-----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, VXw/nuuVkmcQQubzG1/xfzf2jI3FTfb0tXdH4/PtPwZ7NGNAM7Pv2tMd8bZes/Vt PcTFV80rHz8b0+UMzLGIrg== 0001157523-09-008378.txt : 20091202 0001157523-09-008378.hdr.sgml : 20091202 20091202060121 ACCESSION NUMBER: 0001157523-09-008378 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091202 DATE AS OF CHANGE: 20091202 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: 091215973 BUSINESS ADDRESS: STREET 1: 500 HANOVER PIKE CITY: HAMPSTEAD STATE: MD ZIP: 21074 BUSINESS PHONE: 4102392700 8-K 1 a6111561.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):  December 2, 2009

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 (see General Instruction A.2. below):

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 December 2, 2009,  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 third quarter ended October 31, 2009.  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 December 2, 2009




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/ R. Neal Black

R. Neal Black

President and Chief Executive Officer

and Director

 
 

Dated:

December 2, 2009

2

EXHIBIT INDEX

Exhibit
Number

Description

99.1

Press Release dated December 2, 2009

3

EX-99.1 2 a6111561ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

JoS. A. Bank Clothiers Reports 26% Increase in Profits

HAMPSTEAD, Md.--(BUSINESS WIRE)--December 2, 2009--JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that net income for the third quarter of fiscal year 2009, as compared to the third quarter of fiscal year 2008, increased 26% to $11.7 million. Earnings per share for the third quarter of fiscal year 2009 increased 26% to $0.63 per share, as compared to $0.50 per share for the third quarter of fiscal year 2008. Total sales for the third quarter of fiscal year 2009 increased 8.1% to $161.3 million from $149.3 million in the third quarter of fiscal year 2008, while comparable store sales increased 3.3% and Direct Marketing sales increased 21.2%. The third quarter of fiscal year 2009 ended October 31, 2009; the third quarter of fiscal year 2008 ended November 1, 2008.

“Despite the continued pressure we are facing from the difficult national economy, our business model is performing very well,” commented R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. “With this quarter’s results, we have achieved earnings growth in 32 of the past 33 quarters when compared to the respective prior year periods, including 14 quarters in a row,” continued Mr. Black.

Comparing the first nine months of fiscal year 2009 with the first nine months of fiscal year 2008, net income increased 27% to $35.7 million, as compared to $28.0 million and earnings per share increased 27% to $1.93 per share, as compared to $1.52 per share. Total sales for the first nine months of fiscal year 2009 increased 9.7% to $491.0 million from $447.4 million for the first nine months of fiscal year 2008 while comparable store sales increased 4.6% and Direct Marketing sales increased 7.4%.

A conference call to discuss the third quarter of fiscal year 2009 earnings will be held Thursday, December 3, 2009 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 888-781-3339 or (International) 703-546-4240 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 December 3, 2009 until December 10, 2009 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 125369. 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 designers, manufacturers and retailers of men’s classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 474 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, including negative changes to consumer confidence and other recessionary pressures, 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, legal matters and other competitive factors. The identified risk factors and 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 January 31, 2009 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)
 
January 31, 2009 October 31, 2009
(Audited) (Unaudited)
 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 122,875 $ 41,914
Short-term investments - 64,879
Accounts receivable, net 7,404 13,253
Inventories:
Finished goods 199,886 241,705
Raw materials   9,356   10,149
Total inventories 209,242 251,854
Prepaid expenses and other current assets   17,776   17,557
 
Total current assets 357,297 389,457
 
NONCURRENT ASSETS:
Property, plant and equipment, net 133,588 128,439
Other noncurrent assets   481   746
Total assets $ 491,366 $ 518,642
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 29,774 $ 33,695
Accrued expenses 74,792 63,901
Deferred tax liability – current   6,604   6,760
Total current liabilities 111,170 104,356
 
NONCURRENT LIABILITIES:
Deferred rent 54,743 53,259
Deferred tax liability – noncurrent 2,605 2,249
Other noncurrent liabilities   1,035   1,175
Total liabilities   169,553   161,039
 
COMMITMENTS AND CONTINGENCIES
 
STOCKHOLDERS’ EQUITY:
Common stock 182 182
Additional paid-in capital 82,951 83,046
Retained earnings 238,668 274,363
Accumulated other comprehensive income   12   12
Total stockholders’ equity   321,813   357,603
Total liabilities and stockholders’ equity $ 491,366 $ 518,642
 
Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of January 31, 2009 and October 31, 2009) and do not include the Notes, which are 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 October 31, 2009 and the Annual Report on Form 10-K for the fiscal year ended January 31, 2009, which were filed with the Securities and Exchange Commission on December 2, 2009 and April 8, 2009, respectively.
 

       
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Income
(In Thousands, Except Per Share Information)
(unaudited)
 
Three Months Ended Nine Months Ended

November 1,

2008

October 31,

2009

November 1,

2008

October 31,

2009

 
Net sales $ 149,274 $ 161,309 $ 447,412 $ 490,969
 
Cost of goods sold   54,980     60,502     166,900     188,531  
 
Gross profit   94,294     100,807     280,512     302,438  
 
Operating expenses:
Sales and marketing, including occupancy costs 66,209 67,450 193,773 200,079
General and administrative   14,231     14,043     41,269     43,514  
Total operating expenses   80,440     81,493     235,042     243,593  
 
Operating income 13,854 19,314 45,470 58,845
 
Other income (expense):
Interest income 169 101 793 262
Interest expense   (103 )   (93 )   (289 )   (301 )
Total other income (expense)   66     8     504     (39 )
 
Income before provision for income taxes 13,920 19,322 45,974 58,806
Provision for income taxes   4,621     7,594     17,975     23,111  
 
Net income $ 9,299   $ 11,728   $ 27,999   $ 35,695  
 
Per share information:
Earnings per share:
Basic $ 0.51 $ 0.64 $ 1.54 $ 1.95
Diluted $ 0.50 $ 0.63 $ 1.52 $ 1.93
Weighted average shares outstanding:
Basic 18,215 18,292 18,194 18,291
Diluted 18,461 18,532 18,433 18,518
 
Note: The foregoing unaudited Condensed Consolidated Statements of Income are excerpts from our unaudited Condensed Consolidated Financial Statements for the three and nine months ended November 1, 2008 and October 31, 2009 and do not include the Notes, which are 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 October 31, 2009, which was filed with the Securities and Exchange Commission on December 2, 2009.
 

   
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
 
Nine Months Ended
November 1, 2008 October 31, 2009
 
Cash flows from operating activities:
Net income $ 27,999 $ 35,695

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization 15,394 16,533
Loss on disposals of property, plant and equipment 227 120
Increase (decrease) in deferred taxes 1,210 (200 )
Net increase in operating working capital and other components   (57,434 )   (57,730 )
 
Net cash used in operating activities   (12,604 )   (5,582 )
 
Cash flows from investing activities:
Capital expenditures (26,888 ) (10,595 )
Proceeds from disposal of fixed assets 197 -
Purchases of short-term investments   -     (64,879 )
 
Net cash used in investing activities   (26,691 )   (75,474 )
 
Cash flows from financing activities:
Income tax benefit from exercise of stock options 528 57
Net proceeds from exercise of stock options   1,137     38  
 
Net cash provided by financing activities   1,665     95  
 
Net decrease in cash and cash equivalents   (37,630 )   (80,961 )
 
Cash and cash equivalents – beginning of period   82,082     122,875  
 
Cash and cash equivalents – end of period $ 44,452   $ 41,914  
 
Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our unaudited Condensed Consolidated Financial Statements for the nine months ended November 1, 2008 and October 31, 2009 and do not include the Notes, which are 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 October 31, 2009, which was filed with the Securities and Exchange Commission on December 2, 2009.
 

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 Investor Relations Voicemail, 410-239-5900

E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com

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