Cache Reports Significant Improvement in Fourth Quarter 2001 Operating Results.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 8, 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 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 222 stores open, reported results for the thirteen and 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" week periods ended December December: see month. 29, 2001. The Company reported net income for the 13 week period ended December 29, 2001 of $2,480,000 or $0.27 per share which increased from $1,038,000 or $0.11 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 for the period decreased $1,508,000 or 2.8% and 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 decreased 5.1% for the period. The Company reported net income for the 52 week period of $3,298,000 or $0.36 which increased from $1,103,000 or $0.12 per share in Fiscal 2000. Net sales increased $3,429,000 or 1.9% and same store sales were flat for the period. The improved results for the 52 week period were attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to improved gross margins, as well as 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 in the first quarter of Fiscal 2001 by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $964,000 or $0.10 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 improvement in profitability for the thirteen week and fifty-two week periods despite softer sales. Higher gross margins as well as reductions in several operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. categories were the primary factors for the improvement in results for the 13 and 52 week periods. During 2001 we re-engineered our 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 business process. These changes included narrowing our merchandise assortments, increasing exclusive offerings and building base fabric strategies. We believe these efforts which significantly improved gross margins in the second half of Fiscal 2001, will continue to benefit gross margins and profits during the upcoming Fiscal year. Our balance sheet also significantly improved during 2001. We ended the year with a strong increase in cash. Our merchandise inventories which were 13% below the prior year, on a per store basis reflect a high percentage of fashion forward Spring merchandise." A table summarizing financial results follows:
Fifty-Two Weeks Ended Thirteen Weeks Ended
---------------------- --------------------
Dec. 29, Dec. 30, Dec. 29, Dec. 30,
2001 2000 2001 2000
------ ------ ------ -------
($ Thousands, except for per share data)
Sales $179,899 $176,470 $ 52,236 $ 53,744
Net Income $ 3,298 $ 1,103 $ 2,480 $ 1,038
Basic and diluted
earnings per share $ 0.36 $ 0.12 $ 0.27 $ 0.11
The Company also announced that it had opened nine new Cache stores and one new Lillie Rubin Ru´bin n. 1. A ruby. store in Fiscal 2001. This increased the Company's total store count to 222 stores. Cache plans to open approximately 10 new stores in Fiscal 2002. 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. 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
(AUDITED)
December 29, December 30,
2001 2000
A S S E T S --------------- ----------------
---------------- ----------------
CURRENT ASSETS
Cash and equivalents $ 12,101,000 $ 6,748,000
Receivables, net 4,318,000 3,258,000
Notes receivable from
related parties 371,000 721,000
Inventories 21,761,000 24,123,000
Deferred income taxes
and other assets 599,000 1,072,000
Prepaid expenses 712,000 906,000
------------------ -------------------
Total Current Assets 39,862,000 36,828,000
PROPERTY AND EQUIPMENT, NET 15,906,000 16,597,000
OTHER ASSETS 825,000 869,000
DEFERRED INCOME TAXES 542,000 757,000
------------------ -------------------
Total Assets $ 57,135,000 $ 55,051,000
================== ===================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 11,089,000 $ 12,316,000
Accrued compensation 2,135,000 1,979,000
Accrued liabilities 6,441,000 6,368,000
------------------ -------------------
Total Current Liabilities 19,665,000 20,663,000
OTHER LIABILITIES 1,164,000 1,380,000
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000
Additional paid-in capital 19,564,000 19,564,000
Retained earnings 16,651,000 13,353,000
------------------ -------------------
Total Stockholders' Equity 36,306,000 33,008,000
------------------ -------------------
Total Liabilities and
Stockholders' Equity $ 57,135,000 $ 55,051,000
================== ===================
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED
(AUDITED)
Fifty-Two Fifty-Two
Weeks Ended Weeks Ended
December 29, December 30,
2001 2000
----------------- ------------------
NET SALES $ 179,899,000 $ 176,470,000
COST OF SALES, including
occupancy and buying costs 116,346,000 117,448,000
----------------- ------------------
GROSS INCOME 63,553,000 59,022,000
----------------- ------------------
EXPENSES
Store operating 51,289,000 47,375,000
General and administrative 8,929,000 9,934,000
------------------ -------------------
TOTAL EXPENSES 60,218,000 57,309,000
------------------ -------------------
OPERATING INCOME 3,335,000 1,713,000
------------------ -------------------
OTHER INCOME
Litigation settlement (net) 1,518,000 ---
Interest income 300,000 150,000
Miscellaneous income 40,000 (86,000)
Interest expense --- (40,000)
------------------ -------------------
TOTAL OTHER INCOME 1,858,000 24,000
------------------ -------------------
INCOME BEFORE INCOME TAXES 5,193,000 1,737,000
INCOME TAX PROVISION 1,895,000 634,000
------------------ -------------------
NET INCOME $ 3,298,000 $ 1,103,000
================== ===================
BASIC AND DILUTED
EARNINGS PER SHARE:
BASIC EARNINGS PER SHARE $0.36 $0.12
=================== ===================
DILUTED EARNINGS PER SHARE $0.36 $0.12
=================== ===================
BASIC WEIGHTED AVERAGE
SHARES OUTSTANDING 9,091,000 9,091,000
=================== ===================
DILUTED WEIGHTED AVERAGE
SHARES OUTSTANDING 9,226,000 9,224,000
=================== ===================
NUMBER OF STORES OPEN
AT END OF PERIOD 222 215
=================== ===================
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED
(UNAUDITED)
Thirteen Thirteen
Weeks Ended Weeks Ended
December 29, December 30,
2001 2000
----------------- -----------------
NET SALES $ 52,236,000 $ 53,744,000
COST OF SALES, including
occupancy and buying costs 32,861,000 36,012,000
------------------ -----------------
GROSS INCOME 19,375,000 17,732,000
------------------ -----------------
EXPENSES
Store operating 13,589,000 13,127,000
General and administrative 1,957,000 2,896,000
------------------ -----------------
TOTAL EXPENSES 15,546,000 16,023,000
------------------ -----------------
OPERATING INCOME 3,829,000 1,709,000
------------------ -----------------
OTHER INCOME
Interest income 88,000 24,000
Miscellaneous income (10,000) (86,000)
Interest expense --- (13,000)
------------------ -----------------
TOTAL OTHER INCOME 78,000 (75,000)
------------------ -----------------
INCOME BEFORE INCOME TAXES 3,907,000 1,634,000
INCOME TAX PROVISION 1,427,000 596,000
------------------ -----------------
NET INCOME $ 2,480,000 $ 1,038,000
================== =================
BASIC AND DILUTED
EARNINGS PER SHARE:
BASIC EARNINGS PER SHARE $0.27 $0.11
================== =================
DILUTED EARNINGS PER SHARE $0.27 $0.11
================== =================
BASIC WEIGHTED AVERAGE SHARES
OUTSTANDING 9,091,000 9,091,000
================== ================
DILUTED WEIGHTED AVERAGE
SHARES OUTSTANDING 9,200,000 9,091,000
================== ================
NUMBER OF STORES
OPEN AT END OF PERIOD 222 215
================== ================
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