-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RcgyISEY0w8xgX9f/0ODGXc1XuBLP8jYbGq4r+UmMp+VLOlGsLzZv59LUOWnBGnG 9Q+4kv6D/1d79P77LVjy8w== 0001157523-03-001965.txt : 20030515 0001157523-03-001965.hdr.sgml : 20030515 20030515080759 ACCESSION NUMBER: 0001157523-03-001965 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030515 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHILDRENS PLACE RETAIL STORES INC CENTRAL INDEX KEY: 0001041859 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FAMILY CLOTHING STORES [5651] IRS NUMBER: 311241495 FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23071 FILM NUMBER: 03701006 BUSINESS ADDRESS: STREET 1: ONE DODGE DR CITY: CALDWELL STATE: NJ ZIP: 07006 BUSINESS PHONE: 9732278900 MAIL ADDRESS: STREET 1: ONE DODGE DR CITY: CALDWELL STATE: NJ ZIP: 07006 8-K 1 a4397360.txt THE CHILDREN'S PLACE 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported) May 15, 2003 - -------------------------------------------------------------------------------- THE CHILDREN'S PLACE RETAIL STORES, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-23071 31-1241495 - ---------------------------- ------------- ---------------- (State or other jurisdiction (Commission (IRS Employer ID of incorporation) File Number) Number) 915 Secaucus Road, Secaucus, New Jersey 07094 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, including area code: (201) 558-2400 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. --------------------------------- (c) Exhibits Exhibit Description Number ----------- ------- 99 Press release dated May 15, 2003. Item 9. Regulation FD Disclosure. ------------------------ On May 15, 2003, The Children's Place Retail Stores, Inc. issued a press release announcing earnings for the fiscal quarter ended May 3, 2003. A copy of this press release is included as Exhibit 99 hereto. The information provided in this Current Report on Form 8-K is being furnished pursuant to Item 12, Results of Operations and Financial Condition. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE CHILDREN'S PLACE RETAIL STORES, INC. By: /s/ Seth L. Udasin ----------------------------------------------- Name: Seth L. Udasin Title: Vice President and Chief Financial Officer Dated: May 15, 2003 INDEX TO EXHIBITS Current Report on Form 8-K Dated May 15, 2003 The Children's Place Retail Stores, Inc. Exhibit No. Description 99 Press Release issued by the Company on May 15, 2003 EX-99 3 a4397360_ex991.txt THE CHILDREN'S PLACE EXHIBIT 99 EXHIBIT 99 PRESS RELEASE The Children's Place Reports 2003 First Quarter Financial Results SECAUCUS, N.J.--(BUSINESS WIRE)--May 15, 2003--The Children's Place Retail Stores, Inc. (Nasdaq:PLCE) today reported financial results for the first quarter ended May 3, 2003. -- Net sales for the first quarter increased 5% to $181.0 million, compared with $173.0 million a year earlier. -- Comparable store sales decreased 13% in the quarter, versus an 11% decrease for the same period last year. -- Net income was $5.5 million, versus $15.2 million for the same period in 2002. -- Diluted earnings per share were $0.21, compared with $0.56 in the fiscal 2002 period. -- The Company opened 19 new stores during the first quarter, including three in Canada. "Although our financial results are clearly not at the level we would like to see, we are pleased with the progress we have made in the first quarter. We are encouraged that comparable store sales trended significantly better as the quarter developed," said Ezra Dabah, Chairman and Chief Executive Officer. "Our strategic initiatives are on track and yielding positive results - customer conversion rates are on the rise, units per transaction are increasing and most importantly, the number of comparable store transactions increased 9% in the combined March and April Easter selling season. While encouraged by our early signs of improvement, we remain cautious in our overall business outlook." The Children's Place will host a webcast of its first quarter earnings conference call today at 10:00 a.m., Eastern Time. Interested parties are invited to listen to the call at the Company's web site, www.childrensplace.com. An archive of the webcast will be available on the site through Thursday, May 22, 2003. The Children's Place Retail Stores, Inc. is a leading specialty retailer of high quality, value-priced apparel and accessories for children, newborn to age ten. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of May 3, 2003, the Company operated 662 stores, including 631 stores in the United States and 31 stores in Canada. The Company also sells its merchandise through its virtual store located at www.childrensplace.com. This press release and above referenced call may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers or listeners (on the call) are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by The Children's Place or any other person that the events or circumstances described in such statement are material. (Tables Follow) THE CHILDREN'S PLACE RETAIL STORES, INC. CONDENSED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) 13 Weeks Ended: --------------- May 3, 2003 May 4, 2002 ----------- ----------- Net sales $ 181,010 $ 173,047 Cost of sales 111,120 93,919 ----------- ----------- Gross profit 69,890 79,128 Selling, general and administrative expenses 51,391 46,373 Depreciation and amortization 9,528 8,270 ----------- ----------- Operating income 8,971 24,485 Interest (income) expense, net (93) (246) ----------- ----------- Income before income taxes 9,064 24,731 Provision for income taxes 3,535 9,523 ----------- ----------- Net income $ 5,529 $ 15,208 =========== =========== Basic income per share $ 0.21 $ 0.58 Basic weighted average number of shares outstanding 26,599 26,427 Diluted income per share $ 0.21 $ 0.56 Diluted weighted average number of shares outstanding 26,739 27,348 THE CHILDREN'S PLACE RETAIL STORES, INC. CONDENSED BALANCE SHEETS (In thousands) May 3, 2003 February 1, 2003 May 4, 2002 ----------- ---------------- ----------- (Unaudited) (Unaudited) Current assets: Cash and cash equivalents $ 47,359 $ 36,645 $ 66,204 Accounts receivable 14,973 13,571 14,439 Inventories 70,374 75,417 49,772 Other current assets 18,462 19,570 18,295 ----------- ----------- ----------- Total current assets 151,168 145,203 148,710 Property and equipment, net 156,846 155,000 149,889 Other assets, net 9,308 9,125 6,145 ----------- ----------- ----------- Total assets $ 317,322 $ 309,328 $ 304,744 =========== =========== =========== Current liabilities: Revolving credit facility $ 442 $ 0 $ 0 Accounts payable 29,020 30,805 22,072 Accrued expenses and other current liabilities 37,784 35,124 37,844 ----------- ----------- ----------- Total current liabilities 67,246 65,929 59,916 Other liabilities 15,047 14,391 11,512 ----------- ----------- ----------- Total liabilities 82,293 80,320 71,428 Stockholders' equity 235,029 229,008 233,316 ----------- ----------- ----------- Total liabilities and stockholders' equity $ 317,322 $ 309,328 $ 304,744 =========== =========== =========== CONTACT: The Children's Place Chief Financial Officer Seth Udasin, 201/558-2409 or Director, Investor Relations Heather Anthony, 201/558-2865 -----END PRIVACY-ENHANCED MESSAGE-----