-----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, MQuaESvjiiLJTYmRQqgxVNxg7dbZgzw1YW2TPdfHlz/sVouiLqLrhuzcFq8ofShN pEXRbWfAMePbY7A034FGZQ== 0000950138-06-000358.txt : 20060420 0000950138-06-000358.hdr.sgml : 20060420 20060420162313 ACCESSION NUMBER: 0000950138-06-000358 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060420 DATE AS OF CHANGE: 20060420 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: 06770253 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 april20_8-k.htm SYMS\2006 FILINGS\APRIL 20 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)

April 20, 2006 (April 20, 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 April 20, 2006, Syms Corp (the “Company”) issued a press release regarding its results of operations for the fiscal year ended February 25, 2006. A copy of the press release is attached hereto as Exhibit 99.1.

 

The information in this Item 2.02 of Form 8-K and the exhibit referenced herein 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 April 20, 2006, regarding the results of operations.

 

 

 

 

 

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: April 20, 2006

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit Number

Description

 

 

99.1

Press Release of Syms Corp, dated April 20, 2006, regarding the results of operations.

 

 

 

 

 

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

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 20, 2006 - Syms Corp (NYSE:SYM), a leading off-price retailer, announced results today for their fourth quarter and fiscal year ended February 25, 2006.

 

The Company’s net income for the thirteen weeks ended February 25, 2006 was $0.16 per share ($2.4 million) as compared to a net income of $0.26 per share ($3.9 million) for the thirteen weeks ended February 26, 2005. The Company had a net income for the fifty two weeks ended February 25, 2006 of $0.23 per share ($3.4 million) as compared to a net income of $0.14 per share ($2.2 million) for the fifty-two weeks ended February 26, 2005.

 

Net sales for the thirteen weeks ended February 25, 2006 decreased 1.6% to $76.8 million compared to $78.0 million for the thirteen weeks ended February 26, 2005. Net sales for the fifty-two weeks ended February 25, 2006 decreased 1.1% to $280.4 million as compared to $283.6 million for the fifty-two week period last year. Same store sales increased 1.1% for the fifty-two week period ended February 25, 2006, as compared to the fifty-two weeks ended February 26, 2005, and declined 1.4% for the fourth quarter, as compared to the same period last year.

 

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

UNAUDITED STATEMENT OF OPERATIONS

(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

 

 

 

Thirteen

Weeks

Ended

2/25/2006

 

 

Thirteen

Weeks

Ended

2/26/2005

 

 

Fifty-Two

Weeks

Ended

2/25/2006

 

 

 

Fifty-Two

Weeks

Ended

2/26/2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

76,806

 

 

 

$

78,012

 

 

 

$

280,389

 

 

 

$

283,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin

 

 

30,411

 

 

 

 

30,383

 

 

 

 

113,076

 

 

 

 

111,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

26,211

 

 

 

 

25,965

 

 

 

 

107,859

 

 

 

 

109,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (Income) Expense

 

 

(8

)

 

 

 

(9

)

 

 

 

(58

)

 

 

 

495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income After Taxes

 

$

2,404

 

 

 

$

3,887

 

 

 

$

3,436

 

 

 

$

2,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share - Basic

 

$

0.16

 

 

 

$

0.26

 

 

 

$

0.23

 

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

14,934

 

 

 

 

15,133

 

 

 

 

14,969

 

 

 

 

15,139

 

 

 

 

 

 

SYMS CORP

UNAUDITED BALANCE SHEETS

(IN THOUSANDS)

 

 

 

 

February 25,
2006

 

 

February 26,
2005

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash

$

30,007

 

$

31,669

 

Receivables

 

3,158

 

 

2,653

 

Inventory

 

57,469

 

 

66,124

 

Other Current Assets

 

18,263

 

 

19,267

 

 

 

 

 

 

 

 

Total Current Assets

 

108,897

 

 

119,713

 

 

 

 

 

 

 

Property & Equipment - Net

 

 

106,702

 

 

110,614

 

 

 

 

 

 

 

Other Assets - Net

 

 

23,520

 

 

23,164

 

 

 

 

 

 

 

Total Assets

 

$

239,119

 

$

253,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities & Shareholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable

 

15,496

 

 

15,497

 

Accrued Expenses

 

7,784

 

 

8,081

 

Other Current Liabilities

 

3,785

 

 

3,707

 

 

 

 

 

 

 

 

Total Current Liabilities

 

27,065

 

 

27,285

 

 

 

 

 

 

 

Other Long Term Debt

 

 

1,520

 

 

1,610

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

210,534

 

 

224,596

 

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

$

239,119

 

$

253,491

 

 

 

 

 

 

 

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