Cache Reports Record First Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--April 18, 2002 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 chain of exclusive women's apparel stores with 224 stores open (199 Cache stores and 25 Lillie Rubin Ru´bin n. 1. A ruby. stores) reported record results for the thirteen week period ended March 30, 2002. 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 $3,452,000 or 8% to $47,643,000 during the thirteen week period ended March 30, 2002, as compared to the same period in Fiscal 2001. 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 5% for the Fiscal 2002 period. Net income increased to $1,856,000 or $0.20 per share for the Fiscal 2002 period, from $1,198,000 or $0.13 per share for the Fiscal 2001 period. Last year's 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 results by approximately $964,000 or $.10 per share. Mr. 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 increase in operating net income in 2002, particularly when measured against last year. On a per share basis, operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before increased from $0.03 last year, before the positive impact of a litigation settlement, to $0.20 this year. Our earnings improvement can be directly attributed to the changes we instituted last year in our merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. process. Our gross margins improved by 660 basis points in the first quarter of this year. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op this trend will continue to favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact earnings in subsequent quarters." The Company also announced the recent appointment of Mr. David Desjardins Desjardins (French, of the gardens) is a common last name in French-speaking Canada and is the name of:
adj. bon·ni·er, bon·ni·est Scots 1. Physically attractive or appealing; pretty. 2. Excellent. Fox as Vice President of Merchandising and General Merchandise Manager for Cache stores. Mr. Desjardins most recently served as Regional Vice President of Stores for Express and prior to that, Director of Operations at Limited Stores, divisions of The Limited, Inc. In addition, Mr. Desjardins brings many years of experience from all three divisions of Gap, Inc. Ms. Fox brings to Cache her experience, both in retailing as well as in manufacturing. Most recently, she held the position of Vice President of Merchandising at Maggy London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. . Mr. Woolf additionally commented, "Both Bonnie and David have extensive experience which will benefit our Company." Separately, the Company announced Mr. Roy Smith Roy Smith (born August 6, 1944 in Victoria, British Columbia - died February 26, 2004) is a former NASCAR driver. His career lasted 13 years, although he only was involved in 26 races. He had 4 top 10 finishes and no wins. , Executive Vice President and Ms. Mae Soo Hoo, Executive Vice President, have resigned their positions on the Board of Directors, as well as their Executive Vice President positions. Both Mae Soo Hoo and Roy Smith remain employed by the Company.
A table summarizing financial results follows:
Thirteen Weeks Ended
March 30, March 31,
2002 2001
---------------- ----------------
Sales $ 47,643,000 $ 44,191,000
Operating Income $ 2,872,000 $ 308,000
Net Income $ 1,856,000 $ 1,198,000 (a)
Basic and diluted earnings
per share $0.20 $0.13 (a)
Basic weighted average
shares outstanding 9,100,000 9,091,000
Diluted weighted average
shares outstanding 9,474,000 9,260,000
(a) - Includes litigation income (net of taxes) of $964,000 or $0.10
per share.
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. For further information contact Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Reinckens, President, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Cache, Inc., 1460 Broadway, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10036, (212) 575-3246.
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 30, December 29, March 31,
ASSETS 2002 2001 2001
------------ ------------- ------------
Current assets:
Cash and equivalents $ 17,198,000 $ 12,101,000 $ 7,588,000
Receivables, net 3,108,000 4,318,000 4,414,000
Notes receivable from
related parties 321,000 371,000 371,000
Inventories 26,340,000 21,761,000 26,990,000
Prepaid income taxes
and other tax assets 395,000 599,000 354,000
Prepaid expenses 619,000 712,000 1,268,000
------------ ------------- -------------
Total current assets 47,981,000 39,862,000 40,985,000
Equipment and leasehold
improvements, net 15,819,000 15,906,000 16,148,000
Other assets 829,000 825,000 866,000
Deferred income taxes, net 536,000 542,000 773,000
------------ ------------- -------------
Total assets $ 65,165,000 $ 57,135,000 $ 58,772,000
============ ============= =============
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 17,014,000 $ 11,089,000 $ 16,375,000
Income taxes payable 846,000 --- ---
Accrued compensation 1,381,000 2,135,000 1,071,000
Accrued liabilities 6,625,000 6,441,000 5,771,000
------------ ------------- -------------
Total current
liabilities 25,866,000 19,665,000 23,217,000
Other liabilities 1,114,000 1,164,000 1,349,000
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000 91,000
Additional paid-in
capital 19,587,000 19,564,000 19,564,000
Retained earnings 18,507,000 16,651,000 14,551,000
------------ ------------- -------------
Total stockholders'
equity 38,185,000 36,306,000 34,206,000
------------ ------------- -------------
Total liabilities and
stockholders' equity $ 65,165,000 $ 57,135,000 $ 58,772,000
============ ============= =============
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED
(Unaudited)
March 30, March 31,
2002 2001
------------- -------------
Net sales $ 47,643,000 $ 44,191,000
------------- -------------
Costs and expenses
Cost of sales, including
occupancy and buying costs 28,066,000 28,956,000
Selling, general and
administrative expenses 16,705,000 14,927,000
------------- -------------
44,771,000 43,883,000
------------- -------------
Operating income 2,872,000 308,000
------------- -------------
Other income:
Interest income 51,000 61,000
Litigation settlement (net) --- 1,518,000
------------- -------------
51,000 1,579,000
------------- -------------
Income before income tax provision 2,923,000 1,887,000
Income tax provision 1,067,000 689,000
------------- -------------
Net income $ 1,856,000 $ 1,198,000
============= =============
Basic earnings per share $0.20 $0.13
============= =============
Diluted earnings per share $0.20 $0.13
============= =============
Basic weighted average
shares outstanding 9,091,000 9,091,000
============= =============
Diluted weighted average
shares outstanding 9,474,000 9,260,000
============= =============
Number of stores open at end of period 224 215
============= =============
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