Printer Friendly

CARTER HAWLEY HALE REPORTS FIRST QUARTER RESULTS

 CARTER HAWLEY HALE REPORTS FIRST QUARTER RESULTS
 LOS ANGELES, May 20 /PRNewswire/ -- Carter Hawley Hale Stores Inc.


(NYSE: CHH) today reported results for the first quarter ended May 2, 1992.
 Sales for the period improved slightly to $433.6 million compared with $430.1 million in last year's first quarter. Comparative store sales in the quarter increased 1.4 percent.
 Earnings from operations before interest expense and reorganization costs increased to $5.6 million compared with $3.7 million in last year's period. The results for the current year were adversely impacted by $2.0 million for uninsured property damages and nonproductive costs resulting from the civil disturbances centered in Los Angeles.
 The company's net loss for the quarter was reduced to $20.4 million, or a loss of $.70 per share, compared with a loss of $62.4 million, or a loss of $2.16 per share, in last year's quarter. Last year's period includes a $30.0 million after-tax charge resulting from the adoption of FAS No. 106 which required a change in the method of accounting for post-retirement medical and other benefits.
 Carter Hawley Hale Stores Inc. operates 88 stores under the names of The Broadway, The Broadway Southwest, Emporium and Weinstocks.
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-possession)
 Consolidated Statement of Earnings
 (In thousands, except per share data)
 (unaudited)
 13 weeks ended
 May 2, May 4,
 1992 1991
 Sales $433,627 $430,116
 Cost of goods sold, including
 occupancy and buying costs 316,776 321,897
 Selling, general and
 administrative expenses 131,783 129,419
 Finance charge revenue (22,558) (24,884)
 Other expense 2,000 ---
 Earnings from operations before
 interest expense and
 reorganization costs 5,626 3,684
 Interest expense, net 22,405 28,079
 Loss from operations before
 reorganization costs (16,779) (24,395)
 Reorganization costs 3,592 7,996
 Pretax loss (20,371) (32,391)
 Income taxes --- ---
 Loss before cumulative effect
 of change in accounting (20,371) (32,391)
 Cumulative effect of change
 in accounting for post-
 retirement medical and other
 benefits, net of tax --- (30,000)
 Net loss ($20,371) ($62,391)
 Loss per common share
 Operations ($.70) ($1.12)
 Change in accounting --- (1.04)
 Total ($.70) ($2.16)
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-Possession)
 Consolidated Balance Sheet
 (In thousands)
 (Unaudited)
 May 2, May 4,
 1992 1991
 Assets:
 Current Assets
 Cash $34,546 $66,919
 Restricted cash deposits --- 9,760
 Accounts receivable, net 534,472 599,747
 Merchandise inventories 370,836 356,065
 Other current assets 24,658 37,109
 Total 964,512 1,069,600
 Property and equipment, net 503,422 505,843
 Other assets 96,854 82,486
 Total $1,564,788 $1,657,929
 Liabilities and Shareholders'
 Equity
 Current liabilities
 Notes payable and current
 installments $59,866 $2,890
 Accounts payable 120,951 126,845
 Accrued expenses 226,687 152,614
 Current income taxes 10,948 9,515
 Total 418,452 291,864
 Liabilities subject to
 settlement under
 reorganization proceedings 593,741 595,530
 Receivables based financing 421,873 456,000
 Other long-term debt 453,174 453,174
 Capital lease obligations 54,530 61,502
 Other liabilities 133,025 115,051
 Deferred income taxes 18,840 19,826
 Shareholders' equity
 Common stock, $.01 par value 303 303
 Other paid-in capital 643,194 643,252
 Accumulated deficit (1,172,344) (978,573)
 Subtotal (528,847) (335,018)
 Total $1,564,788 $1,657,929
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-Possession)
 Consolidated Statement of Cash Flows
 (In thousands)
 (Unaudited)
 13 Weeks Ended
 May 2, May 4,
 1992 1991
 Operating activities
 Loss from operations ($20,371) ($32,391)
 Adjustments to reconcile
 loss from operations
 to net operating
 cash flows
 Depreciation and
 amortization 10,157 11,776
 Change in operating
 assets and liabilities
 Restricted cash deposits --- 35,677
 Accounts receivable, net 77,062 95,735
 Merchandise inventories 13,610 (616)
 Accounts payable and
 accrued liabilities (32,834) 112,699
 Other, net (490) (8,527)
 Net cash provided
 by operating activities 47,134 214,353
 Investing activities
 Purchases of property
 and equipment (1,998) (2,153)
 Financing activities
 Postpetition debt
 activity
 Net change
 in financing under
 receivables based
 facility (67,381) 456,000
 Net change in financing
 under working capital
 facility 20,000 ---
 Prepetition debt
 activity
 Net change in financing
 under receivables-based
 facility --- (633,798)
 Retirement of capital
 lease obligations (725) (614)
 Net cash used by
 financing activities (48,106) (178,412)
 Net increase (decrease)
 in cash (2,970) 33,788
 Cash at the beginning
 of the period 37,516 33,131
 Cash at the end of the
 period $34,546 $66,919
 -0- 5/20/92
 /CONTACT: Bill Dombrowski of Carter Hawley Hale Stores Inc., 213-239-6522/
 (CHH) CO: Carter Hawley Hale Stores Inc. ST: California IN: REA SU: ERN


EH-KJ -- LA010 -- 2178 05/20/92 08:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 20, 1992
Words:794
Previous Article:DIODES INC. REPORTS RESULTS
Next Article:JAGUAR ANNOUNCES HI-TECH TWO STROKE ENGINE; PROGRAM TO BE DEVELOPED BY ORBITAL
Topics:


Related Articles
CARTER HAWLEY HALE REPORTS THIRD QUARTER RESULTS
CARTER HAWLEY HALE INC., PRUDENTIAL INSURANCE COMPANY REACH AGREEMENT
CARTER HAWLEY HALE REPORTS SECOND QUARTER RESULTS
CARTER HAWLEY HALE REPORTS FIRST QUARTER RESULTS
CARTER HAWLEY HALE REPORTS FIRST QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters