-----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, If4UzHxa/+neK0aArDlAR9u6JKOxIa1qv38PS9Zk9MoUZ/VQkMnUDKFUnGPLRFsx BG55ew2uN0WZmMHwLp7eCg== 0001157523-08-007253.txt : 20080903 0001157523-08-007253.hdr.sgml : 20080903 20080903141615 ACCESSION NUMBER: 0001157523-08-007253 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080903 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080903 DATE AS OF CHANGE: 20080903 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: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23874 FILM NUMBER: 081053554 BUSINESS ADDRESS: STREET 1: 500 HANOVER PIKE CITY: HAMPSTEAD STATE: MD ZIP: 21074 BUSINESS PHONE: 4102392700 8-K 1 a5768849.htm JOS. A. BANK CLOTHIERS, INC. 8-K


UNITED STATES
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):  September 3, 2008

JoS. A. Bank Clothiers, Inc.
(Exact name of registrant as specified in its charter)

Delaware

0-23874

36-3189198

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

500 Hanover Pike

Hampstead, Maryland

21074

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code   (410) 239-2700


(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On September 3, 2008,  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 the fiscal second quarter ended August 2, 2008.  A copy of the Press Release is attached as Exhibit 99.1.

This information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS

Exhibit

Number

Description

99.1 Press Release dated September 3, 2008




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

Executive Chairman, Chief Executive

Officer and Director

 
 

Dated:

September 3, 2008


EXHIBIT INDEX

Exhibit
Number
Description
99.1

Press Release dated September 3, 2008

EX-99.1 2 a5768849ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

JoS. A. Bank Clothiers Reports 9% Increase in Second Quarter Earnings Per Share; Company to Hold Conference Call on September 4, 2008

HAMPSTEAD, Md.--(BUSINESS WIRE)--JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that earnings for the second quarter of fiscal year 2008 increased 9% to $0.48 per share, as compared to $0.44 per share for the second quarter of fiscal year 2007. Net income in the second quarter of fiscal year 2008 was $8.9 million, as compared to $8.2 million in the second quarter of fiscal year 2007. Total sales for the second quarter of fiscal year 2008 increased 13.7% to $152.7 million from $134.3 million in the second quarter of fiscal year 2007 while comparable store sales increased 6.8% and Direct Marketing sales increased 10.2%. The second quarter of fiscal year 2008 ended August 2, 2008; the second quarter of fiscal year 2007 ended August 4, 2007.

Comparing the first six months of fiscal year 2008 with the first six months of fiscal year 2007, earnings increased 13% to $1.02 per share, as compared to $0.90 per share and net income increased to $18.7 million, as compared to $16.6 million. Total sales for the first six months of fiscal year 2008 increased 13.0% to $298.1 million from $263.8 million for the first six months of fiscal year 2007 while comparable store sales increased 6.7% and Direct Marketing sales increased 4.3%.

A conference call to discuss fiscal year 2008 second quarter earnings will be held Thursday, September 4, 2008 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 866-793-1342 or (International) 703-639-1313 at least five minutes before 11:00 a.m. ET. A replay of the conference call will be available after 1:00 p.m. ET on September 4, 2008 until September 11, 2008 at 11:59 p.m. ET by dialing (USA) 800-475-6701 or (International) 320-365-3844. The access code for the replay will be 958982. In addition, a webcast replay of the conference call will be posted on the investor relations section of our website: www.josbank.com (select “Company Information” and “Investor Relations”).

All earnings per share amounts in this news release represent diluted earnings per share.

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 447 stores in 42 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 Global Select 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 factors include risks associated with economic, weather, public health and other factors affecting consumer spending, higher energy and security costs, the successful implementation of the Company's growth strategy including the ability of the Company to finance its expansion plans, the mix and pricing of goods sold, the effectiveness and profitability of new concepts, the market price of key raw materials such as wool and cotton, seasonality, merchandise trends and changing consumer preferences, the effectiveness of the Company's marketing programs, the availability of suitable lease sites for new stores, doing business on an international basis, the ability to source product from its global supplier base, litigations and other competitive factors. Other factors and risks that may affect the Company’s business or future financial results are detailed in the Company’s filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended February 2, 2008 and the Company's subsequent Quarterly Reports on Form 10-Q filed through the date hereof. 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. The Company does not undertake an obligation to update or revise any forward-looking statements to reflect actual results or changes in the Company's assumptions, estimates or projections. These risks should be carefully reviewed before making any investment decision.


   
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Balance Sheets

(In Thousands)

(unaudited)

 
February 2, 2008 August 2, 2008
 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 82,082 $ 64,357
Accounts receivable, net 5,855 8,826
Inventories:
Finished goods 196,547 206,147
Raw materials   10,278     13,390  
Total inventories 206,825 219,537
Prepaid expenses and other current assets   18,593     19,347  
 
Total current assets 313,355 312,067
 
NONCURRENT ASSETS:
Property, plant and equipment, net 126,235 134,111
Other noncurrent assets   508     526  
Total assets $ 440,098   $ 446,704  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 47,383 $ 46,767
Accrued expenses 72,150 57,186
Deferred tax liability – current   6,688     7,194  
Total current liabilities 126,221 111,147
 
NONCURRENT LIABILITIES:
Long-term debt - -
Noncurrent lease obligations 50,185 52,946
Deferred tax liability – noncurrent 1,210 986
Other noncurrent liabilities   1,317     1,641  
Total liabilities   178,933     166,720  
 
COMMITMENTS AND CONTINGENCIES
 
STOCKHOLDERS’ EQUITY:
Common stock 181 181
Additional paid-in capital 80,791 80,910
Retained earnings 180,260 198,960
Accumulated other comprehensive losses   (67 )   (67 )
Total stockholders’ equity   261,165     279,984  
Total liabilities and stockholders’ equity $ 440,098   $ 446,704  

Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of February 2, 2008 and August 2, 2008) and do not include the Notes, which are considered an integral part thereof. The foregoing unaudited financial information should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarterly period ended August 2, 2008 and the Annual Report on Form 10-K for the fiscal year ended February 2, 2008, which were filed with the Securities and Exchange Commission on September 3, 2008 and April 10, 2008, respectively.


 
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Income

(In Thousands, Except Per Share Information)

(unaudited)

 
Three Months Ended Six Months Ended
August 4, 2007   August 2, 2008 August 4, 2007   August 2, 2008
 
Net sales $ 134,278 $ 152,734 $ 263,811 $ 298,138
 
Cost of goods sold   50,531     57,496     98,984     111,920  
 
Gross Profit   83,747     95,238     164,827     186,218  
 
Operating expenses:
Sales and marketing 57,494 66,629 111,553 127,564
General and administrative   12,737     13,831     25,956     27,038  
Total operating expenses   70,231     80,460     137,509     154,602  
 
Operating income 13,516 14,778 27,318 31,616
 
Other income (expense):
Interest income 540 321 978 624
Interest expense   (92 )   (92 )   (193 )   (186 )
Total other income   448     229     785     438  
 
Income before provision for income taxes 13,964 15,007 28,103 32,054
Provision for income taxes   5,758     6,138     11,539     13,354  
 
Net income $ 8,206   $ 8,869   $ 16,564   $ 18,700  
 
Earnings per share:
Net income per share:
Basic $ 0.45 $ 0.49 $ 0.92 $ 1.03
Diluted $ 0.44 $ 0.48 $ 0.90 $ 1.02
Weighted average shares outstanding:
Basic 18,127 18,184 18,085 18,184
Diluted 18,444 18,427 18,410 18,420

Note: The foregoing unaudited Condensed Consolidated Statements of Income are excerpts from our unaudited Condensed Consolidated Financial Statements for the three and six months ended August 4, 2007 and August 2, 2008 and do not include the Notes, which are considered an integral part thereof. The foregoing unaudited financial information should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarterly period ended August 2, 2008, which was filed with the Securities and Exchange Commission on September 3, 2008.


 
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

 
Six Months Ended
August 4, 2007   August 2, 2008
 
Cash flows from operating activities:
Net income $ 16,564 $ 18,700

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 9,043 10,049
Loss on disposals of property, plant and equipment 107 201
(Decrease) increase in deferred taxes (593 ) 282
Net increase in operating working capital and other components   (15,453 )   (28,940 )
 
Net cash provided by operating activities   9,668     292  
 
Cash flows from investing activities:
Capital expenditures   (11,526 )   (18,136 )
 
Net cash used in investing activities   (11,526 )   (18,136 )
 
Cash flows from financing activities:
Income tax benefit from exercise of stock options 625 -
Net proceeds from exercise of stock options   1,460     119  
 
Net cash provided by financing activities   2,085     119  
 
Net increase (decrease) in cash and cash equivalents 227 (17,725 )
 
Cash and cash equivalents – beginning of period   43,080     82,082  
 
Cash and cash equivalents – end of period $ 43,307   $ 64,357  

Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our unaudited Condensed Consolidated Financial Statements for six months ended August 4, 2007 and August 2, 2008 and do not include the Notes, which are considered an integral part thereof. The foregoing unaudited financial information should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarterly period ended August 2, 2008, which was filed with the Securities and Exchange Commission on September 3, 2008.

CONTACT:
JoS. A. Bank Clothiers, Inc., Hampstead, Md.
David E. Ullman,
EVP/CFO,
410-239-5715
or
Investor Relations Information Request Website
(http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=
irol-inforeq),
or Voicemail, 410-239-5900
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com

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