American Eagle Outfitters Reports Record First Quarter EPS of $0.34 versus $0.09 Last Year; Comparable Store Sales Increase 9.3% and Total Sales Rise 19.9%.Business Editors WARRENDALE, Pa.--(BUSINESS WIRE)--May 13, 2004 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Eagle Outfitters, Inc. (Nasdaq:AEOS AEOS American Eagle Outfitters Inc. (stock symbol) AEOS Advanced Electro-Optical System (3.67 meter adaptive optical telescope on Maui) AEOS Advanced Electro Optical Sensor ) today announced its consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results for the first quarter ended May 1, 2004. Management also stated that at this time they are comfortable with the current second quarter First Call mean estimate of $0.22 per share. Additionally, if sales momentum continues and the markdown Markdown The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer. Notes: The broker offers a lower price to try stimulate trading in hopes that they will make the money back on the extra rates remain low, there could be upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside to the First Call mean. -- Total sales increased 19.9% to $350.0 million from $291.9 million for the quarter ended May 3, 2003. -- Sales for the first quarter 2004 included $17.8 million from the Bluenotes/Thriftys operation, compared to $15.8 million for the corresponding period last year. -- Comparable store sales for the American Eagle Outfitters stores increased 9.8% for the quarter ended May 1, 2004. -- Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, increased 9.3% when compared to the corresponding period last year. -- Net income for the quarter increased 292% to $25.1 million, or $0.34 per share on a 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. basis, from net income of $6.4 million, or $0.09 per share on a diluted basis last year. At 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy , on May 13, 2004, the Company's management team will host a conference call to review the financial results. To listen to the call, dial 877-601-0864 at least ten minutes prior to the start of the call. The conference call will also be simultaneously broadcast over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.ae.com. A replay will be available beginning May 13th at 1:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. through May 31st. To listen to the replay, dial 1-800-642-1687 and reference confirmation code #6301788. An audio replay of the conference call will also be available at www.ae.com until August 12th. American Eagle Outfitters (Nasdaq:AEOS) is a leading lifestyle retailer that designs, markets, and sells its own brand of relaxed, casual clothing for 15 to 25 year olds, providing high-quality merchandise at affordable prices. AE's collection includes modern basics like jeans, cargo pants cargo pants or trousers Noun, pl loose trousers with a large external pocket on the side of each leg , and graphic Ts as well as a stylish Stylish is a free Mozilla extension that allows for the manipulation of web pages and XUL application user interfaces through the use of CSS or user styles available localy or from centralized web-site [1], which allows style sharing. 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. of cool accessories, outerwear and footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). . AE's Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. subsidiary, Bluenotes/Thriftys, offers a more urban/suburban, denim-driven collection for 12 to 22 year olds. American Eagle Outfitters currently operates 748 AE stores in 49 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , 64 AE stores in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , and 108 Bluenotes/Thriftys stores in Canada. AE also operates via its Web business, www.ae.com, which offers additional sizes and styles of favorite AE merchandise. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains 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. , which represent our expectations or beliefs concerning future events, specifically regarding second quarter earnings. All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors beyond the Company's control. Such factors include, but are not limited to the risk that our second quarter sales, markdowns and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. earnings expectations may not be achieved, and those other risks described in the Company's filings with the Securities and Exchange Commission. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. The Company does not undertake to publicly update or revise its forward-looking statements even if future changes make it clear that projected results expressed or implied will not be realized.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited) (Unaudited)
May 1, January 31, May 3,
2004 2004 2003
----------- ----------- -----------
ASSETS
Cash, cash equivalents and
short-term investments $ 326,268 $ 337,812 $ 214,021
Merchandise inventory 146,786 120,586 146,205
Other current assets 76,840 67,225 74,401
----------- ----------- -----------
Total current assets 549,894 525,623 434,627
----------- ----------- -----------
Property and equipment, net 277,193 278,689 270,903
Goodwill, net 10,136 10,136 23,614
Other assets, net 51,826 50,623 30,882
----------- ----------- -----------
Total Assets $ 889,049 $ 865,071 $ 760,026
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 68,777 $ 71,330 $ 60,769
Accrued compensation and
payroll taxes 22,546 14,409 14,962
Accrued rent 30,778 30,985 27,291
Accrued income and other taxes 18,152 28,669 18,449
Unredeemed stored value cards
and gift certificates 18,181 25,785 16,195
Current portion of note payable 4,832 4,832 4,528
Other current liabilities 13,091 13,025 9,931
----------- ----------- -----------
Total current liabilities 176,357 189,035 152,125
----------- ----------- -----------
Note Payable 12,660 13,874 16,019
Other non-current liabilities 20,516 18,492 5,836
----------- ----------- -----------
Total non-current liabilities 33,176 32,366 21,855
----------- ----------- -----------
Total stockholders' equity 679,516 643,670 586,046
----------- ----------- -----------
Total Liabilities and
Stockholders' Equity $ 889,049 $ 865,071 $ 760,026
=========== =========== ===========
Current Ratio 3.12 2.78 2.86
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
-----------------------
May 1, May 3,
2004 2003
----------- -----------
Net sales $ 350,025 $ 291,858
Cost of sales, including certain
buying, occupancy and
warehousing expenses 200,156 185,870
----------- -----------
Gross profit 149,869 105,988
Selling, general and
administrative expenses 95,180 82,856
Depreciation and amortization 14,622 13,416
----------- -----------
Operating income 40,067 9,716
Other income, net 977 641
----------- -----------
Income before income taxes 41,044 10,357
Provision for income taxes 15,937 3,954
----------- -----------
Net income $ 25,107 $ 6,403
=========== ===========
Basic income per common share $ 0.35 $ 0.09
Diluted income per common share $ 0.34 $ 0.09
Weighted average common shares
outstanding - basic 71,506 71,056
Weighted average common shares
outstanding - diluted 73,247 71,991
----------------------------------------------------------
Total gross square footage at
end of period:
American Eagle Outfitters Stores 4,285,182 3,883,468
Bluenotes/Thriftys Stores 349,661 353,325
----------------------------------------------------------
Store count at end of period:
American Eagle Outfitters Stores 809 761
Bluenotes/Thriftys Stores 109 111
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