This excerpt taken from the ZUMZ 10-Q filed Sep 12, 2006.
8. Subsequent Event
On September 1, 2006, Zumiez Inc. entered into a secured credit agreement with Wells Fargo HSBC Trade Bank, N.A. The Credit Agreement provides the Company with a senior revolving credit facility (the new facility) through August 30, 2009 of up to $25.0 million. The New Facility replaces the Companys $20.0 million secured revolving credit facility (the prior facility) with Bank of America, N.A., which terminated effective August 31, 2006. The New Facility also contains financial covenants that require the Company to meet certain specified financial ratios, including, minimum net income after taxes, maximum leverage, and quick ratio.
This excerpt taken from the ZUMZ 10-Q filed Jun 17, 2005.
6. Subsequent Event
The Company was formerly a majority owned subsidiary of Zumiez Holdings LLC (the Parent), a holding company with no operating activities. The financial position and operating results of the Parent are not included in the Companys financial statements included in this quarterly report. Subsequent to the end of the quarter the Parent was dissolved in connection with the Companys recently completed initial public offering.
In May 2005, we completed an initial public offering of our common stock in which we sold 1,875,000 shares and our selling shareholders sold 1,250,000 shares. Net proceeds from the offering totaled approximately $29.7 million, after payment of underwriters commissions and offering expenses. We did not receive any of the proceeds from the sale of shares of our common stock by the selling shareholders.