Cost-U-Less, Inc. Reports Fiscal 1999 Second Quarter Results On an Operating Increase in Sales of 31 Percent.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)--July 21, 1999-- 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 (13 weeks) of fiscal 1999 ended June June: see month. 27, 1999. Net income for the second quarter of fiscal 1999 increased to $477,000 or $0.13 per share on average 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. shares outstanding of 3,611,977 compared to net income of $62,000 or $0.03 per share on average diluted shares outstanding of 2,123,383 for the second quarter of fiscal 1998. 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 1999 increased 31.1 percent to $41.2 million from $31.5 million during the second quarter of fiscal 1998. Comparable-store sales (stores open for a full 13 months) increased 9.8 percent for the second quarter of fiscal 1999. Net income for the first 26 weeks of fiscal 1999 increased to $753,000 or $0.21 per share on average diluted shares outstanding of 3,610,530 compared to net income of $387,000 or $0.18 per share on average diluted shares outstanding of 2,134,971 during the first 26 weeks of fiscal 1998. Net sales for the first 26 weeks of fiscal 1999 increased 25 percent to $79.2 million from $63.2 million during the first 26 weeks of fiscal 1998. The increase was due to sales from the company's two new stores in Fiji and one in Curacao, plus a 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 increase of 10.2 percent over the first 26 weeks of 1998. "We are pleased to reach record sales and maintain our profitability momentum as we build the infrastructure and incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. greater costs to support our store expansion program in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and the Caribbean," said Chairman and 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. Jim Rose Jim Rose may refer to a number of persons:
Construction is underway on two stores in New Zealand that are scheduled to open during the first quarter of 2000. The store under construction in St. Maarten is on schedule to open in late December December: see month. this year. The Company also announced the following management change. Allan Allan can refer to:
abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in Finance from Seattle University History Seattle University was founded by Father Victor Garrand and Father Adrian Sweere in downtown Seattle, and has served as both a high school and college. In 1893, construction started on the First Hill campus. and formerly served as Manager of Corporate Planning and Reporting at ATL (Active Template Library) A set of software routines from Microsoft that provide the basic framework for creating ActiveX and COM objects. Stemming from the standard template library (STL) that comes with C++ compilers, ATL includes an object wizard that sets up Ultrasound ultrasound or sonography, in medicine, technique that uses sound waves to study and treat hard-to-reach body areas. In scanning with ultrasound, high-frequency sound waves are transmitted to the area of interest and the returning echoes recorded , Inc., a $500 million bio-medical equipment company that was acquired by Philips Electronics in 1998. Cost-U-Less, a leading operator of non-membership warehouse "club-style" stores operating in U.S. territory and foreign island markets, operated 11 stores at the end of the second quarter of 1999. -0-
COST-U-LESS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 27, December 27,
1999 1998
-----------------------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,291 $ 4,289
Receivables, net 1,676 1,853
Inventories, net 19,423 16,685
Other current assets 1,381 721
------- -------
Total current assets 23,771 23,548
Property and equipment, net 12,867 12,712
Deposits and other assets 966 957
------ -------
Total assets $37,604 $37,217
====== =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $11,168 $11,420
Accrued expenses and other
liabilities 1,994 1,832
Line of credit 359 0
Current portion of long-term
liabilities 1,142 1,055
------ ------
Total current liabilities 14,663 14,307
Deferred rent 428 524
Long-term debt, less current
portion 1,744 2,036
Capital lease obligations,
less current portion 410 754
------ ------
Total liabilities 17,245 17,621
Total shareholders' equity 20,359 19,596
------ ------
Total liabilities and
shareholders' equity $37,604 $37,217
====== ======
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 27, June 28, June 27, June 28,
1999 1998 1999 1998
-------------------------------------
Net sales $ 41,227 $ 31,453 $ 79,214 $ 63,205
Merchandise costs 34,358 26,159 65,960 52,711
------ -------- ------ -------
Gross profit 6,869 5,294 13,254 10,494
Operating expenses:
Store 4,551 3,655 8,774 7,189
General and
administrative 1,366 890 2,710 1,871
Store opening 142 334 417 464
Store closing 0 244 0 244
------- ------- ------ ------
Total operating expenses 6,059 5,123 11,901 9,768
------- ------- ------ ------
Operating income (loss) 810 171 1,353 726
Other income (expense):
Other income (expense) 9 0 (57) 0
Interest income 23 0 71 0
Interest expense (123) (80) (222) (134)
-------- ------- ------ ------
Income (loss) before
income taxes 719 91 1,145 592
Income tax provision
(benefit) 242 29 392 205
-------- ------- ------ -------
Net income (loss) $ 477 $ 62 $ 753 $ 387
======== ======= ====== =======
Earnings (loss) per
common share:
Basic $ 0.13 $ 0.03 $ 0.21 $ 0.19
Diluted $ 0.13 $ 0.03 $ 0.21 $ 0.18
Weighted average
common shares
outstanding 3,547,340 1,999,961 3,543,651 1,999,961
========= ========= ========= =========
Weighted average common
shares outstanding,
assuming dilution 3,611,977 2,123,383 3,610,530 2,134,971
========= ========= ========= =========
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