-----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, OCRlGAJbn36slREAJdxyDPnYdZvf3T4/pESV/rf8IUdvz7P59qqpTrOckI13AYc1 N/y/B4dJbzJHIPDZqTaSWA== 0000935703-99-000023.txt : 19990428 0000935703-99-000023.hdr.sgml : 19990428 ACCESSION NUMBER: 0000935703-99-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990422 ITEM INFORMATION: FILED AS OF DATE: 19990427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOLLAR TREE STORES INC CENTRAL INDEX KEY: 0000935703 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 541387365 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-25464 FILM NUMBER: 99602039 BUSINESS ADDRESS: STREET 1: 500 VOLVO PARKWAY STREET 2: NORFOLK COMMERCE PARK CITY: CHESAPEAKE STATE: VA ZIP: 23320 BUSINESS PHONE: 7573215000 MAIL ADDRESS: STREET 1: P.O. BOX 2500 CITY: NORFOLK STATE: VA ZIP: 23501-2500 8-K 1 DOLLAR TREE STORES, INC.-1ST QTR EARNINGS, 1999 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: April 27, 1999 Date of Earliest Event Reported: April 22, 1999 DOLLAR TREE STORES, INC. (Exact name of registrant as specified in its charter) COMMISSION FILE NUMBER: 0-25464 VIRGINIA 54-1387365 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 500 Volvo Parkway Chesapeake, VA 23320 (Address of principal executive offices) Registrant's telephone number, including area code: (757) 321-5000 ITEM 5: OTHER EVENTS On April 22, 1999, Dollar Tree issued the following press release regarding its first quarter earnings. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DATE: April 27, 1999 DOLLAR TREE STORES, INC. By: /s/ Frederick C. Coble ----------------------------------- Frederick C. Coble Senior Vice President, Chief Financial Officer EX-99 2 PRESS RELEASE - DOLLAR TREE 1ST QTR EARNINGS DOLLAR TREE STORES, INC. REPORTS EARNINGS PER SHARE OF $0.16 FOR THE FIRST QUARTER ENDING MARCH 31, 1999 CHESAPEAKE, Virginia -- April 22, 1999 -- Dollar Tree Stores, Inc. (Nasdaq: DLTR), the nation's largest $1.00 discount variety store chain, reported net earnings for the quarter ended March 31, 1999, of $10.7 million on sales of $221.2 million, compared to net earnings of $7.7 million on sales of $175.5 million reported for the first quarter of 1998. Earnings per share increased to $0.16 in the first quarter of 1999 from $0.12 in the same period last year. Sales increased $45.7 million over sales for the first quarter of 1998, primarily due to new store openings. In addition, sales in comparable stores increased by 5.4%, largely as a result of increased Easter sales during the quarter due to the shift in timing of this holiday. Gross margin for the quarter was unchanged at 35.7% for the first quarter of 1999 compared to the first quarter of 1998. Operating expenses decreased as a percentage of net sales to 27.6% for the first quarter of 1999 from 28.1% reported for the first quarter of 1998. This decrease resulted primarily from reductions in corporate expenses and the leveraging of fixed costs, due to the 5.4% comparable store sales increase. As previously disclosed, shipping rates from Asia are expected to increase on May 1, 1999. The proposed rates could increase costs by up to $4 million in 1999, which management believes will be substantially offset by other cost savings, as anticipated in the Company's current business plan. Dollar Tree Stores, Inc., is a discount variety store chain offering a wide assortment of quality everyday general merchandise, in many traditional variety store categories, at the $1.00 price point. As of March 31, 1999, Dollar Tree Stores operates 1,203 stores in 32 states, having opened 48 new stores and closed one store in the first quarter. This news release contains forward-looking statements regarding Dollar Tree, such as estimated or expected increases in shipping costs and other substantially offsetting cost savings. Such forward-looking statements are subject to risks and uncertainties, including various factors that may cause the Company's actual results to differ materially from anticipated results or other expectations described in such statements. Additionally, forward-looking statements are subject, but not limited, to the risks indicated in the Company's filings with the Securities and Exchange Commission. CONTACT: Dollar Tree Stores, Inc., Chesapeake Eric Coble or Erica Robb, 757/321-5000 DOLLAR TREE STORES, INC. Condensed Consolidated Income Statements For the Three Months Ended March 31 (Amounts in thousands, except per share data) (Unaudited)
First Quarter 1999 1998 Net sales $221,202 $175,531 Cost of Sales 142,125 112,867 Gross Profit 79,077 62,664 35.7% 35.7% SGA expenses 54,941 44,910 24.8% 25.6% Depr./amort. 6,211 4,398 2.8% 2.5% Interest 496 735 0.2% 0.4% Earnings before income taxes 17,429 12,621 7.9% 7.2% Income tax expense 6,711 4,890 Net earnings 10,718 7,731 4.8% 4.4% Earnings per share: Basic $ 0.18 $ 0.13 Weighted average number of shares 61,041 60,418 Diluted $ 0.16 $ 0.12 Weighted average number of shares 67,407 66,819
DOLLAR TREE STORES, INC. Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited)
March 31, Dec. 31, March 31, 1999 1998 1998 Cash and cash equivalents $ 17,799 $ 71,119 $ 5,828 Merchandise inventories 174,100 140,949 148,913 Other current assets 13,538 13,996 12,589 ------ ------ ------ Total current assets 205,437 226,064 167,330 ------- ------- ------- Net property and equipment 126,442 122,385 92,938 Goodwill, net 42,069 42,551 43,996 Other assets, net 8,328 8,621 4,607 ----- ----- ----- Total assets $382,276 $399,621 $308,871 ======= ======= ======= Current portion of long-term debt $ 18,500 $ 16,500 $ 10,880 Accounts payable and accrued expenses 57,986 78,501 74,322 Income taxes payable 5,936 21,353 3,898 ----- ------ ----- Total current liabilities 82,422 116,354 89,100 ------ ------- ------ Long-term debt 30,000 30,000 40,490 Other liabilities 8,516 9,043 6,662 ----- ----- ----- Total liabilities 120,938 155,397 136,252 ------- ------- ------- Shareholders' equity 261,338 244,224 172,619 ------- ------- ------- Total liabilities and shareholders' equity $382,276 $399,621 $308,871 ======= ======= =======
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