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

JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that earnings for the third quarter of fiscal 2007 increased 27% to $0.38 per share, as compared to $0.30 per share for the third quarter of fiscal 2006. Net income in the third quarter of fiscal 2007 was $7.1 million, as compared to $5.5 million in the third quarter of fiscal 2006. The third quarter of fiscal 2007 ended November 3, 2007; the third quarter of fiscal 2006 ended October 28, 2006. Comparing the nine fiscal months ended November 3, 2007 with the nine fiscal months ended October 28, 2006, earnings increased 28% to $1.28 per share, as compared to $1.00 per share and net income increased to $23.7 million, as compared to $18.3 million. A conference call to discuss fiscal 2007 third quarter earnings will be held today at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-762-6568 or (International) 480-248-5088 at least five minutes before 11:00 a.m. ET. A replay of the conference call will be available after 2:30 p.m. ET on December 13, 2007 until December 20, 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 897489. 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 415 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 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 3, 2007 November 3, 2007 � ASSETS CURRENT ASSETS: Cash and cash equivalents $ 43,080 $ 26,608 Accounts receivable, net 5,193 10,403 Inventories: Finished goods 175,690 214,948 Raw materials � 7,781 � � 10,099 � Total inventories 183,471 225,047 Prepaid expenses and other current assets � 18,560 � � 20,766 � � Total current assets 250,304 282,824 � NONCURRENT ASSETS: Property, plant and equipment, net 117,553 125,493 Other noncurrent assets � 535 � � 510 � Total assets $ 368,392 � $ 408,827 � � LIABILITIES AND STOCKHOLDERS� EQUITY � CURRENT LIABILITIES: Accounts payable $ 41,683 $ 56,228 Accrued expenses 63,606 58,927 Deferred tax liability � current � 8,453 � � 8,179 � Total current liabilities 113,742 123,334 � NONCURRENT LIABILITIES: Long-term debt 412 421 Noncurrent lease obligations 42,053 46,939 Deferred tax liability � noncurrent 2,595 1,873 Other noncurrent liabilities � 1,356 � � 1,690 � Total liabilities � 160,158 � � 174,257 � � COMMITMENTS AND CONTINGENCIES � STOCKHOLDERS� EQUITY: Common stock 180 181 Additional paid-in capital 78,101 80,776 Retained earnings 130,092 153,752 Accumulated other comprehensive losses � (139 ) � (139 ) Total stockholders� equity � 208,234 � � 234,570 � Total liabilities and stockholders� equity $ 368,392 � $ 408,827 � Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of February 3, 2007 and November 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 Quarterly Report on Form 10-Q for the quarterly period ended November 3, 2007 and the Annual Report on Form 10-K for the fiscal year ended February 3, 2007, which were filed with the Securities and Exchange Commission on December 13, 2007 and April 17, 2007, respectively. JOS. A. BANK CLOTHIERS,�INC. Condensed Consolidated Statements of Income (In Thousands, Except Per Share Information) (unaudited) � � � � � Three Months Ended Nine Months Ended October 28, 2006 November 3, 2007 October 28, 2006 November 3, 2007 � Net sales $ 119,511 $ 131,304 $ 352,274 $ 395,115 � Cost of goods sold � 47,057 � � 47,679 � � 135,770 � � 146,663 � � Gross Profit � 72,454 � � 83,625 � � 216,504 � � 248,452 � � Operating expenses: Sales and marketing 50,796 59,094 147,457 170,015 General and administrative � 12,599 � � 13,034 � � 37,254 � � 39,622 � Total operating expenses � 63,395 � � 72,128 � � 184,711 � � 209,637 � � Operating income 9,059 11,497 31,793 38,815 � Other income (expense): Interest income 29 396 82 1,374 Interest expense � (447 ) � (92 ) � (1,068 ) � (285 ) Total other income (expense) � (418 ) � 304 � � (986 ) � 1,089 � � Income before provision for income taxes 8,641 11,801 30,807 39,904 Provision for income taxes � 3,133 � � 4,705 � � 12,465 � � 16,244 � � Net income $ 5,508 � $ 7,096 � $ 18,342 � $ 23,660 � � Earnings per share: Net income per share: Basic $ 0.31 $ 0.39 $ 1.02 $ 1.31 Diluted $ 0.30 $ 0.38 $ 1.00 $ 1.28 Weighted average shares outstanding: Basic 18,016 18,165 17,967 18,111 Diluted 18,330 18,439 18,339 18,419 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 October 28, 2006 and November 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 Quarterly Report on Form 10-Q for the quarterly period ended November 3, 2007, which was filed with the Securities and Exchange Commission on December 13, 2007. JOS. A. BANK CLOTHIERS,�INC. Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited) � � � Nine Months Ended October 28, 2006 November 3, 2007 � Cash flows from operating activities: Net income $ 18,342 $ 23,660 Adjustments to reconcile net income to net cash provided by (used in)�operating activities: Depreciation and amortization 11,603 13,753 Loss on disposals of property, plant and equipment 30 121 Decrease in deferred taxes (1,530 ) (996 ) Net increase in operating working capital and other components � (41,710 ) � (36,465 ) � Net cash provided by (used in) operating activities � (13,265 ) � 73 � � Cash flows from investing activities: Capital expenditures (20,322 ) (19,511 ) Proceeds from disposal of fixed assets � - � � 290 � � Net cash used in investing activities � (20,322 ) � (19,221 ) � Cash flows from financing activities: Borrowings under long-term Credit Agreement 85,253 - Repayments under long-term Credit Agreement (68,595 ) - Proceeds from issuance of long-term debt 400 - Repayment of other long-term debt (718 ) - Income tax benefit from exercise of stock options 4,371 807 Net proceeds from exercise of stock options � 7,086 � � 1,869 � � Net cash provided by financing activities � 27,797 � � 2,676 � � Net decrease in cash and cash equivalents (5,790 ) (16,472 ) � Cash and cash equivalents � beginning of period � 7,344 � � 43,080 � � Cash and cash equivalents � end of period $ 1,554 � $ 26,608 � Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our unaudited Condensed Consolidated Financial Statements for nine months ended October 28, 2006 and November 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 Quarterly Report on Form 10-Q for the quarterly period ended November 3, 2007, which was filed with the Securities and Exchange Commission on December 13, 2007.