EX-99.1 2 c50574_ex99-1.txt Exhibit 99.1 ANTONE F. MOREIRA ----------------- Vice President, Treasurer And Chief Financial Officer (201) 902-9600 SYMS CORP REPORTS RESULTS FOR THE SECOND QUARTER SECAUCUS, NEW JERSEY, OCTOBER 1, 2007 - Syms Corp (NYSE:SYM), a leading off-price retailer, announced results today for its second quarter ended September 1, 2007. For the second quarter ended September 1, 2007, the Company had a net loss of $1.4 million ($0.10 per share) as compared to a net loss of $1.4 million ($0.09 per share) for the 13-week period ended August 26, 2006. For the 26-week period ended September 1, 2007, the net loss was $.7 million ($0.05 per share) as compared to a net profit of $4.4 million ($0.30 per share) for the comparable period last year. In the first quarter ended May 27, 2006, the Company recorded a pre-tax gain on the sale of real estate amounting to approximately $10,424,000. This resulted from the sale of its stores located in Dallas, Texas and Rochester, New York. The Dallas store has been replaced by a leased property located in Plano, Texas. For the second quarter ended September 1, 2007 same store sales increased .9% compared to the same period last year. For the 26-week period ended September 1, 2007, same store sales increased 3.1% compared to the same period last year. Net sales for the second quarter ended September 1, 2007 decreased 2.1% to $61.4 million, compared to $62.7 million for the same period last year. Net sales for the 26-week period ended September 1, 2007 decreased .3% to $128.5 million for the comparable period last year. Syms Corp currently operates a chain of thirty three "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, 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 HEREIN 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) SYMS CORP UNAUDITED STATEMENT OF OPERATIONS (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Thirteen Thirteen Twenty-six Twenty-six Weeks Weeks Weeks Weeks Ended Ended Ended Ended 9/1/2007 8/26/2006 9/1/2007 8/26/2006 -------- --------- -------- --------- Net Sales $ 61,384 $ 62,683 $ 128,531 $ 128,876 Gross Margin 22,530 23,185 50,820 50,896 Operating Expenses 25,710 26,208 53,035 54,621 Gain on Sale of Real Estate 0 0 0 (10,424) Net Profit After Taxes $ (1,422) $ (1,373) $ (748) $ 4,365 ========= ========= ========= ========= Net Profit Per Share - Basic $ (0.10) $ (0.09) $ (0.05) $ 0.30 ========= ========= ========= ========= Weighted Average Shares Outstanding - Basic 14,696 14,495 14,698 14,710 ========= ========= ========= ========= SYMS CORP UNAUDITED BALANCE SHEETS (IN THOUSANDS) September 1, August 26, 2007 2006 ---- ---- ASSETS: Current Assets Cash $ 17,475 $ 37,543 Receivables 2,007 2,323 Merchandise Inventory - net 65,766 68,846 Other Current Assets 12,935 9,884 -------- -------- Total Current Assets 98,183 118,596 Property & Equipment - Net 99,141 105,784 Other Assets 33,011 24,594 -------- -------- Total Assets $230,335 $248,974 ======== ======== Liabilities & Shareholder's Equity: Accounts Payable $ 29,839 $ 30,150 Accrued Expenses 5,642 7,147 Other Current Liabilities 1,526 4,859 -------- -------- Total Current Liabilities 37,007 42,156 Other Long Term Liabilities 1,363 1,740 Shareholders' Equity 191,965 205,078 -------- -------- Total Liabilities & Capital $230,335 $248,974 ======== ========