-----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, BeUtyDh2UyoR4GBvVWznC0yxmQfs8Tmf+AFSdvQfRnOCP6Fg++fKbYWaOeSeUtBM 9VzpIW/FIIQWbxcqXZHl9g== 0000085149-95-000022.txt : 199507070000085149-95-000022.hdr.sgml : 19950707 ACCESSION NUMBER: 0000085149-95-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950603 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19950706 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROSES STORES INC CENTRAL INDEX KEY: 0000085149 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 560382475 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00631 FILM NUMBER: 95552332 BUSINESS ADDRESS: STREET 1: PO DRAWER 947 STREET 2: 218 S GARNETT ST CITY: HENDERSON STATE: NC ZIP: 27536 BUSINESS PHONE: 9194302600 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 3, 1995 ROSE'S STORES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 0-631 56-0382475 (Commission File Number) (IRS Employer Identification No.) 218 S. Garnett Street Henderson, North Carolina 27536 (Address of principal executive offices) (Zip Code) (919) 430-2600 (Registrant's telephone number, including area code) Item 5: OTHER EVENTS Beginning July 7, 1995, the Company will distribute to its banks and other lenders, principal trade vendors and factors, the monthly and year-to-date financial results and other financial data for the period ended June 3, 1995 (fiscal May), together with projected financial information for similar periods as contained in the Company's plan for the year ending January 27, 1996 (the "Plan"). Such financial results are attached hereto as Exhibit 20, and are incorporated by reference herein. Such financial monthly results and other financial data and information concerning the Plan are being reported publicly solely because they are being distributed to a large number of the Company's principal trade vendors, banks, and other lenders and factors to facilitate their credit analyses. These results should not be relied upon for any other purpose and should be read in conjunc- tion with the Company's Form 10-K for fiscal 1994 and Form 10-Q for the first quarter of 1995. Although the Company is publicly reporting its monthly results during fiscal 1995, the Company does not believe it is obligated to provide such information indefinitely and may cease making such disclosures and updates at any time. Moreover, the Company does not believe that it is obligated to update monthly results to reflect subsequent events or developments. For information concerning the Plan, including the limitations thereof and certain assumptions made in its formulation, reference is made to the Company's Current Report on Form 8-K, dated June 8, 1995. Item 7: PROJECTIONS, FINANCIAL STATEMENTS Exhibit: 20 Unaudited financial results for the five weeks and 18 weeks ended June 3, 1995 (fiscal May) 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. ROSE'S STORES, INC. Date: July 6, 1995 By:/s/ Jeanette R. Peters Jeanette R. Peters Senior Vice President Chief Financial Officer Exhibit 20 Page 1 of 4 ROSE'S STORES, INC. MAY INCOME STATEMENTS (Amounts in 000's)
1995 1995 | 1994 MAY MAY | MAY ACTUAL PLAN | ACTUAL | | Gross Sales 67,905 66,711 | 67,437 Less: Lease department sales 2,310 2,373 | 2,406 Net Sales 65,595 64,338 | 65,031 | FIFO Gross Margin 15,890 16,444 | 16,181 % to Sales 24.22% 25.56% | 24.88% | Leased Department Income 475 466 | 392 SG&A 15,364 15,455 | 15,018 ________________________________________________________________________________|____________ EBITDA - PRE-LIFO 1,001 1,455 | 1,555 ________________________________________________________________________________|____________ Depreciation & Amortization (265) (256) | 795 Interest Expense 604 480 | 643 LIFO Expense (Benefit) 50 100 | 82 Reorganization Costs - - | 1,677 Non-cash Income Tax Expense (Benefit) 233 430 | - ________________________________________________________________________________|____________ NET INCOME (LOSS) 379 701 | (1,642) ________________________________________________________________________________|____________ Note (1): The 1995 actual and planned results are for 106 stores. 1994 actual results are for 113 stores. Note (2): Beginning in May, 1995, the income statements reflect the application of Fresh Start accounting as described in the Company's quarterly report on Form 10-Q, dated April 29, 1995, and are therefore not comparable to the periods prior to May, 1995. The Fresh Start accounting reduces depreciation and amortization expense by approximately $960 a period. Note (3): The Company believes that it is critical to be in stock on advertised merchandise and has significantly improved its in stock position. This has resulted in higher promotional sales; however, this has also resulted in higher promotional markdowns with a corresponding decrease in gross margin.
Exhibit 20 Page 2 of 4 ROSE'S STORES, INC. MAY YTD INCOME STATEMENTS (Amounts in 000's)
1995 1995 | 1994 MAY MAY | MAY YTD YTD | YTD ACTUAL PLAN | ACTUAL | | Gross Sales 227,312 226,118 | 242,020 Less: Lease department sales 7,427 7,490 | 7,920 Net Sales 219,885 218,628 | 234,100 | FIFO Gross Margin 52,978 53,532 | 58,726 % to Sales 24.09% 24.49% | 25.09% | Leased Department Income 1,589 1,580 | 1,692 SG&A 50,850 50,941 | 55,199 ________________________________________________________________________________|____________ EBITDA - PRE-LIFO 3,717 4,171 | 5,219 ________________________________________________________________________________|____________ Depreciation & Amortization 1,547 1,556 | 3,270 Interest Expense 1,330 1,206 | 2,427 LIFO Expense (Benefit) (314) (264) | 254 Reorganization Costs 3,847 3,847 | 60,458 Non-cash Income Tax Expense (Benefit) 233 430 | - ________________________________________________________________________________|____________ NET INCOME (LOSS) (2,926) (2,604) | (61,190) ________________________________________________________________________________|____________ Note (1): The 1995 actual and planned results are for 106 stores. 1994 actual results are for 113 stores. Note (2): Reorganization Costs for 1994 included a $55,000 provision to close 59 stores in the second quarter of 1994. Note (3): Beginning in May 1995, the income statements reflect the application of Fresh Start accounting as described in the Company's quarterly report on Form 10-Q, dated April 29, 1995, and are therefore not comparable to the periods prior to May, 1995. The Fresh Start accounting reduces depreciation and amortization expense by approximately $960 a period.
Exhibit 20 Page 3 of 4 ROSE'S STORES, INC. BALANCE SHEETS (Amounts in 000's)
1995 1995 | 1994 MAY MAY | MAY ACTUAL PLAN | ACTUAL | ASSETS | CASH 639 700 | 2,311 INVENTORIES 186,209 178,765 | 211,913 OTHER CURRENT ASSETS 18,330 17,210 | 27,533 _______ _______ | ______ TOTAL CURRENT ASSETS 205,178 196,675 | 241,757 | NET PROPERTY 273 772 | 40,002 | LONG TERM ASSETS - - | 7,048 | TOTAL ASSETS 205,451 197,447 | 288,807 ======= ======= | ======= | LIABILITIES & EQUITY | ACCOUNTS PAYABLE 29,750 29,379 | 27,731 SHORT-TERM DEBT 67,639 65,143 | 12,350 OTHER CURRENT LIABILITIES 33,657 27,994 | 72,135 _______ _______ | _______ TOTAL CURRENT LIABILITIES 131,046 122,516 | 112,216 | PRE-PETITION CLAIMS - - | 212,587 EXCESS OF ASSETS OVER VALUE 31,755 31,755 | - OTHER LIABILITIES 5,614 5,631 | 7,302 DEFERRED INCOME 1,424 1,414 | 1,797 STOCKHOLDERS' EQUITY (DEFICIT) 35,612 36,131 | (45,095) | TOTAL DEBT & EQUITY 205,451 197,447 | 288,807 ======= ======= | ======= Note (1): The 1995 actual and planned inventories are for 113 stores, including 7 that will be closed during the second quarter of 1995. The 1994 inventories are for 172 stores, including 59 stores that were closed in the second quarter of 1994. Note (2): The 1995 balance sheets reflect the application of Fresh Start accounting as described in the Company's quarterly report on Form 10-Q, dated April 29, 1995, and are therefore not comparable to the prior year.
Exhibit 20 Page 4 of 4 ROSE'S STORES, INC. MAY YTD CHANGES IN CASH (Amounts in 000's)
1995 1995 | 1994 MAY MAY | MAY YTD YTD | YTD ACTUAL PLAN | ACTUAL | | Net earnings (loss) (2,926) (2,604) | (61,190) Closed store provision - - | 55,000 Non-cash income tax expense (benefit) 233 430 | - Other 1,232 1,229 | 3,214 _______ _______ | _______ CASH PROVIDED (USED) BY OPERATIONS | BEFORE ASSET & LIABILITY CHANGES (1,461) (945) | (2,976) | (Inc.) dec. in Inventories (41,210) (33,314) | (9,017) Inc. (dec.) in Accounts Payable 6,242 6,098 | (12,570) All other (7,936) (6,688) | 10,850 _______ _______ | _______ CASH PROVIDED (USED) BY OPERATIONS (44,365) (34,849) | (13,713) | INVESTING ACTIVITIES (779) (1,187) | 271 | FINANCING ACTIVITIES | Proceeds (payments) of pre-petition claims (28,891) (33,016) | (7,750) Proceeds (payments) of short-term debt 67,039 64,543 | 12,350 Capital lease payments (332) (393) | (801) Other 6,617 4,252 | (1) _______ _______ | _______ CASH PROVIDED (USED) BY FINANCING 44,433 35,386 | 3,798 | (DECREASE) INCREASE IN CASH (711) (650) | (9,644) ======== ======== | ======== Note (1): The 1995 actual and planned net losses are for 106 stores. The 1994 actual net loss is for 113 stores. Note (2): Beginning in May, 1995, the cash flows reflect the application of Fresh Start accounting as described in the Company's quarterly report on Form 10-Q dated April 29, 1995, and are therefore not comparable to the periods prior to May, 1995.
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