585 GapSol PS4 - EXHIBIT 1 Excerpts from The Gap's 1991...

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ad14b84d99c6279ffae3c51c4f72b2a2ed819b19.xls Page 1 EXHIBIT 1 - Excerpts from The Gap's 1991 Annual Report CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF EARNINGS [$000] February 1, 1992 February 2, 1991 ($000 except per share amounts) Fiscal 1991 Fiscal 1990 Fiscal 1989 52 Weeks 52 weeks 53 weeks ASSETS Net sales $2,518,893 100.00% $1,933,780 100.00% $1,586,896 100.00% Current Assets Costs and expenses Cash and equivalents 192,585 66,716 Cost of goods sold and occupancy expen 1,568,921 62.29% 1,241,243 64.19% 1,046,236 65.93% Accounts receivable 7,962 9,609 Operating expenses 575,686 22.85% 454,180 23.49% 364,101 22.94% Merchandise inventory 313,899 247,462 Interest expense (net) 3,523 0.14% 1,435 0.07% 2,760 0.17% Prepaid expenses and other 51,402 41,268 Hemisphere closure 0.00% 0.00% 10,785 0.68% Total Current Assets 565,848 365,055 Earnings before income taxes 370,763 14.72% 236,922 12.25% 162,714 10.25% Income taxes 140,890 5.59% 92,400 4.78% 65,086 4.10% Property and Equipment Net earnings $229,873 9.13% $144,522 7.47% $97,628 6.15% Leasehold improvements 394,835 289,266 Weighted average number of shares 142,139,577 141,500,888 141,080,200 Furniture and equipment 255,665 178,109 Earnings per share $1.62 $1.02 $0.69 Construction-in-progress 86,967 60,992 737,467 528,367 CONSOLIDATED STATEMENTS OF CASH FLOWS Accumulated depreciation and amortization. (189,727) (144,819) Fiscal 1991 Fiscal 1990 Fiscal 1989 547,740 383,548 [$000] 52 Weeks 52 Weeks 53 Weeks Lease rights and other assets 33,826 28,297 Total Assets 1,147,414 776,900 Cash Flows from Operating Activities Net earnings 229,873 144,522 97,628 Adjustments to reconcile net earnings to net cash provided by LIABILITIES AND STOCKHOLDERS' EQUITY operating activities Depreciation and amortization 82,133 61,473 43,769 Current Liabilities Hemisphere closure 0 0 6,522 Accounts payable 158,317 115,282 Deferred income taxes (7,045) (5,637) (4,134) Accrued expenses 135,333 102,341 Change in operating assets and liabilities Income taxes payable 32,104 32,725 Accounts receivable 1,643 (3,807) 108 Current installments on long-term debt 2,500 12,500 Merchandise inventory (66,559) (3,980) (50,214) Other current liabilities 2,057 689 Prepaid expenses and other (5,557) (2,969) (15,953) Total Current Liabilties 330,311 263,537 Accounts payable 43,220 20,481 12,897 Accrued expenses 33,417 26,910 19,393 Long-Term Liabilities Income taxes payable (574) 18,022 (27) Long-term debt 77,500 5,000 Other current liabilities 1,368 (26) 13 Other liabilities 16,773 18,945 Other long-term liabilities 420 (2,802) 3,910 Deferred lease credits 45,042 23,685 Deferred lease credits 21,357 4,705 4,181 139,315 47,630 Net cash provided by operating activities 333,696 256,892 118,093 Cash Flows from Investing Activities Net purchase of property and equipment (236,521) (193,734) (88,398) Stockholders' Equity Net lease rights (7,802) (5,883) (5,868) Common stock $.05 par value Other assets (1,382) 1,423 10,628 Authorized 240,000,000 shares; issued 153,007,862 and Net cash used for investing activities (245,705) (198,194) (83,638) 151,708,098 shares; outstanding 142,523,334 and 141,264,030 shares 7,650 7,585 Cash Flows from Financing Activities Additional paid-in capital 124,683 91,185 Issuance of long-term debt 75,000 Retained earnings 654,858 466,111 Payments on long-term debt (12,500) (2,500) (2,000) Foreign currency translation adjustment 575 5,667 Issuance of common stock 20,036 10,189
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