-----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, Jj5KqAHtELhB0KndRrvTDmkpI2aR5pi3mRZWRLHiY583r1iSNqIdOXtZsEhH6ieq wrUXnIcJ6FSqBmUzdjPZqg== 0000950117-04-001280.txt : 20040406 0000950117-04-001280.hdr.sgml : 20040406 20040406085342 ACCESSION NUMBER: 0000950117-04-001280 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040406 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REX STORES CORP CENTRAL INDEX KEY: 0000744187 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731] IRS NUMBER: 311095548 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09097 FILM NUMBER: 04719184 BUSINESS ADDRESS: STREET 1: 2875 NEEDMORE RD CITY: DAYTON STATE: OH ZIP: 45414 BUSINESS PHONE: 5132763931 FORMER COMPANY: FORMER CONFORMED NAME: AUDIO VIDEO AFFILIATES INC DATE OF NAME CHANGE: 19920703 8-K 1 a37411.txt REX STORES CORPORATION 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): March 31, 2004 REX STORES CORPORATION (Exact name of registrant as specified in its charter) Delaware 0-13283 31-1095548 (State or other jurisdiction (Commission File No.) (IRS Employer Identification No.) of incorporation)
2875 Needmore Road, Dayton, Ohio 45414 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (937) 276-3931 Item 7. Financial Statements and Exhibits (c) Exhibits. The following exhibits are furnished with this report: 99 Press Release dated March 31, 2004 Item 12. Results of Operations and Financial Condition On March 31, 2004, REX Stores Corporation issued a press release announcing financial results for the fourth quarter and year ended January 31, 2004. The press release is furnished as Exhibit 99 to this report. SIGNATURES 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 hereunto duly authorized. REX STORES CORPORATION Date: April 6, 2004 By: /s/ DOUGLAS L. BRUGGEMAN -------------------------------- Name: Douglas L. Bruggeman Title: Vice President - Finance and Chief Financial Officer EX-99 3 ex99.txt EXHIBIT 99 [REX STORES LOGO] News Announcement For Immediate Release For further information contact: Douglas Bruggeman Joseph N. Jaffoni, Stewart A. Lewack Vice President, Finance Jaffoni & Collins Incorporated 937/276-3931 212/835-8500 or rsc@jcir.com
REX STORES REPORTS FOURTH QUARTER EPS OF $1.32 Dayton, Ohio (March 31, 2004) -- REX Stores Corporation (NYSE: RSC), a specialty retailer of consumer electronic products and appliances, today announced financial results and comparable store sales for the fiscal 2003 fourth quarter and year ended January 31, 2004. Net income in the fiscal 2003 fourth quarter ended January 31, 2004 rose 88% to $17.1 million, or $1.32 per diluted share, from net income of $9.1 million, or $0.68 per diluted share, in the fiscal 2002 fourth quarter. The gains in fiscal 2003 fourth quarter net income reflect investment income from a synthetic fuel limited partnership, as well as an income tax benefit due to the favorable completion of an IRS audit of one of the Company's synthetic fuel limited partnership investments. Per share results are based on 12,966,000 and 13,292,000 diluted weighted average shares outstanding for the fiscal 2003 and 2002 three-month periods, respectively. Net sales in the fiscal 2003 fourth quarter fell 8% to $134.0 million from $146.3 million in the fiscal 2002 fourth quarter. Comparable store sales during the period fell 7% compared to the comparable year-ago period. The Company reports sales performance quarterly and considers a store to be comparable after it has been open six full fiscal quarters. Comparable store sales figures do not include sales of extended service contracts. Net income in fiscal 2003 rose 20% to $27.4 million, or $2.17 per diluted share, compared to net income of $22.9 million, or $1.61 per diluted share, in fiscal 2002. Per share results are based on 12,648,000 and 14,192,000 diluted weighted average shares outstanding for fiscal 2003 and 2002, respectively. -more- REX Stores Reports Fourth Quarter/Year-End Results, 3/31/04 page 2 Net sales in fiscal 2003 fell 3% to $417.4 million from $428.6 million in fiscal 2002, while comparable store sales fell 1%. Commenting on the results, Stuart Rose, Chairman and Chief Executive Officer, stated, "Rex Stores achieved record net income per share in fiscal 2003 reflecting a continued focus on our core high definition-ready, big screen television category, as well as income and tax benefits from synthetic fuel limited partnerships. We also significantly strengthened our balance sheet during the year, reducing debt by $11.3 million. We remain optimistic about our long-term prospects, as evidenced by the Board's February 2004 action to extend the previous share repurchase authorization by an additional 1,000,000 shares." During fiscal 2003, REX purchased approximately 711,000 shares of its common stock. Subsequent to the close of the fiscal year, the Company purchased approximately 25,000 additional shares of its common stock. As of March 31, 2004, the Company had approximately 1,145,000 authorized shares remaining available to purchase under the expanded February 2004 stock buy-back authorization. The Company will host a conference call and webcast today at 11:00 a.m. EST, which are open to the general public. The conference call dial-in number is 212-346-6527; please call ten minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the call live via the Investor Relations page of the Company's website, www.rextv.com, or at www.vcall.com; please allow 15 minutes to register and download and install any necessary software. Following its completion, a telephonic replay of the call can be accessed through 1:00 p.m. on April 7, 2004 by dialing 800/633-8284 or 402/977-9140 (international callers). The access code for the audio replay is 21190289. Alternatively, a replay will be available on the Internet for 30 days at www.rextv.com or www.vcall.com. REX Stores Corporation is a leading specialty retailer of consumer electronic products and appliances. As of January 31, 2004, the Company operated 248 stores in 37 states under the trade name "REX." This news announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as "may," "expect," "believe," "estimate," "anticipate" or "continue" or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include among other things: the highly competitive nature of the consumer electronics retailing industry, changes in the national or regional economies, weather, the effects of terrorism or acts of war on consumer spending patterns, the availability of certain products, technological changes, new regulatory restrictions or tax law changes relating to the Company's synthetic fuel investments, the fluctuating amount of quarterly payments received by the Company with respect to sales of its partnership interest in a synthetic fuel investment, and the uncertain amount of synthetic fuel production and tax credits received from time to time from the Company's synthetic fuel investments. -tables follow- REX Stores Reports Fourth Quarter/Year-End Results, 3/31/04 page 3 REX STORES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
Three Months Ended, Twelve Months Ended January 31, January 31, January 31, January 31, 2004 2003 2004 2003 ----------- ----------- ----------- ----------- NET SALES $133,999 $146,276 $417,402 $428,625 COSTS AND EXPENSES: Cost of merchandise sold 96,635 104,654 295,156 301,501 Selling, general and administrative expenses 30,922 29,802 108,933 106,535 -------- -------- -------- -------- Total costs and expenses 127,557 134,456 404,089 408,036 -------- -------- -------- -------- INCOME FROM OPERATIONS 6,442 11,820 13,313 20,589 INVESTMENT INCOME 23 94 77 393 INTEREST EXPENSE (1,112) (1,388) (4,885) (5,626) GAIN ON SALE OF REAL ESTATE 375 -- 1,153 -- INCOME FROM LIMITED PARTNERSHIPS 6,094 1,586 16,011 15,080 -------- -------- -------- -------- Income before provision for income taxes 11,822 12,112 25,669 30,436 PROVISION FOR INCOME TAXES (BENEFIT) (5,232) 3,029 (1,771) 7,504 -------- -------- -------- -------- NET INCOME $ 17,054 $ 9,083 $ 27,440 $ 22,932 ======== ======== ======== ======== WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 10,992 11,575 10,863 12,142 ======== ======== ======== ======== BASIC NET INCOME PER SHARE $ 1.55 $ 0.78 $ 2.53 $ 1.89 ======== ======== ======== ======== WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED 12,966 13,292 12,648 14,192 ======== ======== ======== ======== DILUTED NET INCOME PER SHARE $ 1.32 $ 0.68 $ 2.17 $ 1.61 ======== ======== ======== ========
(more) REX Stores Reports Fourth Quarter/Year-End Results, 3/31/04 page 4 REX STORES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
January 31, January 31, 2004 2003 ----------- ----------- ASSETS: CURRENT ASSETS: Cash and cash equivalents $ 29,026 $ 1,380 Accounts receivable, net of allowance for doubtful accounts of $235 and $200 in 2004 and 2003, respectively 2,560 3,413 Synthetic fuel receivable 3,098 6,619 Merchandise inventory 116,755 142,063 Prepaid expenses and other 2,357 2,567 Future income tax benefits 17,510 10,350 --------- --------- Total current assets 171,306 166,392 PROPERTY AND EQUIPMENT, NET 131,409 134,563 OTHER ASSETS 2,601 1,656 FUTURE INCOME TAX BENEFITS 5,838 6,070 RESTRICTED INVESTMENTS 2,257 2,241 --------- --------- Total assets $ 313,411 $ 310,922 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY: CURRENT LIABILITIES: Notes payable $ -- $ 13,451 Current portion of long-term debt 5,258 5,657 Accounts payable, trade 32,745 27,417 Accrued income taxes 806 -- Current portion, deferred income and deferred gain on sale and leaseback 10,544 11,107 Accrued payroll 6,602 6,750 Other current liabilities 7,214 8,669 --------- --------- Total current liabilities 63,169 73,051 --------- --------- LONG-TERM LIABILITIES: Long-term mortgage debt 53,548 64,426 Deferred income 12,762 13,993 Deferred gain on sale and leaseback -- 348 --------- --------- Total long-term liabilities 66,310 78,767 --------- --------- Shareholders' equity: Common stock 283 277 Paid-in capital 126,124 121,282 Retained earnings 185,080 157,640 Treasury stock (127,555) (120,095) --------- --------- Total shareholders' equity 183,932 159,104 --------- --------- Total liabilities & shareholders' equity $ 313,411 $ 310,922 ========= =========
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