UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
June
14, 2006
Date
of
Report (date of earliest event reported)
THE
BUCKLE, INC.
(Exact
name of Registrant as specified in its charter)
|
Nebraska
|
001-12951
|
47-0366193
|
|
(State
or other jurisdiction of
|
(Commission
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
File
Number)
|
Identification
No.)
|
|
2407
West 24th Street, Kearney, Nebraska
|
68845-4915
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (308)
236-8491
___________________________________________________________
(Former
name, former address and former fiscal year if changed since last
report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TABLE
OF
CONTENTS
ITEM
4.02(a) Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review
SIGNATURES
ITEM
4.02(a). Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review
On
June
13, 2006, the management of The Buckle, Inc. (the “Company”) and the Audit
Committee of the Board of Directors, concluded that the balance sheets as of
January 28, 2006 and January 29, 2005 and the statements of cash flows for
the
fiscal years ended January 28, 2006, January 29, 2005 and January 31, 2004
and
the related report of the independent registered public accounting firm included
in the Company’s previously filed Annual Report on Form 10-K for the fiscal year
ended January 28, 2006 should no longer be relied upon due to management’s
identification of errors in the classification of certain
investments.
As
disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended
January 28, 2006, subsequent to the issuance of its fiscal 2004 financial
statements and during the completion of its fiscal 2005 year-end control
procedures relating to the accounting for and disclosure of cash and cash
equivalents, management discovered an error related to the prior presentation
of
investments held in auction-rate securities, which are highly liquid investments
that are reset through a “dutch auction” process that occurs every 7 to 49 days,
depending on the terms of the individual security, on the balance sheet and
in
the statement of cash flows. As a result, the balance sheet as of January 29,
2005 and the statements of cash flows for the fiscal years ended January 29,
2005 and January 31, 2004 were restated in the Company’s fiscal 2005 Annual
Report on Form 10-K.
Subsequent
to filing the fiscal 2005 Annual Report on Form 10-K and as a result of control
procedures performed during the first quarter of fiscal 2006 relating to the
accounting for and disclosure of cash and cash equivalents, management
discovered additional errors in the prior presentation of investments held
in
auction-rate securities and the classification of certain other securities.
The
additional errors resulted in management’s decision to restate the previously
issued financial statements included in its 2005 Annual Report on Form 10-K.
The
restatement will not have any impact on the previously reported statements
of
income or statements of stockholders’ equity. It will, however, result in a
decrease in cash and cash equivalents of $12.7 million and $24.0 million, an
increase in short-term investments of $5.2 million and $13.6 million and an
increase in long-term investments of $7.5 million and $10.4 million as of
January 28, 2006 and January 29, 2005, respectively. On the statement of cash
flows, the correction of these errors will result in an increase in the
purchases of investments of $9.1 million, $13.6 million and $6.9 million and
an
increase in proceeds from sales/maturities of investments of $20.4 million,
$3.3
million and $10.5 million for the fiscal years ended January 28, 2006, January
29, 2005 and January 31, 2004, respectively.
The
Company intends to file as soon as practicable, a Form 10-K/A to amend its
Annual Report for the fiscal year ended January 28, 2006 to restate its balance
sheet as of January 28, 2006 and January 29, 2005 and its statement of cash
flows for the fiscal years ended January 28, 2006, January 29, 2005 and January
31, 2004 as they relate to the presentation of these securities. The
Company will also restate its financial statements for the interim periods
ended
July 30, 2005 and October 29, 2005, previously issued on Forms 10-Q,
prospectively as it files its Quarterly Reports on Form 10-Q during fiscal
2006.
Investors or other interested parties should refer to the Company's Form 10-Q
for the Quarterly Period Ended April 29, 2006, filed on June 13, 2006, and
the
Company’s amended Annual Report on Form 10-K/A for the fiscal year ended January
28, 2006 and Quarterly Reports on Form 10-Q for the fiscal 2006 interim periods,
upon filing with the SEC, for additional information.
The
Company has discussed the disclosures contained in this filing with Deloitte
& Touche LLP, its independent registered public accounting
firm.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
|
|
| |
The
Buckle,
Inc. |
|
|
|
| Date:
June 14, 2006 |
By: |
/s/ KAREN
B.
RHOADS |
| |
Name:
Karen B. Rhoads |
| |
Title:
Vice President of Finance,
Treasurer
and Chief Financial Officer
|