-----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, N6k6DOgF4meAHSpusbwZaY5t9B8VEljGQB6NIXq1PwobHiHSuPFhp0H20fpcRjYq cNtM6luUmJkXSwNmYGYCTg== 0000891092-03-003394.txt : 20031118 0000891092-03-003394.hdr.sgml : 20031118 20031118160629 ACCESSION NUMBER: 0000891092-03-003394 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031118 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GYMBOREE CORP CENTRAL INDEX KEY: 0000786110 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 942615258 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21250 FILM NUMBER: 031010673 BUSINESS ADDRESS: STREET 1: 700 AIRPORT BLVD STE 200 CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 4155790600 MAIL ADDRESS: STREET 1: 700 AIRPORT BLVD STE 200 CITY: BURLINGAME STATE: CA ZIP: 94010 8-K 1 e16270_8k.txt FORM 8-K ================================================================================ 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) November 18, 2003 The Gymboree Corporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 000-21250 942615258 - ---------------------------- ---------------- ------------------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 700 Airport Boulevard, Suite 200, Burlingame, CA 94010-1912 - ------------------------------------------------ ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (650) 579-0600 ________________________________________________________________________________ (Former name or former address if changed since last report) ================================================================================ Item 7. Financial Statements, ProForma Financial Statements and Exhibits (c) Exhibits 99.1 Earnings Release of The Gymboree Corporation issued November 18, 2003. Item 9. Regulation FD Disclosure* On November 18, 2003, The Gymboree Corporation issued a press release announcing its third quarter earnings for the fiscal quarter ended November 1, 2003. A copy of the press release is attached hereto as Exhibit 99.1. Item 12. Results of Operations and Financial Condition* On November 18, 2003, The Gymboree Corporation issued a press release announcing its third quarter earnings for the fiscal quarter ended November 1, 2003. A copy of the press release is attached hereto as Exhibit 99.1. * The information furnished under Item 9 and Item 12 of this Current Report on Form 8-K, including the exhibit attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing. 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. (Registrant) Date: 11/18/03 By: /s/ Myles B. McCormick ----------------------- Myles B. McCormick Chief Financial Officer 2 EXHIBIT INDEX Exhibit No. Subject Matter 99.1 Press release dated November 18, 2003 3 EX-99.1 3 e16270ex99_1.txt PRESS RELEASE Exhibit 99.1 The Gymboree Corporation Reports Third Quarter 2003 Results BURLINGAME, Calif., Nov. 18 /PRNewswire-FirstCall/ -- The Gymboree Corporation (Nasdaq: GYMB) today reported earnings of $0.27 per diluted share for the third fiscal quarter ended November 1, 2003 compared to earnings of $0.21 per diluted share for the same period last year. Net sales from retail operations for the third fiscal quarter ended November 1, 2003 totaled $148.1 million, a 2% increase over the $144.5 million in net sales from retail operations reported for the third fiscal quarter ended November 2, 2002. Comparable store sales for the quarter decreased 3% over the same period last year, making the 2003 year-to-date comparable store sales flat to last year. Total net sales for the third fiscal quarter, including sales from Gymboree Play & Music operations, were $151.0 million, an increase of 2% compared to total net sales of $147.9 million for the third fiscal quarter last year. "Our strategy of maximizing opportunities for the Gymboree brand and prudently growing the Janie and Jack business continues to drive the company's productivity and profitability," said Lisa Harper, The Gymboree Corporation's chairman and chief executive officer. "These efforts enabled us to grow our earnings by 32 percent for the quarter." Business Outlook For November, comparable store sales for retail operations are expected to be flat compared to the prior year. For the fourth fiscal quarter in total, the Company expects comparable store sales to be flat to the prior year. The Company also reaffirmed its fourth fiscal quarter guidance of earnings per diluted share to be in the range of $0.39 to $0.41. For the full fiscal year 2003, the Company now expects earnings per diluted share to be in the range of $0.86 to $0.88. Management Presentation A live broadcast of the discussion of third quarter 2003 earnings results will be available to interested parties at 1:30 p.m. PST (4:30 p.m. EST) on Tuesday, November 18. To listen to the live broadcast over the Internet, please log on to gymboree.com, click on "Our Company" at the bottom of the page, go to "Investor and Media Relations" and then "Conference Calls & Web casts." A replay of the call will be available shortly after the broadcast through midnight EST, November 24, 2003, at 703-925-2533, pass code 6414309, as well as archived on our Web site at the same location as the live Web cast. About The Gymboree Corporation The Gymboree Corporation's specialty retail brands offer unique, high- quality products delivered with personalized customer service. As of November 1, 2003, the Company operated a total of 612 stores: 587 Gymboree(R) retail stores (536 in the United States, 27 in Canada, and 24 in Europe) and 25 Janie and Jack(TM) retail shops in the United States. The Company also operates online stores at gymboree.com and janieandjack.com, and offers directed parent-child developmental play programs at 533 franchised and company- operated centers in the United States and 25 other countries. Forward-Looking Statements The foregoing earnings figures the third fiscal quarter 2003 and third fiscal quarter 2002 are un-audited and subject to quarter-end and year- end adjustment, and could differ materially from those indicated. The foregoing paragraphs contain forward-looking statements relating to The Gymboree Corporation's anticipated sales growth and future financial performance. These are forward looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results could differ materially as a result of a number of factors, including customer reactions to new merchandise and service levels, success in meeting our delivery targets, the level of our promotional activity, our gross margin achievement, our ability to appropriately manage inventory, general economic conditions, and competitive market conditions. Other factors that may cause actual results to differ materially include those set forth in the reports that we file from time to time with the Securities and Exchange Commission. THE GYMBOREE CORPORATION CONDENSED CONSOLIDATED INCOME STATEMENTS (In thousands, except per share and store data) (Unaudited) 13 Weeks Ended 39 Weeks Ended Nov. 1, Nov. 2, Nov. 1, Nov. 2, 2003 2002 2003 2002 Net sales: Retail $148,148 $144,539 * $394,586 $379,229 * Play & music 2,894 3,338 * 9,001 10,497 * Total net sales 151,042 147,877 403,587 389,726 Cost of goods sold, including buying & occupancy expenses (88,708) (87,024)* (241,197) (230,438)* Gross profit 62,334 60,853 162,390 159,288 Selling, general and administrative expenses (48,992) (49,990)* (139,424) (140,612)* Operating income 13,342 10,863 22,966 18,676 Foreign exchange gains (losses) (31) (96) 183 385 Interest income (expense), net 101 (526) 266 (878) Income before income taxes 13,412 10,241 23,415 18,183 Income tax expense (5,097) (3,943) (8,898) (7,000) Net income $8,315 $6,298 $14,517 $11,183 Net income per share: Basic $0.28 $0.22 $0.49 $0.39 Diluted $0.27 $0.21 $0.47 $0.37 Weighted average shares outstanding: Basic 29,687 29,050 29,518 28,930 Diluted 30,837 30,702 30,764 30,583 Number of stores at end of period 612 585 612 585 * Prior year amounts were reclassified to conform to the 2003 presentation. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) November 1, February 1, November 2, 2003 2003 2002 Current Assets Cash and cash equivalents $56,463 $60,628 $38,197 Accounts receivable 8,089 7,506 4,979 Merchandise inventories 81,832 62,561 71,148 Prepaid expenses and deferred taxes 11,736 10,764 10,310 Total current assets 158,120 141,459 124,634 Property and Equipment, net 110,748 106,464 106,829 Lease Rights, Deferred Taxes and Other Assets 6,808 7,213 4,553 Total Assets $275,676 $255,136 $236,016 Current Liabilities Accounts payable $35,185 $27,150 $26,126 Accrued liabilities 31,337 37,570 31,942 Total current liabilities 66,522 64,720 58,068 Long Term Liabilities Deferred rent and other liabilities 21,153 20,998 21,318 Stockholders' Equity 188,001 169,418 156,630 Total Liabilities and Stockholders' Equity $275,676 $255,136 $236,016 SOURCE The Gymboree Corporation -0- 11/18/2003 /CONTACT: Myles McCormick, Investor Relations, +1-650-696-2933, or investor_relations@gymboree.com, or Jenn Bonzagni Marshall, Media Relations, +1-650-373-7637, or media_relations@gymboree.com, both of Gymboree Corporation/ /Web site: http://www.gymboree.com / (GYMB) -----END PRIVACY-ENHANCED MESSAGE-----