Burlington Coat Factory Reports Record Fourth Quarter and 11 Months Sales and Net Income.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)--July 28, 1998--Burlington Coat Factory Warehouse Corp. (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 ) Tuesday Tuesday: see week. reported its net income and sales for the fourth quarter ended May 30, 1998. As previously announced, 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 Corp. changed its fiscal year end to the Saturday Saturday: see week; Sabbath. nearest the last day of May. Previously, the company's fiscal year ended on the Saturday nearest the last day of June June: see month. . This resulted in an 11 month reporting period for the fiscal year ended May 30, 1998 and a two month reporting period for the fourth quarter ended May 30, 1998. The comparative reporting periods last year were the 11 months and two months ended May 24, 1997. For the two months (nine weeks) ended May 30, 1998, net income was a record $3,030,000 or $.06 per share. This compared with net income of $112,000 or $.00 per share for the two months (eight weeks) ended May 24, 1997. During the three months (13 weeks) ended June 28, 1997 the net loss was $2,512,000 or ($.05) per share. Sales for the two months (nine weeks) ended May 30, two months ended May 30, 1998. Comparative store sales and net income for the current quarter were positively impacted by 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 holiday this year. Fo $1.17 per share. Sales for the 11 months (48 w249 stores at the end of June 1997. During the 11 months ended May 30, 1998 square feet of leased and owned space increased six percent. -0-
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
92,804 366,233
Deferred Tax Asset 11,207 10,906 9,201
Prepaid and Other
Current Assets 22,993 9,243 7,150
--------- --------- --------
Total Current Assets e $198,597 $ 183,230 $143,840
Income Taxes Payable 10,372 22,025 10,657
Other Current
Liabilities 94,339 85,520 75,074
Current Maturities of
Long Term Debt 7,875 16,977 8,873 8,763
Deferred Tax Liability 3,771 7,636 6,423
Stockholders' Equity:
Unearned Compensation (29) (5 (21,164)
(11,059) (13,110)
--------- --------- --------
Total Stockholders'
Equity 516,069 464,691 460,215
--------- --------- --OLIDATED STATEMENTS OF
INCOME
(All amounts in thousands except per share data)
Eleven Months Ended
May 30, May 24, :
Net Sales $ 1,795,623 100.00% $ 125 0.45%
----------- ----------
Total Costs and Expenses 1,708,144 95.13% 1,562,029 94.92%
----------- ----------
Income Before Provision
for Income Taxes 105,753 5.89% 100,190 6.09%
---------r Share $ 1.34
$ 1.22
===========
CONSOLIDATED STATEMENTS OF INCOME
(All amounts in thousands except per share data)
Twelve Months Ended
June 28,
1997
(52 Weeks)
REVENUES:
Net Sales $ 1,758,368 100.00%
Other Income 18,455 1.05%
------------
Total Revenues 1,776,823 101.05%
------------
COSTS AND EXPENSES:
Cost of Sales
(Exclusive of
Depreciation
and Amortization) 1,126,975 64.09%
Selling and
Administrative Expenses 514,959 29.29%
Depreciation and
Amortization Expense 31,047 1.77%
Interest Expense 8,080 0.46%
------------
Total Costs and Expenses 1,681,061 95.60%
------------
Income Before Provision
for Income Taxes 95,762 5.45%
Provision for
Income Taxes 39,247 2.23%
Net Income $ 56,515 3.21%
============
Earnings Per Share:
Basic and Diluted Net
Income Per Share $ 1.17
============
Weighted Average
Shares Outstanding 48,253,996
=============
Dividends Per Share --
=============
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(All amounts in thousands except per share data)
Two Months Ended
May 30, May 24,
1998 1997
(9 Weeks) (8 Weeks)
REVENUES:
Net Sales $ 285,013 100.00% $ 216,061 100.00%
Other Income 3,675 1.29% 3,297 1.53%
----------- ----------
Total Revenues 288,688 101.29% 219,358 101.53%
COSTS AND EXPENSES:
Cost of Sales
(Exclusive of
Depreciation
and Amortization) 178,957 62.79% 132,932 61.53%
Selling and
Administrative Expenses 97,510 34.21% 79,644 36.86%
Depreciation and
Amortization Expense 5,771 2.02% 5,365 2.48%
Interest Expense 1,396 0.49% 1,228 0.57%
----------- ----------
Total Costs and Expenses 283,634 99.52% 219,169 101.44%
----------- ----------
Income Before Provision
for Income Taxes 5,054 1.77% 189 0.09%
----------- ----------
Provision for Income Taxes 2,024 0.71% 77 0.04%
----------- ----------
Net Income $ 3,030 1.06% $ 112 0.05%
=========== ==========
Earnings Per Share:
Basic and Diluted
Net Income Per Share $ .06 $ .00
=========== ==========
Weighted Average
Shares Outstanding 47,381,085 47,944,476
=========== ==========
Dividends Per Share -- --
=========== ==========
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(All amounts in thousands except per share data)
Three Months Ended
June 28,
1997
(13 Weeks)
REVENUES:
Net Sales $ 328,750 100.00%
Other Income 5,212 1.59%
-----------
Total Revenues 333,962 101.59%
-----------
COSTS AND EXPENSES:
Cost of Sales
(Exclusive of
Depreciation
and Amortization) 203,992 62.05%
Selling and
Administrative Expenses 123,704 37.63%
Depreciation and
Amortization Expense 8,522 2.59%
Interest Expense 1,983 0.60%
-----------
Total Costs and Expenses 338,201 102.87%
-----------
Income Before Provision
for Income Taxes (4,239) -1.29%
-----------
Provision for Income Taxes (1,727) -0.53%
-----------
Net Income ($2,512) -0.76%
===========
Earnings Per Share:
Basic and Diluted
Net Income Per Share ($.05)
===========
Weighted Average
Shares Outstanding 47,989,285
===========
Dividends Per Share --
===========
CONTACT: Burlington Coat Factory
Bernard Brodsky, treasurer, 609/387-7800 ext. 2121
or
Monroe G. Milstein, chairman of the board,
609/387-7800 ext. 1201
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion