REX Stores' First Quarter Comparable Store Sales Increase 5%.Business Editors/Retail Writers 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)--June 3, 2003 REX REX - The original name for Restructured EXtended eXecutor. Stores Corporation (NYSE NYSE See: New York Stock Exchange :RSC RSC Royal Society of Chemistry (UK) RSC Royal Shakespeare Company RSC Responsabilidad Social Corporativa (Spanish: corporate social responsibility) RSC Royal Society of Canada ), a specialty retailer of consumer electronic products and appliances, today announced financial results and comparable store merchandise sales for the Company's fiscal 2003 first quarter ended April 30, 2003. 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 in the fiscal 2003 first quarter rose 2% to $95.4 million from $93.5 million in the fiscal 2002 first quarter, reflecting increased sales of HDTV-ready large-screen televisions. Comparable store sales for the three months ended April 30, 2003 rose 5%. The Company reports sales performance quarterly and considers a store to be comparable after it has been open six full fiscal quarters. Comparable store sales figures sales figures npl → cifras fpl de ventas do not include sales of extended service contracts. Net income in the fiscal 2003 first quarter was $3.1 million, or $0.25 per 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, compared to net income of $4.2 million, or $0.28 per diluted share, in the first quarter of fiscal 2002. Per share results are based on 12,632,000 and 14,814,000 diluted weighted average shares outstanding for the fiscal 2003 and 2002 periods, respectively, and reflect a 3-for-2 stock split paid in February February: see month. 2002. Net income for the first quarter of 2003 reflects approximately $3.1 million of pre-tax investment income from the sales of the Company's entire Partnership interest in a synthetic fuel Synthetic fuel or synfuel is any liquid fuel obtained from coal, natural gas, or biomass. It can sometimes refer to fuels derived from other solids such as oil shale, tar sand, waste plastics, or from the fermentation of biomatter. limited partnership. As previously disclosed, the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. is auditing this limited partnership. Of the amount stated above, approximately $1.8 million of the payments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc sales of certain portions of the limited partnership interest due the Company during the quarter are being held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. pending the results of the IRS audit. Future payments due the Company relating to certain of these sales will also be held in escrow pending the completion of the IRS audit. Commenting on the results, Stuart Rose Stuart Rose (born March 17, 1949) is the Chief Executive of the British retailer Marks & Spencer. Background Stuart Rose’s grandparents were White Russian émigrés who fled to China after the 1917 revolution. , Chairman and Chief Executive Officer, stated, "It's a tribute to our employees that we were able to generate a 5% increase in comparable store sales during the tough economic climate that prevailed during the first quarter. Our sales force did a great job of serving the customer and focusing on products we sell best, like HDTV-ready large-screen televisions." During the fiscal 2003 first quarter, REX purchased approximately 372,500 shares of its common stock. Subsequent to the close of the first quarter, the Company purchased approximately 97,170 additional shares of its common stock. As of June 2, 2003, the Company had approximately 260,480 authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. remaining available to purchase under its authorized stock Authorized Stock The maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation. This figure is usually listed in the capital accounts section of the balance sheet. buy-back program. The Company will host a conference call and webcast today at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , which are open to the general public. The conference call numbers are 212/346-6414 or 415/537-1841; please call 10 minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the call live via the Investor Relations Investor relations The process by which the corporation communicates with its investors. page of the Company's Web site, www.rextv.com, or at www.vcall.com; please allow 15 minutes to register and download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary software. Following its completion, a telephonic replay of the call can be accessed from 1:00 p.m. to 8:00 p.m. EDT that day by dialing 800/633-8284 or 402/977-9140 (international callers). The access code for the audio replay is 21145891. Alternatively, a replay will be available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the for 30 days at www.rextv.com or www.vcall.com. REX Stores Corporation is a leading specialty retailer of consumer electronic products and appliances. As of April 30, 2003, the Company operated 252 stores in 37 states under the trade name "REX." This news announcement 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. 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. Such statements can be identified by use of forward-looking terminology such as "may," "expect," "believe," "estimate," "anticipate" or "continue" or the negative thereof or other variations thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include among other things, the highly competitive nature of the consumer electronics retailing industry, changes in the national or regional economies, weather, the effects of terrorism or acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. on consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. patterns, the availability of certain products and technological changes.
REX STORES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Three Months Ended
April 30, April 30,
2003 2002
----------- -----------
NET SALES $ 95,411 $ 93,536
COSTS AND EXPENSES:
Cost of merchandise sold 67,573 66,282
Selling, general and administrative
expenses 25,922 25,005
----------- -----------
Total costs and expenses 93,495 91,287
----------- -----------
INCOME FROM OPERATIONS 1,916 2,249
INVESTMENT INCOME 17 150
INTEREST EXPENSE (1,200) (1,583)
GAIN ON SALE OF REAL ESTATE 386 --
INCOME FROM LIMITED PARTNERSHIPS 3,064 4,636
----------- -----------
Income before provision for income taxes 4,183 5,452
PROVISION FOR INCOME TAXES 1,045 1,268
----------- -----------
NET INCOME $ 3,138 $ 4,184
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING -
BASIC 10,939 12,297
=========== ===========
BASIC NET INCOME PER SHARE (a) $ 0.29 $ 0.34
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING -
DILUTED 12,632 14,814
=========== ===========
DILUTED NET INCOME PER SHARE (a) $ 0.25 $ 0.28
=========== ===========
(a) All per share amounts have been adjusted to reflect a 3-for-2
split of the Company's common stock paid on February 11, 2002.
REX STORES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 30, January 31, April 30,
2003 2003 2002
----------- ----------- -----------
ASSETS:
Cash and cash equivalents $ 1,671 $ 1,380 $ 24,720
Accounts receivable, net 2,495 3,413 995
Synthetic fuel receivable 8,644 6,619 446
Merchandise inventory 161,588 142,063 116,902
Prepaid expenses and other 1,981 2,567 2,377
Future income tax benefits 10,350 10,350 12,614
----------- ----------- -----------
Total current assets 186,729 166,392 158,054
PROPERTY AND EQUIPMENT, NET 133,780 134,563 137,962
OTHER ASSETS 2,437 1,656 --
FUTURE INCOME TAX BENEFITS 6,070 6,070 7,320
RESTRICTED INVESTMENTS 2,246 2,241 2,227
----------- ----------- -----------
Total assets $ 331,262 $ 310,922 $ 305,563
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY:
CURRENT LIABILITIES:
Notes payable $ 8,744 $ 13,451 $ --
Current portion of long-term
debt 6,413 5,657 4,680
Current portion, deferred
income and deferred gain on
sale and leaseback 11,422 11,107 11,486
Accounts payable, trade 57,855 27,417 37,710
Accrued income taxes 521 -- 2,258
Accrued payroll 3,957 6,750 3,700
Other current liabilities 8,315 8,669 9,021
----------- ----------- -----------
Total current liabilities 97,227 73,051 68,855
----------- ----------- -----------
LONG-TERM LIABILITIES:
Long-term mortgage debt 61,825 64,426 68,975
Deferred income 13,547 13,993 14,621
Deferred gain on sale and
leaseback 198 348 796
----------- ----------- -----------
Total long-term
liabilities 75,570 78,767 84,392
----------- ----------- -----------
SHAREHOLDERS' EQUITY:
Common stock 277 277 277
Paid-in capital 121,286 121,282 118,718
Retained earnings 160,778 157,640 138,892
Treasury stock (123,876) (120,095) (105,571)
----------- ----------- -----------
Total shareholders'
equity 158,465 159,104 152,316
----------- ----------- -----------
Total liabilities &
shareholders' equity $ 331,262 $ 310,922 $ 305,563
=========== =========== ===========
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