Caldor reports improved first quarter 1997 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 12, 1997--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 3, 1997. For the first quarter of 1997, 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, and reorganization items) was $19.7 million versus an operating loss of $26.1 million for the first quarter of 1996. The Company's net loss for the quarter was $36.3 million, or $2.14 per share, compared to a net loss of $43.3 million, or $2.57 per share, for the first quarter of 1996. The results for the first quarter of 1997 included reorganization items of $6.3 million, compared to $8.8 million in 1996, 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. 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 first quarter of 1997 were $526 million compared to $569 million for the first quarter of 1996. Comparable store sales declined by 6.6% for the quarter, reflecting changes in the Company's marketing strategy, unseasonably cold weather in the Northeast, and the intensely competitive retail environment. Warren D. Feldberg Feldberg: see Black Forest. , Chairman and Chief Executive Officer of Caldor, stated, "We are pleased with the improvement in our first quarter results over last year. The Company is continuing to focus on the strategies set forth in our Business Plan, and our first quarter operating results, gross margins, in-stock levels and expense reductions reflect the initial results from the execution of our Plan. Moreover, the extension of our $450 million DIP facility through June June: see month. 15, 1998, was approved by the Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. on June 4, 1997. It provides us with substantial excess availability to carry-out our strategies." The Caldor Corporation is the fourth largest discount department store chain in the U.S., with annual sales of approximately $2.6 billion and approximately 22,000 Associates. It currently operates 157 stores in ten East Coast and Mid-Atlantic states Mid-At·lan·tic States See Middle Atlantic States. Noun 1. Mid-Atlantic states - a region of the eastern United States comprising New York and New Jersey and Pennsylvania and Delaware and Maryland U.S.A. . With a strong consumer franchise in high density urban/suburban markets, Caldor offers a diverse merchandise selection, including both softline  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . and hardline Adj. 1. hardline - firm and uncompromising; "a hard-line policy" hard-line uncompromising, inflexible, sturdy - not making concessions; "took an uncompromising stance in the peace talks"; "uncompromising honesty" products. -0-
The Caldor Corporation and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
(Unaudited)
13 Weeks Ended
May 3, May 4,
1997 1996
Net sales $ 525,635 $ 568,560
Cost of merchandise sold 385,197 423,505
SG&A expenses, net of
depreciation and
amortization 146,250 159,187
Depreciation and
amortization 13,838 11,992
Operating loss (19,650) (26,124)
Interest expense, net 10,391 8,396
Loss before
reorganization items (30,041) (34,520)
Reorganization items 6,274 8,761
Net loss ($36,315) ($43,281)
Per Share Amounts:
Net loss ($2.14) ($2.57)
Weighted average common and
common equivalent shares
used in computing per share
amounts 16,936 16,857
The Caldor Corporation and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
May 3, May 4, Feb. 1,
1997 1996 1997
ASSETS
Current assets:
Cash and cash equivalents $ 35,526 $ 42,738 $ 27,477
Restricted cash 7,764 5,254
Accounts receivable 14,099 20,780 12,216
Merchandise inventories 507,068 589,478 450,499
Assets held for disposal 20,607 8,177
Refundable income taxes 13,402 3,143 13,040
Prepaid expenses & other
current assets 18,866 17,978 17,422
Total current assets 596,725 694,724 534,085
Property and equipment, net 496,270 542,676 508,071
Debt issuance costs 1,515 3,987 2,516
Deferred income taxes 16,626
Other assets 5,535 9,936 5,851
$1,100,045 $1,267,949 $1,050,523
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable and
accrued expenses $ 224,763 $ 261,794 $ 214,938
Other accrued liabilities 58,120 54,095 64,478
Current maturities of long-term debt 550 550
Borrowings under revolving
credit agreement 235,290 152,500 152,000
Total current liabilities 518,723 468,389 431,966
Long-term debt 18,314 8,640 18,463
Other long-term liabilities 29,482 26,394 28,322
Liabilities subject to compromise 717,965 770,811 719,980
Total stockholders' deficit (184,439) (6,285) (148,208)
Footnotes: (1) EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) (Earnings before interest, taxes, depreciation, amortization and reorganization) for the 13 weeks ended May 3, 1997 was a loss of $4.7 million, compared to a loss of $12.9 million for the 13 weeks ended May 4, 1996. (2) Certain items previously reported in the above financial information have been reclassified to conform with the current period's classifications. CONTACT: Wendi Wendi or Wen Ti Chinese god of literature. His chief heavenly task is to keep a register of men of letters so that he can mete out rewards and punishments to each according to merit. Kopsick/Jim Fingeroth Kekst and Company: (212) 593-2655 For fax copies of news releases: (800) 717-1117 Web site: http://www.businesswire.com/cnn/cld.htm |
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