Bakers Footwear Reports Improved First Quarter Fiscal 2005 Results; Net Income Increases by 148% to $1.9 Million; Net Sales Rise by 16.2% to $44.9 Million.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 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 moderately priced fashion footwear Shoe fashion properties  Closed toe pumps for young women, today announced results for the thirteen weeks ended April 30, 2005 and the transition period consisting of the four weeks ended January January: see month. 29, 2005. For the first quarter, ended April 30, 2005: --Net sales increased 16.2%, to $44.9 million from $38.7 million for the thirteen weeks ended May 1, 2004. Comparable store sales increased 7.8% compared to a 10.2% increase last year; --Operating income rose to $3.1 million, or 6.9% of 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 , as compared to $1.5 million, or 3.9% of net sales in the same period a year ago; --Net income more than doubled to $1.9 million, or 4.1% of net sales, as compared to $0.7 million, or 1.9% of net sales in the first quarter of 2004. --Diluted earnings per share increased 120.0% to $0.33 compared to $0.15 in the first quarter of 2004. Bakers previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). that it changed its fiscal year end to the standard retail calendar, which ends on the Saturday Saturday: see week; Sabbath. closest to the end of January. This resulted in a four week transition period ended January 29, 2005. Net sales the four weeks ended January 29, 2005, were $9.2 million, up from $8.8 million for the four weeks ended January 31, 2004, while comparable store sales decreased by 0.8%. Bakers had a net loss of $1.9 million, or $0.37 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, for the transition period, compared to net income of $0.3 million, or $0.10 per diluted share, for the same period last year. Results for January 2004 include the one time gain of $1.2 million from the recognition of deferred tax assets resulting from the company's conversion to a C corporation from a sub-chapter S corporation in that month. Additionally, during the first quarter, the Company: --Opened seven new stores and at quarter-end operated 221 stores in 36 states; --Remodeled six stores and at quarter-end operated 86 stores in the new store format; and --Completed a private placement of one million shares of common stock and warrants to purchase 375,000 shares of common stock generating net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $7.5 million. Gross profit in the first quarter was $15.4 million, or 34.3% of net sales, compared to $12.4 million, or 32.2% of net sales, in the first quarter of fiscal 2004. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $12.3 million, or 27.4% of net sales compared to $11.0 million, or 28.3% of net sales in the first quarter 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, stated, "The first quarter marked a productive period for us. Our net income more than doubled from a year ago which 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. to higher sales and improved 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 experience as consumers broadly adopted our footwear offerings. In addition, our expansion and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling program continued to generate excitement with comparable store sales for stores operating in our new format increasing 12.3% during the quarter. We were also pleased to increase our financial flexibility through the completion of a private placement this quarter." Mr. Edison continued: "As we look to the second quarter and balance of the year we remain excited about our growth prospects. Current sales trends remain robust across our many categories with particular strength in sandals and casual styles. Our upcoming styles position us to capture increased market share during the back to school season. We believe the strategies we are implementing along with our store expansion and remodeling plans have us poised to continue our success in fiscal 2005." 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, said, "We began fiscal year 2005 strongly, a direct result of our 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 store initiatives. With assortments that consumers desire, our Bakers and Wild Pair stores have become true destinations for trend right footwear, which should benefit us as the year progresses." Bakers also released the unaudited operating results for the four quarters of fiscal year 2004 reflecting the change in its fiscal year end. Conference Call The Company announced that it will conduct a conference call to discuss its first quarter fiscal 2005 results tomorrow, Wednesday Wednesday: see week. , June June: see month. 8, 2005 at 9:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (800) 819-9193, 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=00002624. A replay of this call will be available until June 15, 2005 and can be accessed by dialing (888) 203-1112 and entering code 6347845. About Bakers Footwear Group, Inc. Bakers Footwear Group 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 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. , boots boot 1 n. 1. Protective footgear, as of leather or rubber, covering the foot and part or all of the leg. 2. , sandals and accessories. The company currently operates more than 200 stores nationwide under two formats, Bakers and Wild Pair. Bakers stores focus on women between the ages of 15 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 GROUP, INC.. 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.
Unaudited
Thirteen Thirteen Four Four
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
April 30, May 1, January January
Income Statement Data 2005 2004 29, 2005 31, 2004
-------------------------- ---------- ---------- ---------- ----------
(in thousands, except per
share data) Unaudited Unaudited Unaudited Unaudited
Net Sales $44,943 $38,676 $9,159 $8,763
Cost of merchandise sold,
occupancy, and buying
expenses 29,537 26,231 8,550 6,891
---------- ---------- ---------- ----------
Gross profit 15,406 12,445 609 1,872
Operating expenses 12,324 10,952 3,531 3,213
---------- ---------- ---------- ----------
Operating income (loss) 3,082 1,493 (2,922) (1,341)
Interest expense (126) (369) (30) (119)
Other income (expense),
net 36 89 17 8
---------- ---------- ---------- ----------
Income (loss) before
income taxes 2,992 1,213 (2,935) (1,452)
Income tax expense
(benefit) 1,141 468 (1,069) (1,709)
---------- ---------- ---------- ----------
Net income (loss) $1,851 $745 $(1,866) $257
========== ========== ========== ==========
Net income (loss) per
common share
Basic $035 $0.16 $(0.37) $0.20
========== ========== ========== ==========
Diluted $0.33 $0.15 $(0.37) $0.10
========== ========== ========== ==========
Weighted average shares
outstanding
Basic 5,344,239 4,587,517 5,102,481 1,420,713
Diluted 5,598,915 4,997,757 5,102,481 2,916,997
Supplemental Data
Comparable store sales
increase (decrease) 7.8% 10.2% (0.8)% 8.7%
Gross profit percentage 34.3% 32.2% 6.6% 21.4%
Number of stores at end
of period 221 206 218 208
April 30, May 1, January January
Balance Sheet Data 2005 2004 29, 2005 31, 2004
-------------------------- ---------- ---------- ---------- ----------
Unaudited Unaudited Unaudited Unaudited
Current assets $30,410 $26,967 $24,617 $16,572
Noncurrent assets 25,271 14,380 22,106 14,406
---------- ---------- ---------- ----------
$55,681 $41,347 $46,723 $31,183
========== ========== ========== ==========
Current liabilities $15,498 $10,861 $16,389 $17,456
Noncurrent liabilities 5,564 3,870 5,125 10,193
Shareholders' equity 34,619 26,616 25,209 3,534
---------- ---------- ---------- ----------
$55,681 $41,347 $46,723 $31,183
========== ========== ========== ==========
Prior Year Results Reflecting Change in Fiscal Quarters
Thirteen Thirteen Thirteen Thirteen
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
May 1, July 31, October January
Income Statement Data 2004 2004 30, 2004 29, 2005
-------------------------- ---------- ---------- ---------- ----------
(in thousands, except per
share data) Unaudited Unaudited Unaudited Unaudited
Net Sales $38,676 $35,403 $32,287 $44,545
Cost of merchandise sold,
occupancy, and buying
expenses 26,231 24,920 25,384 29,605
---------- ---------- ---------- ----------
Gross profit 12,445 10,483 6,903 14,940
Operating expenses 10,952 11,205 10,863 12,259
---------- ---------- ---------- ----------
Operating income (loss) 1,493 (722) (3,960) 2,681
Interest expense (369) (134) (191) (153)
Other income (expense),
net 89 96 24 129
---------- ---------- ---------- ----------
Income (loss) before
income taxes 1,213 (760) (4,127) 2,657
Income tax expense
(benefit) 468 (266) (1,549) 1,025
---------- ---------- ---------- ----------
Net income (loss) $745 $(494) $(2,578) $1,632
========== ========== ========== ==========
Net income (loss) per
common share
Basic $0.16 $(0.10) $(0.51) $0.32
========== ========== ========== ==========
Diluted $0.15 $(0.10) $(0.51) $0.31
========== ========== ========== ==========
Weighted average shares
outstanding
Basic 4,587,517 5,102,481 5,102,481 5,102,481
Diluted 4,997,757 5,102,481 5,102,481 5,342,617
Supplemental Data
Comparable store sales
increase (decrease) 10.2% 3.0% (7.6)% (0.9)%
Gross profit percentage 32.2% 29.6% 21.4% 33.5%
Number of stores at end
of period 206 207 217 218
May 1, July 31, October January
Balance Sheet Data 2004 2004 30, 2004 29, 2005
-------------------------- ---------- ---------- ---------- ----------
Unaudited Unaudited Unaudited Unaudited
Current assets $26,967 $26,025 $24,904 $24,617
Noncurrent assets 14,380 16,005 18,780 22,106
---------- ---------- ---------- ----------
$41,347 $42,030 $43,684 $46,723
========== ========== ========== ==========
Current liabilities $10,861 $11,923 $15,197 $16,389
Noncurrent liabilities 3,870 4,062 4,900 5,125
Shareholders' equity 26,616 26,045 23,587 25,209
---------- ---------- ---------- ----------
$41,347 $42,030 $43,684 $46,723
========== ========== ========== ==========
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