Press Release
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| JoS. A. Bank Clothiers Reports 32% Increase in Third Quarter Earnings Per Share; Company to Hold Conference Call on December 4, 2008 |
HAMPSTEAD, Md.--(BUSINESS WIRE)--Dec. 3, 2008--JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that earnings for the third quarter of fiscal year 2008 increased 32% to $0.50 per share, as compared to $0.38 per share for the third quarter of fiscal year 2007. Net income in the third quarter of fiscal year 2008 was $9.3 million, as compared to $7.1 million in the third quarter of fiscal year 2007. Total sales for the third quarter of fiscal year 2008 increased 13.7% to $149.3 million from $131.3 million in the third quarter of fiscal year 2007, while comparable store sales increased 7.0% and Direct Marketing sales decreased 11.4%. The third quarter of fiscal year 2008 ended November 1, 2008; the third quarter of fiscal year 2007 ended November 3, 2007. Comparing the first nine months of fiscal year 2008 with the first nine months of fiscal year 2007, earnings increased 19% to $1.52 per share, as compared to $1.28 per share and net income increased to $28.0 million, as compared to $23.7 million. Total sales for the first nine months of fiscal year 2008 increased 13.2% to $447.4 million from $395.1 million for the first nine months of fiscal year 2007 while comparable store sales increased 6.8% and Direct Marketing sales decreased 0.4%. A conference call to discuss fiscal year 2008 third quarter earnings will be held Thursday, December 4, 2008 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 866-835-8905 or (International) 703-639-1412 at least five minutes before 11:00 a.m. ET. A replay of the conference call will be available after 1:00 p.m. ET on December 4, 2008 until December 11, 2008 at 11:59 p.m. ET by dialing (USA) 800-475-6701 or (International) 320-365-3844. The access code for the replay will be 972788. In addition, a webcast replay of the conference call will be posted on the investor relations section of our website: www.josbank.com (select "Company Information" and "Investor Relations"). All earnings per share amounts in this news release represent diluted earnings per share. JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 462 stores in 42 states and the District of Columbia, a nationwide catalog and an e-commerce website that can be accessed at www.josbank.com. The Company is headquartered in Hampstead, Md., and its common stock is listed on the Nasdaq Global Select Market under the symbol "JOSB." The Company's statements concerning future operations contained herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forecast due to a variety of factors outside of the Company's control that can affect the Company's operating results, liquidity and financial condition. Such factors include risks associated with economic, weather, public health and other factors affecting consumer spending, including negative changes to consumer confidence and other recessionary pressures, higher energy and security costs, the successful implementation of the Company's growth strategy including the ability of the Company to finance its expansion plans, the mix and pricing of goods sold, the effectiveness and profitability of new concepts, the market price of key raw materials such as wool and cotton, seasonality, merchandise trends and changing consumer preferences, the effectiveness of the Company's marketing programs, the availability of suitable lease sites for new stores, doing business on an international basis, the ability to source product from its global supplier base, litigations and other competitive factors. Other factors and risks that may affect the Company's business or future financial results are detailed in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended February 2, 2008 and the Company's subsequent Quarterly Reports on Form 10-Q filed through the date hereof. These cautionary statements qualify all of the forward-looking statements the Company makes herein. The Company cannot assure you that the results or developments anticipated by the Company will be realized or, even if substantially realized, that those results or developments will result in the expected consequences for the Company or affect the Company, its business or its operations in the way the Company expects. The Company cautions you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. The Company does not undertake an obligation to update or revise any forward-looking statements to reflect actual results or changes in the Company's assumptions, estimates or projections. These risks should be carefully reviewed before making any investment decision.
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Balance Sheets
(In Thousands)
(unaudited)
February 2, 2008 November 1, 2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 82,082 $ 44,452
Accounts receivable, net 5,855 16,127
Inventories:
Finished goods 196,547 230,491
Raw materials 10,278 11,109
Total inventories 206,825 241,600
Prepaid expenses and other current assets 18,593 21,019
Total current assets 313,355 323,198
NONCURRENT ASSETS:
Property, plant and equipment, net 126,235 138,523
Other noncurrent assets 508 478
Total assets $ 440,098 $ 462,199
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 47,383 $ 43,965
Accrued expenses 72,150 61,658
Deferred tax liability - current 6,688 6,652
Total current liabilities 126,221 112,275
NONCURRENT LIABILITIES:
Deferred rent 50,185 55,267
Deferred tax liability - noncurrent 1,210 2,456
Other noncurrent liabilities 1,317 1,372
Total liabilities 178,933 171,370
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock 181 181
Additional paid-in capital 80,791 82,456
Retained earnings 180,260 208,259
Accumulated other comprehensive losses (67 ) (67 )
Total stockholders' equity 261,165 290,829
Total liabilities and stockholders' equity $ 440,098 $ 462,199
Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of February 2, 2008 and November 1, 2008) and do not include the Notes, which are considered an integral part thereof. The foregoing unaudited financial information should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarterly period ended November 1, 2008 and the Annual Report on Form 10-K for the fiscal year ended February 2, 2008, which were filed with the Securities and Exchange Commission on December 3, 2008 and April 10, 2008, respectively.
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Income
(In Thousands, Except Per Share Information)
(unaudited)
Three Months Ended Nine Months Ended
November 3, November 1, November 3, 2007 November 1, 2008
2007 2008
Net sales $ 131,304 $ 149,274 $ 395,115 $ 447,412
Cost of goods 47,679 54,980 146,663 166,900
sold
Gross Profit 83,625 94,294 248,452 280,512
Operating
expenses:
Sales and
marketing,
including 59,017 66,209 170,570 193,773
occupancy
costs
General and 13,111 14,231 39,067 41,269
administrative
Total
operating 72,128 80,440 209,637 235,042
expenses
Operating 11,497 13,854 38,815 45,470
income
Other income
(expense):
Interest 396 169 1,374 793
income
Interest (92 ) (103 ) (285 ) (289 )
expense
Total other 304 66 1,089 504
income
Income before
provision for 11,801 13,920 39,904 45,974
income taxes
Provision for 4,705 4,621 16,244 17,975
income taxes
Net income $ 7,096 $ 9,299 $ 23,660 $ 27,999
Earnings per
share:
Net income per
share:
Basic $ 0.39 $ 0.51 $ 1.31 $ 1.54
Diluted $ 0.38 $ 0.50 $ 1.28 $ 1.52
Weighted
average shares
outstanding:
Basic 18,165 18,215 18,111 18,194
Diluted 18,439 18,461 18,419 18,433
Note: The foregoing unaudited Condensed Consolidated Statements of Income are excerpts from our unaudited Condensed Consolidated Financial Statements for the three and nine months ended November 3, 2007 and November 1, 2008 and do not include the Notes, which are considered an integral part thereof. The foregoing unaudited financial information should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarterly period ended November 1, 2008, which was filed with the Securities and Exchange Commission on December 3, 2008.
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Nine Months Ended
November 3, 2007 November 1, 2008
Cash flows from operating activities:
Net income $ 23,660 $ 27,999
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 13,753 15,394
Loss on disposals of property, plant and 121 227
equipment
(Decrease) increase in deferred taxes (996 ) 1,210
Net increase in operating working capital (36,465 ) (57,434 )
and other components
Net cash provided by (used in) operating 73 (12,604 )
activities
Cash flows from investing activities:
Capital expenditures (19,511 ) (26,888 )
Proceeds from disposal of fixed assets 290 197
Net cash used in investing activities (19,221 ) (26,691 )
Cash flows from financing activities:
Income tax benefit from exercise of stock 807 528
options
Net proceeds from exercise of stock options 1,869 1,137
Net cash provided by financing activities 2,676 1,665
Net decrease in cash and cash equivalents (16,472 ) (37,630 )
Cash and cash equivalents - beginning of 43,080 82,082
period
Cash and cash equivalents - end of period $ 26,608 $ 44,452
Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our unaudited Condensed Consolidated Financial Statements for nine months ended November 3, 2007 and November 1, 2008 and do not include the Notes, which are considered an integral part thereof. The foregoing unaudited financial information should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarterly period ended November 1, 2008, which was filed with the Securities and Exchange Commission on December 3, 2008.
CONTACT: JoS. A. Bank Clothiers, Inc., Hampstead, Md. |
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