1 unchanged sentence
Market Information and Holders
−Removed: Our common stock has been quoted on The Nasdaq Stock Market, LLC under the trading symbol “SCVL” since March 16, 1993.
−Removed: As of March 25, 2020, there were approximately 145 holders of record of our common stock.
+Added: Our common stock is quoted on The Nasdaq Stock Market LLC under the trading symbol “SCVL.” As of March 22, 2021, there were approximately 127 holders of record of our common stock.
We did not sell any unregistered equity securities during fiscal 2020, 2019 or 2018.
Cash Dividends
−Removed: During fiscal 2019, we paid quarterly cash dividends of $0.080 per share in the first quarter and $0.085 per share in the second, third and fourth quarters.
+Added: During fiscal 2020, we paid quarterly cash dividends of $0.085 per share in our first fiscal quarter and $0.090 per share in the second, third and fourth fiscal quarters.
The declaration and payment of any future dividends are at the discretion of the Board of Directors and will depend on our results of operations, financial condition, business conditions and other factors deemed relevant by our Board of Directors.
Our credit agreement permits the payment of cash dividends as long as no default or event of default exists under the credit agreement both immediately before and immediately after giving effect to the cash dividends, and the aggregate amount of cash dividends for a fiscal year does not exceed $10 million.
−Removed: On March 18, 2020, the Board of Directors approved the payment of a cash dividend to our shareholders in the first quarter of fiscal 2020.
+Added: On March 18, 2021, the Board of Directors increased the quarterly cash dividend from $0.09 to $0.14 per share, an increase of 56%, in the first quarter of fiscal 2021.
The quarterly cash dividend of $0.14 per share will be paid on April 19, 2021 to shareholders of record as of the close of business on April 5, 2021.
Issuer Purchases of Equity Securities
−Removed: Throughout fiscal 2019, we issued treasury shares to certain employees and to our non-employee directors in the form of restricted stock awards and upon the vesting of restricted stock units and performance stock units.
+Added: We did not repurchase any shares of our common stock under our Board-approved share repurchase program during the fourth quarter of fiscal 2020.
+Added: For a discussion of our share repurchase program, see “Share Repurchase Program” in PART II, ITEM 7.
+Added: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – “Liquidity and Capital Resources” of this Annual Report on Form 10-K.
+Added: Throughout fiscal 2020, we issued treasury shares to certain employees upon the vesting of restricted stock units and performance stock units and to our non-employee directors upon the issuance of service-based restricted stock awards.
We also repurchased 72,369 shares of common stock as a result of our withholding shares or allowing our employees to deliver shares to us for the income taxes resulting from the vesting of certain share-settled equity awards.
We intend to continue issuing shares out of treasury to meet these needs.
−Removed: On December 12, 2019, our Board of Directors authorized a new share repurchase program for up to $50 million of outstanding common stock, effective January 1, 2020.
−Removed: The purchases may be made in the open market or through privately negotiated transactions from time-to-time through December 31, 2020 and in accordance with applicable laws, rules and regulations.
−Removed: The share repurchase program may be amended, suspended or discontinued at any time and does not commit us to repurchase shares of our common stock.
−Removed: We have funded, and intend to continue to fund, the share repurchase program from cash on hand, and any shares acquired will be available for stock-based compensation awards and other corporate purposes.
−Removed: The actual number and value of the shares to be purchased will depend on the performance of our stock price and other market conditions.
−Removed: As of February 1, 2020, we had repurchased approximately 184,000 shares at an aggregate cost of $6.9 million under the new share repurchase program.
−Removed: The new share repurchase program replaced the prior $50 million share repurchase program that was authorized in December 2018 and expired in accordance with its terms on December 31, 2019.
−Removed: At its expiration, we had purchased approximately 933,000 shares at an aggregate cost of $30.9 million under the prior repurchase program.
−Removed: The following table summarizes repurchase activity during the fourth quarter of fiscal 2019 :
−Removed: Issuer Purchases of Equity Securities
−Removed: Purchased (1)
−Removed: November 3, 2019 to November 30, 2019
−Removed: December 1, 2019 to January 4, 2020
−Removed: January 5, 2020 to February 1, 2020
−Removed: Total number of shares purchased includes 556 shares delivered to or withheld by us in connection with employee payroll tax withholding upon the vesting of certain share-settled equity awards.
−Removed: On December 12, 2019, our Board of Directors authorized a new share repurchase program for up to $50 million of our outstanding common stock, effective January 1, 2020 and expiring on December 31, 2020.
−Removed: The new share repurchase program replaced the prior $50 million share repurchase program that was authorized in December 2018 and expired in accordance with its terms on December 31, 2019.
−Removed: Securities Authorized for Issuance Under Equity Compensation Plans
−Removed: The information required by this Item concerning securities authorized for issuance under our equity plans has been incorporated by reference into PART III, ITEM 12 of this Annual Report on Form 10-K.
−Removed: SELECTE D FINANCIAL DATA
−Removed: The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations as contained in PART II, ITEM 7 along with our consolidated financial statements and notes to those statements included in PART II, ITEM 8 of this Annual Report on Form 10-K.
−Removed: (In thousands, except per share and operating data)
−Removed: Fiscal years (1)
−Removed: Income Statement Data:
−Removed: Cost of sales (including buying,
−Removed: distribution and occupancy costs)
−Removed: Selling, general and administrative
−Removed: Operating income
−Removed: Interest income
−Removed: Interest expense
−Removed: Income before income taxes
−Removed: Income tax expense
−Removed: Net income per share:
−Removed: Weighted average shares:
−Removed: Dividends declared per share
−Removed: Selected Operating Data:
−Removed: Stores open at end of year
−Removed: Square footage of store space at year
−Removed: Average sales per store (000’s) (2)
−Removed: Average sales per square foot (2) (4)
−Removed: Comparable store sales (2)(3)
−Removed: Balance Sheet Data:
−Removed: Cash and cash equivalents
−Removed: Total assets (5)
−Removed: Long-term debt
−Removed: Total shareholders’ equity
−Removed: Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31.
−Removed: Unless otherwise stated, references to years 2019, 2018, 2017, 2016, and 2015 relate respectively to the fiscal years ended February 1, 2020, February 2, 2019, February 3, 2018, January 28, 2017, and January 30, 2016.
−Removed: Fiscal year 2017 consisted of 53 weeks and the other fiscal years consisted of 52 weeks.
−Removed: Selected Operating Data for fiscal 2017 has been adjusted to a comparable 52-week period ended January 27, 2018.
−Removed: The 53rd week in fiscal 2017 caused a one-week shift in our fiscal calendar.
−Removed: To minimize the effect of this fiscal calendar shift on comparable store sales, average sales per store and average sales per square foot, our reported annual comparable store sales results for fiscal 2017 compare the 52-week period ended January 27, 2018 to the 52-week period ended January 28, 2017 and average sales per store and average sales per square foot are calculated for the 52-week period ended January 28, 2017.
−Removed: Comparable store sales results for fiscal 2018 compare the 52-week period ended February 2, 2019 to the 52-week period ended February 3, 2018.
−Removed: Comparable store sales for the periods indicated include stores that have been open for 13 full months after such stores’ grand opening prior to the beginning of th e period, including those stores that have been relocated or remodeled.
−Removed: Therefore, stores opened or closed during the periods indicated are not included in comparable store sales.
−Removed: We include e-commerce sales in our comparable store sales.
−Removed: Due to our mul ti-channel retailer strategy, we view e-commerce sales as an extension of our physical stores.
−Removed: Average sales per square foot includes net e-commerce sales.
−Removed: We include e-commerce sales in our average sales per square foot as a result of our multi-channel retailer strategy.
−Removed: Due to our multi-channel retailer strategy, we view e-commerce sales as an extension of our physical stores.
−Removed: In fiscal 2019, we adopted Accounting Standards Codification No.
−Removed: 842, which requires us to recognize leased assets and obligations on our balance sheet.
−Removed: As of February 1, 2020 we have $215.0 million of operating lease right-of-use assets recorded on our balance sheet.
−Removed: See Note 8 – “Leases” contained in the Notes to Consolidated Financial Statements included in PART II, ITEM 8 of this Annual Report on Form 10-K for further discussion.
+Added: During the fourth quarter of fiscal 2020, no shares were delivered to or withheld by us in connection with the vesting of equity awards under our equity compensation plans.
+Added: SELECTED FINANCIAL DATA
+Added: Part II, Item 6 is no longer required as we have adopted certain provisions within the amendments to Regulation S-K that eliminate Item 301.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.