JOSB Jos. A. Bank Clothiers, Inc. (MM)

JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market:JOSB) announces today record results for its fiscal year ended February 3, 2007 (fiscal 2006). Net income for fiscal 2006 increased to a record $43.2 million, as compared with net income of $35.3 million for the fiscal year ended January 28, 2006 (fiscal 2005). Earnings per share for fiscal 2006 increased 21% to a record $2.36 as compared with earnings per share of $1.95 for fiscal 2005. The Company noted that the results for fiscal 2006 represent the sixth consecutive year of record earnings. Net sales reached a record of $546.4 million in fiscal 2006, representing a 17.6% gain as compared with net sales of $464.6 million in fiscal 2005, while inventory increased at a significantly slower rate of 3.9% in fiscal 2006. The fiscal 2006 year-end cash balance grew to $43.1 million and long-term debt was reduced to four hundred thousand dollars. Comparing the 53 weeks of fiscal 2006 with the 52 weeks of fiscal 2005, total net sales increased 17.6% to $546.4 million from $464.6 million. Comparing the 53 weeks of fiscal 2006 with the corresponding 53 weeks of the prior year, comparable store sales increased 4.3% and Direct Marketing sales increased 23.5%. Fiscal 2006 contained 53 weeks and fiscal 2005 contained 52 weeks, consistent with the National Retail Federation's 4-5-4 week calendar. Total net sales comparisons presented herein use the actual number of weeks in each fiscal period. Comparable store and Direct Marketing sales comparisons presented herein use the corresponding calendar periods of the prior year to match the equal number of weeks. The Company will hold a conference call today, April 17, 2007 at 11:00 a.m. ET to discuss its results for fiscal 2006. To participate in the call, please dial (USA) 800-230-1074 or (International) 612-332-0335 at least five minutes before 11:00 a.m. ET. A replay of the conference call will be available until April 24, 2007 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 861665. 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 382 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, 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 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 3, 2007. 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. CONSOLIDATED BALANCE SHEETS JANUARY�28, 2006 AND FEBRUARY 3, 2007 (In Thousands, Except Share Information) � January 28, 2006 February 3, 2007 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 7,344� $ 43,080� Accounts receivable, net 6,455� 5,193� Inventories, net 176,642� 183,471� Prepaid expenses and other current assets 12,852� 18,560� Total current assets 203,293� 250,304� NONCURRENT ASSETS: Property, plant and equipment, net 100,973� 117,553� Other noncurrent assets 566� 535� Total assets $ 304,832� $ 368,392� LIABILITIES AND STOCKHOLDERS� EQUITY CURRENT LIABILITIES: Accounts payable $ 42,678� $ 41,683� Accrued expenses 51,834� 63,606� Current portion of long-term debt 971� �� Deferred tax liability 10,954� 8,453� Total current liabilities 106,437� 113,742� NONCURRENT LIABILITIES: Long-term debt, net of current portion 4,826� 412� Noncurrent lease obligations 35,007� 42,053� Noncurrent deferred tax liability 2,697� 2,595� Other noncurrent liabilities 2,065� 1,356� Total liabilities 151,032� 160,158� COMMITMENTS AND CONTINGENCIES STOCKHOLDERS� EQUITY: Preferred stock, $1.00 par, 500,000 shares authorized, none issued or outstanding �� �� Common stock, $.01 par, 45,000,000 shares authorized, 17,283,804 issued and outstanding at January 28, 2006 and 18,039,826 issued and outstanding at February 3, 2007 173� 180� Additional paid-in capital 66,757� 78,101� Retained earnings 86,870� 130,092� Accumulated other comprehensive income and losses �� (139) Total stockholders� equity 153,800� 208,234� Total liabilities and stockholders� equity $ 304,832� $ 368,392� � Note: The foregoing unaudited Condensed Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of January 28, 2006 and as of February 3, 2007) 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2007 which was filed with the Securities and Exchange Commission on April 17, 2007. JOS. A. BANK CLOTHIERS,�INC. CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006 AND FEBRUARY 3, 2007 (In Thousands, Except Per Share Information) � Fiscal 2004 Fiscal 2005 Fiscal 2006 NET SALES $ 372,500� $ 464,633� $546,385� Cost of goods sold 147,674� 177,006� 207,947� GROSS PROFIT 224,826� 287,627� 338,438� OPERATING EXPENSES: Sales and marketing 143,586� 179,201� 212,331� General and administrative 38,003� 45,930� 52,453� Store opening costs 1,184� 701� 559� Total operating expenses 182,773� 225,832� 265,343� OPERATING INCOME 42,053� 61,795� 73,095� Interest expense, net 1,696� 1,794� 938� Income before provision for income taxes 40,357� 60,001� 72,157� Provision for income taxes 15,876� 24,751� 28,935� NET INCOME $ 24,481� $ 35,250� $ 43,222� EARNINGS PER SHARE Net income: Basic $ 1.47� $ 2.07� $ 2.40� Diluted $ 1.38� $ 1.95� $ 2.36� Weighted average shares outstanding: Basic 16,680� 17,021� 17,981� Diluted 17,789� 18,031� 18,342� � Note: The foregoing unaudited Condensed Consolidated Statements of Income are excerpts from our Consolidated Financial Statements for each of the three years ended February 3, 2007 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2007 which was filed with the Securities and Exchange Commission on April 17, 2007. JOS. A. BANK CLOTHIERS,�INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS� EQUITY FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006 AND FEBRUARY 3, 2007 (In Thousands, Except Share Information) � Shares of common stock Common stock Additional paid-in capital Retained earnings Treasury stock Accumulated other comprehensive income and (losses) Total stockholders� equity BALANCE, JANUARY 31, 2004 16,481,751� $ 122� $ 64,207� $ 27,183� $(5,058) $�� $86,454� Net income �� �� �� 24,481� �� �� 24,481� Issuance of common stock pursuant to Incentive Option Plan 345,452� 2� 1,166� �� �� �� 1,168� Income tax benefit from exercise of non-qualified stock options �� �� 2,256� �� �� �� 2,256� Stock dividend fractional share repurchase (1,833) �� (35) �� �� �� (35) BALANCE, JANUARY 29, 2005 16,825,370� $ 124� $ 67,594� $ 51,664� $ (5,058) $�� $ 114,324� Net income �� �� �� 35,250� �� �� 35,250� Retirement of treasury stock, at cost �� �� (5,058) �� 5,058� �� �� Issuance of common stock pursuant to Incentive Option Plan 460,156� 5� 1,596� �� �� �� 1,601� Income tax benefit from exercise of non-qualified stock options �� �� 2,694� �� �� �� 2,694� Stock dividend fractional share repurchase (1,722) �� (69) �� �� �� (69) Stock dividend transfer of par value �� 44� �� (44) �� �� �� BALANCE, JANUARY 28, 2006 17,283,804� $ 173� $ 66,757� $ 86,870� $�� $�� $ 153,800� Net income �� �� �� 43,222� �� �� 43,222� Adjustment to minimum pension liability, net of tax �� �� �� �� �� 6� 6� Comprehensive income 6� 43,228� Adjustment to initially apply FAS No. 158, net of tax �� �� �� �� �� (145) (145) Issuance of common stock pursuant to Incentive Option Plan 756,022� 7� 7,397� �� �� �� 7,404� Income tax benefit from exercise of non-qualified stock options �� �� 3,947� �� �� �� 3,947� BALANCE, FEBRUARY 3, 2007 18,039,826� $180� $78,101� $130,092� $�� $(139) $208,234� � Note: The foregoing unaudited Consolidated Statements of Stockholders� Equity are excerpts from our Consolidated Financial Statements for each of the three years ended February 3, 2007 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2007 which was filed with the Securities and Exchange Commission on April 17, 2007. JOS. A. BANK CLOTHIERS,�INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006 AND FEBRUARY 3, 2007 (In Thousands) � Fiscal 2004 Fiscal 2005 Fiscal 2006 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 24,481� $ 35,250� $43,222� Adjustments to reconcile net income to net cash provided by operating activities: Increase (decrease) in deferred taxes 1,906� 12,791� (2,603) Depreciation and amortization 10,498� 13,020� 15,809� Loss on disposition of assets 4� 31� 34� Income tax benefit from exercise of non-qualified stock options 2,256� 2,694� �� Changes in assets and liabilities: (Increase) decrease in accounts receivable (597) (1,657) 1,262� Increase in inventories (6,905) (48,949) (6,829) Increase in prepaid expenses and other assets (1,569) (960) (5,708) (Increase) decrease in non-current assets (273) 942� 31� Increase (decrease) in accounts payable 11,385� 2,545� (995) Increase in accrued expenses 242� 15,503� 10,490� Increase in noncurrent lease obligations 10,266� 4,689� 7,046� Increase (decrease) in other noncurrent liabilities (241) 1,127� (848) Net cash provided by operating activities 51,453� 37,026� 60,911� CASH FLOWS USED FOR INVESTING ACTIVITIES: Payments for capital expenditures (29,939) (31,577) (31,141) Proceeds from disposal of assets 907� �� �� Net cash used for investing activities (29,032) (31,577) (31,141) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under revolving loan agreement 80,360� 106,185� 90,135� Repayment of borrowings under revolving loan agreement (100,947) (106,185) (90,135) Proceeds from long-term debt �� �� 400� Repayment of other long-term debt (2,417) (1,062) (5,785) Income tax benefit from exercise of non-qualified stock options �� �� 3,947� Proceeds from issuance of common stock, net of fractional share repurchase 1,133� 1,532� 7,404� Net cash provided by (used in) financing activities (21,871) 470� 5,966� Net increase in cash and cash equivalents 550� 5,919� 35,736� CASH AND CASH EQUIVALENTS, beginning of year 875� 1,425� 7,344� CASH AND CASH EQUIVALENTS, end of year $ 1,425� $ 7,344� $ 43,080� � Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our Consolidated Financial Statements for each of the three years ended February 3, 2007 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2007 which was filed with the Securities and Exchange Commission on April 17, 2007.