Printer Friendly

FILENE'S BASEMENT REPORTS THIRD QUARTER RESULTS

 WELLESLEY, Mass., Nov. 15 /PRNewswire/ -- Filene's Basement Corp. (NASDAQ: BSMT) reported sales and earnings today for the third quarter ended Oct. 30, 1993. Total sales for the quarter were $161.0 million, up 7 percent from last year. Comparable store sales for the three months this year were even with the same period last year. Net income for the third quarter of 1993 was $5.7 million or 27 cents per share on 21.4 million average shares outstanding as compared to $8.0 million or 38 cents per share on 21.6 million average shares outstanding during the same quarter last year.
 For the nine months ending Oct. 30, 1993, total sales increased 9 percent to $400.7 million. Comparable store sales for the nine months this year were down 3 percent form the same year-to-date period last year. Income before extraordinary items and the cumulative effect of a change in accounting principle was $3.0 million or 14 cents per share compared to $14.3 million or 66 cents per share for the same period last year. The cumulative effect of a change in accounting principle of $1.0 million was reflected in the first quarter of 1993 resulting from the adoption of Financial Accounting Standard No. 109 "Accounting for Income Taxes." Last year's extraordinary item of $0.5 million related to the costs associated with the repurchase of subordinated debentures. Net income for the nine month period was $4.0 million or 19 cents per share compared to $13.7 million or 64 cents per share for the same period last year.
 In commenting on the third quarter results, President Jim Anathan said, "I am pleased with the overall improvement in our business versus the difficult spring season. Sales performance at our stores opened this year has been strong and same store sales have shown consistent improvement over the last four months."
 Filene's Basement Corp., operates specialty stores which offer focused, quality branded assortments of men's and women's apparel at prices generally 20-60 percent below department and specialty store prices. The company has 56 stores operating primarily in the Northeast and Midwest.
 FILENE'S BASEMENT CORP.
 THIRD QUARTER REPORT
 (UNAUDITED)
 OCT. 30, 1993
 The following are Filene's Basement's results for the third quarter of fiscal year 1993, as compared to the third quarter of fiscal year 1992:
 13 Weeks Ended (a)
 Oct. 30, 1993 Oct. 31, 1992
 Net sales $161,040 $151,780
 Cost of sales, including
 buying, receiving and
 occupancy costs: 117,956 105,836
 Gross profit 43,084 45,944
 Selling, general and
 administrative expenses 32,349 30,528
 Amortization of intangible
 assets 9 115
 Amortization of beneficial
 operating lease rights 328 328
 Operating income 10,398 14,973
 Interest expense, net 1,068 995
 Income before income taxes
 and extraordinary item 9,330 13,978
 Income tax provision 3,613 5,450
 Income before extraordinary
 item 5,717 8,528
 Extraordinary item: loss on
 debt repurchase, net of
 tax benefit --- (548)
 Net income $5,717 $7,980
 Primary and fully diluted
 earnings per share:
 Income before extraordinary
 item 27 cents 40 cents
 Extraordinary item --- (2 cents)
 Net income per common
 share 27 cents 38 cents
 Weighted average shares
 outstanding 21,351 21,559
 NOTE: (a) (in thousands except per share data)
 FILENE'S BASEMENT CORP.
 THIRD QUARTER REPORT
 (Unaudited)
 OCT. 30, 1993


The following are Filene's Basement's results for the 39 weeks ended
 Oct. 30, 1993, as compared to the same period in fiscal year 1992:
 Thirty-nine Weeks Ended(a)
 Oct. 30, 1993 Oct. 31, 1992
 Net Sales $400,708 $370,367
 Cost of Sales, including
 buying, receiving and
 occupancy costs: 302,394 263,738
 Gross profit 98,314 106,629
 Selling, general and
 administrative expenses 89,326 78,654
 Amortization of intangible
 assets 166 844
 Amortization of beneficial
 operating lease rights 985 985
 Operating income 7,837 26,146
 Interest expense, net 2,972 2,849
 Income before income taxes,
 extraordinary item
 and the cumulative effect
 of a change in accounting
 principle(b) 4,865 23,297
 Income tax provision 1,872 9,035
 Income before extraordinary
 item and the cumulative
 effect of a change in
 accouting principle(b) 2,993 14,262
 Extraordinary item: loss on
 debt repurchase, net of
 tax benefit --- (548)
 Cumulative effect of a change
 in accounting principle(b) 1,000 ---
 Net income $3,993 $13,714
 Primary and
 Fully diluted earnings per
 share:
 Inc. bef. extraordn.
 item and the cumulative
 effect of a change in
 accounting principle(b) 14 cents 66 cents
 Extraordinary item --- (2 cents)
 Cumulative effect of a
 change in account.
 principle(b) 5 cents ---
 Net income per common
 share 19 cents 64 cents
 Weighted average shares
 outstanding 21,228 21,552
 Note: (a) (in thousands except per share data)
 (b) The company adopted Financial Accounting Standard No. 109, "Accounting for Income Taxes" in the first quarter of fiscal 1993.
 FILENE'S BASEMENT CORP.
 THIRD QUARTER REPORT
 (unaudited)
 Oct. 30, 1993
 (dollars in thousands)
 ASSETS
 Oct. 30, Jan. 30, Oct. 31,
 1993 1993 1992
 Current assets:
 Cash and cash equivalents $2,000 $4,473 $716
 Inventories 140,079 113,001 125,471
 Other current assets 17,289 8,996 8,945
 Deferred income taxes 7,493 6,289 6,588
 Total current assets 166,861 132,759 141,720
 Property, plant and equipment,
 net 65,314 56,675 58,200
 Beneficial operating lease
 rights, net 19,081 20,066 20,395
 Intangible assets, net & other 7,359 6,234 4,879
 Total assets $258,615 $215,734 $225,194
 LIABILITIES & STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts Payable 66,387 53,178 57,024
 Accrued Expenses 24,941 21,497 26,466
 Short term debt 19,500 --- 7,100
 Obligations under capital leases,
 due within one year 304 331 352
 Total current liabilities 111,132 75,006 90,942
 Long-term debt & deferred credits 23,947 21,359 21,329
 Obligations under capital leases,
 less current portion 4,298 4,528 4,604
 Common stock 202 201 199
 Cost of 75,000 common shares in
 treasury (16) (16) (16)
 Additional paid-in capital 84,236 83,832 81,711
 Retained earnings 34,816 30,824 26,425
 Total stockholders' equity 119,238 114,841 108,319
 Total liabilities and stockholders'
 equity $258,615 $215,734 $225,194
 -0- 11/15/93
 /CONTACT: Gary Crittenden, chief financial officer, Filene's Basement Corp., 617-348-7156/
 (BSMT)


CO: Filene's Basement Corp. ST: Massachusetts IN: REA SU: ERN SLS

JL-CM -- NE015 -- 4346 11/15/93 11:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 15, 1993
Words:1079
Previous Article:TEXTRON NAMES OPERATIONS EXECUTIVE TO HUMAN RESOURCES POST, APPOINTS GROUP VICE PRESIDENT AND DIVISION PRESIDENT
Next Article:DELL INTRODUCES NEW PENTIUM DESKTOP;POWERFUL NEW SYSTEM, FIRST FULLY OPTIMIZED PENTIUM-PCI DESIGN
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters