-----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, Qu6wHNj+mxrTzQcukaNhy5Mn+0YpofheXQUmu5KsqymZ+k8gga4gAtrCpWs7LvCe aXOHo0VPavA529tYqHEXiw== 0001157523-10-005320.txt : 20100901 0001157523-10-005320.hdr.sgml : 20100901 20100901060026 ACCESSION NUMBER: 0001157523-10-005320 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100901 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100901 DATE AS OF CHANGE: 20100901 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: 101051257 BUSINESS ADDRESS: STREET 1: 500 HANOVER PIKE CITY: HAMPSTEAD STATE: MD ZIP: 21074 BUSINESS PHONE: 4102392700 8-K 1 a6414220.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 1, 2010

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 September 1, 2010,  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 July 31, 2010.  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 1, 2010




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:

September 1, 2010


2

EXHIBIT INDEX

Exhibit
Number

Description

99.1

Press Release dated September 1, 2010


3

EX-99.1 2 a6414220_ex991.htm EXHIBIT 99.1

Exhibit 99.1

JoS. A. Bank Clothiers Reports 32% Increase in Profits for Second Quarter of Fiscal Year 2010

HAMPSTEAD, Md.--(BUSINESS WIRE)--September 1, 2010--JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that net income for the second quarter of fiscal year 2010 increased 31.7% to $16.5 million, as compared to $12.5 million for the second quarter of fiscal year 2009. Earnings per share for the second quarter of fiscal year 2010 increased 31.1% to $0.59 per share, as compared to $0.45 per share for the second quarter of fiscal year 2009. The second quarter of fiscal year 2010 ended July 31, 2010; the second quarter of fiscal year 2009 ended August 1, 2009.

All earnings per share amounts in this news release represent diluted earnings per share. All share and per share amounts of common shares included in this release have been adjusted to reflect the stock split in the form of a 50% stock dividend distributed on August 18, 2010.

Total sales for the second quarter of fiscal year 2010 increased 12.3% to $188.4 million from $167.7 million in the second quarter of fiscal year 2009, while comparable store sales increased 9.2% and Direct Marketing sales increased 12.4%.

“We are pleased with the Company’s financial performance for the second quarter of fiscal year 2010,” commented R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. “Our combination of offering high quality men’s clothing at a great value continued to drive solid sales growth for the quarter, which, combined with the leveraging of our operating expenses, has resulted in strong earnings growth. With this quarter’s results, we have achieved earnings growth in 35 of the past 36 quarters when compared to the respective prior year periods, including 17 quarters in a row,” continued Mr. Black.

Comparing the first six months of fiscal year 2010 with the first six months of fiscal year 2009, net income increased 34.7% to $32.3 million, as compared to $24.0 million and earnings per share increased 34.9% to $1.16 per share, as compared to $0.86 per share. Total sales for the first six months of fiscal year 2010 increased 11.2% to $366.5 million from $329.7 million for the first six months of fiscal year 2009, while comparable store sales increased 9.8% and Direct Marketing sales increased 5.6%.

A conference call to discuss the second quarter of fiscal year 2010 earnings will be held Thursday, September 2, 2010 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-230-1951 or (International) 612-288-0337 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 2, 2010 until September 9, 2010 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 169693. 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”).

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 490 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 30, 2010 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. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In Thousands)
   
January 30, 2010 July 31, 2010
(Audited) (Unaudited)
 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 21,853 $ 89,495
Short-term investments 169,736 114,691
Accounts receivable, net 5,860 8,171
Inventories:
Finished goods 209,443 213,005
Raw materials   8,878   13,040
Total inventories 218,321 226,045
Prepaid expenses and other current assets   16,035   16,590
 
Total current assets 431,805 454,992
 
NONCURRENT ASSETS:
Property, plant and equipment, net 124,139 131,089
Other noncurrent assets   420   554
Total assets $ 556,364 $ 586,635
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 18,225 $ 32,158
Accrued expenses 85,256 72,644
Deferred tax liability – current   5,064   5,067
Total current liabilities 108,545 109,869
 
NONCURRENT LIABILITIES:
Deferred rent 51,853 49,535
Deferred tax liability – noncurrent 1,608 247
Other noncurrent liabilities   1,048   1,174
Total liabilities   163,054   160,825
 
COMMITMENTS AND CONTINGENCIES
 
STOCKHOLDERS’ EQUITY:
Common stock 183 274
Additional paid-in capital 83,249 83,462
Retained earnings 309,823 342,019
Accumulated other comprehensive income   55   55
Total stockholders’ equity   393,310   425,810
Total liabilities and stockholders’ equity $ 556,364 $ 586,635
 

Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of January 30, 2010 and July 31, 2010) and do not include the Notes, which are an integral part thereof. The foregoing financial information should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2010 and the Annual Report on Form 10-K for the fiscal year ended January 30, 2010, which were filed with the Securities and Exchange Commission on September 1, 2010 and March 31, 2010, respectively.


 
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(In thousands except per share data)
(Unaudited)
       
Three Months Ended Six Months Ended
August 1, 2009 July 31, 2010 August 1, 2009 July 31, 2010
 
Net sales $ 167,735 $ 188,412 $ 329,660 $ 366,537
 
Cost of goods sold   64,558     70,082     128,029     134,891  
 
Gross profit   103,177     118,330     201,631     231,646  
 
Operating expenses:
Sales and marketing, including occupancy costs 67,684 73,748 132,629 144,267
General and administrative   14,811     17,175     29,471     33,911  
Total operating expenses   82,495     90,923     162,100     178,178  
 
Operating income 20,682 27,407 39,531 53,468
 
Other income (expense):
Interest income 92 159 161 274
Interest expense   (110 )   (5 )   (208 )   (95 )
Total other income (expense)   (18 )   154     (47 )   179  
 
Income before provision for income taxes 20,664 27,561 39,484 53,647
Provision for income taxes   8,152     11,082     15,517     21,360  
 
Net income $ 12,512   $ 16,479   $ 23,967   $ 32,287  
 
Per share information:
Earnings per share:
Basic $ 0.46 $ 0.60 $ 0.87 $ 1.17
Diluted $ 0.45 $ 0.59 $ 0.86 $ 1.16
Weighted average shares outstanding:
Basic 27,437 27,527 27,437 27,527
Diluted 27,781 27,827 27,769 27,823
 

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 1, 2009 and July 31, 2010 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 July 31, 2010, which was filed with the Securities and Exchange Commission on September 1, 2010.


 
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
   
 
Six Months Ended
August 1, 2009 July 31, 2010
 
Cash flows from operating activities:
Net income $ 23,967 $ 32,287

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

Depreciation and amortization 10,896 11,802
Loss on disposals of property, plant and equipment 66 91
Non-cash equity compensation - 234
Increase (decrease) in deferred taxes 225 (1,358 )
Net (increase) in operating working capital and other components   (24,773 )   (17,988 )
 
Net cash provided by operating activities   10,381     25,068  
 
Cash flows from investing activities:
Capital expenditures (7,413 ) (12,471 )
Net (purchases) maturities of short-term investments   (64,879 )   55,045  
 
Net cash provided by (used in) investing activities   (72,292 )   42,574  
 
Cash flows from financing activities:   -     -  
 
Net increase (decrease) in cash and cash equivalents   (61,911 )   67,642  
 
Cash and cash equivalents – beginning of period   122,875     21,853  
 
Cash and cash equivalents – end of period $ 60,964   $ 89,495  
 

Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our unaudited Condensed Consolidated Financial Statements for the six months ended August 1, 2009 and July 31, 2010 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 July 31, 2010, which was filed with the Securities and Exchange Commission on September 1, 2010.

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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