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10-K
JOE'S JEANS INC. filed this Form 10-K on 02/21/2013
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ITEM 6.    SELECTED FINANCIAL DATA

        The table below (includes the notes hereto) sets forth a summary of selected consolidated financial data. The selected consolidated financial data should be read in conjunction with the related consolidated financial statements and notes thereto.

 
  Year ended  
 
  (in thousands, except per share data)
 
 
  11/30/12   11/30/11   11/30/10   11/30/09   11/30/08  

Net sales

  $ 118,642   $ 95,420   $ 98,176   $ 80,116   $ 69,174  

Cost of goods sold

    62,472     52,056     51,963     40,331     36,543  
                       

Gross profit

    56,170     43,364     46,213     39,785     32,631  

Operating expenses

                               

Selling, general and administrative

    43,997     41,617     39,349     30,726     26,161  

Depreciation and amortization

    1,456     1,168     843     536     350  

Retail stores impairment

        1,144              
                       

    45,453     43,929     40,192     31,262     26,511  
                       

Operating income (loss)

    10,717     (565 )   6,021     8,523     6,120  

Interest expense

    376     484     464     388     633  
                       

Income (loss) before taxes

    10,341     (1,049 )   5,557     8,135     5,487  

Income tax provision (benefit)

   
4,776
   
316
   
2,956
   
(16,385

)(1)
 
585
 
                       

Net income (loss)

  $ 5,565   $ (1,365 ) $ 2,601   $ 24,520   $ 4,902  
                       

Earnings (loss) per common share—basic

  $ 0.08   $ (0.02 ) $ 0.04   $ 0.41   $ 0.08  
                       

Earnings (loss) per common share—diluted

  $ 0.08   $ (0.02 ) $ 0.04   $ 0.40   $ 0.08  
                       

Weighted average shares outstanding

                               

Basic

    65,496     64,001     62,362     60,053     59,420  

Diluted

    66,849     64,001     64,505     61,121     59,671  

Balance sheet data:

                               

Total assets

  $ 86,024   $ 80,162   $ 81,469   $ 79,624   $ 57,669  

Stockholders' equity

    71,739     64,757     64,873     61,506     36,085  

(1)
As discussed in Management's Discussion and Analysis of Financial Condition and Results of Operations, "Income Tax," we determined that it was more likely than not that the deferred tax assets would be fully utilized. Accordingly, the valuation allowance of $20,291,000 was released and recorded as a credit to income tax benefit during fiscal 2009.

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