Elder-Beerman Reports Earnings for Fiscal 1999.Business Editors 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)--March 16, 2000 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: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 results for the fourth quarter and fiscal year ended January January: see month. 29, 2000. 1999 Annual Results For the 52 weeks ended January 29, 2000 Elder-Beerman reported net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $17.7 million, or $1.15 per 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. share. Fiscal 1999 results include a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $4.6 million to reflect a write down of amounts related to an investment made several years ago in a cooperative cooperative Organization owned by and operated for the benefit of those using its services. Cooperatives have been successful in such fields as the processing and marketing of farm products and the purchasing of other kinds of equipment and raw materials, and in the buying group. Excluding this item and applying a normalized income tax rate of 38 percent, net income from continuing operations for fiscal 1999 was $10.7 million, or $0.70 per average diluted share. In 1998, Elder-Beerman reported net income from continuing operations of $26.2 million, or $1.81 per average diluted share. Excluding one-time adjustments to income and applying a normalized income tax rate of 38 percent, net income for fiscal 1998 was $14.2 million, or $0.98 per average diluted share. All historical and current figures reflect The Bee-Gee Shoe shoe, foot covering, usually of leather, consisting of a sole and a portion above the sole called an upper. In prehistoric times skins or hides may have been tied around the foot for protection and warmth; studies of the foot bones of ancient humans suggest that some Corp. as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . Elder-Beerman completed the sale of Bee-Gee in January 2000. Fourth Quarter Results For the thirteen weeks ended January 29, 2000 Elder-Beerman reported net income from continuing operations of $18.1 million, or $1.23 per average diluted share. Fourth quarter results include a one-time charge of $4.6 million to reflect a write down of amounts related to an investment made several years ago in a cooperative buying group. Excluding this item and applying a normalized income tax rate of 38 percent, net income from continuing operations for the fourth quarter was $11.1 million, or $0.76 per average diluted share. In the fourth quarter of 1998, Elder-Beerman reported net income from continuing operations of $24.6 million, or $1.56 per average diluted share. Excluding one-time adjustments to income and applying a normalized income tax rate of 38 percent, net income for fiscal 1998 was $10.8 million, or $0.69 per average diluted share. Comments Regarding 1999 Results 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, made the following comments regarding 1999: "We took several positive steps in 1999 to strengthen the company and to ultimately enhance shareholder value. These steps include: -- Developing a new store prototype and opening our first two new concept stores, which have performed beyond our expectations, -- Completing more than $4.0 million in expense reduction initiatives in Fall Season, -- Implementing Planner/Distributor in seven of our merchandise divisions, -- Reorganizing our merchandising organization and naming a new Chief Merchant, -- Repurchasing 1.1 million shares under our stock repurchase program, -- Adding two new directors to our Board, and -- Selling our Bee-Gee Shoe division." Outlook for 2000 Regarding the outlook for 2000, Mershad stated, "We expect a 3 percent comparable store sales increase in 2000 and we expect pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income to increase by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10 percent. As we previously announced, we are opening two new concept stores in late third quarter or early fourth quarter. We expect to incorporate one aspect of the new stores - centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. cash/wrap service centers - into at least half of our stores this year, with the remainder of our stores converted in 2001. We are also planning to expand our test marketing of the "Zone" concept - a combined juniors' and young men's department - into three stores in the Dayton area this year. The Zone has performed well in our concept stores. We also expect to complete our conversion to Planner/Distributor this Spring. Finally, earlier this month, we announced the closing of two underperforming stores." The nation's eighth largest independent department store chain, The Elder-Beerman Stores Corp. is 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. and operates 60 stores in Ohio, 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. , 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). , 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 . Elder-Beerman also operates two furniture superstores This is a list of superstores by country. Multi-national
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 ability to complete any pending asset disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of transactions; 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.
The Elder-Beerman Stores Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
Normalized (A) Normalized (C)
52-weeks ended 52-weeks ended
Jan. 29, 2000 % Sales Jan. 30, 1999 % Sales
----------------------- ----------------------
Revenues:
Net sales $ 638,111 100.0% $ 582,091 100.0%
Financing 26,124 4.1% 25,573 4.4%
Leased Departments 2,861 0.4% 2,707 0.5%
----------- ------ ---------- ------
Total revenues 667,096 104.5% 610,371 104.9%
Costs & expenses:
Cost of goods sold,
occupancy, and
buying expenses 459,908 72.1% 410,631(D) 70.5%
Selling, general,
administrative, and
other expenses 174,530 27.4% 160,779 27.6%
Provision for
doubtful accounts 3,906 0.6% 5,046 0.9%
Interest expense 11,771 1.8% 11,536 2.0%
Other expense (income) (354) -0.1% (548) -0.1%
Acquisition &
integration expense -- 0.0% -- 0.0%
----------- ------ ---------- ------
Total costs
& expenses 649,761 101.8% 587,444 100.9%
Income before
reorganization items
and income tax
expense (benefit) 17,335 2.7% 22,927 3.9%
Reorganization items -- 0.0% -- 0.0%
----------- ------ ---------- ------
Income from continuing
operations before income
tax expense (benefit) 17,335 2.7% 22,927 3.9%
Income tax expense
(benefit) 6,587 1.0% 8,712 1.5%
----------- ------ ---------- ------
Income from continuing
operations 10,748 1.7% 14,215 2.4%
Discontinued operations -- 0.0% -- 0.0%
----------- ------ ---------- ------
Net Income $ 10,748 1.7% $ 14,215 2.4%
----------- ------ ---------- ------
----------- ------ ---------- ------
Basic net income (loss)
per common share
Continuing operations $ 0.70 $ 1.01
Discontinued operations -- --
---------- ----------
Net income $ 0.70 $ 1.01
Weighted average number
of shares outstanding 15,371,183 14,078,441
Diluted net income (loss)
per common share
Continuing operations $ 0.70 $ 0.98
Discontinued operations -- --
---------- ----------
Net income $ 0.70 $ 0.98
Diluted weighted average
number of shares
outstanding 15,442,658 14,472,956
52-weeks ended 52-weeks ended
Jan. 29, 2000 % Sales Jan. 30, 1999 % Sales
---------------------- ---------------------
Revenues:
Net sales $638,111 100.0% $582,091 100.0%
Financing 26,124 4.1% 25,573 4.4%
Leased Departments 2,861 0.4% 2,707 0.5%
-------- ----- -------- -----
Total revenues 667,096 104.5% 610,371 104.9%
Costs & expenses:
Cost of goods sold,
occupancy, and
buying expenses 459,908 72.1% 410,631(D) 70.5%
Selling, general,
administrative,
and other expenses 174,530 27.4% 160,779 27.6%
Provision for
doubtful accounts 3,906 0.6% 5,046 0.9%
Interest expense 11,771 1.8% 11,536 2.0%
Other expense (income) 4,285(B) 0.7% (3,197) -0.5%
Acquisition &
integration expense -- 0.0% 4,154 0.7%
-------- ----- -------- -----
Total costs & expenses 654,400 102.6% 588,949 101.2%
Income before reorganization
items and income tax
expense (benefit) 12,696 2.0% 21,422 3.7%
Reorganization items -- 0.0% (1,318) -0.2%
-------- --------
Income from continuing
operations before income
tax expense (benefit) 12,696 2.0% 22,740 3.9%
Income tax expense (benefit) (4,986) -0.8% (3,453) -0.6%
-------- ----- -------- -----
Income from
continuing operations 17,682 2.8% 26,193 4.5%
Discontinued operations (2,374) -0.4% (732) -0.1%
-------- ----- -------- -----
Net Income $ 15,308 2.4% $ 25,461 4.4%
-------- ----- -------- -----
-------- ----- -------- -----
Basic net income (loss)
per common share
Continuing operations $ 1.15 $ 1.86
Discontinued operations (0.15) (0.05)
-------- --------
Net income $ 1.00 $ 1.81
Weighted average number
of shares outstanding 15,371,183 14,078,441
Diluted net income (loss)
per common share
Continuing operations $ 1.15 $ 1.81
Discontinued operations (0.16) (0.05)
-------- --------
Net income $ 0.99 $ 1.76
Diluted weighted
average number of
shares outstanding 15,442,658 14,472,956
(A) Normalized 1999 results exclude the impact of a one-time charge
to reflect a write down of amounts related to an investment made
several years ago in a cooperative buying group and discontinued
operations, and include income tax expense at a rate of 38%.
(B) Includes a one time charge of $4,639 related to a write down of
amounts related to an investment made several years ago in a
cooperative buying group .
(C) Normalized 1998 results exclude the impact of one time
adjustments for integration costs of $4,154, gain on real estate
sales of $2,649, reorganization income of $1,318, and
discontinued operations, and include income tax expense at a rate
of 38%.
(D) Fiscal 1998 cost of goods sold was reduced by $5,800 due to a
change in the Lifo provision. The effect on normalized diluted
earnings per share was $0.25.
The Elder-Beerman Stores Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
Normalized (A) Normalized (C)
13-weeks ended 13-weeks ended
Jan. 29, 2000 % Sales Jan. 30, 1999 % Sales
---------------------- ----------------------
Revenues:
Net sales $220,090 100.0% $208,547 100.0%
Financing 7,025 3.2% 6,839 3.3%
Leased Departments 1,102 0.5% 1,027 0.5%
-------- ----- -------- -----
Total revenues 228,217 103.7% 216,413 103.8%
Costs & expenses:
Cost of goods sold,
occupancy, and
buying expenses 159,619 72.5% 144,750(D) 69.4%
Selling, general,
administrative,
and other expenses 46,446 21.1% 50,312 24.1%
Provision for doubtful
accounts 1,219 0.6% 1,357 0.7%
Interest expense 3,331 1.5% 3,068 1.5%
Other expense (income) (354) -0.2% (548) -0.3%
Acquisition &
integration expense -- 0.0% -- 0.0%
-------- ----- -------- -----
Total costs & expenses 210,261 95.5% 198,939 95.4%
Income before
reorganization items and
income tax expense (benefit) 17,956 8.2% 17,474 8.4%
Reorganization items -- 0.0% -- 0.0%
-------- ----- -------- -----
Income from continuing
operations before income 17,956 8.2% 17,474 8.4%
tax expense (benefit)
Income tax expense (benefit) 6,823 3.1% 6,640 3.2%
-------- ----- -------- -----
Income from
continuing operations 11,133 5.1% 10,834 5.2%
Discontinued operations -- 0.0% -- 0.0%
-------- ----- -------- -----
Net income $11,133 5.1% $10,834 5.2%
-------- ----- -------- -----
-------- ----- -------- -----
Basic net income (loss)
per common share
Continuing operations $ 0.76 $ 0.69
Discontinued operations -- --
-------- --------
Net income $ 0.76 $ 0.69
Weighted average number
of shares outstanding 14,630,222 15,725,375
Diluted net income (loss)
per common share
Continuing operations $ 0.76 $ 0.69
Discontinued operations -- --
-------- --------
Net income $ 0.76 $ 0.69
Diluted weighted
average number of
shares outstanding 14,706,528 15,766,926
13-weeks ended 13-weeks ended
Jan. 29, 2000 % Sales Jan. 30, 1999 % Sales
---------------------- ---------------------
Revenues:
Net sales $ 220,090 100.0% $ 208,547 100.0%
Financing 7,025 3.2% 6,839 3.3%
Leased Departments 1,102 0.5% 1,027 0.5%
-------- ----- -------- -----
Total revenues 228,217 103.7% 216,413 103.8%
Costs & expenses:
Cost of goods sold,
occupancy, and
buying expenses 159,619 72.5% 144,750(D) 69.4%
Selling, general,
administrative,
and other expenses 46,446 21.1% 50,312 24.1%
Provision for
doubtful accounts 1,219 0.6% 1,357 0.7%
Interest expense 3,331 1.5% 3,068 1.5%
Other expense (income) 4,285(B) 1.9% (3,197) -1.5%
Acquisition &
integration expense -- 0.0% 1,309 0.6%
-------- ----- -------- -----
Total costs & expenses 214,900 97.6% 197,599 94.8%
Income before
reorganization items and
income tax expense (benefit) 13,317 6.1% 18,814 9.0%
Reorganization items -- 0.0% (1,318) -0.6%
-------- ----- -------- -----
Income from continuing
operations before income
tax expense (benefit) 13,317 6.1% 20,132 9.7%
Income tax expense (benefit) (4,750) -2.2% (4,444) -2.1%
-------- ----- -------- -----
Income from continuing
operations 18,067 8.2% 24,576 11.8%
Discontinued operations (567) -0.3% (743) -0.4%
-------- ----- -------- -----
Net income $17,500 8.0% $23,833 11.4%
-------- ----- -------- -----
-------- ----- -------- -----
Basic net income (loss)
per common share
Continuing operations $ 1.23 $ 1.56
Discontinued operations (0.03) (0.04)
-------- --------
Net income $ 1.20 $ 1.52
Weighted average number
of shares outstanding 14,630,222 15,725,375
Diluted net income (loss)
per common share
Continuing operations $ 1.23 $ 1.56
Discontinued operations (0.04) (0.05)
-------- --------
Net income $ 1.19 $ 1.51
Diluted weighted
average number of
shares outstanding 14,706,528 15,766,926
(A) Normalized 1999 results exclude the impact of a one-time charge
to reflect a write down of amounts related to an investment made
several years ago in a cooperative buying group and discontinued
operations, and include income tax expense at a rate of 38%.
(B) Includes a one-time charge of $4,639 related to a write down of
amounts related to an investment made several years ago in a
cooperative buying group.
(C) Normalized 1998 results exclude the impact of one-time
adjustments for integration costs of $1,309, gain on real estate
sales of $2,649, reorganization income of $1,318, and
discontinued operations, and include income tax expense at a rate
of 38%.
(D) Fourth quarter 1998 cost of goods sold was reduced by $6,454 due
to a change in the Lifo provision. The effect on normalized
diluted earnings per share was $0.25.
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