-----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, MXQ5/m41H6s27XDayLtV49Tk/R/7vmApORd8V3N2pNbn0mD8+xzeiZIlG2uynLq0 0bt/zgIbBt9SKrxBCSy/+Q== 0000950117-04-004242.txt : 20041202 0000950117-04-004242.hdr.sgml : 20041202 20041202103905 ACCESSION NUMBER: 0000950117-04-004242 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041202 DATE AS OF CHANGE: 20041202 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: 041179155 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 a38854.txt REX STORES CORPORATION UNITED STATES 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): December 2, 2004 REX STORES CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-09097 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 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: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] 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 December 2, 2004, REX Stores Corporation issued a press release announcing financial results and comparable store sales for the three- and nine-month periods ended October 31, 2004. The press release is furnished as Exhibit 99 to this report. Item 9.01. Financial Statements and Exhibits (c) Exhibits. The following exhibits are furnished with this report: 99 Press Release dated December 2, 2004 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: December 2, 2004 By: /s/ DOUGLAS L. BRUGGEMAN -------------------------------- Name: Douglas L. Bruggeman Title: Vice President - Finance, Chief Financial Officer and Treasurer EX-99 2 ex99.txt EXHIBIT 99 [REX LOGO] News Announcement For Immediate Release For further information contact: Douglas Bruggeman Stewart A. Lewack, Joseph N. Jaffoni Chief Financial Officer Jaffoni & Collins Incorporated 937/276-3931 212/835-8500 or rsc@jcir.com REX STORES REPORTS THIRD QUARTER NET INCOME OF $3.4 MILLION, OR $0.27 PER DILUTED SHARE - Third Quarter Comp Store Sales Rise 1% - Dayton, Ohio (December 2, 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 three- and nine-month periods ended October 31, 2004. Net income in the three months ended October 31, 2004 was $3.4 million, or $0.27 per diluted share, compared to net income of $4.1 million, or $0.32 per diluted share, in the three months ended October 31, 2003. Per share results are based on 12,610,000 and 12,866,000 diluted weighted average shares outstanding for the three-month periods ending October 31, 2004 and 2003, respectively. Net sales in the three months ended October 31, 2004 fell 1% to $93.6 million from $94.5 million in the three months ended October 31, 2003. Comparable store sales during the period rose 1% compared to the 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. During the three-month period ended October 31, 2004, REX purchased approximately 177,000 shares of its common stock in open market transactions. The Company has approximately 523,000 authorized shares remaining available to purchase under its previously announced stock buy-back authorization. -more- REX Stores Reports Third Quarter Results, 12/2/04 page 2 Net income for the nine-month period ended October 31, 2004 rose 4% to $10.8 million, or $0.84 per diluted share, compared to net income of $10.4 million, or $0.82 per diluted share, in the nine-month period ended October 31, 2003. Per share results are based on 12,778,000 and 12,608,000 diluted weighted average shares outstanding for the nine-month periods ending October 31, 2004 and 2003, respectively. Net sales in the 2004 nine-month period were $267.6 million compared to $277.1 million in the nine months ended October 31, 2003, while comparable store sales fell 2%. 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 212/676-5240; 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.fulldisclosure.com; please allow 15 minutes to register, download and install any necessary software. Following its completion, a telephonic replay of the call can be accessed through 1:00 p.m. EST on December 2, 2004 by dialing 800/633-8284 or 402/977-9140 (international callers). The access code for the audio replay is 21215534. A replay of the webcast will be available for 30 days at www.rextv.com or www.fulldisclosure.com. REX Stores Corporation is a leading specialty retailer of consumer electronic products and appliances. As of October 31, 2004, the Company operated 238 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 Third Quarter Results, 12/2/04 page 3 REX STORES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
Three Months Ended Nine Months Ended October 31, October 31, ------------------- -------------------- 2004 2003 2004 2003 -------- -------- -------- -------- NET SALES $93,606 $94,493 $267,564 $277,058 COSTS AND EXPENSES: Cost of merchandise sold 68,419 66,310 192,226 193,818 Selling, general and administrative expenses 25,789 25,478 74,024 76,075 ------- ------- -------- -------- Total costs and expenses 94,208 91,788 266,250 269,893 ------- ------- -------- -------- Income (loss) from continuing operations before interest, other items, income taxes and discontinued operations (602) 2,705 1,314 7,165 INVESTMENT INCOME 7 14 152 54 INTEREST EXPENSE (716) (1,247) (3,040) (3,687) GAIN ON SALE OF REAL ESTATE 121 393 121 779 INCOME FROM SYNFUEL INVESTMENTS 5,219 3,733 13,798 9,916 ------- ------- -------- -------- Income from continuing operations before provision for income taxes and discontinued operations 4,029 5,598 12,345 14,227 PROVISION FOR INCOME TAXES 530 1,421 1,165 3,609 ------- ------- -------- -------- Income from continuing operations 3,499 4,177 11,180 10,618 Loss from discontinued operations, net of tax (118) (96) (430) (232) ------- ------- -------- -------- Net Income $ 3,381 $ 4,081 $ 10,750 $ 10,386 ======= ======= ======== ======== WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 10,897 10,819 11,092 10,820 ======= ======= ======== ======== Basic income per share from continuing operations $ 0.32 $ 0.39 $ 1.01 $ 0.98 Basic loss per share from discontinued operations (0.01) (0.01) (0.04) (0.02) ------- ------- -------- -------- BASIC NET INCOME PER SHARE $ 0.31 $ 0.38 $ 0.97 $ 0.96 ======= ======= ======== ======== WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED 12,610 12,866 12,778 12,608 ======= ======= ======== ======== Diluted income per share from continuing operations $ 0.28 $ 0.33 $ 0.87 $ 0.84 Diluted loss per share from discontinued operations (0.01) (0.01) (0.03) (0.02) ------- ------- -------- -------- DILUTED NET INCOME PER SHARE $ 0.27 $ 0.32 $ 0.84 $ 0.82 ======= ======= ======== ========
(more) REX Stores Reports Third Quarter Results, 12/2/04 page 4 REX STORES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (in thousands, except per share amounts)
October 31 January 31 October 31 2004 2004 2003 ----------- ---------- ----------- (Unaudited) (Unaudited) CURRENT ASSETS: Cash and cash equivalents $ 3,959 $ 29,026 $ 1,503 Accounts receivable, net 2,204 2,560 1,551 Synthetic fuel receivable 1,848 3,098 655 Merchandise inventory 152,215 116,755 155,354 Prepaid expenses and other 2,897 1,481 2,704 Future income tax benefits 8,703 8,703 8,860 --------- --------- --------- Total current assets 171,826 161,623 170,627 PROPERTY AND EQUIPMENT, NET 130,487 131,409 131,560 ASSETS HELD FOR SALE 2,569 - - OTHER ASSETS 612 3,477 2,596 FUTURE INCOME TAX BENEFITS 16,082 14,645 7,560 SYNTHETIC FUEL ESCROW - - 7,886 RESTRICTED INVESTMENTS 2,265 2,257 2,253 --------- --------- --------- Total assets $ 323,841 $ 313,411 $ 322,482 ========= ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Notes payable $ 15,169 $ - $ 18,901 Current portion of long-term debt 2,939 5,258 7,708 Current portion of deferred income and deferred gain on sale and leaseback 10,378 10,544 10,985 Accounts payable, trade 49,259 32,745 34,690 Accrued income taxes - 806 1,371 Accrued payroll 5,101 6,602 4,885 Other current liabilities 7,454 7,214 8,449 --------- --------- --------- Total current liabilities 90,300 63,169 86,989 --------- --------- --------- LONG-TERM LIABILITIES: Long-term mortgage debt 31,633 53,548 57,752 Deferred income 11,522 12,762 12,632 --------- --------- --------- Total long-term liabilities 43,155 66,310 70,384 --------- --------- --------- SHAREHOLDERS' EQUITY: Common stock 287 283 281 Paid-in capital 130,705 126,124 123,677 Retained earnings 195,830 185,080 168,026 Treasury stock (136,436) (127,555) (126,875) --------- --------- --------- Total shareholders' equity 190,386 183,932 165,109 --------- --------- --------- Total liabilities and shareholders' equity $ 323,841 $ 313,411 $ 322,482 ========= ========= =========
-----END PRIVACY-ENHANCED MESSAGE-----