-----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, N2nS+hAIB79bGunYu0yrGVFejzizEwwmNTKZw7edZXnjmOYtKCoX/PDk16CmIHib VdGetoShHLsEVuP2FW488w== 0000930413-03-001386.txt : 20030429 0000930413-03-001386.hdr.sgml : 20030429 20030429124516 ACCESSION NUMBER: 0000930413-03-001386 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030424 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYMS CORP CENTRAL INDEX KEY: 0000724742 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FAMILY CLOTHING STORES [5651] IRS NUMBER: 222465228 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0301 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08546 FILM NUMBER: 03668585 BUSINESS ADDRESS: STREET 1: SYMS WAY CITY: SECAUCUS STATE: NJ ZIP: 07094 BUSINESS PHONE: 2019029600 MAIL ADDRESS: STREET 1: SYMS WAY CITY: SECAUCUS STATE: NJ ZIP: 07094 8-K 1 c28102_8k.txt 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): April 24, 2003 SYMS CORP (Exact name of Registrant as Specified in its Charter) NEW JERSEY (State or other Jurisdiction of Incorporation) 1-8546 22-2465228 ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) SYMS WAY, SECAUCUS, NJ 07094 ---------------------- ----- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (201) 902-9600 -------------- -------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report ) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS - -------------------------------------------------------------------------------- Exhibit Number Description - -------------------------------------------------------------------------------- 99.1 Press Release of Syms Corp, dated April 24, 2003 - -------------------------------------------------------------------------------- ITEM 9. REGULATION FD DISCLOSURE (INFORMATION IS BEING PROVIDED UNDER ITEM 12. RESULTS OF OPERATION AND FINANCIAL CONDITION) Syms Corp (the "Company") is furnishing the information required by Item 12 of Form 8-K, "Results of Operation and Financial Condition," under this Item 9. On April 24, 2003, the Company issued a press release regarding its results of operations for the fourth quarter and fiscal year ended March 1, 2003. A copy of the press release is attached hereto as Exhibit 99.1. -2- SIGNATURE 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 thereunto duly authorized. SYMS CORP (Registrant) By: /s/ ANTONE F. MOREIRA --------------------- Name: Antone F. Moreira Title: Vice President, Chief Financial Officer Date: April 29, 2003 -3- EXHIBIT INDEX - -------------------------------------------------------------------------------- Exhibit Number Description - -------------------------------------------------------------------------------- 99.1 Press Release of Syms Corp, dated April 24, 2003 - -------------------------------------------------------------------------------- -4- EX-99.1 3 c28102_ex99-1.txt EXHIBIT 99.1 SYMS CORP REPORTS RESULTS FOR FOURTH QUARTER AND FISCAL YEAR SECAUCUS, NEW JERSEY, APRIL 24, 2003 - Syms Corp (NYSE:SYM), a leading off-price retailer announced results today for their fourth quarter and fiscal year ended March 1, 2003. Net loss for the thirteen weeks ended March 1, 2003 was ($0.28) per share ($4.3 million) versus a net profit of $0.01 per share $0.1 million for the thirteen weeks ended March 2, 2002. Net loss for the fifty two weeks ended March 1, 2003 was ($0.58) per share ($9.0 million) compared to a loss of ($0.15) per share ($2.3 million) for the fifty-two weeks ended March 2, 2002. The results for the fiscal year ended March 1, 2003 reflect charges resulting from the previously announced closing of our downtown Chicago store amounting to approximately $8,000,000 for the write off of capital assets and other potential liabilities. This closing was taken by the Company to cut losses being incurred at the store due to construction at the neighboring premises which will continue over a two to three year period. The results for the fiscal year ended March 2, 2002 (last year) reflect income from an insurance recovery and restitution of approximately $4,811,000. Net sales for the thirteen weeks ended March 1, 2003 decreased (1.8%) to $75.2 million compared to $75.8 million for the thirteen weeks ended March 2, 2002. Net sales for the fifty-two weeks ended March 1, 2003 were $281.5 million versus $287.7 million for the fifty-two week period last year, a decrease of (2.3%). Same store sales were up for the year 1.1% and 3.0% for the quarter. Marcy Syms, CEO, noted that, "we are pleased with our same store sales performance increase for the fourth quarter of 3% and 1.1% for the fiscal year. In addition, our ability to achieve lower inventory levels allowed us to maintain our strong cash position." Syms Corp currently operates a chain of forty "off-price" apparel stores located throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest. Each Syms store offers a broad range of first quality, in-season merchandise bearing nationally recognized designer and brand-name labels. CERTAIN INFORMATION IN THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS (AS SUCH TERM IS DEFINED IN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995) AND INFORMATION RELATING TO THE COMPANY THAT ARE BASED ON THE BELIEFS OF THE MANAGEMENT OF THE COMPANY, AS WELL AS ASSUMPTIONS MADE BY AND INFORMATION CURRENTLY AVAILABLE TO THE MANAGEMENT OF THE COMPANY. WHEN USED IN THIS PRESS RELEASE, THE WORDS "ANTICIPATE", "BELIEVE", "ESTIMATE", "EXPECT", "INTEND", "PLAN" AND SIMILAR EXPRESSIONS AS THEY RELATE TO THE COMPANY, IDENTIFY FORWARD-LOOKING STATEMENTS. SUCH STATEMENTS REFLECT THE CURRENT VIEWS OF THE COMPANY WITH RESPECT TO FUTURE EVENTS, THE OUTCOME OF WHICH IS SUBJECT TO CERTAIN RISKS, INCLUDING, AMONG OTHERS, -5- GENERAL ECONOMIC AND MARKET CONDITIONS, DECREASED CONSUMER DEMAND FOR THE COMPANY'S PRODUCT, POSSIBLE DISRUPTIONS IN THE COMPANY'S COMPUTER OR TELEPHONE SYSTEMS, POSSIBLE WORK STOPPAGES, OR INCREASE IN LABOR COSTS, EFFECTS OF COMPETITION, POSSIBLE DISRUPTIONS OR DELAYS IN THE OPENING OF NEW STORES OR INABILITY TO OBTAIN SUITABLE SITES FOR NEW STORES, HIGHER THAN ANTICIPATED STORE CLOSINGS OR RELOCATION COSTS, HIGHER INTEREST RATES, UNANTICIPATED INCREASES IN MERCHANDISE OR OCCUPANCY COSTS AND OTHER FACTORS WHICH MAY BE OUTSIDE THE COMPANY'S CONTROL. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS OR OUTCOMES MAY VARY MATERIALLY FROM THOSE DESCRIBED THEREIN AS ANTICIPATED, BELIEVED, ESTIMATED, EXPECTED, INTENDED OR PLANNED. SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE COMPANY OR PERSONS ACTING ON ITS BEHALF ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THE CAUTIONARY STATEMENTS IN THIS PARAGRAPH. (FINANCIAL TABLES TO FOLLOW) -6- SYMS CORP CONSOLIDATED BALANCE SHEET (IN THOUSANDS) March 1, March 2, ASSETS 2003 2002 - ------ -------- -------- Current Assets Cash $ 19,197 $ 19,485 Inventory 78,151 86,810 Other Current Assets 10,423 12,585 -------- -------- Total Current Assets 107,771 118,880 Property & Equipment - Net 135,460 147,186 Other Assets - Net 19,242 10,427 -------- -------- Total Assets $262,473 $276,493 ======== ======== LIABILITIES & CAPITAL Accounts Payable $ 12,639 $ 17,867 Accrued Expenses 9,970 5,183 Other Current Liabilities 7,820 9,869 -------- -------- Total Current Liabilities 30,429 32,919 -------- -------- Other Long-Term Debt 1,891 2,118 Shareholders' Equity 230,153 241,456 -------- -------- Total Liabilities & Capital $262,473 $276,493 ======== ======== -7- SYMS CORP. CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Thirteen Thirteen Fifty-Two Fifty-Two Weeks Weeks Weeks Weeks Ended Ended Ended Ended 3/01/03 3/02/02 3/01/03 3/02/02 ------- ------- ------- ------- Net Sales $75,226 $75,828 $281,505 $287,744 Gross Margin 26,243 26,818 108,468 108,581 Operating Expenses 29,724 28,918 115,734 117,524 Special Charges 4,000 - 8,000 - Net Income (Loss) After Taxes (4,326) 117 (9,035) (2,319) ======= ======= ======== ======== Net Income (Loss) Per Share - Basic $(0.28) $0.01 $(0.58) $(0.15) ======= ======= ======== ======== Weighted Average Shares Outstanding - Basic 15,661 15,741 15,661 15,741 ======= ======= ======== ======== Net Income (Loss) Per Share - Diluted $(0.28) $0.01 $(0.58) $(0.15) ======= ======= ======== ======== Weighted Average Shares Outstanding - Diluted 15,661 15,741 15,661 15,741 ======= ======= ======== ========
Contact: Syms Corp. Antone F. Moreira, (201) 902-9600 -8- -----END PRIVACY-ENHANCED MESSAGE-----