The following is a summary of certain unaudited quarterly results of operations data for each of the last two fiscal years.  (1) Retail gross margin represents net retail sales less cost of retail merchandise sold.  (2) The fourth quarter of 2012 included a $4.7 million charge related to the recording of a valuation allowance on deferred tax assets. As a toy retailer, our sales are highest in our fourth quarter, followed  by the first quarter. The timing of holidays and school vacations  can impact our quarterly results. Our European-based stores have  historically been more heavily weighted in the fourth quarter as  compared to our North American stores. We cannot ensure that this  will continue to be the case. capital. Over the past several years, we have met these requirements  through capital generated from cash flow provided by operations. We  have access to additional cash through a revolving line of credit that  has been in place since 2000.  Operating Activities. Cash flows provided by operating activities  were $19.1 million in fiscal 2013, $16.5 million in fiscal 2012 and $17.2  million in fiscal 2011. Cash flows from operating activities increased  in fiscal 2013 as compared to 2012 primarily due to increased store  contribution partially offset by the timing of inventory receipts and  payments and the increase in receivables. Cash flows from operating  activities decreased in fiscal 2012 as compared to 2011, primarily due  to decreased store contribution.  Our operating results for one period may not be indicative of results  for other periods, and may fluctuate significantly because of a variety  of factors, including those discussed under “Risk Factors — Risks  Related to Owning Our Common Stock - Fluctuations in our quarterly  results of operations could cause the price of our common stock to  substantially decline.”  The timing of permanent store closures and temporary closures for  remodels and relocations may result in fluctuations in quarterly  results due to the revenues and expenses associated with each store  location. We incur costs to close stores, typically in the three to six  months prior to the closure. We typically incur most preopening costs  for a store in the three months immediately preceding the store’s  opening or reopening.  Investing Activities. Cash flows used in investing activities were  $19.4 million in fiscal 2013, $15.1 million in fiscal 2012 and $13.3  million in fiscal 2011. Cash used in investing activities in 2013 related  primarily to the continued installation and upgrades of central office  information technology systems, the remodeling or relocation of 20  stores and the opening of nine new locations. Cash used in investing  activities in 2012 related primarily to the continued installation  and upgrades of central office information technology systems,  the opening of five new stores, the remodeling or relocation of 14  stores, offset by the maturity of short-term investments. Cash used  in investing activities in 2011 related primarily to the continued  installation and upgrades of central office information technology  systems, the opening of eight new stores, the relocation of four stores  and the purchase of short-term investments, offset by the maturity of  those investments.  For accounting purposes, the quarters of each fiscal year consist of  13 weeks, although we will have a 14-week quarter approximately  once every six years. The fiscal 2014 fourth quarter will be a 14- week quarter. Quarterly fluctuations and seasonality may cause our  operating results to fall below the expectations of securities analysts  and investors, which could cause our stock price to fall.  Financing Activities.  Financing activities provided cash of $0.1  million in 2013 and used cash of $2.9 million and $15.8 million 2012  and 2011, respectively. Purchases of our stock in fiscal 2013, 2012  Our cash requirements are primarily for the opening of new stores,  installation and upgrades of information systems and working  Fiscal 2013  Fiscal 2012  (Dollars in millions, except per share data) First  Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Total revenues $ 104.3  $ 81.9  $ 84.8  $ 108.1  $ 96.4  $ 80.4  $ 86.0  $ 118.1  Retail gross margin (1) 42.7  29.6  33.5  47.7  38.0  27.7  30.8  49.2  Goodwill impairment -  -  -  -  -  -  -  33.7  Net (loss) income (2) 0.0  (6.2) (1.4 ) 5.4  (1.0) (7.6) (4.3) (36.4) Earnings (loss) per common share: Basic 0.00  (0.38) (0.08 ) 0.31  (0.06) (0.46) (0.26) (2.23) Diluted 0.00  (0.38) (0.08 ) 0.31  (0.06) (0.46) (0.26) (2.23) Number of stores (end of quarter) 333  323  320  323  357  354  351  351  Liquidity and Capital Resources  2013 FORM 10-K 24  BUILD-A-BEAR WORKSHOP, INC. 