[2] Cost Plus, Inc. Reports Record Third Quarter Results.OAKLAND Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. , Calif.--(BUSINESS WIRE)--Nov. 16, 1999-- Cost Plus, Inc. (Nasdaq:CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ) announced today a profit for its third quarter ended October October: see month. 30, 1999. A three-for-two stock split was effective October 11, 1999 for shareholders of record on October 1, 1999. Consequently, all earnings per share information which follows is presented on a post split basis. For the third quarter, the Company reported net income of $478,000 compared to a net loss of $782,000 in the third quarter of fiscal 1998. Earnings per share were $0.02 for the third quarter of fiscal 1999 compared to a loss of $0.04 in the prior year's third quarter. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , the Company produced net income of $2,293,000, or $0.11 per share, compared to a net loss of $385,000, or $0.02 per share, through the third quarter of the prior fiscal year. During the third quarter of fiscal 1999, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 24.1% to $82.8 million from $66.7 million in the third quarter of fiscal 1998. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the quarter increased 8.2%. Year-to-date, net sales were $234.8 million, a 29.2% increase from $181.7 million for the same period last year, with same store sales increasing 9.0%. Murray Murray, river, Australia Murray, principal river of Australia, 1,609 mi (2,589 km) long, rising in the Australian Alps, SE New South Wales, and flowing westward to form the New South Wales–Victoria boundary. Dashe, Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President said, "We are very pleased to report that the Company achieved its first-ever third quarter profit. One of our goals has been to increase sales and profits in the first three quarters of our fiscal year. Due to consistently strong same store sales increases and good expense controls to date, this fiscal year marks the first time we have achieved profitability in each of our first three quarters." During the third quarter, the Company opened 5 stores vs. 8 last year. More stores were opened in the first two quarters of this fiscal year, consistent with the Company's plans to open stores more evenly throughout the year. At the end of the third quarter, the Company had opened a total of 14 new stores this year compared to 12 last year. In early November November: see month. , the remaining four stores of fiscal 1999 were opened, bringing the total opened this year to 18, one more than originally planned and three more than last year. The eighteenth store was an acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. of an opening originally scheduled for the first quarter of 2000. As of the date of this release, the Company has 103 stores in operation. Cost Plus, Inc. is a leading specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer of casual home living and entertaining products. As of October 30, 1999, the Company operated 99 stores in 16 states compared to 82 stores in 15 states as of October 31, 1998. -0-
COST PLUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts, unaudited)
Third Quarter Ended
October 30, 1999 October 31, 1998
Net sales $ 82,834 100.0% $ 66,689 100.0%
Cost of sales and occupancy 53,826 65.0 43,676 65.5
Gross profit 29,008 35.0 23,013 34.5
Selling, general and
administrative expenses 26,995 32.6 22,275 33.4
Store preopening expenses 906 1.1 1,579 2.4
Income (loss) from operations 1,107 1.3 (841) (1.3)
Net interest expense 323 0.4 440 0.6
Income (loss) before income
taxes 784 0.9 (1,281) (1.9)
Income taxes 306 0.3 (499) (0.7)
Net income (loss) $ 478 0.6 $ (782) (1.2)
Net income (loss) per
share-diluted $ 0.02 $ (0.04)
Weighted average shares
outstanding-diluted
(post-split) 21,314 19,791
New stores opened 5 8
Nine Periods Ended
October 30, 1999 October 31, 1998
Net sales $ 234,779 100.0% $ 181,696 100.0%
Cost of sales and occupancy 153,367 65.3 119,527 65.8
Gross profit 81,412 34.7 62,169 34.2
Selling, general and
administrative expenses 74,267 31.7 59,671 32.8
Store preopening expenses 2,686 1.1 2,257 1.3
Income from operations 4,459 1.9 241 0.1
Net interest expense 699 0.3 872 0.4
Income (loss) before income
taxes 3,760 1.6 (631) (0.3)
Income taxes 1,467 0.6 (246) (0.1)
Net income (loss) $ 2,293 1.0 $ (385) (0.2)
Net income (loss) per
share-diluted $ 0.11 $ (0.02)
Weighted average shares
outstanding-diluted
(post-split) 21,130 20,334
New stores opened 14 12
COST PLUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
October 30, 1999 October 31, 1998
ASSETS
Current assets:
Cash and cash equivalents $ 7,507 $ 856
Merchandise inventories 111,369 86,546
Other current assets 7,916 5,081
Total current assets 126,792 92,483
Property and equipment, net 63,364 58,593
Other assets 9,810 10,642
Total assets $ 199,966 $ 161,718
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 34,288 $ 21,612
Accrued compensation 8,304 7,084
Revolving line of credit 5,300 7,600
Other current liabilities 11,497 9,020
Total current liabilities 59,389 45,316
Capital lease obligations 14,597 15,256
Deferred income taxes 173 1,969
Other long-term obligations 6,781 5,298
Shareholders' equity:
Common stock 205 198
Additional paid-in capital 111,323 102,097
Retained earnings (deficit) 7,498 (8,416)
Total shareholders= equity 119,026 93,879
Total liabilities and
shareholders' equity $ 199,966 $ 161,718
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