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

JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that earnings for the second quarter of fiscal year 2008 increased 9% to $0.48 per share, as compared to $0.44 per share for the second quarter of fiscal year 2007. Net income in the second quarter of fiscal year 2008 was $8.9 million, as compared to $8.2 million in the second quarter of fiscal year 2007. Total sales for the second quarter of fiscal year 2008 increased 13.7% to $152.7 million from $134.3 million in the second quarter of fiscal year 2007 while comparable store sales increased 6.8% and Direct Marketing sales increased 10.2%. The second quarter of fiscal year 2008 ended August 2, 2008; the second quarter of fiscal year 2007 ended August 4, 2007. Comparing the first six months of fiscal year 2008 with the first six months of fiscal year 2007, earnings increased 13% to $1.02 per share, as compared to $0.90 per share and net income increased to $18.7 million, as compared to $16.6 million. Total sales for the first six months of fiscal year 2008 increased 13.0% to $298.1 million from $263.8 million for the first six months of fiscal year 2007 while comparable store sales increased 6.7% and Direct Marketing sales increased 4.3%. A conference call to discuss fiscal year 2008 second quarter earnings will be held Thursday, September 4, 2008 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 866-793-1342 or (International) 703-639-1313 at least five minutes before 11:00 a.m. ET. A replay of the conference call will be available after 1:00 p.m. ET on September 4, 2008 until September 11, 2008 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 958982. 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 447 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 suitable lease sites for new stores, doing business on an international basis, 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 2, 2008 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 2, 2008 August 2, 2008 � ASSETS CURRENT ASSETS: Cash and cash equivalents $ 82,082 $ 64,357 Accounts receivable, net 5,855 8,826 Inventories: Finished goods 196,547 206,147 Raw materials � 10,278 � � 13,390 � Total inventories 206,825 219,537 Prepaid expenses and other current assets � 18,593 � � 19,347 � � Total current assets 313,355 312,067 � NONCURRENT ASSETS: Property, plant and equipment, net 126,235 134,111 Other noncurrent assets � 508 � � 526 � Total assets $ 440,098 � $ 446,704 � � LIABILITIES AND STOCKHOLDERS� EQUITY � CURRENT LIABILITIES: Accounts payable $ 47,383 $ 46,767 Accrued expenses 72,150 57,186 Deferred tax liability � current � 6,688 � � 7,194 � Total current liabilities 126,221 111,147 � NONCURRENT LIABILITIES: Long-term debt - - Noncurrent lease obligations 50,185 52,946 Deferred tax liability � noncurrent 1,210 986 Other noncurrent liabilities � 1,317 � � 1,641 � Total liabilities � 178,933 � � 166,720 � � COMMITMENTS AND CONTINGENCIES � STOCKHOLDERS� EQUITY: Common stock 181 181 Additional paid-in capital 80,791 80,910 Retained earnings 180,260 198,960 Accumulated other comprehensive losses � (67 ) � (67 ) Total stockholders� equity � 261,165 � � 279,984 � Total liabilities and stockholders� equity $ 440,098 � $ 446,704 � Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of February 2, 2008 and August 2, 2008) 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 August 2, 2008 and the Annual Report on Form 10-K for the fiscal year ended February 2, 2008, which were filed with the Securities and Exchange Commission on September 3, 2008 and April 10, 2008, respectively. � JOS. A. BANK CLOTHIERS, INC. Condensed Consolidated Statements of Income (In Thousands, Except Per Share Information) (unaudited) � Three Months Ended Six Months Ended August 4, 2007 � August 2, 2008 August 4, 2007 � August 2, 2008 � Net sales $ 134,278 $ 152,734 $ 263,811 $ 298,138 � Cost of goods sold � 50,531 � � 57,496 � � 98,984 � � 111,920 � � Gross Profit � 83,747 � � 95,238 � � 164,827 � � 186,218 � � Operating expenses: Sales and marketing 57,494 66,629 111,553 127,564 General and administrative � 12,737 � � 13,831 � � 25,956 � � 27,038 � Total operating expenses � 70,231 � � 80,460 � � 137,509 � � 154,602 � � Operating income 13,516 14,778 27,318 31,616 � Other income (expense): Interest income 540 321 978 624 Interest expense � (92 ) � (92 ) � (193 ) � (186 ) Total other income � 448 � � 229 � � 785 � � 438 � � Income before provision for income taxes 13,964 15,007 28,103 32,054 Provision for income taxes � 5,758 � � 6,138 � � 11,539 � � 13,354 � � Net income $ 8,206 � $ 8,869 � $ 16,564 � $ 18,700 � � Earnings per share: Net income per share: Basic $ 0.45 $ 0.49 $ 0.92 $ 1.03 Diluted $ 0.44 $ 0.48 $ 0.90 $ 1.02 Weighted average shares outstanding: Basic 18,127 18,184 18,085 18,184 Diluted 18,444 18,427 18,410 18,420 Note: The foregoing unaudited Condensed Consolidated Statements of Income are excerpts from our unaudited Condensed Consolidated Financial Statements for the three and six months ended August 4, 2007 and August 2, 2008 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 August 2, 2008, which was filed with the Securities and Exchange Commission on September 3, 2008. � JOS. A. BANK CLOTHIERS, INC. Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited) � Six Months Ended August 4, 2007 � August 2, 2008 � Cash flows from operating activities: Net income $ 16,564 $ 18,700 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9,043 10,049 Loss on disposals of property, plant and equipment 107 201 (Decrease) increase in deferred taxes (593 ) 282 Net increase in operating working capital and other components � (15,453 ) � (28,940 ) � Net cash provided by operating activities � 9,668 � � 292 � � Cash flows from investing activities: Capital expenditures � (11,526 ) � (18,136 ) � Net cash used in investing activities � (11,526 ) � (18,136 ) � Cash flows from financing activities: Income tax benefit from exercise of stock options 625 - Net proceeds from exercise of stock options � 1,460 � � 119 � � Net cash provided by financing activities � 2,085 � � 119 � � Net increase (decrease) in cash and cash equivalents 227 (17,725 ) � Cash and cash equivalents � beginning of period � 43,080 � � 82,082 � � Cash and cash equivalents � end of period $ 43,307 � $ 64,357 � Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our unaudited Condensed Consolidated Financial Statements for six months ended August 4, 2007 and August 2, 2008 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 August 2, 2008, which was filed with the Securities and Exchange Commission on September 3, 2008.