Caldor reports first quarter 1996 results.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)--June 17, 1996--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 ) today announced its financial results for the first quarter ended May 4, 1996. For the first quarter of 1996, 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 were $569 million compared to $564 million for the first quarter of 1995. Comparable store sales declined by 0.7% for the quarter. The Company's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. (results before interest, taxes, extraordinary and reorganization items) for the first quarter of 1996 was $26.1 million versus an operating loss of $4.9 million for the first quarter of 1995. The Company's net loss for the quarter was $43.3 million or $2.57 per share, compared to a net loss of $14.4 million or $0.86 per share for the first quarter of 1995. The results for the first quarter of 1996 included reorganization items of $8.8 million, principally for professional fees and other bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most related expenses. Don Clarke Donald Barry Clarke (November 10, 1933–December 29, 2002) was a New Zealand rugby union player who played 89 times (31 of these were test matches) as an All Black from 1956 until 1964. , Chairman and Chief Executive Officer of Caldor, stated, "Our operating results were better than we had planned for the first quarter. In addition, the Company continues to have significant credit availability aggregating approximately $239 million under our debtor-in-possession bank facility. We are pleased with the substantially improved level of credit support we have received from the vendor community since the Chapter 11 filing on September September: see month. 18, 1995." The Company continued to execute its urban/suburban strategy having opened four stores in April located in Queens, 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 , Westbury Westbury, residential village (1990 pop. 13,060), Nassau co., SE N.Y., on Long Island; settled 1650, inc. 1932. The State Univ. of New York's Westbury campus is located in the village. Harness races are held at Roosevelt Raceway there. , Long Island, District Heights, Maryland District Heights is an incorporated city in Prince George's County, Maryland, United States, located near Maryland Route 4. The population was 5,958 at the 2000 census. For more information, see the separate articles on Forestville and Suitland. District Heights is 9. and Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. , Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , and a fifth store in May in Edgewater, New Jersey Edgewater is a borough located on the Hudson River in Bergen County, New Jersey. As of the United States 2000 Census, the borough population was 7,677. As of the 2005 Census estimate, the borough had a population of 9,646. . Two additional stores are planned for the remainder of the year, in Silver Spring, Maryland Not to be confused with Silver Springs. Silver Spring is an urbanized, unincorporated area in Montgomery County, Maryland, USA. After Baltimore and Columbia, Silver Spring is the third most populous Census Designated Place in Maryland. and Atlantic Center in Brooklyn, New York. The Caldor Corporation is the fourth largest discount department store chain in the U.S., with annual sales of approximately $2.8 billion and approximately 23,000 Associates. It currently operates 171 stores in ten East Coast states, including 12 previously announced closed stores. With a strong consumer franchise in high density urban/suburban markets, Caldor offers a diverse merchandise selection, including both softline and hardline products. -0- The Caldor Corporation and Subsidiaries Consolidated Statements of Operations (Dollars in thousands, except per share data) (Unaudited)
13 Weeks Ended
May 4, Apr. 29,
1996 1995
Net sales $568,560 $564,250 Cost of merchandise sold 426,160 407,703 SG&A expenses, net of depreciation and amortization 156,532 149,841 Depreciation and amortization 11,992 11,647 Operating loss (26,124) (4,941) Interest expense, net 8,396 10,087 Loss before reorganization items, income taxes and extraordinary items (34,520) (15,028) Reorganization items 8,761 Loss before income taxes and extraordinary items (43,281) (15,028) Income tax benefit (5,786) Loss before extraordinary items (43,281) (9,242) Extraordinary loss (5,164) Net loss ($43,281) ($14,406) Per Share Amounts: Loss before extraordinary items ($2.57) ($0.55) Extraordinary loss ($0.31) Net loss ($2.57) ($0.86) Weighted average common and common equivalent shares outstanding 16,857 16,751
Notes to Consolidated Statements of Operations:
(1) EBITDAR (Earnings before interest, taxes, depreciation,
amortization and reorganization) for the 13 weeks ended May 4, 1996
was a loss of $12.9 million, compared to a profit of $7.0 million for
the 13 weeks ended April 29, 1995.
(2) The net loss for the first quarter of 1995 included an
extraordinary charge for the early retirement of debt in the amount
of $5,164 ($0.31 per share).
The Caldor Corporation and Subsidiaries Consolidated Balance Sheets (Dollars in thousands) (Unaudited)
May 4, Apr. 29 Feb. 3,
1996 1995 1996
ASSETS
Current assets:
Cash and cash equivalents $42,738 $31,863 $25,577
Accounts receivable 20,645 9,584 18,059
Merchandise inventories 589,613 648,092 499,948
Assets held for disposal, net 20,607 25,265
Refundable income taxes 3,144 5,380
Prepaid expenses & other
current assets 17,978 15,474 17,047
Total current assets 694,725 705,013 591,276
Property and equipment, net 546,197 542,636 551,977
Debt issuance costs 3,987 3,693 4,674
Deferred income taxes 16,626 16,626
Other assets 9,936 16,501 9,466
$1,271,471 $1,267,843 $1,174,019
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable and
accrued expenses $261,794 $364,208 $227,075
Other accrued liabilities 54,558 74,193 52,836
Borrowings under revolving
credit agreement 152,500 212,341 40,000
Current maturities of long-term debt 40,618
Total current liabilities 468,852 691,360 319,911
Long-term debt 269,596 228,040 260,785 Deferred income taxes 7,131 Other long-term liabilities 26,394 18,433 25,158 Liabilities subject to compromise 512,913 530,957
Total stockholders' equity (deficit) (6,284) 322,879 37,208
$1,271,471 $1,267,843 $1,174,019
Notes to Consolidated Balance Sheets:
(1) Certain items previously reported in the accompanying balance
sheets have been reclassified to conform with the current year's
classifications.
CONTACT: Wendi Kopsick/Jim Fingeroth, Kekst and Company: (212) 593-2655 Fax report requests: (800) 711-1288 |
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