Related Quotes
WEIR
0.468750
+0.031250
delayed 20 mins - disclaimer
Wednesday May 19, 6:45 pm Eastern Time
Company Press Release
Weiner's Stores Inc. Reports First Quarter 1999 Results of Operations
HOUSTON--(BUSINESS WIRE)--May 19, 1999--Weiner's Stores Inc. (OTC BB:WEIR) announced net income of $2.0 million, or $0.11 per share of common stock, for its first quarter ended May 1, 1999 compared to net income of $0.6 million, or $0.03 per share of common stock, for the first quarter of 1998. For the first quarter of 1999, earnings before interest, taxes, depreciation and amortization increased 66.4% to $3.2 million from $1.9 million in the first quarter of 1998.
The Company previously announced that for its first quarter ended May 1, 1999, sales increased 13.0% compared to the same period last year. Sales were $69.6 million in the first quarter of 1999 compared to $61.6 million in the first quarter of 1998. Comparable store sales for the first quarter of 1999 increased 12.3% compared to the same period last year.
Mr. Raymond J. Miller, vice president & chief financial officer, stated, ''We are pleased with the sales results for the first quarter of 1999. Our increase in market share was driven by our customers' positive response to our new marketing and merchandise campaign, which began on January 31, 1999. This campaign has allowed us to strategically lower our gross margin percent, in order to increase sales at a significant enough pace so as to generate a higher level of operating income. An additional contribution to our first quarter success was the roll-out of our Bed Bath etc Department, which is now in approximately 100 stores.''
As previously announced, Weiner's celebrated the grand opening of two new stores in Mississippi on May 1, 1999. Mr. Miller stated, ''The Mississippi customers responded in a positive fashion to our entrance into their market place.'' Mr. Miller further stated, ''We are scheduled to open three additional new stores in the summer of 1999, one in San Antonio, Texas, one in Fort Worth, Texas, and one in Bossier City, La.
Weiner's is a convenient neighborhood family retailer that offers a complete assortment of branded products for value-conscious consumers. Currently, approximately 3,500 associates are employed at the 132 stores that are operated in Texas, Louisiana and Mississippi.
This press release contains forward-looking statements. Such statements inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, among others, general economic and business conditions, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations, the ability of the Company and its competitors to predict fashion trends and customer preferences and achieve further market penetration and additional customers, consumer apparel buying patterns, adverse weather conditions, inventory risks due to shifts in market demand, Year 2000 issues and various other matters, many of which are beyond the Company's control. These forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which such statement is based.
-0-
WEINER'S STORES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Thirteen Weeks Thirteen Weeks
Ended Ended
May 1, 1999 May 2, 1998
------------------ ------------------
(amounts in thousands, except per share data)
Net sales $69,602 $61,579
Cost of goods sold 45,180 38,788
------- -------
Gross margin 24,422 22,791
Selling, administrative and
other operating costs 22,179 22,010
------- -------
Operating income 2,243 781
Interest expense (210) (177)
Interest income -- --
------- -------
Income before income taxes 2,033 604
Income taxes -- --
------- -------
Net income $2,033 $604
======= =======
Net income per share of
common stock $0.11 $0.03
======= =======
Weighted average number of
shares of common stock
outstanding 18,477 19,000
======= =======
WEINER'S STORES INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(amounts in thousands)
May 1, January 30, May 2,
1999 1999 1998
---------- ---------- ----------
(Unaudited) (Unaudited)
ASSETS
Cash $4,255 $7,176 $7,434
Receivables, net 1,492 1,252 2,521
Merchandise inventories, net 59,667 54,243 54,885
Prepaid expenses and other assets 5,085 2,380 3,843
Property and equipment, net 19,229 18,686 18,927
Reorganization value in excess
of assets, net 3,827 3,907 4,103
---------- ---------- ----------
Total assets $93,555 $87,644 $91,713
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and other
current liabilities $26,148 $30,270 $24,307
Other liabilities 397 397 834
Long-term debt 12,000 4,000 8,000
Stockholders' equity 55,010 52,977 58,572
---------- ---------- ----------
Total liabilities and
stockholders' equity $93,555 $87,644 $91,713
========== ========== ==========
Certain prior year balances have been reclassified to conform to
current year presentation.
WEINER'S STORES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Thirteen Weeks Thirteen Weeks
Ended Ended
May 1, 1999 May 2, 1998
---------------- --------------
(amounts in thousands)
Cash Flows From Operating Activities:
Net income $2,033 $604
Noncash adjustments to net income:
Depreciation and amortization 951 1,139
Other (12,490) 735
-------- --------
Net cash (used in) provided by
operating activities (9,506) 2,478
-------- --------
Net cash used in investing activities (1,415) (1,618)
-------- --------
Net cash provided by financing
activities 8,000 3,000
-------- --------
Net (decrease) increase in cash (2,921) 3,860
Cash, beginning of period 7,176 3,574
-------- --------
Cash, end of period $4,255 $7,434
======== ========
--------------------------------------------------------------------------------
Contact:
Weiner's Stores Inc., Houston
Joe Kassa, 713/688-1331 Ext. 252 |
