-----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, HWbvJBF7FLkwC7y4MJBqVfE1TBIbb7byRHwmYCz9G2YCiFMpHdsBWMzp7SyCWed3 SV5IrLYBhz+8Q5MbekDbag== 0001127264-04-000026.txt : 20040520 0001127264-04-000026.hdr.sgml : 20040520 20040520133430 ACCESSION NUMBER: 0001127264-04-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040520 ITEM INFORMATION: FILED AS OF DATE: 20040520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: S&K FAMOUS BRANDS INC CENTRAL INDEX KEY: 0000723924 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 540845694 STATE OF INCORPORATION: VA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11682 FILM NUMBER: 04820805 BUSINESS ADDRESS: STREET 1: 11100 W BROAD ST STREET 2: PO BOX 31800 CITY: RICHMOND STATE: VA ZIP: 23294-1800 BUSINESS PHONE: 8043462500 MAIL ADDRESS: STREET 1: P O BOX 31800 CITY: RICHMOND STATE: VA ZIP: 23294-1800 8-K 1 sk_8k.txt FORM 8-K UNITED STATES 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: May 20, 2004 Commission File No. 0-11682 S & K FAMOUS BRANDS, INC. ................................................................................. (Exact name of registrant as specified in its charter) Virginia 54-0845694 ................................ .................................... (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 11100 West Broad Street, P. O. Box 31800, Richmond, Virginia 23294-1800 ................................................................................. (Address of principal executive offices) Registrant's telephone number, including area code: (804) 346-2500 ............................. Item 12. Results of Operations and Financial Condition S & K Famous Brands, Inc. (the "Company") hereby furnishes this report pursuant to Item 12 of Form 8-K: On May 20, 2004, the Company issued a press release regarding its results of operations for the first quarter ended May 1, 2004. The information contained in the press release, which is attached hereto as Exhibit 99.1, is incorporated herein by reference. 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 by the undersigned hereunto duly authorized. S & K FAMOUS BRANDS, INC. ------------------------- (Registrant) Date: May 20, 2004 /s/ Robert E. Knowles ---------------------------------- Robert E. Knowles Executive Vice President, Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer) Index to Exhibits Exhibit Number Description - -------------- ----------- 99.1 Press Release of S&K Famous Brands, Inc., dated May 20, 2004 2 EX-99.1 2 ex_991.txt PRESS RELEASE Exhibit 99.1 S & K FAMOUS BRANDS REPORTS FIRST QUARTER RESULTS Richmond, VA, May 20, 2004 -- S&K Famous Brands, Inc. (NASDAQ:SKFB; www.skmenswear.com), today announced earnings for the first quarter ended May 1, 2004. Net income for the quarter was $1,772,000, or $0.67 per diluted share, compared to $1,529,000, or $0.61 per diluted share, in the same period last year. As previously announced, sales for the first quarter were $50.9 million compared to $44.0 million last year. Same-store sales for the quarter increased 12.9%. Stewart M. Kasen, President and Chief Executive Officer, said, "The 15.9% higher net income in the first quarter resulted from increased customer response to our value pricing strategy as well as significantly improved leverage of expenses." S&K Famous Brands, Inc. is a retailer of value-priced menswear operating 241 stores in 27 states reaching from the East Coast to Texas and from Maine to Florida. S&K offers a complete line of men's apparel generally priced 20-40% below department store and specialty store regular prices. For more information, go to our Web site at www.skmenswear.com. (Financial Tables Follow) Except for historical information contained herein, the statements in this release may be forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted or expected results. Those risks include, among other things, the competitive environment in the value-priced men's apparel industry in general and in the Company's specific market area, inflation, changes in costs of goods and services and economic conditions in general and in the Company's specific market area. Those and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. # # # S & K FAMOUS BRANDS, INC. STATEMENTS OF INCOME (unaudited) ($ and shares in 000s, except per share data) Three Months Ended ------------------------------------ May 1, 2004 May 3, 2003 ------------------------------------ Net sales $50,910 $44,019 Cost of sales............................................ 27,946 22,983 ------------------------------------ Gross profit............................................. 22,964 21,036 ------------------------------------ Other costs and expenses: Selling, general and administrative................... 19,351 17,743 Interest.............................................. 43 94 Depreciation and amortization......................... 750 758 Other income, net..................................... (38) (25) ------------------------------------ Income before income taxes............................... 2,858 2,466 Provision for income taxes............................... 1,086 937 ------------------------------------ Net income............................................... $ 1,772 $ 1,529 ==================================== Diluted net earnings per share........................... $ 0.67 $ 0.61 ==================================== Weighted average common shares outstanding plus dilutive potential common shares...................... 2,657 2,504 ==================================== Effective income tax rate................................ 38.0% 38.0% ==================================== CONDENSED BALANCE SHEETS (unaudited) ($ in 000s) May 1, 2004 May 3, 2003 ----------------- ----------------- Assets: Cash and cash equivalents...................... $2,787 $ 3,193 Inventory...................................... 57,212 55,017 Other current assets........................... 4,490 3,339 ----------------- ----------------- Total current assets....................... 64,489 61,549 Property and equipment, net.................... 15,374 15,555 Other assets................................... 3,969 7,184 ----------------- ----------------- $83,832 $84,288 ================= ================= Liabilities and Shareholders' Equity: Accounts payable............................... $18,757 $17,068 Other current liabilities...................... 7,761 8,949 ----------------- ----------------- Total current liabilities.................. 26,518 26,017 Long-term debt................................. 4,060 8,832 Other long-term liabilities.................... 2,410 1,735 Deferred income taxes.......................... 1,227 1,503 Shareholders' equity........................... 49,617 46,201 ----------------- ----------------- $83,832 $84,288 ================= ================= ###
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