Bakers Footwear Reports Fourth Quarter and Fiscal 2005 Results; Fourth Quarter Diluted EPS More than Doubles to $0.68; Fourth Quarter Net Sales Increases 37.7% to $61.3 million; Fiscal 2005 Diluted EPS totals $1.04.ST. LOUIS -- 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, Inc. (Nasdaq: BKRS), the leading specialty retailer of moderately priced fashion footwear Shoe fashion properties  Closed toe pumps for young women, today announced results for the fourth quarter and fiscal year ended January January: see month. 28, 2006. 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, the thirteen weeks ended January 28, 2006, were $61.3 million, an increase of 37.7% from $44.5 million for the thirteen weeks ended January 29, 2005. Comparable store sales in the fourth quarter increased 24.5%, compared to a 0.1% decline in comparable store sales in the same period last year. Gross profit increased 54.7% to $23.1 million, or 37.7% of net sales, compared to $14.9 million, or 33.5% of net sales, in the same period last year. The Company's net income in the fourth quarter increased $2.9 million to $4.5 million compared to net income of $1.6 million in the comparable period in the prior year. Fourth quarter fiscal 2005 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased to $0.68, compared to $0.31 in the comparable period. 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, "Strong sales growth across a broad range of footwear styles fueled record fourth quarter results, a terrific end to an outstanding year for Bakers Footwear Group. We attribute (1) In relational database management, a field within a record. (2) In object technology, a single element of data. See instance attribute and static attribute. the ongoing momentum in our sales and earnings this year to our ability to identify and interpret fashion trends combined with the successful expansion of our new Bakers store format. Additionally, our profitability gains exceeded sales growth, which demonstrated our ability to strengthen gross margin and leverage expenses." For the fiscal year ended January 28, 2006, net sales increased 29.1% to $194.8 million, compared to net sales of $150.9 million for the fifty-two Adj. 1. fifty-two - being two more than fifty 52, lii cardinal - being or denoting a numerical quantity but not order; "cardinal numbers" weeks ended January 29, 2005. Comparable store sales for fiscal year 2005 year increased 16.7%, compared to a comparable store sales increase of 1.4% last year. Gross profit increased 45.9% to $65.3 million, or 33.5% of net sales, compared to $44.8 million, or 29.7% of net sales, last year. The Company's net income increased $7.3 million to $6.6 million from a net loss of $695,000 in the comparable period. Fiscal year 2005 diluted earnings per share increased to $1.04 compared to a loss per share of $0.14 in the comparable period last year. The fiscal year ended January 28, 2006 is the first fiscal year completed since Bakers changed to an end-of-January fiscal period. For comparison purposes, Bakers has used the fifty-two weeks ended January 29, 2005. Bakers' previous audited fiscal year encompassed the fifty-two weeks ended January 1, 2005, during which time net sales were $150.5 million, gross profit was $46.6 million, net income was $1.4 million and diluted earnings per share was $0.28. During the fourth quarter of fiscal 2005, the company opened six new stores in its new Bakers format. The Company ended the year with 118 stores in its new Bakers format. The Company operated a total of 235 Bakers and Wild Pair stores at the end of the fiscal year. 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, "Leading our performance during the fourth quarter was strong regular price selling of boots, dress shoes A dress shoe (U.S. English) is a shoe used as a component of formal wear. A dress shoe is typically contrasted to an athletic shoe. Dress shoes are widely used in dance and for evening parties and special occasions. and closed casual footwear. Going forward, we are intently focused on furthering our leadership position in young women's fashion footwear and we believe that our latest assortments along with the vitality vi·tal·i·ty n. 1. The capacity to live, grow, or develop. 2. Physical or intellectual vigor; energy. of our Bakers Stores have us well positioned to achieve this goal." Mr. Edison added, "We believe our current offerings are trend right with notable strength in closed dress and casual footwear. We anticipate our comparable store sales for the 1st quarter will be up low to mid single digits. A later Easter Easter [A.S. Eastre, name of a spring goddess], chief Christian feast, commemorating the resurrection of Jesus after his crucifixion. In the West, Easter is celebrated on the Sunday following the full moon next after the vernal equinox (see calendar); thus, it versus last year has delayed customer purchases of sandals during the first quarter to date, but we anticipate these sales will strengthen and drive results for us in April. "For 2006, our priorities are to continue to expand our store base while appealing to our consumers with differentiated dif·fer·en·ti·ate v. dif·fer·en·ti·at·ed, dif·fer·en·ti·at·ing, dif·fer·en·ti·ates v.tr. 1. To constitute the distinction between: and 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. footwear and with creative marketing," Mr. Edison continued. "Currently our fiscal 2006 plans are to open approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30 to 35 new stores and 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. approximately 20 to 25 stores. We have also delivered our first ever Bakers catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. to 400,000 households. The catalog is performing well and should raise our visibility and expand our brand reach. We continue to believe our current initiatives in merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. and marketing along with the success of our new store format has us poised to deliver another year of solid performance in fiscal 2006." Accounting for Stock-Based Compensation Bakers' pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma diluted earnings per share, calculated as if SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123 "Accounting for Stock-Based Compensation" had been adopted, reflecting the pro forma effect of recognizing stock-based compensation costs was $0.96 for the year ended January 28, 2006, compared to reported diluted earnings per share of $1.04. Bakers will adopt SFAS 123R "Share Based Payment" effective January 29, 2006, the beginning of fiscal year 2006. Bakers currently expects the impact of SFAS 123R on fiscal year 2006 compensation expense to be comparable to or slightly higher than the pro forma effect under SFAS 123 in fiscal year 2005. Annual Meeting The Company also announced that its 2006 Annual Meeting of Stockholders will be held on June June: see month. 1, 2006 in St. Louis, Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. .
Details regarding time and location will be announced later.Conference Call The Company also announced that it will conduct a conference call to discuss its fourth quarter and fiscal 2005 results today, Monday Monday: see week. , April 3, 2006 at 9:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (800) 811-0667, approximately five minutes prior to the start of the call. The conference call will also be web-cast live at http://viavid.net/dce.aspx?sid=00002E63. A replay of this call will be available until April 10, 2006 and can be accessed by dialing (888) 203-1112 and entering code 7479658. The web-cast will remain available until May 6, 2006 at the same web address. About Bakers Footwear Group, Inc. Bakers Footwear Group, Inc. is a national, mall-based, specialty retailer of distinctive footwear and accessories for young women. The Company's 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 includes private label and national brand dress, casual and sport shoes, boots, sandals and accessories. The Company currently operates over 225 stores nationwide under two formats, Bakers and Wild Pair. Bakers' stores focus on women between the ages of 16 and 35. Wild Pair stores offer fashion-forward footwear to both women and men between the ages of 17 and 29. 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. Table follows:
Bakers Footwear Group, Inc.
Unaudited
Thirteen Thirteen Fifty-two Fifty-two
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
January 28, January 29, January 28, January 29,
2006 2005 2006 2005
----------------------------------------------------------------------
Income Statement Data
(in thousands, except
per share data) Unaudited Unaudited Unaudited Unaudited
Net sales $61,338 $44,545 $194,780 $150,911
Cost of merchandise sold,
occupancy, and buying
expenses 38,228 29,605 129,439 106,140
----------------------------------------------
Gross profit 23,110 14,940 65,341 44,771
Operating expenses 15,770 12,259 54,624 45,279
----------------------------------------------
Operating income (loss) 7,340 2,681 10,717 (508)
Interest expense (118) (153) (427) (847)
Other income, net 90 129 212 338
----------------------------------------------
Income (loss) before income
taxes 7,312 2,657 10,502 (1,017)
Income tax expense
(benefit) 2,784 1,025 3,949 (322)
----------------------------------------------
Net income (loss) $4,528 $1,632 $6,553 $(695)
==============================================
Basic earnings (loss) per
share $0.73 $0.32 $1.10 $(0.14)
==============================================
Diluted earnings (loss) per
share $0.68 $0.31 $1.04 $(0.14)
==============================================
Weighted average shares
outstanding
Basic 6,237 5,102 5,981 4,974
Diluted 6,657 5,343 6,279 4,974
Pro Forma SFAS 123 Information
Pro forma earnings (loss) per
share reflecting pro forma
stock compensation expense in
accordance with SFAS 123
Basic earnings (loss)
per share $0.70 $0.30 $1.00 $(0.22)
==============================================
Diluted earnings (loss)
per share $0.66 $0.29 $0.96 $(0.22)
==============================================
Cash Flow Data
Cash provided by operating
activities 13,993 6,493 17,536 5,629
Cash used in investing
activities (5,674) (4,108) (22,694) (12,479)
Cash provided by (used in)
financing activities (4,522) (1,094) 7,651 7,972
Supplemental Data
Comparable store sales
increase (decrease) 24.5% (0.1)% 16.7% 1.4%
Gross profit percentage 37.7% 33.5% 33.5% 29.7%
Number of stores at end of
period 235 218
January 28, January 29,
Balance Sheet Data 2006 2005
----------------------------------------------------------------------
Unaudited Unaudited
Cash $3,925 $1,432
Accounts receivable 2,371 1,342
Inventories 25,998 17,802
Other current assets 3,072 4,041
-------------------
Current assets 35,366 24,617
Property and equipment, net 38,701 21,728
Other assets 687 378
-------------------
$74,754 $46,723
===================
Current liabilities $27,600 $16,389
Noncurrent liabilities 6,764 5,125
Shareholders' equity 40,390 25,209
-------------------
$74,754 $46,723
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