-----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, AfedZs1vdEqk2k0f1B1lNsTKvlS15Ca4CefA+GGrjshLrY+deenNCyzNITaRgtve UBGmJwvsOqh+zlYmyuoBZQ== 0000950144-96-009021.txt : 19961213 0000950144-96-009021.hdr.sgml : 19961213 ACCESSION NUMBER: 0000950144-96-009021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961203 ITEM INFORMATION: Change in fiscal year FILED AS OF DATE: 19961212 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHICOS FAS INC CENTRAL INDEX KEY: 0000897429 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-WOMEN'S CLOTHING STORES [5621] IRS NUMBER: 592389435 STATE OF INCORPORATION: FL FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21258 FILM NUMBER: 96679489 BUSINESS ADDRESS: STREET 1: 11215 METRO PARKWAY CITY: FT MYERS STATE: FL ZIP: 33912-1206 BUSINESS PHONE: 8134335505 MAIL ADDRESS: STREET 1: 11215 METRO PKY CITY: FT MYERS STATE: FL ZIP: 33912-1206 8-K 1 CHICO'S FAS, INC. 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 (Date of earliest event reported) December 3, 1996 ------------------------------ CHICO'S FAS, INC. (Exact name of registrant as specified in its charter) FLORIDA 0-21258 59-2389435 - ---------------------------- --------------------- ------------------- (State or other Jurisdiction (Commission File No.) (I.R.S. Employer of Incorporation) Identification No.) 11215 Metro Parkway, Fort Myers, Florida 33912 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (941) 277-6200 -------------- - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 2 - -------------------------------------------------------------------------------- ITEM 8. CHANGE IN FISCAL YEAR. The purpose of this Current Report on Form 8-K is to disclose that the Board of Directors of Chico's FAS, Inc., a corporation organized under the laws of the state of Florida, (the "Company") determined on December 3, 1996 to change the Company's fiscal year end from a 52-53 week year ending on the Sunday closest to December 31, as used in the Company's most recent report on Form 10-K, to a 52-53 week year ending on the Saturday closest to January 31, effective with the period ended January 28, 1996. In accordance with Rule 13a-10(d) under the Securities Exchange Act of 1934, as amended, because the transition period (January 1, 1996 through January 28, 1996) covers a period of one month or less and the first report required to be filed by the Company for its newly adopted fiscal year after the date of the Company's determination to change the fiscal year end is an annual report on Form 10-K (for the fiscal year January 29, 1996 through February 1, 1997), the Company will not be filing a separate transition report for the transition period, but instead will include a report on the January 1, 1996 through January 28, 1996 transition period in and as part of the Company's Annual Report on Form 10-K for the fiscal year ending February 1, 1997. Unaudited quarterly and year-end condensed statements of income for the most recent eleven quarters, restated as if the above-described change in fiscal year had been effective during such entire period are presented as follows:
Fiscal year ended January 28, 1996 and January 29, 1995: Page ---- Quarters ended 4/30/95 and 5/01/94 3 Quarters ended 7/30/95 and 7/31/94 4 Quarters ended 10/29/95 and 10/30/94 5 Quarters ended 1/28/96 and 1/29/95 6 Fiscal year ending February 1, 1997: Quarter ended 4/28/96 7 Quarter ended 7/28/96 8 Quarter ended 10/27/96 9
3 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 3 - -------------------------------------------------------------------------------- Condensed Statements of Income (Unaudited)
Thirteen Weeks Ended 4/30/95 5/1/94 ----------- ---------- Net Sales by Company Stores $15,456,222 $15,180,985 Net Sales to Franchisees 840,752 813,722 ----------- ----------- Net Sales 16,296,974 15,994,707 Cost of Goods Sold 7,497,201 5,472,071 ----------- ----------- Gross Profit 8,799,773 10,522,636 General, Administrative and Store Operating Expenses 7,609,123 7,024,553 ----------- ----------- Income from Operations 1,190,650 3,498,083 Interest Expense, net 151,752 13,078 ----------- ----------- Income Before Taxes 1,038,898 3,485,005 Provision for Income Taxes 418,000 1,379,000 ----------- ----------- Net Income $ 620,898 $ 2,106,005 =========== =========== Net income per common and common equivalent share $ 0.08 $ 0.26 =========== =========== Weighted average common and common equivalent shares outstanding 7,918,385 8,033,153 =========== ===========
4 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 4 - -------------------------------------------------------------------------------- Condensed Statements of Income (Unaudited)
Twenty-Six Weeks Ended Thirteen Weeks Ended 7/30/95 7/31/94 7/30/95 7/31/94 ----------- ----------- ----------- ----------- Net Sales by Company Stores $30,142,832 $29,028,355 $14,686,610 $13,847,370 Net Sales to Franchisees 1,590,963 1,972,555 750,211 1,158,833 ----------- ----------- ----------- ----------- Net Sales 31,733,795 31,000,910 15,436,821 15,006,203 Cost of Goods Sold 13,749,184 10,942,831 6,251,983 5,470,760 ----------- ----------- ----------- ----------- Gross Profit 17,984,611 20,058,079 9,184,838 9,535,443 General, Administrative and Store Operating Expenses 15,418,254 14,598,280 7,809,131 7,573,727 ----------- ----------- ----------- ----------- Income from Operations 2,566,357 5,459,799 1,375,707 1,961,716 Interest Expense (Income), net 295,920 10,859 144,168 (2,219) ----------- ----------- ----------- ----------- Income Before Taxes 2,270,437 5,448,940 1,231,539 1,963,935 Provision for Income Taxes 927,000 2,146,000 509,000 767,000 ----------- ----------- ----------- ----------- Net Income $ 1,343,437 $ 3,302,940 $ 722,539 $ 1,196,935 =========== =========== =========== =========== Net income per common and common equivalent share $ 0.17 $ 0.41 $ 0.09 $ 0.15 =========== =========== =========== =========== Weighted average common and common equivalent shares outstanding 7,898,472 8,053,104 7,885,642 8,067,753 =========== =========== =========== ===========
5 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 5 - -------------------------------------------------------------------------------- Condensed Statements of Income (Unaudited)
Thirty-Nine Weeks Ended Thirteen Weeks Ended 10/29/95 10/30/94 10/29/95 10/30/94 -------- -------- ------- -------- Net Sales by Company Stores $44,370,277 $42,874,790 $14,227,445 $13,846,435 Net Sales to Franchisees 2,176,118 3,106,332 585,155 1,133,777 ----------- ----------- ----------- ---------- Net Sales 46,546,395 45,981,122 14,812,600 14,980,212 Cost of Goods Sold 20,038,685 16,759,913 6,289,501 5,817,082 ----------- ----------- ----------- ----------- Gross Profit 26,507,710 29,221,209 8,523,099 9,163,130 General, Administrative and Store Operating Expenses 23,028,102 22,413,767 7,609,848 7,815,487 ----------- ----------- ----------- ---------- Income from Operations 3,479,608 6,807,442 913,251 1,347,643 Interest Expense, net 455,957 33,571 160,037 22,712 ----------- ----------- ----------- ---------- Income Before Taxes 3,023,651 6,773,871 753,214 1,324,931 Provision for Income Taxes 1,210,000 2,671,000 283,000 525,000 ----------- ----------- ----------- ---------- Net Income $ 1,813,651 $ 4,102,871 $ 470,214 $ 799,931 =========== =========== =========== =========== Net income per common and common equivalent share $ 0.23 $ 0.51 $ 0.06 $ 0.10 =========== =========== =========== =========== Weighted average common and common equivalent shares outstanding 7,888,986 8,033,031 7,862,020 7,959,869 =========== =========== =========== ===========
6 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 6 - -------------------------------------------------------------------------------- Condensed Statements of Income (Loss) (Unaudited)
Fifty-Two Weeks Ended Thirteen Weeks Ended 1/28/96 1/29/95 1/28/96 1/29/95 ------- ------- ------- ------- Net Sales by Company Stores $58,090,908 $55,559,863 $13,720,631 $12,685,073 Net Sales to Franchisees 2,672,345 3,693,492 496,227 587,160 ----------- ----------- ----------- ----------- Net Sales 60,763,253 59,253,355 14,216,858 13,272,233 Cost of Goods Sold 26,483,643 22,670,686 6,444,958 5,910,773 ----------- ----------- ----------- ----------- Gross Profit 34,279,610 36,582,669 7,771,900 7,361,460 General, Administrative and Store Operating Expenses 30,842,370 31,306,322 7,814,268 8,892,555 ----------- ----------- ----------- ----------- Income (loss) from Operations 3,437,240 5,276,347 (42,368) (1,531,095) Interest Expense, net 619,957 159,047 164,000 125,476 ----------- ----------- ----------- ----------- Income (loss) Before Taxes 2,817,283 5,117,300 (206,368) (1,656,571) Provision for (Benefit from) Income Taxes 1,141,000 2,095,000 (69,000) (576,000) ----------- ----------- ----------- ----------- Net Income (loss) $ 1,676,283 $ 3,022,300 $ (137,368) $(1,080,571) =========== =========== =========== =========== Net income (loss) per common and common equivalent share $ 0.21 $ 0.38 $ (0.02) $ (0.14) =========== =========== =========== =========== Weighted average common and common equivalent shares outstanding 7,872,787 8,002,869 7,826,534 7,924,442 =========== =========== =========== ===========
7 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 7 - -------------------------------------------------------------------------------- Condensed Statements of Income (Unaudited)
Thirteen Weeks Ended 4/28/96 4/30/95 ------- ------- Net Sales by Company Stores $17,022,227 $15,456,222 Net Sales to Franchisees 280,325 840,752 ----------- ----------- Net Sales 17,302,552 16,296,974 Cost of Goods Sold 7,439,905 7,497,201 ----------- ----------- Gross Profit 9,862,647 8,799,773 General, Administrative and Store Operating Expenses 7,956,100 7,609,123 ----------- ----------- Income from Operations 1,906,547 1,190,650 Interest Expense, net 106,179 151,752 ----------- ----------- Income Before Taxes 1,800,368 1,038,898 Provision for Income Taxes 720,000 418,000 ----------- ----------- Net Income $ 1,080,368 $ 620,898 =========== =========== Net income per common and common equivalent share $ 0.13 $ 0.08 =========== =========== Weighted average common and common equivalent shares outstanding 8,006,666 7,918,385 =========== ===========
8 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 8 - -------------------------------------------------------------------------------- Condensed Statements of Income (Unaudited)
Twenty-Six Weeks Ended Thirteen Weeks Ended 7/28/96 7/30/95 7/28/96 7/30/95 ------- ------- ------- ------- Net Sales by Company Stores $32,600,795 $30,142,832 $15,578,568 $14,686,610 Net Sales to Franchisees 775,046 1,590,963 494,721 750,211 ----------- ----------- ----------- ----------- Net Sales 33,375,841 31,733,795 16,073,289 15,436,821 Cost of Goods Sold 13,432,773 13,749,184 5,992,868 6,251,983 ----------- ----------- ----------- ----------- Gross Profit 19,943,068 17,984,611 10,080,421 9,184,838 General, Administrative and Store Operating Expenses 16,382,731 15,418,254 8,426,631 7,809,131 ----------- ----------- ----------- ----------- Income from Operations 3,560,337 2,566,357 1,653,790 1,375,707 Interest Expense, net 191,971 295,920 85,792 144,168 ----------- ----------- ----------- ----------- Income Before Taxes 3,368,366 2,270,437 1,567,998 1,231,539 Provision for Income Taxes 1,347,000 927,000 627,000 509,000 ----------- ----------- ----------- ----------- Net Income $ 2,021,366 $ 1,343,437 $ 940,998 $ 722,539 =========== =========== =========== =========== Net income per common and common equivalent share $ 0.25 $ 0.17 $ 0.11 $ 0.09 =========== =========== =========== =========== Weighted average common and common equivalent shares outstanding 8,074,692 7,898,472 8,245,624 7,885,642 =========== =========== =========== ===========
9 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 9 - -------------------------------------------------------------------------------- Condensed Statements of Income (Unaudited)
Thirty-Nine Weeks Ended Thirteen Weeks Ended 10/27/96 10/29/95 10/27/96 10/29/95 -------- -------- -------- -------- Net Sales by Company Stores $47,703,631 $44,370,277 $15,102,836 $14,227,445 Net Sales to Franchisees 1,399,472 2,176,118 624,426 585,155 ----------- ----------- ----------- ----------- Net Sales 49,103,103 46,546,395 15,727,262 14,812,600 Cost of Goods Sold 19,791,672 20,038,685 6,358,899 6,289,501 ----------- ----------- ----------- ----------- Gross Profit 29,311,431 26,507,710 9,368,363 8,523,099 General, Administrative and Store Operating Expenses 24,559,809 23,028,102 8,177,078 7,609,848 ----------- ----------- ----------- ----------- Income from Operations 4,751,622 3,479,608 1,191,285 913,251 Interest Expense, net 290,292 455,957 98,321 160,037 ----------- ----------- ----------- ----------- Income Before Taxes 4,461,330 3,023,651 1,092,964 753,214 Provision for Income Taxes 1,784,000 1,210,000 437,000 283,000 ----------- ----------- ----------- ----------- Net Income $ 2,677,330 $ 1,813,651 $ 655,964 $ 470,214 =========== =========== =========== =========== Net income per common and common equivalent share $ 0.33 $ 0.23 $ 0.08 $ 0.06 =========== =========== =========== =========== Weighted average common and common equivalent shares outstanding 8,088,416 7,888,986 8,119,022 7,862,020 =========== =========== =========== ===========
10 CHICO'S FAS, INC. DECEMBER 12, 1996 CURRENT REPORT ON FORM 8-K PAGE 10 - -------------------------------------------------------------------------------- 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. CHICO'S FAS, INC. By: /s/ Marvin Gralnick ----------------------------- Marvin Gralnick, CEO Dated: December 12, 1996 -----END PRIVACY-ENHANCED MESSAGE-----