AMES DEPARTMENT STORES, INC. Exhibit 20
MARCH RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
March 1994 Fiscal 1995 Year-to-Date
Actual Plan* Last Yr** Actual Plan* Last Yr**
INCOME SUMMARY:
Net Sales $178.9 $181.4 $172.0 $300.4 $306.5 $296.7
FIFO Margin $ 44.0 48.3 44.6 73.6 79.2 76.3
Margin % 24.6% 26.6% 25.9% 24.5% 25.9% 25.7%
Total Expenses 50.3 49.9 47.4 89.7 91.0 86.9
Gain on Dispos. of Properties 0.7 - - 1.8 - -
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EBIT (5.6) (1.6) (2.8) (14.3) (11.8) (10.6)
Net Interest Expense (2.1) (2.4) (3.1) (3.9) (4.5) (4.6)
Income Tax Expense - - - - - -
---------------------------------------------------
Net Loss ($7.7) ($4.0) ($5.9) ($18.2) ($16.3) ($15.2)
===================================================
Depr/Amort, LIFO, & other,net (2.6) 0.2 0.6 (2.6) 0.5 1.0
---------------------------------------------------
EBITDA ($3.0) ($1.8) ($3.4) ($11.7) ($12.3) ($11.6)
===================================================
BALANCE SHEET SUMMARY: Balance at
end of Period
Actual Plan
------------------
Unrestricted Cash and Cash Equivalents $38.0 $28.1
Restricted Cash and Cash Equivalents 54.8 64.2
Merchandise Inventories, LIFO 494.0 487.0
Other Current Assets 35.7 40.3
------------------
Total Current Assets 622.5 619.6
Net Fixed Assets 22.1 29.0
Other Assets 1.7 -
------------------
Total Assets $646.3 $648.6
==================
Trade Accounts Payable $119.7 $67.5
Short-Term Debt (Revolver) 73.6 110.0
Other Current Liabilities 203.2 190.0
------------------
Total Current Liabilities 396.5 367.5
Long-Term Debt 76.8 110.1
Fresh-start Excess Net Assets (Negative Goodwill) 53.7 53.7
Unfavorable Lease Liability 24.7 24.7
Other Long-Term Liabilities 52.3 51.0
------------------
Total Liabilities & Excess Reval. Net Assets 604.0 607.0
Paid-In-Capital 73.5 70.1
Retained Earnings (Deficit) (31.2) (28.5)
------------------
Total Liabilities & Equity $646.3 $648.6
==================
<FN>
* As reported on Form 8-K dated February 17, 1994.
** Last year's (fiscal 1994) income summary represents 309 stores as
compared to 307 stores in March 1994.
NOTE: EBIT is earnings (loss) before interest, income tax expense, and any
non-cash extraordinary items. EBITDA is EBIT before depreciation &
amortization, LIFO expense or credit, and non-cash unusual charges
and gains.
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