[TEXT]
AMES DEPARTMENT STORES, INC.
CONDENSED INCOME STATEMENT
MANAGEMENT FORMAT
(307 stores thru Sep; 308 stores after Sep.)
($ 000's)
EXHIBIT 20
Page 1 of 3
PLAN FYE 1/95
FOR MONTH ENDING
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN TOTAL
Net Sales $125,141 $181,358 $129,749 $161,067 $193,812 $148,086 $156,195 $200,168 $177,315 $226,889 $360,440 $113,856 $2,174,076
FIFO Margin $ 30,924 48,306 37,131 48,131 53,058 39,054 41,672 55,647 50,166 62,373 104,304 23,039 593,805
Margin % 24.71% 26.64% 28.62% 29.88% 27.38% 26.37% 26.68% 27.80% 28.29% 27.49% 28.94% 20.24% 27.31%
Total Expense 41,178 49,864 39,284 42,822 50,735 41,435 43,345 48,955 42,573 48,040 55,983 38,517 542,731
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EBIT ($10,254) ($1,558) ($2,153) $5,309 $2,323 ($2,381) ($1,673) $6,692 $7,593 $14,333 $48,321 ($15,478) $51,074
Net Interest 1,979 2,467 2,394 2,557 2,762 2,490 2,499 2,852 2,641 2,621 2,345 1,380 28,987
Income Taxes 0
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Net Income ($12,233) ($4,025) ($4,547) $2,752 ($439) ($4,871) ($4,172) $3,840 $4,952 $11,712 $45,976 ($16,858) $22,087
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From EBIT:
Sub:Net Amort 129 150 84 25 10 (54) (88) (80) (137) (153) (133) (174) (421)
Unfav Ls. 175 175 175 175 175 175 175 175 175 176 176 175 2,102
Add:LIFO Exp. 83 83 83 83 83 83 83 83 84 84 84 84 1,000
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EBITDA ($10,475) ($1,800) ($2,329) $5,192 $2,221 ($2,419) ($1,677) $6,680 $7,639 $14,394 $48,362 ($15,395) $50,393
FYE 1/94 ACTUALS (UNAUDITED) THRU DEC. (REVISED FOR COMP. STORES) AND JAN.'S PLAN FROM THE 4/5/93 FORM 8-K
FOR MONTH ENDING
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN * TOTAL *
Net Sales $123,961 $171,041 $137,321 $157,818 $191,437 $144,670 $151,746 $196,467 $175,145 $219,404 $347,007 $115,059 $2,131,076
FIFO Margin $ 31,581 44,360 39,474 46,797 52,058 35,038 39,619 53,815 47,304 57,958 101,121 22,570 571,695
Margin % 25.48% 25.94% 28.75% 29.65% 27.19% 24.22% 26.11% 27.39% 27.01% 26.42% 29.14% 19.62% 26.83%
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EBITDA ($8,083) ($3,286) ($1,005) $3,802 ($912) ($7,501) ($3,449) $2,017 $5,427 $15,940 $48,728 ($17,843) $33,835
<FN>
* January and total fiscal year 1994 results have not yet been finalized and audited. Actual (unaudited) net sales for January
were $97,015.
NOTE: EBIT is earnings (loss) before net interest expense, income taxes, and any non-cash extraordinary items. EBITDA is EBIT
before depreciation & amortization, LIFO expense, and any non-cash unusual charges or gains.
AMES DEPARTMENT STORES, INC.
CONDENSED BALANCE SHEET
MANAGEMENT FORMAT
(307 stores thru Sep; 308 stores after Sep.)
FYE 1/95 PLAN
($ 000's)
EXHIBIT 20
Page 2 of 3
FOR MONTH ENDING
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN
Assets
Current Assets:
Unrest. cash and equiv. $28,540 $28,119 $25,829 $30,323 $30,111 $27,191 $32,618 $29,513 $33,280 $53,198 $38,197 $28,998
Restricted cash and eq. 61,046 64,196 67,847 69,298 69,748 70,599 67,350 61,300 59,751 62,502 68,952 68,103
Merch. inventory, LIFO 491,588 487,021 504,163 500,171 473,096 479,587 488,945 521,310 538,081 558,109 396,619 408,479
Other current assets 32,684 40,246 39,077 38,060 34,352 35,677 39,503 53,389 62,493 75,924 40,707 38,472
Total Current Assets 613,858 619,582 636,916 637,852 607,307 613,054 628,416 665,512 693,605 749,733 544,475 544,052
Net Fixed Assets 27,255 29,057 32,247 36,388 39,608 41,696 43,904 44,261 44,626 44,776 44,727 44,473
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Total Assets $641,113 $648,639 $669,163 $674,240 $646,915 $654,750 $672,320 $709,773 $738,231 $794,509 $589,202 $588,525
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FOR MONTH ENDING
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN
Liabilities
Current Liabilities:
Trade accounts payable $71,654 $67,528 $70,189 $77,402 $62,768 $81,088 $98,422 $122,126 $141,010 $177,970 $72,800 $91,188
Note (revolver) pay.(A) 95,000 110,000 135,000 135,000 125,000 125,000 130,000 140,000 145,000 150,000 0 15,000
Other current liabs.(B) 187,467 189,996 188,553 184,418 216,901 212,253 212,420 214,248 214,797 218,175 239,070 229,137
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Total Current Liabs. 354,121 367,524 393,742 396,820 404,669 418,341 440,842 476,374 500,807 546,145 311,870 335,325
Long-term debt (B) 110,896 110,076 109,872 110,082 76,387 76,372 76,584 75,713 75,746 75,955 60,005 58,585
Fresh-st ex.(neg. good.) 54,291 53,716 53,256 52,796 52,221 51,761 51,301 50,726 50,266 49,806 49,231 48,771
Unfavorable lease liab. 24,898 24,723 24,548 24,373 24,198 24,023 23,848 23,673 23,498 23,322 23,146 22,971
Other long-term liabs. 51,261 50,979 50,671 50,343 50,053 49,737 49,401 49,103 48,778 48,433 48,126 42,907
Total Liabilities 595,467 607,018 632,089 634,414 607,528 620,234 641,976 675,589 699,095 743,661 492,378 508,559
Shareholders' Equity
Paid-in capital 70,141 70,141 70,141 70,141 70,141 70,141 70,141 70,141 70,141 70,141 70,141 70,141
Retained earn. (def.) (24,495) (28,520) (33,067) (30,315) (30,754) (35,625) (39,797) (35,957) (31,005) (19,293) 26,683 9,825
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Total Sharehold. Eq. 45,646 41,621 37,074 39,826 39,387 34,516 30,344 34,184 39,136 50,848 96,824 79,966
Total Liabs. & Equity $641,113 $648,639 $669,163 $674,240 $646,915 $654,750 $672,320 $709,773 $738,231 $794,509 $589,202 $588,525
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<FN>
(A) Estimated incremental borrowings that may be required to replace certain inventories at the Leesport facility are between $5 and
$20 million for February through May. The extent and duration of such incremental borrowings is dependent upon the vendor trade
terms on the inventory repurchases and the Company's abilities to access the current inventory at Leesport.
(B) Includes certain projected reclassifications of long-term debt to current debt based upon the Company's current debt structure.
AMES DEPARTMENT STORES, INC.
CONDENSED CASH FLOW
MANAGEMENT FORMAT
(307 stores thru Sep; 308 stores after Sep.)
FYE 1/95 PLAN
($ 000's)
EXHIBIT 20
Page 3 of 3
FOR MONTH ENDING
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN TOTAL
Beg. unrest. cash and eq. $26,865 $28,540 $28,119 $25,829 $30,323 $30,111 $27,191 $32,618 $29,513 $33,280 $53,198 $38,197 $26,865
Cash generated from (used in) operations:
Net income (loss) (12,233) (4,025) (4,547) 2,752 (439) (4,871) (4,172) 3,840 4,952 11,712 45,976 (16,858) 22,087
Other 217 197 263 417 434 496 531 556 615 629 609 550 5,514
Cash from operations (12,016) (3,828) (4,284) 3,169 (5) (4,375) (3,641) 4,396 5,567 12,341 46,585 (16,308) 27,601
Changes in working capital:
FIFO inventory (inc) dec (51,089) 4,484 (17,225) 3,909 26,992 (6,574) (9,441)(32,448)(16,855)(20,112) 161,406 (11,944) 31,103
Trade payables inc (dec) (3,230) (4,125) 2,661 7,213 (14,634) 18,320 17,334 23,704 18,884 36,960 (105,170) 18,388 16,304
All other 5,784 (5,751) (1,878) (2,903) 2,829 (5,980) (3,443)(12,955) (8,551) (9,872) 41,670 (13,200) (14,249)
Net changes in working cap(48,535) (5,392)(16,442) 8,219 15,187 5,766 4,450 (21,699) (6,522) 6,976 97,906 (6,756) 33,158
Capital spending (1,712) (2,227) (3,566) (4,576) (3,785) (2,603) (2,755) (1,012) (962) (763) (659) (380) (25,000)
(Inc) dec. in rest. cash (2,754) (3,150) (3,651) (1,451) (450) (851) 3,249 6,050 1,549 (2,751) (6,450) 849 (9,811)
Other
Borrow. (pymts) -revolver 75,000 15,000 25,000 0 (10,000) 0 5,000 10,000 5,000 5,000 (150,000) 15,000 (5,000)
Payments of capital lease (322) (287) (312) (331) (295) (321) (340) (303) (329) (349) (312) (252) (3,753)
Pymts. on long-term debt (8,345) (346) (345) (345) (673) (345) (345) (346) (345) (346) (1,880) (1,161) (14,822)
Restructuring & other 359 (191) 1,309 (191) (191) (191) (191) (191) (191) (191) (191) (191) (240)
Total other 66,692 14,176 25,652 (867)(11,159) (857) 4,124 9,160 4,135 4,114 (152,383) 13,396 (23,815)
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Inc (dec.) in unrest. cash $1,675 ($421)($2,291) $4,494 ($212)($2,920) $5,427 ($3,105) $3,767 $19,917 ($15,001)($9,199) $2,133
End. unrest. cash and eq. $28,540 $28,119 $25,829 $30,323 $30,111 $27,191 $32,618 $29,513 $33,280 $53,198 $38,197 $28,998 $28,998
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