EX-99 3 ex99-2.txt EXHIBIT 99.2 - PRESS RELEASE Exhibit 99.2 Antone F. Moreira Vice President, Treasurer And Chief Financial Officer (201) 902-9600 SYMS CORP REPORTS RESULTS FOR FOURTH QUARTER AND FISCAL YEAR Secaucus, New Jersey, April 7, 2005 - Syms Corp (NYSE:SYM), a leading off-price retailer, announced results today for their fourth quarter and fiscal year ended February 26, 2005. The Company's net profit for the thirteen weeks ended February 26, 2005 was $0.26 per share ($3.9 million) as compared to a net profit of $0.05 per share ($.7 million) for the thirteen weeks ended February 28, 2004. The Company had a net profit for the fifty two weeks ended February 26, 2005 of $0.14 per share ($2.2 million) compared to a loss of $0.31 per share ($4.7 million) for the fifty-two weeks ended February 28, 2004. Net sales for the thirteen weeks ended February 26, 2005 was $78.0 million compared to $75.2 million for the thirteen weeks ended February 28, 2004. Net sales for the fifty-two weeks ended February 26, 2005 were $283.6 million as compared to $275.2 million for the fifty-two week period last year, an increase of 3.0%. Same store sales were up for the year 5.4% and up 8.5% for the quarter. Marcy Syms, CEO, stated, "we are pleased to report these operating results for the fourth quarter and fiscal year 2004. Our disciplined focus on improving comparable store sales, controlling inventory and expenses contributed to this improved performance." Syms Corp 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 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 BALANCE SHEET (IN THOUSANDS) February 26, February 28, 2005 2004 ---- ---- ASSETS: Current Assets Cash 33,439 21,386 Inventory 66,124 69,226 Other Current Assets 20,467 14,295 ------------ ---------- Total Current Assets 120,030 104,907 Property & Equipment 110,614 123,757 Other Assets - Net 23,164 25,074 ------------ ---------- Total Assets 253,808 253,738 ============ ========== Liabilities & Capital: Accounts Payable 16,114 16,154 Accrued Expenses 7,781 8,045 Other Current Liabilities 3,707 4,503 ------------ ---------- Total Current Liabilities 27,602 28,702 Other Long Term Debt 1,610 1,862 Shareholder's Equity 224,596 223,174 ------------ ---------- Total Liabilities & Capital 253,808 253,738 ============ ========== 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 2/26/2005 2/28/2004 2/26/2005 2/28/2004 --------- --------- --------- --------- Net Sales $ 78,012 $ 75,238 $ 283,567 $ 275,219 Gross Margin 30,383 28,346 111,882 107,751 Operating Expenses 25,965 26,750 109,513 113,027 Other Income (9) (109) (776) (368) Special Charge 0 500 1,271 500 Net Income After Taxes $ 3,887 $ 720 $ 2,177 ($4,688) ========= ========= ========= ======== Net Income Per Share - Basic $ 0.26 $ 0.05 $ 0.14 $ (0.31) ========= ========= ========= ======== Weighted Average Shares Outstanding 15,133 15,116 15,139 15,285 ========= ========= ========= ========