SEATTLE, WA -- Aug. 30, 1996 -- Jay Jacobs Inc. (JAYJ)
today reported results for its second quarter ended July 27, 1996.
Sales for the second quarter were $16,472,000 compared to
$18,799,000 for the same quarter last year. Total sales declined by
12 percent as a result of a 15 percent decline in store count during
the second quarter. During the quarter the company's same store
sales increased 1 percent.
The company reported a loss of $653,000, or 11 cents per share,
compared to a loss of $589,000, or 10 cents per share, for the
second quarter of last year.
Sales for the first six months ended July 27, 1996, were
$30,297,000 compared to $35,904,000 for the same period last year.
During the first half, comparable store sales decreased by 3
percent.
The company reported a loss of $2,450,000, or 40 cents per
share, compared to a loss of $2,577,000, or 44 cents per share, for
the first half of last year.
As a result of the decline in sales, primarily related to the
first quarter, the company's liquidity is under pressure. This is
hampering the company's ability to fund ongoing operations and plans
for expansion have been put on hold. The company is currently
seeking additional sources of capital to strengthen its working
capital position.
Jay Jacobs Inc. is a Seattle-based specialty apparel retailer
selling to men and women, currently operating through its 132 stores
located in 21 states. During the first six months ended July 27,
1996, the company opened 15 stores and closed 19 stores.
JAY JACOBS INC. AND SUBSIDIARIES
Consolidated Balance Sheet
(Dollar amounts in thousands)
(Unaudited)
July 27, 1996
Assets
Current assets:
Cash and cash equivalents $ 177
Accounts receivable 505
Inventories 6,660
Prepaid expenses 287
Total current assets 7,629
Property and equipment, net 5,962
Total assets $13,591
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 5,493
Accrued payroll 0
Accrued restructuring expenses 2,725
Other accrued expenses 849
Short Term Bank Debt 2,217
Total current liabilities 11,284
Deferred rental credits 618
Accrued reorganization liability 735
Shareholders' equity:
Common stock 12,991
Retained earnings (12,037)
Total shareholders' equity 954
Total liabilities and shareholders'
equity $13,591
JAY JACOBS INC. AND SUBSIDIARIES
Consolidated Statement of Operations
(Dollar amounts in thousands)
Unaudited
Three months ended
Jul 27, 1996 Jul 29, 1995
Net sales $ 16,472 $ 18,799
Operating costs and expenses:
Cost of sales, buying and
occupancy costs 12,987 14,300
Selling, general and
administrative expenses 4,060 5,178
Interest expense and other
income, net 78 (90)
Net operating expenses 17,125 19,388
Income (loss) before income
taxes (653) (589)
Earnings (loss) per share (11 cents) (10 cents)
Weighted average number of
shares outstanding 6,095 6,007
Six months ended
Jul 27, 1996 Jul 29, 1995
Net sales $ 30,296 $ 35,904
Operating costs and expenses:
Cost of sales, buying and
occupancy costs 23,988 28,246
Selling, general and
administrative expenses 8,699 10,393
Interest expense and other
income, net 59 (158)
Net operating expenses 32,746 38,481
Income (loss) before income
taxes (2,450) (2,577)
Earnings (loss) per share (40 cents) (44 cents)
Weighted average number of
shares outstanding 6,079 6,007
ANAHEIM, Calif. -- Aug. 30, 1996 -- The Clothestime
Inc. (OTC:CTMEQ) on Friday announced results for the second quarter
ended July 27, 1996.
Sales for the quarter were $59.5 million compared with $89.3
million last year. A significant portion of the total sales
reduction was due to the lower number of stores this year as
compared with last year. For the first six months of fiscal 1996,
total sales were $103.2 million compared with $161.6 million for the
first six months of last year.
Currently, there are 364 stores as compared with 554 stores last year.
Operating income for the quarter before reorganization charges
was $82 thousand as compared with a loss of $462 thousand for the
same period last year. There was no income tax benefit this year
compared with an income tax benefit of $14 thousand last year.
The loss for the second quarter this year includes
reorganization costs of $4.3 million, resulting in a net loss of
$4.2 million. The loss per share was 30 cents this year vs. a loss
of 3 cents per share for the same quarter last year.
For the first six months of fiscal 1996, the operating loss
before reorganization charges was $4.4 million as compared with a
loss of $7.6 million for the same period last year. There was no
income tax benefit this year compared with an income tax benefit of
$2.8 million last year.
The loss for the six months this year includes reorganization
costs of $5.6 million, resulting in a net loss of $10.1 million.
Loss per share was 71 cents this year as compared with 34 cents last
year.
Clothestime Stores currently operates 364 women's apparel stores
in 17 states and Puerto Rico, offering primarily in-season,
moderately-priced sportswear, dresses and accessories, emphasizing
fashion at a discount from department and specialty stores.
The Clothestime Inc.
Summary Results of Operations (Unaudited)
(000's Omitted, Except Per Share Amounts)
Second Quarter Six Months Ended
7/27/1996 7/29/1995 7/27/1996 7/29/1995
Net sales $59,492 $89,282 $103,159 $161,629
Income/(Loss)
Before Reorganization
Costs and Income
Tax Benefits $ 82 $ (462) $ (4,379) $ (7,617)
Net loss $(4,189) $ (449) $(10,041) $ (4,799)
Loss per share $ (0.30) $ (0.03) $ (0.71) $ (0.34)
Average shares
outstanding 14,198 14,187 14,198 14,185
MINNEAPOLIS, MN -- Aug. 29, 1996 -- href="chap11.north.html">North Atlantic Technologies,
Inc. (OTC: NATT) today reported net income of $157,125 on
revenues
of $1,686,381 for the quarter ended June 30, 1996, compared to a
loss of $761,207 on revenues of $913,321 for the second quarter of
1995. Bruce Watson, the Company's President noted that the loss for
the period in the previous year included an $184,505 expense for the
write off of the value of a patent of the Company taken due to the
uncertainty of the Company's ability to continue in operation at
that time. Mr. Watson also noted the Company's balance sheet has
been substantially restated to reflect the reorganization values of
the Company's assets in connection with the Company's reorganization
under Chapter 11 of the United States Bankruptcy Code.
North Atlantic Technologies manufactures heat recovery systems
to domestic and international industrial companies for energy
recovery and environmental control applications.
CONTACT: Bruce Watson, President, or Allen Karson, Controller,
612-888-8553, both of North Atlantic Technologies, Inc.