Odd Job Stores Reports January Sales.Business Editors SOUTH PLAINFIELD South Plainfield, borough (1990 pop. 20,489), Middlesex co., NE N.J.; inc. 1926. It is the seat of several research and consulting firms and has plants that make chemicals, plastics, spices and flavorings, cosmetics, rubber products, pigments, electrical machinery, , N.J.--(BUSINESS WIRE)--Feb. 6, 2003 Odd Job Stores, Inc. (Nasdaq:ODDJ), today reported sales for the calendar month ending January 31, 2003 of approximately $12.9 million, an 11.9% decrease compared to sales of $14.7 million for the similar prior year period. Comparable store sales in January decreased 12.8% as compared to the same period in fiscal 2002. In January 2003, the Company filed a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. announcing a change to its fiscal year end from a fiscal year ending on the Saturday closest to January 31, the date that was used in its most recent filings, to a fiscal year ending on December 31. This change of year-end will provide significant cash flow benefits by allowing the Company to take advantage of expanded tax net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carry-back provisions allowed for in the Job Creation and Worker Assistance Act of 2002. The transition period will be covered in the Company's report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the approximately eleven-month period ending December 31, 2002. As a result of the above change, calendar January becomes the first month of the 2003 fiscal year. In order to provide meaningful sales comparisons, prior year sales have been adjusted to reflect the same number of days in prior years. Sales statistics are as follows:
Retail Sales Comparable
($ in millions) Store Sales
---------------------- --------------
2003 2002 Change 2003 2002
----- ----- ------- ------- -----
January (calendar month) $12.9 $14.7 (11.9%) (12.8%) 16.1%
Odd Job Stores, Inc. is a major closeout closeout, closure the finalization of a feeding program in a feedlot. The cattle are sold and a balance sheet is struck which includes the costs of feeding and housing or confining them. retailer operating stores in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, Connecticut, Pennsylvania, Delaware, Ohio, Kentucky and Michigan under the names "Odd Job", "Odd Job Trading", and "Mazel's". Company information is available on the Internet at www.oddjobstores.com. Forward-looking statements in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions 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. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, (i) the Company's continuing execution of its plan to restore its retail stores to profitability; (ii) the ability to purchase sufficient quality closeout and other merchandise at acceptable terms; and (iii) the ability of the Company to attract and retain qualified management and store personnel. Please refer to the Company's SEC filings for further information. |
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