Cost Plus, Inc. Reports Record 1996 Results; Net Income Up 95%; EPS Up 48%.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)--March 18, 1997--Cost Plus, Inc. (Nasdaq:CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ) announced today its record financial results for the thirteen and fifty-two-week periods ended February February: see month. 1, 1997. For the thirteen-week period ended February 1, 1997, Cost Plus reported a 29.0% growth in net income to $8.9 million, compared with net income of $6.9 million for the proforma Proforma A financial projection based on assumptions. fifteen-week period ended February 3, 1996. The company reported net income per share of $1.05 (on 8.4 million weighted average shares) for the thirteen weeks ended February 1, 1997, compared with $1.12 (on 6.2 million weighted average shares) for the fifteen weeks ended February 3, 1996. The increase in the number of weighted average shares from the prior year resulted from the company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in April, 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 for the thirteen weeks ended February 1, 1997 were $90.7 million, an 11.3% increase from $81.5 million, for the fifteen-week period ended February 3, 1996. 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 thirteen-week period ended February 1, 1997, increased 7.3% over the same period last year. For the fifty-two-week period ended February 1, 1997, the company reported a record 95% increase in net income to $7.4 million, or $.92 per share (on 8.1 million weighted average shares), compared with the proforma net income of $3.8 million, or $.62 per share (on 6.2 million weighted average shares), for the fifty-four-week period ended February 3, 1996. Net sales for the fifty-two-week period ended February 1, 1997 grew 17.5% to $214.8 million compared with $182.8 million, for the fifty-four-week period ended February 3, 1996. Same store sales for the comparable 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" weeks increased 6.1%. "This has been a truly remarkable year at Cost Plus," said Ralph D. Dillon Dillon may refer to: People
, chairman and chief executive officer. "As a newly public company, we are pleased to announce that we have exceeded our sales and profit plans for the year. We are particularly proud of our stores' performance in delivering sales in new markets and posting our sixth consecutive year of outstanding comparable store sales increases." "With our focus on providing an ever-changing Adj. 1. ever-changing - marked by continuous change or effective action changing dynamic, dynamical - characterized by action or forcefulness or force of personality; "a dynamic market"; "a dynamic speaker"; "the dynamic president of the firm" assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. of unique merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain , our customers have found our stores to be a destination for an exciting and entertaining shopping experience. Once again, we have shown that Cost Plus World Market is the customers' choice for their holiday selections for home decorating, entertaining and gift-giving. This holiday season was our best ever." Cost Plus, Inc. is a leading retailer of casual home living and entertaining products, operating under the name "Cost Plus World Market". As of February 1, 1997, Cost Plus operated 58 stores compared with 49 stores as of February 3, 1996. -0-
NOTE TO FOLLOWING TABLES: Fiscal 1995, as originally reported,
was a forty-nine-week (eleven month) period since the company changed
its fiscal year end to conform to the National Retail Federation
(NRF) calendar. The 1995 results have been restated on a
fifty-four-week, (twelve month) proforma basis.
COST PLUS, INC.
STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS
(In thousands except percents and per share amounts, unaudited)
Proforma
Thirteen Weeks Ended Fifteen Weeks Ended
February 1, 1997 February 3, 1996
Net sales $90,660 100.0% $81,476 100.0%
Cost of sales
and occupancy 54,716 60.4 49,489 60.7
Gross Profit 35,944 39.6 31,987 39.3
Selling, general and
administrative
expenses 20,365 22.4 18,608 22.9
Preopening store
expenses 68 .1 197 .2
Income from
operations 15,511 17.1 13,182 16.2
Interest expense 456 .5 1,449 1.8
Income before income
taxes 15,055 16.6 11,733 14.4
Provision for
income taxes 6,173 6.8 4,811 5.9
Net income $8,882 9.8% $6,922 8.5%
Net income per common
and common equivalent
share $1.05 $1.12
Weighted average
common and common
equivalent shares
outstanding 8,441 6,153
Proforma
Fifty-Two Weeks Ended Fifty-Four Weeks Ended
February 1, 1997 February 3, 1996
Net sales $214,814 100.0% $182,845 100.0%
Cost of sales and
occupancy 135,072 62.9 115,516 63.2
Gross profit 79,742 37.1 67,329 36.8
Selling, general and
administrative
expenses 62,649 29.2 54,110 29.6
Preopening store
expenses 2,053 .9 1,620 .9
Income from operations 15,040 7.0 11,599 6.3
Interest expense 2,451 1.1 5,131 2.8
Income before
income taxes 12,589 5.9 6,468 3.5
Provision for
income taxes 5,162 2.4 2,652 1.4
Net income $7,427 3.5% $3,816 2.1%
Net income per common
and common equivalent
share $.92 $.62
Weighted average common
and common equivalent
shares outstanding 8,105 6,153
COST PLUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
February 1, 1997 February 3, 1996
ASSETS
Current assets:
Cash and cash equivalents $14,398 $2,181
Merchandise inventories 42,605 35,213
Other current assets 2,413 1,960
Total current assets 59,416 39,354
Property and equipment, net 60,205 58,300
Other assets 8,577 8,332
Total assets $128,198 $105,986
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $14,706 $9,422
Income taxes payable 6,095 3,359
Accrued compensation 6,607 5,373
Revolving line of credit
with related parties 0 3,165
Other current liabilities 7,201 6,933
Total current liabilities 34,609 28,252
Capital lease obligations 14,215 14,633
Note payable to related parties 0 19,895
Deferred income taxes 3,548 4,455
Other long-term obligations 2,617 2,392
Shareholders' equity:
Common stock 81 59
Additional paid-in capital 91,166 61,765
Deficit (18,038) (25,465)
Total shareholders' equity 73,209 36,359
Total liabilities and shareholders'
equity $128,198 $105,986
CONTACT: Cost Plus Inc. Alan A`lan´ n. 1. A wolfhound. Zimtbaum, 510/893-7300 ext. 3006 |
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