Bernard Chaus Reports Second Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 31, 2002 Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Chaus Cha´us n. 1. (Zool.) a lynxlike animal of Asia and Africa (Lynx Lybicus). , Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CHBD.OB) today announced its financial results for the second quarter and first half of fiscal 2002. For the quarter ended December December: see month. 31, 2001, the Company reported a net loss of $5.3 million, or $0.20 per share, compared to a net loss of $3.7 million, or $0.14 per share, in the second quarter last year. Revenues for the second quarter of fiscal 2002 were $30.0 million versus $30.2 million in the year-ago period. For the first half of fiscal 2002, the Company's net loss was $5.9 million, or $0.22 per share, compared to a net loss of $4.6 million, or $0.17 per share, in the six-month period a year ago. Revenues for the first half of fiscal 2002 were $69.4 million versus $70.9 million in the same period last year. Josephine Josephine, 1763–1814, empress of the French (1804–9) as the consort of Napoleon I. Born Marie Josèphe Rose Tascher de la Pagerie in Martinique, she was married in 1779 to Alexandre de Beauharnais. Chaus, Chairwoman and Chief Executive Officer, commented, "Even before the impact of September September: see month. 11, our industry faced a challenging retail environment in the second quarter, with 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. planning their businesses very cautiously cau·tious adj. 1. Showing or practicing caution; careful. 2. Tentative or restrained; guarded: felt a cautious optimism that the offer would be accepted. and consumer apparel purchases remaining promotionally driven. As a result of these factors, it was necessary to sell more 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 through the off-price off-price adj. 1. Of, relating to, or being a retail store that sells merchandise at prices lower than usual. 2. For sale at prices lower than usual: off-price assortments of women's clothing. channel, impacting our performance. We have, however, taken new steps to better position the Company in the second half of the year, given current economic conditions. These include implementing a series of actions to eliminate approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3.2 million of the Company's annual overhead costs overhead costs see fixed costs. , disposing of prior-season inventory during the second quarter, and scaling back inventories for the upcoming seasons. With the benefit of these initiatives, we anticipate reporting a profit for the second half of the fiscal year and an improvement for the full year over fiscal 2001 full year results." Bernard Chaus, Inc., designs, sources and markets an extensive range of women's career and casual sportswear, principally under the Josephine Chaus Collection, Josephine Chaus Studio, Josephine Chaus Essentials and Josephine Chaus Sport trademarks. The Company's products are sold nationwide through department store chains, specialty retailers and other outlets. Further information can be found at www.BernardChaus.com. 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. that are based upon current expectations and involve a number of uncertainties, including retail market conditions, consumer acceptance of the Company's products and the ability to achieve anticipated profit margins. Further information on potential factors which could affect the Company's financial results are included in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June June: see month. 30, 2001 and Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 2001.
BERNARD CHAUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except number of shares and per share amounts)
(Unaudited)
For the Quarter Ended For the Six Months Ended
December 31, December 31,
2001 2000 2001 2000
---- ---- ---- ----
Net Sales $ 29,964 $ 30,213 $ 69,422 $ 70,890
Cost of goods sold 26,961 25,191 58,192 57,937
------ ------ ------ ------
Gross profit 3,003 5,022 11,230 12,953
Selling, general and
administrative
expenses 7,787 8,085 16,032 16,388
----- ----- ------ ------
Loss from operations (4,784) (3,063) (4,802) (3,435)
Interest expense, net 551 620 1,112 1,182
--- --- ----- -----
Loss before provision
for income taxes (5,335) (3,683) (5,914) (4,617)
Provision for
income taxes 3 3 6 5
--- --- ----- -----
Net loss $ (5,338) $ (3,686) $ (5,920) $ (4,622)
======== ========= ========== =========
Basic and diluted
loss per share $ (0.20) $ (0.14) $ (0.22) $ (0.17)
======== ========= ========== =========
Weighted average
number of common
shares outstanding
- basic and
diluted 27,216,000 27,216,000 27,216,000 27,216,000
========== ========== ========== ==========
BERNARD CHAUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Dollars in thousands)
(Unaudited)
December 31, December 31,
2001 2000
------------- --------------
Cash and cash equivalents $ 159 $ 3,949
Accounts receivable, net 19,601 18,053
Inventories 12,928 14,053
Prepaid expenses and
other current assets 799 482
--- ---
Total current assets 33,487 36,537
Fixed and other assets, net 6,049 6,627
----- -----
Total assets $ 39,536 $ 43,164
========== =========
Revolving credit borrowings $ 6,660 $ 0
Accounts payable and
accrued expenses 16,767 17,253
Term loan - current 1,000 1,000
----- -----
Total current liabilities 24,427 18,253
Term loan and other
long-term liabilities 10,350 11,231
------ ------
Total liabilities 34,777 29,484
Total stockholders' equity 4,759 13,680
----- ------
Total liabilities and
stockholders' equity $ 39,536 $ 43,164
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