-----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, P3R0GeS+D0Bhqz9B9qlMTAfuI+44BAsMc/G5GJDlDb4rQYtTF7F4JY0LPFdpNKmY Rbx7dG4gDKgM5qxceCXCeg== 0000892569-03-002536.txt : 20031110 0000892569-03-002536.hdr.sgml : 20031110 20031110163030 ACCESSION NUMBER: 0000892569-03-002536 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031110 ITEM INFORMATION: FILED AS OF DATE: 20031110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC SUNWEAR OF CALIFORNIA INC CENTRAL INDEX KEY: 0000874841 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 953759463 STATE OF INCORPORATION: CA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21296 FILM NUMBER: 03988688 BUSINESS ADDRESS: STREET 1: 3450 EAST MIRALOMA AVENUE CITY: ANAHEIM STATE: CA ZIP: 92806 BUSINESS PHONE: 714-414-4000 MAIL ADDRESS: STREET 1: 3450 EAST MIRALOMA AVENUE CITY: ANAHEIM STATE: CA ZIP: 92806 8-K 1 a94451e8vk.htm FORM 8-K DATED NOVEMBER 10, 2003 Pacific Sunwear of California Inc
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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 10, 2003

Pacific Sunwear of California, Inc.

(Exact Name of Registrant as Specified in Charter)
         
California   0-21296   95-3759463
 
 
(State or Other
Jurisdiction of
Incorporation)		   (Commission
File Number)		   (IRS Employer
Identification
Number)

3450 East Miraloma Avenue, Anaheim, CA 92806-2101

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code:

(714) 414-4000

ITEM 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
Exhibit 99.1 Press Release Dated November 10, 2003
EXHIBIT 99.1

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ITEM 12. Results of Operations and Financial Condition

     The following information is furnished pursuant to Item 12, “Results of Operations and Financial Condition.” On November 10, 2003, Pacific Sunwear of California, Inc. announced results for its third quarter ended November 1, 2003. The full text of the press release is furnished as Exhibit 99.1 to this report.

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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.
     
  Pacific Sunwear of California, Inc.
 
 
Date: November 10, 2003 By:  /s/ CARL W. WOMACK
 
  Name: Carl W. Womack
  Title: Senior Vice President, Chief Financial Officer and Secretary

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EXHIBIT INDEX

     Exhibit 99.1        Press Release Dated November 10, 2003. EX-99.1 3 a94451exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO] CONTACT: Carl Womack, Chief Financial Officer (714) 414-4003 FOR IMMEDIATE RELEASE - --------------------- PACIFIC SUNWEAR REPORTS THIRD QUARTER NET INCOME INCREASES 54%, EXCEEDS CONSENSUS EPS ESTIMATES BY $.02, YEAR TO DATE NET INCOME UP 73% ANAHEIM, CA/NOVEMBER 10, 2003 --- Pacific Sunwear of California, Inc. (NASDAQ:PSUN) reported today that net income for the third quarter of fiscal 2003 was $24.5 million, or $.32 per share, basic, and $.31 per share, diluted, an increase of 54% over net income of $15.9 million, or $.22 per share, basic, and $.21 per share, diluted, for the third quarter of fiscal 2002. Sales for the third quarter of fiscal 2003 were $281.3 million, an increase of 23.3% over sales of $228.2 million for the third quarter of fiscal 2002. Company same-store sales increased 13.8% for the third quarter of fiscal 2003 with PacSun same-store sales up 13.2% and d.e.m.o. same-store sales up 19.9%. "I am very proud of the Company's successes during the first nine months of fiscal 2003. We have made great strides in all product areas and expect to have significant improvement in sales per square foot and operating margin in 2003. For the fourth quarter of fiscal 2003, the Company is comfortable with the mean consensus earnings per share estimate of analysts of $.37, and is based on our assumption of a 5-6% same store sales increase for the quarter. We enter Holiday 2003 feeling very good about our assortments. For fiscal 2004, our guidance is for 20% earnings growth over fiscal 2003. In 2003, d.e.m.o. has become a strong second concept that in no way erodes our core business. We remain very much on track to grow to 1,400 stores by the end of 2007, which will incorporate 1,000 PacSun stores and 400 d.e.m.o. stores", stated Greg Weaver, Chairman and Chief Executive Officer. Net income for the first nine months of fiscal 2003 was $45.9 million, or $.60 per share, basic, and $.59 per share, diluted, an increase of 73% over net income of $26.5 million, or $.36 per share, basic, and $.35 per share, diluted, for the first nine months of fiscal 2002. Sales for the first nine months of fiscal 2003 were $714.0 million, an increase of 22.9% over sales of $580.8 million for the first nine months of fiscal 2002. Company same-store sales increased 13.7% for the first nine months of fiscal 2003 with PacSun same-store sales up 12.4% and d.e.m.o. same-store sales up 25.5%. Pacific Sunwear is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. As of November 1, 2003, the Company operated 664 PacSun stores, 78 PacSun outlet stores and 121 d.e.m.o. stores, for a total of 863 stores in 50 states and Puerto Rico. PacSun's website address is www.pacsun.com. The comments in this press release with respect to our assortment for the upcoming holidays, fourth quarter sales and earnings estimates, fiscal 2004 earnings growth of 20%, the potential for 1,400 stores by fiscal 2007 are forward-looking statements and involve risks and uncertainties, including changes in consumer demands and preferences, competition from other retailers and uncertainties generally associated with apparel retailing. The historical results achieved are not necessarily indicative of future prospects of the Company. More information on factors that could affect the Company's financial results is included in the Company's Report on Form 10-K for the year ended February 1, 2003 and subsequent periodic reports filed with the Securities and Exchange Commission. - MORE - 3450 East Miraloma Avenue * Anaheim, CA 92806 * (714)414-4000 PACIFIC SUNWEAR OF CALIFORNIA, INC. SUMMARY STATEMENT OF INCOME (UNAUDITED) (IN $ THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
THIRD QUARTER ENDED NINE MONTHS ENDED ------------------------------- ------------------------------- NOV. 1, 2003 NOV. 2, 2002 NOV. 1, 2003 NOV. 2, 2002 ------------ ------------ ------------ ------------ Net sales $ 281,253 $ 228,239 $ 713,976 $ 580,803 Gross margin 100,617 78,915 244,305 188,687 Selling, G&A expense 61,358 52,959 170,499 145,126 ------------ ------------ ------------ ------------ Operating income 39,259 25,956 73,806 43,561 Interest income (expense) 213 (140) 342 (593) ------------ ------------ ------------ ------------ Income before taxes 39,472 25,816 74,148 42,968 Income tax expense 14,963 9,914 28,281 16,500 ------------ ------------ ------------ ------------ Net income $ 24,509 $ 15,902 $ 45,867 $ 26,468 Net income per share, basic * $ 0.32 $ 0.22 $ 0.60 $ 0.36 Net income per share, diluted * $ 0.31 $ 0.21 $ 0.59 $ 0.35 Weighted average shares outstanding, basic * 77,685,516 73,955,606 76,031,944 73,879,124 Weighted averaged shares outstanding, diluted * 79,876,426 74,923,747 78,322,218 74,947,662
* Prior year shares outstanding and earnings per share have been adjusted for the three-for-two stock splits effected December 18, 2002, and August 25, 2003. 3450 East Miraloma Avenue * Anaheim, CA 92806 * (714)414-4000 BALANCE SHEET HIGHLIGHTS (UNAUDITED) (IN $ THOUSANDS)
NOV. 1, 2003 FEB. 1, 2003 NOV. 2, 2002 ------------ ------------ ------------ ASSETS Current assets: Cash & cash equivalents $ 83,495 $ 36,438 $ -- Short-term investments 10,410 -- -- Inventories 169,184 123,433 150,027 Other current assets 25,395 22,762 21,043 -------- -------- -------- Total current assets 288,484 182,633 171,070 Property and equipment, net 203,763 201,513 197,128 Other long-term assets 16,802 15,597 16,560 -------- -------- -------- Total assets $509,049 $399,743 $384,758 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Line of credit -- -- 9,000 Accounts payable and accrued expenses 78,842 62,978 68,170 Income taxes payable 7,450 8,000 10,189 Current portion of long-term debt and capital leases 1,952 2,350 1,625 -------- -------- -------- Total current liabilities 88,244 73,328 88,984 Long-term portion of debt and capital leases 1,935 3,338 1,472 Other long-term liabilities 29,084 20,686 17,285 -------- -------- -------- Total liabilities 119,263 97,352 107,741 Total shareholder's equity 389,786 302,391 277,017 -------- -------- -------- Total liabilities and shareholders' equity $509,049 $399,743 $384,758
3450 East Miraloma Avenue * Anaheim, CA 92806 * (714)414-4000 PACIFIC SUNWEAR OF CALIFORNIA, INC. CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED) (IN $ THOUSANDS)
FOR THE NINE MONTHS ENDED ---------------------------- NOV. 1, 2003 NOV. 2, 2002 ------------ ------------ Cash flows from operating activities: Net income $ 45,867 $ 26,468 Depreciation & amortization 26,939 24,903 Loss on disposal of property and equipment 1,492 3,125 Changes in operating assets and liabilities: Inventories (45,751) (47,515) Accounts payable and accrued expenses 15,864 12,934 Income taxes and deferred income taxes 13,899 1,447 Other assets and liabilities 4,560 923 -------- -------- Net cash provided by operating activities 62,870 22,285 Cash flows from investing activities: Short-term investment purchases (10,410) -- Capital expenditures (30,681) (30,127) -------- -------- Net cash used in investing activities (41,091) (30,127) Cash flows from financing activities: Proceeds from exercise of stock options 27,111 1,609 Repayments under long-term debt and capital leases (1,800) (25,903) Cancellation of fractional shares due to 3-for-2 stock split (33) -- Net borrowings under credit facility -- 9,000 -------- -------- Net cash provided by/(used in) financing activities 25,278 (15,294) -------- -------- Net increase/(decrease) in cash and cash equivalents 47,057 (23,136) Cash and cash equivalents, beginning of period 36,438 23,136 -------- -------- Cash and cash equivalents, end of period $ 83,495 $ --
PACIFIC SUNWEAR OF CALIFORNIA, INC. SELECTED STORE OPERATING DATA
NOV. 1, 2003 NOV. 2, 2002 ------------ ------------ Stores open at beginning of fiscal year 791 718 Stores opened during first nine months 75 78 Stores closed during first nine months (3) (9) ------ ------ Stores open at end of third quarter 863 787 Other operating data: PacSun stores 664 607 Outlet stores 78 71 d.e.m.o. stores 121 109 Total square footage at end of period (in thousands) 2,937 2,626
3450 East Miraloma Avenue * Anaheim, CA 92806 * (714)414-4000 -----END PRIVACY-ENHANCED MESSAGE-----