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 January 30, 2010 (“fiscal year 2009”).

Net income for fiscal year 2009 increased 22% to a record $71.2 million, as compared with net income of $58.4 million for the fiscal year ended January 31, 2009 (“fiscal year 2008”). Earnings per share for fiscal year 2009 increased 21% to $3.84 as compared with earnings per share of $3.17 for fiscal year 2008.

Net sales reached a record of $770.3 million in fiscal year 2009, representing a 10.7% gain as compared with net sales of $695.9 million in fiscal year 2008. Comparable store sales increased 6.3% during fiscal year 2009, while Direct Marketing sales increased 12.2%. The Company ended fiscal year 2009 with $21.9 million in cash, $169.7 million in short-term investments and no debt.

“We are pleased to announce another solid year of sales and earnings growth,” commented R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. “Our core strategy to provide our customers with high quality men’s clothing at a great value and to actively promote this value through a diverse advertising and marketing campaign has again produced favorable results for fiscal year 2009. We have continued to be successful in expanding our market share, growing our profits and controlling our expenses, while further strengthening our balance sheet. Additionally, with this quarter’s results, we have achieved earnings growth in 33 of the past 34 quarters when compared to the respective prior year periods, including 15 quarters in a row,” continued Mr. Black.

A conference call to discuss fiscal year 2009 earnings will be held Thursday, April 1, 2010 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-230-1059 or (International) 612-234-9959 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 April 1, 2010 until April 8, 2010 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 151674. 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 designers, manufacturers and retailers of men’s classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 473 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, including negative changes to consumer confidence and other recessionary pressures, 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, legal matters and other competitive factors. The identified risk factors and 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 January 31, 2010. 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 AS OF JANUARY 31, 2009 AND JANUARY 30, 2010 (In Thousands, Except Share Information)       January 31, 2009 January 30, 2010 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 122,875 $ 21,853 Short-term investments - 169,736 Accounts receivable, net 7,404 5,860 Inventories 209,242 218,321 Prepaid expenses and other current assets   17,776   16,035 Total current assets 357,297 431,805 NONCURRENT ASSETS: Property, plant and equipment, net 133,588 124,139 Other noncurrent assets   481   420 Total assets $ 491,366 $ 556,364 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 29,774 $ 18,225 Accrued expenses 74,792 85,256 Deferred tax liability - current   6,604   5,064 Total current liabilities 111,170 108,545 NONCURRENT LIABILITIES: Long-term debt - - Deferred rent 54,743 51,853 Deferred tax liability - noncurrent 2,605 1,608 Other noncurrent liabilities   1,035   1,048 Total liabilities   169,553   163,054 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, 18,290,977 issued and outstanding at January 31, 2009 and 18,351,162 issued and outstanding at January 30, 2010 182 183 Additional paid-in capital 82,951 83,249 Retained earnings 238,668 309,823 Accumulated other comprehensive gains   12   55 Total stockholders’ equity   321,813   393,310 Total liabilities and stockholders’ equity $ 491,366 $ 556,364   Note: The foregoing audited Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of January 31, 2009 and as of January 30, 2010) and do not include the Notes, which are an integral part thereof. The foregoing audited financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2010, which was filed with the Securities and Exchange Commission on March 31, 2010.     JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED FEBRUARY 2, 2008, JANUARY 31, 2009 AND JANUARY 30, 2010 (In Thousands, Except Per Share Information)       Fiscal Year 2007 2008 2009 NET SALES $ 604,010 $ 695,908 $ 770,316 Cost of goods sold   225,364     264,954     298,193   GROSS PROFIT   378,646     430,954     472,123   OPERATING EXPENSES: Sales and marketing, including occupancy costs 242,655 277,354 293,663 General and administrative   53,240     58,111     61,057   Total operating expenses   295,895     335,465     354,720   OPERATING INCOME 82,751 95,489 117,403 OTHER INCOME (EXPENSE): Interest income 1,937 856 375 Interest expense   (355 )   (379 )   (395 ) Total other income (expense)   1,582     477     (20 ) Income before provision for income taxes 84,333 95,966 117,383 Provision for income taxes   34,165     37,558     46,228   NET INCOME $ 50,168   $ 58,408   $ 71,155     PER SHARE INFORMATION Earnings per share: Basic $ 2.77 $ 3.21 $ 3.89 Diluted $ 2.72 $ 3.17 $ 3.84 Weighted average shares outstanding: Basic 18,128 18,214 18,301 Diluted 18,420 18,445 18,523   Note: The foregoing audited Consolidated Statements of Income are excerpts from our Consolidated Financial Statements for each of the three years ended January 30, 2010 and do not include the Notes, which are considered an integral part thereof. The foregoing audited financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2010 which was filed with the Securities and Exchange Commission on March 31, 2010.    

JOS. A. BANK CLOTHIERS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED FEBRUARY 2, 2008, JANUARY 31, 2009 AND JANUARY 30, 2010 (In Thousands)   Fiscal Year 2007   2008   2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 50,168 $ 58,408 $ 71,155

Adjustments to reconcile net income to net cash provided by operating activities:

Increase (decrease) in deferred taxes (3,150 ) 1,311 (2,537 ) Depreciation and amortization 18,477 20,609 22,382 Loss on disposition of assets 281 279 160 Asset impairment charges 833 1,240 1,554 Non-cash recognition of state grant (485 ) - - Changes in assets and liabilities: (Increase) decrease in accounts receivable (662 ) (1,549 ) 1,544 Increase in inventories (23,354 ) (2,417 ) (9,079 ) (Increase) decrease in prepaids and other current assets (10 ) 817 1,741 Decrease in non-current assets 27 27 61 Increase (decrease) in accounts payable 5,700 (17,609 ) (11,549 ) Increase in accrued expenses 7,602 8,018 12,120 Increase (decrease) in deferred rent 8,132 4,558 (2,890 ) Increase (decrease) in other noncurrent liabilities   153     (152 )   86   Net cash provided by operating activities   63,712     73,540     84,748   CASH FLOWS USED FOR INVESTING ACTIVITIES: Payments for capital expenditures (27,696 ) (35,105 ) (16,333 ) Proceeds from disposal of assets 295 197 - Purchases of short-term investments   -     -     (169,736 ) Net cash used for investing activities   (27,401 )   (34,908 )   (186,069 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under revolving loan agreement - - - Repayment of borrowings under revolving loan agreement - - - Income tax benefit from exercise of non-qualified stock options 822 625 65 Proceeds from issuance of common stock   1,869     1,536     234   Net cash provided by financing activities   2,691     2,161     299   Net increase (decrease) in cash and cash equivalents 39,002 40,793 (101,022 ) CASH AND CASH EQUIVALENTS, beginning of year   43,080     82,082     122,875   CASH AND CASH EQUIVALENTS, end of year $ 82,082   $ 122,875   $ 21,853     Note: The foregoing audited Consolidated Statements of Cash Flows are excerpts from our Consolidated Financial Statements for each of the three years ended January 30, 2010 and do not include the Notes, which are considered an integral part thereof. The foregoing audited financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2010 which was filed with the Securities and Exchange Commission on March 31, 2010.