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 THIRD QUARTER Secaucus, New Jersey, December 20, 2004 - Syms Corp (NYSE:SYM), a leading off-price retailer, announced results for the third quarter ended November 27, 2004. The Company's net profit for the third quarter ended November 27, 2004 was $0.13 per share ($2.0 million) as compared to $0.07 per share ($1.0 million) for the same period last year. The Company had a net loss for the 39-week period ended November 27, 2004 of $0.11 per share ($1.7 million) as compared to a net loss of $0.35 per share ($5.4 million) for the same period last year. Sales for the third quarter increased 2.2% to $76.0 million, an increase from $74.3 million for the same period last year. Sales for the 39-week period ended November 27, 2004 increased 2.8% to $205.6 million, up from $200.0 million for the same period last year. Same store sales for the third quarter ended November 27, 2004 increased 5.1% as compared to the same period last year, and for the 39-week period ended November 27, 2004, increased 4.1% as compared to the same periods last year. The results for the third quarter were impacted by additional markdowns on goods sold of approximately $2,000,000 in an effort to clear out aged merchandise which was offset by a reduction in the markdown reserve. The Company also recorded a gain of $738,000 on the sale of land it owned in Roseland, New Jersey. Syms currently operates a chain of thirty seven "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 is 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 11/27/2004 11/29/2003 11/27/2004 11/29/2003 --------- --------- --------- --------- Net Sales $75,980 $74,345 $205,555 $199,981 Gross Margin 30,074 31,385 81,499 79,405 Operating Expenses 28.092 29,574 83,548 86,277 Other Income (738) (68) (767) (259) Special Charge 0 0 1,271 0 Net Income After Taxes $ 2,018 $ 1,024 $ (1,710) $ (5,408) ============== =============== =============== ============== Net Income Per Share - Basic $ (0.13) $ (0.07) $ (0.11) $ (0.35) ============== =============== =============== ============== Weighted Average Shares Outstanding 15,175 15,201 15,141 15,285 ============== =============== =============== ============== Net Income Per Share - Diluted $ (0.13) $ (0.06) $ (0.11) $ (0.35) ============== =============== =============== ============== Weighted Average Shares Outstanding - Diluted 15,898 15,795 15,141 15,285 ============== =============== =============== ==============
SYMS CORP CONSOLIDATED BALANCE SHEET (IN THOUSANDS) November 27, November 29, 2004 2003 ---- ---- ASSETS: Current Assets Cash 33,311 25,633 Inventory 89,883 97,002 Other Current Assets 13,415 11,672 ----------------- ----------------- Total Current Assets 136,609 134,307 Property & Equipment 119,172 128,848 Other Assets - Net 26,467 22,679 ----------------- ----------------- Total Assets 282,248 285,834 ================= ================= Liabilities & Capital: Accounts Payable 43,064 43,809 Accrued Expenses 10,938 12,102 Other Current Liabilities 4,924 5,353 ----------------- ---------------- Total Current Liabilities 58,926 61,264 Other Long Term Debt 1,712 1,872 Shareholder's Equity 221,610 222,698 ----------------- ----------------- Total Liabilities & Capital 282,248 285,834 ================= =================