BJ's Wholesale Club, Inc. Reports Record Third Quarter: Earnings Per Share Rose 19.4%, Company Repurchased $14.6 Million of Common Stock.Business Editors NATICK Natick (nā`tĭk), town (1990 pop. 30,510), Middlesex co., E Mass., a residential and industrial suburb of Boston, on Lake Cochituate; founded as a Native American village by John Eliot 1651, settled by colonial Americans 1718, inc. 1781. , Mass.--(BUSINESS WIRE)--Nov. 14, 2000 BJ's Wholesale Club BJ's Wholesale Club, Inc. NYSE: BJ is a membership-only warehouse club chain operating in the East Coast of the United States, as well as in the state of Ohio. History , Inc. (NYSE NYSE See: New York Stock Exchange :BJ) today announced that net income for its third quarter ended October October: see month. 28, 2000 rose by 17.4% to $27.4 million from $23.3 million recorded in the third quarter of 1999. Earnings per share rose 19.4% to $.37 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, from $.31 per diluted share last year. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , net income rose by 20.8% to $76.7 million from $63.5 million in the first nine months of 1999. Earnings per share rose 22.6% to $1.03 per diluted share from $.84 per diluted share in the first nine months of 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 for the third quarter rose by 16.2% to $1.2 billion versus $1.0 billion in the third quarter of 1999, with a 5.7% increase in comparable club sales. Year-to-date, net sales rose by 16.9% to $3.3 billion from $2.9 billion last year, with a 6.0% increase in comparable club sales. BJ's also announced it will increase its membership fees by $5, or to $40 per year, effective January January: see month. 1, 2001. Jack Nugent Nugent may refer to one of the following:
During the third quarter, BJ's repurchased 462,600 shares of common stock at an aggregate cost of $14.6 million. The average cost per share was $31.50. Year-to-date, BJ's has repurchased 2,088,200 shares of stock at an aggregate cost of $64.3 million. The average cost per share was $30.81. At the end of the third quarter, there was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $19.7 million dollars remaining of the $50 million repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. plan authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by BJ's Board of Directors in May 2000. Conference Call on Third Quarter Financial Results As previously announced, BJ's management will hold a conference call to discuss the third quarter financial results and their outlook for the fourth quarter and 2001 at 8:30 a.m. Eastern Time, today, November November: see month. 14, 2000. This conference call will be broadcast live on BJ's web site; it will be directly accessible as follows: www.bjsinvestor.com/medialist.cfm. Replays will be available at the same web address until November 21, 2000. BJ's press releases and filings with the Securities and Exchange Commission are available on 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.bjs.com. BJ's Wholesale Club introduced the wholesale club concept to New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. in 1984, and has since expanded to become a leading warehouse chain in the eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . BJ's currently operates 114 clubs compared with 103 one year ago. -See Financial Tables-
BJ's Wholesale Club, Inc. and Consolidated Subsidiaries
STATEMENTS OF INCOME (Unaudited)
(Dollars in Thousands Except Per Share Amounts)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
Oct. 28, Oct. 30, Oct. 28, Oct. 30,
2000 1999 2000 1999
Net sales $ 1,151,506 $ 990,638 $ 3,349,832 $ 2,864,438
Membership fees
and other 26,647 23,336 76,235 66,176
Total revenues 1,178,153 1,013,974 3,426,067 2,930,614
Cost of sales,
including buying
and occupancy
costs 1,049,198 900,383 3,058,070 2,609,993
Selling, general
and
administrative
expenses 82,636 73,755 240,484 211,841
Preopening
expenses 3,059 2,504 6,783 7,159
Operating income 43,260 37,332 120,730 101,621
Interest income,
net 1,277 841 3,993 1,949
Income before
income taxes 44,537 38,173 124,723 103,570
Provision for
income taxes 17,146 14,839 48,018 40,082
Net income $ 27,391 $ 23,334 $ 76,705 $ 63,488
Net income per
common share:
Basic $ 0.38 $ 0.32 $ 1.05 $ 0.86
Diluted $ 0.37 $ 0.31 $ 1.03 $ 0.84
Number of common shares for
earnings per share
computations:
Basic 72,516,968 73,582,931 73,019,851 73,702,223
Diluted 73,959,812 75,290,420 74,558,791 75,400,176
Clubs in
operation -
end of period 114 103
BJ's Wholesale Club, Inc. and Consolidated Subsidiaries
CONDENSED BALANCE SHEETS (Unaudited)
(Dollars in Thousands)
Oct. 28, Oct. 30,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 8,232 $ 7,635
Marketable securities -- 1,582
Accounts receivable 59,844 45,922
Merchandise inventories 584,902 503,793
Current deferred income taxes 6,358 8,596
Prepaid expenses 6,455 11,404
Total current assets 665,791 578,932
Property, net of depreciation 501,472 455,468
Property under capital leases,
net of amortization 1,079 4,145
Other assets 12,645 11,834
TOTAL ASSETS $1,180,987 $1,050,379
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 385,587 $ 345,166
Accrued expenses and other
current liabilities 132,148 126,506
Total current liabilities 517,735 471,672
Long-term obligations under capital leases 1,887 2,103
Other noncurrent liabilities 44,604 36,907
Deferred income taxes 8,809 7,495
Stockholders' equity 607,952 532,202
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,180,987 $1,050,379
BJ's Wholesale Club, Inc. and Consolidated Subsidiaries
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in Thousands)
Thirty-Nine Weeks Ended
Oct. 28, Oct. 30,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 76,705 $ 63,488
Depreciation and amortization 39,938 34,348
Deferred income taxes 84 (1,042)
Decrease (increase) in merchandise
inventories, net of accounts payable (41,084) 411
Other 578 15,535
Net cash provided by operating activities 76,221 112,740
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase and sale of marketable
securities, net -- (1,482)
Property additions (72,601) (64,171)
Property disposals 201 31
Net cash used in investing activities (72,400) (65,622)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of capital lease obligations (148) (132)
Repayment of long-term debt -- (30,000)
Purchase of treasury stock (64,346) (26,645)
Proceeds from sale and issuance of
common stock 8,468 5,144
Net cash used in financing activities (56,026) (51,633)
Net decrease in cash and cash equivalents $ (52,205) $ (4,515)
NOTE TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. Certain amounts in the prior year's financial statements have been
reclassified for comparative purposes.
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