Burlington Coat Factory Reports First Quarter Sales and Net Loss.Business Editors BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , N.J.--(BUSINESS WIRE)--Sept. 25, 2001 Burlington Coat Factory Burlington Coat Factory Warehouse Corporation is a national department store retailer focusing on clothing and shoes, with over 360 stores in 42 states (as of 2006). In early 2007, the first location to be opened in Canada will be at the Vaughan Mills mall in Toronto. Warehouse Corporation (NYSE NYSE See: New York Stock Exchange :BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter ) today reported its net loss and sales for the first quarter ended September September: see month. 1, 2001. For the three months ended September 1, 2001, the net loss was $20,577,000 or $0.46 per share. This compares with a net loss in the comparative three month period ended September 2, 2000 in the prior fiscal year of $13,536,000 or $0.30 per share before an extraordinary loss from early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt of $815,000 or $0.02 per share. Sales for the three months ended September 1, 2001 were $451,551,000 compared with sales of $415,671,000 during the corresponding period ended September 2, 2000 last year. Comparative store sales for the quarter increased 3.0%. Total sales for the comparative quarter increased 8.6%. Historically, the Company's stores have lost money during the first fiscal quarter. The increased loss during this year's first quarter over the similar period of the prior fiscal year is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the following: (i) thirteen additional stores in operation contributed an additional $.05 per share to the loss; (ii) pre-opening expenses for 24 new stores (versus fifteen new stores in the prior year) resulted in an additional loss of $.02 per share attributable to the nine incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. stores; (iii) 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. for an additional distribution facility (located in Bristol, Pennsylvania Bristol is a borough in Bucks County, Pennsylvania, 23 miles (37 km) northeast of Philadelphia opposite Burlington, N.J. on the Delaware River. Bristol was first incorporated in 1720. ) which was opened during the current year's first fiscal quarter added $.015 per share to the loss; (iv) increased depreciation expense, due to increased levels of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → and accelerated write-offs associated with anticipated store relocations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition of new store locations from Montgomery Montgomery, city, United States Montgomery, city (1990 pop. 187,106), state capital and seat of Montgomery co., E central Ala., near the head of navigation on the Alabama River just below the confluence of the Coosa and Tallapoosa rivers, and in the rich Ward, contributed $.035 to the current quarter's loss and (v) increased selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. , consisting primarily of increased profit-sharing plan Profit-Sharing Plan A plan that gives employees a share in the profits of the company. Each employee receives into an account, a percentage of those profits based on their earnings. Also known as "deferred profit-sharing plan" or "DPSP". contributions, insurance costs and store selling and supply expenses, contributed $.04 per share to the current quarter's loss. Burlington Coat Factory operates 297 stores in 42 states, principally under the name Burlington Coat Factory. The Company plans to open approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20 new stores during the current fiscal year. The Company will be holding a conference call regarding the first quarter results at 9:30 EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on Wednesday Wednesday: see week. , September 26, 2001. To listen to the call, visit the Company's site at www.coat.com. Statements made in this press release that are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. (within the meaning of 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 1995) are not historical facts and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: general economic conditions; consumer demand; consumer preferences; weather patterns; competitive factors, including pricing and promotional activities of major competitors; the availability of desirable store locations on suitable terms; the availability, selection and purchasing of attractive merchandise on favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms; import risks; the Company's ability to control costs and expenses; unforseen computer related problems; any unforeseen material loss or casualty; the effect of inflation; and other factors that may be described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise its 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. even if experience or future changes make it clear that any projected results expressed or implied will not be realized
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(All amounts in thousands, except per share data)
Three Months Ended
September 01, 2001 September 02, 2000
(Unaudited) (Unaudited)
REVENUES:
Net Sales $ 451,551 100.00% $ 415,671 100.00%
Other Income 4,725 1.05% 5,535 1.33%
----------- -----------
456,276 101.05% 421,206 101.33%
----------- -----------
COSTS AND EXPENSES:
Cost of Sales
(Exclusive of
Depreciation and
Amortization) 294,860 65.30% 272,354 65.52%
Selling and
Administrative
Expenses 180,359 39.94% 158,521 38.14%
Depreciation and
Amortization 13,720 3.04% 11,199 2.69%
Interest Expense 313 0.07% 850 0.20%
----------- -----------
489,252 108.35% 442,924 106.56%
----------- -----------
Loss Before Income
Tax Benefit (32,976) -7.30% (21,718) -5.22%
Income Tax Benefit (12,399) -2.75% (8,182) -1.97%
----------- -----------
Net Loss Before
Extraordinary Item (20,577) -4.56% (13,536) -3.26%
Extraordinary Loss
from Early
Extinguishment of
Debt, Net of Tax -- 0.00% (815) -0.20%
----------- -----------
Net Loss ($20,577) -4.56% ($14,351) -3.45%
=========== ===========
Basic and Diluted
Earnings Per Share:
Net Loss Before
Extraordinary Item ($0.46) ($0.30)
Extraordinary Loss
from Early
Extinguishment of
Debt, Net of Tax -- (0.02)
----------- -----------
Net Loss ($0.46) ($0.32)
=========== ===========
Weighted Average
Shares Outstanding 44,406,057 44,345,924
=========== ===========
Dividends Per Share $ 0.02 --
=========== ===========
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
September 01, 2001 June 02, 2001
(Unaudited) (See Note A)
ASSETS
Current Assets:
Cash and Cash Equivalents $15,615 $77,407
Accounts Receivable 20,382 20,334
Merchandise Inventories 652,758 535,429
Deferred Tax Asset 9,741 10,021
Prepaid and Other Current
Assets 31,864 34,861
Prepaid Income Tax 10,708 --
----------- -----------
Total Current Assets 741,068 678,052
Property and Equipment
(Net of Accumulated
Depreciation) 402,732 364,025
Long-Term Investments 6,200 6,200
Other Assets (Net of
Accumulated Amortization) 12,884 12,498
---------- ----------
Total Assets $1,162,884 $1,060,775
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable $332,743 $260,678
Notes Payable 50,200 --
Income Taxes Payable -- 8,355
Other Current Liabilities 122,243 111,860
Current Maturities of
Long-Term Debt 555 505
----------- ----------
Total Current
Liabilities 505,741 381,398
Long-Term Debt 7,005 7,560
Other Liabilities 14,619 14,648
Deferred Tax Liability 1,559 1,798
Commitments and
Contingencies
Stockholders' Equity:
Preferred Stock -- --
Common Stock 49,720 49,715
Capital in Excess of Par
Value 20,587 20,538
Retained Earnings 624,648 646,113
Accumulated Other
Comprehensive Income
(Loss) (3) (3)
Treasury Stock at Cost (60,992) (60,992)
----------- -----------
Total Stockholders'
Equity 633,960 655,371
----------- -----------
Total Liabilities and
Stockholders' Equity $1,162,884 $1,060,775
=========== ===========
Note A: The balance sheet at June 2, 2001 has been derived from the
audited financial statements at that date.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion