Cache Reports Third Quarter 2003 Profit Improved over 2002 Results.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 16, 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) ) - 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 Rise 12.3% to a Record $47.2 million - Diluted Earnings Per Share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of rises to $0.06, Exceeding First Call Consensus of $0.03 Cache Inc., (NASDAQ: CACH), 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 244 stores open, reported results for the thirteen and thirty-nine week periods ended September September: see month. 27, 2003. Net income for the 13 week period ended September 27, 2003 increased to $614,000 or $0.06 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 in Fiscal 2003, as compared to net income of $103,000 or $0.01 per diluted share in Fiscal 2002. Net sales for the thirteen week period increased $5.2 million or 12% 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 increased 7% for the period. Net income for the 39 week period increased to $5.8 million or $0.60 per diluted share in Fiscal 2003 from $4.9 million or $0.51 per diluted share in Fiscal 2002. Net sales increased $10.1 million or 7.2% and same store sales increased 3% for the period. The improved results for the 39 week period were primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to greater sales volume and gross margins. Mr. Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Woolf Woolf , (Adeline) Virginia (Stephen) 1882-1941. British writer whose works include fiction written in an experimental stream-of-consciousness style, such as Mrs. , Cache's Chairman commented, "We are pleased with the improvement in our third quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results. Our strong third quarter results were driven by better-than-expected sales growth and a significant improvement in our gross margin. In addition, both our year-to-date operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and net income have increased significantly over our prior year results. This is a testament to the strength of our merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. strategies that we implemented in 2002 and throughout this year.."
A table summarizes financial results follows:
Thirty-Nine Weeks Ended Thirteen Weeks Ended
----------------------- --------------------------
Sept. 27, Sept. 28, Sept. 27, Sept. 28,
2003 2002 2003 2002
--------- --------- --------- ---------
($ Thousands, except for per share data)
Sales $151,006 $140,926 $ 47,164 $ 41,989
Operating income $ 9,184 $ 7,552 $ 936 $ 94
Net income $ 5,796 $ 4,919 $ 614 $ 103
Basic earnings per
share $ 0.62 $ 0.54 $ 0.06 $ 0.01
Diluted earnings
per share $ 0.60 $ 0.51 $ 0.06 $ 0.01
Basic weighted
average shares
outstanding 9,348,000 9,100,000 9,794,000 9,100,000
Diluted weighted
average shares
outstanding 9,633,000 9,623,000 10,080,000 9,623,000
The Company estimates fourth quarter Fiscal 2003 net sales in the range of $64 million to $66 million compared to $58.5 million in the fourth quarter of Fiscal 2002. Fourth quarter diluted earnings per share is currently estimated in the range of $0.46 to $0.48 compared to $0.42 in the fourth quarter of Fiscal 2002. For Fiscal 2003, the Company estimates net sales in the range of $215 million to $217 million and diluted earnings per share in the range of $1.06 to $1.08. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to Fiscal 2002 net sales of $199.4 million and diluted earnings per share of $0.93. The Company also announced that it had opened 11 new Cache stores and 2 new Lillie Rubin Ru´bin n. 1. A ruby. stores in the first nine months of Fiscal 2003. The Company expects to open 11 new Cache stores in the fourth quarter. This will increase the Company's total store count to 255 stores. A listing of the stores to be opened follows;
Cache stores:
-------------
Gardens on El Paseo Palm Desert, CA
Mall St. Matthews Louisville, KY
Augusta Mall Augusta, GA
Los Cerritos Center Cerritos, CA
Destin Commons Destin, FL
La Encantada Tucson, AZ
Meridian Mall Okemos, MI
Parks at Arlington Arlington, TX
Holyoke Mall Holyoke, MA
Pacific View Ventura, CA
South Plains Mall Lubbock, TX
Interested stockholders and other persons are invited to listen to the third quarter earnings conference call scheduled for today, Thursday Thursday: see week. , October October: see month. 16, 2003 at 9:00 a.m. Eastern Time. To participate in Cache's conference call dial 1-877-692-2592 approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. ten minutes prior to the 9:00 am Eastern start time. The call will also be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.viavid.com. A replay of the call will be available immediately following the call and will be accessible until October 23, 2003. To listen to the replay dial 1-877-519-4471 and enter access code 4233901. 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:
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
Sept. 27, Dec. 28, Sept. 28,
A S S E T S 2003 2002 2002
----------- ----------- -----------
CURRENT ASSETS
Cash and equivalents $28,130,000 $10,287,000 $17,184,000
Marketable securities --- 14,392,000 ---
Receivables, net 3,716,000 2,677,000 2,857,000
Notes receivable from related
parties --- 321,000 321,000
Inventories, net 27,250,000 22,065,000 24,653,000
Deferred income taxes and other
tax assets 3,974,000 271,000 593,000
Prepaid expenses 182,000 1,020,000 510,000
------------------------------------
Total Current Assets 63,252,000 51,033,000 46,118,000
EQUIPMENT AND LEASEHOLD
IMPROVEMENTS, NET 23,099,000 18,553,000 18,630,000
OTHER ASSETS 872,000 817,000 819,000
DEFERRED INCOME TAXES, NET --- 349,000 525,000
------------------------------------
Total Assets $87,223,000 $70,752,000 $66,092,000
====================================
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable $16,234,000 $11,988,000 $12,989,000
Accrued compensation 2,250,000 3,629,000 1,707,000
Accrued liabilities 7,908,000 8,762,000 9,050,000
------------------------------------
Total Current Liabilities 26,392,000 24,379,000 23,746,000
OTHER LIABILITIES 1,077,000 1,081,000 1,076,000
DEFERRED INCOME TAXES, NET 85,000 --- ---
STOCKHOLDERS' EQUITY
Common stock 99,000 91,000 91,000
Additional paid-in capital 28,182,000 19,609,000 19,609,000
Retained earnings 31,388,000 25,592,000 21,570,000
------------------------------------
Total Stockholders'
Equity 59,669,000 45,292,000 41,270,000
------------------------------------
Total Liabilities and
Stockholders' Equity $87,223,000 $70,752,000 $66,092,000
====================================
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE THIRTY-NINE WEEKS ENDED
(UNAUDITED)
Sept. 27, Sept. 28,
2003 2002
-------------- -------------
Net sales $151,006,000 $ 140,926,000
Cost of sales, including occupancy and
buying costs 86,092,000 82,660,000
------------ ------------
Gross profit 64,914,000 58,266,000
------------ ------------
Expenses
Store operating expenses 45,817,000 41,469,000
General and administrative expenses 9,913,000 9,245,000
------------ ------------
Total expenses 55,730,000 50,714,000
------------ ------------
Operating income 9,184,000 7,552,000
Other income :
Interest income (net) 192,000 195,000
Other income (net) 14,000 ---
------------ ------------
Income before income taxes 9,390,000 7,747,000
Income tax provision 3,594,000 2,828,000
------------ ------------
Net income $ 5,796,000 $ 4,919,000
============= ============
Basic earnings per share $0.62 $0.54
============ ============
Diluted earnings per share $0.60 $0.51
============ ============
Basic weighted average shares
outstanding 9,348,000 9,100,000
============ ============
Diluted weighted average shares
outstanding 9,633,000 9,623,000
============ ============
NUMBER OF STORES OPEN AT END OF PERIOD 244 227
============ ============
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE THIRTEEN WEEKS ENDED
(UNAUDITED)
Sept. 27, Sept. 28,
2003 2002
------------- ------------
Net sales $ 47,164,000 $ 41,989,000
Cost of sales, including occupancy and
buying costs 27,065,000 25,202,000
------------ ------------
Gross profit 20,099,000 16,787,000
------------ ------------
Expenses
Store operating expenses 15,452,000 14,043,000
General and administrative expenses 3,711,000 2,650,000
------------ ------------
Total expenses 19,163,000 16,693,000
------------ ------------
Operating income 936,000 94,000
Other income :
Interest income (net) 48,000 68,000
Miscellaneous income (net) 14,000 ---
------------ ------------
Income before income taxes 998,000 162,000
Income tax provision 384,000 59,000
------------ ------------
Net income $ 614,000 $ 103,000
============== ============
Basic earnings per share $0.06 $0.01
============ ============
Diluted earnings per share $0.06 $0.01
============ ============
Basic weighted average shares outstanding 9,794,000 9,100,000
============ ============
Diluted weighted average shares
outstanding 10,080,000 9,623,000
============ ============
NUMBER OF STORES OPEN AT END OF PERIOD 244 227
============ ============
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