SECAUCUS, N.J., July 8, 2011 /PRNewswire/ -- Syms Corp (NASDAQ:
SYMS) (the "Company"), a leading off-price
retailer, announced results today for its first quarter ended
May 28, 2011.
For the first quarter (13 week period) ended May 28, 2011, the Company had net income of
$1.5 million ($0.10 per share) as compared to a net loss of
$0.8 million ($0.06 per share) for the first quarter ended
May 29, 2010.
Net sales decreased by $16.0
million or 13% to $105.4
million during the thirteen weeks ended May 28, 2011. Sales were $121.4 million in the comparable period last
year.
As of May 28, 2011, the Company
and its wholly-owned subsidiary Filene's Basement, LLC collectively
owned and operated 47 "off-price" apparel stores located
predominantly on the east coast of the
United States under the "Syms" name (which, together with
co-branded Syms/Filene's Basement stores, are owned and operated by
the Company) and the "Filene's Basement" name (which are owned and
operated by Filene's Basement, LLC). Each Syms and Filene's
Basement store offers a broad range of first quality, in season
merchandise bearing nationally recognized designer and brand-name
labels.
Forward-Looking Statements
Certain information in this press release includes
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995) and information relating
to Syms Corp and its subsidiaries that are based on the beliefs of
Syms' management, as well as assumptions made by and information
currently available to Syms' management. When used in this press
release, the words "anticipate", "believe", "estimate", "expect",
"intend", "plan" and similar expressions as they relate to Syms
Corp and its subsidiaries, identify forward-looking statements.
Such statements reflect the current views of Syms Corp with respect
to future events, the outcome of which is subject to certain risks,
including, among others, general economic and market conditions,
decreased consumer demand for Syms' and Filene's Basement's
products, possible disruptions in Syms' computer or telephone
systems, possible work stoppages or increase in labor costs,
effects of competition, the impact of integrating Filene's
Basement's business and Syms Corp's existing business, possible
disruptions or delays in the opening of new stores or inability to
obtain suitable sites for new stores, higher than anticipated store
closings or relocation costs, higher interest rates and borrowing
costs, unanticipated increases in merchandise or occupancy costs,
and other factors which may be outside control of Syms Corp. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results or outcomes
may vary materially from those described herein as anticipated,
believed, estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to Syms
Corp or persons acting on its behalf are expressly qualified in
their entirety by the cautionary statements in this
paragraph.
For further information, please contact Davia Temin of
Temin and Company at (212) 588-8788.
SYMS
CORP
STATEMENTS
OF OPERATIONS
(in
thousands except per-share amounts)
|
|
|
Thirteen
Weeks Ended
|
|
|
May 28,
2011
|
May 29,
2010
|
|
|
|
|
|
Net Sales
|
$ 105,355
|
$ 121,445
|
|
|
|
|
|
Gross Margin
|
44,642
|
53,743
|
|
|
|
|
|
Operating Expenses
|
41,633
|
54,991
|
|
|
|
|
|
Net Income (Loss)
|
$
1,474
|
$
(809)
|
|
|
|
|
|
Net Income (Loss) per share
(basic & diluted)
|
$
0.10
|
$
(0.06)
|
|
|
|
|
|
Weighted average shares
outstanding (basic & diluted)
|
14,448
|
14,478
|
|
|
|
|
|
|
SYMS
CORP
CONSOLIDATED
BALANCE SHEETS
(in
thousands)
|
|
|
|
|
|
|
|
|
|
May 28,
2011
|
|
May 29,
2010
|
|
ASSETS
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash
|
|
$ 2,609
|
|
$ 2,820
|
|
Receivables
|
|
3,451
|
|
4,326
|
|
Merchandise inventories
|
|
73,102
|
|
91,617
|
|
Other current assets
|
|
14,602
|
|
22,269
|
|
Total current assets
|
|
93,764
|
|
121,032
|
|
|
|
|
|
|
|
Property &
equipment
|
|
104,386
|
|
118,460
|
|
Other assets
|
|
53,795
|
|
34,895
|
|
Total
Assets
|
|
$
251,945
|
|
$
274,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$ 34,496
|
|
$ 53,684
|
|
Accrued expenses
|
|
20,248
|
|
8,243
|
|
Other current liabilities
|
|
5,501
|
|
5,256
|
|
Total current
liabilities
|
|
60,245
|
|
67,183
|
|
|
|
|
|
|
|
Long term debt
|
|
17,034
|
|
9,816
|
|
Other long term
liabilities
|
|
12,213
|
|
4,372
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
162,453
|
|
193,016
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
251,945
|
|
$
274,387
|
|
|
|
|
|
|
|
|
SOURCE Syms Corp