Ames Announces Second Quarter Results.Business Editors ROCKY HILL Rocky Hill, town (1990 pop. 16,554), Hartford co., central Conn., a suburb of Hartford, on the Connecticut River; settled c.1650, inc. 1843. Chemical coatings and synthetic textiles are made there. Rocky Hill was an important river port from 1700 to 1820. , Conn.--(BUSINESS WIRE)--Aug. 27, 2001 Ames Ames, city (1990 pop. 47,198), Story co., central Iowa, on the Skunk River; inc. 1870. Its chief manufactures are electronic, water-analysis, and water-treatment equipment; motor vehicles; construction materials; and machinery. Iowa State Univ. Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMESQ) today announced its results for the second quarter, which ended August 4, 2001. Ames recorded a 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: net loss of $26.4 million, or $0.90 per share. This compares to a consolidated net loss of $22.1 million, or $0.75 per share, for the comparable period last year. For the first half of 2001 Ames reported a net loss of $54.2 million, or $1.84 per share. This compares to a net loss of $51.2 million, or $1.74 per share, for the same period last year. Ames Department Stores, Inc., a FORTUNE 500(R) company, is the nation's largest regional, full-line discount retailer with annual sales of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4 billion. With 452 stores in the Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. , Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic and Mid-West, Ames offers value-conscious shoppers quality, name-brand products across a broad range of 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 categories. For more information about Ames, visit www.AmesStores.com or www.AmesStores.com/espanol. To find the location of the Ames store nearest you, dial 1-800-SHOP-AMES. Cautionary Statement Regarding Forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Information Statements, other than those based on historical facts which address activities, events, or developments that the Company expects or anticipates may occur in the future are 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 are based upon a number of assumptions concerning further conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in any forward-looking statements. The Company's ability to achieve such results is subject to certain risks and uncertainties. Consequently, these cautionary statements qualify all of the forward-looking statements and there can be no assurance that the results or developments anticipated by the Company will be realized or that they will have the expected effects on the Company or its business or operations.
AMES DEPARTMENT STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In Thousands)
For the Thirteen Weeks Ended
August 4, July 29,
2001 2000
-------- --------
Total Net Sales $806,014 $872,034
Leased department and
other income 10,165 10,544
-------- --------
TOTAL REVENUE 816,179 882,578
COSTS AND EXPENSES
Cost of merchandise sold 581,464 630,881
Selling, general and
administrative expenses 236,297 248,166
Depreciation and amortization
expense, net 18,836 17,240
Interest and debt expense, net 22,206 21,953
-------- --------
LOSS BEFORE INCOME TAXES (42,624) (35,662)
Income tax benefit 16,197 13,551
-------- --------
NET LOSS ($26,427) ($22,111)
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Weighted average number of
common shares outstanding 29,408 29,404
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Net loss per share ($0.90) ($0.75)
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AMES DEPARTMENT STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In Thousands)
For the Twenty-Six Weeks Ended
August 4, July 29,
2001 2001
-------- --------
Total Net Sales $1,599,701 $1,702,691
Leased department and
other income 19,314 19,803
-------- --------
TOTAL REVENUE 1,619,015 1,722,494
COSTS AND EXPENSES
Cost of merchandise sold 1,147,420 1,233,805
Selling, general and
administrative expenses 475,012 495,581
Depreciation and amortization
expense, net 38,472 34,937
Interest and debt expense, net 45,464 40,745
-------- --------
LOSS BEFORE INCOME TAXES (87,353) (82,574)
Income tax benefit 33,194 31,378
-------- --------
NET LOSS ($54,159) ($51,196)
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Weighted average number of
common shares outstanding 29,401 29,365
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Net loss per share ($1.84) ($1.74)
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AMES DEPARTMENT STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Thousands)
(Unaudited) (Unaudited)
August 4, February 3, July 29,
2001 2001 2000
---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash equivalents $ 19,322 $ 49,761 $ 31,305
Receivables:
Trade 11,558 6,978 8,912
Other 20,777 10,061 23,350
---------- ---------- ----------
Total receivables 32,335 17,039 32,262
Merchandise inventories 709,234 744,132 885,894
Deferred taxes, net 50,965 17,771 60,232
Prepaid expenses and other
current assets 33,074 41,494 41,402
---------- ---------- ----------
Total current assets 844,930 870,197 1,051,095
---------- ---------- ----------
Fixed Assets: 722,243 761,903 706,522
Less - Accumulated depreciation
and amortization (242,086) (213,904) (167,245)
---------- ---------- ----------
Net fixed assets 480,157 547,999 539,277
---------- ---------- ----------
Other assets and deferred
charges 68,119 56,490 60,850
Deferred taxes, net 411,891 411,891 346,055
Beneficial lease rights, net 39,277 50,675 54,899
Goodwill, net 57,199 58,475 59,750
---------- ---------- ----------
$1,901,573 $1,995,727 $2,111,926
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable:
Trade $ 303,159 $ 345,915 $ 227,834
Other 80,355 78,371 93,152
---------- ---------- ----------
Total accounts payable 383,514 424,286 320,986
---------- ---------- ----------
Current portion of capital
lease and financing
obligations 19,018 19,018 22,057
Self-insurance reserves 27,852 29,878 28,346
Accrued compensation 35,358 39,366 33,263
Accrued expenses 70,073 74,839 78,881
Store closing reserves 135,745 179,365 52,667
---------- ---------- ----------
Total current liabilities 671,560 766,752 536,200
---------- ---------- ----------
Long-term debt 710,017 606,057 752,761
Capital lease and financing
obligations 128,615 165,365 170,220
Other long-term liabilities 39,580 49,256 52,761
Excess of revalued net assets
over equity under fresh-start
reporting 8,638 11,715 14,791
Commitments and contingencies
Stockholders' Equity:
Preferred stock - - -
Common stock 295 295 296
Additional paid-in capital 533,394 532,654 531,872
(Accumulated deficit)
Retained earnings (189,604) (135,445) 53,947
Treasury stock (922) (922) (922)
---------- ---------- ----------
Total stockholders' equity 343,163 396,582 585,193
---------- ---------- ----------
$1,901,573 $1,995,727 $2,111,926
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