Cost Plus, Inc. Meets Second Quarter Earnings Expectations.Business Editors OAKLAND Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. , Calif.--(BUSINESS WIRE)--Aug. 23, 2001 Cost Plus, Inc. (Nasdaq:CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ) announced today its financial results for the second quarter ended August 4, 2001. The Company reported net income of $1.5 million, compared to net income of $1.4 million in the second quarter of fiscal 2000. Earnings per share for the second quarter were $0.07, compared with last year's second quarter earnings per share of $0.07. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , net income increased to $2.7 million, or $0.13 per share, compared with net income of $2.6 million, or $0.12 per share, in the prior fiscal year. During the second quarter of fiscal 2001, 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 increased 20.8% to $112.1 million from $92.8 million last year. 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 quarter decreased 0.5%, compared to a 7.1% increase in the prior year. Year-to-date, net sales were $225.0 million, a 21.6% increase from $185.0 million for the same period last year, with same store sales growing 2.0% on top of a 6.8% prior year increase. Murray Murray, river, Australia Murray, principal river of Australia, 1,609 mi (2,589 km) long, rising in the Australian Alps, SE New South Wales, and flowing westward to form the New South Wales–Victoria boundary. Dashe, Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President, said, "We are pleased to have been able to meet our profit objectives for the quarter, while continuing our aggressive promotional strategy to provide the best possible values to our customers during these difficult economic times." During the quarter, the Company opened five stores, one each in Santa Barbara Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , CA; Tucson Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , AZ; Kingstowne, VA; Stockton Stockton, city (1990 pop. 210,943), seat of San Joaquin co., central Calif., on the San Joaquin River; inc. 1850. One of the fastest-growing U.S. cities during the late 20th cent., Stockton is an inland seaport located at the head of the San Joaquin delta. , CA and
Sterling, VA.
An archived version of the Company's second quarter earnings conference call will be available to retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. after 8:00 a.m. (PST PST Paroxysmal supraventricular tachycardia, see there ) on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant at the following internet sites: www.aol.com America Online's Internet domain address. When sending e-mail to an AOL subscriber via the Internet, the aol.com is the last part of the address; for example: jjones@aol.com. ; www.fool.com; and www.wallstreetcity.com. Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. may access the call after 11:00 a.m. (PST) today at www.streetevents.com. Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of August 23, 2001, the Company operated 139 stores in 19 states, compared to 115 stores in 18 states at the same time last year.
COST PLUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts, unaudited)
Second Quarter Ended
August 4, 2001 July 29, 2000
Net sales $112,101 100.0% $ 92,765 100.0%
Cost of sales
and occupancy 74,759 66.7 61,132 65.9
Gross profit 37,342 33.3 31,633 34.1
Selling, general
and administrative
expenses 33,736 30.1 28,373 30.6
Store preopening
expenses 945 0.8 790 0.8
Income from
operations 2,661 2.4 2,470 2.7
Net interest
expense 188 0.2 95 0.1
Income before
income taxes 2,473 2.2 2,375 2.6
Income taxes 964 0.9 926 1.0
Net income $ 1,509 1.3% $ 1,449 1.6%
Net income per
share (diluted) $ 0.07 $ 0.07
Weighted average
shares outstanding
-diluted 21,907 21,564
New stores opened 5 4
Six Periods Ended
August 4, 2001 July 29, 2000
Net sales $225,016 100.0% $185,003 100.0%
Cost of sales and
occupancy 150,413 66.8 121,579 65.7
Gross profit 74,603 33.2 63,424 34.3
Selling, general
and administrative
expenses 67,910 30.2 57,030 30.8
Store preopening
expenses 2,011 0.9 2,034 1.1
Income from
operations 4,682 2.1 4,360 2.4
Net interest
expense 187 0.1 127 0.1
Income before
income taxes 4,495 2.0 4,233 2.3
Income taxes 1,753 0.8 1,651 0.9
Net income $ 2,742 1.2% $ 2,582 1.4%
Net income per
share (diluted) $ 0.13 $ 0.12
Weighted average
shares outstanding
-diluted 21,751 21,462
New stores opened 10 10
COST PLUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
August 4, 2001 July 29, 2000
ASSETS
Current assets:
Cash and cash equivalents $ 14,669 $ 16,964
Merchandise inventories 120,383 95,352
Other current assets 12,997 9,593
Total current assets 148,049 121,909
Property and equipment, net 84,199 70,322
Other assets 14,277 12,187
Total assets $246,525 $204,418
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 27,598 $ 17,586
Accrued compensation 5,670 7,109
Other current liabilities 11,817 11,535
Total current liabilities 45,085 36,230
Capital lease obligations 13,263 13,655
Other long-term obligations 9,057 7,735
Shareholders' equity:
Common stock 214 208
Additional paid-in capital 129,602 119,118
Retained earnings 49,304 27,472
Total shareholders' equity 179,120 146,798
Total liabilities and shareholders' equity $246,525 $204,418
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