Draft #7 – June 4, 2004
United States Securities and Exchange Commission
Washington, DC 20549
FORM 10-Q
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended May 1, 2004. |
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or |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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Commission File Number 0-23874 |
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Jos. A. Bank Clothiers, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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36-3189198 |
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(State incorporation) |
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(I.R.S. Employer |
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500 Hanover Pike, Hampstead, MD |
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21074-2095 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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410-239-2700 |
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(Registrant’s telephone number including area code) |
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None |
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(Former name or former address, if changed since last report) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or if such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes ý |
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Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2)
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Yes ý |
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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Class |
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Outstanding as of June 4, 2004 |
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Common Stock, $.01 par value |
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10,645,908 |
Jos. A. Bank Clothiers, Inc.
Index
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PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(In thousands except per share data)
(Unaudited)
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Three Months Ended |
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May 3, 2003 |
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May 1, 2004 |
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Net sales |
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$ |
62,272 |
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$ |
79,929 |
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Cost of goods sold |
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26,672 |
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30,894 |
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Gross profit |
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35,600 |
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49,035 |
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Operating expenses: |
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Sales and marketing |
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24,114 |
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30,651 |
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General and administrative |
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7,043 |
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8,584 |
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Store opening costs |
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366 |
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231 |
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Total operating expenses |
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31,523 |
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39,466 |
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Operating income |
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4,077 |
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9,569 |
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Interest expense, net |
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303 |
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481 |
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Income before provision for income taxes |
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3,774 |
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9,088 |
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Provision for income taxes |
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1,600 |
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3,753 |
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Net income |
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$ |
2,174 |
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$ |
5,335 |
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Earnings per share: |
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Net income: |
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Basic |
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$ |
0.23 |
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$ |
0.50 |
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Diluted |
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$ |
0.20 |
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$ |
0.47 |
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Weighted average shares outstanding: |
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Basic |
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9,299 |
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10,597 |
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Diluted |
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10,866 |
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11,370 |
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See accompanying notes
3
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
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January 31, 2004 |
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May 1, 2004 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
875 |
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$ |
904 |
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Accounts receivable, net |
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4,201 |
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6,158 |
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Inventories: |
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Raw materials |
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11,652 |
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7,718 |
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Finished goods |
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109,136 |
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118,182 |
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Total inventories |
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120,788 |
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125,900 |
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Prepaid expenses and other current assets |
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10,323 |
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10,058 |
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Total current assets |
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136,187 |
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143,020 |
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NONCURRENT ASSETS: |
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Property, plant and equipment, net |
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47,401 |
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47,749 |
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Other noncurrent assets |
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1,235 |
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970 |
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Deferred income taxes |
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1,688 |
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1,688 |
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Total assets |
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$ |
186,511 |
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$ |
193,427 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
28,748 |
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$ |
27,180 |
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Accrued expenses |
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32,677 |
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29,733 |
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Current portion of long-term debt |
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