Cache, Inc. Reports Third Quarter 2002 Profit Versus FY 2001 Net Loss.Business Editors & Retail Writers NEW YORK--(BUSINESS WIRE)--Oct. 16, 2002 Cache, Inc., (Nasdaq:CACH CACH Canyon de Chelly National Monument (US National Park Service) CACH Carolina Chickadee CACH Canadian Adult Congenital Heart Network CACH Chicago Area Consolidation Hub (United Parcel Service) ), a specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. chain of women's apparel stores with 227 stores open, reported results for the thirteen and thirty-nine week periods ended September September: see month. 28, 2002. Net income for the 13-week period ended September 28, 2002 increased to $103,000 or $0.01 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in Fiscal 2002, as compared to a net loss of $1,009,000 or $0.11 per diluted share in Fiscal 2001. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the thirteen week period increased $4.1 million or 11% and same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of increased 7% for the period, primarily due to an increase in September 2002 same store sales of 14%. Net income for the 39-week period increased to $4.9 million or $0.51 per diluted share in Fiscal 2002 from $818,000 or $0.09 per diluted share in Fiscal 2001. Net sales increased $13.3 million or 10% and same store sales increased 7% for the period. The improved results for the 39 week period were primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to improved gross margins. Last year's 39-week results contained a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement, which had the effect of increasing net income by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.0 million, or $0.10 per diluted share. Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Woolf Woolf , (Adeline) Virginia (Stephen) 1882-1941. British writer whose works include fiction written in an experimental stream-of-consciousness style, such as Mrs. , Cache's Chairman commented, "We were pleased with the improvement in our third quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results. Both our current year operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and net income have increased significantly over our prior year results. This was driven by our 7% increase in same store sales, as well as increases in year-to-date gross margins. The merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain strategies we began to implement in 2001 and throughout this year have provided positive results."
A table summarizing financial results follows:
Thirty-Nine Weeks Ended Thirteen Weeks Ended
Sept. 28, Sept. 29, Sept. 28, Sept. 29,
2002 2001 2002 2001
---- ---- ---- ----
($ Thousands, except for per share data)
Sales $140,926 $127,663 $ 41,989 $ 37,859
Gross profit $ 58,266 $ 44,178 $ 16,787 $ 12,859
Operating income
(loss) $ 7,552 ($ 495) $ 94 ($ 1,638)
Net income (loss) $ 4,919 $ 818 $ 103 ($ 1,009)
Basic earnings
(loss) per share $ 0.54 $ 0.09 $ 0.01 ($ 0.11)
Diluted earnings
(loss) per share $ 0.51 $ 0.09 $ 0.01 ($ 0.11)
The Company also announced that it had opened 5 new Cache stores in the first nine months of Fiscal 2002. The Company plans to open 3 new Lillie Rubin Ru´bin n. 1. A ruby. stores and 5 new Cache stores in the fourth quarter. This will increase the Company's total store count to 235 stores.
A listing of the stores to be opened follows:
Cache stores:
East Chase Montgomery, AL
The Mall at Millenia Orlando, FL
The Village of Merrick Park Coral Gables, FL
Pheasant Lane Mall Nashua, NH
The Mall of New Hampshire Manchester, NH
The Mall at Rockingham Park Salem, NH
Lillie Rubin stores:
The Mall at Millenia Orlando, FL
The Shops at Willow Bend Plano, TX
Bellevue Square Bellevue, WA
Certain matters discussed within this press release may constitute 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. within the meaning of the federal securities law. Although Cache, Inc. believes the statements are based on reasonable assumptions, there can be no assurance that these expectations will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . Actual results and timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation, industry trends, merchandise trends, competition and the ability to obtain financing, as well as other risks outlined from time to time in the filings of Cache, Inc. with the Securities and Exchange Commission.
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 28, December 29, September 29,
ASSETS 2002 2001 2001
------------ ------------- ------------
CURRENT ASSETS:
Cash and equivalents $ 17,184,000 $ 12,101,000 $ 6,126,000
Receivables, net 2,857,000 4,318,000 3,467,000
Notes receivable from
related parties 321,000 371,000 371,000
Inventories, net 24,653,000 21,761,000 27,149,000
Deferred income taxes
and other tax assets 593,000 599,000 1,307,000
Prepaid expenses 510,000 712,000 949,000
------------ ------------- -------------
Total Current Assets 46,118,000 39,862,000 39,369,000
EQUIPMENT AND LEASEHOLD
IMPROVEMENTS, NET 18,630,000 15,906,000 15,801,000
OTHER ASSETS 819,000 825,000 862,000
DEFERRED INCOME TAXES,
NET 525,000 542,000 745,000
------------ ------------- -------------
Total Assets $ 66,092,000 $ 57,135,000 $ 56,777,000
============ ============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 12,989,000 $ 11,089,000 $ 15,077,000
Accrued compensation 1,707,000 2,135,000 976,000
Accrued liabilities 9,050,000 6,441,000 5,603,000
------------ ------------- -------------
Total Current
Liabilities 23,746,000 19,665,000 21,656,000
OTHER LIABILITIES 1,076,000 1,164,000 1,295,000
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000 91,000
Additional paid-in
capital 19,609,000 19,564,000 19,564,000
Retained earnings 21,570,000 16,651,000 14,171,000
------------ ------------- -------------
Total Stockholders'
Equity 41,270,000 36,306,000 33,826,000
------------ ------------- -------------
Total Liabilities
and Stockholders'
Equity $ 66,092,000 $ 57,135,000 $ 56,777,000
============ ============= =============
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTY-NINE WEEKS ENDED
(Unaudited)
September 28, September 29,
2002 2001
------------- -------------
Net sales $ 140,926,000 $ 127,663,000
Cost of sales, including
occupancy and buying costs 82,660,000 83,485,000
------------- -------------
Gross profit 58,266,000 44,178,000
------------- -------------
Expenses
Store operating expenses 41,469,000 37,700,000
General and administrative expenses 9,245,000 6,973,000
------------- -------------
Total expenses 50,714,000 44,673,000
------------- -------------
Operating income (loss) 7,552,000 (495,000)
Other income:
Interest income (net) 195,000 212,000
Miscellaneous income (net) --- 51,000
Litigation settlement (net) --- 1,518,000
------------- -------------
Income before income taxes 7,747,000 1,286,000
Income tax provision 2,828,000 468,000
------------- -------------
Net income $ 4,919,000 $ 818,000
============= =============
Basic earnings per share $0.54 $0.09
============= =============
Diluted earnings per share $0.51 $0.09
============= =============
Basic weighted average
shares outstanding 9,100,000 9,091,000
============= =============
Diluted weighted average
shares outstanding 9,623,000 9,236,000
============= =============
NUMBER OF STORES OPEN AT END OF PERIOD 227 217
============= =============
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED
(Unaudited)
September 28, September 29,
2002 2001
------------- -------------
Net sales $ 41,989,000 $ 37,859,000
Cost of sales, including
occupancy and buying costs 25,202,000 25,000,000
------------- -------------
Gross profit 16,787,000 12,859,000
------------- -------------
Expenses
Store operating expenses 14,043,000 12,174,000
General and administrative expenses 2,650,000 2,323,000
------------- -------------
Total expenses 16,693,000 14,497,000
------------- -------------
Operating income (loss) 94,000 (1,638,000)
Other income:
Interest income (net) 68,000 55,000
Miscellaneous income (net) --- (7,000)
------------- -------------
Income (loss) before income taxes 162,000 (1,590,000)
Income tax provision (benefit) 59,000 (581,000)
------------- -------------
Net income (loss) $ 103,000 $ (1,009,000)
============= =============
Basic earnings (loss) per share $0.01 ($0.11)
============= =============
Diluted earnings (loss) per share $0.01 ($0.11)
============= =============
Basic weighted average
shares outstanding 9,100,000 9,091,000
============= =============
Diluted weighted average
shares outstanding 9,623,000 9,091,000
============= =============
NUMBER OF STORES OPEN AT END OF PERIOD 227 217
============= =============
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