x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended October 29, 2010
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from ______ to ______
|
Commission file number
1-7898
|
LOWE'S
COMPANIES, INC.
|
(Exact name of registrant as specified in its charter)
|
NORTH CAROLINA
|
56-0578072
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
1000 Lowe's Blvd., Mooresville, NC
|
28117
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code
|
(704) 758-1000
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
CLASS
|
OUTSTANDING AT NOVEMBER 26, 2010
|
|
Common Stock, $.50 par value
|
1,380,003,909
|
LOWE’S COMPANIES, INC.
- INDEX -
|
||||
PART I - Financial Information
|
Page No.
|
|||
Item 1.
|
Financial Statements
|
|||
3
|
||||
4
|
||||
5
|
||||
6-13
|
||||
14
|
||||
Item 2.
|
15-22
|
|||
|
||||
Item 3.
|
22
|
|||
Item 4.
|
22
|
|||
PART II - Other Information
|
||||
Item 1. | Legal Proceedings | 22 | ||
Item 1A.
|
23
|
|||
Item 2.
|
23
|
|||
Item 6.
|
24
|
|||
25
|
||||
26
|
||||
·
|
Level 1
-
inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities
|
·
|
Level 2
-
inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly
|
·
|
Level 3
-
inputs to the valuation techniques that are unobservable for the assets or liabilities
|
Fair Value Measurements at Reporting Date Using
|
|||||||||||
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
October 29, 2010
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||
Available-for-sale securities:
|
|||||||||||
Money market funds
|
$
|
272
|
$
|
272
|
$
|
-
|
$
|
-
|
|||
Municipal obligations
|
235
|
-
|
235
|
-
|
|||||||
Municipal floating rate obligations
|
98
|
-
|
98
|
-
|
|||||||
Other
|
7
|
2
|
5
|
-
|
|||||||
Trading securities:
|
|||||||||||
Mutual funds
|
47
|
47
|
-
|
-
|
|||||||
Total short-term investments
|
$
|
659
|
$
|
321
|
$
|
338
|
$
|
-
|
|||
Available-for-sale securities:
|
|||||||||||
Municipal floating rate obligations | $ | 812 | $ | - | $ | 812 | $ | - | |||
Municipal obligations
|
|
51
|
|
-
|
|
51
|
|
-
|
|||
Other | 2 | - | 2 | - | |||||||
Total long-term investments
|
$
|
865
|
$
|
-
|
$
|
865
|
$
|
-
|
Fair Value Measurements at Reporting Date Using
|
|||||||||||
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
October 30, 2009
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||
Available-for-sale securities:
|
|||||||||||
Money market funds
|
$
|
96
|
$
|
96
|
$
|
-
|
$
|
-
|
|||
Municipal obligations
|
360
|
-
|
360
|
-
|
|||||||
Municipal floating rate obligations
|
1
|
-
|
1
|
-
|
|||||||
Other
|
12
|
2
|
10
|
-
|
|||||||
Trading securities:
|
|||||||||||
Mutual funds
|
40
|
40
|
-
|
-
|
|||||||
Total short-term investments
|
$
|
509
|
$
|
138
|
$
|
371
|
$
|
-
|
|||
Available-for-sale securities:
|
|||||||||||
Municipal floating rate obligations | $ | 651 | $ | - | $ | 651 | $ | - | |||
Municipal obligations
|
|
213
|
|
-
|
|
213
|
|
-
|
|||
Total long-term investments
|
$
|
864
|
$
|
-
|
$
|
864
|
$
|
-
|
Fair Value Measurements at Reporting Date Using
|
|||||||||||
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
January 29, 2010
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||
Available-for-sale securities:
|
|||||||||||
Money market funds
|
$
|
68
|
$
|
68
|
$
|
-
|
$
|
-
|
|||
Municipal obligations
|
296
|
-
|
296
|
-
|
|||||||
Municipal floating rate obligations
|
7
|
-
|
7
|
-
|
|||||||
Other
|
12
|
2
|
10
|
-
|
|||||||
Trading securities:
|
|||||||||||
Mutual funds
|
42
|
42
|
-
|
-
|
|||||||
Total short-term investments
|
$
|
425
|
$
|
112
|
$
|
313
|
$
|
-
|
|||
Available-for-sale securities:
|
|||||||||||
Municipal floating rate obligations | $ | 141 | $ | - | $ | 141 | $ | - | |||
Municipal obligations
|
|
136
|
|
-
|
|
136
|
|
-
|
|||
Total long-term investments
|
$
|
277
|
$
|
-
|
$
|
277
|
$
|
-
|
Fair Value Measurements - Non-Recurring Basis
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended
|
|||||||||||||||||
|
October 29, 2010
|
October 30, 2009
|
||||||||||||||||
(In millions)
|
Fair Value
Measurements
|
Previous Carrying Amounts
|
Impairment Losses
|
Fair Value Measurements
|
Previous Carrying Amounts
|
Impairment Losses
|
||||||||||||
Operating stores:
|
|
|
|
|
|
|
||||||||||||
Long-lived assets held-for-use
|
$ | 14 | $ | 44 | $ | (30 | ) | $ | 5 | $ | 46 | $ | (41 | ) | ||||
Excess properties:
|
||||||||||||||||||
Long-lived assets held-for-use
|
$ | 31 | $ | 40 | $ | (9 | ) | $ | 20 | $ | 28 | $ | (8 | ) | ||||
|
|
Nine Months
Ended
|
|||||||||||||||||
|
October 29, 2010
|
October 30, 2009
|
||||||||||||||||
(In millions)
|
Fair Value Measurements
|
Previous Carrying Amounts
|
Impairment Losses
|
Fair Value Measurements
|
Previous Carrying Amounts
|
Impairment Losses
|
||||||||||||
Operating stores:
|
||||||||||||||||||
Long-lived assets held-for-use
|
$ | 15 | $ | 51 | $ | (36 | ) | $ | 5 | $ | 46 | $ | (41 | ) | ||||
Excess properties:
|
||||||||||||||||||
Long-lived assets held-for-use
|
$ | 41 | $ | 53 | $ | (12 | ) | $ | 72 | $ | 110 | $ | (38 | ) | ||||
Long-lived assets held-for-sale
|
$ | 21 | $ | 22 | $ | (1 | ) | $ | - | $ | - | $ | - | |||||
|
|
|
October 29, 2010
|
|
October 30, 2009
|
||||
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
(In millions)
|
|
Amount
|
|
Value
|
|
Amount
|
|
Value
|
Long-term debt (excluding capital leases and other)
|
$
|
5,213
|
$
|
5,932
|
$
|
4,737
|
$
|
5,144
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|||||||
(In millions)
|
October 29, 2010
|
October 30, 2009
|
|
October 29, 2010
|
October 30, 2009
|
|||||||
Extended warranty deferred revenue, beginning of period
|
$
|
605
|
$
|
521
|
|
$
|
549
|
$
|
479
|
|||
Additions to deferred revenue
|
|
60
|
|
53
|
|
|
198
|
|
167
|
|||
Deferred revenue recognized
|
|
(44
|
) |
|
(39
|
)
|
|
(126
|
) |
|
(111
|
) |
Extended warranty deferred revenue, end of period
|
$
|
621
|
$
|
535
|
|
$
|
621
|
$
|
535
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|||||||
(In millions)
|
October 29, 2010
|
October 30, 2009
|
|
October 29, 2010
|
October 30, 2009
|
|||||||
Liability for extended warranty claims, beginning of period
|
$
|
26
|
$
|
21
|
|
$
|
23
|
$
|
17
|
|||
Accrual for claims incurred
|
|
24
|
|
19
|
|
|
61
|
|
49
|
|||
Claim payments
|
|
(28
|
) |
|
(17
|
)
|
|
(62
|
) |
|
(43
|
) |
Liability for extended warranty claims, end of period
|
$
|
22
|
$
|
23
|
|
$
|
22
|
$
|
23
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||
(In millions)
|
October 29, 2010
|
October 30, 2009
|
October 29, 2010
|
October 30, 2009
|
||||||||
Net earnings
|
$
|
404
|
$
|
344
|
$
|
1,725
|
$
|
1,578
|
||||
Foreign currency translation adjustments
|
6
|
-
|
19
|
51
|
||||||||
Net unrealized investment (losses) gains
|
-
|
-
|
(1
|
) |
2
|
|||||||
Comprehensive income
|
$
|
410
|
$
|
344
|
$
|
1,743
|
$
|
1,631
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||
(In millions, except per share data)
|
October 29, 2010
|
October 30, 2009
|
October 29, 2010
|
October 30, 2009
|
||||||||
Basic earnings per common share:
|
||||||||||||
Net earnings
|
$
|
404
|
$
|
344
|
$
|
1,725
|
$
|
1,578
|
||||
Less: Net earnings allocable to participating securities
|
(4
|
) |
(3
|
) |
(15
|
) |
(12)
|
|||||
Net earnings allocable to common shares
|
$
|
400
|
$
|
341
|
$
|
1,710
|
$
|
1,566
|
||||
Weighted-average common shares outstanding
|
1,390
|
1,466
|
1,415
|
1,464
|
||||||||
Basic earnings per common share
|
$
|
0.29
|
$
|
0.23
|
$
|
1.21
|
$
|
1.07
|
||||
Diluted earnings per common share:
|
||||||||||||
Net earnings
|
$
|
404
|
$
|
344
|
$
|
1,725
|
$
|
1,578
|
||||
Less: Net earnings allocable to participating securities
|
(4
|
) |
(3
|
) |
(15
|
) |
(12)
|
|||||
Net earnings allocable to common shares
|
$
|
400
|
$
|
341
|
$
|
1,710
|
$
|
1,566
|
||||
Weighted-average common shares outstanding
|
1,390
|
1,466
|
1,415
|
1,464
|
||||||||
Dilutive effect of non-participating share-based awards
|
2
|
3
|
2
|
2
|
||||||||
Weighted-average common shares, as adjusted
|
1,392
|
1,469
|
1,417
|
1,466
|
||||||||
Diluted earnings per common share
|
$
|
0.29
|
$
|
0.23
|
$
|
1.21
|
$
|
1.07
|
Net interest expense is comprised of the following:
|
||||||||||||
|
|
|
|
|
||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||
(In millions)
|
October 29, 2010
|
October 30, 2009
|
October 29, 2010
|
October 30, 2009
|
||||||||
Long-term debt
|
$ | 76 | $ | 73 | $ | 230 | $ | 219 | ||||
Short-term borrowings
|
- | - | - | 2 | ||||||||
Capitalized lease obligations
|
9 | 7 | 27 | 21 | ||||||||
Interest income
|
(3 | ) | (4 | ) | (8 | ) | (13 | ) | ||||
Interest capitalized
|
(5 | ) | (4 | ) | (12 | ) | (12 | ) | ||||
Interest on tax uncertainties
|
1 | 2 | 5 | 8 | ||||||||
Other
|
2 | 3 | 4 | 6 | ||||||||
Interest - net
|
$ | 80 | $ | 77 | $ | 246 | $ | 231 |
·
|
Executive Overview
|
·
|
Operations
|
·
|
Company Outlook
|
·
|
Financial Condition, Liquidity and Capital Resources
|
·
|
Off-Balance Sheet Arrangements
|
·
|
Contractual Obligations and Commercial Commitments
|
·
|
Critical Accounting Policies and Estimates
|
|
Three Months Ended
|
|
Basis Point Increase / (Decrease) in Percentage of Net Sales from Prior Period
|
|
Percentage Increase / (Decrease) in Dollar Amounts from Prior Period
|
|
||
|
October 29, 2010
|
|
October 30, 2009
|
|
2010 vs. 2009
|
|
2010 vs. 2009
|
|
Net sales
|
100.00
|
%
|
100.00
|
%
|
N/A
|
|
1.9
|
%
|
Gross margin
|
35.05
|
|
34.20
|
|
85
|
|
4.4
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
25.30
|
|
25.34
|
|
(4
|
)
|
1.7
|
|
Depreciation
|
3.44
|
|
3.54
|
|
(10
|
)
|
(1.1
|
)
|
Interest - net
|
0.69
|
|
0.68
|
|
1
|
|
3.9
|
|
Total expenses
|
29.43
|
|
29.56
|
|
(13
|
)
|
1.4
|
|
Pre-tax earnings
|
5.62
|
|
4.64
|
|
98
|
|
23.4
|
|
Income tax provision
|
2.13
|
|
1.62
|
|
51
|
|
34.6
|
|
Net earnings
|
3.49
|
%
|
3.02
|
%
|
47
|
|
17.5
|
%
|
EBIT margin
(
1)
|
6.31
|
%
|
5.32
|
%
|
99
|
|
21.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
Basis Point Increase / (Decrease) in Percentage of Net Sales from Prior Period
|
|
Percentage Increase / (Decrease) in Dollar Amounts from Prior Period
|
|
||
|
October 29, 2010
|
|
October 30, 2009
|
|
2010 vs. 2009
|
|
2010 vs. 2009
|
|
Net sales
|
100.00
|
%
|
100.00
|
%
|
N/A
|
|
3.5
|
%
|
Gross margin
|
35.02
|
|
34.84
|
|
18
|
|
4.0
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
24.03
|
|
24.19
|
|
(16
|
)
|
2.8
|
|
Depreciation
|
3.12
|
|
3.27
|
|
(15
|
)
|
(1.5
|
)
|
Interest - net
|
0.64
|
|
0.62
|
|
2
|
|
6.6
|
|
Total expenses
|
27.79
|
|
28.08
|
|
(29
|
)
|
2.4
|
|
Pre-tax earnings
|
7.23
|
|
6.76
|
|
47
|
|
10.7
|
|
Income tax provision
|
2.73
|
|
2.50
|
|
23
|
|
13.2
|
|
Net earnings
|
4.50
|
%
|
4.26
|
%
|
24
|
|
9.3
|
%
|
EBIT margin
(1)
|
7.87
|
%
|
7.38
|
%
|
49
|
|
10.4
|
%
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
October 29, 2010
|
October 30, 2009
|
October 29, 2010
|
October 30, 2009
|
|||||||||||
Other Metrics | |||||||||||||||
Comparable store sales increase (decrease)
(2)
|
0.2 | % | (7.5 | )% | 1.4 | % | (8.0 | )% | |||||||
Total customer transactions (in millions)
|
188 | 185 | 616 | 596 | |||||||||||
Average ticket
(3)
|
$ | 61.59 | $ | 61.43 | $ | 62.27 | $ | 62.14 | |||||||
At end of period:
|
|||||||||||||||
Number of stores
|
1,734 | 1,699 | |||||||||||||
Sales floor square feet (in millions)
|
196 | 192 | |||||||||||||
Average store size selling square feet (in thousands)
(4)
|
113 | 113 |
|
(1)
EBIT margin is defined as earnings before interest and taxes as a percentage of sales (operating margin).
|
|
(2)
A comparable store is defined as a store that has been open longer than 13 months.
|
|
(3)
Average ticket is defined as net sales divided by the total number of customer transactions.
|
|
(4)
Average store size selling square feet is defined as sales floor square feet divided by the number of stores open at the end of the period.
|
Debt Ratings
|
S&P
|
Moody’s
|
Fitch
|
Commercial Paper
|
A1
|
P1
|
F1
|
Senior Debt
|
A
|
A1
|
A
|
Outlook
|
Stable
|
Stable
|
Stable
|
October 29, 2010
|
Payments Due by Period
|
|||||||||||||||
Contractual Obligations
|
Less Than
|
1-3
|
4-5
|
After 5
|
||||||||||||
(In millions)
|
Total
|
1 Year
|
Years
|
Years
|
Years
|
|||||||||||
Long-term debt (principal and interest amounts, excluding discount)
|
$
|
10,258
|
$
|
306
|
$
|
1,130
|
$
|
1,056
|
$
|
7,766
|
(In millions, except average
price paid per share)
|
Total Number of Shares Purchased
(1)
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(2)
|
||||||
July 31, 2010 – August 27, 2010
|
19.5
|
$
|
20.57
|
19.5
|
$
|
3,600
|
||||
August 28, 2010 – October 1, 2010
|
9.5
|
21.03
|
9.5
|
3,400
|
||||||
October 2, 2010 – October 29, 2010
|
-
|
-
|
-
|
3,400
|
||||||
As of October 29, 2010
|
29.0
|
$
|
20.72
|
29.0
|
$
|
3,400
|
November 30, 2010
Date
|
/s/ Matthew V. Hollifield
Matthew V. Hollifield
Senior Vice President and Chief Accounting Officer
|
Exhibit No.
|
Description
|
|
3.1
|
Restated and Amended Charter of Lowe’s Companies, Inc. (filed as Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed September 1, 2009 and incorporated by reference herein)
|
|
3.2
|
Bylaws of Lowe’s Companies, Inc., as amended and restated (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K filed November 12, 2010 and incorporated by reference herein)
|
|
10.1
|
Amendment No. 6 to the Lowe’s Companies, Inc. 401(k) Plan (filed herewith)
|
|
10.2
|
Amendment No. 2 to the Lowe’s Companies, Inc. Cash Deferral Plan (filed herewith)
|
|
10.3
|
Amendment No. 2 to Lowe's Companies, Inc. Employee Stock Purchase Plan - Stock Options for Everyone, as amended and restated (filed herewith)
|
|
12.1
|
Statement Re Computation of Ratio of Earnings to Fixed Charges
|
|
15.1
|
Deloitte & Touche LLP Letter Re Unaudited Interim Financial Information
|
|
31.1
|
Certification Pursuant to Rules 13a-14(a) and 15d-14(a) Under the Securities Exchange Act of 1934, as Amended
|
|
31.2
|
Certification Pursuant to Rules 13a-14(a) and 15d-14(a) Under the Securities Exchange Act of 1934, as Amended
|
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document
|
Marshall A. Croom, Senior Vice President & Chief Risk
Officer
|
Chairman, Administrative Committee of Lowe’s
Companies, Inc.
|
Date
|
|
Maureen K. Ausura
|
|
Senior Vice President – Human Resources
|
Title: SVP & Chief Risk Officer, Chairman Administrative Committee of
Lowe’s Companies, Inc.
|
Description
|
Registration
Statement Number
|
Form S-3
|
|
Lowe’s Stock Advantage Direct Stock Purchase Plan
|
333-155748
|
Debt Securities, Preferred Stock, Common Stock
|
333-161697
|
Form S-8
|
|
Lowe’s 401(k) Plan
|
33-29772
|
Lowe’s Companies, Inc. 1994 Incentive Plan
|
33-54499
|
Lowe’s Companies, Inc. 1997 Incentive Plan
|
333-34631
|
Lowe’s Companies, Inc. Directors’ Stock Option Plan
|
333-89471
|
Lowe’s Companies, Inc. 2001 Incentive Plan
|
333-73408
|
Lowe’s Companies Benefit Restoration Plan
|
333-97811
|
Lowe’s Companies Cash Deferral Plan
|
333-114435
|
Lowe’s Companies, Inc. 2006 Long-Term Incentive Plan
|
333-138031
|
Lowe’s Companies Employee Stock Purchase Plan – Stock Options for Everyone
|
333-143266
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
November 30, 2010
|
/s/ Robert A. Niblock
|
|
Date
|
Robert A. Niblock
Chairman of the Board and Chief Executive Officer
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
November 30, 2010
|
/s/ Robert F. Hull, Jr.
|
|
Date
|
Robert F. Hull, Jr.,
Executive Vice President and Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|