JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: "JOSB")
announced net income of $7.0 million in the second quarter ended
July 29, 2006, as compared with net income of $5.3 million in the
second quarter of the previous fiscal year. Earnings per share
increased 27% to $0.38 in the second quarter of fiscal 2006, as
compared with $0.30 in the second quarter of fiscal 2005,
representing another quarter of record profitability. For the first
six months of fiscal 2006, net income increased to $12.8 million,
as compared with $12.1 million in the first six months of fiscal
2005, and earnings per share rose 4% to $0.70, as compared with
$0.67 in the corresponding period of the previous fiscal year. The
Company also reaffirmed that it expects to earn at least $2.15 per
share in fiscal 2006, representing at least a 10% increase over
fiscal 2005 earnings of $1.95 per share. A conference call to
discuss this earnings press release is scheduled for today,
September 7, 2006, at 11:00 a.m. Eastern Time (EDT). To participate
in the call today, please dial (800) 230-1059, or (International)
(612) 332-1025, at least five minutes before 11:00 a.m. EDT. A
replay of the conference call will be available after 2:30 p.m. EDT
today until 11:59 p.m. on September 14, 2006, by dialing (USA)
(800) 475-6701 or (International) (320) 365-3844. The access code
for the replay will be 837711. A webcast replay of the conference
call will be posted on the investor relations portion of our
website: www.josbank.com (select 'Company Information' and
'Investor Relations'). All earnings per share amounts in this news
release represented diluted earnings per share adjusted for the 25%
stock dividend that the company announced on December 14, 2005,
under which shareholders of record as of January 27, 2006 received
one additional share of common stock for each four shares then
owned. The stock dividend was distributed on February 15, 2006.
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 346 stores in 40 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 anticipated 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, 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 lease sites for new stores, the ability to source product from
its global supplier base, litigations and other competitive
factors. Other factors and risks that may affect our business or
future financial results are detailed in our filings with the
Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended January 28, 2006. 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. -0- *T JOS. A. BANK
CLOTHIERS, INC. AND SUBSIDIARIES Condensed Consolidated Statements
of Income (In thousands except per share data) (Unaudited) Three
Months Ended Six Months Ended -------------------
------------------- July 30, July 29, July 30, July 29, 2005 2006
2005 2006 --------- --------- --------- --------- Net sales $
98,588 $119,098 $195,163 $232,763 Cost of goods sold 37,410 44,799
73,372 88,713 --------- --------- --------- --------- Gross Profit
61,178 74,299 121,791 144,050 --------- --------- ---------
--------- Operating expenses: Sales and marketing 40,834 49,481
80,431 96,513 General and administrative 10,840 12,455 20,019
24,655 Store opening costs 107 64 162 148 --------- ---------
--------- --------- Total operating expenses 51,781 62,000 100,612
121,316 --------- --------- --------- --------- Operating income
9,397 12,299 21,179 22,734 Interest expense, net 341 247 665 568
--------- --------- --------- --------- Income before provision for
income taxes 9,056 12,052 20,514 22,166 Provision for income taxes
3,717 5,079 8,438 9,332 --------- --------- --------- --------- Net
income $ 5,339 $ 6,973 $ 12,076 $ 12,834 ========= =========
========= ========= Earnings per share: Net income per share: Basic
$ 0.31 $ 0.39 $ 0.71 $ 0.72 Diluted $ 0.30 $ 0.38 $ 0.67 $ 0.70
Weighted average shares outstanding: Basic 16,960 18,001 16,900
17,942 Diluted 18,001 18,339 17,951 18,343 Note: The foregoing
unaudited Condensed Consolidated Statements of Income are excerpts
from our Condensed Consolidated Unaudited Financial Statements (for
the three months and six months ended July 30, 2005 and July 29,
2006) and do not include the Notes, which are considered an
integral part thereof. The Company expects to file the Condensed
Consolidated Unaudited Financial Statements in its Quarterly Report
on Form 10-Q on or about September 7, 2006. The foregoing unaudited
financial information should be read in conjunction with the
Company's Form 10-Q for the quarterly period ended July 29, 2006,
as well as the Company's Annual Report on Form 10-K for the fiscal
year ended January 29, 2006. JOS. A. BANK CLOTHIERS, INC. AND
SUBSIDIARIES Condensed Consolidated Balance Sheets (In Thousands)
(Unaudited) January 28, July 29, 2006 2006 ----------- -----------
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 7,344 $ 1,325
Accounts receivable, net 6,455 7,372 Inventories: Raw materials
7,574 11,059 Finished goods 169,068 181,412 ----------- -----------
Total inventories 176,642 192,471 Prepaid expenses and other
current assets 12,852 11,510 Prepaid income taxes - 1,716
----------- ----------- Total current assets 203,293 214,394
----------- ----------- NONCURRENT ASSETS: Property, plant and
equipment, net 100,973 106,536 Other noncurrent assets 566 615
----------- ----------- Total assets $ 304,832 $ 321,545
=========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable $ 42,678 $ 40,165 Accrued
expenses 52,480 44,165 Current portion of long-term debt 971 1,002
Deferred tax liability - current 10,954 10,960 -----------
----------- Total current liabilities 107,083 96,292 NONCURRENT
LIABILITIES: Long-term debt, net of current portion 4,826 5,679
Noncurrent lease obligations 35,007 36,284 Deferred tax liability -
noncurrent 2,697 3,079 Other noncurrent liabilities 1,419 1,527
----------- ----------- Total liabilities 151,032 142,861
----------- ----------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS'
EQUITY: Common stock 173 179 Additional paid-in capital 66,757
78,801 Retained earnings 86,870 99,704 ----------- -----------
Total stockholders' equity 153,800 178,684 ----------- -----------
Total liabilities and stockholders' equity $ 304,832 $ 321,545
=========== =========== Note: The foregoing unaudited Condensed
Consolidated Balance Sheets are excerpts from our Condensed
Consolidated Unaudited Financial Statements (as of January 28, 2006
and as of July 29, 2006) and do not include the Notes, which are
considered an integral part thereof. The Company expects to file
the Condensed Consolidated Unaudited Financial Statements in its
Quarterly Report on Form 10-Q, on or about September 7, 2006. The
foregoing unaudited financial information should be read in
conjunction with the Company's Form 10-Q for the quarterly period
ended July 29, 2006, as well as the Company's Annual Report on Form
10-K for the fiscal year ended January 29, 2006. JOS. A. BANK
CLOTHIERS, INC. AND SUBSIDIARIES Condensed Consolidated Statements
of Cash Flows (In Thousands) (Unaudited) Six Months Ended
----------------- July 30, July 29, 2005 2006 -------- --------
Cash flows from operating activities: Net income $12,076 $12,834
Adjustments to reconcile net income to net cash used in operating
activities: Increase in deferred income taxes 7,923 388
Depreciation and amortization 6,285 7,542 Loss on disposals of
plant and equipment 24 14 Income tax benefit from exercise of stock
options 2,702 - Net increase in operating working capital and other
components (30,629) (26,832) -------- -------- Net cash used in
operating activities (1,619) (6,054) -------- -------- Cash flows
from investing activities: Capital expenditures (11,880) (12,899)
-------- -------- Net cash used in investing activities (11,880)
(12,899) -------- -------- Cash flows from financing activities:
Borrowings under long-term Credit Agreement 42,379 7,747 Repayments
under long-term Credit Agreement (29,376) (6,785) Income tax
benefit from exercise of stock options -- 4,964 Proceeds from
issuance of long-term debt -- 400 Repayment of other long-term debt
(457) (478) Net proceeds from exercise of stock options 600 7,086
-------- -------- Net cash provided by financing activities 13,146
12,934 -------- -------- Net decrease in cash and cash equivalents
(353) (6,019) Cash and cash equivalents - beginning of period 1,425
7,344 -------- -------- Cash and cash equivalents - end of period $
1,072 $ 1,325 ======== ======== Note: The foregoing unaudited
Condensed Consolidated Statements of Cash Flows are excerpts from
our Condensed Consolidated Unaudited Financial Statements (for the
six months ended July 30, 2005 and July 29, 2006) and do not
include the Notes, which are considered an integral part thereof.
The Company expects to file the Condensed Consolidated Unaudited
Financial Statements in its Quarterly Report on Form 10-Q, on or
about September 7, 2006. The foregoing unaudited financial
information should be read in conjunction with the Company's Form
10-Q for the quarterly period ended July 30, 2006, as well as the
Company's Annual Report on Form 10-K for the fiscal year ended
January 29, 2006. *T
Grafico Azioni Jos. A. Bank Clothiers (NASDAQ:JOSB)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Jos. A. Bank Clothiers (NASDAQ:JOSB)
Storico
Da Lug 2023 a Lug 2024