Cost Plus, Inc. Reports Second Quarter Results and Provides Third Quarter Financial Guidance.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. -- Cost Plus, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ) today announced financial results for its second quarter ended July July: see month. 29, 2006 and provided financial guidance for its fiscal third quarter and full fiscal year. Net loss for the second quarter of fiscal 2006 was $11.3 million versus net income of $1.5 million last year. Net loss per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share was $0.51 for the second quarter compared to the prior year's second quarter net income of $0.07 per diluted share. The net loss included $0.17 per diluted share due to the previously announced markdown Markdown The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer. Notes: The broker offers a lower price to try stimulate trading in hopes that they will make the money back on the extra charge taken to lower retail pricing on certain categories of home furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. merchandise that the Company desires to sell through. During the second quarter, total revenue increased 6.2% to $215.3 million from $202.8 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 3.2% compared to a 1.7% decrease last year. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , total revenue was $428.2 million, a 6.3% increase from $402.8 million for the same period last year, with same store sales decreasing 3.7% compared to a decrease of 1.8% last year. Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Feld Feld is a surname and may refer to:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth and success." The Company opened two new stores in the quarter. As of August 17, 2006, the Company operated 276 stores in 34 states, compared to 248 stores in 31 states at the same time last year. Financial guidance for the third quarter of fiscal 2006 is in the range of a loss of $0.38 per diluted share to a loss of $0.46 per diluted share. The following are the major assumptions contained in the guidance: --Opening 11 new stores and closing 2 stores versus opening 11 in the third quarter last year. --Same store sales between a negative 3% and a positive 1% compared to a negative 4.7% in the third quarter last year. --Total sales between $213 million and $221 million. --Gross profit rate between 31.7% and 32.0% compared to 33.3% last year. --SG&A rate between 36.0% and 37.1%, versus 33.2% last year. --Pre-tax loss between $13.6 million and $16.6 million versus a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss of $4.4 million in the third quarter last year. --An income tax rate of 39.0%, the same as last year. --Net loss between $8.3 million and $10.1 million versus a net loss of $2.7 million in the third quarter last year. --Weighted average diluted shares outstanding of 22.1 million versus 22.0 million last year. Earnings guidance for the fiscal year is in the range of $0.21 to $0.40 per diluted share and is based on a same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. range of a negative 3% to flat. The Company's second quarter earnings conference call will be today, August 17, 2006, at 1:30 p.m. PT. It will be in a "listen-only" mode for all participants other than the sell-side and buy-side investment professionals who regularly follow the Company. Phone numbers for the call are (415) 537-1985 or (212) 676-5400. Callers should dial in approximately 15 minutes prior to the scheduled start time. A telephonic replay will be available at (402) 977-9140, Access Code: 21300066, from 3:30 p.m. PT Thursday Thursday: see week. to 3:30 p.m. PT on Friday, August 18, 2006. Investors may also access the live call or the replay over the internet at www.worldmarket.com . The replay will be available approximately one hour after the live call concludes. The above statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc anticipated third quarter and fiscal 2006 financial results are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " that are based on current expectations and are subject to various risks and uncertainties, which could cause actual results to differ materially from those forecasted. Such risk factors include, but are not limited to: changes in economic conditions that affect consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. ; changes in the competitive environment; interruptions in the flow of merchandise; changes in the cost of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. purchased including fuel, transportation and insurance; a material unfavorable outcome with respect to litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , claims and assessments; the effects associated with terrorist acts; and changes in accounting rules and regulations. Please refer to documents on file with the Securities and Exchange Commission for a more detailed discussion of the Company's risk factors. The Company does not undertake any obligation to update its forward-looking statements.
COST PLUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in thousands, except per share amounts, unaudited)
Second Quarter
July 29, 2006 July 30, 2005
Net sales $215,275 100.0 % $202,766 100.0 %
Cost of sales and occupancy 156,726 72.8 133,545 65.9
Gross profit 58,549 27.2 69,221 34.1
Selling, general and
administrative expenses 74,554 34.6 63,152 31.1
Store preopening expenses 738 0.3 2,296 1.1
Income (loss) from operations (16,743) (7.8) 3,773 1.9
Net interest expense 1,517 0.7 1,381 0.7
Income (loss) before income taxes (18,260) (8.5) 2,392 1.2
Income tax expense (benefit) (7,008) (3.3) 874 0.4
Net income (loss) $(11,252) (5.2)% $ 1,518 0.7 %
Net income (loss) per share -
diluted $ (0.51) $ 0.07
Weighted average shares
outstanding - diluted 22,065 22,135
New stores opened 2 10
For the Six Month Period Ended
July 29, 2006 July 30, 2005
Net sales $428,239 100.0 % $402,789 100.0 %
Cost of sales and occupancy 306,383 71.5 266,849 66.3
Gross profit 121,856 28.5 135,940 33.7
Selling, general and
administrative expenses 143,261 33.5 128,309 31.9
Store preopening expenses 2,263 0.5 3,357 0.8
Income (loss) from operations (23,668) (5.5) 4,274 1.1
Net interest expense 2,579 0.6 2,107 0.5
Income (loss) before income taxes (26,247) (6.1) 2,167 0.5
Income tax expense (benefit) (10,203) (2.4) 787 0.2
Net income (loss) $(16,044) (3.7)% $ 1,380 0.3 %
Net income (loss) per share -
diluted $ (0.73) $ 0.06
Weighted average shares
outstanding - diluted 22,063 22,126
New stores opened 9 15
COST PLUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
July 29, 2006 July 30, 2005
ASSETS
Current assets:
Cash and cash equivalents $ 2,905 $ 3,564
Merchandise inventories 276,002 277,531
Other current assets 33,267 18,898
Total current assets 312,174 299,993
Property and equipment, net 203,505 191,830
Goodwill 4,178 4,178
Other assets 16,161 12,570
Total assets $ 536,018 $ 508,571
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 63,053 $ 47,631
Accrued compensation 12,357 11,659
Short-term borrowings 11,622 26,206
Other current liabilities 26,308 24,903
Total current liabilities 113,340 110,399
Capital lease obligations 11,455 13,099
Long-term debt 67,791 52,916
Other long-term obligations 41,372 35,886
Shareholders' equity:
Common stock 221 220
Additional paid-in capital 165,372 163,252
Retained earnings 136,397 133,589
Accumulated other comprehensive income
(loss) 70 (790)
Total shareholders' equity 302,060 296,271
Total liabilities and shareholders'
equity $ 536,018 $ 508,571
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion