David's Bridal Reports First Quarter Earnings Per Share of $0.34 Versus $0.25.Business Editors ARDMORE Ardmore, city (1990 pop. 23,079), seat of Carter co., S Okla.; inc. 1898. It is the commercial center of an oil and farm area. Its industries include oil refining, tourism, and the manufacture of electronic equipment, plastics, fabricated metal products, and feeds. , Pa.--(BUSINESS WIRE)--April 20, 2000 David's Bridal  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , Inc. (Nasdaq:"DABR DABR Do A Barrel Roll (gaming) DABR Diagnostic, American Board of Radiology DABR Diplomate of the American Board of Radiology "), reported total revenues for the quarter ended April 1, 2000 of $75.8 million, a 33.4% increase over the $56.8 million reported last year in the same time period. Comparable store sales increased 9.5%. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. rose to $10.9 million for the quarter, a 42.3% increase over the $7.6 million achieved last year. Net income for the quarter was $6.7 million, a 47.5% increase over the $4.6 million reported last year. Earnings per share on a 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. basis for the quarter was $0.34, a 36.0% increase over the $0.25 per diluted share reported last year. "We are very pleased with another quarter of strong comparable store sales and profit," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. D. Huth Huth is a surname and may refer to:
This page or section lists people with the surname Huth. , President 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. of David's Bridal. "We anticipate continued strong revenue and profit growth for the remainder of the year." Store Expansion Program Four new stores were opened during the first quarter of 2000. The stores opened in the first quarter are located in Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , CA; Northridge Northridge is the name of some places in the United States of America:
David's Bridal, Inc. is the largest and only national retailer of bridal gowns and bridal-related apparel and accessories. David's operates 104 stores in 35 states. Shareholder Meeting David's Bridal announced that its annual meeting of shareholders will be held on June June: see month. 7, 2000. Other Development David's Bridal announced that Mr. Jeffrey M. Zelenko has joined the Company as Senior Vice President, General 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 Manager. Prior to joining David's Bridal, Mr. Zelenko was the President of Graphically Speaking Clothing Company from April 1997 through March 2000. From June 1995 through April 1997 Mr. Zelenko served as Executive Vice President, General Merchandise Manager of Charming Shoppes Charming Shoppes (NASDAQ: CHRS) is a specialty and plus size clothing retail holding company based in Bensalem, PA. Its subsidiaries include Lane Bryant, Fashion Bug, and Catherines. Clothes are sold from over 2000 retail stores in the U.S. , Inc. From August 1993 through June 1995, Mr. Zelenko served as Senior Vice President of Merchandise of Petrie Pe·trie , Sir (William Matthew) Flinders 1853-1942. British Egyptologist noted for his excavations at Memphis and Thebes. Retail, Inc. Mr. Zelenko replaces Ms. Nancie Samet who has resigned to pursue other business development opportunities. Note: This release contains 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. concerning the Company's current expectations as to future performance within the meaning of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including our statements regarding the prospects for our business. There are important factors that could cause our actual results to differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by our forward-looking statements, including: changes in general economic and business conditions, and those in the bridal industry in particular; actions of competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. ; our ability to recover our costs in the pricing of our products; the extent to which we are able to develop new products and expand our business into new markets; our inability to effectively manage our growth; the level of demand for our products; changes in our business strategies; developments in international markets; and our inability to obtain financing when required. Investors are encouraged to review the Company's SEC filings for more information about the factors affecting the Company's business. Our filings can be obtained from the Company or by accessing the SEC's internet site at http://www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
DAVID'S BRIDAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Thirteen Weeks Ended
-------------------------------
April 1, 2000 April 3, 1999
------------- -------------
Net sales $ 71,408 $ 54,087
Other income 4,368 2,717
----------- -----------
Total revenues 75,776 56,804
Cost of goods sold 37,994 28,969
----------- -----------
Gross profit 37,782 27,835
Selling, general and
administrative expenses 26,908 20,191
----------- -----------
Operating profit 10,874 7,644
Interest expense, net 88 272
----------- -----------
Income before income
taxes 10,786 7,372
Income tax provision 4,045 2,802
----------- -----------
Net income $ 6,741 $ 4,570
=========== ===========
Net income per share:
Basic $ 0.35 $ 0.47
=========== ===========
Diluted $ 0.34 $ 0.25
=========== ===========
Weighted shares
outstanding:
Basic 19,417,721 9,739,848
Diluted 19,763,268 18,614,443
Supplemental data:
New stores 4 4
Comparable sales 9.5% 26.5%
Store count 104 81
DAVID'S BRIDAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
April 1, 2000 January 1, 2000
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 8,461 $ 1,751
Accounts receivable 2,710 2,870
Inventories 50,590 49,675
Prepaid expenses and
other current assets 3,446 3,505
Deferred tax asset 208 208
-------- --------
Total current assets 65,415 58,009
Property and equipment, net 38,546 28,070
Deferred tax asset 1,248 1,248
Other non-current assets 1,316 721
-------- --------
Total assets $106,525 $ 88,048
======== ========
Liabilities and
Stockholders' Equity
Current liabilities:
Bank overdrafts $ 6,197 $ 2,747
Current portion of
capitalized lease
obligations 299 294
Current portion of
long-term debt 125 132
Accounts payable 7,196 8,964
Accrued expenses 13,665 7,643
Income taxes 4,116 213
-------- --------
Total current liabilities 31,598 19,993
-------- --------
Deferred rent 4,232 3,993
Long-term debt 2,103 2,134
Capitalized lease
obligations, net of
current portion 587 664
-------- --------
Total liabilities 38,520 26,784
Stockholders' Equity
Common stock 194 194
Additional paid-in
capital 41,145 41,145
Retained earnings 26,666 19,925
-------- --------
Total Stockholders'
Equity 68,005 61,264
-------- --------
Total Liabilities and
Stockholders' Equity $106,525 $ 88,048
======== ========
DAVID'S BRIDAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Thirteen Weeks Ended
------------------------------
April 1, 2000 April 3, 1999
------------- -------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income $ 6,741 $ 4,570
Adjustments to reconcile
net income to net cash
provided by operating
activities-
Depreciation and
amortization 1,363 887
Amortization of debt
issuance costs 17 15
Provision for deferred
rent 239 161
Equity income in
affiliate (225) (50)
Changes in assets and
liabilities
(Increase) decrease in-
Accounts receivable 160 27
Prepaid expenses and
other assets (328) (510)
Inventories (915) 2,460
Increase (decrease) in-
Accounts payable (1,768) 588
Accrued expenses 6,022 5,058
Income tax payable 3,903 2,011
-------- --------
Net cash provided by
operating activities 15,209 15,217
-------- --------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures (11,839) (3,361)
(Investment in)
distribution from
affiliate -- 170
-------- --------
Net cash used in
investing activities (11,839) (3,191)
-------- --------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Repayments of long-term
debt and capital leases (110) (105)
Borrowings on revolving
credit agreement 13,700 8,900
Repayments on revolving
credit agreement (13,700) (19,000)
(Decrease) increase in
bank overdrafts 3,450 (152)
Payment of debt
issuance costs -- (43)
-------- --------
Net cash provided by
(used in) financing
activities 3,340 (10,400)
-------- --------
Net increase in cash 6,710 1,626
CASH, BEGINNING OF YEAR 1,751 320
-------- --------
CASH, END OF PERIOD $ 8,461 $ 1,946
======== ========
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