This excerpt taken from the FINL 10-Q filed Jan 9, 2008.
The Company declared a dividend of $.025 per share of Class A and Class B common stock in the first quarter of fiscal 2008. In light of the previously announced Merger Agreement entered into with Genesco, and the costs and uncertainties surrounding the litigation related to the Merger, the Board of Directors decided to suspend future quarterly dividends beginning with the quarter ended September 1, 2007 until further notice. Further declarations of dividends, if any, remain at the discretion of the Companys Board of Directors.
In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements (FAS 157). FAS 157 provides guidance for using fair value to measure assets and liabilities and only applies when other standards require or permit the fair value measurement of assets and liabilities. It does not expand the use of fair value measurement. FAS 157 is effective for fiscal years beginning after November 15, 2007 (fiscal 2009). The FASB is currently proposing to delay the effective date of FAS 157 to fiscal years beginning after November 15, 2008 (fiscal 2010), for all nonfinancial assets and nonfinancial liabilities except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (that is at least annually). The Company is currently evaluating the impact that the adoption of FAS 157 will have, if any, on its results of operations and financial condition.
In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (FAS 159). FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value. FAS 159 is effective for fiscal years beginning after November 15, 2007 (fiscal 2009). Adoption of FAS 159 is not expected to have a material impact on the Companys results of operations, financial condition or liquidity.
This quarterly report on Form 10-Q may contain certain statements that we believe are, or may be considered to be, forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally can be identified by use of statements that include phrases such as believe, expect, anticipate, intend, plan, foresee, may, will, estimates, potential, continue or other similar words or phrases. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statement. The principal risk factors that could cause actual performance and future actions to differ materially from the forward-looking statements include, but are not limited to, costs, potential liabilities, and other events relating to the Companys Merger Agreement with Genesco and the related litigation; product demand and market acceptance risks; the effect of economic conditions; the effect of competitive products and pricing; the availability of products; management of growth, and the other risks detailed in the Companys Annual Report on Form 10-K for the year ended March 3, 2007 and this Form 10-Q under the heading Item 1A. Risk Factors. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements included in this Form 10-Q are made only as of the date of this report and we undertake no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
This excerpt taken from the FINL 10-Q filed Sep 27, 2007.
The Company declared a dividend of $.025 per share of Class A and Class B common stock in the first quarter of fiscal 2008. In light of the previously announced Agreement and Plan of Merger entered into with Genesco Inc., the Board of Directors decided not to declare a quarterly cash dividend payment in the second quarter. Further declarations of dividends, if any, remain at the discretion of the Companys Board of Directors.