AMES DEPARTMENT STORES, INC. Exhibit 20
DECEMBER RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
December 1993 Fiscal 1994 Year-to-Date
Actual Plan* Last Yr** Actual Plan* Last Yr**
INCOME SUMMARY:
Net Sales $348.2 $394.0 $390.8 $2,026.5 $2,166.0 $2,063.9
FIFO Margin $ 101.4 106.6 104.1 551.7 567.5 530.2
Margin % 29.1% 27.1% 26.6% 27.2% 26.2% 25.7%
Total Expenses 51.6 56.2 57.2 496.7 513.9 541
Gain on Sale of Properties 0.5 - - 1.4 - -
--------------------------------------------------
EBIT 50.3 50.4 46.9 56.4 53.6 (10.8)
Interest (Expense) Income, net (2.0) (2.2) (0.4) (24.7) (27.5) 1.3
Chapter 11 Expenses - - (7.0) - - (25.5)
Restructuring Charges - - (16.0) - - (88.5)
Fresh-Start Revaluation Charge - - (391.2) - - (391.2)
Non-Cash Extraordinary Gain - - 1,249.3 0.9 - 1,249.3
Income Tax Expense - (0.3) - - (0.3) -
--------------------------------------------------
Net Profit $48.3 $47.9 $881.6 $32.6 $25.8 $734.6
==================================================
Depr. & Amort. and LIFO, net 1.4 0.2 5.3 4.9 2.1 (37.6)
--------------------------------------------------
EBITDA $48.9 $50.2 $41.6 $51.5 $51.5 $26.8
==================================================
BALANCE SHEET SUMMARY: Balance at
end of Period
Actual Plan
------------------
Cash and Cash Equivalents $111.0 $108.0
Merchandise Inventories, LIFO 424.6 436.5
Other Current Assets 34.3 35.6
------------------
Total Current Assets 569.9 580.1
Net Fixed Assets 20.6 28.8
------------------
Total Assets $590.5 $608.9
==================
Trade Accounts Payable $70.6 $74.4
Short-Term Debt - -
Other Current Liabilities 189.3 207.0
------------------
Total Current Liabilities 259.9 281.4
Long-Term Debt 118.5 124.1
Other Long-Term Liabs. & Excess Reval. Net Assets 133.3 131.2
------------------
Total Liabilities 511.7 536.7
Paid-In-Capital 70.1 70.3
Retained Earnings (Deficit) 8.7 1.9
------------------
Total Liabilities & Equity $590.5 $608.9
==================
<FN>
* As reported on Form 8-K dated April 5, 1993.
** Last year's (fiscal 1993) income summary is revised for 309 stores.
Also, gross margin excludes depreciation for comparability. Last
year's fiscal December period, ended December 26, 1992, included
Thanksgiving week and only one post-Christmas shopping day.
NOTE: EBIT is earnings (loss) before interest, Ch. 11 expenses, restruc. chgs.,
income taxes, and any non-cash extraordinary items. EBITDA is EBIT before
depreciation & amortization, LIFO expense or credit, and any non-cash
unusual charges and gains.
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