-----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, H1IauloQUP2o4f1srDKGleMCndnPUsnwmEDVXAeF8tqDQw57izOBoR5pFSkj17pg V9JUZio2E1cQRzHk4yCzEQ== 0000950117-05-002262.txt : 20050611 0000950117-05-002262.hdr.sgml : 20050611 20050602101735 ACCESSION NUMBER: 0000950117-05-002262 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050602 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050602 DATE AS OF CHANGE: 20050602 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: 05872379 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 a39964.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): June 2, 2005 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 June 2, 2005, REX Stores Corporation issued a press release announcing financial results and comparable store sales for the three month period ended April 30, 2005. 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 June 2, 2005 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: June 2, 2005 By: /s/ DOUGLAS L. BRUGGEMAN -------------------------------- Name: Douglas L. Bruggeman Title: Vice President - Finance, Chief Financial Officer and Treasurer EX-99 2 ex99-1.txt EXHIBIT 99.1 [REX STORES 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' FISCAL FIRST QUARTER DILUTED EARNINGS PER SHARE INCREASE 50% TO $0.48 - Comparable Store Sales Rise 7% - - Prior Share Repurchase Authorization Expanded By 1,000,000 Shares - Dayton, Ohio (June 2, 2005) -- 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-month period ended April 30, 2005 (the Company's 2005 fiscal year). Net sales in the fiscal 2005 first quarter rose 6% to $89.7 million from $84.6 million in the fiscal 2004 first quarter, reflecting higher demand for LCD, DLP and plasma televisions, as well as an increase in appliance sales. Comparable store sales for the three months ended April 30, 2005 rose 7%. 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 the three months ended April 30, 2005 rose 49% to $6.1 million, or $0.48 per diluted share, compared to net income of $4.1 million, or $0.32 per diluted share, in the three months ended April 30, 2004. Net income in the fiscal 2005 first quarter includes $6.0 million of pre-tax income from synthetic fuel limited partnerships, compared to $5.2 million of comparable investment income in the year-ago period. Per share results are based on 12,771,000 and 12,965,000 diluted weighted average shares outstanding for the three-month periods ending April 30, 2005 and 2004, respectively. -more- REX Stores Reports First Quarter Results, 6/2/05 page 2 On May 26, 2005, the Company's Board of Directors expanded a previous share repurchase authorization by an additional 1,000,000 shares. In the first quarter, REX purchased approximately 119,800 shares of its common stock in open market transactions. Since the first quarter, REX has purchased 146,300 additional shares. As of May 27, 2005, the Company has approximately 1,186,945 authorized shares remaining available to purchase under the expanded stock buy-back authorization. Commenting on the results, Stuart Rose, Chairman and Chief Executive Officer, stated, "Our employees should be congratulated for generating a 7% comparable store sales increase and a 36% increase in operating income. Our sales force did a great job of serving the customer and focusing on products we sell best, like LCD, DLP and plasma televisions, whose price points have fallen to a level that is now attractive to our customer base." The Company will host a conference call and webcast today at 11:00 a.m. EDT, both of which are open to the general public. The conference call dial-in number is 212/676-4910; 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. EDT on June 9, 2005 by dialing 800/633-8284 or 402/977-9140 (international callers). The access code for the audio replay is 21248251. 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 April 30, 2005 the Company operated 229 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 First Quarter Results, 6/2/05 page 3 REX STORES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
Three Months Ended April 30, (unaudited) -------------------------- 2005 2004 ------------ ---------- NET SALES $ 89,742 $ 84,629 Cost of merchandise sold 65,177 59,841 --------- --------- GROSS PROFIT 24,565 24,788 Selling, general and administrative expenses 22,869 23,542 --------- --------- OPERATING INCOME 1,696 1,246 INVESTMENT INCOME 74 87 INTEREST EXPENSE (616) (934) LOSS ON EARLY TERMINATION OF DEBT - (22) INCOME FROM LIMITED PARTNERSHIPS 5,983 5,236 --------- --------- Income from continuing operations before provision for income taxes and discontinued operations 7,137 5,613 PROVISION FOR INCOME TAXES 1,059 1,426 --------- --------- Income from continuing operations 6,078 4,187 Loss from discontinued operations, net of tax (94) (102) Gain on disposal of discontinued operations, net of tax 116 - --------- --------- Net Income $ 6,100 $ 4,085 ========= ========= WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 11,156 11,155 ========= ========= Basic income per share from continuing operations $ 0.55 $ 0.38 Basic loss per share from discontinued operations (0.01) (0.01) Basic income per share on disposal of discontinued operations .01 - --------- --------- BASIC NET INCOME PER SHARE $ 0.55 $ 0.37 ========= ========= WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED 12,771 12,965 ========= ========= Diluted income per share from continuing operations $ 0.48 $ 0.32 Diluted loss per share from discontinued operations (0.01) - Diluted income per share on disposal of discontinued operations 0.01 - --------- --------- DILUTED NET INCOME PER SHARE $ 0.48 $ 0.32 ========= =========
(more) REX Stores Reports First Quarter Results, 6/2/05 page 4 REX STORES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (in thousands)
April 30, January 31, April 30, 2005 2005 2004 (unaudited) (unaudited) ----------------- ---------------- -------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 6,221 $ 4,671 $ 17,092 Escrow deposit 9,000 - - Accounts receivable, net 3,984 5,460 3,049 Synthetic fuel receivable 964 1,675 893 Investments available for sale - - 7,000 Merchandise inventory 131,547 124,188 136,823 Prepaid expenses and other 672 1,230 863 Future income tax benefits 10,929 10,929 8,703 ---------- ----------- ----------- Total current assets 163,317 148,153 174,423 PROPERTY AND EQUIPMENT, NET 129,330 129,723 131,513 ASSETS HELD FOR SALE 1,669 1,986 - OTHER ASSETS 953 841 915 FUTURE INCOME TAX BENEFITS 27,978 27,978 14,645 RESTRICTED INVESTMENTS 2,277 2,270 2,259 ----------- ----------- ----------- Total assets $ 325,524 $ 310,951 $ 323,755 =========== =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Notes payable $ 27 $ - $ - Current portion of long-term debt 2,881 2,897 5,044 Accounts payable, trade 47,037 32,842 47,616 Accrued income taxes 624 1,567 1,119 Current portion of deferred income and deferred gain on sale and leaseback 9,886 10,432 10,347 Accrued payroll and related items 4,264 6,303 3,828 Other current liabilities 5,974 6,152 7,206 ----------- ----------- ----------- Total current liabilities 70,693 60,193 75,160 ----------- ----------- ----------- LONG-TERM LIABILITIES: Long-term mortgage debt 29,213 30,501 47,573 Deferred income 11,582 11,703 12,269 ----------- ----------- ----------- Total long-term liabilities 40,795 42,204 59,842 ----------- ----------- ----------- SHAREHOLDERS' EQUITY: Common stock 291 290 286 Paid-in capital 134,338 133,474 127,724 Retained earnings 218,729 212,629 189,165 Treasury stock (139,322) (137,839) (128,422) ----------- ----------- ----------- Total shareholders' equity 214,036 208,554 188,753 ----------- ----------- ----------- Total liabilities and shareholders' equity $ 325,524 $ 310,951 $ 323,755 =========== =========== ===========
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