-----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, RHj2WMZoJUxSL7PfQKGK7waMZa5kvpkn2Dt165LWkrYD8iS5AAt6oTUfBBxATDYL /tc+RxjlwjJSxz1spJ/LRw== 0000950138-06-000015.txt : 20060106 0000950138-06-000015.hdr.sgml : 20060106 20060106162015 ACCESSION NUMBER: 0000950138-06-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060106 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060106 DATE AS OF CHANGE: 20060106 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: 06516734 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 jan_8-k.htm SYMS\2006 FILINGS\JAN 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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)

January 6, 2006   (January 5, 2006)

 

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, New Jersey

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):

 

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    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 January 5, 2006, Syms Corp (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended November 26, 2005. 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 January 5, 2006.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

SYMS CORP

 

By:/s/ Antone F. Moreira                                             

 

Name:

Antone F. Moreira

 

 

Title:

Vice President, Chief Financial

 

Officer

 

Date: January 6, 2006

 

 

 

 

EXHIBIT INDEX

 

Exhibit Number

Description

 

99.1

Press Release of Syms Corp, dated January 5, 2006.

 

 

 

 

 

 EX-99 2 ex_99-1.htm EX_99-1-PRESS RELEASE

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

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, January 5, 2006 - Syms Corp (NYSE:SYM), a leading off-price retailer, announced results for the third quarter ended November 26, 2005.

 

For the third quarter ended November 26, 2005 the Company had a net profit of $1.2 million ($0.08 per share) as compared to a net profit of $2.0 million ($0.13 per share) for the 13 week period ended November 27, 2004. For the 39-week period ended November 26, 2005, the Company had a net profit of $1.0 million ($0.07 per share) as compared to a net loss of $1.7 million ($0.11 per share) for the 39 weeks ended November 27, 2004. The net profit for the third quarter ended November 27, 2004 was impacted by the sale of property in Roseland, New Jersey and the recorded gain of $721,000.

 

Net sales for the third quarter ended November 26, 2005 decreased 1.7% to $74.7 million, compared to $76.0 million for the same period last year. Net sales for the 39-week period ended November 27, 2004 decreased 1.0%, $203.6 million from $205.6 million for the same period last year. Same store sales for the third quarter ended November 26, 2005 decreased 0.2% compared to the same period last year, and for the 39-week period ended November 26, 2005, increased 2.1% compared to the same period last year.

 

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 (within the meaning of Sections 27A of the Securities Act of 1933 and 21E of the Securities Act of 1934) 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 follow)

 

 

 

 

SYMS CORP

UNAUDITED STATEMENT OF OPERATIONS

(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen

 

Thirteen

 

Thirty-Nine

 

Thirty-Nine

 

Weeks

 

Weeks

 

Weeks

 

Weeks

 

Ended

 

Ended

 

Ended

 

Ended

 

11/26/2005

 

11/27/2004

 

11/26/2005

 

11/27/2004

 

 

 

 

 

 

 

 

Net Sales

$74,694

 

$75,980

 

$203,583

 

$205,555

 

 

 

 

 

 

 

 

Gross Margin

29,838

 

30,074

 

82,665

 

81,499

 

 

 

 

 

 

 

 

Operating Expenses

28,139

 

28,092

 

81,648

 

83,548

 

 

 

 

 

 

 

 

Other Income

(25)

 

(738)

 

(50)

 

(767)

 

 

 

 

 

 

 

 

Net Profit/Loss After Taxes

$1,180

 

$2,018

 

$1,032

 

$(1,710)

 

 

 

 

 

 

 

 

Net Profit/Loss Per Share - Basic

$0.08

 

$0.13

 

$0.07

 

$(0.11)

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

Shares Outstanding

14,963

 

15,175

 

14,981

 

15,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SYMS CORP

 

UNAUDITED BALANCE SHEETS

 

(IN THOUSANDS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 26,

 

November 27,

 

 

 

2005

 

2004

 

 

 

 

 

 

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash

$23,724

 

$29,782

 

 

Receivables

5,824

 

7,694

 

 

Inventory

84,553

 

89,883

 

 

Other Current Assets

20,248

 

9,250

 

 

 

 

 

 

 

 

Total Current Assets

134,349

 

136,609

 

 

 

 

 

 

 

Property & Equipment

105,044

 

119,172

 

 

 

 

 

 

 

Other Assets - Net

24,345

 

26,467

 

 

 

 

 

 

 

Total Assets

$263,738

 

$282,248

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities & Shareholder's Equity:

 

 

 

 

 

 

 

 

 

 

Accounts Payable

$38,877

 

$43,064

 

 

Accrued Expenses

11,683

 

10,938

 

 

Other Current Liabilities

3,862

 

4,924

 

 

 

 

 

 

 

 

Total Current Liabilities

54,422

 

58,926

 

 

 

 

 

 

 

Other Long Term Debt

1,542

 

1,712

 

 

 

 

 

 

 

Shareholder's Equity

207,774

 

221,610

 

 

 

 

 

 

 

Total Liabilities & Capital

$263,738

 

$282,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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