[TEXT]
AMES DEPARTMENT STORES, INC.
CONDENSED INCOME STATEMENT
MANAGEMENT FORMAT
(307 stores were planned thru Sep.; 308 stores after Sep.)
($ 000's)
EXHIBIT 20
Page 1 of 3
REVISED 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 43,178 49,864 39,284 42,933 50,846 41,546 43,456 49,066 42,684 48,151 56,094 38,629 545,731
Gain on Disp.
of Properties 1,100 700 100 1,900
-----------------------------------------------------------------------------------------------------------------------
EBIT ($11,154) ($858) ($2,153) $5,298 $2,212 ($2,492) ($1,784) $6,581 $7,482 $14,222 $48,210 ($15,590) $49,974
Net Interest 1,983 2,470 2,389 2,759 2,444 2,186 2,199 2,519 2,327 2,313 1,987 1,399 26,975
Inc. Tx. Prov. (6,811) 823 3,815 (1,517) (1,291) 1,317 1,671 3,861 14,986 (5,508) 11,347
Extra. Item(A) 1,517 1,517
Non-Recur. Gain (12,000) (12,000)
-----------------------------------------------------------------------------------------------------------------------
Net Inc(Loss)($13,137) ($3,328) $752 $1,716 $7,953 ($3,161) ($2,692) $2,745 $3,484 $8,048 $31,237 ($11,481) $22,135
=======================================================================================================================
From EBIT:
Sub:Net Amort 129 150 84 25 10 (54) (88) (80) (137) (153) (133) (174) (421)
Add:LIFO Exp. 83 83 83 83 83 83 83 83 84 84 84 84 1,000
Non-Cash
SARs Exp.(B) 2,000 (500) 1,500
-----------------------------------------------------------------------------------------------------------------------
EBITDA ($9,200) ($925) ($2,654) $5,356 $2,285 ($2,355) ($1,613) $6,744 $7,703 $14,459 $48,427 ($15,332) $52,895
CERTAIN FYE 1/94 ACTUALS (REVISED FOR COMPARABLE STORES)
FOR MONTH ENDED
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 $97,008 $2,113,025
FIFO Margin $ 31,581 44,360 39,474 46,797 52,058 35,038 39,619 53,815 47,304 57,958 101,121 20,175 569,300
Margin % 25.48% 25.94% 28.75% 29.65% 27.19% 24.22% 26.11% 27.39% 27.01% 26.42% 29.14% 20.80% 26.94%
-----------------------------------------------------------------------------------------------------------------------
EBITDA ($8,083) ($3,286) ($1,005) $3,802 ($912) ($7,501) ($3,449) $2,017 $5,427 $15,940 $48,728 ($17,376) $34,302
<FN>
(A) Primarily for the write-off of deferred financing costs and debt discounts related to debt to be prepaid in June.
(B) Assumes that the April 30, 1994 accrual of $1.5 million(which was based on an average common stock price of
$5.03 per share for the ten trading days ended April 29, 1994) for the value of unexercised stock appreciation rights (SARs)
will be unchanged for the remainder of Fiscal 1995.
NOTE: EBIT is earnings (loss) before net interest expense, income taxes, and non-recurring or extraordinary items.
Consistent with the definition in the new revolving credit facility, EBITDA is EBIT
before depreciation & amortization, LIFO expense, stock appreciation rights accruals, and other non-cash charges.
Page 6 of 8
AMES DEPARTMENT STORES, INC.
CONDENSED BALANCE SHEET
MANAGEMENT FORMAT
(307 stores were planned thru Sep.; 308 stores after Sep.)
REVISED FYE 1/95 PLAN
($ 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. $27,136 $26,912 $27,854 $33,036 $34,108 $29,075 $30,736 $27,314 $30,194 $50,521 $37,836 $26,415
Restricted cash & eq(A) 61,043 64,193 67,844 69,295 1,045 896 747 597 448 299 149 0
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 28,602 36,173 34,589 33,674 30,068 31,498 34,874 48,896 58,137 71,702 35,623 33,428
------------------------------------------------------------------------------------------------------------
Total Current Assets 608,369 614,299 634,450 636,176 538,317 541,056 555,302 598,117 626,860 680,631 470,227 468,323
Net Fixed Assets 27,256 29,057 30,847 33,988 39,458 44,196 48,954 50,761 51,626 51,776 51,727 51,473
Other Assets & Def. Chgs 1,556 1,377 1,101 1,283 6,767 6,448 6,132 5,815 5,498 5,182 4,864 4,547
------------------------------------------------------------------------------------------------------------
Total Assets $637,181 $644,733 $666,398 $671,447 $584,542 $591,700 $610,388 $654,693 $683,984 $737,589 $526,818 $524,343
============================================================================================================
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. 95,000 110,000 135,000 135,000 125,000 125,000 130,000 145,000 150,000 155,000 0 15,000
Other current liabs.(B) 217,439 219,297 255,202 251,253 179,093 173,632 174,786 178,300 179,536 180,101 185,339 173,796
------------------------------------------------------------------------------------------------------------
Total Current Liabs. 384,093 396,825 460,391 463,655 366,861 379,720 403,208 445,426 470,546 513,071 258,139 279,984
Long-term debt 77,896 77,076 42,903 43,110 42,271 42,200 42,354 41,427 41,401 41,553 40,549 39,075
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 24,372 24,198 24,023 23,848 23,673 23,499 23,323 23,148 22,970
Other long-term liabs. 51,261 50,979 50,671 50,344 50,054 49,737 49,401 49,103 48,778 48,433 48,126 42,907
------------------------------------------------------------------------------------------------------------
Total Liabilities 592,439 603,319 631,769 634,277 535,605 547,441 570,112 610,355 634,490 676,186 419,193 433,707
Shareholders' Equity
Paid-in capital (C) 70,141 70,141 62,604 63,429 67,244 65,727 64,436 65,753 67,425 71,286 86,271 80,763
Retained earn. (def.) (25,399) (28,727) (27,975) (26,259) (18,307) (21,468) (24,160) (21,415) (17,931) (9,883) 21,354 9,873
------------------------------------------------------------------------------------------------------------
Total Sharehold. Eq. 44,742 41,414 34,629 37,170 48,937 44,259 40,276 44,338 49,494 61,403 107,625 90,636
Total Liabs. & Equity $637,181 $644,733 $666,398 $671,447 $584,542 $591,700 $610,388 $654,693 $683,984 $737,589 $526,818 $524,343
============================================================================================================
<FN>
(A) The Company's new revolving credit facility does not require cash collateralization of letters of credit.
(B) The April and May amounts include $68.9 million of debt to be prepaid in June in connection with the funding of the new revol.
credit facility. Of this amount, $34.8 million is long-term debt classified as current in the revised plan as of April,
$32.9 million is classified as current as of Feb., and $1.2 million had been classified as current in the original plan.
(C) Projected increases (decreases) in paid-in capital reflect projected non-cash income tax expense (benefit).
Page 7 of 8
AMES DEPARTMENT STORES, INC.
CONDENSED CASH FLOW
MANAGEMENT FORMAT
(307 stores were planned thru Sep.; 308 stores after Sep.)
REVISED FYE 1/95 PLAN
($ 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 $26,864 $27,136 $26,912 $27,854 $33,036 $34,108 $29,075 $30,736 $27,314 $30,194 $50,521 $37,836 $26,864
Cash generated from (used in) operations:
Net income (loss) (13,137) (3,328) 752 1,716 7,953 (3,161) (2,692) 2,745 3,484 8,048 31,237 (11,481) 22,135
Non-cash income tax prov 0 0 (6,811) 823 3,815 (1,517) (1,291) 1,317 1,671 3,861 14,986 (5,508) 11,347
Other 217 197 1,629 460 476 483 518 509 568 582 564 600 6,804
-----------------------------------------------------------------------------------------------------------
Cash from operations (12,920) (3,131) (4,430) 2,999 12,244 (4,195) (3,465) 4,571 5,723 12,491 46,787 (16,389) 40,286
Changes in working capital:
FIFO invent. (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 5,643 (6,441) 2,510 (2,736) (69) (6,815) (1,926)(11,288) (7,885)(12,704) 40,786 (14,831) (15,758)
-----------------------------------------------------------------------------------------------------------
Net changes in work. cap (48,676) (6,082)(12,054) 8,386 12,289 4,931 5,967 (20,032) (5,856) 4,144 97,022 (8,387) 31,649
Capital expenditures (1,712) (2,227) (2,166) (3,576) (6,034) (5,252) (5,305) (2,462) (1,462) (763) (659) (380) (32,000)
(Inc) dec. in rest. cash (2,751) (3,150) (3,651) (1,451) 68,250 149 149 150 149 149 150 149 58,294
Other
Borrow. (pymts)-revolver 75,000 15,000 25,000 0 (10,000) 0 5,000 15,000 5,000 5,000 (155,000) 15,000 (5,000)
Pymts. of capital leases (322) (287) (312) (331) (295) (321) (340) (303) (329) (349) (312) (252) (3,753)
Incr. in def. fin. costs 0 0 (1,100) (500) (5,800) 0 0 0 0 0 0 0 (7,400)
Pymts- long-term debt(A) (8,347) (347) (345) (345)(69,582) (345) (345) (346) (345) (345) (673) (1,162) (82,525)
-----------------------------------------------------------------------------------------------------------
Total other 66,331 14,366 23,243 (1,176)(85,677) (666) 4,315 14,351 4,326 4,306 (155,985) 13,586 (98,678)
-----------------------------------------------------------------------------------------------------------
Inc (dec) in unrest. cash $272 ($224) $942 $5,182 $1,072 ($5,033) $1,661 ($3,422) $2,880 $20,327 ($12,685)($11,421) ($449)
End. unrest. cash and eq $27,136 $26,912 $27,854 $33,036 $34,108 $29,075 $30,736 $27,314 $30,194 $50,521 $37,836 $26,415 $26,415
===========================================================================================================
(A) June's payments include $68.9 million of debt prepayments, primarily from funds no longer required to be
restricted for the cash collateralization of letters of credit.
Page 8 of 8