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HBI » Topics » Our historical financial information is not necessarily indicative of our results as a separate company and therefore may not be reliable as an indicator of our future financial results.These excerpts taken from the HBI 10-K filed Feb 19, 2008. Our
historical financial information is not necessarily indicative
of our results as a separate company and therefore may not be
reliable as an indicator of our future financial
results.
Our historical financial statements for periods prior to the
spin off were created from Sara Lee’s financial statements
using our historical results of operations and historical bases
of assets and liabilities as part of Sara Lee. Accordingly,
historical financial information for periods prior to the spin
off is not necessarily indicative of what our financial
position, results of operations and cash flows would have been
if we had been a separate, stand-alone entity during those
periods.
Our historical financial information for periods prior to the
spin off is not necessarily indicative of what our results of
operations, financial position and cash flows will be in the
future and, for periods prior to the spin off, does not reflect
many significant changes in our capital structure, funding and
operations resulting from the spin off. While our results of
operations for periods prior to the spin off include all costs
of Sara Lee’s branded apparel business, these costs and
expenses do not include all of the costs that would have been or
will be incurred by us as an independent company. In addition,
we have not made adjustments to our
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historical financial information to reflect changes, many of
which are significant, that occurred in our cost structure,
financing and operations as a result of the spin off, including
the substantial debt we incurred and pension liabilities we
assumed in connection with the spin off. These changes include
potentially increased costs associated with reduced economies of
scale and purchasing power.
Our effective income tax rate as reflected in our historical
financial information for periods prior to the spin off has not
been and may not be indicative of our future effective income
tax rate. Among other things, the rate may be materially
impacted by:
Our historical financial information is not necessarily indicative of our results as a separate company and therefore may not be reliable as an indicator of our future financial results. Our historical financial statements for periods prior to the spin off were created from Sara Lee’s financial statements using our historical results of operations and historical bases of assets and liabilities as part of Sara Lee. Accordingly, historical financial information for periods prior to the spin off is not necessarily indicative of what our financial position, results of operations and cash flows would have been if we had been a separate, stand-alone entity during those periods. Our historical financial information for periods prior to the spin off is not necessarily indicative of what our results of operations, financial position and cash flows will be in the future and, for periods prior to the spin off, does not reflect many significant changes in our capital structure, funding and operations resulting from the spin off. While our results of operations for periods prior to the spin off include all costs of Sara Lee’s branded apparel business, these costs and expenses do not include all of the costs that would have been or will be incurred by us as an independent company. In addition, we have not made adjustments to our
Table of Contentshistorical financial information to reflect changes, many of which are significant, that occurred in our cost structure, financing and operations as a result of the spin off, including the substantial debt we incurred and pension liabilities we assumed in connection with the spin off. These changes include potentially increased costs associated with reduced economies of scale and purchasing power. Our effective income tax rate as reflected in our historical financial information for periods prior to the spin off has not been and may not be indicative of our future effective income tax rate. Among other things, the rate may be materially impacted by:
This excerpt taken from the HBI 10-K filed Sep 28, 2006. Our
historical financial information is not necessarily indicative
of our results as a separate company and therefore may not be
reliable as an indicator of our future financial
results.
Our historical financial statements have been created from Sara
Lee’s financial statements using our historical results of
operations and historical bases of assets and liabilities as
part of Sara Lee. Accordingly, the historical financial
information we have included in this Annual Report on
Form 10-K
is not necessarily indicative of what our financial position,
results of operations and cash flows would have been if we had
been a separate, stand-alone entity during the periods presented.
The historical financial information is not necessarily
indicative of what our results of operations, financial position
and cash flows will be in the future and does not reflect many
significant changes in our capital structure, funding and
operations resulting from the spin off. While our historical
results of operations include all costs of Sara Lee’s
branded apparel business, our historical costs and expenses do
not include all of the costs that would have been or will be
incurred by us as an independent company. In addition, we have
not made adjustments to our historical financial information to
reflect changes, many of which are significant, that occurred in
our cost structure, financing and operations as a result of the
spin off, including the substantial debt we incurred and pension
liabilities we assumed in connection with the spin off. These
changes include potentially increased costs associated with
reduced economies of scale and purchasing power.
Our effective income tax rate as reflected in our historical
financial information also may not be indicative of our future
effective income tax rate. Among other things, the rate may be
materially impacted by:
We and
Sara Lee will provide a number of services to each other
pursuant to the Master Transition Services Agreement. When the
Master Transition Services Agreement terminates, we will be
required to replace Sara Lee’s services internally or
through third parties on terms that may be less favorable to
us.
Under the terms of a Master Transition Services Agreement that
we entered into with Sara Lee in connection with the spin off,
we and Sara Lee are providing to each other, for a fee,
specified support services related to human resources and
payroll functions, financial and accounting functions and
information technology for periods of up to 12 months
following the spin off (with some renewal terms available). When
the Master Transition Services Agreement terminates, Sara Lee
will no longer be obligated to provide any of
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these services to us or pay us for the services we are providing
Sara Lee, and we will be required to either enter into a new
agreement with Sara Lee or another services provider or assume
the responsibility for these functions ourselves. At such time,
the economic terms of the new arrangement may be less favorable
than the arrangement with Sara Lee under the Master Transition
Services Agreement, which may have a material adverse effect on
our business, results of operations and financial condition.
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