-----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, EWulijt/vONknlh00KrgPqWt36p1f8g/0kEkFZhNwAgNV0HRM0/TDRNC+OlbVCIa BL8yHShRCnU0XOZOR+qUow== 0000950138-04-000573.txt : 20040922 0000950138-04-000573.hdr.sgml : 20040922 20040922162804 ACCESSION NUMBER: 0000950138-04-000573 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040922 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040922 DATE AS OF CHANGE: 20040922 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: 041041388 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 sept_8-k.txt SYMS\2004 FILINGS\SEPT 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 (Date of earliest event reported): September 22, 2004 (September 21, 2004) 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) (201) 902-9600 ---------------------------------------------------- (Registrant's Telephone Number, Including Area Code) ------------------------------------------------------------ (Former Name or Former Address, if Changed Since Last Report ) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On September 21, 2004, Syms Corp (the "Company") issued a press release regarding its results of operations for the fiscal quarter ended August 28, 2004. A copy of the press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release of the Company, dated September 21, 2004. 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 By: /s/ Antone F. Moreira --------------------- Name: Antone F. Moreira Title: Vice President, Chief Financial Officer Date: September 22, 2004 EXHIBIT INDEX Exhibit Number Description 99.1 Press Release of Syms Corp dated September 21, 2004. EX-99 2 ex99.txt PRESS RELEASE Exhibit 99.1 Contact: Antone F. Moreira Vice President, Treasurer and Chief Financial Officer (201) 902-9600 SYMS CORP REPORTS RESULTS FOR THE SECOND QUARTER Secaucus, New Jersey, September 21, 2004 - Syms Corp (NYSE:SYM), a leading off-price retailer, announced results today for its second quarter ended August 28, 2004. For the second quarter ended August 28, 2004, the Company had a net loss of $3.7 million ($0.25 per share) as compared to a net loss of $4.7 million ($0.30 per share) for the thirteen-week period ended August 30, 2003. For the 26-week period ended August 28, 2004, the net loss was $3.7 million ($0.25 per share) as compared to a net loss of $6.4 million ($0.42 per share) for the comparable period last year. For the second quarter ended August 28, 2004, same store sales increased 0.2% compared to the same period last year. For the 26-week period ended August 28, 2004, same store sales increased 3.7% compared to the same period last year. Net sales for the second quarter decreased 1.4% to $61.3 million, down from $62.1 million for the same period last year. Net sales for the 26-week period ended August 28, 2004 increased 3.1% to $129.6 million, up from $125.6 million for the same period last year. The results for the second quarter ended August 28, 2004 reflect a $1,309,000 charge resulting from the simultaneous purchase and sale of the Lawrenceville store, which will be closed on October 16, 2004. This action was taken by the Company as part of its continuing efforts to improve profitability. Syms Corp currently operates a chain of thirty eight "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 CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Thirteen Thirteen Fifty - Two Fifty - Two Weeks Weeks Weeks Weeks Ended Ended Ended Ended 8/28/2004 8/30/2003 8/28/2004 8/30/2003 --------- --------- --------- --------- Net Sales $61,254 $62,102 $129,575 $125,636 Gross Margin 23,269 22,106 51,425 48,020 Operating Expenses 27,193 28,367 55,418 56,703 Other Income (7) (68) (29) (178) Special Charge 1,309 0 1,309 0 Net Income After Taxes $ (3,732) $ (4,683) ($3,728) ($6,432) ============== =============== =============== ============== Net Income Per Share - Basic $ (0.25) $ (0.30) $ (0.25) $ (0.42) ============== =============== =============== ============== Weighted Average Shares Outstanding 15,124 15,412 15,124 15,412 ============== =============== =============== ============== Net Income Per Share - Diluted $ (0.25) $ (0.30) $ (0.25) $ (0.42) ============== =============== =============== ============== Weighted Average Shares Outstanding - Diluted 15,124 15,412 15,124 15,412 ============== =============== =============== ==============
SYMS CORP CONSOLIDATED BALANCE SHEET (IN THOUSANDS) August 28, August 30, 2004 2003 ---- ---- ASSETS: Current Assets Cash 21,451 19,828 Inventory 80,153 87,061 Other Current Assets 12,610 10,731 ----------------- ----------------- Total Current Assets 114,214 117,620 Property & Equipment 120,831 131,056 Other Assets - Net 25,961 22,374 ----------------- ----------------- Total Assets 261,006 271,050 ================= ================= Liabilities & Capital: Accounts Payable 28,676 31,506 Accrued Expenses 6,398 9,906 Other Current Liabilities 4,214 4,929 ----------------- ---------------- Total Current Liabilities 39,288 46,341 Other Long Term Debt 1,838 1,881 Shareholder's Equity 219,880 222,828 ----------------- ----------------- Total Liabilities & Capital 261,006 271,050 ================= ================= -----END PRIVACY-ENHANCED MESSAGE-----