Elder-Beerman Reports Results for Third Quarter.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 , 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 $704,000 for the 13 wg pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern acquisition and integration expenses inr of $0.05 in 1999, compared to $0.11 in 1998. percent. Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Performance 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 reported a loss from continuing operations of $385,000, or $(0.02) per share for the 39 weeks ended Octobs. As previously reported, department store saldustries and Ark Capital. Third Quarter Comments The Company also announced that to date it has repurchased 1,118,200 shares of its common stock for $7.3 million, pursuant to its share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. In August 1999 the company's Board of Directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the company to 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. up to $24 million in shares of common stock over a two-year period. 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 observations regarding the company's third quarter. "Early in this quarter, we announced a number of operational and strategic initiatives that are designed to strengthen our business and drive shareholder value. We continue to pursue those initiatives and believe that our third quarter results reflect some of the benefits from these actions. "We had a successful Grand Opening of our new concept store in Warsaw, Indiana Warsaw is a city in, and the county seat of, Kosciusko County, Indiana, United StatesGR6. The population was 12,415, as of the 2000 census. Cradled between Winona Lake, Pike Lake and Center Lake, Warsaw is nicknamed "Lake City in mid-October n. 1. the middle part of October. Noun 1. mid-October - the middle part of October period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" and are looking forward to the Grand Opening of our second new concept store in Frankfort, Kentucky Frankfort is the capital of the Commonwealth of Kentucky, a state of the United States of America. It is also the county seat of Franklin County. The city has a population of 27,077 (July 2006 est.). History Gen. on November November: see month. 19. We also announced during the quarter our agreement to sell 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 division, which will allow us to concentrate on our core department store business." 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 61 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 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. -0-
The Elder-Beerman Stores Corp. And Subsidiaries
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
13-weeks ended 13-weeks ended
Oct. 30, 1999 % Sales Oct. 31, 1998 % Sales
---------------------- ----------------------
Revenues:
Net sales $ 153,226 100.0% $ 148,514 100.0%
Financing 6,178 4.0% 6,059 4.1%
--------- ------ --------- ------
Total revenues 159,404 104.0% 154,573 104.1%
Costs & expenses:
Cost of goods sold,
occupancy, and
buying expenses 109,440 71.4% 104,385 70.3%
Selling, general,
administrative,
and other expenses 44,873 29.3% 41,179 27.7%
Provision for
doubtful accounts 828 0.5% 1,000 0.7%
Interest expense 3,127 2.0% 2,821 1.9%
Acquisition &
integration expense -- 0.0% 2,275 1.5%
--------- ------ --------- ------
Total costs &
expenses 158,268 103.3% 151,660 102.1%
Income from continuing
operations before
income tax expense 1,136 0.7% 2,913 2.0%
Income tax expense 432 0.3% 1,107 0.7%
--------- ------ --------- ------
Income from continuing
operations 704 0.5% 1,806 1.2%
Discontinued Operations (1,442) -0.9% 19 0.0%
--------- ------ --------- ------
Net income (loss) $ (738) -0.5% $ 1,825 1.2%
--------- ------ --------- ------
--------- ------ --------- ------
Basic net income (loss)
per common share
Continuing Operations $ 0.05 $ 0.12
Discontinued Operations (0.10) -
--------- ---------
Net income (loss) $ (0.05) $ 0.12
Weighted average number
of shares outstanding 15,345,183 15,586,535
Diluted net income (loss)
per common share
Continuing Operations $ 0.05 $ 0.11
Discontinued Operations (0.10) -
--------- ---------
Net income (loss) $ (0.05) $ 0.11
Diluted weighted average
number of shares
outstanding 15,415,147 16,095,837
The Elder-Beerman Stores Corp. And Subsidiaries
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
39-weeks ended 39-weeks ended
Oct. 30, 1999 % Sales Oct. 31, 1998% Sales
---------------------- --------------------
Revenues:
Net sales $ 430,410 100.0% $ 385,137 100.0%
Financing 19,099 4.4% 18,734 4.9%
--------- ------ --------- -----
Total revenues 449,509 104.4% 403,871 104.9%
Costs & expenses:
Cost of goods sold,
occupancy, and
buying expenses 310,919 72.2% 275,794 71.6%
Selling, general,
administrative,
and other expenses 128,084 29.8% 110,467 28.7%
Provision for
doubtful accounts 2,687 0.6% 3,689 1.0%
Interest expense 8,440 2.0% 8,468 2.2%
Acquisition &
integration expense -- 0.0% 2,845 0.7%
--------- ------ --------- -----
Total costs &
expenses 450,130 104.6% 401,263 104.2%
Income from continuing
operations (loss) before
income tax benefit (621) -0.1% 2,608 0.7%
Income tax expense
(benefit) (236) -0.1% 991 0.3%
--------- ------ --------- -----
Income (loss) from
continuing operations (385) -0.1% 1,617 0.4%
Discontinued Operations (1,807) -0.4% 11 0.0%
--------- ------ --------- -----
Net Income (loss) $ (2,192) -0.5% $ 1,628 0.4%
--------- ------ --------- -----
--------- ------ --------- -----
Basic net income (loss)
per common share
Continuing Operations $ (0.02) $ 0.12
Discontinued Operations (0.12) -
--------- ---------
Net income (loss) $ (0.14) $ 0.12
Weighted average number
of shares outstanding 15,618,170 13,529,463
Diluted net income
(loss) per common share
Continuing Operations $ (0.02) $ 0.11
Discontinued Operations (0.12) -
--------- ---------
Net income (loss) $ (0.14) $ 0.11
Diluted weighted average
number of shares
outstanding 15,618,170 14,287,496
The Elder-Beerman Stores Corp. And Subsidiaries
Condensed Consolidated Balance Sheet
(Dollars in thousands)
ASSETS October 30, 1999 October 31, 1998
------ ---------------- ----------------
Current assets:
Cash & equivalents $ 9,880 $ 2,798
Customer accounts receivable 130,156 123,985
Merchandise inventories 226,983 210,797
Other current assets 28,687 24,602
-------- --------
Total current assets 395,706 362,182
Property, fixtures and
equipment, Net 72,751 64,085
Other assets 42,525 45,099
-------- --------
Total assets $510,982 $471,366
-------- --------
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Total current liabilities 95,124 95,149
Long-term obligations,
less current portion 178,994 155,236
Deferred items 8,077 7,557
Total shareholders equity 228,787 213,424
-------- --------
Total liabilities and
shareholders equity $510,982 $471,366
-------- --------
-------- --------
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