-----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, K7rGYmJGpoiaDiPzJym3w0xWZH9O4J0w28DCrV0/x8Ta59bT5GkRXJxilhi+ZnsB BdJ0ERqV2Jpfqzy7bsJEWw== 0000033780-95-000010.txt : 19951011 0000033780-95-000010.hdr.sgml : 19951011 ACCESSION NUMBER: 0000033780-95-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950826 FILED AS OF DATE: 19951010 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVANS INC CENTRAL INDEX KEY: 0000033780 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 361050870 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-01500 FILM NUMBER: 95579551 BUSINESS ADDRESS: STREET 1: 36 S STATE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3128552000 10-Q 1 EVANS, INC. 10-Q REPORT FOR QUARTER ENDED 08/26/95 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended August 26, 1995 Commission File Number 0-1500 EVANS, INC. (Exact name of registrant as specified in its charter) DELAWARE 36-1050870 (State or other jurisdiction of (I.R.S. Employer Incorporation or organization) Identification Number) 36 South State Street, Chicago, Illinois 60603 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code 312-855-2000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: as of October 6, 1995 4,918,301 shares of common stock, $.20 par value, were outstanding. EVANS, INC. AND SUBSIDIARIES INDEX Page No. Part I. Financial Information Condensed Consolidated Balance Sheets - August 26, 1995, August 27, 1994 and February 25, 1995 2 Condensed Consolidated Statements of Operations - Thirteen and Twenty-six weeks ended August 26, 1995 and August 27, 1994 3 Condensed Consolidated Statements of Cash Flows - Twenty-six weeks ended August 26, 1995 and August 27, 1994 4 Notes to Condensed Consolidated Financial Statements 5 - 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 7 - 9 Part II. Other Information 10 Signatures 11 Index to Exhibits 12 PART I. FINANCIAL INFORMATION Evans, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
Aug. 26, 1995 Aug. 27, 1994 Feb. 25, 1995 ------------- ------------- ------------- ASSETS - ------ Current assets: Cash and cash equivalents $ 160,000 $ 160,000 $ 1,134,000 Accounts receivable (net) 13,547,000 15,410,000 17,105,000 Merchandise inventories 16,946,000 19,950,000 16,401,000 Prepaid expenses and other assets 765,000 1,141,000 512,000 Deferred income taxes 1,810,000 ------------- ------------- ------------- Total current assets 31,418,000 38,471,000 35,152,000 ------------- ------------- ------------- Property and equipment 22,893,000 28,263,000 26,489,000 Accumulated depreciation and amortization (12,416,000) (15,929,000) (15,885,000) ------------- ------------- ------------- Net property and equipment 10,477,000 12,334,000 10,604,000 ------------- ------------- ------------- Other assets 2,870,000 1,756,000 3,060,000 Deferred income taxes 1,300,000 ------------- ------------- ------------- $44,765,000 $53,861,000 $48,816,000 ============= ============= ============= LIABILITIES AND SHAREHOLDERS'EQUITY - ----------------------------------- Current liabilities: Notes payable - bank $ 256,000 $ 1,400,000 Current portion of revolving debt obligations $ 2,724,000 Current portion of long-term debt 692,000 362,000 Accounts payable 7,279,000 7,829,000 8,911,000 Accrued liabilities 7,123,000 6,074,000 6,930,000 ------------- ------------- ------------- Total current liabilities 17,818,000 14,159,000 17,603,000 ------------- ------------- ------------- Non-current portion of revolving debt obligations 7,000,000 Long-term debt 2,612,000 8,565,000 9,653,000 ------------- ------------- ------------- Other liabilities 11,000 28,000 16,000 ------------- ------------- ------------- Shareholders'equity: Preferred stock, 3,000,000 shares authorized, none issued Common stock, 6,333,433 shares issued 1,267,000 1,267,000 1,267,000 Capital in excess of par value 15,660,000 15,660,000 15,660,000 Retained earnings 4,995,000 18,780,000 9,215,000 ------------- ------------- ------------- 21,922,000 35,707,000 26,142,000 Treasury stock (1,415,134 shares at cost) (4,598,000) (4,598,000) (4,598,000) ------------- ------------- ------------- Total shareholders'equity 17,324,000 31,109,000 21,544,000 ------------- ------------- ------------- $44,765,000 $53,861,000 $48,816,000 ============= ============= ============= See accompanying notes to condensed consolidated financial statements. - 2 -
Evans, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Thirteen weeks ended Twenty-six weeks ended -------------------------- -------------------------- August 26, August 27, August 26, August 27, 1995 1994 1995 1994 ------------ ------------ ------------ ------------ Net sales $ 7,999,000 $ 8,608,000 $20,299,000 $20,289,000 Service revenues 4,328,000 3,766,000 9,309,000 8,507,000 ------------ ------------ ------------ ------------ 12,327,000 12,374,000 29,608,000 28,796,000 ------------ ------------ ------------ ------------ Costs and expenses: Cost of goods and services sold, buying and occupancy costs 8,978,000 8,969,000 20,956,000 20,040,000 Selling and general expenses 5,396,000 5,778,000 12,021,000 12,403,000 Provision for doubtful accounts 102,000 101,000 250,000 267,000 Interest expense 324,000 220,000 604,000 437,000 Other income, net -- (9,000) (3,000) (42,000) ------------ ------------ ------------ ------------ 14,800,000 15,059,000 33,828,000 33,105,000 ------------ ------------ ------------ ------------ Loss before credit for income taxes (2,473,000) (2,685,000) (4,220,000) (4,309,000) Credit for income taxes -- 1,128,000 -- 1,810,000 ------------ ------------ ------------ ------------ Net loss $(2,473,000) $(1,557,000) $(4,220,000) $(2,499,000) ============ ============ ============ ============ Net loss per common share $(.50) $(.32) $(.86) $(.51) ============ ============ ============ ============ Cash dividends per common share -- -- -- -- Weighted average number of common shares outstanding 4,918,301 4,918,301 4,918,301 4,918,301 ============ ============ ============ ============ See accompanying notes to condensed consolidated financial statements. - 3 -
Evans, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Twenty-six weeks ended ------------------------------ Aug. 26, 1995 Aug. 27, 1994 -------------- -------------- Cash Flows from Operating Activities: - ------------------------------------------------ Net loss $(4,220,000) $(2,499,000) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 691,000 713,000 Provision for doubtful accounts 250,000 267,000 Change in assets and liabilities: Accounts receivable 3,308,000 2,621,000 Merchandise inventories (545,000) (5,788,000) Prepaid expenses and other current assets (253,000) (157,000) Deferred income taxes (1,810,000) Other assets 100,000 (21,000) Accounts payable (1,632,000) 1,267,000 Accrued liabilities 193,000 935,000 Other liabilities (5,000) (41,000) -------------- -------------- Net cash used in operating activities (2,113,000) (4,513,000) Cash Flows from Investing Activities: - ------------------------------------------------ Proceeds from the sale of property and equipment 10,000 Additions to property and equipment (484,000) (1,513,000) -------------- -------------- Net cash used in investing activities (474,000) (1,513,000) Cash Flows from Financing Activities: - ------------------------------------------------ Proceeds from short-term borrowing 1,654,000 256,000 Principal payments on long-term debt (41,000) -------------- -------------- Net cash used in financing activities 1,613,000 256,000 -------------- -------------- Net decrease in cash and cash equivalents (974,000) (5,770,000) Cash and cash equivalents at beginning of period 1,134,000 5,930,000 -------------- -------------- Cash and cash equivalents at end of period $ 160,000 $ 160,000 ============== ============== Supplemental Disclosures of Cash Flow Information: - -------------------------------------------------- Cash paid during the period for: Interest $532,000 $438,000 Income taxes 15,000 123,000 See accompanying notes to condensed consolidated financial statements. - 4 -
EVANS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. The financial information included herein was prepared in conformity with generally accepted accounting principles and such principles were applied on a basis consistent with those reflected in the 1995 Form 10-K Annual Report filed with the Securities and Exchange Commission. The accompanying financial data should be read in conjunction with the notes to consolidated financial statements contained in the 1994 Form 10-K Annual Report. The information furnished herein, other than the Condensed Consolidated Balance Sheet as of February 25, 1995, is unaudited and includes all adjustments and accruals consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The Condensed Consolidated Balance Sheet as of February 25, 1995 has been derived from, and does not include all the disclosures contained in the audited financial statements as of and for the year ended February 25, 1995. 2. Because of the seasonal nature of the Company's business, operating results for the first twenty-six weeks are not considered to be indicative of the results that may be expected for the full year. Historically, the Company realizes a major portion of its annual revenues and most of its earnings in the fourth quarter of its fiscal year. 3. Common share equivalents were not included in the computation of earnings per share for the thirteen and twenty-six weeks ended August 26, 1995 and August 27, 1994 because these periods resulted in net losses and the effect would be antidilutive. 4. On May 31, 1995, the Company finalized an agreement with a new lender to refinance the existing senior secured debt and provide for the Company's working capital needs. The agreement provides for a three year $23,500,000 credit facility which includes two term loans totaling $2,000,000. The agreement provides for interest at 1.5% and 2% over the base (prime) rate for the revolving facility and the term loans, respectively. The agreement includes provisions which require the maintenance of certain financial covenants (the most restrictive of which is a minimum debt service coverage ratio), prohibit the payment of cash dividends and require a commitment fee of one-third of one percent per annum on the unused portion of the revolving loan. Also, all assets, rights, interest and properties of the Company are pledged as collateral for the revolving and term loan obligations. - 5 - EVANS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, Continued (Unaudited) 5. Approximately $198,000 of employee termination benefits were charged against the restructuring liability during the first twenty-six weeks of fiscal 1996. As of August 26, 1995, seventy-five employees had been terminated as part of the restructuring. In addition, approximately $501,000 of costs associated with store closings were charged against the restructuring liability during the first twenty-six weeks of fiscal 1996. 6. The income tax credits for the second quarter and first six months of $1,038,000 and $1,772,000, respectively, were offset by increases in the Company's valuation allowance with respect to the future tax benefits of the net operating losses as a result of the uncertainty of their ultimate realization. - 6 - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources Cash and cash equivalents at August 26, 1995 were $160,000 as compared to $1,134,000 at February 25, 1995. The decrease was due to cash used in operating activities of $2,113,000 and cash used in investing activities of $474,000, partially offset by cash provided by financing activities of $1,613,000. The cash used in operating activities was due primarily to the net loss of $4,220,000 and a decrease in accounts payable of $1,632,000, partially offset by a decrease in accounts receivable of $3,308,000. The cash used in investing activities was due primarily to additions to property and equipment of $484,000, partially offset by proceeds from the sale of property and equipment of $10,000. The cash provided by financing activities was largely the result of a net increase in short-term debt of $1,654,000, partially offset by a net decrease in long-term debt of $41,000. The classification of the non-current portion of the revolving debt obligation was based on estimates of availability and projected cash flow for the prospective twelve month period. Working capital at August 26, 1995 was $13,600,000 as compared to $17,549,000 at February 25, 1995. On May 31, 1995, the Company finalized an agreement with a new lender to refinance the existing senior secured debt and provide for the Company's working capital needs. The agreement provides for a three year $23,500,000 credit facility which includes two term loans totaling $2,000,000. The agreement provides for interest at 1.5% and 2% over the base (prime) rate for the revolving facility and the term loans, respectively. The agreement includes provisions which require the maintenance of certain financial covenants (the most restrictive of which is a minimum debt service coverage ratio), prohibit the payment of cash dividends and require a commitment fee of one-third of one percent per annum on the unused portion of the revolving loan. Also, all assets, rights, interest and properties of the Company are pledged as collateral for the revolving and term loan obligations. Results of Operations Total revenues for the second quarter ended August 26, 1995 decreased $47,000 (0.4%) as compared to the same period last year. Fur merchandise sales decreased $383,000 (11.2%) due primarily to a decrease of $1,200,000 (37.0%) in sales at comparable locations and a decrease of $188,000 in sales associated with three Company-owned locations closed during the first quarter of the current fiscal year, partially offset by $1,005,000 in sales associated with leased locations acquired during the fourth quarter of the prior fiscal year. Women's ready-to-wear sales decreased $226,000 (4.4%) due primarily to a decrease of $299,000 in - 7 - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations, continued sales associated with the closing of the Company's Southlake location in Merrilville, Indiana, during the first quarter, partially offset by an increase of $73,000 (1.5%) at comparable locations. The increase at comparable locations was largely the result of a $266,000 (5.9%) increase in sales of non-outerwear apparel partially offset by a $193,000 (54.8%) decrease in sales of apparel outerwear. The Company believes that the record setting warm weather experienced in virtually all of its markets from July on adversely impacted the sales of fur and apparel outerwear. As a result, August fur and apparel outerwear sales at comparable locations declined $1,053,000 (50.4%) from the prior year's level. Service revenues increased $562,000 (14.9%) due primarily to $914,000 in sales associated with leased locations acquired during the fourth quarter of fiscal 1995 and an increase of $13,000 (0.4%) in sales at comparable locations, partially offset by a decrease of $365,000 in sales associated with three Company-owned locations closed during the first quarter of the current fiscal year. Total revenues for the first six months increased $812,000 (2.8%) as compared to the same period last year. Fur merchandise sales increased $464,000 (6.0%) due primarily to $2,238,000 in sales associated with leased locations acquired during the fourth quarter of the prior fiscal year and an increase of $73,000 in sales associated with store closing events at Company-owned locations closed during the first quarter of the current fiscal year. These increases were partially offset by a decrease of $1,847,000 (25.1%) in sales at comparable locations. Women's ready-to-wear sales decreased $454,000 (3.6%) due primarily to a decrease of $410,000 in sales associated with the closing of the Company's Southlake location in Merrilville, Indiana, during the first quarter and a decrease of $44,000 (0.4%) in sales at comparable locations. The decrease at comparable locations was largely due to a $294,000 (19.4%) decrease in sales of apparel outerwear partially offset by a $250,000 (2.4%) increase in sales of non-outerwear apparel. Service revenues increased $802,000 (9.4%) due primarily to $2,151,000 in sales associated with leased locations acquired during the fourth quarter of fiscal 1995, partially offset by a decrease of $844,000 in sales associated with three Company-owned locations closed during the first quarter of the current fiscal year and a decrease of $505,000 (6.7%) in sales at comparable locations. Costs of goods and services sold, buying and occupancy costs as a percentage of total revenues for the second quarter and first six months increased (72.8% versus 72.5% and 70.8% versus 69.6%, respectively) as compared to the prior year periods. Costs of goods and services sold as a percentage of total revenues for the second quarter decreased (52.2% versus 53.0%) due primarily to improved margins on service revenues resulting from cost reductions. Costs of goods and services sold as a percentage of total revenues for the first six months increased (53.5% versus 52.7%) primarily due to lower gross margins on fur merchandise sales resulting from higher markdowns and lower initial markup during the first quarter. Buying costs as a percentage of total revenues for the second quarter and first six months decreased (3.3% versus 4.3% and 2.9% versus 3.8%, respectively) due primarily to - 8 - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations, continued the closing of the Company's fur inspection office in New York during the first quarter. Occupancy costs as a percentage of total revenues for the second quarter and first six months increased (17.3% versus 15.2% and 14.3% versus 13.1%, respectively) largely due to higher average rental percentages as compared to the same periods last year. Selling and general expenses as a percentage of total revenues for the second quarter and first six months decreased (43.8% versus 46.7% and 40.6% versus 43.1%, respectively) as compared to the same periods last year. Payroll and related fringe benefits as a percentage of total revenues for the second quarter and first six months decreased (32.0% versus 32.5% and 28.1% versus 28.9%, respectively) due primarily to the reduction of staff in various corporate departments as well as management wage reductions which were part of the Company's planned restructuring. Advertising expense as a percentage of total revenues for the second quarter and first six months decreased (2.8% versus 5.3% and 5.1% versus 6.3%, respectively) due largely to management's efforts to control costs through efficient and selective marketing strategies. Interest expense for the second quarter and first six months increased $104,000 (47.3%) and $167,000 (38.2%) respectively, due primarily to higher average short-term borrowings and higher average interest rates as compared with prior year levels. Other income for the second quarter and first six months decreased $9,000 and $39,000 respectively, due primarily to a decline in interest income associated with temporary cash investments. The pre-tax loss for the second quarter of $2,473,000 as compared to $2,685,000 for the same period last year was due largely to the decrease in selling and general expenses partially offset by the increase in interest expense. The pre-tax loss for the first six months of $4,220,000 as compared to $4,309,000 for the prior year period was due primarily to the increase in total revenues and the decrease in selling and general expenses, partially offset by the increase in cost of goods sold and occupancy costs, and the increase in interest expense. The income tax credits for the second quarter and first six months of $1,038,000 and $1,772,000, respectively, were offset by increases in the Company's valuation allowance with respect to the future tax benefits of the net operating loss as a result of the uncertainty of their ultimate realization. Included in the net losses for the second quarter and first six months of the prior fiscal year of $1,557,000 and $2,499,000 respectively were the result of income tax credits of $1,128,000 and $1,810,000. - 9 - PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Part I. Exhibit 4.3 Amendment No. 1 to Loan and Security Agreement between Registrant and Transamerica Business Credit Corporation. Exhibit 11.0 Computation of earnings per share. (b) Reports on Form 8-K -- There were no reports on Form 8-K filed during the thirteen weeks ended August 26, 1995. Items other than those listed are omitted because they are not required. - 10 - SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned thereunto duly authorized. EVANS, INC. DATE: October 6, 1995 PATRICK J. REGAN PATRICK J. REGAN President and Chief Executive Officer DATE: October 6, 1995 WILLIAM E. KOZIEL WILLIAM E. KOZIEL Chief Financial Officer - 11 - EVANS, INC. AND SUBSIDIARIES Exhibit Page No. 4.3 13 - 14 11.0 15 - 12 - AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT AMENDMENT NO. 1, dated as of October 3, 1995, between TRANSAMERICA BUSINESS CREDIT CORPORATION ("Lender"), and EVANS, INC. ("Borrower"), and Borrower's wholly-owned Subsidiaries, KOSLOW'S, INC. ("Koslow") and EVANS - ROSENDORF OF MARYLAND, INC. ("Rosendorf") (Koslow and Rosendorf individually, a "Borrowing Subsidiary", and collectively, "Borrowing Subsidiaries"). Lender and Borrower and Borrowing Subsidiaries are parties to a Loan and Security Agreement, dated as of May 31, 1995 (the "Loan and Security Agreement"). Lender, Borrower and Borrowing Subsidiaries desire to amend the Loan and Security Agreement in certain respects and, accordingly, the parties hereto agree as follows: 1. Definitions. Except as otherwise provided herein, the terms defined in the Loan and Security Agreement are used herein as defined therein. 2. Amendments. Effective as of August 16, 1995, the Loan and Security Agreement is amended as follows: A. Section 7.3(E) is amended and restated as follows: "(E) At the end of the second Fiscal Quarter of the 1996 Fiscal Year, Average Inventory Days of not more than 300, and at the end of each subsequent Fiscal Quarter, Average Inventory Days of not more than the number set opposite such Fiscal Quarter in the following schedule: Average Fiscal Quarter Inventory Days First 240 Second 280 Third 160 Fourth 105 B. Section 7.3(G) is amended and restated as follows: "(G) (i) at the end of each Fiscal Quarter subsequent to the date hereof, Average Accounts Receivable Days of not more than 210 with respect to Owned Store Sales Accounts, and not more than 45 with respect to Licensed Department Sales Accounts, (ii) at the end of each of the third Fiscal Quarters subsequent to the date hereof, Average Accounts Receivable Days of not more than 115 with respect to Owned Store Service Accounts and not more than 220 with respect to Licensed Department Service Accounts, and (iii) at the end of each of the first, second and fourth Fiscal Quarters subsequent to the date hereof, Average Accounts Receivable Days of not more than 75 with respect to Owned Store Service Accounts, and not more than 85 with respect to Licensed Department Service Accounts. - 13 - 3. Representation and Warranty. Borrower and each Borrowing Subsidiary represents and warrants to Lender that the execution and delivery by Borrower and each Borrowing Subsidiary of this Amendment No. 1 are within Borrower's and each Borrowing Subsidiary's corporate power, have been duly authorized by all necessary or proper corporate action, are not in contravention of any provision of Borrower's or either Borrowing Subsidiary's Articles or Certificate of Incorporation or By-Laws, will not violate any law or regulation, or any order or decree of any court or governmental instrumentality, will not conflict with or result in the breach or termination of, constitute a default under, or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Borrower or either Borrowing Subsidiary is a party or by which Borrower or either Borrowing Subsidiary or any of its property is bound and do not require the consent or approval of any governmental body, agency, authority or any other person. 4. Miscellaneous. Except as herein provided, the Loan and Security Agreement shall remain unchanged and in full force and effect. This Amendment No. 1 may be executed in any number of separate counterparts, each of which shall, collectively and separately, constitute one agreement. This Amendment No. 1 and the obligations arising hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State of Illinois applicable to contracts made and performed in such state, without regard to the principles thereof regarding conflict of laws, and any applicable laws of the United States of America. IN WITNESS WHEREOF, this Amendment No. 1 has been duly executed as of the day and year specified at the beginning hereof. TRANSAMERICA BUSINESS CREDIT EVANS, INC. CORPORATION By: Matthew N. McAlpine By: Patrick J. Regan Name: Matthew N. McAlpine Name: Patrick J. Regan Title: Senior Account Executive Title: Chief Executive Officer KOSLOW'S, INC. By: Patrick J. Regan Name: Patrick J. Regan Title: Chief Executive Officer EVANS-ROSENDORF OF MARYLAND, INC. By: Patrick J. Regan Name: Patrick J. Regan Title: Chief Executive Officer - 14 - EXHIBIT 11 EVANS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
Thirteen weeks ended Twenty-six weeks ended -------------------------- -------------------------- August 26, August 27, August 26, August 27, 1995 1994 1995 1994 ------------ ------------ ------------ ------------ Primary: - ------------------------ Weighted average shares outstanding 4,918,301 4,918,301 4,918,301 4,918,301 Incremental shares for exercise of stock options -- 116,734 -- 122,325 ------------ ------------ ------------ ------------ Adjusted number of common shares outstanding 4,918,301 5,035,035 4,918,301 5,040,626 ============ ============ ============ ============ Net loss $(2,473,000) $(1,557,000) $(4,220,000) $(2,499,000) ============ ============ ============ ============ Net loss per share $(.50) $(.31) $(.86) $(.50) ============ ============ ============ ============ Fully diluted: - ------------------------ Weighted average shares outstanding 4,918,301 4,918,301 4,918,301 4,918,301 Incremental shares for exercise of stock options -- 116,734 -- 122,325 ------------ ------------ ------------ ------------ Adjusted number of common shares outstanding 4,918,301 5,035,035 4,918,301 5,040,626 ============ ============ ============ ============ Net loss $(2,473,000) $(1,557,000) $(4,220,000) $(2,499,000) ============ ============ ============ ============ Net loss per share $(.50) $(.31) $(.86) $(.50) ============ ============ ============ ============ - 15 -
EX-27 2 ARTICLE 5 FIN. DATA SCHEDULE FOR 2ND QTR 10-Q
5 1 6-MOS Mar-02-1996 Feb-26-1995 Aug-26-1995 160,000 0 13,547,000 0 16,946,000 31,418,000 22,893,000 12,416,000 44,765,000 17,818,000 0 1,267,000 0 0 16,057,000 44,765,000 20,299,000 29,608,000 15,845,000 20,956,000 (3,000) 0 604,000 (4,220,000) 0 (4,220,000) 0 0 0 (4,220,000) .86 .86
-----END PRIVACY-ENHANCED MESSAGE-----