Cache Announces 66% Increase in Net Income for the Year Ending January 2, 1999.NEW YORK--(BUSINESS WIRE)--Feb. 2, 1999--Cache Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 exclusive women's apparel stores with 184 stores open (172 Cache stores and 12 Lillie Rubin Ru´bin n. 1. A ruby. stores), reported results for the fifty-three and fourteen week periods ended January January: see month. 2, 1999. Net income increased 66% to $3.9 million or $0.43 per share for the 53 week period in Fiscal 1998 from $2.4 million or $0.26 per share for the 52 week period in Fiscal 1997. Net income increased 45% to $3.1 million or $0.34 per share for the 14 week period in 1998, from $2.1 million or $0.23 per share for the 13 week period in Fiscal 1997. Andrew Saul  This article or section contains information about one or more candidates in an upcoming or ongoing election.Content may change as the election approaches. , Cache's Chairman, commented; "We are very pleased by the significant increase in earnings for Fiscal 1998. The fourth quarter earnings increase was in large part due to a strong December December: see month. 1998 comparable store sales increase of 6%. We are also pleased with our improved financial position. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses increased 52% to $11.1 million from $7.3 million, with cash balances at the end of the year of $13.7 million or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.50 per share. Working capital increased 40% to $15.4 million and book value per share increased 16% to $3.07 in 1998." A table summarizing financial results follows: -0-
Fifty-Three Fifty-two
Weeks Ended Weeks Ended
January 2, December 27,
1999 1997
---- ----
Income Statement
Sales $ 146,831,000 $ 135,791,000
Pre-tax Income $ 6,670,000 $ 4,010,000
Net Income $ 3,935,000 $ 2,365,000
Common Shares
Outstanding 9,170,000 9,103,000
Primary earnings
per share $0.43 $0.26
Diluted earnings
per share $0.43 $0.26
Fourteen Thirteen
Weeks Ended Weeks Ended
January 2, December 27,
1999 1997
---- ----
Income Statement
Sales $ 48,014,000 $ 41,137,000
Pre-tax Income $ 5,176,000 $ 3,575,000
Net Income $ 3,053,000 $ 2,109,000
Common Shares
Outstanding 9,177,000 9,111,000
Primary earnings
per share $0.34 $0.23
Diluted earnings
per share $0.33 $0.23
Balance Sheet
Cash $ 13,720,000 $ 5,892,000
Working Capital $ 15,374,000 $ 10,982,000
Stockholders'
Equity $ 27,896,000 $ 23,961,000
Total Assets $ 51,558,000 $ 43,508,000
Book value per
share $3.07 $2.64
For further information contact Thomas E. Reinckens, Executive
Vice President, Chief Financial Officer, Cache, Inc., 1460 Broadway,
New York, New York 10036, (212)575-3246.
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AUDITED)
January 2, December 27,
A S S E T S 1999 1997
------------ ------------
CURRENT ASSETS
Cash and equivalents $ 13,720,000 $ 5,892,000
Receivables 1,525,000 1,573,000
Notes receivable from related
parties 295,000 250,000
Inventories 18,911,000 18,219,000
Deferred income taxes and
other assets 193,000 220,000
Prepaid expenses 629,000 528,000
------------ --------------
Total Current Assets 35,273,000 26,682,000
PROPERTY AND EQUIPMENT, NET 14,776,000 15,869,000
OTHER ASSETS 764,000 211,000
DEFERRED INCOME TAXES 745,000 746,000
------------ --------------
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable $ 13,178,000 $ 10,737,000
Income taxes payable 943,000 359,000
Accrued compensation 1,447,000 742,000
Accrued liabilities 4,331,000 3,862,000
------------ --------------
Total Current
Liabilities 19,899,000 15,700,000
SUBORDINATED INDEBTEDNESS TO
RELATED PARTY 2,000,000 2,000,000
OTHER LIABILITIES 1,763,000 1,847,000
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000
Additional paid-in capital 19,564,000 19,564,000
Retained earnings 8,241,000 4,306,000
------------ --------------
Total Stockholders'
Equity 27,896,000 23,961,000
------------ --------------
$ 51,558,000 $ 43,508,000
============ ==============
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED
(AUDITED)
Fifty-three Fifty-two
Weeks Ended Weeks Ended
January 2, December 27,
1999 1997
------------ ------------
NET SALES $146,831,000 $135,791,000
COST OF SALES, including occupancy
and buying costs 95,259,000 89,192,000
------------ ------------
GROSS INCOME 51,572,000 46,599,000
------------ ------------
EXPENSES
Store operating 37,917,000 35,710,000
General and administrative 7,058,000 6,707,000
Interest expense 14,000 74,000
Interest to related party 140,000 140,000
------------ ------------
TOTAL EXPENSES 45,129,000 42,631,000
------------ ------------
OTHER INCOME
Interest income 227,000 32,000
Miscellaneous --- 10,000
------------ ------------
TOTAL OTHER INCOME 227,000 42,000
------------ ------------
INCOME BEFORE INCOME TAXES 6,670,000 4,010,000
INCOME TAX PROVISION 2,735,000 1,645,000
------------ ------------
NET INCOME $ 3,935,000 $ 2,365,000
============ ============
BASIC AND DILUTED EARNINGS PER
SHARE:
BASIC EARNINGS PER SHARE $ .43 $ .26
============ ============
DILUTED EARNINGS PER SHARE $ .43 $ .26
============ ============
WEIGHTED AVERAGE SHARES
OUTSTANDING 9,170,000 9,103,000
============ ============
NUMBER OF STORES OPEN AT END
OF PERIOD 184 169
============ ============
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED
(UNAUDITED)
Fourteen Thirteen
Weeks Ended Weeks Ended
January 2, December 27,
1999 1997
------------ ------------
NET SALES $ 48,014,000 $ 41,137,000
COST OF SALES, including occupancy
and buying costs 30,122,000 26,661,000
------------ ------------
GROSS INCOME 17,892,000 14,476,000
------------ ------------
EXPENSES
Store operating 11,052,000 9,359,000
General and administrative 1,711,000 1,517,000
Interest expense 1,000 10,000
Interest to related party 35,000 35,000
------------ ------------
TOTAL EXPENSES 12,799,000 10,921,000
------------ ------------
OTHER INCOME
Interest income 83,000 20,000
------------ ------------
TOTAL OTHER INCOME 83,000 20,000
------------ ------------
INCOME BEFORE INCOME TAXES 5,176,000 3,575,000
INCOME TAX PROVISION 2,123,000 1,466,000
------------ ------------
NET INCOME $ 3,053,000 $ 2,109,000
============ ============
BASIC AND DILUTED EARNINGS PER
SHARE:
BASIC EARNINGS PER SHARE $ .34 $ .23
============ ============
DILUTED EARNINGS PER SHARE $ .33 $ .23
============ ============
WEIGHTED AVERAGE SHARES
OUTSTANDING 9,177,000 9,111,000
============ ============
NUMBER OF STORES OPEN AT END
OF PERIOD 184 169
============ ============
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