-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, PXsebeuhNik6g64Gl2NHxT9MPsEt98Na+AY6wPlfEAzlIvIOOoeHieK64jy/WGuG mKC3kOv+0GAY4UWyygvpcw== 0000950150-94-000405.txt : 19940315 0000950150-94-000405.hdr.sgml : 19940315 ACCESSION NUMBER: 0000950150-94-000405 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940314 ITEM INFORMATION: 5 FILED AS OF DATE: 19940314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARTER HAWLEY HALE STORES INC /DE/ CENTRAL INDEX KEY: 0000750217 STANDARD INDUSTRIAL CLASSIFICATION: 5311 IRS NUMBER: 940457907 STATE OF INCORPORATION: DE FISCAL YEAR END: 0202 FILING VALUES: FORM TYPE: 8-K SEC ACT: 34 SEC FILE NUMBER: 001-08765 FILM NUMBER: 94515875 BUSINESS ADDRESS: STREET 1: 3880 N MISSION RD CITY: LOS ANGELES STATE: CA ZIP: 90031 BUSINESS PHONE: 2132272000 FORMER COMPANY: FORMER CONFORMED NAME: EMPORIUM CAPEWELL CO DATE OF NAME CHANGE: 19910827 FORMER COMPANY: FORMER CONFORMED NAME: BROADWAY HALE STORES INC DATE OF NAME CHANGE: 19910827 8-K 1 FORM 8-K 1 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: March 14, 1994 Date of earliest event reported: March 14, 1994 CARTER HAWLEY HALE STORES, INC. (Exact name of registrant as specified in its charter) DELAWARE 1-8765 94-0457907 (State or other jurisdiction of (Commission (I.R.S. employer incorporation or organization) file number) identification no.) 3880 NORTH MISSION ROAD LOS ANGELES, CALIFORNIA 90031 (Address of principal executive offices, including zip code) 213-227-2000 (Registrant's telephone number, including area code) 2 ITEM 5. OTHER EVENTS Carter Hawley Hale Stores, Inc. today reported results for its fiscal year and fourth quarter ended January 29, 1994. For fiscal year 1993, the 52 weeks ended January 29, 1994, Carter Hawley Hale reported earnings of $33.9 million before interest, taxes and non-recurring costs. Non-recurring charges were $45.0 million. This compares to EBIT of $70.9 million in fiscal 1992. For the year, the Company reported a net loss of $95.9 million, or $2.30 per share, compared to net earnings in the prior year of $1.2 billion. The results for 1992 included non-recurring and non-cash benefits of reorganization income totalling $884.1 million, an extraordinary gain of $304.4 million on the discharge of debt, and $18.8 million from the cumulative effect of a change in accounting for income taxes. Net sales for the year were $2.09 billion, compared to $2.14 billion in the prior year. For the fourth quarter, the Company reported EBIT of $30.0 million before non-recurring costs of $20.0 million, versus EBIT of $66.9 million in the fourth quarter of the prior year. For the quarter, the Company reported a net loss of $18.0 million, or $.38 per share, compared to net earnings of $27.8 million, or $.79 per share, in the fourth quarter of 1992. Sales for the fourth quarter of fiscal 1993 were $705.6 million, compared with $732.5 million in the prior year. 3 CARTER HAWLEY HALE STORES, INC. CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
THIRTEEN WEEKS ENDED FIFTY-TWO WEEKS ENDED --------------------------- --------------------------- JANUARY 29, JANUARY 30, JANUARY 29, JANUARY 30, 1994 1993 1994 1993 ----------- ----------- ----------- ----------- (IN THOUSANDS) Sales....................................... $705,578 $732,526 $2,092,681 $2,137,847 Finance charge revenue...................... 21,450 20,734 81,438 82,642 Cost of goods sold, including occupancy and buying costs.............................. 539,244 522,395 1,589,077 1,587,979 Selling, general and administrative expenses.................................. 157,827 163,947 551,098 561,610 -------- -------- ---------- ---------- Earnings from operations before non-recurring costs, interest expense, and reorganization income..................... 29,957 66,918 33,944 70,900 Charge for non-recurring costs.............. 20,000 45,000 -------- -------- ---------- ---------- Earnings (loss) from operations before interest expense and reorganization income.................................... 9,957 66,918 (11,056) 70,900 Interest expense, net....................... 21,063 22,496 84,864 89,808 -------- -------- ---------- ---------- Earnings (loss) from operations before reorganization income..................... (11,106) 44,422 (95,920) (18,908) Reorganization income....................... 884,131 -------- -------- ---------- ---------- Pretax earnings (loss)...................... (11,106) 44,422 (95,920) 865,223 Income tax expense.......................... (6,900) (16,600) 0 (9,800) -------- -------- ---------- ---------- Earnings (loss) before extraordinary items and cumulative effect of change in accounting................................ (18,006) 27,822 (95,920) 855,423 Extraordinary gain on debt discharge........ 304,388 Cumulative effect of change in accounting for income taxes.......................... 18,832 -------- -------- ---------- ---------- Net earnings (loss)......................... $(18,006) $ 27,822 $ (95,920) $1,178,643 -------- -------- ---------- ---------- -------- -------- ---------- ---------- Earnings (loss) per common share............ $ (0.38) $ 0.79 $ (2.30) $ * -------- -------- ---------- ---------- -------- -------- ---------- ---------- Weighted average number of common shares outstanding during the period............. 46,791 35,118 41,671 * -------- -------- ---------- ---------- -------- -------- ---------- ----------
- --------------- * Per share data omitted as amount does not reflect the current capital structure. A 4 CARTER HAWLEY HALE STORES, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED) ASSETS
JANUARY 29, JANUARY 30, 1994 1993 ----------- ----------- (IN THOUSANDS) Current assets Cash............................................................... $ 18,192 $ 18,617 Accounts receivable, net........................................... 627,374 579,794 Merchandise inventories............................................ 427,631 467,709 Other current assets............................................... 9,799 12,913 ---------- ---------- 1,082,996 1,079,033 Property and equipment, net.......................................... 810,608 788,129 Other assets......................................................... 40,543 45,740 ---------- ---------- $1,934,147 $1,912,902 ---------- ---------- ---------- ---------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Notes payable...................................................... $ $ 52,315 Current installments............................................... 3,459 7,070 Accounts payable................................................... 151,687 172,159 Accrued expenses................................................... 186,837 142,973 Current income taxes............................................... 1,203 3,038 ---------- ---------- 343,186 377,555 Receivables based financing.......................................... 332,182 467,577 Other long-term debt................................................. 517,287 515,658 Convertible subordinated notes....................................... 143,750 Capital lease obligations............................................ 44,667 47,558 Other liabilities.................................................... 124,508 117,343 Deferred income taxes................................................ 14,850 12,450 Shareholders' Equity Preferred stock, $.01 par value.................................... 11 11 Common Stock, $.01 par value....................................... 467 352 Other paid-in capital.............................................. 500,784 351,678 Accumulated earnings (deficit)..................................... (87,545) 22,720 ---------- ---------- 413,717 374,761 ---------- ---------- $1,934,147 $1,912,902 ---------- ---------- ---------- ----------
B 5 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 thereunto duly authorized. Carter Hawley Hale Stores, Inc. /s/ Marc E. Bercoon --------------------------------------- Marc E. Bercoon, Senior Vice President, General Counsel and Corporate Secretary March 14, 1994 -----END PRIVACY-ENHANCED MESSAGE-----