Correcting and replacing BW1011, Brookstone financial results from earlier today.NASHUA Nashua (năsh`  ə), city (1990 pop. 79,662), seat of Hillsborough co., S N.H., on the Merrimack and Nashua rivers near the Mass. line; settled c.1655, inc. as a city 1853. , NH--(BUSINESS WIRE)--March 19, 1997--The following corrects and replaces BW1011 (BROOKSTONE Brookstone is a chain of retail stores in the United States. Its first store was opened in 1973 in Peterborough, New Hampshire. Its headquarters are currently located in Merrimack, New Hampshire. Brookstone sells many types of products ranging from radar detectors to massage chairs. ) Announces Fiscal 1996 Fourth Quarter And Year-End year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. Results: Brookstone, Inc. (Nasdaq: BKST) today announced results for the fourth quarter and fiscal year ended February February: see month. 1, 1997. For the fourth quarter ended February 1, 1997, the Company reported net income of $13,347,000, or $1.65 per share, compared to net income of $11,210,000, or $1.40 per share, for the same period last year. 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 fourth quarter of fiscal 1996 increased 6.9% to $112,340,000, versus $105,076,000 for the fourth quarter of 1995. 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 for the fourth quarter of fiscal 1996 increased 3.2%. For fiscal 1996, the Company reported net income of $5,873,000, or $0.73 per share, compared to net income of $4,617,000, or $0.58 per share, for fiscal 1995. For the year, net sales increased 11.1% to $218,044,000, versus $196,333,000 for the comparable period last year. Same store sales increased 5.6% on a 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 basis. Results for fiscal 1995 included fifty-three weeks. Excluding the fifty-third week, net sales increased 9.2% and 12.3% for the fourth quarter and fiscal year ended February 1, 1997, respectively. After undergoing a major transition in 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. and marketing in fiscal 1995, Brookstone s focus during fiscal 1996 was to expand upon 1995 s significant strides in product and marketing innovation, to reposition catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. presentation, and to correct the execution problems experienced in the seasonal stores. Efforts on the product front were successful, as new product performance continued to drive sales growth, representing 40% of annual sales volume in fiscal 1996. New in- in- word element [L.], in, within, or into. in- word element [L.], not. in- 1 or il- or im- or ir- pref. store marketing programs received strong customer response in the retail stores, and remodeled stores experienced consistent success. The seasonal stores performed well during the 9 weeks of the 1996 Holiday selling season, with strong sales growth and a significant increase in profitability. In response to continued softness in catalog sales, the Company has intensified in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: its efforts to improve the catalog business. During fiscal 1997, the new Direct Marketing and Merchandising teams will continue to focus on increasing new product introductions and improving customer response rates. "We are pleased to report a 26% increase in annual earnings per share," commented Michael Anthony
Michael Anthony Sobolewski (born June 20 1954) is an American musician. , President and Chief Executive Officer of Brookstone. "As we enter fiscal 1997, we are excited about the outlook for our revitalized re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. product lines and marketing programs, and are on track to execute our store expansion program, opening 15-20 new stores during the year. In addition, in fiscal 1997, we plan to begin testing alternative points of distribution (APD APD atrial premature depolarization (see atrial premature complex, under complex ); pamidronate. ), including new locations in airports and summer resort areas." In a separate announcement, the Company announced two appointments. Scott R. Ornstein, 35, has been promoted to Vice President, General Merchandise Manager from his previous position as Operational Vice President, Merchandising. Steven Strickland, 34, has been promoted to Vice President, Marketing. Previously, Mr. Strickland served as Operational Vice President, Creative & Visual Services at the Company. Both executives will report to Michael Anthony, President and Chief Executive Officer of Brookstone. Scott Ornstein joined Brookstone in 1995 from Lechters Housewares house·wares pl.n. Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. , a division of Lechters, Inc. (Nasdaq: LECH Lech (lĕkh), river, c.175 mi (280 km) long, rising in Vorarlberg, W Austria, and flowing NE into S Germany past Augsburg to the Danube River. The Wertach River is its chief tributary. ), where he was Vice President, Merchandise Manager. At Brookstone, Mr. Ornstein spearheaded the initiative to increase the rate of new product introductions at the Company. Steven Strickland also joined Brookstone in 1995. In his previous position at the Company, Mr. Strickland successfully implemented Brookstone s new store prototype design and upgraded the Company s visual presentation. He possesses 16 years of experience in design and visual merchandising Visual merchandising is creating visual displays and arranging merchandise assortments within a store to improve the layout and presentation and to increase traffic and sales. , and is currently working to develop a new "Branding Image" for Brookstone packaging. Brookstone, Inc. is a nationwide specialty retailer operating 160 stores in 33 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . The stores, typically located in high-traffic regional shopping malls, feature consumer products that are both functional and distinctive in quality and design. The company also operates a mail order catalog business for hard- to-find tools and other household products. -0-
BROOKSTONE, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Quarter Ended Year Ended
2/1/97 2/3/96 2/1/97 2/3/96
(13 weeks)(14 weeks) (52 weeks) (53 weeks)
Net sales $ 112,340 $105,076 $218,044 $196,333
Cost of sales 62,587 58,544 137,612 123,413
Gross profit 49,753 46,532 80,432 72,920
Selling, general
& admin. expenses 26,006 26,118 69,963 63,790
Income from
operations 23,747 20,414 10,469 9,130
Other (income)/expense 1,403 1,298 (107) 538
Interest expense, net 320 307 885 845
Income before taxes 22,024 18,809 9,691 7,747
Income tax provision 8,677 7,599 3,818 3,130
Net income 13,347 11,210 5,873 4,617
Net income per share $ 1.65 $ 1.40 $ 0.73 $ 0.58
Weighted average
shares outstanding 8,068 7,988 8,061 7,973
BROOKSTONE, INC.
CONSOLIDATED BALANCE SHEET
(IN THOUSANDS)
(Unaudited)
February 1, February 3,
1997 1996
ASSETS
Current Assets:
Cash and cash equivalents $ 10,576 $ 11,333
Receivables, net 5,448 4,312
Merchandise inventories 31,266 25,744
Deferred income taxes 1,026 150
Other current assets 2,953 2,999
Total current assets 51,269 44,538
Deferred income taxes 1,845 1,864
Property and equipment, net 33,413 30,157
Other assets 734 1,198
$87,261 $ 77,757
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities:
Current portion of obligation
under capital lease $ 79 $ 75
Short-term borrowings -- --
Accounts payable 8,616 9,464
Other current liabilities 12,902 9,069
Total current liabilities 21,597 18,608
Other long-term liabilities 8,923 8,572
Long-term obligation under
capital lease 2,784 2,863
COMMITMENTS AND CONTINGENCIES
Common stock 8 8
Additional paid-in capital 46,663 46,293
Retained Earnings 7,333 1,460
Treasury stock at cost (47) (47)
Total shareholders equity 53,957 47,714
$87,261 $ 77,757
CONTACT: Philip Roizin Chief Financial Officer Patrice F. Janoch Manager of Investor Relations Investor relations The process by which the corporation communicates with its investors. Brookstone, Inc. (603) 880-9500 or Naomi Rosenfeld/Carolyn Capaccio Media Contact: Stacy Berns Morgen-Walke Associates (212) 850-5600 |
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