Caldor reports 1994 earnings improvement.NORWALK Norwalk (nôr`wôk'). 1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , Conn.--(BUSINESS WIRE)--Feb. 27, 1995--The Caldor Caldor was a chain of discount department stores based in the Norwalk, CT. The chain declared bankruptcy in 1995 and closed all of its stores on May 15, 1999. History Beginning Corporation (NYSE NYSE See: New York Stock Exchange :CLD CLD Called CLD Cloud CLD Cleared CLD Chronic Lung Disease CLD Council for Learning Disabilities CLD Cooled CLD Chronic Liver Disease CLD Clear Direction Flag CLD Certified LabVIEW Developer CLD Causal Loop Diagram ) reported today net earnings of $44.4 million or $2.65 per share for fiscal 1994, compared to $33.2 million or $2.01 per share for fiscal 1993. Before facilities relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. expense, fiscal 1994 earnings were $46.7 million or $2.79 per share. This represented an improvement of $0.29 per share over comparable 1993 earnings before extraordinary items and cumulative effect of accounting change of $41.4 million or $2.50 per share. Fiscal 1994 net earnings included a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $3.8 million, or $2.3 million ($0.14 per share) on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. related to the relocation of certain administrative office functions and the relocation of a store in the Baltimore Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. market area. Fourth quarter 1994 net earnings were $39.1 million or $2.33 per share, compared to $34.1 million or $2.03 per share. Fourth quarter 1993 net earnings includes an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge of $3.8 million or $0.23 per share for the early retirement of debt. Total 1994 fourth quarter sales were $938 million, an increase of 9.3% over fourth quarter 1993 sales of $858 million. Comparable store sales decreased 1.0% during the quarter. Full year 1994 sales were $2.749 billion, an increase of 13.9% over 1993 sales of $2.414 billion. Comparable store sales increased 2.2% during the year. "Earnings were up 13% in 1994 despite a tough competitive environment," said Don R. Clarke Clarke , Arthur Charles Born 1917. British writer, scientist, and underwater explorer noted for his stories of space exploration. His works include 2001: A Space Odyssey (1968). , Chairman and Chief Executive Officer of Caldor. "Our results reflect a good margin performance, which was helped by excellent shrinkage Shrinkage The amount by which inventory on hand is shorter than the amount of inventory recorded. Notes: The missing inventory could be due to theft, damage, or book keeping errors. results, and relatively conservative promotions during the Christmas season." Clarke continued: "We can point to a number of Company accomplishments during 1994. We had a net addition of 13 stores for an 11% increase in square footage. With our completed 1994 store openings and remodels, 48% of the chain has been opened or remodeled to our updated prototype since 1992. Our shoe department was converted from a licensed operation to an in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. run business, which resulted in improved fashion merchandise assortments and sales performance. The Company continued to show improved earnings despite the increasing presence in its markets of its major competitors, including Wal-Mart, which now competes with approximately 30% of our chain. "Priorities for 1995 include focus on expense reduction, our in-stock position and improving our fourth quarter performance. The Company's expansion plans include opening approximately 15 stores during the year. "We are pleased to announce that we are planning to enter in 1996 the densely populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. Tidewater tidewater, in U.S. history, that part of the Atlantic coastal plain between the shoreline and the farthest upstream points in rivers reached by oceanic tides. In many cases the fall line is given as the western boundary. market area of Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). , which includes the cities of Virginia Beach Virginia Beach, resort city (1990 pop. 393,069), independent and in no county, SE Va., on the Atlantic coast; inc. 1906. In 1963, Princess Anne co. and the former small town of Virginia Beach were merged, giving the present city an area of 302 sq mi (782 sq km). , Norfolk and Hampton. Close to 1.5 million people reside in the region, and we look forward to serving new customers in the area. We also are planning to add additional stores in the boroughs of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. in 1996." The Company operated 163 stores at the end of the year, compared to 150 at fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. 1993. Caldor opened seven stores during the quarter including two on Long Island, two in the Philadelphia area, one each in the Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. and Washington, D.C. markets, and relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. a store in the Baltimore market. The Company also closed a store in Norwell, Massachusetts Norwell is a town in Plymouth County, Massachusetts, United States. As of the 2004 census, the town population was 10,388. History Norwell was first settled in 1634 as a part of the settlement of Satuit (later Scituate), which encompasses present day Scituate and Norwell. during the fourth quarter. The Caldor Corporation is the fourth largest discount department store chain in the U.S. with sales of $2.7 billion during the last 12 months from 163 stores in ten Mid-Atlantic and New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. states. With a strong consumer franchise in high-density urban/suburban markets, Caldor offers a diverse merchandise selection, including both softline and hardline products. The Company's continued growth will include an aggressive expansion program, a unique 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. strategy and the ability to provide a friendly shopping experience. -0- CONSOLIDATED STATEMENTS OF EARNINGS (unaudited, in thousands, except per share data)
13 weeks ended 52 weeks ended
Jan. 28, Jan. 29, Jan. 28, Jan. 29,
1995 1994 1995 1994
-------- -------- ---------- ----------
Net sales $938,028 $858,472 $2,748,634 $2,414,124
Cost of sales 673,145 621,314 1,976,332 1,742,276
Gross margin 264,883 237,158 772,302 671,848
SG&A expenses 187,076 160,964 654,066 561,186
Preopening expense 5,702 6,453 7,574 8,228
Facilities relocation
expense --- --- 3,786 ---
Interest expense, net 8,738 7,955 34,948 34,904
Earnings before income
taxes, extraordinary
loss and cumulative
effect of accounting
change 63,367 61,786 71,928 67,530
Income tax provision 24,272 23,940 27,569 26,152
Earnings before
extraordinary loss
and cumulative effect
of accounting change 39,095 37,846 44,359 41,378
Extraordinary loss --- (3,775) --- (5,378)
Cumulative effect of
accounting change --- --- --- (2,768)
Net earnings $39,095 $34,071 $44,359 $33,232
Per Share Amounts:
Earnings before
extraordinary loss
and cumulative effect
of accounting change $2.33 $2.26 $2.65 $2.50
Net earnings $2.33 $2.03 $2.65 $2.01
Weighted average number
of shares used in
computing per share
data 16,752 16,747 16,753 16,546
Notes to Consolidated Statements of Earnings:
(1) In connection with the relocation of certain administrative
office functions and the relocation of its Westview store to
Catonsville in the Baltimore market, the Company incurred a pre-tax
charge of $3,786 ($2,335 or $0.14 per share on an after-tax basis)
for the 52 weeks ended January 28, 1995.
(2) During fiscal 1993, the Company redeemed $200 million
principal amount of Senior Secured Notes using proceeds from a common
stock offering and borrowings under a credit facility. The early
retirement of debt resulted in an extraordinary after-tax charge of
$3.8 million ($0.23 per share) during the fourth quarter of fiscal
1993 and $5.4 million ($0.32 per share) for the full fiscal year.
(3) Net earnings for fiscal 1993 include a charge of $2,768
($0.17 per share) for the cumulative effect of changing the method of
discounting reserves for workers compensation and general liability
claims from a cost of capital rate to a risk- free rate.
(4) The pre-tax LIFO credits for the 13 weeks ended January 28,
1995 and January 29, 1994 were $1.1 million and $4.5 million,
respectively. The pre-tax LIFO credits for the 52 weeks ended
January 28, 1995 and January 29, 1994 were $1.1 million and $4.0
million, respectively.
SUPPLEMENTAL INFORMATION AS A PERCENT OF SALES (unaudited)
13 weeks ended 52 weeks ended
Jan. 28, Jan. 29, Jan. 28, Jan. 29,
1995 1994 1995 1994
-------- -------- -------- --------
Gross margin (FIFO) 28.1% 27.1% 28.1% 27.7%
Gross margin (LIFO) 28.2% 27.6% 28.1% 27.8%
SG&A expenses 19.9% 18.8% 23.8% 23.2%
SG&A excluding occupancy
costs 14.6% 14.4% 18.0% 17.9%
Preopening expense 0.6% 0.8% 0.3% 0.3%
Facilities relocation
expense --- --- 0.1% ---
Interest expense, net 0.9% 0.9% 1.3% 1.4%
Earnings before
extraordinary loss
and cumulative effect
of accounting change 4.2% 4.4% 1.6% 1.7%
Net earnings 4.2% 4.0% 1.6% 1.4%
SELECTED EARNINGS PER SHARE INFORMATION (unaudited)
13 weeks ended 52 weeks ended
Jan. 28, Jan. 29, Jan. 28, Jan. 29,
1995 1994 1995 1994
-------- -------- -------- --------
Net earnings $2.33 $2.03 $2.65 $2.01
Cumulative effect of
accounting change --- --- --- (0.17)
Extraordinary loss --- (0.23) --- (0.32)
Earnings before
extraordinary loss and
cumulative effect of
accounting change 2.33 2.26 2.65 2.50
Impact of facilities
relocation expense --- --- (0.14) ---
Net earnings excluding
above items $2.33 $2.26 $2.79 $2.50
SUMMARY OF CONSOLIDATED BALANCE SHEETS (unaudited, in thousands)
Jan. 28, Jan. 29,
1995 1994
-------- ---------
Cash and cash equivalents $7,171 $22,550
Merchandise inventories 555,645 468,069
Other current assets 20,656 12,823
Property and equipment, net 541,573 486,566
Other assets 15,211 16,188
Total assets $1,140,256 $1,006,196
Accounts payable and other current liabilities $543,763 $422,855 Long-term debt 237,633 272,065 Other long-term liabilities 21,694 19,519 Stockholders' equity 337,166 291,757 Total liabilities and stockholders' equity $1,140,256 $1,006,196 CONTACT: Caldor Corp. Robert S Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. . Schauman, 203/849-2004 David D. Peterson, 203/849-2037 Report Requests, 203/849-2334 |
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