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.
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