x |
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
| Virginia |
54-0845694 | |
| (State or other jurisdiction of Incorporation or organization) |
(I.R.S. Employer Identification
No.) |
| Three Months Ended |
Six Months Ended |
||||||||||||||
| August 3, 2002 |
August 4, 2001 |
August 3, 2002 |
August 4, 2001 |
||||||||||||
| Net sales |
$ |
36,094 |
|
$ |
35,499 |
$ |
77,885 |
|
$ |
77,319 |
| ||||
| Cost of sales |
|
19,196 |
|
|
18,720 |
|
40,400 |
|
|
39,915 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| Gross profit |
|
16,898 |
|
|
16,779 |
|
37,485 |
|
|
37,404 |
| ||||
| Other costs and expenses: |
|||||||||||||||
| Selling, general and administrative |
|
16,005 |
|
|
15,845 |
|
33,448 |
|
|
33,282 |
| ||||
| Interest |
|
153 |
|
|
108 |
|
166 |
|
|
219 |
| ||||
| Depreciation and amortization |
|
790 |
|
|
795 |
|
1,587 |
|
|
1,612 |
| ||||
| Other, net |
|
(138 |
) |
|
23 |
|
(181 |
) |
|
(25 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| Income before income taxes |
|
88 |
|
|
8 |
|
2,465 |
|
|
2,316 |
| ||||
| Provision for income taxes |
|
33 |
|
|
3 |
|
937 |
|
|
880 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
55 |
|
$ |
5 |
$ |
1,528 |
|
$ |
1,436 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| Net income per common share: |
|||||||||||||||
| Basic |
$ |
0.02 |
|
$ |
|
$ |
0.48 |
|
$ |
0.35 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
$ |
0.02 |
|
$ |
|
$ |
0.47 |
|
$ |
0.35 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| Weighted average common shares outstandingbasic |
|
2,522 |
|
|
4,546 |
|
3,212 |
|
|
4,065 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| Weighted average common shares outstanding including dilutive potential common shares |
|
2,561 |
|
|
4,549 |
|
3,244 |
|
|
4,079 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| August 3, 2002 |
August 4, 2001 |
February 2, 2002 |
||||||||||
| (unaudited) |
(unaudited) |
|||||||||||
| ASSETS |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
$ |
542 |
|
$ |
525 |
|
$ |
4,257 |
| |||
| Accounts receivable |
|
572 |
|
|
304 |
|
|
271 |
| |||
| Merchandise inventories |
|
45,563 |
|
|
51,118 |
|
|
44,869 |
| |||
| Prepaid income taxes |
|
722 |
|
|
1,152 |
|
|
|
| |||
| Other current assets |
|
3,215 |
|
|
2,991 |
|
|
3,213 |
| |||
| |
|
|
|
|
|
|
|
| ||||
| Total current assets |
|
50,614 |
|
|
56,090 |
|
|
52,610 |
| |||
| Property and equipment, at cost: |
||||||||||||
| Land and buildings |
|
6,608 |
|
|
6,603 |
|
|
6,607 |
| |||
| Furniture, fixtures and equipment |
|
16,878 |
|
|
16,095 |
|
|
16,711 |
| |||
| Leasehold improvements |
|
17,110 |
|
|
16,705 |
|
|
17,142 |
| |||
| |
|
|
|
|
|
|
|
| ||||
| |
40,596 |
|
|
39,403 |
|
|
40,460 |
| ||||
| Less: Accumulated depreciation and amortization |
|
24,072 |
|
|
21,443 |
|
|
22,889 |
| |||
| |
|
|
|
|
|
|
|
| ||||
| |
16,524 |
|
|
17,960 |
|
|
17,571 |
| ||||
| Other assets |
|
6,978 |
|
|
6,144 |
|
|
6,550 |
| |||
| |
|
|
|
|
|
|
|
| ||||
| $ |
74,116 |
|
$ |
80,194 |
|
$ |
76,731 |
| ||||
| |
|
|
|
|
|
|
|
| ||||
| LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||||||
| Current liabilities: |
||||||||||||
| Current maturities of long-term debt |
$ |
889 |
|
$ |
180 |
|
$ |
180 |
| |||
| Accounts payable |
|
8,635 |
|
|
7,970 |
|
|
9,408 |
| |||
| Accrued compensation and related items |
|
1,262 |
|
|
1,206 |
|
|
1,566 |
| |||
| Current and deferred income taxes |
|
103 |
|
|
141 |
|
|
190 |
| |||
| Other current liabilities |
|
1,813 |
|
|
1,771 |
|
|
1,949 |
| |||
| |
|
|
|
|
|
|
|
| ||||
| Total current liabilities |
|
12,702 |
|
|
11,268 |
|
|
13,293 |
| |||
| Long-term debt |
|
14,208 |
|
|
8,545 |
|
|
1,260 |
| |||
| Other long-term liabilities |
|
1,636 |
|
|
1,534 |
|
|
1,583 |
| |||
| Deferred income taxes |
|
1,463 |
|
|
1,698 |
|
|
1,437 |
| |||
| Commitments |
||||||||||||
| Shareholders equity: |
||||||||||||
| Preferred stock, $1 par value; authorized shares, 500; issued and outstanding shares, none |
||||||||||||
| Common stock, $.50 par value, authorized shares, 10,000; issued and outstanding shares, 2,524, 4,042 and 4,044,
respectively |
|
1,262 |
|
|
2,021 |
|
|
2,022 |
| |||
| Capital in excess of par value |
|
38 |
|
|
|
|
|
12 |
| |||
| Notes receivableStock Purchase Loan Plan |
|
(1,122 |
) |
|
(2,059 |
) |
|
(2,013 |
) | |||
| Retained earnings |
|
43,929 |
|
|
57,187 |
|
|
59,137 |
| |||
| |
|
|
|
|
|
|
|
| ||||
| |
44,107 |
|
|
57,149 |
|
|
59,158 |
| ||||
| |
|
|
|
|
|
|
|
| ||||
| $ |
74,116 |
|
$ |
80,194 |
|
$ |
76,731 |
| ||||
| |
|
|
|
|
|
|
|
| ||||
| Six Months Ended |
||||||||
| 8/3/02 |
8/4/01 |
|||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ |
1,528 |
|
$ |
1,436 |
| ||
| Adjustments to reconcile net income to net cash |
||||||||
| Depreciation and amortization |
|
1,856 |
|
|
1,832 |
| ||
| Proceeds received on insurance claim |
|
225 |
|
|
|
| ||
| Gain on insurance claim |
|
(132 |
) |
|
|
| ||
| Loss on property dispositions, net |
|
51 |
|
|
73 |
| ||
| Other |
|
53 |
|
|
49 |
| ||
| Changes in assets and liabilities: |
||||||||
| Accounts receivable |
|
5 |
|
|
(49 |
) | ||
| Merchandise inventories |
|
(1,008 |
) |
|
913 |
| ||
| Other current assets |
|
(2 |
) |
|
(95 |
) | ||
| Other assets |
|
100 |
|
|
(339 |
) | ||
| Accounts payable and accrued expenses |
|
(1,163 |
) |
|
90 |
| ||
| Current and deferred income taxes |
|
(564 |
) |
|
(1,683 |
) | ||
| |
|
|
|
|
| |||
| Net cash provided by operating activities |
|
949 |
|
|
2,227 |
| ||
| |
|
|
|
|
| |||
| Cash flows from investing activities: |
||||||||
| Capital expenditures |
|
(865 |
) |
|
(1,400 |
) | ||
| Proceeds from property disposition |
|
7 |
|
|
58 |
| ||
| |
|
|
|
|
| |||
| Net cash used for investing activities |
|
(858 |
) |
|
(1,342 |
) | ||
| |
|
|
|
|
| |||
| Cash flows from financing activities: |
||||||||