Elder-Beerman Announces Second Quarter Results.DAYTON Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and , Ohio--(BUSINESS WIRE)--Aug. 24, 1999-- The Elder-Beerman Elder-Beerman is a U.S. chain of department stores founded in 1883 and owned by The Bon-Ton. The chain is based primarily in the United States' Midwest region. | History Beginnings Stores Corp. (Nasdaq/NMS:EBSC EBSC Elder-Beerman Stores Corp. EBSC East Bay Sanctuary Covenant (Berkeley, CA) EBSC Embedded Bitmap Scaling EBSC Elmbrook Swim Club (Brookfield, Wisconsin) EBSC English Bay Swim Club ) today reported a net loss of $1.3 million for the 13 weeks ended July July: see month. 31, 1999 as compared to net income of $0.2 million in the same period a year ago. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of equaled a loss of $0.08, compared to income of $0.02 per share for the second quarter last year. Total revenues for the quarter rose 11.9 percent to $147.3 million. As previously reported, total consolidated sales for the period increased to $141.1 million, up 12.5 percent over last year; department store comparable store sales decreased 1.1 percent. For the 26 weeks ended July 31, 1999 the company reported a net loss of $1.5 million, as compared to a net loss of $0.2 million a year ago. Basic and diluted earnings per share equaled a loss of $0.09, compared to a loss of $0.02 per share last year. Total revenues increased 15 percent to $304.6 million. As previously reported, total consolidated sales rose 15.6 percent to $291.6 million, and department store comparable sales climbed 1.6 percent over last year. Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, J. Mershad, Chairman and Chief Executive Officer, commented, "As announced yesterday, we are taking steps to improve performance and drive shareholder value, including a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of our merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. organization and an increased focus on our moderate price-point businesses." As part of these efforts, as announced on Monday Monday: see week. , Elder-Beerman is initiating a repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to $24 million of its common stock over the next two years and has named a new Chief Merchant. The nation's eighth largest independent department store chain, The Elder-Beerman Stores Corp. operates 60 stores in Ohio, Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. , Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee and Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . Headquartered in Dayton, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. , Elder-Beerman reported total revenues of $658.0 million and 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 from store operations of $632.4 million in 1998. The company's Bee-Gee Shoe Division operates 55 El-Bee and Shoebilee! shoe stores in seven states. Elder-Beerman also operates two furniture superstores This is a list of superstores by country. Multi-national
Note: This press 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. ," including predictions of future operating performance, events or developments such as our future sales, profits, expenses, income and earnings per share. In addition, words such as "expects," "anticipates," "intends," "plans," "believes," "hopes," and "estimates," and variations of such words and similar expressions, are intended to identify forward-looking statements. Because forward-looking statements are based on a number of beliefs, estimates and assumptions by management that could ultimately prove inaccurate, there is no assurance that forward-looking statements will prove to be accurate. Many factors could materially affect our actual future operations and results, including the following: increasing price and product competition; fluctuations in consumer demand and confidence; the availability and mix of inventory; fluctuations in costs and expenses; the effectiveness of advertising, marketing and promotional programs; weather conditions that affect consumer traffic in stores; the continued availability and terms of financing; the outcome of pending and future 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. ; consumer debt levels; and other general economic conditions that affect retail operations and sales, such as the rate of employment, inflation and interest rates and the condition of the capital markets. Elder-Beerman undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. -0-
The Elder-Beerman Stores Corp. And Subsidiaries
Condensed Consolidated Statements of Operations
(Dollars in thousands, except share and per share amounts)
(Unaudited)
13-weeks ended 13-weeks ended
July 31, 1999 % Sales Aug 1, 1998 % Sales
----------------------- --------------------
Revenues:
Net sales $ 141,112 100.0% $ 125,464 100.0%
Financing 6,221 4.4% 6,177 4.9%
-------------------- --------------------
Total revenues 147,333 104.4% 131,641 104.9%
Costs & expenses:
Cost of goods sold,
occupancy, and
buying expenses 101,768 72.1% 91,002 72.5%
Selling, general,
administrative,
and other expenses 43,781 31.0% 35,585 28.4%
Provision for
doubtful accounts 927 0.7% 1,112 0.9%
Interest expense 2,899 2.1% 2,980 2.4%
Acquisition &
integration expense - 0.0% 570 0.5%
-------------------- --------------------
Total costs & expenses 149,375 105.9% 131,249 104.6%
Income (loss) before
income tax expense (2,042) -1.4% 392 0.3%
Income tax expense
(benefit) (776) -0.5% 153 0.1%
-------------------- --------------------
Net income (loss) $ (1,266) -0.9% $ 239 0.2%
-------------------- --------------------
-------------------- --------------------
Basic net income
(loss) per common share $ (0.08) $ 0.02
Basic weighted average
number of shares
outstanding 15,756,496 12,504,857
Diluted net income
(loss) per common share $ (0.08) $ 0.02
Diluted weighted average
number of shares
outstanding 15,756,496 13,451,388
The Elder-Beerman Stores Corp. And Subsidiaries
Condensed Consolidated Statements of Operations
(Dollars in thousands, except share and per share amounts)
(Unaudited)
26-weeks ended 26-weeks ended
July 31, 1999 % Sales Aug 1, 1998 % Sales
---------------------- --------------------
Revenues:
Net sales $ 291,640 100.0% $ 252,188 100.0%
Financing 12,921 4.4% 12,675 5.0%
--------------------- ---------------------
Total revenues 304,561 104.4% 264,863 105.0%
Costs & expenses:
Cost of goods sold,
occupancy, and
buying expenses 212,462 72.9% 182,829 72.5%
Selling, general,
administrative, and
other expenses 87,127 29.9% 73,309 29.1%
Provision for
doubtful accounts 1,859 0.6% 2,689 1.1%
Interest expense 5,458 1.9% 5,784 2.3%
Acquisition &
integration expense - 0.0% 570 0.2%
--------------------- ---------------------
Total costs & expenses 306,906 105.2% 265,181 105.2%
Loss before
income tax benefit (2,345) -0.8% (318) -0.1%
Income tax benefit (891) -0.3% (121) 0.0%
--------------------- ---------------------
Net loss $ (1,454) -0.5% $ (197) -0.1%
--------------------- ---------------------
--------------------- ---------------------
Basic and diluted net
loss per common share $ (0.09) $ (0.02)
Weighted average number
of shares outstanding 15,754,663 12,500,927
The Elder-Beerman Stores Corp. And Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
July 31, 1999 Jan. 30, 1999
------------- -------------
ASSETS
------
Current assets:
Cash and equivalents $ 8,538 $ 8,146
Customer accounts receivable 126,094 141,205
Merchandise inventories 189,981 171,764
Other current assets 18,780 17,294
--------- ----------
Total current assets 343,393 338,409
Property, fixtures and equipment Net 72,046 73,910
Other assets 40,892 41,640
Total assets $ 456,331 $ 453,959
---------- ----------
---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Total current liabilities 63,916 86,932
Long-term obligations,
less current portion 147,537 121,507
Deferred items 8,271 8,019
Total shareholders' equity 236,607 237,501
Total liabilities and
shareholders' equity $ 456,331 $ 453,959
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