Bakers Footwear Announces Fourth Quarter and Year End Results; Company Reports Fourth Quarter Net Income of $5.2 Million.Business Editors ST. LOUIS--(BUSINESS WIRE)--March 4, 2004 Bakers 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). Group (Nasdaq: BKRS) today announced fourth quarter and year end results for the period ended January January: see month. 3, 2004. In the fourth quarter, net income climbed to $5.2 million from $1.7 million in the same period a year ago. Excluding a non-recurring charge of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.7 million as a result of a delay in the initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) process, net income in the 2002 fourth quarter was $3.4 million. Fourth quarter net income in 2003 represented a 53% increase from this amount. 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 in the fourth quarter rose to $43.7 million from $43.4 million in the same period last year. Comparable store sales increased 4% in the fourth quarter compared to the year-earlier period. For the 2003 fiscal year, net income was $1.7 million versus $2.3 million in fiscal 2002. Excluding the IPO charge of $1.7 million described above and the cumulative effect of income from an accounting change for goodwill of $2.8 million, net income in fiscal 2002 was $1.2 million. Fiscal year 2003 net income represented a 42% increase from this amount. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. in IPO expenses described above. Fiscal 2003 net sales totaled $148.2 million compared to $151.1 million in fiscal 2002. Comparable store sales in fiscal 2003 decreased 3% from fiscal 2002. For fiscal years 2002 and 2003, Bakers Footwear operated as a sub-chapter S Corporation and therefore operating results exclude federal income tax. The Company converted to a C corporation as of the beginning of fiscal 2004. Peter Edison Edison, township (1990 pop. 88,680), Middlesex co., NE N.J., inc. 1870 as Raritan Township, renamed 1954. Edison's varied manufactures include light trucks, chemicals, metal products, electrical and electronic equipment, machinery, and instruments. , Chairman and Chief Executive Officer of Bakers Footwear Group, said, "2003 results were highlighted by an accelerated performance in the fourth quarter. Sales rebounded toward the end of last year and this trend has continued into the fiscal 2004 first quarter as a result of our new spring offering. We are encouraged by the response of our customers, as trends in dress footwear, for both shoes shoe n. 1. A durable covering for the human foot, made of leather or similar material with a rigid sole and heel, usually extending no higher than the ankle. 2. A horseshoe. 3. and boots boot 1 n. 1. Protective footgear, as of leather or rubber, covering the foot and part or all of the leg. 2. , remain strong. We believe our fashion product mix at moderate prices provides a distinct competitive advantage in the women's footwear market and strengthens our position as a leading fashion footwear Shoe fashion properties  Closed toe pumps retailer for young women. "Our successful IPO of 2.16 million shares of common stock in February February: see month. 2004 served as a major milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. in Bakers Footwear's 80-year history. The capital raised significantly strengthens our financial position and enables management to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution its growth strategy. Our plan is to open new stores in desirable locations with strong return-on-investment potential by leveraging our existing infrastructure. We plan to open approximately 15 new stores by the end of fiscal year 2004 and an additional 30 to 35 new stores in fiscal year 2005. In addition, we intend to remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. certain existing stores with a new, contemporary format that we believe drives sales and increases cash flow. We also hope to expand our branded 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 to enhance our product offering and improve gross margins." Michele Michele murders wife’s lover; hides body under cloak. [Ital. Opera: Puccini, The Cloak, Westerman, 362–363] See : Murder Bergerac Bergerac (bĕrzhəräk`), town (1990 pop. 27,886), Dordogne dept., SW France, in Périgord, on the Dordogne River. It is a farm-trade and processing center. It also has boiler works, foundries, chemical plants, and shoe factories. , President of Bakers Footwear Group said, "Our goal is to limit the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the business through a combination of utilizing our advanced inventory management systems, strong sourcing capabilities and a disciplined management approach. This operating strategy has helped us to manage through the recent challenges in the retail environment. It has also allowed us to quickly capture the benefits of strengthening demand. We believe Bakers Footwear is strategically positioned to build a growing business with expanding profits over the long term. We are excited about our prospects in 2004 and look forward to delivering strong shareholder returns." Bakers Footwear will broadcast live via 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 its fourth quarter and year end conference call today at 10:00 a.m. Eastern Time to discuss financial results, business developments and future outlook. To listen to the call, please go to www.kcsa.com. A replay of the webcast will be available for 30 days. About Bakers Footwear Group Bakers Footwear Group is a national, mall-based, 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 distinctive footwear and accessories for young women. The Company's merchandise includes private label and national brand dress, casual and sport shoes, boots, sandals and accessories. The Company currently operates over 200 stores nationwide under two formats, Bakers and Wild Pair. Bakers stores focus on women between the ages of 12 and 29. Wild Pair stores offer fashion-forward footwear to both women and men between the ages of 17 and 24. THIS PRESS 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. (WITHIN THE MEANING OF SECTION 27(A) OF THE SECURITIES ACT OF 1933 AND SECTION 21(E) OF THE SECURITIES EXCHANGE ACT OF 1934). BAKERS FOOTWEAR HAS NO DUTY TO UPDATE SUCH STATEMENTS. ACTUAL FUTURE EVENTS AND 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 COULD DIFFER MATERIALLY FROM THOSE SET FORTH IN THIS STATEMENT DUE TO VARIOUS FACTORS. FACTORS THAT COULD CAUSE THESE CONDITIONS NOT TO BE SATISFIED INCLUDE MATERIAL CHANGES IN CAPITAL MARKET CONDITIONS OR IN BAKERS FOOTWEAR'S BUSINESS, PROSPECTS, RESULTS OF OPERATIONS OR FINANCIAL CONDITION AND OTHER RISKS AND UNCERTAINTIES, INCLUDING THOSE DETAILED IN BAKERS FOOTWEAR'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
BAKERS FOOTWEAR GROUP, INC.
ALL NUMBERS ON THIS DOCUMENT ARE IN $ MILLIONS
EXCEPT EARNINGS PER SHARE AND SHARE AMOUNTS
SUMMARY FINANCIAL DATA
-----------------------------------
INCOME STATEMENT
-----------------------------------
QUARTER ENDED YEAR
ENDED
------------------ ----------------
JANUARY JANUARY JANUARY JANUARY
3, 2004 4, 2003 3, 2004 4, 2003
-------------------------------------
UNAUDITED UNAUDITED UNAUDITED AUDITED
NET SALES $43.7 $43.4 $148.2 $151.1
COST OF MERCHANDISE SOLD,
OCCUPANCY AND BUYING
EXPENSES 27.1 28.8 103.0 106.0
------------------ ----------------
GROSS PROFIT 16.6 14.6 45.2 45.1
OPERATING EXPENSE
SELLING EXPENSE 7.9 8.3 29.5 30.7
GENERAL AND ADMINISTRATIVE
EXPENSE 2.9 2.5 11.8 11.4
LOSS ON DISPOSAL OF PROPERTY AND
EQUIPMENT 0.0 0.0 0.2 0.1
IMPAIRMENT OF LONG-LIVED ASSETS 0.1 0.1 0.1 0.1
WRITE-OFF OF DEFERRED INITIAL
PUBLIC OFFERING COSTS 0.0 1.7 0.0 1.7
------------------ ----------------
OPERATING INCOME 5.7 2.0 3.6 1.1
OTHER INCOME (EXPENSE)
INTEREST EXPENSE (0.5) (0.5) (1.7) (1.6)
STATE INCOME TAX (EXPENSE)
BENEFIT 0.0 0.2 (0.1) 0.1
OTHER INCOME (EXPENSE) NET 0.0 0.0 (0.1) (0.1)
------------------ ----------------
INCOME (LOSS) BEFORE CUMULATIVE
EFFECT OF
CHANGE IN ACCOUNTING 5.2 1.7 1.7 (0.5)
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING 0.0 0.0 0.0 2.8
------------------ ----------------
NET INCOME $5.2 $1.7 $1.7 $2.3
================== ================
NET INCOME(LOSS) PER COMMON SHARE
BASIC $3.26 $1.04 $0.93 $1.50
================== ================
DILUTED $2.28 $0.76 $0.79 $1.06
================== ================
SUPPLEMENTAL DATA
-----------------------------------
FOURTH QUARTER FISCAL YEAR
------------------ ----------------
JANUARY JANUARY JANUARY JANUARY
3, 2004 4, 2003 3, 2004 4, 2003
-----------------------------------
COMPARABLE STORE SALES INCREASE
(DECREASE) 4.0% (4.6%) (3.2%) (4.4%)
NUMBER OF STORES - END OF PERIOD 214 233 214 233
EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION AND AMORTIZATION
------------------ ----------------
(EBITDA ) $6.4 $3.1 $6.2 $3.5
================== ================
RECONCILIATION OF EBITDA
CALCULATION
-----------------------------------
NET INCOME/(LOSS) $5.2 $1.7 $1.7 $2.3
INTEREST EXPENSE 0.5 0.5 1.7 1.6
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING 0.0 0.0 0.0 (2.8)
STATE INCOME TAX EXPENSE (BENEFIT) 0.0 0.3 0.0 (0.1)
DEPRECIATION 0.7 0.6 2.8 2.5
------------------ ----------------
EBITDA $6.4 $3.1 $6.2 $3.5
================== ================
EBITDA CONSISTS OF EARNINGS BEFORE NET INTEREST, INCOME TAXES,
DEPRECIATION AND AMORTIZATION. EBITDA IS NOT A MEASURE OF FINANCIAL
PERFORMANCE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD
NOT BE CONSIDERED AN ALTERNATIVE TO INCOME FROM OPERATIONS AS A
MEASURE OF PERFORMANCE OR AS AN ALTERNATIVE TO CASH FLOW AS A MEASURE
OF LIQUIDITY. EBITDA IS PRESENTED AS ADDITIONAL INFORMATION BECAUSE
MANAGEMENT BELIEVES IT IS A USEFUL INDICATOR OF OUR ABILITY TO MEET
DEBT SERVICE AND TO FUND CAPITAL EXPENDITURES. BECAUSE EBITDA IS NOT
CALCULATED IDENTICALLY BY ALL COMPANIES, OUR CALCULATION MAY NOT BE
COMPARABLE TO SIMILARLY TITLED MEASURES OF OTHER COMPANIES. NOTE THAT
EBITDA FOR FISCAL YEAR 2002 REFLECTS A NEGATIVE IMPACT OF OUR WRITE
OFF OF $1.7 MILLION IN INITIAL PUBLIC OFFERING COSTS CHARGED AS A
RESULT OF A DELAY IN THE INITIAL PUBLIC OFFERING PROCESS.
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