Cost Plus, Inc. Reports Third Quarter Results.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)--Nov. 17, 1998--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 thirteen and thirty-nine week periods ended October October: see month. 31, 1998. For the third quarter ended October 31, 1998, the Company reported a net loss of $782,000, or $0.09 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, compared with a net loss of $1.3 million, or $0.15 per diluted share, for the prior year's third quarter. 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 third quarter were $66.7 million, a 21.9% increase from $54.7 million for the third quarter 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 third quarter increased 5.5%. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , Cost Plus reported a net loss of $385,000, or $0.04 per diluted share, compared with last year's net loss of $958,000, or $0.12 per diluted share. Net sales for the thirty-nine weeks ended October 31, 1998 increased 20.7% to $181.7 million. Year-to-date same store sales increased 6.1%. 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 of Cost Plus said, "We were particularly pleased to exceed our financial objectives for the quarter even though we incurred the additional expense of opening one more store than planned. The additional store was originally scheduled for a fourth quarter opening, but we took advantage of an opportunity and opened it early." Cost Plus, Inc. is a leading specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer of casual home living and entertaining products. As of October 31, 1998, the Company operated 82 stores in 15 states compared to 68 stores as of November November: see month. 1, 1997. -0-
COST PLUS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
(Dollars in thousands, except per share amounts, unaudited)
Third Quarter Ended
October 31, 1998 November 1, 1997
Net Sales $ 66,689 100.0% $ 54,687 100.0%
Cost of sales and
occupancy 43,676 65.5 35,600 65.1
Gross profit 23,013 34.5 19,087 34.9
Selling, general and
administrative expenses 22,275 33.4 18,946 34.6
Store preopening expenses 1,579 2.4 1,639 3.0
Loss from operations (841) (1.3) (1,498) (2.7)
Interest expense 440 0.6 589 1.1
Loss before income taxes (1,281) (1.9) (2,087) (3.8)
Income tax benefit (499) (0.7) (835) (1.5)
Net loss (782) (1.2) (1,252) (2.3)
Net loss per common and
common equivalent share
(diluted) $ (0.09) $ (0.15)
Weighted average common
and common equivalent
shares outstanding 8,796 8,357
New stores opened 8 8
Nine Periods Ended
October 31, 1998 November 1, 1997
Net sales $ 181,696 100.0% $ 150,506 100.0%
Cost of sales and
occupancy 119,527 65.8 97,964 65.1
Gross profit 62,169 34.2 52,542 34.9
Selling, general and
administrative expenses 59,671 32.8 50,490 33.5
Store preopening expenses 2,257 1.3 2,279 1.5
Income (loss) from
operations 241 0.1 (227) (0.1)
Interest expense 872 0.4 1,370 0.9
Loss before income taxes (631) (0.3) (1,597) (1.0)
Income tax benefit (246) (0.1) (639) (0.4)
Net loss (385) (0.2) (958) (0.6)
Net loss per common and
common equivalent share
(diluted) $ (0.04) $ (0.12)
Weighted average common
and common equivalent
shares outstanding 8,746 8,206
New stores opened 12 10
COST PLUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)
October 31, November 1,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $ 856 $ 567
Merchandise inventories 86,546 72,165
Other current assets 5,081 5,559
Total current assets 92,483 78,291
Property and equipment, net 58,593 52,755
Other assets 10,642 10,982
Total assets $161,718 $142,028
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 21,612 $ 16,450
Accrued compensation 7,084 6,883
Revolving line of credit 7,600 3,600
Other current liabilities 9,020 7,583
Total current liabilities 45,316 34,516
Capital lease obligations 15,256 15,828
Deferred income taxes 1,969 3,548
Other long-term obligations 5,298 3,913
Shareholders' equity:
Common stock 88 87
Additional paid-in capital 102,207 103,132
Deficit (8,416) (18,996)
Total shareholders' equity 93,879 84,223
Total liabilities and
shareholders' equity $161,718 $142,028
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