Big Lots reported financial results for fiscal year 2007 with net sales decreasing 1.8% to $4.656 billion. Income from continuing operations increased 28.8% to $145.08 million while earnings per share increased 39.6% to $1.41. Inventory turnover improved to 3.5 times from 3.4 times in 2006. Cash flow decreased to $249.17 million from $351.06 million in 2006 due to lower operating cash flow and higher capital expenditures.
This document provides financial highlights and consolidated statements for ALLTEL Corporation for the three and six month periods ending June 30, 2007 and 2006. Some key highlights include:
- Service revenues and total revenues increased 14% and 12% respectively for the three month period and year-to-date compared to the prior year.
- Operating income and net income from current businesses increased 18% and 25% respectively for the three month period compared to the prior year.
- Net income under GAAP decreased 54% and 41% for the three month and year-to-date periods due to one-time gains in the prior year.
- Total assets decreased 27% from the end of 2006 primarily due to the sale of business
capital one Printer Friendly Version of the Financial Supplementfinance13
This document provides quarterly and annual financial and statistical data for Capital One Financial Corporation for 2008 and Q4 2007. Some key highlights include:
- For Q4 2008, Capital One reported a net loss of $1.42 billion compared to net income of $226.6 million in Q4 2007. Revenue declined 38% annually and the company reported an ROA of -3.45%.
- On a managed basis, which includes securitized assets, Q4 2008 net loss was $1.42 billion, revenue declined 25% annually, and ROA was -2.70%.
- Asset quality deteriorated with the net charge-off rate rising to 4.98% in Q4 2008
- ALLTEL reported increases in key financial metrics for the first quarter of 2007 compared to the same period in 2006. Service revenues grew 14% and wireless operating income increased 21%.
- On a non-GAAP basis, which excludes certain items, operating income from current businesses grew 17% and net income increased 34% compared to the first quarter of 2006. Equity free cash flow grew 36%.
- Total assets decreased 27% compared to the end of 2006, largely due to the sale of ALLTEL's wireline business in 2006.
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
1) UAL Corporation reported significant losses in 2001 due to the impacts of September 11th terrorist attacks and the weak economy. UAL's losses totaled $2.1 billion for the year, with passenger revenues down 39% in the fourth quarter.
2) United Airlines operates a major domestic and international air transportation network, with hubs in Chicago, Denver, Los Angeles, San Francisco, and Washington D.C. It focuses on markets in North America, Pacific, Atlantic, and Latin America.
3) In response to the difficult financial conditions following 9/11, United undertook large schedule reductions and employee furloughs to reduce costs, while continuing efforts to strengthen revenues and customer service.
This document is United Airlines' 1998 annual report. It contains the following key information:
1) Jerry Greenwald, United's CEO, provides a letter addressing the challenges of 1998, including economic problems in Asia hurting revenues. However, United still had healthy profits of $1.3 billion due to preparedness and cost controls.
2) Greenwald discusses United's progress on its "Quality Flight Plan" over the past 5 years to improve customer satisfaction, fleet, financial position, and employee relations.
3) The report includes financial highlights and operating statistics showing United's continued strong financial performance in 1998 despite challenges, as well as comments from passengers in seat 14D addressing improvements to United's fleet and customer experience
Dover's annual report outlines its consistent business philosophy of achieving and maintaining market leadership in every market it serves. The report discusses Dover's goals of perceiving customers' needs, providing better products/services than competitors, investing to maintain competitive advantages, and expecting a fair price. It emphasizes focusing on quality, innovation, service, and long-term orientation. Dover enhances leadership through acquisitions that strengthen existing markets or offer new ones. Intrinsic to Dover's success is decentralized management that gives autonomy to company presidents.
- ALLTEL reported increases in service revenues, total revenues, and capital expenditures for both the quarter and year ended December 31, 2007 compared to the same periods in 2006. However, operating income, income from continuing operations, and net income all decreased significantly for the quarter and year.
- Total assets increased substantially to $32.1 billion as of December 31, 2007 compared to $18.3 billion the previous year, primarily due to ALLTEL's acquisition of Verizon's wireless assets. However, key operating margins such as service revenue and operating margin declined for the quarter and year.
- Customer metrics such as gross additions, net additions, penetration rate, and average customers all increased compared to the prior year periods,
This document provides financial highlights and consolidated statements for ALLTEL Corporation for the three and six month periods ending June 30, 2007 and 2006. Some key highlights include:
- Service revenues and total revenues increased 14% and 12% respectively for the three month period and year-to-date compared to the prior year.
- Operating income and net income from current businesses increased 18% and 25% respectively for the three month period compared to the prior year.
- Net income under GAAP decreased 54% and 41% for the three month and year-to-date periods due to one-time gains in the prior year.
- Total assets decreased 27% from the end of 2006 primarily due to the sale of business
capital one Printer Friendly Version of the Financial Supplementfinance13
This document provides quarterly and annual financial and statistical data for Capital One Financial Corporation for 2008 and Q4 2007. Some key highlights include:
- For Q4 2008, Capital One reported a net loss of $1.42 billion compared to net income of $226.6 million in Q4 2007. Revenue declined 38% annually and the company reported an ROA of -3.45%.
- On a managed basis, which includes securitized assets, Q4 2008 net loss was $1.42 billion, revenue declined 25% annually, and ROA was -2.70%.
- Asset quality deteriorated with the net charge-off rate rising to 4.98% in Q4 2008
- ALLTEL reported increases in key financial metrics for the first quarter of 2007 compared to the same period in 2006. Service revenues grew 14% and wireless operating income increased 21%.
- On a non-GAAP basis, which excludes certain items, operating income from current businesses grew 17% and net income increased 34% compared to the first quarter of 2006. Equity free cash flow grew 36%.
- Total assets decreased 27% compared to the end of 2006, largely due to the sale of ALLTEL's wireline business in 2006.
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
1) UAL Corporation reported significant losses in 2001 due to the impacts of September 11th terrorist attacks and the weak economy. UAL's losses totaled $2.1 billion for the year, with passenger revenues down 39% in the fourth quarter.
2) United Airlines operates a major domestic and international air transportation network, with hubs in Chicago, Denver, Los Angeles, San Francisco, and Washington D.C. It focuses on markets in North America, Pacific, Atlantic, and Latin America.
3) In response to the difficult financial conditions following 9/11, United undertook large schedule reductions and employee furloughs to reduce costs, while continuing efforts to strengthen revenues and customer service.
This document is United Airlines' 1998 annual report. It contains the following key information:
1) Jerry Greenwald, United's CEO, provides a letter addressing the challenges of 1998, including economic problems in Asia hurting revenues. However, United still had healthy profits of $1.3 billion due to preparedness and cost controls.
2) Greenwald discusses United's progress on its "Quality Flight Plan" over the past 5 years to improve customer satisfaction, fleet, financial position, and employee relations.
3) The report includes financial highlights and operating statistics showing United's continued strong financial performance in 1998 despite challenges, as well as comments from passengers in seat 14D addressing improvements to United's fleet and customer experience
Dover's annual report outlines its consistent business philosophy of achieving and maintaining market leadership in every market it serves. The report discusses Dover's goals of perceiving customers' needs, providing better products/services than competitors, investing to maintain competitive advantages, and expecting a fair price. It emphasizes focusing on quality, innovation, service, and long-term orientation. Dover enhances leadership through acquisitions that strengthen existing markets or offer new ones. Intrinsic to Dover's success is decentralized management that gives autonomy to company presidents.
- ALLTEL reported increases in service revenues, total revenues, and capital expenditures for both the quarter and year ended December 31, 2007 compared to the same periods in 2006. However, operating income, income from continuing operations, and net income all decreased significantly for the quarter and year.
- Total assets increased substantially to $32.1 billion as of December 31, 2007 compared to $18.3 billion the previous year, primarily due to ALLTEL's acquisition of Verizon's wireless assets. However, key operating margins such as service revenue and operating margin declined for the quarter and year.
- Customer metrics such as gross additions, net additions, penetration rate, and average customers all increased compared to the prior year periods,
GMAC reported a net loss of $724 million in Q4 2007 compared to a net income of $7.4 billion in Q4 2008. For the full year, GMAC reported a net loss of $2.3 billion in 2007 compared to a net income of $1.8 billion in 2008. Key factors contributing to the changes included an $11.4 billion gain on extinguishment of debt in Q4 2008 and impairment charges taken in both years. Revenues declined across most business segments from 2007 to 2008.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
- Service revenues and total revenues and sales increased 15% and 14% respectively in the third quarter of 2007 compared to 2006. For the first nine months of 2007, service revenues and total revenues and sales increased 14% and 13% respectively compared to the same period in 2006.
- Operating income increased 21% in the third quarter of 2007 and 17% for the first nine months of 2007 compared to the same periods in 2006.
- Net income increased 51% in the third quarter of 2007 but decreased 22% for the first nine months of 2007 compared to the same periods in 2006.
The Progressive Corporation's 2006 annual report summarizes its financial performance for 2006, 2005, and 2004. In 2006, Progressive's net income increased to $1.647 billion, up from $1.394 billion in 2005. Revenues grew to $14.786 billion in 2006 from $14.303 billion in 2005. Progressive also reported increases in investment income and total shareholders' equity from 2005 to 2006, while expenses such as losses, acquisition costs, and underwriting expenses also grew over this period.
This annual report summarizes the financial highlights and performance of Cooper Cameron Corporation for the years 1997, 1996 and 1995. Some key points:
- Revenues increased over 30% from 1996 to 1997, reaching $1.81 billion, driven by acquisitions, pricing improvements and strong sales.
- Earnings before interest, taxes, depreciation and amortization exceeded the target of 15% of revenues, reaching 16.3%.
- Net income improved to $140.58 million in 1997 compared to a net loss in 1996.
- The CEO outlines plans to continue improving productivity and manufacturing efficiency to meet increased financial targets for 1998.
Motorola experienced a difficult year in 2001 with declining sales and losses. The company implemented a 5-point plan to rebuild value that included strengthening management, stabilizing finances, reducing costs, pursuing growth through innovation, and reevaluating strategies. While most sectors struggled, PCS improved market share and profitability and BCS bolstered its leadership in cable equipment through acquisitions. The company remains focused on innovation in communications solutions and returning to profitability.
This 11-year financial summary provides key financial data for Walmart from 1993 to 2003. Over this period, Walmart experienced significant growth, with net sales increasing from $55.4 billion in 1993 to $244.5 billion in 2003, a 12% increase from the prior year. This growth was driven by expansion of stores both domestically and internationally as well as increasing comparable store sales. Gross margins increased slightly from 21.23% to 21.55% from 2002 to 2003 due to lower shrinkage and markdowns. Operating expenses also increased slightly as a percentage of sales due to higher insurance and payroll costs. Overall, the financial summary shows Walmart's continued growth and expansion globally over an 11-year period.
Danaher Corporation reported record results for the fourth quarter and full year 2004 with net earnings increasing 26% and 36% respectively over the previous year. Fourth quarter sales increased 33% to $1.98 billion while full year sales grew 30% to $6.89 billion. The company also expanded its segment reporting to three segments: Professional Instrumentation, Industrial Technologies, and Tools and Components. The CEO stated they were pleased with the strong gains across all three segments and record cash flow of $1.03 billion, a 20% increase over 2003.
The document is the second quarter 2008 investor supplement from Dover Corporation. It provides condensed consolidated financial statements and quarterly segment information for Dover for Q2 2008 and comparisons to prior periods. Some key details include:
- Revenue for Q2 2008 was $2.01 billion, up 10% from $1.82 billion in Q2 2007. Net earnings for Q2 2008 were $135.3 million, down 21% from $172.2 million in Q2 2007.
- All business segments saw revenue increases in Q2 2008 compared to Q2 2007, with the exception of Electronic Technologies which was flat. Industrial Products and Fluid Management had the largest revenue gains.
The Sherwin-Williams Company had a successful 2004, achieving over $6 billion in sales for the first time. Net income increased 18.4% to $393.3 million and diluted EPS rose over 20% to a record $2.72. All business segments saw sales increases, with the Paint Stores segment up 14.6% to $3.98 billion. The company continued its streak of 26 consecutive years of dividend growth and completed three acquisitions. Looking forward, rising raw material costs will continue to pressure margins but the company will work to offset this through productivity gains and price increases.
- The document reports financial results for Clorox for the third quarter and first nine months of fiscal year 2006 compared to the same periods in fiscal year 2005. Net sales increased 7% in the third quarter and 6% year-to-date. Earnings from continuing operations were $110 million for the third quarter and $301 million year-to-date.
Fluor Corporation reported financial results for 2003 with revenues of $8.8 billion, earnings from continuing operations of $179 million, and net earnings of $157 million. Key highlights included a 6% increase in earnings from continuing operations compared to 2002. New awards in 2003 totaled nearly $10 billion and backlog remained strong at over $10 billion. The document also discussed Fluor's shift away from power projects as that market declined, with the dissolution of its Duke/Fluor Daniel joint venture in power announced in July 2003.
This document summarizes Baxter International's financial performance for the first quarter of 2007 compared to the first quarter of 2006. Some key points:
- Net sales increased 11% to $2.675 billion driven by growth in all business segments.
- Gross profit increased 20% and gross margin increased 3.6 percentage points to 47.3%.
- Net income increased 43% to $403 million.
- Sales grew faster internationally (14%) than in the US (8%).
- Albemarle Corporation's earnings presentation covered Q4 2008 results as well as full year 2008 results.
- Q4 2008 net sales were down 13.6% compared to Q4 2007, operating profit declined 122.7%, and net income declined 77.6%. Full year 2008 results saw net sales increase 5.6% while operating profit declined 28.7% and net income declined 15.5% compared to 2007.
- Results were negatively impacted by lower volumes across key end markets as well as increased raw material and energy costs. The company has taken steps to reduce costs and restructure operations.
This document contains the minutes from Potlatch Corporation's first quarter 2009 conference call held on April 28, 2009 in Spokane, Washington. It includes an overview of financial results for the first quarter of 2009 compared to the fourth quarter of 2008 and first quarter of 2008. Key highlights include earnings from continuing operations of $28.8 million for the quarter, compared to $5.8 million in the previous quarter and $23.3 million in the first quarter of 2008. The document also provides details on operating results, pricing and sales volumes for Potlatch's resource, real estate and wood products segments.
- Motorola reported net earnings of $1.384 billion for Q2 2006, up from $933 million in Q2 2005, with net sales rising 29% to $10.876 billion. Net earnings for the first six months of 2006 were $2.070 billion, up from $1.625 billion in the same period in 2005.
- Mobile device sales increased 46% in Q2 2006 compared to Q2 2005, contributing to a 28% rise in total segment sales. Operating earnings also increased across all segments except networks and enterprise.
- The financial results demonstrated strong growth in Motorola's key metrics compared to the previous year, driven primarily by a large increase in mobile device sales and earnings.
This annual report summarizes Fluor Corporation's financial highlights and business strategy for 2003. Some key points:
- Revenues declined 12% to $8.8 billion due to completion of power projects, but earnings grew 6% to $179 million due to diversification.
- New awards grew 16% to $10 billion and backlog grew 9% to $10.6 billion, signaling future growth.
- The company aims to increase stable government and operations businesses to 40% of revenue to reduce cyclicality. These grew to 32% of revenue in 2003.
- While 2004 may see lower earnings due to transition between power and oil/gas projects, new awards and backlog trends are positive indicators for
The document provides an overview of Alcoa's 4th quarter 2008 financial results and outlook for 1st quarter 2009. Key points include:
- 4Q 2008 loss from continuing operations of $929 million or $1.16 per share due to restructuring and impairment charges of $708 million.
- Revenue declined 18% sequentially to $5.7 billion on lower metal prices and market deterioration.
- Cash from operations was $608 million and cash on hand was $762 million.
- 1Q 2009 outlook includes further price declines and production cuts due to weak market conditions across key end markets.
The Earth is bigger than Venus, which is smaller than Earth. The elephant is the biggest animal in the world. A comparison is made between balls where the red ball is the largest, the yellow ball is smaller than the green one, and the pink ball is smaller than the grey one.
La villa Manya Canya se encuentra a pocos minutos de San José en Ibiza, cuenta con 5 dormitorios, 4 baños y 250 m2 de espacio. Ofrece vistas al Cap de Falco, Formentera y Porroig, así como una zona de estar en la azotea, piscina y un precio semanal de alquiler entre 12.500€ y 14.200€ más depósito.
GMAC reported a net loss of $724 million in Q4 2007 compared to a net income of $7.4 billion in Q4 2008. For the full year, GMAC reported a net loss of $2.3 billion in 2007 compared to a net income of $1.8 billion in 2008. Key factors contributing to the changes included an $11.4 billion gain on extinguishment of debt in Q4 2008 and impairment charges taken in both years. Revenues declined across most business segments from 2007 to 2008.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
- Service revenues and total revenues and sales increased 15% and 14% respectively in the third quarter of 2007 compared to 2006. For the first nine months of 2007, service revenues and total revenues and sales increased 14% and 13% respectively compared to the same period in 2006.
- Operating income increased 21% in the third quarter of 2007 and 17% for the first nine months of 2007 compared to the same periods in 2006.
- Net income increased 51% in the third quarter of 2007 but decreased 22% for the first nine months of 2007 compared to the same periods in 2006.
The Progressive Corporation's 2006 annual report summarizes its financial performance for 2006, 2005, and 2004. In 2006, Progressive's net income increased to $1.647 billion, up from $1.394 billion in 2005. Revenues grew to $14.786 billion in 2006 from $14.303 billion in 2005. Progressive also reported increases in investment income and total shareholders' equity from 2005 to 2006, while expenses such as losses, acquisition costs, and underwriting expenses also grew over this period.
This annual report summarizes the financial highlights and performance of Cooper Cameron Corporation for the years 1997, 1996 and 1995. Some key points:
- Revenues increased over 30% from 1996 to 1997, reaching $1.81 billion, driven by acquisitions, pricing improvements and strong sales.
- Earnings before interest, taxes, depreciation and amortization exceeded the target of 15% of revenues, reaching 16.3%.
- Net income improved to $140.58 million in 1997 compared to a net loss in 1996.
- The CEO outlines plans to continue improving productivity and manufacturing efficiency to meet increased financial targets for 1998.
Motorola experienced a difficult year in 2001 with declining sales and losses. The company implemented a 5-point plan to rebuild value that included strengthening management, stabilizing finances, reducing costs, pursuing growth through innovation, and reevaluating strategies. While most sectors struggled, PCS improved market share and profitability and BCS bolstered its leadership in cable equipment through acquisitions. The company remains focused on innovation in communications solutions and returning to profitability.
This 11-year financial summary provides key financial data for Walmart from 1993 to 2003. Over this period, Walmart experienced significant growth, with net sales increasing from $55.4 billion in 1993 to $244.5 billion in 2003, a 12% increase from the prior year. This growth was driven by expansion of stores both domestically and internationally as well as increasing comparable store sales. Gross margins increased slightly from 21.23% to 21.55% from 2002 to 2003 due to lower shrinkage and markdowns. Operating expenses also increased slightly as a percentage of sales due to higher insurance and payroll costs. Overall, the financial summary shows Walmart's continued growth and expansion globally over an 11-year period.
Danaher Corporation reported record results for the fourth quarter and full year 2004 with net earnings increasing 26% and 36% respectively over the previous year. Fourth quarter sales increased 33% to $1.98 billion while full year sales grew 30% to $6.89 billion. The company also expanded its segment reporting to three segments: Professional Instrumentation, Industrial Technologies, and Tools and Components. The CEO stated they were pleased with the strong gains across all three segments and record cash flow of $1.03 billion, a 20% increase over 2003.
The document is the second quarter 2008 investor supplement from Dover Corporation. It provides condensed consolidated financial statements and quarterly segment information for Dover for Q2 2008 and comparisons to prior periods. Some key details include:
- Revenue for Q2 2008 was $2.01 billion, up 10% from $1.82 billion in Q2 2007. Net earnings for Q2 2008 were $135.3 million, down 21% from $172.2 million in Q2 2007.
- All business segments saw revenue increases in Q2 2008 compared to Q2 2007, with the exception of Electronic Technologies which was flat. Industrial Products and Fluid Management had the largest revenue gains.
The Sherwin-Williams Company had a successful 2004, achieving over $6 billion in sales for the first time. Net income increased 18.4% to $393.3 million and diluted EPS rose over 20% to a record $2.72. All business segments saw sales increases, with the Paint Stores segment up 14.6% to $3.98 billion. The company continued its streak of 26 consecutive years of dividend growth and completed three acquisitions. Looking forward, rising raw material costs will continue to pressure margins but the company will work to offset this through productivity gains and price increases.
- The document reports financial results for Clorox for the third quarter and first nine months of fiscal year 2006 compared to the same periods in fiscal year 2005. Net sales increased 7% in the third quarter and 6% year-to-date. Earnings from continuing operations were $110 million for the third quarter and $301 million year-to-date.
Fluor Corporation reported financial results for 2003 with revenues of $8.8 billion, earnings from continuing operations of $179 million, and net earnings of $157 million. Key highlights included a 6% increase in earnings from continuing operations compared to 2002. New awards in 2003 totaled nearly $10 billion and backlog remained strong at over $10 billion. The document also discussed Fluor's shift away from power projects as that market declined, with the dissolution of its Duke/Fluor Daniel joint venture in power announced in July 2003.
This document summarizes Baxter International's financial performance for the first quarter of 2007 compared to the first quarter of 2006. Some key points:
- Net sales increased 11% to $2.675 billion driven by growth in all business segments.
- Gross profit increased 20% and gross margin increased 3.6 percentage points to 47.3%.
- Net income increased 43% to $403 million.
- Sales grew faster internationally (14%) than in the US (8%).
- Albemarle Corporation's earnings presentation covered Q4 2008 results as well as full year 2008 results.
- Q4 2008 net sales were down 13.6% compared to Q4 2007, operating profit declined 122.7%, and net income declined 77.6%. Full year 2008 results saw net sales increase 5.6% while operating profit declined 28.7% and net income declined 15.5% compared to 2007.
- Results were negatively impacted by lower volumes across key end markets as well as increased raw material and energy costs. The company has taken steps to reduce costs and restructure operations.
This document contains the minutes from Potlatch Corporation's first quarter 2009 conference call held on April 28, 2009 in Spokane, Washington. It includes an overview of financial results for the first quarter of 2009 compared to the fourth quarter of 2008 and first quarter of 2008. Key highlights include earnings from continuing operations of $28.8 million for the quarter, compared to $5.8 million in the previous quarter and $23.3 million in the first quarter of 2008. The document also provides details on operating results, pricing and sales volumes for Potlatch's resource, real estate and wood products segments.
- Motorola reported net earnings of $1.384 billion for Q2 2006, up from $933 million in Q2 2005, with net sales rising 29% to $10.876 billion. Net earnings for the first six months of 2006 were $2.070 billion, up from $1.625 billion in the same period in 2005.
- Mobile device sales increased 46% in Q2 2006 compared to Q2 2005, contributing to a 28% rise in total segment sales. Operating earnings also increased across all segments except networks and enterprise.
- The financial results demonstrated strong growth in Motorola's key metrics compared to the previous year, driven primarily by a large increase in mobile device sales and earnings.
This annual report summarizes Fluor Corporation's financial highlights and business strategy for 2003. Some key points:
- Revenues declined 12% to $8.8 billion due to completion of power projects, but earnings grew 6% to $179 million due to diversification.
- New awards grew 16% to $10 billion and backlog grew 9% to $10.6 billion, signaling future growth.
- The company aims to increase stable government and operations businesses to 40% of revenue to reduce cyclicality. These grew to 32% of revenue in 2003.
- While 2004 may see lower earnings due to transition between power and oil/gas projects, new awards and backlog trends are positive indicators for
The document provides an overview of Alcoa's 4th quarter 2008 financial results and outlook for 1st quarter 2009. Key points include:
- 4Q 2008 loss from continuing operations of $929 million or $1.16 per share due to restructuring and impairment charges of $708 million.
- Revenue declined 18% sequentially to $5.7 billion on lower metal prices and market deterioration.
- Cash from operations was $608 million and cash on hand was $762 million.
- 1Q 2009 outlook includes further price declines and production cuts due to weak market conditions across key end markets.
The Earth is bigger than Venus, which is smaller than Earth. The elephant is the biggest animal in the world. A comparison is made between balls where the red ball is the largest, the yellow ball is smaller than the green one, and the pink ball is smaller than the grey one.
La villa Manya Canya se encuentra a pocos minutos de San José en Ibiza, cuenta con 5 dormitorios, 4 baños y 250 m2 de espacio. Ofrece vistas al Cap de Falco, Formentera y Porroig, así como una zona de estar en la azotea, piscina y un precio semanal de alquiler entre 12.500€ y 14.200€ más depósito.
El documento discute por qué estudiar marketing. Explica que marketing es importante para comprender a los clientes y crear estrategias efectivas para satisfacer sus necesidades y deseos. También cubre cómo las empresas usan el marketing para comunicarse con los clientes actuales y potenciales sobre sus productos y servicios.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The presentation by Dr.M.S.Chandragupta, Chief Dental Surgeon, Dr. Gupta's Dental Specialities Centre, deals with Tobacco Cessation Methodologies.
Tobacco is the number one killer in the world and kills around 9 lakh people annually in India alone. The victims succumb to tobacco in the most productive years of their life. To curb this issue the World Health Organization has brought out a public health legal treaty called ‘Frame Work Convention on Tobacco Control (FCTC)’ which more than 176 countries have signed and ratified the same. India has signed in the year 2005 and initiated measures to bring down the demand and supply of tobacco in India as mandated by the FCTC. India has the second highest number of tobacco users in the world, at an alarming number of 274 million users (GATS Report, 2010) and it is high time we act together to make India Tobacco Free for a healthier and wealthier tomorrow
Linking climate change and biological invasions: ocean warming facilitates no...amandajlockhart
Sea squirts are marine invertebrates that live attached to surfaces in coastal waters. Several species of sea squirts are found in the area, including Botryllus schlosseri, Ascidiella aspersa, Bottrylloides violaceous, and the compound sea squirt Diplosoma listerianum. The document discusses the life cycle of sea squirts.
This document provides an overview of the solvent extraction and cattle feed industries in India and Kerala. It discusses how solvent extraction was introduced in India in 1945 and helped establish the oil extraction industry. In the 1960s, Kerala faced a crisis in its coconut oil extraction industry which led to the establishment of solvent extraction plants. It also discusses the growth of the cattle feed industry over the past 30 years to meet the nutritional needs of cattle. KSE Ltd entered the cattle feed industry in 1996 and has since become a leader in manufacturing and supplying mixed cattle feed in Kerala and India. The dairy industry has also grown significantly in the past 25 years through cooperative efforts to increase milk production and provide additional services to farmers.
Big Lots is a retail company that offers brand-name merchandise at discounted prices. In 2003, Big Lots saw a 7.9% increase in net sales compared to 2002. Net income increased 12.4% while earnings per share rose 10.6%. The company operates over 1,400 stores across the United States and aims to provide customers with great deals through closeout products and bargains in a unique shopping environment.
- Revenue for Lexmark in 2005 was $5.22 billion, down 2% from 2004, with gross profit margin declining from 33.7% to 31.3%. Net earnings were $356.3 million compared to $568.7 million in 2004.
- The company faced challenging market conditions in 2005, particularly in the second half of the year, and took steps to lower prices and reduce workforce to improve competitiveness.
- Lexmark continued investing in R&D, introducing new products, and maintained marketing support, though this impacted short-term financial results.
- For 2006, Lexmark plans further cost reductions and profitability improvements through manufacturing consolidation and expense reductions, while continuing investment in new
- Lexmark printers are used by some of the world's most important companies every day.
- In 2006, Lexmark made progress on its action plan to improve lifetime product profitability, reduce costs, and invest in strategic growth initiatives.
- Looking ahead, Lexmark is optimistic about opportunities for growth in distributed output markets and its ability to capitalize on these opportunities through increased investment in R&D and strengthening its brand.
Anthem Southeast reported financial results for 2001 and the first two quarters of 2002. In 2001, operating revenue was $4.4 billion and net income was $116.1 million. Medical membership increased from 2.3 million to 2.4 million between the first and fourth quarters of 2001. For the first half of 2002, operating revenue was $2.5 billion and net income was $65 million, with medical membership at 2.5 million. Benefit expenses accounted for over 80% of operating expenses in both 2001 and the first half of 2002.
This document provides an agenda and summaries from ITW's third quarter 2005 conference call. It includes sections on financial performance, segment results, forecasts, and economic indicators. Some key highlights include 9.8% revenue growth and 20.9% operating income growth for ITW overall in Q3 2005 compared to Q3 2004. The engineered products segments in North America and internationally grew revenues by 10.3% and 5.2% respectively. The document also outlines ITW's acquisition activity and investment in capital expenditures.
This document provides annual performance ratios for E.I. DuPont de Nemours and Company for the years 2007-2003. It includes metrics such as total stockholder return, price-to-earnings ratios, dividend payout ratios, return on equity, return on invested capital, debt ratios, and interest coverage. Reconciliations are also provided to calculate ratios before significant items in order to provide adjusted figures.
This document provides an agenda and summaries from ITW's second quarter 2005 conference call. The call covered ITW's financial performance, operating results by manufacturing segment, 2005 forecasts, and Q&A. Key highlights included 9.8% revenue growth and a 1.5% decline in operating margins from the prior year. Revenue growth was driven by acquisitions, translation effects, and base business operating leverage, while restructuring costs and the leasing business decline impacted profits.
Brunswick Corporation saw significant increases in net sales, operating earnings, net earnings, and diluted earnings per share from 2004 to 2005. Net sales grew 13% to $5.9 billion while operating earnings rose 19% and net earnings increased 43%. Diluted earnings per share grew 41% over this period. Brunswick operates several business segments, with the Boat and Marine Engine segments experiencing the strongest growth in net sales and operating earnings. Overall, Brunswick saw improving financial results across its business segments from 2004 to 2005.
This document summarizes ITW's fourth quarter 2004 conference call. It includes an agenda for the call, forward-looking statements, highlights and analysis of financial results, segment results for engineered products in North America and internationally, and key economic data. John Brooklier and Jon Kinney will provide introductions, a financial overview, and forecast for 2005. They will also take questions from attendees.
This document provides an agenda and financial overview for ITW's second quarter 2004 conference call. The agenda includes introductions, financial and segment overviews, 2004 forecasts, and a Q&A session. Financial highlights show increases in revenues, operating income, income from continuing operations, and free operating cash flow compared to the second quarter of 2003. Segment analyses provide details on performance and key factors for engineered products in North America and internationally.
This document provides an agenda and financial overview from an ITW conference call for the third quarter of 2004. Key highlights include a 17.2% increase in operating revenues and 20% increase in operating income compared to the same period in 2003. Segment performances are discussed for engineered products in North America and internationally, with revenue growth noted in construction and industrial end markets. Forecasts for 2004 indicate continued growth.
This document provides an agenda and summaries from ITW's fourth quarter 2005 conference call. The call covered ITW's financial performance, operating results by manufacturing segment, 2006 forecasts, and Q&A. Key highlights included 8% revenue growth and 11.2% operating income growth in Q4 2005 compared to 2004. Operating margins increased 0.6% to 18.1%. The document also summarized performance and forecasts for various ITW segments such as Engineered Products in North America and internationally.
The document summarizes ITW's first quarter 2006 conference call. It includes sections on financial highlights, operating analysis by segment, forecasts, and Q&A. Key highlights include 8% revenue growth and 18% operating income growth. Manufacturing segments saw 6.1% base revenue growth and 18.4% operating income growth. The conference call agenda included introductions, financial overview, segment reviews, 2006 forecast, and Q&A.
- The document is Pulte Homes' 2002 annual report which summarizes the company's financial and operational performance for 2002 compared to previous years.
- Key metrics like total revenue, earnings per share, and book value per share all increased from 1998-2002.
- In 2002, Pulte Homes constructed approximately 330,000 homes total throughout its history and operated in 44 US markets.
- The company has grown substantially in recent years and aims to continue expanding its market share across customer segments.
Reconciliations and Financial Slides from Safeway Investor Conferencefinance6
1) The document provides reconciliations of net income to adjusted EBITDA and net cash flow from operating activities to adjusted EBITDA for Safeway for 2007-2003. It also provides rolling 4 quarter reconciliations.
2) It reconciles gross margin and operating expense changes excluding factors like fuel.
3) EPS is reconciled excluding unusual items from 1992-2008G and a percentage change is calculated.
4) Free cash flow is reconciled from net cash flow from operating activities from 2013F-2005 by subtracting net cash used by investing activities.
- Bank of America reported third quarter 2006 results with total revenue of $18.961 billion, an 11% increase from third quarter 2005, and net income of $5.416 billion, a 20% increase.
- Net interest income was $8.894 billion, a 1% increase, impacted by the sale of Brazilian operations and prior year FAS 133 impact. Noninterest income increased 20% to $10.067 billion.
- Global Consumer & Small Business Banking reported net income of $2.889 billion, a 13% increase, driven by increases in cards, deposits, and debit purchase volume.
- The document provides details from ITW's second quarter 2006 conference call, including financial results, segment performances, forecasts, and economic indicators.
- Key highlights include 8.9% revenue growth and 17.8% operating income growth in Q2 2006 compared to Q2 2005. Engineered Products - North America saw 13.4% revenue growth while Engineered Products - International grew 3.9%.
- Economic indicators showed narrowing gaps between stronger North America and weaker international end markets, with signs of improvement in Europe. Construction and auto were mixed while industrial grew strongly.
The document provides details from ITW's fourth quarter 2003 conference call, including:
1. An agenda for the call covering introductions, financial overview, manufacturing segments, 2004 forecast, and Q&A.
2. Forward-looking statements noting risks that could impact results.
3. Financial and operating highlights for ITW in Q4 2003 vs Q4 2002 showing increases in revenues, income, margins, capital returns, and cash flow.
4. Segment analyses for engineered products in North America and internationally, and for specialty systems in North America, including revenue, income and margin details.
This document provides an 11-year financial summary for Walmart from 1992-2002. Some key details include:
- Net sales increased 14% in 2002 to $217.8 billion, with a 6% increase in domestic store sales. Operating expenses rose slightly as a percentage of sales.
- Earnings per share were $1.49 in 2002, up from $1.41 in 2001. Return on assets was 8.5% and return on equity was 20.1%.
- The number of U.S. stores grew to include over 1,000 Supercenters and 500 SAM'S Clubs, with international units totaling over 1,170.
The document provides details from ITW's third quarter 2006 conference call. It includes an agenda for the call, forward-looking statements, and quarterly highlights and analysis of ITW's financial performance, operating segments, forecasts, invested capital, debt and equity, cash flow, return on capital, and acquisitions. Key details include 10.6% revenue growth and 10.9% operating income growth compared to Q3 2005.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook remains uncertain given rapid demand fall in Q4 2008 and high industry inventory levels.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Vehicle deliveries increased 4% while service revenue grew due to the large installed base of vehicles. The outlook acknowledges earnings will be higher in 2008 than 2007 but provides no forecast for 2009 due to uncertainty.
- Scania's operating margin and net margin increased in the first nine months of 2008 compared to the same period in 2007. Net sales rose 11% while order bookings declined 29% due to lower demand in Europe.
- Earnings per share increased and the forecast for higher full-year 2008 earnings remains unchanged. However, due to lower order bookings and higher inventories, Scania will adjust production rates.
- Service revenue continued to show strong growth of 8%, while trucks deliveries increased 4% and various restructuring efforts are expected to generate annual cost savings of SEK 300 million from 2009.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
This document is Scania's annual report for 2008. It discusses Scania's vision to be a leading company in its industry by creating value for customers, employees, shareholders, and society. The report outlines Scania's mission to supply high-quality vehicles and services for transporting goods and passengers in a sustainable way. It provides an overview of Scania's operations in trucks, buses, coaches, engines, and financial services. The financial reports indicate that Scania delivered 66,516 trucks, 7,277 buses and coaches, and 6,671 engines in 2008.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards or note any violations. On June 6, 2007, our Chief Executive Officer submitted this unqualified certification, indicating the company was in full compliance with NYSE standards as of that date.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards, though he may qualify the certification if needed. On June 6, 2007, our Chief Executive Officer submitted the certification with no qualification, indicating full compliance with NYSE standards as of that date.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The document outlines the Corporate Governance and Nominating Committee Charter for Perini Corporation. The purpose of the committee is to identify and evaluate potential board candidates and lead corporate governance efforts. The committee must consist of at least two independent directors appointed by the board. It has authority to retain outside advisors and meet at least twice per year. Regarding nominations, the committee evaluates candidates, recommends nominees, and assesses board independence. For corporate governance, the committee develops guidelines, reviews committee performance, and recommends criteria for director tenure.
The document is the Compensation Committee Charter for Perini Corporation. It outlines the committee's purpose of ensuring compensation programs attract and retain employees while representing fair value for shareholders. It details the committee's composition, duties, and responsibilities which include annually reviewing executive compensation programs, recommending director and CEO compensation, overseeing incentive plans, and preparing required compensation disclosures.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
2. Financial Highlights (Unaudited Adjusted Results)
Fiscal Year
2007 2006 2005
($ in thousands, except per share amounts and sales per selling square foot)
Earnings Data (a)
Net sales $ 4,656,302 $ 4,743,048 $ 4,429,905
Net sales (decrease) increase (1.8)% 7.1% 6.8%
Income from continuing operations (b) $ 145,079 $ 112,618 $ 15,725
Income from continuing operations increase (decrease) (b) 28.8% 616.2% (50.0)%
Earnings from continuing operations per share - diluted (b) $ 1.41 $ 1.01 $ 0.14
Earnings from continuing operations per share - diluted increase (decrease) (b) 39.6% 621.4% (48.1)%
Average diluted common shares outstanding 102,542 111,930 113,677
Gross margin - % of net sales 39.5% 39.9% 39.1%
Selling and administrative expenses - % of net sales (b) 32.8% 34.2% 36.0%
Depreciation expense - % of net sales 1.9% 2.1% 2.5%
Operating profit - % of net sales (b) 4.9% 3.5% 0.6%
Net interest (income) expense - % of net sales (0.1)% (0.1)% 0.1%
Income from continuing operations - % of net sales (b) 3.1% 2.4% 0.4%
Balance Sheet Data and Financial Ratios
Cash equivalents and short-term investments $ 643 $ 269,430 $ -
Inventories 747,942 758,185 836,092
Property and equipment - net 481,366 505,647 584,083
Total assets 1,443,815 1,720,526 1,625,497
Long-term obligations 163,700 - 5,500
Shareholders’ equity 638,486 1,129,703 1,078,724
Working capital $ 390,766 $ 674,815 $ 557,231
Current ratio 1.8 2.4 2.3
Inventory turnover (a) 3.5 3.4 3.0
Long-term obligations to total capitalization 20.4% 0.0% 0.5%
Return on assets - continuing operations (a) (b) 9.2% 6.7% 0.9%
Return on shareholders’ equity - continuing operations (a) (b) 16.4% 10.2% 1.5%
Cash Flow Data (a)
Cash provided by operating activities (c) $ 307,932 $ 381,477 $ 212,965
Cash used in investing activities (d) (58,764) (30,421) (66,702)
Cash flow (e) $ 249,168 $ 351,056 $ 146,263
Store Data
Stores open at end of the fiscal year 1,353 1,375 1,401
Gross square footage (000’s) 40,195 40,770 41,413
Selling square footage (000’s) 28,902 29,376 29,856
Decrease in selling square footage (1.6)% (1.6)% (3.5)%
Average selling square footage per store 21,362 21,364 21,310
Other Sales Data
Comparable store sales growth 2.0% 4.6% 1.8%
Average sales per store (a) $ 3,377 $ 3,377 $ 3,028
Sales per selling square foot (a) $ 158 $ 158 $ 146
(a) Fiscal 2006 was 53 weeks, while fiscal 2007 and 2005 were each 52 weeks.
(b) This item is shown excluding the impact of certain proceeds for fiscal 2007. A reconciliation of the difference between GAAP and the non-
GAAP financial measures presented in this table for fiscal 2007 is shown on the following page.
(c) Includes depreciation and amortization of $83,103, $95,613 and $114,617 for fiscal 2007, 2006 and 2005, respectively.
(d) Includes capital expenditures of $60,360, $35,878 and $68,503 for fiscal years 2007, 2006 and 2005, respectively.
(e) Cash flow is defined as cash provided by operating activities less cash used in investing activities.
$1.50 6.0% 3.6 $400,000
$1.41 $351,056
3.5
$1.25
3.4
4.9%
$1.00 4.0% 3.2 $300,000
$1.01
$249,168
3.5%
$0.75
3.0
$0.50 2.0% 2.8 $200,000
$146,263
$0.25
$0.14 0.6%
$0.00 0.0% 2.4 $100,000
2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007
Earnings from continuing Operating profit - % of Inventory turnover (a) Cash flow (a) (e)
operations per share - diluted (a) (b) net sales (a) (b) ($ in thousands)
2007 Big Lots Annual Report
3. Financial Highlights (Unaudited Adjusted Results)
The Unaudited Adjusted Results, which include financial measures that are not calculated in accordance with accounting
principles generally accepted in the United States of America (“GAAP”), are presented in order to improve comparability of
financial information for the period presented. The Unaudited Adjusted Results should not be construed as an alternative to
the reported results determined in accordance with GAAP. Our definition of adjusted results may differ from similarly titled
measures used by other companies. While it is not possible to predict future results, our management believes that the
adjusted non-GAAP information is useful for the assessment of our ongoing operations. The Unaudited Adjusted Results should
be read in conjunction with our Consolidated Financial Statements and the related Notes contained in our 2007 Form 10-K.
The Unaudited Adjusted Results reflect higher selling and administrative expenses as a result of the adjustment for certain
proceeds received in fiscal 2007, as described and reconciled below ($ in thousands):
KB Bankruptcy Proceeds
We sold the KB Toys business in December 2000. As partial consideration for the sale of the KB Toys business, we received
the Havens Corners Corporation Note (“HCC Note”). In January 2004, KB Toys filed for bankruptcy and in separate charges
included in selling and administrative expenses in fiscal 2003 and 2005, we reduced the balance receivable on the HCC Note.
In fiscal 2007, we recorded income of $3,127 (net of tax) reflecting the proceeds from the KB Toys bankruptcy trust which was
recognized as a reduction of selling and administrative expenses for partial recovery of prior charges incurred against the
HCC Note.
Insurance Proceeds
In fiscal 2007, we received insurance proceeds as recovery for damages related to hurricanes occurring in 2005 and recorded
income of $2,974 (net of tax) as a reduction of selling and administrative expenses.
Fiscal 2007
Insurance
KB Bankruptcy
Reported Unaudited Adjusted
Proceeds
Proceeds
(GAAP) Results (non-GAAP)
($ in thousands, except per share amounts)
Net sales $ 4,656,302 100.0 % $ - $ - $ 4,656,302 100.0 %
Cost of sales 2,815,959 60.5 - - 2,815,959 60.5
Gross profit 1,840,343 39.5 - - 1,840,343 39.5
Selling and administrative expenses 1,515,379 32.5 5,172 4,920 1,525,471 32.8
Depreciation expense 88,484 1.9 - - 88,484 1.9
Operating profit 236,480 5.1 (5,172) (4,920) 226,388 4.9
Interest expense (2,513) (0.1) - - (2,513) (0.1)
Interest income 5,236 0.1 - - 5,236 0.1
Income from continuing operations
before income taxes 239,203 5.1 (5,172) (4,920) 229,111 4.9
Income tax expense 88,023 1.9 (2,045) (1,946) 84,032 1.8
Income from continuing operations 151,180 3.2 (3,127) (2,974) 145,079 3.1
Income from discontinued operations 7,281 0.2 - - 7,281 0.2
Net income $ 158,461 3.4 % $ (3,127) $ (2,974) $ 152,360 3.3 %
Earnings per common share - basic (f)
Continuing operations $ 1.49 $ (0.03) $ (0.03) $ 1.43
Discontinued operations 0.07 - - 0.07
Net income $ 1.56 $ (0.03) $ (0.03) $ 1.50
Earnings per common share - diluted (f)
Continuing operations $ 1.47 $ (0.03) $ (0.03) $ 1.41
Discontinued operations 0.07 - - 0.07
Net income $ 1.55 $ (0.03) $ (0.03) $ 1.49
(f) The earnings per share for continuing operations, discontinued operations and net income are separately calculated in accordance with SFAS
No. 128; therefore, the sum of earnings per share for continuing operations and discontinued operations may differ, due to rounding, from the
calculated earnings per share of net income.
2007 Big Lots Annual Report
4. About Our Company
Headquartered in Columbus, Ohio, Big Lots (NYSE: BIG) is a Fortune 500 company with
over 1,300 stores in 47 states. For more than three decades, we’ve delighted our customers
with a vibrant mix of exciting brands, unique products and closeout prices. Big Lots offers
new merchandise every week at substantial savings over traditional discount retailers.
Shoppers love our unexpected deals. We also carry attractive, affordable furniture,
home furnishings, seasonal merchandise and hundreds of everyday items consumers
want and need. Through excellent relationships with manufacturers, high-volume
purchases and strict expense control, we pass tremendous savings on to our customers.
2007 Big Lots Annual Report
5. focused
Our team remained incredibly on our strategy and what was
within our control, and drove operating profit growth and record results for
our business.
Steven S. Fishman Chairman, CEO and President
Dear Shareholders:
Last March, we outlined our Long-Range Plan. We detailed for you a three-year plan based on operating
profit growth from within our existing fleet of stores. Fiscal 2007 was the first year of that plan, and we’re
proud to say we surpassed our goals. In fact, 2007 also surpassed the expectations that we set for the
second year of the plan. During the year, we improved our financial results, reinvested in our business,
and continued to build the talent base of the organization for the future of our Company.
Let me start by sharing that we measure success by producing operating profit growth that is sustainable
over the long-term — that’s the Big Lots way — no short-term gains or one-hit wonders. Despite a
challenging macro environment for retailers, we did not overreact with crazy promotions for the sake of
boosting comparable store sales. Our team remained incredibly focused on our strategy and what was
within our control, and drove operating profit growth and record results for our business.
I want to give you a brief update on what turned out to be a record year for Big Lots:
— We continued to introduce more and more top quality brands like Cuisinart®, Broyhill®, Lego® and
Olevia® to our stores, reinforcing our strategy of offering branded product at values you cannot
find elsewhere.
2007 Big Lots Annual Report
6. — We experienced better markup, actively worked with
We continued to introduce our vendors to increase the amount of pre-ticketed
more top quality brands like and pre-packed goods to lower labor costs, and
continued to improve our inventory turnover.
Cuisinart , Broyhill , Lego
® ® ®
— Our store level and distribution center productivity
and Olevia to our stores.
®
measurements were at all-time highs and our
transportation and healthcare initiatives saved millions
of dollars that went straight to the bottom line.
— We improved our operating profit rate by 140*
basis points compared to last year due to comp
store sales growth of 2% and significant leverage
in SG&A expense.
— We generated nearly $250 million of cash flow
based on the strength of our operations and our
diligent investment approach to inventory and
capital expenditures.
— We repurchased 30 million shares of stock, signaling
confidence in our future while returning cash to our
shareholders. Over the past 2 years, we have reinvested
over $850 million in our share repurchase activities,
with the majority of that investment coming from cash
generated by the business.
— Bottom line — we drove record EPS from continuing operations of $1.41* during 2007, a 40% increase
over 2006 with this level of improvement viewed by many as one of the best performances in retail.
And we did all of this while continuing to invest in our business.
— We completed our store retrofit program, totaling 70 stores principally in California. The retrofits
enabled us to generate better sales, get more merchandise out on the selling floor, and move to a store
layout that does a better job of allocating square footage to key categories that are relevant to the
individual store. Including new stores and some tests in 2006, we have completed this process in
about 100 stores, and we will continue to invest in this type of activity where we see the opportunity for
profitable growth.
— In 2007, we installed a new point-of-sale system in over half of our fleet, with the remaining stores to
be completed in 2008. We believe this investment will increase productivity at checkout, enhance the
customer experience, and aid us in making better purchasing, allocation and replenishment decisions.
— And in January 2008, we entered into a contract with SAP to improve our core IT infrastructure with the
implementation of new financial and core merchandising systems. This is another multiyear project that
invests in our business for the long term.
It’s clear that great companies find a way to consistently meet challenging expectations, developing a track
record of reliability in the process. We focus on this at Big Lots. Since my first day here, we said we were
going to manage this business for the long-term. That’s what we’ve done and will continue to do, even when
the landscape is difficult. Over the last two years, we’ve examined almost every aspect of our business, from
merchandising and merchandise processes to marketing, real estate and the cost structure of the business.
As we have worked to improve our business, we have made a couple of key observations. First, our concept
can be successful in a wide variety of locations, regions and demographic markets.
* This item excludes the impact of certain proceeds in fiscal 2007. A reconciliation of the difference between GAAP and these non-GAAP
financial measures is shown in the Financial Highlights section of this Annual Report to Shareholders.
2007 Big Lots Annual Report
7. Second, we have an opportunity to further educate shoppers about what distinguishes Big Lots from the
competition. We are not a dollar store and we are not a discount store. We are the nation’s most dominant
broadline closeout retailer. And our customer continues to tell us that they want great value.
As just one example of the success we can have by educating our shoppers, this year we offered a $50
Cuisinart ® coffeemaker. We’ve never carried a $50 coffeemaker before, and it was a blowout — an absolute
home run across all demographic store types, all regions of the country, and was clearly a value or treasure
to our customers. This one example really drives home what our customer research continues to show, and
that is price point does not seem to be an inhibiting factor provided the VALUE proposition is there. We
believe it is important to distinguish ourselves with exciting deals like this and show the consumer why we
are the best store for branded closeout merchandise.
As I travel the country visiting our stores, I’m sometimes asked, “Steve, have we hit the target?” My answer
is always the same — “Never!” Change and reinventing yourself is a never-ending process.
When you are in retail, if you stand still... you get passed and left behind. You must have a team that is
always adapting. Most important, when you serve a customer that knows value and is always looking for
deals, you need an organization that never stops innovating. That’s the kind of enterprise we’re building
at Big Lots. I’ve said on many occasions that great companies have great people. They attract talent, they
retain talent and they give talented people the opportunity to excel. This doesn’t happen by accident.
It’s hard work, but it pays off.
We know we are still making our business better. We’re far from done. And we’re focused on the prize.
Sincerely,
Steven S. Fishman
Chairman, CEO and President
focus
We on developing a track record
of reliability at Big Lots.
2007 Big Lots Annual Report
8. Directors and Executives
Board of Directors
Jeffrey P. Berger David T. Kollat Russell Solt
President & President & Founder former Executive
Chief Executive Officer 22, Inc. Vice President &
Heinz North America Foodservice Chief Financial Officer
Executive Vice President West Marine, Inc.
Brenda J. Lauderback
Global Foodservice former President,
James R. Tener
Wholesale Group
Sheldon M. Berman Nine West Group, Inc. former President &
Chairman, Chief Executive Chief Operating Officer
Officer & President Brook Mays Music Company
Philip E. Mallott
Xtreem Creative, Inc. former Vice President &
Dennis B. Tishkoff
Chief Financial Officer
Steven S. Fishman Intimate Brands, Inc. Chairman &
Chairman, Chief Executive Chief Executive Officer
Officer & President Drew Shoe Corporation
Big Lots, Inc.
Company Executives
Chairman, Chief Executive Vice Presidents Vice Presidents (Continued)
Officer & President
Timothy C. Anderson Richard J. Marsan, Jr.
Store Control Marketing & Merchandise Presentation
Steven S. Fishman
Loyd R. Barron Thomas R. Myron
Store Operations Store Operations
Executive Vice Presidents William Coney Todd A. Noethen
Store Operations Distribution Support Services
John C. Martin
Merchandising Kevin R. Day Jared A. Poff
Real Estate Treasurer
Donald A. Mierzwa
Store Operations Charles H. Ellis Jo L. Roney
Global Sourcing Human Resources Services
Brad A. Waite
Human Resources, Loss Prevention Roger D. Erwin Shelley L. Rubin
& Risk Management Store Operations Advertising
Richard L. Fannin Michael A. Schlonsky
Technology & Data Center Services Associate Relations & Risk Management
Senior Vice Presidents Patrick S. Finley Paul A. Schroeder
Merchandising Projects Controller
Lisa M. Bachmann
Merchandise Planning/Allocation & Mollie M. Hall Steven R. Smart
Store Operations Divisional Merchandise Manager
Chief Information Officer
Craig A. Hart Sharon A. Smith
Robert C. Claxton
Merchandise Planning Merchandise Allocation
Marketing
Kim K. Horner Wayne W. Stockton
Joe R. Cooper
Divisional Merchandise Manager Divisional Merchandise Manager
Chief Financial Officer
Gary E. Huber Robert O. Strenski
Charles W. Haubiel II
Store Projects Divisional Merchandise Manager
Legal & Real Estate, General Counsel &
Corporate Secretary
Kathleen R. Hupper L. Michael Watts
Real Estate Administration Tax
Norman J. Rankin
Big Lots Capital & Wholesale
Timothy A. Johnson Crystal L. Weary
Strategic Planning & Investor Relations Divisional Merchandise Manager
Robert S. Segal
General Merchandise Manager
Kathryn A. Keane Stewart W. Wenerstrom
Transportation Services Merchandise Support
Harold A. Wilson
Distribution & Transportation Services
Karen L. Lutz-Lento Gregory W. Wilmer
Divisional Merchandise Manager Information Technology Development
Stephen B. Marcus Kevin R. Wolfe
Wholesale Loss Prevention
2007 Big Lots Annual Report
9. Big Lots, Inc.
300 Phillipi Road
Columbus, Ohio 43228
April 15, 2008
Dear Shareholder:
We cordially invite you to attend the 2008 Annual Meeting of Shareholders of Big Lots, Inc. The Annual Meeting
will be held at our corporate offices located at 300 Phillipi Road, Columbus, Ohio, on May 29, 2008, beginning at
9:00 a.m. EDT.
The following pages contain the Notice of Annual Meeting of Shareholders and the Proxy Statement. You should
review this material for information concerning the business to be conducted at the Annual Meeting.
Your vote is important. Whether or not you plan to attend the Annual Meeting, you are urged to vote as soon as
possible. If you attend the Annual Meeting, you may revoke your proxy and vote in person if you wish, even if you
have previously voted.
We have elected to take advantage of new Securities and Exchange Commission rules that allow us to furnish
proxy materials to shareholders on the Internet. On or about the date of this letter, we began mailing a Notice of
Internet Availability of Proxy Materials to shareholders of record at the close of business on March 31, 2008. At
the same time, we provided those shareholders with Internet access to our proxy materials and filed our proxy
materials with the Securities and Exchange Commission. We believe the new rules will allow us to provide our
shareholders with the information they need, while lowering the costs of delivery and reducing the environmental
impact of the Annual Meeting.
Thank you for your ongoing support of, and continued interest in, Big Lots, Inc.
STEVEN S. FISHMAN
Chairman,
Chief Executive Officer and President
10. Big Lots, Inc.
300 Phillipi Road
Columbus, Ohio 43228
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD MAY 29, 2008
Notice is hereby given that the 2008 Annual Meeting of Shareholders of Big Lots, Inc. will be held at our corporate
offices located at 300 Phillipi Road, Columbus, Ohio, on May 29, 2008, beginning at 9:00 a.m. EDT, for the
following purposes:
1. To elect nine directors of Big Lots, Inc.;
2. To consider and vote upon a proposal to approve amendments to the Big Lots 2005 Long-Term Incentive
Plan;
3. To consider and vote upon a proposal to ratify the appointment of Deloitte & Touche LLP as our
independent registered public accounting firm for fiscal 2008; and
4. To transact such other business as may properly come before the Annual Meeting.
Only shareholders of record at the close of business on the record date, March 31, 2008, are entitled to notice of and
to vote at the Annual Meeting and any postponement or adjournment thereof.
By Order of the Board of Directors,
CHARLES W. HAUBIEL II
Senior Vice President, Legal and Real Estate,
General Counsel and Corporate Secretary
April 15, 2008
Columbus, Ohio
Your vote is important. Shareholders are urged to vote online. If you attend the Annual Meeting, you may
revoke your proxy and vote in person if you wish, even if you have previously voted.
15. Big Lots, Inc.
300 Phillipi Road
Columbus, Ohio 43228
PROXY STATEMENT
This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors
(“Board”) of Big Lots, Inc., an Ohio corporation (“we,” “us,” “our” and “Big Lots”), for use at the 2008 Annual
Meeting of Shareholders to be held on May 29, 2008 (“Annual Meeting”), at our corporate offices located at 300
Phillipi Road, Columbus, Ohio at 9:00 a.m. EDT. On or about April 15, 2008, we began mailing to our shareholders
of record at the close of business on March 31, 2008, a Notice of Internet Availability containing instructions on
how to access the Notice of Annual Meeting of Shareholders, this Proxy Statement and our Annual Report to
Shareholders for the fiscal year ended February 2, 2008 (“fiscal 2007”).
ABOUT THE ANNUAL MEETING
Purpose of the Annual Meeting
At the Annual Meeting, shareholders will act upon the matters outlined in the Notice of Annual Meeting included
with this Proxy Statement. Specifically, the shareholders will be asked to (i) elect nine members to our Board,
(ii) approve amendments to the Big Lots 2005 Long-Term Incentive Plan (“2005 Incentive Plan”), (iii) ratify the
appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year
ending January 31, 2009 (“fiscal 2008”), and (iv) transact such other business as may properly come before the
Annual Meeting.
Shareholder Voting Rights
Only those shareholders of record at the close of business on March 31, 2008, the record date for the Annual
Meeting, are entitled to receive notice of and to vote at the Annual Meeting. At the record date, we had outstanding
81,372,933 common shares, $0.01 par value per share. Each of the outstanding common shares entitles the holder
thereof to one vote on each matter to be voted upon at the Annual Meeting or any postponement or adjournment
thereof. The holders of common shares have no cumulative voting rights in the election of directors. All voting
shall be governed by our Code of Regulations and the General Corporation Law of the State of Ohio and, in the
case of Proposal Two, the rules of the New York Stock Exchange (“NYSE”).
Registered Shareholders and Beneficial Shareholders
If our common shares are registered in your name directly with our transfer agent, National City Bank, you are
considered, with respect to those common shares, a registered shareholder. If our common shares are held for you
in a brokerage account or by a bank or other holder of record, you are considered the beneficial shareholder of the
common shares held in street name.
Internet Availability of Proxy Materials
In accordance with rules recently adopted by the Securities and Exchange Commission (“SEC”), instead of
mailing a printed copy of our proxy materials to each shareholder of record, we may now furnish our proxy
materials, including the Notice of Annual Meeting of Shareholders, this Proxy Statement and our Annual Report to
Shareholders, by providing access to such documents on the Internet. Shareholders will not receive printed copies
of the proxy materials unless they request them.
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16. A Notice of Internet Availability that provides instructions for accessing our proxy materials on the Internet
was mailed directly to registered shareholders. The Notice of Internet Availability also provides instructions for
registered shareholders to vote their common shares on the Internet. Registered shareholders who prefer to receive
a paper or email copy of our proxy materials should follow the instructions provided in the Notice of Internet
Availability for requesting such materials.
For beneficial shareholders, a notice directing you to the website at which you will find our proxy materials has
been forwarded to you by your broker, bank or other holder of record who is considered, with respect to those
common shares, the registered shareholder. Your broker, bank or other holder of record also provided instructions
on how you may request a paper or email copy of our proxy materials, if you prefer. Beneficial shareholders have
the right to direct their broker, bank or other holder of record on how to vote their common shares by following the
voting instructions they received from their broker, bank or other holder of record.
To enroll in the electronic delivery service for future shareholder meetings, use your Notice of Internet
Availability to register online at www.proxyvote.com by indicating that you agree to receive or access shareholder
communications electronically in future years.
Attendance at the Annual Meeting
All of our shareholders as of the record date, or their duly appointed proxies, may attend the Annual Meeting.
Registration and seating will begin at 8:30 a.m. EDT, and the Annual Meeting will begin at 9:00 a.m. EDT. If
you attend, please note that you may be asked to present valid picture identification, such as a driver’s license or
passport. Cameras, recording devices and other electronic devices will not be permitted at the Annual Meeting.
Please also note that if you hold your common shares as a beneficial shareholder, you will need to check in at
the Annual Meeting registration desk and present a copy of a brokerage or bank statement reflecting your stock
ownership as of the record date.
How to Vote
After receiving the Notice of Internet Availability, registered shareholders are urged to visit www.proxyvote.com to
access our proxy materials. You will have the opportunity to vote your common shares online at www.proxyvote.
com until May 28, 2008 at 11:59 p.m. EDT. When voting online, you must follow the instructions posted on the
website and you will need the control number included on your Notice of Internet Availability. If, after receiving
the Notice of Internet Availability, you request (via toll-free telephone number, e-mail or online) that we send you
paper or electronic copies of our proxy materials, you may vote your common shares by completing, dating and
signing the proxy card and returning it in the envelope included with our mailing. If you properly complete your
proxy online or you complete, date, sign and return your proxy card, your common shares will be voted as you
direct. If you are a registered shareholder and attend the Annual Meeting, you may deliver your completed proxy
card in person.
Beneficial shareholders are able to instruct the broker, bank or other holder of record how to vote their common
shares by following the directions provided by their broker, bank or other holder of record. Please contact your
broker, bank or other holder of record to determine the means by which beneficial shareholders can direct voting
and the applicable deadlines. Additionally, beneficial shareholders who wish to vote at the Annual Meeting will
need to obtain a completed form of proxy from the broker, bank or other holder of record who is the registered
holder of the common shares.
A proxy may be revoked at any time before it is exercised by filing with our Corporate Secretary a written notice
of revocation or a duly executed proxy bearing a later date. A proxy may also be revoked by attending the Annual
Meeting and giving notice of revocation to the secretary of the meeting, either in writing or in open meeting.
Attendance at the Annual Meeting will not by itself revoke a previously granted proxy.
Householding
SEC rules allow multiple shareholders residing at the same address the convenience of receiving a single copy
of the annual report to shareholders, proxy statement and Notice of Internet Availability if they consent to do so
(“householding”). Householding is permitted only in certain circumstances, including when you have the same
last name and address as another shareholder. If the required conditions are met, and SEC regulations allow, your
household may receive a single copy of the annual report to shareholders, proxy statement and Notice of Internet
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17. Availability. Upon request, we will promptly deliver a separate copy of the annual report to shareholders, proxy
statement and Notice of Internet Availability, as applicable, to a shareholder at a shared address to which a single
copy of the document(s) was delivered. Such a request should be made in the same manner as a revocation of
consent for householding.
You may revoke your consent for householding at any time by contacting Broadridge Financial Solutions, Inc.
(“Broadridge”), either by calling 1-800-542-1061, or by writing to: Broadridge, Householding Department, 51
Mercedes Way, Edgewood, New York 11717. You will be removed from the householding program within 30 days
of receipt of your instructions, at which time you will receive separate copies of these documents.
Beneficial shareholders can request more information about householding from their brokers, banks or other
holders of record.
Tabulation of Votes
Tabulation of the votes cast at the Annual Meeting will be performed by Broadridge, as inspected by our duly
appointed inspectors of election.
Board’s Recommendations
Subject to revocation, all proxies that are properly completed and timely received will be voted in accordance with
the instructions contained therein. If no instructions are given (excluding broker non-votes), the persons named as
proxy holders will vote the common shares in accordance with the recommendations of the Board. The Board’s
recommendations are set forth together with the description of each proposal in this Proxy Statement. In summary,
the Board recommends a vote (i) FOR the election of the nominated slate of directors (see Proposal One), (ii) FOR
the approval of amendments to the 2005 Incentive Plan (see Proposal Two), and (iii) FOR the ratification of Deloitte
& Touche LLP as our independent registered public accounting firm for fiscal 2008 (see Proposal Three). If any
other matter properly comes before the Annual Meeting, or if a director nominee named in this Proxy Statement
is unable to serve or for good cause will not serve, the proxy holders will vote on such matter or for a substitute
nominee as recommended by the Board.
Vote Required to Approve a Proposal
Proposal One
For purposes of Proposal One, the nine director nominees receiving the greatest number of votes cast shall be
elected as directors. A properly executed proxy marked “withhold authority” with respect to the election of one
or more nominees for director will not be voted with respect to the nominee or nominees for director indicated,
although it will be counted for purposes of determining whether there is a quorum. If you are a beneficial
shareholder, your broker, bank or other holder of record who is the registered holder of your common shares is
permitted to vote your common shares for the election of directors even if the broker, bank or other holder of record
does not receive voting instructions from you.
Other Matters
For purposes of Proposal Two, Proposal Three and any other matters that may properly come before the Annual
Meeting, the affirmative vote of the holders of a majority of the common shares represented in person or by proxy
and entitled to vote on each such matter will be required for approval. Under NYSE rules, approval of Proposal
Two also requires that a majority of shareholders entitled to vote actually cast a vote, whether in favor, against or in
abstention. A properly executed proxy marked “abstain” with respect to Proposal Two, Proposal Three or any other
matter that may properly come before the Annual Meeting will not be voted with respect to such matter, although
it will be counted for purposes of determining whether there is a quorum. Accordingly, an abstention will have the
effect of a negative vote. If no voting instructions are given (excluding broker non-votes), the persons named as
proxy holders on the proxy card will vote the common shares in accordance with the recommendation of the Board.
If you are a beneficial shareholder, your broker, bank or other holder of record may not be permitted to exercise
discretionary voting power with respect to some of the matters to be acted upon. Thus, if you do not give your
broker, bank or other holder of record specific voting instructions, your common shares may not be voted on those
matters and will not be counted in determining the number of common shares necessary for approval. Under
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18. NYSE rules, your broker, bank or other holder of record may not vote your common shares on Proposal Two absent
instructions from you. Without your voting instructions on this matter, a broker non-vote will occur. Common
shares represented by broker non-votes will, however, be counted in determining whether there is a quorum.
Quorum
The presence, in person or by proxy, of the holders of a majority of the outstanding common shares entitled to be
voted at the Annual Meeting will constitute a quorum, permitting us to conduct our business at the Annual Meeting.
Proxies received but marked as abstentions and broker non-votes will be included in the calculation of the number of
common shares considered to be represented at the Annual Meeting for purposes of establishing a quorum.
PROPOSAL ONE: ELECTION OF DIRECTORS
At the Annual Meeting, the common shares represented by proxies will be voted, unless otherwise specified, for
the election of the nine director nominees named below. All nine nominees are currently directors on our Board.
Proxies cannot be voted at the Annual Meeting for more than nine persons.
Set forth below is certain information relating to the director nominees. Directors are elected to serve until the next
annual meeting of shareholders and until their respective successors are elected and qualified, or until their earlier
death, resignation or removal.
Principal Occupation Director
Name Age for the Past Five or More Years Since
Jeffrey P. Berger 58 Executive Vice President, Global Foodservice, and President and Chief 2006
Executive Officer, Heinz North America Foodservice (manufacturer and
marketer of processed food products).
Sheldon M. Berman 67 Chairman, Chief Executive Officer and President, Xtreem Creative, Inc. 1994
(business planning, marketing planning, and advertising services).
Steven S. Fishman 57 Chairman, Chief Executive Officer and President of Big Lots; former 2005
President, Chief Executive Officer and Chief Restructuring Officer,
Rhodes, Inc. (furniture retailer) – Rhodes, Inc. filed for bankruptcy on
November 4, 2004; former Chairman and Chief Executive Officer, Frank’s
Nursery & Crafts, Inc. (lawn and garden specialty retailer) – Frank’s
Nursery & Crafts, Inc. filed for bankruptcy on September 8, 2004; former
President and Founder, SSF Resources, Inc. (investment and consulting).
David T. Kollat 69 President and Founder, 22, Inc. (research and management consulting). 1990
Brenda J. Lauderback 57 Former President – Wholesale Group, Nine West Group, Inc. (retail and 1997
wholesale footwear); former President – Footwear Wholesale, U.S. Shoe
Corporation (retail and wholesale footwear); former Vice President, General
Merchandise Manager, Dayton Hudson Corporation (retail stores).
Philip E. Mallott 50 Independent financial consultant; retail stock analyst, Coker & Palmer 2003
(securities brokerage services); former Vice President and Chief Financial
Officer, Intimate Brands, Inc. (retail stores).
Russell Solt 60 Former Director of Investor Relations, West Marine, Inc. (specialty retailer 2003
and catalog company); former Executive Vice President and Chief Financial
Officer, West Marine, Inc.
James R. Tener 58 Former President and Chief Operating Officer, Brook Mays Music 2005
Company (retail and wholesale music) – Brook Mays Music Company
filed for bankruptcy on July 11, 2006; former Chief Operating Officer, The
Sports Authority (sporting goods retailer).
Dennis B. Tishkoff 64 Chairman and Chief Executive Officer, Drew Shoe Corporation (footwear 1991
manufacturer, importer, exporter, retailer and wholesaler); President,
Tishkoff and Associates, Inc. (retail consultant); former President and Chief
Executive Officer, Shoe Corporation of America (footwear retailer).
THE BOARD RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF EACH NOMINEE
LISTED ABOVE.
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19. GOVERNANCE
Current Members of the Board
The members of the Board as of the date of this Proxy Statement, and the committees of the Board on which they
serve, are identified below. The Board has standing Audit, Compensation, and Nominating/Corporate Governance
Committees. Each committee reports on its activities to the Board.
Audit Compensation Nominating/Corporate
Director Committee Committee Governance Committee
Jeffrey P. Berger *
Sheldon M. Berman *
Steven S. Fishman
David T. Kollat **
Brenda J. Lauderback *
Philip E. Mallott **
Russell Solt * *
James R. Tener *
Dennis B. Tishkoff **
* Committee Member
** Committee Chair
Board Meetings in Fiscal 2007
Five meetings of the Board were held during fiscal 2007. During fiscal 2007, each director attended at least 75%
of the aggregate of all meetings of the Board and all meetings held by the committees on which he or she served
(in each case, held during the periods that he or she served). It is our policy that each director nominee standing
for election be present at the annual meeting of shareholders. Each director listed above attended the most recent
annual meeting of shareholders held in May 2007. Under our Corporate Governance Guidelines, each director is
expected to dedicate sufficient time and attention to ensure the diligent performance of his or her duties, including
attending meetings of the shareholders, the Board, and the committees of which he or she is a member.
Role of the Board’s Committees
Audit Committee
The primary function of the Audit Committee is to assist the Board in fulfilling its oversight responsibility
with respect to: (i) the integrity of the financial reports and other financial information provided by us to our
shareholders and others; (ii) our compliance with legal and regulatory requirements; (iii) the engagement of our
independent registered public accounting firm and the evaluation of the firm’s qualifications, independence and
performance; (iv) the performance of our system of internal controls; and (v) our audit, accounting and financial
reporting processes generally. The Audit Committee was established in accordance with the Securities Exchange
Act of 1934, as amended (“Exchange Act”), and each of its members is independent as required by the Audit
Committee’s charter and by the applicable NYSE and SEC rules. The Board has determined that Mr. Mallott,
Mr. Berger and Mr. Solt each satisfy the standards for an “audit committee financial expert,” as defined by
applicable SEC rules. Each member of the Audit Committee is “financially literate,” as required by NYSE rules.
The functions of the Audit Committee are further described in its charter, which is available in the Investor
Relations section of our website (www.biglots.com) under the “Corporate Governance” caption. A copy may also
be obtained, without charge, upon written request to our Corporate Secretary. The Audit Committee met eight
times during fiscal 2007.
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20. Compensation Committee
The Compensation Committee discharges the responsibilities of the Board relating to the administration of our
compensation programs, including the compensation program for the members of our executive management
committee (“EMC”). The EMC is currently comprised of 11 employees – the five executives named in the Summary
Compensation Table (“named executive officers”) and all other executive vice presidents and senior vice presidents.
The Compensation Committee is involved in establishing our general compensation philosophy, overseeing the
development of our compensation programs, reviewing and recommending to the Board the compensation for the
EMC members, administering our equity-based compensation plans, and reporting on the entirety of the executive
compensation program to the Board. All members of the Compensation Committee are independent as required by
the Committee’s charter and NYSE rules.
The functions of the Compensation Committee are further described in its charter, which is available in the
Investor Relations section of our website (www.biglots.com) under the “Corporate Governance” caption. A copy
may also be obtained, without charge, upon written request to our Corporate Secretary. The Compensation
Committee met 12 times during fiscal 2007.
Nominating/Corporate Governance Committee
The Nominating/Corporate Governance Committee is responsible for recommending individuals to the Board
for nomination as members of the Board and its committees and taking a leadership role in shaping our corporate
governance policies and practices, including recommending to the Board changes to our Corporate Governance
Guidelines and monitoring compliance with such guidelines. All members of the Nominating/Corporate
Governance Committee are independent as required by the Committee’s charter and NYSE rules.
The functions of the Nominating/Corporate Governance Committee are further described in its charter, which is
available in the Investor Relations section of our website (www.biglots.com) under the “Corporate Governance”
caption. A copy may also be obtained, without charge, upon written request to our Corporate Secretary. The
Nominating/Corporate Governance Committee met four times during fiscal 2007.
The Corporate Governance Guidelines, which comply with NYSE rules, can be found in the Investor Relations
section of our website (www.biglots.com) under the “Corporate Governance” caption. A copy may also be
obtained, without charge, upon written request to our Corporate Secretary.
Presiding Member of the Board
The Board has a presiding director whose primary responsibility is to preside over executive sessions of the Board
in which management directors and other members of management are not present. The role of presiding director
is rotated among the independent, non-management directors (“outside directors”). The presiding director is
responsible for establishing an agenda for the session over which he or she presides and, upon the conclusion of an
executive session of the Board, meeting with our chief executive officer (“CEO”) to address the matters discussed
during the executive session.
Determination of Director Independence
Pursuant to the Corporate Governance Guidelines, the Board undertook its most recent annual review of director
independence in March 2008. During this annual review, the Board considered all transactions and relationships
between each director, his or her affiliates, and any member of his or her immediate family, on one hand, and Big
Lots, its subsidiaries and members of senior management, on the other hand. The purpose of this review was to
determine whether any such transactions or relationships were inconsistent with a determination that the director is
independent in accordance with NYSE rules.
As a result of this review, the Board affirmatively determined that, with the exception of Mr. Fishman, all of
the directors nominated for election at the Annual Meeting are independent of Big Lots, its subsidiaries and its
management under the standards set forth by NYSE rules and no director nominee has a material relationship
with Big Lots, its subsidiaries or its management aside from his or her service as a director. Mr. Fishman is not an
independent director due to his employment with Big Lots.
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21. In determining that each of the directors other than Mr. Fishman is independent, the Board considered that, in the
ordinary course of business, transactions may occur between Big Lots or its subsidiaries and companies at which
some of our directors are or have been executive officers. In each such case, the amount of any transactions with
these companies in each of the last three years did not approach the disqualifying thresholds set forth in the NYSE
rules. The Board also considered charitable contributions to not-for-profit organizations of which our directors
or immediate family members are executive officers or directors, none of which approached the disqualifying
thresholds set forth in the NYSE rules. The Board determined that each of the transactions and relationships it
considered was immaterial and did not impair the independence of any of the directors.
Selection of Nominees by the Board
The Nominating/Corporate Governance Committee has oversight over a broad range of issues surrounding the
composition and operation of the Board. The Nominating/Corporate Governance Committee is responsible for
recommending to the Board the appropriate skills and qualifications required of Board members, based on our
needs from time to time. The Nominating/Corporate Governance Committee also evaluates prospective director
nominees against the standards and qualifications set forth in the Corporate Governance Guidelines. Although
the Nominating/Corporate Governance Committee has not approved any specific minimum qualifications that
must be met by a nominee for director recommended by the Committee, the Committee does consider factors such
as the prospective nominee’s relevant experience, character, intelligence, independence, commitment, judgment,
prominence, diversity, age, and compatibility with our CEO and other members of the Board. The Nominating/
Corporate Governance Committee also considers such other relevant factors as it deems appropriate, including
the current composition of the Board, the balance of management and independent directors, and the need for
committee expertise. The Nominating/Corporate Governance Committee confers with the Board as to the criteria
it intends to apply before the search for a new director nominee is commenced.
In identifying potential candidates for Board membership, the Nominating/Corporate Governance Committee
considers recommendations from the Board, shareholders and management. A shareholder who wishes to
recommend a prospective director nominee to the Board must send written notice to: Chair of the Nominating/
Corporate Governance Committee, Big Lots, Inc., 300 Phillipi Road, Columbus, Ohio 43228. The written notice
must include the prospective nominee’s name, age, business address, principal occupation, ownership of our
common shares, information that would be required under the rules of the SEC in a proxy statement soliciting
proxies for the election of such prospective nominee as a director, and any other information that is deemed
relevant by the recommending shareholder. Shareholder recommendations that comply with these procedures and
that meet the factors outlined above will receive the same consideration that the recommendations of the Board and
management receive.
Pursuant to its written charter, the Nominating/Corporate Governance Committee has the authority to retain
consultants and search firms to assist in the process of identifying and evaluating director candidates and to
approve the fees and other retention terms for any such consultant or search firm. No such firm was retained in
connection with the selection of the director nominees proposed for election at the Annual Meeting.
After completing the evaluation of a prospective nominee, the Nominating/Corporate Governance Committee
may make a recommendation to the Board that the targeted individual be nominated by the Board, and the Board
then decides whether to approve a nominee after considering the recommendation and report of the Nominating/
Corporate Governance Committee. Any invitation to join the Board is extended to a prospective nominee through
the chair of the Nominating/Corporate Governance Committee and our CEO, after approval by the Board.
Compensation Committee Interlocks and Insider Participation
During fiscal 2007, Mr. Kollat, Ms. Lauderback, Mr. Solt, Mr. Tener and Mr. Tishkoff served on our Compensation
Committee. No member of our Compensation Committee serves or has served at any time as one of our officers or
employees or is a party to any related person transaction, as defined in Item 404 of Regulation S-K. None of our
executive officers serve as a member of the board of directors or compensation committee of any other company
that has an executive officer serving as a member of our Board or Compensation Committee.
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22. Other Directorships
Mr. Kollat is a director of Limited Brands, Inc., Select Comfort Corporation and Wolverine World Wide, Inc.
Mr. Kollat serves on the finance committee at Limited Brands, Inc., the corporate governance and nominating
committee at Select Comfort Corporation, and the compensation committee and the audit committee at Wolverine
World Wide, Inc. Ms. Lauderback is a director of Select Comfort Corporation, Wolverine World Wide, Inc.,
Denny’s Corporation and Irwin Financial Corporation. Ms. Lauderback is a member of the corporate governance
and nominating committee at Select Comfort Corporation, the audit committee at Wolverine World Wide, Inc., the
compensation and incentives committee at Denny’s Corporation, and both the audit and compensation committees
at Irwin Financial Corporation. Mr. Mallott is a director of Tween Brands, Inc., where he also serves as the chair of
the audit committee.
Code of Business Conduct and Ethics & Code of Ethics for Financial Professionals
We have a Code of Business Conduct and Ethics, which is applicable to all of our directors and employees,
including our principal executive officer, our principal financial officer, and our principal accounting officer. We
also have a separate Code of Ethics for Financial Professionals which is applicable to our CEO and all other senior
financial officers, as that term is defined therein. Both the Code of Business Conduct and Ethics and the Code of
Ethics for Financial Professionals are available in the Investor Relations section of our website (www.biglots.com)
under the “Corporate Governance” caption. A copy may also be obtained, without charge, upon written request
to our Corporate Secretary. We intend to post amendments to or waivers from any applicable provision (related to
elements listed under Item 406(b) of Regulation S-K) of the Code of Business Conduct and Ethics and the Code of
Ethics for Financial Professionals (in each case, to the extent applicable to our principal executive officer, principal
financial officer, principal accounting officer, controller or persons performing similar functions), if any, at this
location on our website.
Related Person Transactions
The Board and the Nominating/Corporate Governance Committee have the responsibility for monitoring
compliance with our corporate governance policies, practices and guidelines applicable to our directors, nominees
for director, officers and employees. The Board and the Nominating/Corporate Governance Committee have also
enlisted the assistance of our General Counsel and human resources management to fulfill this duty.
The Corporate Governance Guidelines, Code of Business Conduct and Ethics, Code of Ethics for Financial
Professionals, and various human resources policies prohibit, without the consent of the Board or the Nominating/
Corporate Governance Committee, directors, officers and employees from engaging in transactions that conflict
with our interests or that otherwise usurp corporate opportunities.
In addition, on an annual basis, each director, nominee for director and executive officer is obligated to complete
a questionnaire which requires disclosure of any transaction in which Big Lots was or is to be a participant in
which the director, nominee or executive officer, or any member of his or her immediate family, had or will have
a direct or indirect material interest. These questionnaires are reviewed by the Nominating/Corporate Governance
Committee and our General Counsel to identify any potential conflicts of interest or other transactions that the
Board should review in light of the SEC rules regarding the disclosure of related person transactions, as well as
the Corporate Governance Guidelines, the Code of Business Conduct and Ethics, the Code of Ethics for Financial
Professionals, and various human resources policies. Based on our most recent review in the first quarter of fiscal
2008, we believe that no such disclosure is required under SEC rules.
As necessary, the Board also reviews proposed transactions in which we and any other related person (e.g., a holder
of more than five percent of our common shares) are participants. In fiscal 2007, the Board reviewed and approved
a structured share repurchase transaction and other share repurchase transactions with Goldman Sachs & Co.,
an affiliate of Goldman Sachs Asset Management, L.P., who was, at the time of our entry into such transactions,
believed by us to be the beneficial owner of more than five percent of our common shares. In connection with
these transactions, which were part of two publicly-announced common share repurchase programs totaling
$750 million, we paid $100 million to Goldman Sachs & Co. in exchange for our common shares under the
structured share repurchase transaction and three cents per share as a broker’s trading commission in connection
with $575 million of other share repurchase transactions.
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23. Communications with the Board
Shareholders and other parties interested in communicating directly with the Board, with specified individual
directors or with the outside directors as a group, may do so by choosing one of the following options:
Call the Board at: (866) 834-7325
Write to the Board at: Big Lots Board of Directors, 300 Phillipi Road, Columbus, Ohio 43228-5311
E-mail the Board at: www.ci-wackenhut.com/getreal.htm
Under a process approved by the Nominating/Corporate Governance Committee for handling correspondence
received by us and addressed to outside directors, our General Counsel reviews all such correspondence and
forwards to the Board or appropriate members of the Board a summary and/or copies of any such correspondence
that deals with the functions of the Board, members or committees thereof or otherwise requires their attention.
Directors may at any time review a log of all correspondence received by us and directed to members of the Board
and may request copies of any such correspondence. Concerns relating to our accounting, internal accounting
controls or auditing matters will be referred to members of the Audit Committee. Concerns relating to the Board
or members of senior management will be referred to the members of the Nominating/Corporate Governance
Committee. Parties submitting communications to the Board may choose to do so anonymously or confidentially.
Except when communications are sent anonymously or confidentially, parties sending written communications to
the Board will receive a written acknowledgement upon our receipt of the communication.
DIRECTOR COMPENSATION
Retainers and Fees
Under the Big Lots, Inc. Non-Employee Director Compensation Package established by the Board, each outside
director is compensated for Board and committee participation. The retainers and fees for outside directors in
fiscal 2007 consisted of: (i) an annual retainer of $45,000; (ii) an additional annual retainer of $10,000 for the chair
of the Audit Committee; (iii) an additional annual retainer of $5,000 for the chairs of the Compensation Committee
and the Nominating/Corporate Governance Committee; (iv) $1,500 for each Board meeting attended in person;
(v) $1,000 for each committee meeting attended in person; (vi) $500 for each Board or committee meeting attended
telephonically; and (vii) the ability to nominate a charity to receive a donation of up to $10,000 from us. During
fiscal 2007, Messrs. Berger, Berman, Kollat, Mallott, Solt, Tener and Tishkoff, and Ms. Lauderback qualified
as outside directors and, thus, received compensation for their Board service. Due to his employment with us,
Mr. Fishman did not qualify as an outside director and did not receive compensation for his service as a director.
The compensation received by Mr. Fishman as an employee is shown in the Summary Compensation Table
included in this Proxy Statement.
Stock Options
In addition to the retainers and fees, outside directors receive an annual stock option grant under the Big Lots,
Inc. Amended and Restated Director Stock Option Plan (“Director Stock Option Plan”). The number of common
shares available under the Director Stock Option Plan initially consisted of the original allocation of 500,000
common shares (781,250 common shares as adjusted to account for the five-for-four stock splits which occurred in
December 1996 and June 1997). The Director Stock Option Plan is administered by the Compensation Committee.
Neither the Board nor the Compensation Committee exercises any discretion in administering the Director Stock
Option Plan, and the administration performed by the Compensation Committee is ministerial in nature. A formula
set forth in the Director Stock Option Plan provides for an automatic annual grant of stock options to each outside
director. The formula which governs the grant of stock options to eligible participants may be amended by the
Board, but not more frequently than once in any six-month period. Under the current formula, each outside director
is granted annually an option to acquire 10,000 of our common shares at an exercise price equal to the closing price
of our common shares on the NYSE on the grant date.
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