Cache Announces Record Sales for the Year Ended January 1, 2000.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 11, 2000 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 women's apparel stores, with 203 stores open (183 Cache stores and 20 Lillie Rubin Ru´bin n. 1. A ruby. stores), and on line at Cache's e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. web site, reported results for the fifty-two Adj. 1. fifty-two - being two more than fifty 52, lii cardinal - being or denoting a numerical quantity but not order; "cardinal numbers" and thirteen week periods ended January January: see month. 1, 2000. 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 increased $14.5 million or 9.9% and $2.6 million or 5.4%, respectively, during the fifty-two and thirteen week periods ended January 1, 2000 as compared to the fifty-three and fourteen week periods in Fiscal 1998. 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 approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5% for the fifty-two week and 6% for the thirteen week periods as compared to Fiscal 1998. Net income increased to $4.0 million or $0.44 per share for the 52 week period in Fiscal 1999 from $3.9 million or $0.43 per share for the 53 week period in Fiscal 1998. Net income decreased to $2.6 million or $0.28 per share for the 13 week period in Fiscal 1999, from $3.1 million or $0.34 per share for the 14 week period in Fiscal 1998. The Company also announced it opened 13 new Cache stores and 6 new Lillie Rubin stores during 1999, and plans to open 2 new Cache stores and 7 new Lillie Rubin stores in Spring 2000. A table summarizing financial results follows:
Fifty-Two Fifty-Three
Weeks Ended Weeks Ended
January 1, January 2,
2000 1999
Income Statement
----------------
Sales $161,373,000 $146,831,000
Net Income $ 4,009,000 $ 3,935,000
Common Shares Outstanding 9,305,000 9,170,000
Primary earnings per share $0.44 $0.43
Diluted earnings per share $0.43 $0.43
Thirteen Fourteen
Weeks Ended Weeks Ended
January 1, January 2,
2000 1999
Income Statement
----------------
Sales $ 50,583,000 $ 48,014,000
Net Income $ 2,554,000 $ 3,053,000
Common Shares Outstanding 9,312,000 9,177,000
Primary earnings per share $0.28 $0.34
Diluted earnings per share $0.27 $0.33
Fifty-Two Fifty-Three
Weeks Ended Weeks Ended
January 1, January 2,
2000 1999
Balance Sheet
-------------
Working Capital $ 14,877,000 $ 15,374,000
Stockholders' Equity $ 31,905,000 $ 27,896,000
Total Assets $ 56,962,000 $ 51,558,000
Book value per share $3.51 $3.07
Financial tables follow:
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AUDITED)
January 1, January 2,
A S S E T S 2000 1999
CURRENT ASSETS
Cash and equivalents $ 9,848,000 $ 13,720,000
Receivables 2,741,000 1,525,000
Notes receivable from related parties 256,000 295,000
Inventories 24,399,000 18,911,000
Deferred income taxes and other assets 396,000 193,000
Prepaid expenses 724,000 629,000
Total Current Assets 38,364,000 35,273,000
PROPERTY AND EQUIPMENT, NET 16,936,000 14,776,000
OTHER ASSETS 938,000 764,000
DEFERRED INCOME TAXES 724,000 745,000
$ 56,962,000 $ 51,558,000
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 16,311,000 $ 13,178,000
Income taxes payable -- 943,000
Accrued compensation 1,618,000 1,447,000
Accrued liabilities 5,558,000 4,331,000
Total Current Liabilities 23,487,000 19,899,000
NOTES PAYABLE TO RELATED PARTY -- 2,000,000
OTHER LIABILITIES 1,570,000 1,763,000
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000
Additional paid-in capital 19,564,000 19,564,000
Retained earnings 12,250,000 8,241,000
Total Stockholders' Equity 31,905,000 27,896,000
$ 56,962,000 $ 51,558,000
-0-
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED
(AUDITED)
Fifty-two Fifty-three
Weeks Ended Weeks Ended
January 1, January 2,
2000 1999
NET SALES $161,373,000 $146,831,000
COST OF SALES, including occupancy
and buying costs 105,145,000 95,259,000
GROSS INCOME 56,228,000 51,572,000
EXPENSES
Store operating 42,049,000 37,917,000
General and administrative 7,972,000 7,058,000
Interest expense -- 14,000
Interest to related party 134,000 140,000
TOTAL EXPENSES 50,155,000 45,129,000
OTHER INCOME
Interest income 315,000 227,000
Miscellaneous (29,000) --
TOTAL OTHER INCOME 286,000 227,000
INCOME BEFORE INCOME TAXES 6,359,000 6,670,000
INCOME TAX PROVISION 2,350,000 2,735,000
NET INCOME $ 4,009,000 $ 3,935,000
BASIC AND DILUTED EARNINGS PER SHARE:
BASIC EARNINGS PER SHARE $.44 $.43
DILUTED EARNINGS PER SHARE $.43 $.43
WEIGHTED AVERAGE SHARES OUTSTANDING 9,305,000 9,170,000
NUMBER OF STORES OPEN AT END OF PERIOD 201 184
-0-
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED
(UNAUDITED)
Thirteen Fourteen
Weeks Ended Weeks Ended
January 1, January 2,
2000 1999
NET SALES $ 50,583,000 $ 48,014,000
COST OF SALES, including occupancy
and buying costs 32,681,000 30,122,000
GROSS INCOME 17,902,000 17,892,000
EXPENSES
Store operating 12,223,000 11,052,000
General and administrative 1,830,000 1,711,000
Interest expense -- 1,000
Interest to related party 29,000 35,000
TOTAL EXPENSES 14,082,000 12,799,000
OTHER INCOME
Interest income 53,000 83,000
Miscellaneous 21,000 --
TOTAL OTHER INCOME 74,000 83,000
INCOME BEFORE INCOME TAXES 3,894,000 5,176,000
INCOME TAX PROVISION 1,340,000 2,123,000
NET INCOME $ 2,554,000 $ 3,053,000
BASIC AND DILUTED EARNINGS PER SHARE:
BASIC EARNINGS PER SHARE $.28 $.34
DILUTED EARNINGS PER SHARE $.27 $.33
WEIGHTED AVERAGE SHARES OUTSTANDING 9,312,000 9,177,000
NUMBER OF STORES OPEN AT END OF PERIOD 201 184
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