Cache Reports Second Quarter 2003 Operating Results.Business Editors NEW YORK--(BUSINESS WIRE)--July 7, 2003 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 reported results for the thirteen and twenty-six week periods ended June June: see month. 28, 2003. For the 13 week period ended June 28, 2003, net income increased to $3.5 million, or $0.37 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, from $3.0 million, or $0.31 per diluted share, for the same period last year. 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 period increased to $56.0 million from $51.3 million for the same period last year. 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 4% for the period. For the 26 week period ended June 28, 2003, net income increased to $5.2 million, or $0.54 per diluted share, from $4.8 million, or $0.50 per diluted share, for the same period last year. Net sales for the period increased to $103.8 million from $98.9 million for the same period last year. Same store sales increased 1% for the period. A table summarizing financial results follows:
Twenty-six Weeks Ended Thirteen Weeks Ended
June 28, June 29 June 28, June 29,
2003 2002 2003 2002
(In thousands, except per share data)
Sales $103,842 $98,937 $55,958 $51,294
Operating Income $ 8,248 $ 7,458 $ 5,665 $ 4,586
Net Income $ 5,182 $ 4,816 $ 3,541 $ 2,960
Basic earnings per share $ 0.57 $ 0.53 $ 0.39 $ 0.33
Diluted earnings per share $ 0.54 $ 0.50 $ 0.37 $ 0.31
Basic weighted average
Shares outstanding 9,125 9,100 9,131 9,100
Diluted weighted average
Shares outstanding 9,628 9,660 9,633 9,660
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 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 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. Financial Tables Follow: 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 Broadway, famous thoroughfare in New York City. It extends from Bowling Green near the foot of Manhattan island N to 262d St. in the Bronx. Throughout its length Broadway is chiefly a commercial street. , 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)
June 28, December June 29,
28,
A S S E T S 2003 2002 2002
----------- ----------- -----------
(Unaudited) (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $16,015,000 $10,287,000 $20,169,000
Marketable securities 4,878,000 14,392,000 ---
Receivables, net 2,675,000 2,677,000 1,210,000
Notes receivable from
related parties 321,000 321,000 321,000
Inventories 24,724,000 22,065,000 22,103,000
Deferred income taxes and
other tax assets 791,000 271,000 325,000
Prepaid expenses 721,000 1,020,000 651,000
------------------------------------
Total
Current
Assets 50,125,000 51,033,000 44,779,000
EQUIPMENT AND LEASEHOLD
IMPROVEMENTS, NET 20,922,000 18,553,000 15,690,000
OTHER ASSETS 827,000 817,000 829,000
DEFERRED INCOME TAXES, NET 249,000 349,000 572,000
------------------------------------
TOTAL ASSETS $72,123,000 $70,752,000 $61,870,000
====================================
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable $10,038,000 $11,988,000 $ 9,614,000
Income taxes payable 442,000 --- 1,238,000
Accrued compensation 2,180,000 3,629,000 2,421,000
Accrued liabilities 7,685,000 8,762,000 6,315,000
------------------------------------
Total
Current
Liabilities 20,345,000 24,379,000 19,588,000
OTHER LIABILITIES 1,074,000 1,081,000 1,115,000
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000 91,000
Additional paid-in capital 19,839,000 19,609,000 19,609,000
Retained earnings 30,774,000 25,592,000 21,467,000
------------------------------------
Total Stockholders' Equity 50,704,000 45,292,000 41,167,000
------------------------------------
Total Liabilities and
Stockholders' Equity $72,123,000 $70,752,000 $61,870,000
====================================
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE TWENTY-SIX WEEKS ENDED
(UNAUDITED)
June 28, June 29,
2003 2002
-------------------------
Net sales $103,842,000 $98,937,000
Cost of sales, including occupancy and buying
costs 59,027,000 57,458,000
------------ -----------
Gross profit 44,815,000 41,479,000
------------ -----------
Store operating expenses 30,365,000 27,426,000
General and administrative expenses 6,202,000 6,595,000
------------ -----------
36,567,000 34,021,000
------------ -----------
Operating income 8,248,000 7,458,000
------------ -----------
Other income:
Interest income (net) 144,000 127,000
------------ -----------
144,000 127,000
------------ -----------
Income before income taxes 8,392,000 7,585,000
Income tax provision 3,210,000 2,769,000
------------ -----------
Net income $ 5,182,000 $ 4,816,000
=========================
Basic earnings per share $0.57 $0.53
============ ===========
Diluted earnings per share $0.54 $0.50
============ ===========
Basic weighted average shares outstanding 9,125,000 9,100,000
============ ===========
Diluted weighted average shares outstanding 9,628,000 9,660,000
============ ===========
NUMBER OF STORES OPEN AT END OF PERIOD 240 224
============ ===========
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE THIRTEEN WEEKS ENDED
(UNAUDITED)
June 28, June 29,
2003 2002
------------------------
Net sales $55,958,000 $51,294,000
Cost of sales, including occupancy and
buying costs 31,081,000 29,392,000
----------- -----------
Gross profit 24,877,000 21,902,000
----------- -----------
Store operating expenses 15,860,000 13,963,000
General and administrative expenses 3,352,000 3,353,000
----------- -----------
19,212,000 17,316,000
----------- -----------
Operating income 5,665,000 4,586,000
----------- -----------
Other income:
Interest income (net) 70,000 76,000
----------- -----------
70,000 76,000
----------- -----------
Income before income taxes 5,735,000 4,662,000
Income tax provision 2,194,000 1,702,000
----------- -----------
Net income $ 3,541,000 $ 2,960,000
========================
Basic earnings per share $0.39 $0.33
=========== ===========
Diluted earnings per share $0.37 $0.31
=========== ===========
Basic weighted average shares outstanding 9,131,000 9,100,000
=========== ===========
Diluted weighted average shares outstanding 9,633,000 9,660,000
=========== ===========
NUMBER OF STORES OPEN AT END OF PERIOD 240 224
=========== ===========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion