Burlington Coat Factory Reports Second Quarter Sales and Net Income.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)--Jan. 8, 2004 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 income and sales for the second quarter ended November November: see month. 29, 2003. For the three months ended November 29, 2003, net income was $27.1 million or $.61 per share. This compares with net income of $41.6 million or $.93 per share for the corresponding period ended November 30, 2002. Sales for the three months ended November 29, 2003 were $789.6 million compared with sales of $782.8 million during the corresponding period ended November 30, 2002. Comparative store sales for the quarter decreased 5.9%. Total sales for the comparative quarter increased 0.9%. For the six months ended November 29, 2003, net income was $10.1 million or $.23 per share. This compares with net income of $25.5 million or $.57 per share for the corresponding period ended November 30, 2002. Sales for the six months ended November 29, 2003 were $1,319.3 million compared with sales of $1,288.9 million during the corresponding period ended November 30, 2002. Comparative store sales for the six months decreased 4.1%. Total sales for the comparative six months increased 2.4%. During the six months ended November 29, 2003, the Company opened thirteen Burlington Coat Factory stores and two free standing MJM MJM Multi-Jet Modeling (prototyping manufacturing) MJM Metropolitan Japanese Ministry MJM Married Jewish Male Designer Shoe shoe, foot covering, usually of leather, consisting of a sole and a portion above the sole called an upper. In prehistoric times skins or hides may have been tied around the foot for protection and warmth; studies of the foot bones of ancient humans suggest that some stores. An additional three Burlington Coat Factory stores were relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. during the current fiscal year to locations within the same trading market. Three store locations, previously operated as Decelle stores, were converted to Burlington Coat Factory stores. The Company expects to open an additional six Burlington Coat Factory stores and three MJM Designer Shoe stores during the remainder of the current fiscal year. In addition, two locations previously operated as Decelle stores are expected to be converted to Cohoes Cohoes (kəhōz`), city (1990 pop. 16,825), Albany co., E N.Y., near Albany, at the confluence of the Mohawk and Hudson rivers; settled by the Dutch 1665, inc. 1869. Fashions stores. Burlington Coat Factory operates 344 stores in 42 states principally under the name "Burlington Coat Factory". The Company will be holding a conference call regarding the second quarter results at 10:00 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 Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , January January: see month. 9, 2004. 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 COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. ; the availability of desirable store locations on suitable terms; the availability of desirable store locations on suitable terms;the availability, selection and purchasing of attractive 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 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; unforeseen computer related problems; any unforeseen material loss or casualty; the effect of inflation; and other factors the 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. will not be realized.
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(All amounts in thousands, except per share data)
Six Months Ended
November 29, 2003 November 30, 2002
REVENUES:
Net Sales $1,319,250 100.00% $1,288,881 100.00%
Other Income 13,007 0.99% 14,225 1.10%
----------- -----------
1,332,257 100.99% 1,303,106 101.10%
----------- -----------
COSTS AND EXPENSES:
Cost of Sales (Exclusive of
Depreciation) 825,482 62.57% 801,172 62.16%
Selling and Administrative
Expenses 448,987 34.03% 426,112 33.06%
Depreciation 38,914 2.95% 33,725 2.62%
Interest Expense 2,468 0.19% 1,063 0.08%
----------- -----------
1,315,851 99.74% 1,262,072 97.92%
----------- -----------
Income Before Provision for
Income Taxes 16,406 1.24% 41,034 3.18%
Provision for Income Taxes 6,350 0.48% 15,516 1.20%
----------- -----------
Net Income 10,056 0.76% 25,518 1.98%
----------- -----------
Net Unrealized Loss on Non-
Marketable Securities, Net of
Tax - -
----------- -----------
Total Comprehensive Income $10,056 $25,518
=========== ===========
Basic and Diluted Earnings Per
Share:
Basic and Diluted Net Income
Per Share $0.23 $0.57
=========== ===========
Basic Weighted Average Shares
Outstanding 44,555,166 44,485,076
=========== ===========
Diluted Weighted Average Shares
Outstanding 44,644,431 44,572,629
=========== ===========
Dividends Per Share $0.03 $0.02
=========== ===========
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(All amounts in thousands, except per share data)
Three Months Ended
November 29, 2003 November 30, 2002
REVENUES:
Net Sales $789,608 100.00% $782,777 100.00%
Other Income 7,185 0.91% 8,014 1.02%
----------- -----------
796,793 100.91% 790,791 101.02%
----------- -----------
COSTS AND EXPENSES:
Cost of Sales (Exclusive of
Depreciation) 488,905 61.92% 475,354 60.73%
Selling and Administrative
Expenses 241,877 30.63% 230,176 29.41%
Depreciation 20,077 2.54% 17,785 2.27%
Interest Expense 1,686 0.21% 613 0.08%
----------- -----------
752,545 95.31% 723,928 92.48%
----------- -----------
Income Before Provision for
Income Taxes 44,248 5.60% 66,863 8.54%
Provision for Income Taxes 17,125 2.17% 25,282 3.23%
----------- -----------
Net Income 27,123 3.43% 41,581 5.31%
----------- -----------
Net Unrealized Loss on Non-
Marketable Securities, Net of
Tax (2) -
----------- -----------
Total Comprehensive Income $27,121 $41,581
=========== ===========
Basic and Diluted Earnings Per
Share:
Basic and Diluted Net Income
Per Share $0.61 $0.93
=========== ===========
Basic Weighted Average Shares
Outstanding 44,562,907 44,487,465
=========== ===========
Diluted Weighted Average
Shares Outstanding 44,662,796 44,573,452
=========== ===========
Dividends Per Share -- $0.02
=========== ===========
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