01/07/08 : SYM : Syms Corp Reports Results for the Third Quarter
SECAUCUS, N.J., Jan 07, 2008 (BUSINESS WIRE) -- Syms Corp (NYSE:SYM), a leading off-price retailer, announced results today for its third quarter ended December 1, 2007.
For the third quarter ended December 1, 2007, the Company had a net profit of $1.3 million ($0.09 per share) as compared to a net profit of $2.0 million ($0.14 per share) for the 13-week period ended November 25, 2006. For the 39-week period ended December 1, 2007, the net profit was $.6 million ($0.04 per share) as compared to a net profit of $6.4 million ($0.44 per share) for the comparable period last year. In the first quarter ended May 27, 2006, the Company recorded a pre-tax gain on the sale of real estate amounting to approximately $10,424,000. This resulted from the sale of its stores located in Dallas, Texas and Rochester, New York. The Dallas store has been replaced by a leased property located in Plano, Texas.
For the third quarter ended December 1, 2007 same store sales increased .3% compared to the same period last year. For the 39-week period ended December 1, 2007, same store sales increased 2.1% compared to the same period last year.
Net sales for the third quarter ended December 1, 2007 decreased 3.8% to $70.0 million, compared to $72.8 million for the same period last year. Net sales for the 26-week period ended September 1, 2007 decreased 1.5% to $198.6 million for the comparable period last year.
Syms Corp currently operates a chain of thirty three "off-price" apparel stores located throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest. Each Syms store offers a broad range of first quality, in-season merchandise bearing nationally recognized designer and brand-name labels.
SYMS CORP
UNAUDITED STATEMENT OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Thirteen Thirteen Thirty- Thirty-nine
nine
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
12/1/2007 11/25/2006 12/1/2007 11/25/2006
---------- ----------- ---------- ------------
Net Sales $ 70,024 $ 72,767 $ 198,555 $ 236,806
Gross Margin 29,548 30,215 80,368 95,230
Operating Expenses 27,277 27,174 80,312 91,521
Gain on Sale of Real
Estate 0 0 0 (10,424)
Net Profit After Taxes $ 1,298 $ 2,004 $ 550 $ 8,984
========== =========== ========== ============
Net Profit Per Share -
Basic $ 0.09 $ 0.14 $ 0.04 $ 0.62
========== =========== ========== ============
Weighted Average
Shares Outstanding -
Basic 14,648 14,404 14,682 14,608
========== =========== ========== ============
SYMS CORP
UNAUDITED BALANCE SHEETS
(IN THOUSANDS)
December 1, November 25,
2007 2006
--------------- ------------------
ASSETS:
---------
Current Assets
Cash $ 13,642 $ 36,729
Receivables 2,921 3,910
Merchandise Inventory
- net 72,432 81,578
Other Current Assets 13,227 12,601
--------------- ------------------
Total Current Assets 102,222 134,818
Property & Equipment - Net 98,580 104,290
Other Assets 32,710 25,138
--------------- ------------------
Total Assets $233,512 $264,246
=============== ==================
Liabilities & Shareholder's
Equity:
-------------------------------
Accounts Payable $ 32,655 $ 38,771
Accrued Expenses 6,773 11,272
Other Current
Liabilities 745 5,449
--------------- ------------------
Total Current
Liabilities 40,173 55,492
Other Long Term Liabilities 1,271 1,668
Shareholders' Equity 192,068 207,086
--------------- ------------------
Total Liabilities & Capital $233,512 $264,246
=============== ==================
SOURCE: Syms Corp
CONTACT: Syms Corp
Antone F. Moreira, 201-902-9600
Vice President, Treasurer
and Chief Financial Officer
