Aeropostale Reports First Quarter Fiscal 2006 Results.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Aeropostale, Inc. (NYSE NYSE See: New York Stock Exchange : ARO), a mall-based specialty retailer of active and casual apparel for the teen market, today reported results for the first quarter ended April 29, 2006. FIRST QUARTER PERFORMANCE: Net income for the first quarter of fiscal 2006 was $8.4 million, or $0.15 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, including the $0.01 per share charge related to the expensing of stock options. This compares to net income of $8.6 million or $0.15 per diluted share in the first quarter of fiscal 2005. 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 for the first quarter of fiscal 2006 increased 16.4% to $246.3 million, versus net sales of $211.7 million in the first quarter of last year. Comparable store sales for the first quarter decreased 2.9%, versus an increase of 4.4% last year. Julian Julian or Julian the Apostate Latin Julianus Apostata orig. Flavius Claudius Julianus (born AD 331/332, Constantinople—died June 26/27, 363, Ctesiphon, Mesopotamia) Roman emperor (361–363), noted scholar and military leader. R. Geiger, Chairman and Chief Executive Officer said, "We achieved our plan during the quarter by generating increases in our merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain margins and in our average unit retails. Consistent with our operating strategy, we carefully controlled both the level of our inventories and the depth of our promotions. In addition, we have improved the balance of our merchandise assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. , integrating more fashion forward looks into our mix. We think that this approach will enable us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. our future opportunities." SECOND QUARTER GUIDANCE: The company announced its earnings guidance for the second quarter of fiscal 2006. The company believes it will achieve earnings in the range of $0.15 - $0.17 per diluted share, including the $0.01 per share charge related to the expensing of stock options. The company expects a flat to low-single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. comparable store sales increase in the second quarter of fiscal 2006. CONFERENCE CALL INFORMATION: The Company will be holding a conference call today at 4:15 P.M. to review its first quarter results. The broadcast will be available through the 'Investor Relations' link at www.aeropostale.com and at www.fulldisclosure.com. To listen to the broadcast your computer must have Windows Media Player Digital jukebox software for Windows from Microsoft that plays a variety of audio, video and streaming formats including MP3, WMA, CD audio and MIDI. Starting with Version 6.2 in 1999, the Windows Media Rights Manager was added for securing copyrighted content. installed. If you do not have Windows Media Player go to the latter site prior to the call, where you can download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. the software for free. About Aeropostale, Inc. Aeropostale, Inc. is a mall-based, specialty retailer of casual apparel and accessories, principally targeting 14 to 17 year-old young women and men. The company provides customers with a focused selection of high-quality, active-oriented, fashion and fashion basic merchandise at compelling values. Aeropostale maintains control over its proprietary brands by designing, sourcing, marketing and selling all of its own merchandise. Aeropostale products are currently purchased only in its stores, on-line through its e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. website (www.aeropostale.com) or at organized sales events Noun 1. sales event - an occasion (usually brief) for buying at specially reduced prices; "they held a sale to reduce their inventory"; "I got some great bargains at their annual sale" cut-rate sale, sale at college campuses. The company currently operates 693 Aeropostale stores in 47 states and 14 Jimmy'Z stores in 11 states. SPECIAL NOTE: THIS PRESS RELEASE AND ORAL STATEMENTS MADE FROM TIME TO TIME BY REPRESENTATIVES OF THE COMPANY CONTAIN CERTAIN "FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " CONCERNING EXPECTATIONS FOR SALES, STORE OPENINGS, GROSS MARGINS, EXPENSES, STRATEGIC DIRECTION AND EARNINGS. ACTUAL RESULTS MIGHT DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. AMONG THE FACTORS THAT COULD CAUSE ACTUAL RESULTS TO MATERIALLY DIFFER INCLUDE, AMONG OTHERS, CHANGES IN THE COMPETITIVE MARKETPLACE, INCLUDING THE INTRODUCTION OF NEW PRODUCTS OR PRICING CHANGES BY OUR COMPETITORS COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , CHANGES IN THE ECONOMY AND OTHER EVENTS LEADING TO A REDUCTION IN DISCRETIONARY CONSUMER SPENDING Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. ; SEASONALITY; RISKS ASSOCIATED WITH CHANGES IN SOCIAL, POLITICAL, ECONOMIC AND OTHER CONDITIONS AND THE POSSIBLE ADVERSE IMPACT OF CHANGES IN IMPORT RESTRICTIONS; RISKS ASSOCIATED WITH UNCERTAINTY RELATING TO relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc THE COMPANY'S ABILITY TO IMPLEMENT ITS GROWTH STRATEGIES, AS WELL AS THE OTHER RISK FACTORS SET FORTH IN THE COMPANY'S FORM 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. AND CURRENT REPORTS ON FORM 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS TO REFLECT SUBSEQUENT EVENTS OR CIRCUMSTANCES CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
EXHIBIT A
AEROPOSTALE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 29, Jan. 28, April 30,
2006 2006 2005
---- ---- ----
ASSETS
Current Assets:
Cash and cash equivalents $143,951 $205,235 $119,293
Short-term investments 60,212 20,037 58,151
Merchandise inventory 108,971 91,908 89,575
Other current assets 27,600 22,159 18,689
-------- -------- --------
Total current assets 340,734 339,339 285,708
Fixtures, equipment and improvements, net 170,228 160,229 133,337
Other assets 4,441 4,383 3,658
-------- -------- --------
TOTAL ASSETS $515,403 $503,951 $422,703
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 71,104 $ 57,165 $ 63,607
Accrued expenses 48,378 69,188 36,521
-------- -------- --------
Total current liabilities 119,482 126,353 100,128
Other non-current liabilities 96,968 92,808 78,090
Stockholders' equity 298,953 284,790 244,485
-------- -------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $515,403 $503,951 $422,703
======== ======== ========
EXHIBIT B
AEROPOSTALE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
SELECTED STORE DATA
(in thousands, except per share and store data)
13 weeks ended
--------------
April 29, 2006 April 30, 2005
---------------- ----------------
% of % of
sales sales
------ ------
Net sales $ 246,292 100.0% $ 211,674 100.0%
Cost of sales (including certain
buying, occupancy and warehousing
expenses) 175,814 71.4 151,903 71.8
---------- ---- --------- ----
Gross profit
70,478 28.6 59,771 28.2
Selling, general and administrative
expenses 58,265 23.6 46,437 21.9
---------- ---- --------- ----
Income from operations
12,213 5.0 13,334 6.3
Interest income, net
1,496 0.6 785 0.3
---------- ---- --------- ----
Income before income taxes
13,709 5.6 14,119 6.6
Income taxes
5,346 2.2 5,505 2.5
---------- ---- --------- ----
Net income
$ 8,363 3.4% $ 8,614 4.1%
========== ==== ========= ====
Basic earnings per share $ 0.15 $ 0.16
========== ==========
Diluted earnings per share $ 0.15 $ 0.15
========== ==========
Weighted average basic shares 54,407 55,409
Weighted average diluted shares 55,077 56,573
STORE DATA:
Comparable store sales (decrease)
increase (2.9)% 4.4%
Stores open at end of period 704 597
Total gross square footage
at end of period 2,497,544 2,108,929
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