-----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, Om2BCGrDpLacQTEBKBOFrx26BMdkUiMJJ6pNPJHPRrhZSPNXL1sAh4keutaziXSE 5Q15EXARIMtsNsKmkv2LWA== 0001157523-03-002073.txt : 20030520 0001157523-03-002073.hdr.sgml : 20030520 20030520133652 ACCESSION NUMBER: 0001157523-03-002073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030520 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK JOS A CLOTHIERS INC /DE/ CENTRAL INDEX KEY: 0000920033 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 363189198 STATE OF INCORPORATION: DE FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-14657 FILM NUMBER: 03711925 BUSINESS ADDRESS: STREET 1: 500 HANOVER PIKE CITY: HAMPSTEAD STATE: MD ZIP: 21074 BUSINESS PHONE: 4102392700 8-K 1 a4400543.txt JOS A. BANK CLOTHIERS, INC. 8-K 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): May 20, 2003 JOS. A. BANK CLOTHIERS, INC. (Exact name of registrant as specified in its character) Delaware 36-3189198 -------- ---------- (State of Incorporation) (I.R.S. Employer Identification No.) 500 Hanover Pike, Hampstead, MD 21074 - ------------------------------- ----- (Address of principal executive offices) (zip code) (410) 239-2700 (Registrant's telephone number, including area code) ITEM 9. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION In accordance with guidance from the Securities and Exchange Commission in Release number 33-8216, the information furnished under this Item 9 ("Regulation FD Disclosure") is intended to be furnished under Item 12 ("Results of Operations and Financial Condition"). The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. On May 20, 2003, Jos. A. Bank Clothiers, Inc. issued a press release (the "Press Release") in which the Company announced, among other things, certain results of operations for the first quarter ended May 3, 2003. A copy of the Press Release is attached as Exhibit 99.1. SIGNATURE 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. Jos. A. Bank Clothiers, Inc. (Registrant) By: /s/ Robert N. Wildrick ------------------------------------ Robert N. Wildrick Chief Executive Officer and Director Dated: May 20, 2003 EXHIBIT INDEX Exhibit Number Description - ------- ----------- 99.1 JOS. A. BANK CLOTHIERS REPORTS RECORD RESULTS Earnings Rise 20%. Sales Rise 11.6%. Company Re-affirms Fiscal Year 2003 Earnings Guidance EX-99 3 a4400543ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Jos. A. Bank Clothiers Reports Record Results; Earnings Rise 20%; Sales Rise 11.6%; Company Re-affirms Fiscal Year 2003 Earnings Guidance HAMPSTEAD, Md.--(BUSINESS WIRE)--May 20, 2003--Jos. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announced earnings per share of $.30 for the first quarter of 2003 compared with earnings per share of $.25 in the first quarter of 2002- representing an increase of 20% and another record quarter for the Company when compared with the prior year. The first quarter 2003 results also exceed the consensus analyst estimates of $.28 per share. The Company also re-affirmed its previous earnings per share guidance of $1.75 to $1.85 for fiscal year 2003, compared with earnings per share of $1.55 in fiscal year 2002. "We are pleased to continue our trend of record earnings despite having to deal with a difficult retail environment that was negatively impacted by snowstorms early in the quarter, as well as the war in Iraq," said Robert N. Wildrick, Chief Executive Officer of Jos. A. Bank Clothiers, Inc. "Our fifteen new store openings in the first quarter are on track with our goal of opening approximately 50 stores this year and our plan to increase the chain to 500 stores by the end of 2007." As previously reported, total sales for the first quarter ended May 3, 2003 increased 11.6% to $62.3 million, compared with $55.8 million in the first quarter of 2002. Comparable store sales increased 0.6% while combined catalog and internet sales increased 15.7% in the first quarter of 2003. The fifteen new stores opened during the first quarter of 2003 included four stores in Florida, as well as the Company's first stores in California (two), Nevada (one) and West Virginia (one), with the remaining stores opened in existing markets. All earnings per share amounts discussed herein refer to diluted earnings per share. A conference call to discuss this earnings press release is scheduled for 10:00 a.m. Eastern Time (EDT) on May 20, 2003. To participate in the call please dial 800/230-1074 at least five minutes before 10:00 a.m. EDT. A replay of the conference call will be available until May 27, 2003 by dialing (USA) 800/475-6701 or (International) 320/365-3844. The access code for the replay will be 684126. Jos. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 175 stores in 33 states and the District of Columbia, a nationwide catalog, and an e-commerce website that can be accessed at www.josbank.com The Company is headquartered in Hampstead, MD, and its common stock is listed on the Nasdaq National Market under the symbol "JOSB'. The Company's statements concerning future operations contained herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forecast due to a variety of factors outside of the Company's control that can affect the Company's operating results, liquidity and financial condition such as risks associated with economic, weather, public health and other factors affecting consumer spending, the ability of the Company to finance its expansion plans, the mix and pricing of goods sold, the market price of key raw materials such as wool and cotton, availability of lease sites for new stores, the ability to source product from its global supplier base and other competitive factors. These cautionary statements qualify all of the forward-looking statements the Company makes herein. The Company cannot assure you that the results or developments anticipated by the Company will be realized or, even if substantially realized, that those results or developments will result in the expected consequences for the Company or affect the Company, its business or its operations in the way the Company expects. The Company cautions you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates, and assumes no obligation to update any of the forward-looking statements. These and other risks are detailed in the Company's periodic filings with the Securities and Exchange Commission and should be carefully reviewed before making any investment decision. Jos. A. Bank Clothiers, Inc. and Subsidiaries Consolidated Statements of Operations (in thousands, except earnings per share) Three Months Ended May 3, May 4, 2003 2002 ----------- ----------- (unaudited) (unaudited) Net sales $ 62,272 $ 55,760 -------- -------- Costs and expenses: Cost of goods sold 26,672 26,411 General and administrative 7,043 5,849 Sales and marketing 24,114 20,342 Store opening costs 366 27 -------- -------- 58,195 52,629 -------- -------- Operating income 4,077 3,131 Interest expense, net 303 293 -------- -------- Income before provision for income taxes 3,774 2,838 Provision for income taxes 1,600 1,107 -------- -------- Net income $ 2,174 $ 1,731 ======== ======== Earnings per share: Net income: Basic $ 0.35 $ 0.29 Diluted $ 0.30 $ 0.25 Weighted average shares outstanding: Basic 6,199 6,045 Diluted 7,244 6,819 Jos. A. Bank Clothiers, Inc. and Subsidiaries Consolidated Balance Sheets (In Thousands) May 3, Feb. 1, May 4, 2003 2003 2002 ----------- --------- ----------- (unaudited) (audited) (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,354 $ 8,389 $ 1,182 Accounts receivable, net 4,860 2,830 3,599 Inventories, net 96,558 78,256 63,938 Prepaid expenses and other current assets 7,255 7,071 6,364 ------------- --------- --------- Total current assets 110,027 96,546 75,083 Property, plant and equipment, net 40,860 36,573 33,815 Other noncurrent assets, net 857 874 949 ------------- --------- --------- Total assets $151,744 $133,993 $109,847 ============= ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 31,212 $ 29,373 $ 18,276 Accrued expenses 24,073 24,569 19,305 Current portion of long-term debt 1,215 1,195 710 ------------- --------- --------- Total current liabilities 56,500 55,137 38,291 NONCURRENT LIABILITIES: Long-term debt, net of current portion 23,421 9,324 12,528 Deferred rent and other noncurrent liabilities 3,935 3,884 3,094 ------------- --------- --------- Total liabilities 83,856 68,345 53,913 ------------- --------- --------- STOCKHOLDERS' EQUITY: Common stock 73 73 73 Additional paid-in capital 59,025 59,005 58,507 Retained earnings 13,848 11,628 2,412 ------------- --------- --------- 72,946 70,706 60,992 Less treasury stock (5,058) (5,058) (5,058) ------------- --------- --------- Total stockholders' equity 67,888 65,648 55,934 ------------- --------- --------- Total liabilities and stockholders' equity $151,744 $133,993 $109,847 ============= ======== ======== CONTACT: JoS. A. Bank Clothiers, Inc., Hampstead Robert N. Wildrick, CEO, 410/239-5711 David E. Ullman, EVP/CFO, 410/239-5715 or RJ Falkner and Company, Inc. Investor Relations Counsel Jerry Falkner, 800/377-9893 info@rjfalkner.com E-commerce Address: www.josbank.com -----END PRIVACY-ENHANCED MESSAGE-----