Bradlees Reports Improved Third Quarter and 1999 Year-to-date Results.BRAINTREE, Mass.--(BUSINESS WIRE)--Nov. 18, 1999-- Bradlees, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BRAD) today announced improved sales and operating results for the third quarter ended October 30, 1999, including a significant increase in 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.
Comparable store sales for the third quarter increased 10.5%, and total sales for the quarter were $358.4 million, compared with $323.1 million in 1998. Year-to-date comparable store sales increased 14.2%, and total sales for the period were $1.065 billion, compared with $939.2 million for the prior-year period. The Company achieved EBITDA of $7.5 million, compared with $2.2 million in EBITDA for the third quarter of 1998. Income before interest and reorganization items improved to $0.9 million for the third quarter of 1999, compared to a loss of $5.6 million in the prior-year period. Year-to-date, the Company achieved $15.0 million in EBITDA, compared to an EBITDA loss of $0.6 million in 1998. The year-to-date loss before interest and reorganization items was reduced to $6.1 million, compared with a loss of $25.2 million in the prior-year period. The net loss for the quarter was $6.9 million, compared with a net loss of $7.2 million for the same period last year. Last year's third quarter results included a reorganization credit of $2.7 million, which reduced the reported net loss in 1998. Excluding the impact of this item, the reduction in the Company's 1999 third quarter net loss compared to the prior year would have been $3.0 million. The net loss per share was $0.69 for the quarter, compared with a net loss of $0.64 per share for the corresponding quarter of 1998, due to fewer shares outstanding as a result of the Company's successful reorganization under Chapter 11. The year-to-date net loss was $27.2 million, an improvement of $7.4 million compared to the net loss of $34.6 million in the prior-year period. The year-to-date net loss per share was $2.73 compared with $3.06 in 1998. "Our results this quarter and year-to-date continue the rapid improvement in Bradlees' financial and operating performance," said Peter Thorner, Bradlees Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We achieved a double-digit increase in comparable store sales for the third consecutive quarter. We also achieved substantial improvements in EBITDA and in income before interest and reorganization items. At the same time, we installed a state-of-the-art warehouse management system in our Edison, New Jersey Edison Township (usually known as Edison) is a township in Middlesex County, New Jersey, United States. As of the United States 2000 Census, the township had a total population of 97,687, making it at the time the fifth largest municipality in New Jersey. As of the U.S. distribution center and opened two new stores that are performing above expectations. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , our entire Company is and 1998 sales of $1.4 billion. Bradlees offers an assortment of merchandise focused on basic and casual apparel, basic and fashion items for the home, and commodity and convenience products. General information about Bradlees, including corporate background and press releases, is available on the internet at http://www.bradlees.com. To find the nearest store location call toll-free 1-877-272-3533 or visit the web site. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 19D COMPANY AT JANUARY 30, 1999. ACCORDINGLY, THE ACCOMPANYING STATEMENTS OF OPERATIONS FOR THE 13 AND 39 WEEKS ENDED OCTOBER 30, 1999 ARE NOT COMPARABLE IN CERTAIN MATERIAL RESPECTS TO THE PRIOR PERIODS PRESENTED. in 105,778 94,739 312,452 271,002 Leased department and other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. 3,451 3,185 10,095 9,045 109,229 97,924 322,547 280,047 Selling, store zation items 891 (5,585) (6,143) (25,178) Interest and debt expense 7,818 4,371 21,819 11,960 Reorganization items -- 7,495 $ 2,218 $ 14,989 ($ 566) ter and year -to-date periods are napter 11 in February, 1999. (Dollars in thousands) THE PURCHASE MET cash equivalents $ 11,228 $ 10,959 11,925 Inventories apital leases, net 93,475 123,892 72,518 137,350 Other long-term assets Long-Term Assets 1. Reported on the balance sheet, it's the value of a company's property, equipment and other capital assets, less depreciation. 2. A stock, bond or other asset that you plan on holding in your portfolio for a lengthy period of time. , net ertain reclassifications have been made to the pD BALANCE SHEETS 5,798 6,027 Current portion of capital lease obligations and notes 2,540 1,038 Total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. 387,214 367,091 Long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than : Obligations under capital leases 27,089 26,211 Lease financing obligation 17,496 -- Convertible notes payable 11,976 -- Deferred income taxes -- 8,581 Self-insurance reserves 11,773 12,237 Unfavorable lease liability 45,064 -- Other long-term liabilities Other Long-Term Liabilities A balance sheet item that includes obligations that do not currently require interest payments. Notes: This would include items such as remaining leases, future employee benefits and deferred taxes. 24,592 19,034 Total long-term liabilities 137,990 66,063 Liabilities subject to settlement under the reorganization case -- 548,788 Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. (deficiency): Common stock: 9,986,273 new shares (11,310,384 old shares at 10/31/98) Par value 100 115 Additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements 55,617 137,821 Accumulated deficit (27,184) (457,665) Treasury stock, at cost -- (803) Total stockholders' equity (deficiency) 28,533 (320,532) Total Liabilities and Stockholders' Equity (Deficiency) $ 553,737 $ 661,410 |
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