Printer Friendly

FILENE'S BASEMENT REPORTS SALES AND EARNINGS FOR QUARTER AND NINE MONTHS

FILENE'S BASEMENT REPORTS SALES AND EARNINGS FOR QUARTER AND NINE MONTHS
 WELLESLEY, Mass., Nov. 18 /PRNewswire/ -- Filene's Basement Corp. (NASDAQ: BSMT) reported today that its sales for the third quarter ended Nov. 2, 1991 increased 16 percent to $129.4 million from $111.6 million reported for the third quarter last year. Income before extraordinary items for the third quarter of 1991 increased 54 percent to $7.4 million or 35 cents per share on 21.1 million average shares outstanding as compared to $4.8 million or 29 cents per share on 15.9 million average shares outstanding in the same quarter last year. An extraordinary charge of $0.1 million was incurred during the third quarter this year representing costs associated with the repurchase of $1.0 million of the company's 12-3/4 percent Subordinated Debentures. Extraordinary income of $1.9 million was reflected in last year's third quarter results representing the tax benfit from net operating loss carryforwards. Including the extraordinary items, net income for the third quarter this year was $7.3 million or 34 cents per share vs. $6.7 million or 41 cents per share last year.
 For the nine months ended Nov. 2, 1991, the company reported total sales of $325.7 million, a 15 percent increase from total sales of $282.8 million for the same period last year. Earnings before extraordinary items were up 76 percent to $12.4 million or 63 cents per share compared to $7.1 million or 41 cents per share reported for the prior year. After reflecting the extraordinary charge of $1.2 million for costs associated with the repayment of the company's $35.0 million term loan and repurchase of $8.4 million of the company's 12-3/4 percent Subordinated Debentures, the company reported net income of $11.2 million or 57 cents per share for the first nine months of 1991. Adjusting for the extraordinary income of $3.1 million associated with net operating loss carryforwards, the company reported net income of $10.1 million or 60 cents per share for the same period last year.
 Comparable store sales for the third quarter were down 2.6 percent over the third quarter last year, while for the nine months, comparable store sales decreased one percent from the same period last year.
 Jim Anathan, Filene's Basement president, said, "The company's performance continues to be strong, despite the effects of the recession and extraordinary weather events such as Hurricane Bob during the third quarter. We are especially pleased to note that our new stores were important contributors to the sales and earnings increases. Our ability to grow the company in such a difficult economic period not only demonstrates the value and reputation of the Filene's Basement name, but it also validates our strategy of geographic diversification. This past quarter three new stores successfully opened in the important Chicago metropolitan market. We continue to be highly encouraged with the sales momentum these store are currently producing."
 Anathan added, "Despite the fact that we believe that our industry will continue to face a very tough economy, we are well prepared and at the same time cautiously optimistic as we move into the fourth quarter."
 Filene's Basement Corp. operates specialty stores which offer focused, quality, branded assortments of men's and women's apparel at discount prices. The company has 37 stores, primarily in the Northeast corridor, extending from Portland, Maine, to Philadelphia. Three stores were recently opened in the greater metropolitan Chicago market.
 FILENE'S BASEMENT CORP.
 Third Quarter Report
 The following are Filene's Basement's unaudited results for the third quarter of fiscal year 1991, as compared to the third quarter of fiscal year 1990:
 13 Weeks Ended
 (in thousands except per share data)
 Nov. 2 Nov. 3 Percent
 1991 1990
 Net sales $129,379 $111,595 16 pct
 Income before income
 taxes and extraordinary
 items $12,210 $8,465 44
 Income before
 extraordinary items $7,354 $4,765 54
 Extraordinary item:
 tax benefit resulting
 from net operating
 loss carryforwards --- $1,917 --
 Debt extinguishment,
 net of tax $(104) -- --
 Net income $7,250 $6,682 9
 Fully diluted earnings
 per share:
 Income per common
 share before
 extraordinary item 35 cents 29 cents
 Net income per
 common share 34 cents 41 cents
 Weighted average shares
 outstanding 21,119 15,890
 The following are Filene's Basement unaudited results for the 39 weeks ended Nov. 2, 1991, as compared to the same period in fiscal year 1990:
 39 Weeks Ended
 (in thousands except per share data)
 Nov. 2 Nov. 3 Percent
 1991 1990
 Net sales $325,709 $282,831 15 pct
 Income before income
 taxes and extraordinary
 items $20,564 $12,370 66
 Income before
 extraordinary items $12,391 $7,050 76
 Extraordinary item:
 Tax benefit resulting
 from net operating
 loss carryforwards --- $3,066 --
 Debt extinguishment,
 net of tax ($1,162) --- --
 Net income $11,229 $10,116 11
 Fully diluted
 earnings per share:
 Income per common
 share before
 extraordinary item 63 cents 41 cents
 Net income per common
 share 57 cents 60 cents
 Weighted average shares
 outstanding 19,375 15,910
 -0- 11/18/91
 /CONTACT: Jim Anathan president of Filene's Basement Corp, 617-348-7042/
 (BSMT) CO: Filene's Basement Corp. ST: Massachusetts IN: REA SU: ERN DD-SD -- NE002 -- 1296 11/18/91 09:53 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1991
Words:879
Previous Article:IMM RECEIVES FOLLOW-ON CONTRACT FROM U.S. ARMY TO PROVIDE TACTICAL DIGITAL CELLULAR
Next Article:VERSAR NAMES NEW EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER
Topics:


Related Articles
FILENE'S BASEMENT REPORTS DECEMBER SALES
FILENE'S BASEMENT REPORTS DECEMBER SALES
FILENE'S BASEMENT REPORTS RECORD EARNINGS FOR THE FOURTH QUARTER AND FISCAL YEAR
FILENE'S BASEMENT REPORTS RESULTS FOR SECOND QUARTER AND SIX MONTHS
FILENE'S BASEMENT REPORTS THIRD QUARTER RESULTS
FILENE'S BASEMENT REPORTS APRIL SALES
Filene's Basement Reports July Sales
Filene's Basement Reports Third Quarter Results
Filene's Basement Reports February Sales
Annual 'Running of the Brides' at Filene's Basement on Friday.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters