foot........... $ 452 $ 496 $ 502 $ 474 $ 445
Number of stores:
Open at beginning of period............... 478 405 365 324 309
Opened during the period.................. 67 81 47 45 27
Expanded during the period................ 6 4 8 8 9
Closed during the period.................. 7 8 7 4 12
Open at the end of the period............. 538 478 405 365 324
Total store square footage at end
of period.............................. 3,057,000 2,695,000 2,280,000 2,038,000 1,808,000
Capital expenditures...................... $ 83,693 $ 83,310 $ 53,409 $ 45,131 $ 22,945
Depreciation and amortization including
goodwill................................ $ 54,569 $ 46,073 $ 41,387 $ 39,823 $ 38,843
Working capital turnover.................. 7.2x 7.6x 6.8x 6.3x 6.5x
Inventory turnover........................ 4.7x 4.9x 4.8x 5.0x 5.1x
Consolidated Balance Sheet Information (at end of period):
Working capital........................... $ 189,239 $ 172,767 $ 151,368 $ 168,708 $ 122,181
Goodwill, net............................. 286,579 297,619 308,659 319,699 330,739
Total assets.............................. 882,986 848,115 765,117 775,417 683,661
Total debt................................ 119,530 117,610 115,785 105,157 106,276
Preferred securities...................... --- --- --- 96,624 96,391
Stockholders' equity...................... 612,129 574,029 515,622 432,699 384,107
(footnotes on following page)
(a) Effective February 3, 2002, the Company adopted Statement of
Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other
Intangible Assets". SFAS No. 142 requires that amortization of
goodwill be replaced by periodic tests for impairment. Based on the
initial impairment testing required by SFAS 142 performed in February
2002, management determined that there was no impairment related to
the net carrying value of the Company's recorded goodwill. Management
will reevaluate this at least on an annual basis, in accordance with
the provisions of SFAS No. 142.
The following table provides a reconciliation of reported net income
and earnings per share for each of the five fiscal years ended
February 2, 2002, February 3, 2001, January 29, 2000, January 30,
1999 and January 31, 1998 to adjusted net income and earnings per
share had SFAS No. 142 been applied as of the beginning of fiscal
1997:
--------------- --------------- --------------- --------------- --------------
February 2, February 3, January 29, January 30, January 31,
2002 2001 2000 1999 1998
--------------- --------------- --------------- --------------- --------------
Income available to common stockholders $ 29,105 $52,363 $64,531 $39,324 $11,824
Add: Impact of adopting SFAS No. 142 in
Fiscal 2001, net of income taxes
10,645 10,642 10,640 11,040 11,040
-------- ------ ------ ------ ------
Adjusted income available to common
stockholders $ 39,750 $63,005 $75,171 $50,364 $22,864
====== ====== ====== ====== ======
Basic earnings per share $ 0.67 $ 1.22 $ 1.48 $ 1.02 $ 0.31
Add: Goodwill Amortization, net of
income taxes $ 0.25 0.25 0.25 0.29 0.28
------- ------ ------- ------- -------
Basic earnings per share $ 0.92 $ 1.47 $ 1.73 $ 1.31 $ 0.59
======= ======= ======= ======= ========
Diluted earnings per share $ $0.67 $ 1.17 $ 1.36 $ 0.96 $ 0.31
Add: Goodwill Amortization net of
income taxes 0.23 0.23 0.22 0.23 0.28
------- ------- ------- ------- -------
Diluted earnings per share $ 0.90 $ 1.40 $ 1.58 $ 1.19 $ 0.59
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(b) In May 2002, the Company effected a 3 for 2 stock split of its common
stock; all share and per share amounts in the financial information
have been restated to reflect the split.
PART II
REGISTRATION OF ADDITIONAL SECURITIES
INCORPORATION OF EARLIER REGISTRATION STATEMENT BY REFERENCE
This registration statement is being filed solely to register the
issuance of up to 600,000 additional shares of common stock, par value
$0.0068 per share ("Common Stock"), of AnnTaylor Stores Corporation, a
Delaware corporation ("AnnTaylor"), pursuant to the AnnTaylor Stores
Corporation Associate Discount Stock Purchase Plan (the "Plan"). AnnTaylor
previously filed a registration statement on Form S-8 (File No. 333-79921)
covering 375,000 shares of its Common Stock initially authorized for
issuance under the Plan (after giving effect to the three-for-two common
stock split on May 20, 2002). Except as supplemented by the information set
forth below, the contents of the earlier registration statement are
incorporated herein by reference.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
The legality of the shares of Common Stock offered pursuant to
this Registration Statement will be passed upon by Barbara K. Eisenberg,
Esq., Senior Vice President, General Counsel and Secretary of AnnTaylor.
Ms. Eisenberg owns shares of Common Stock and has been granted options to
purchase additional shares of Common Stock of AnnTaylor.
ITEM 8. EXHIBITS.
Exhibit No. Description of Exhibit
4 Amended and Restated Rights Agreement, dated as of May
1, 2001, between AnnTaylor Stores Corporation and
Mellon Investor Services LLC, as Rights Agent (filed as
Exhibit 1 to the Registration Statement on Form 8-A/A,
filed on May 24, 2001 and incorporated herein by
reference)
5 Opinion of Barbara K. Eisenberg, Esq., Senior Vice President,
General Counsel and Secretary of AnnTaylor, regarding the
validity of AnnTaylor Stores Corporation common stock to be
issued
23.1 Consent of Deloitte & Touche LLP
23.2 Consent of Barbara K. Eisenberg, Esq. (included in Exhibit 5)
24 Powers of Attorney (included on signature page)
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as
amended, the Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and has duly
caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, State of
New York, on June 18, 2002.
ANNTAYLOR STORES CORPORATION
By: /s/ Barry Erdos
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Name: Barry Erdos
Title: Chief Operating Officer
POWERS OF ATTORNEY
Know all men by these presents, that each person whose signature
appears below constitutes and appoints Barry Erdos, Barbara K. Eisenberg
and James M. Smith, and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
revocation, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement and to file the
same with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing requisite and necessary to be
done as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, or their, his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as
amended, this Registration Statement has been signed below by the following
persons in the capacities indicated on June 18, 2002.
NAME TITLE DATE
Chairman, Chief Executive
/s/ J. Patrick Spainhour Officer and Director June 18, 2002
----------------------------------- (Principal Executive Officer
J. Patrick Spainhour and Director)
/s/ Barry Erdos Chief Operating Officer and Director June 18, 2002
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Barry Erdos
/s/ James M. Smith Senior Vice President, Chief
----------------------------------- Financial Officer and Treasurer June 18, 2002
James M. Smith (Principal Financial Officer)
/s/ Sallie A. DeMarsilis Vice President and Controller June 18, 2002
---------------------------------- (Principal Accounting Officer)
Sallie A. DeMarsilis
/s/ Gerald S. Armstrong Director June 18, 2002
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Gerald S. Armstrong
/s/ James J. Burke, Jr. Director June 18, 2002
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James J. Burke, Jr.
/s/ Wesley E. Cantrell Director June 18, 2002
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Wesley E. Cantrell
/s/ Robert C. Grayson Director June 18, 2002
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Robert C. Grayson
/s/ Ronald W. Hovsepian Director June 18, 2002
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Ronald W. Hovsepian
/s/ Rochelle B. Lazarus Director June 18, 2002
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Rochelle B. Lazarus
/s/ Hanne M. Merriman Director June 18, 2002
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Hanne M. Merriman
LIST OF EXHIBITS
Exhibit No. Description of Exhibit
4 Amended and Restated Agreement, dated as of May 1,
2001, between AnnTaylor Stores Corporation and
Mellon Investor Services LLC, as Rights Agent
(filed as Exhibit 1 to the Registration Statement
on Form 8-A/A, filed on May 24, 2001 and
incorporated herein by reference)
5 Opinion of Barbara K. Eisenberg, Esq., Senior Vice
President, General Counsel and Secretary of
AnnTaylor, regarding the validity of AnnTaylor
Stores Corporation common stock to be issued
23.1 Consent of Deloitte & Touche LLP
23.2 Consent of Barbara K. Eisenberg, Esq. (included in
Exhibit 5)
24 Powers of Attorney (included on signature page)