Cost-U-Less, Inc. Reports Fiscal 1998 Second Quarter and Year-To-Date Operating Results; New Store Openings and Developments in Guam.BELLEVUE Bellevue (bĕl`vy  ).1 City (1990 pop. 30,982), Sarpy co., E Nebr., a suburb of Omaha, on the Missouri River; inc. 1855. , Wash.--(BUSINESS WIRE)--Aug. 20, 1998--Cost-U-Less, Inc. (the "Company") (Nasdaq:CULS CULS Capital University Law School (Columbus, Ohio) ) today reported sales and operating results for the second quarter (thirteen weeks) and first twenty-six weeks of fiscal 1998, both ended June June: see month. 28, 1998, and the opening of new stores and developments in the Guam Guam (gwäm), Chamorro Guåhan, the largest, most populous, and southernmost of the Mariana Islands (see also Northern Mariana Islands, an unincorporated territory of the United States (2005 est. pop. marketplace. Net income for the second quarter of fiscal 1998 increased to $62,000 or $0.03 per share (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. ), compared to net income of $3,000 or $0.00 per share (diluted), for the second quarter of fiscal 1997. 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 second quarter of fiscal 1998 decreased 1.3% to $31.5 million from $31.9 million during the second quarter of fiscal 1997. The Company closed a mainland Mainland. 1 Island (1991 pop. 14,150), 178 sq mi (461 sq km), N Scotland. The largest of the Orkney Islands, it is also called Pomona. Kirkwall, the seat of the Orkney Islands council area, is on the island. store at the end of the second quarter of 1997 that generated $1.4 million in net sales during the second quarter of 1997. Comparable-store sales (stores open for a full 13 months) increased 4.6%. Net income for the first 26 weeks of fiscal 1998 increased to $387,000 or $0.18 per share (diluted), compared to a loss of $275,000 or ($0.13) per share (diluted), during the first 26 weeks of fiscal 1997. Net sales for the first twenty-six weeks of fiscal 1998 decreased 0.7% to $63.2 million from $63.7 million during the first twenty-six weeks of fiscal 1997. The decrease was primarily due to a store closure at the end of the first quarter and another at the end of the second quarter of fiscal 1997. The combined sales for these two stores for the first twenty-six weeks of fiscal 1997 totaled $3.4 million. Comparable-store sales increased 4.9%. The Company opened a new store in St. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs on June 25, 1998 concurrent At the same time. It implies that multiple processes are taking place simultaneously. See concurrent operation. with the closure of its existing store that was damaged in September September: see month. 1995 by Hurricane Marilyn Hurricane Marilyn was the fifteenth tropical depression and thirteenth named storm of the unusually busy 1995 Atlantic hurricane season, following closely on the heels of Hurricane Luis. Hurricane Marilyn was the worst storm to hit the Virgin Islands since Hurricane Hugo of 1989. (the only store not built to Company specifications). Another new store was opened July July: see month. 2, 1998 in Nadi, Fiji, the Company's first foreign store located outside a U.S. territory. Mr. Jim Rose Jim Rose may refer to a number of persons:
`vä), city (1993 est. pop. 80,000), capital of Fiji, on the southeastern coast of Viti Levu island, S Pacific. , Fiji in the fourth quarter of 1998." Construction continues
and is on schedule for new stores in Suva, Fiji and Curacao, Netherlands
Antilles Netherlands Antilles, island group, an autonomous part of the Netherlands (2005 est. pop. 220,000), 371 sq mi (961 sq km), West Indies. Formerly known as the Dutch West Indies and Netherlands West Indies, they are divided into two groups. . Negotiations for sites in Tonga Tonga (tŏng`gə), officially Kingdom of Tonga, island kingdom (2005 est. pop. 112,000), 270 sq mi (699 sq km), South Pacific, c.2000 mi (3,220 km) NE of Sydney, Australia. Tonga is the only surviving independent kingdom in the South Pacific. , Papua New Guinea Papua New Guinea (păp`ə, –y , St. Marteen
and Aruba Aruba (ər`bə), island, autonomous part of the Netherlands (2005 est. pop. 71,600), 69 sq mi (179 sq km), in the Lesser Antilles off the coast of Venezuela. continue to proceed forward positively.In Guam, a 40,000 square foot Price/Costco store (operated by PriceSmart PriceSmart is a warehouse retailer based in San Diego, California, but its market is in Central and South America. It is founded by Sol Price of PriceClub fame. It began as a spin-off from the then-PriceCostco chain in 1993 and dates back to the founding of Price Club in , Inc.) that opened in November November: see month. 1995, closed on August 16, 1998. The closure of this store has had an immediate positive impact on sales at the Company's two stores in Guam. Cost-U-Less, a leading operator of mid-sized club-style stores operating in U.S. territory and foreign island markets, operating eight stores at the end of the second quarter of 1998. A total of nine stores are currently open with the addition of Nadi, Fiji. -0-
COST-U-LESS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 28, Dec. 28,
1998 1997
------------ ----------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,291 $ 1,028
Receivables, net 775 1,023
Inventories, net 14,973 12,271
Other current assets 2,145 987
------------ ----------
Total current assets 19,184 15,309
Property and equipment, net 10,441 6,847
Deposits and other assets 832 518
Deferred tax assets 141 141
============ ==========
Total assets $ 30,598 $ 22,815
============ ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,136 $ 8,953
Accrued expenses 1,684 1,235
Income taxes payable - 141
Line of credit 5,081 376
Current portion of long-term debt 633 384
Current portion of capital leases 422 406
------------ ----------
Total current assets 16,956 11,495
Deferred rent 524 481
Long-term debt, less current portion 2,049 -
Capital lease obligations, less
current portion 955 1,169
------------ ----------
Total liabilities 20,484 13,145
Shareholders' equity:
Preferred stock, $0.001 par value:
Authorized shares - 2,000,000
Issued and outstanding shares
- none - -
Common stock, $0.01 par value:
Authorized shares - 25,000,000
Issued and outstanding shares
- 1,999,961 3,600 3,525
Retained earnings 6,553 6,165
Accumulated other comprehensive income (39) (20)
------------ ----------
Total shareholders' equity 10,114 9,670
============ ==========
Total liabilities and
shareholders' equity $ 30,598 $ 22,815
============ ==========
COST-U-LESS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
13 WEEKS ENDED 26 WEEKS ENDED
--------------------- ------------------------
June 28, June 29, June 28, June 29,
1998 1997 1998 1997
--------------------- ------------------------
Net sales $ 31,453 $ 31,868 $ 63,205 $ 63,657
Merchandise costs 26,159 26,628 52,711 53,351
---------- ---------- ---------- -----------
Gross profit 5,294 5,240 10,494 10,306
Operating expenses:
Store 3,655 3,677 7,189 7,517
General and
administrative 890 788 1,871 1,583
Store opening 334 46 464 68
Store closing 244 600 244 1,300
---------- ---------- ---------- -----------
Total operating
expenses 5,123 5,111 9,768 10,468
---------- ---------- ---------- -----------
Operating income
(loss) 171 129 726 (162)
Other income
(expense):
Interest expense (80) (121) (134) (245)
----------- ----------- --------- ----------
Income (loss) before
income taxes 91 8 592 (407)
Income tax
provision (benefit) 29 5 205 (132)
=========== ========== ========== ==========
Net income (loss) $ 62 $ 3 $ 387 $ (275)
=========== ========== ========== ==========
Earnings (loss) per
common share:
Basic $ 0.03 $ 0.00 $ 0.19 $ (0.14)
Diluted 0.03 0.00 0.18 (0.14)
Weighted average
common shares
outstanding 1,999,961 1,999,961 1,999,961 1,999,961
========== ========== ========== ===========
Weighted average
common shares
outstanding,
assuming dilution 2,123,383 2,137,693 2,134,971 1,999,961
========== ========== ========== ===========
CONTACT: Cost-U-Less, Inc.
Allan Youngberg, 425/644-4241 (ext. 15)
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion