Cache Reports Second Quarter 2000 Operating Results.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 7, 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 208 stores open (184 Cache stores and 24 Lillie Rubin Ru´bin n. 1. A ruby. stores and online at the Company's www.cache.com website), reported results for the twenty-six and thirteen week periods ended July July: see month. 1, 2000. Net income for the twenty-six week period, decreased from $2,211,000, or $.24 per share in Fiscal 1999 to $1,301,000, or $.14 per share in Fiscal 2000 . Net income for the quarter decreased from $1,459,000, or $.16 per share in Fiscal 1999, to $974,000, or $.11 per share in Fiscal 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 $8,224,000 or 10.7%, and $3,796,000 or 9.5%, respectively, during the twenty-six and thirteen week periods ended July 1, 2000, versus the comparable periods in Fiscal 1999. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of increased 2.1%, as compared to the comparable twenty-six week period in 1999 and increased 1.4% over the thirteen week period in Fiscal 1999. The following table summarizes year to date 2000 versus 1999 operating results;
Twenty-six Weeks Ended Thirteen Weeks Ended
---------------------- --------------------
July 1, July 3, July 1, July 3,
2000 1999 2000 1999
-------- ------- ----- -------
($Thousands, except for per share data)
Sales $84,738 $76,514 $43,824 $40,028
Net income $1,301 $2,211 $974 $1,459
Basic and diluted
earnings per share $.14 $.24 $.11 $.16
The Company also announced that it had opened seven new Lillie
Rubin stores and two new Cache stores in the first half of Fiscal
2000. The Company expects to open at least one new Lillie Rubin and 6
to 7 new Cache stores in the second half of Fiscal 2000. This would
increase the Company's total store count to approximately 215 stores
by year end.
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
(UNAUDITED)
July 1, January 1,
A S S E T S 2000 2000
---------- ----------
CURRENT ASSETS
Cash and cash equivalents $3,715,000 $9,848,000
Receivables 1,641,000 2,747,000
Notes receivable from related parties 250,000 250,000
Inventories 25,549,000 24,399,000
Deferred income taxes and other assets 777,000 396,000
Prepaid expenses 976,000 724,000
---------- ----------
Total Current Assets 32,908,000 38,364,000
PROPERTY AND EQUIPMENT, NET 17,069,000 16,936,000
OTHER ASSETS 856,000 938,000
DEFERRED INCOME TAXES 800,000 724,000
----------- -----------
$51,633,000 $56,962,000
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $11,135,000 $16,311,000
Accrued compensation 1,467,000 1,618,000
Accrued liabilities 4,360,000 5,558,000
----------- -----------
Total Current Liabilities 16,962,000 23,487,000
OTHER LIABILITIES 1,465,000 1,570,000
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000
Additional paid-in capital 19,564,000 19,564,000
Retained earnings 13,551,000 12,250,000
----------- -----------
Total Stockholders' Equity 33,206,000 31,905,000
----------- -----------
$51,633,000 $56,962,000
=========== ===========
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE TWENTY-SIX WEEKS ENDED
(UNAUDITED)
July 1, July 3,
2000 1999
Net sales $84,738,000 $76,514,000
Costs and expenses
Cost of sales, including occupancy
and buying costs 55,410,000 49,217,000
Selling, general and administrative
expenses 27,362,000 23,675,000
---------- ----------
Operating income 1,966,000 3,622,000
---------- ----------
Interest expense
Related party -- (70,000)
Other (22,000) --
---------- ----------
(22,000) (70,000)
---------- ----------
Interest income 105,000 196,000
---------- ----------
Income before income taxes 2,049,000 3,748,000
Income tax provision 748,000 1,537,000
---------- ----------
Net income $1,301,000 $2,211,000
========== ==========
Basic and diluted earnings per share $0.14 $0.24
========== ==========
WEIGHTED AVERAGE NUMBER OF SHARES
AND SHARE EQUIVALENTS OUTSTANDING 9,154,000 9,258,000
========== ==========
NUMBER OF STORES OPEN AT END OF PERIOD 208 190
========== ==========
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE THIRTEEN WEEKS ENDED
(UNAUDITED)
July 1, July 3,
2000 1999
---------- ----------
Net sales $43,824,000 $40,028,000
$
Costs and expenses
Cost of sales, including
occupancy and buying costs 28,466,000 25,501,000
Selling, general and administrative expenses 13,867,000 12,126,000
----------- ----------
Operating income 1,491,000 2,401,000
----------- ----------
Interest expense
Related party --- (35,000)
Other (22,000) ---
----------- ----------
(22,000) (35,000)
----------- ----------
Interest income 65,000 107,000
----------- ----------
Income before income taxes 1,534,000 2,473,000
Income tax provision 560,000 1,014,000
----------- ----------
Net income $974,000 $1,459,000
$
=========== ==========
Basic and diluted earnings per share $0.11 $0.16
=========== ==========
WEIGHTED AVERAGE NUMBER OF SHARES AND
SHARE EQUIVALENTS OUTSTANDING 9,150,000 9,266,000
=========== ==========
NUMBER OF STORES OPEN AT END OF PERIOD 208 190
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