-----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, GaRRypp/TecWY8zfyimD3psEx8L7QiTVz8Gy3WpGWd/BdWYOh7uH94DZ4RLMbMtM dbx3BPhQkFX5g8ipvmr8yg== 0001157523-04-005162.txt : 20040525 0001157523-04-005162.hdr.sgml : 20040525 20040525115756 ACCESSION NUMBER: 0001157523-04-005162 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040525 ITEM INFORMATION: FILED AS OF DATE: 20040525 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: 04829090 BUSINESS ADDRESS: STREET 1: 500 HANOVER PIKE CITY: HAMPSTEAD STATE: MD ZIP: 21074 BUSINESS PHONE: 4102392700 8-K 1 a4648450.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 25, 2004 JOS. A. BANK CLOTHIERS, INC. ---------------------------- (Exact name of registrant as specified in its charter) 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 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS 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 25, 2004, Jos. A. Bank Clothiers, Inc. (the "Company") issued a press release (the "Press Release") in which the Company announced, among other things, certain results of operations for its first quarter ended May 1, 2004. 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 25, 2004 EXHIBIT INDEX Exhibit Number Description - ------- ----------- 99.1 Press Release dated May 25, 2004. EX-99.1 2 a4648450ex991.txt JOS. A. BANK CLOTHIERS, INC. EXHIBIT 99.1 Exhibit 99.1 JoS. A. Bank Clothiers' First Quarter Earnings More Than Double; Earnings Guidance Increases HAMPSTEAD, Md.--(BUSINESS WIRE)--May 25, 2004--JoS. A. Bank Clothiers, Inc. (Nasdaq National Market: "JOSB") announced earnings per share of $0.47 for the first quarter of FY2004 compared with earnings per share of $0.20 in the first quarter of FY2003 - representing an increase of 135% and another record quarter for the Company when compared with the same quarter of the prior year. The Company also increased its earnings guidance for the fiscal year ending January 29, 2005 (FY2004) to an estimated annual net income of at least $23.3 million compared with net income of $16.6 million in FY2003. The current management team was brought together in late 1999 and FY2004 represents the fifth year executing their strategic plan. The FY2004 results would mark a five year average annual compounded net income growth rate of approximately 75%, with each year increasing no less than 30%. "We are pleased to start the new year with such outstanding results," stated Robert N. Wildrick, Chief Executive Officer of JoS. A. Bank Clothiers, Inc. "Our new product innovations, including the wrinkle-and-stain-resistant shirts and pants and our luxurious Signature and Signature Gold products, have performed well. I am also looking forward to the kick-off of our new brand-building campaign in the second half of this year. We believe this is another key step to position JoS. A. Bank Clothiers as the premiere upscale menswear brand in the United States." The Company noted that its new store openings were on plan for the first quarter and that management is pleased with the aggregate performance of these stores. The Company plans to open 55 to 65 stores in FY2004, with ten new stores opened to date, ten additional stores scheduled to open in the second quarter and 35 to 45 new stores coming on line in the last half of the year. As previously reported, total sales for the first quarter ended May 1, 2004 increased 28.3% to $79.9 million, compared with $62.3 million in the first quarter of 2003. Comparable store sales increased 13.6% while combined catalog and internet sales increased 18.7% in the first quarter of 2004. All earnings per share amounts discussed herein refer to diluted earnings per share and reflect the impact of a 50% stock dividend that was distributed to stockholders on February 18, 2004. A conference call to discuss this earnings press release is scheduled for today, May 25, 2004 at 11:00 a.m. Eastern Time (EDT). To participate in the call today, please dial 888-428-4478 at least five minutes before 11:00 a.m. EDT. A replay of the conference call will be available after 2:30 p.m. EDT on May 25, 2004 until June 2, 2004 at 11:59 p.m. EDT by dialing (USA) 800-475-6701 or (International) 320-365-3844. The access code for the replay will be 730865. The conference call is also available by webcast. To participate in the webcast, please go to www.josbank.com, select Investor Relations, click on Live Webcast, and Click Here for Webcast. 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 219 stores in 35 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 risks should be carefully reviewed before making any investment decision. JoS. A. Bank Clothiers, Inc. and Subsidiaries Consolidated Balance Sheets (In Thousands) May 1, 2004 Jan. 31, 2004 May 3, 2003 ------------- ------------- ------------- (unaudited) (audited) (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 904 $ 875 $ 1,354 Accounts receivable, net 6,158 4,201 4,860 Inventories: Raw materials 7,718 11,652 14,219 Finished Goods 118,182 109,136 82,339 ------------- ------------- ------------- Total inventories 125,900 120,788 96,558 ------------- ------------- ------------- Prepaid expenses and other current assets 10,058 10,323 7,255 ------------- ------------- ------------- Total current assets 143,020 136,187 110,027 Property, plant and equipment, net 47,749 47,401 40,860 Other noncurrent assets, net 2,658 2,923 857 ------------- ------------- ------------- Total assets $ 193,427 $ 186,511 $ 151,744 ============= ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 27,180 $ 28,748 $ 31,212 Accrued expenses 31,041 33,985 24,119 Current portion of long- term debt 1,006 1,245 1,215 ------------- ------------- ------------- Total current liabilities 59,227 63,978 56,546 NONCURRENT LIABILITIES: Long-term debt, net of current portion 34,856 28,618 23,421 Deferred rent and other noncurrent liabilities 6,085 6,413 3,935 ------------- ------------- ------------- Total liabilities 100,168 99,009 83,902 ------------- ------------- ------------- STOCKHOLDERS' EQUITY: Common stock 123 122 73 Additional paid-in capital 64,628 64,207 59,025 Retained earnings 33,566 28,231 13,802 ------------- ------------- ------------- 98,317 92,560 72,900 Less treasury stock (5,058) (5,058) (5,058) ------------- ------------- ------------- Total stockholders' equity 93,259 87,502 67,842 ------------- ------------- ------------- Total liabilities and stockholders' equity $ 193,427 $ 186,511 $ 151,744 ============= ============= ============= JoS. A. Bank Clothiers, Inc. and Subsidiaries Consolidated Statements of Operations (in thousands, except earnings per share) Three Months Ended ------------------ May 1, 2004 May 3, 2003 ------------- ------------- (unaudited) (unaudited) Net sales $79,929 100% $62,272 100% ------- ----- ------- ----- Costs and expenses: Cost of goods sold 30,894 38.7% 26,672 42.8% General and administrative 8,584 10.7% 7,043 11.3% Sales and marketing 30,651 38.3% 24,114 38.7% Store opening costs 231 0.3% 366 0.6% ------- ----- ------- ----- 70,360 88.0% 58,195 93.5% ------- ----- ------- ----- Operating income 9,569 12.0% 4,077 6.5% Interest expense, net 481 0.6% 303 0.4% ------- ----- ------- ----- Income before provision for income taxes 9,088 11.4% 3,774 6.1% Provision for income taxes 3,753 4.7% 1,600 2.6% ------- ----- ------- ----- Net income $ 5,335 6.7% $ 2,174 3.5% ======= ===== ======= ===== Earnings per share: Net income: Basic $ 0.50 $ 0.23 Diluted $ 0.47 $ 0.20 Weighted average shares outstanding: Basic 10,597 9,299 Diluted 11,370 10,866 Note: On January 13, 2004, the Company's Board of Directors declared a 50% stock dividend payable on February 18, 2004 to stockholders of record as of January 30, 2004. All historical weighted average share and per share amounts noted herein have been adjusted to reflect the stock dividend. CONTACT: JoS. A. Bank Clothiers, Inc., Hampstead, MD David E. Ullman, EVP/CFO, 410-239-5715 or RJ Falkner and Company, Inc. Investor Relations Counsel R. Jerry Falkner, CFA 800-377-9893 info@rjfalkner.com or E-commerce Address for JoS. A. Bank Clothiers, Inc.: www.josbank.com -----END PRIVACY-ENHANCED MESSAGE-----