AMES DEPARTMENT STORES, INC. Exhibit 20
APRIL RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
April 1994 Fiscal 1995 Year-to-Date
Actual Plan* Last Yr** Actual Plan* Last Yr**
INCOME SUMMARY:
Net Sales $135.3 $129.7 $138.1 $435.8 $436.2 $434.8
FIFO Margin $ 39.4 37.1 39.7 113.0 116.4 116.0
Margin % 29.1% 28.6% 28.7% 25.9% 26.7% 26.7%
Total Expenses 39.3 39.3 40.4 128.9 132.4 127.4
Gain on Dispos. of Properties - - - 1.8 1.8 -
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EBIT 0.1 (2.2) (0.7) (14.1) (14.2) (11.4)
Net Interest Expense 2.1 2.4 2.1 6.0 6.8 6.6
Non-Cash Inc. Tax Prov.(Ben.) (6.5) (6.8) - (6.5) (6.8) -
Extra. Chg., net of tax ben. 1.5 1.5 - 1.5 1.5 -
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Net Income (Loss) $3.0 $0.7 ($2.8) ($15.1) ($15.7) ($18.0)
===================================================
From EBIT:
Non-Cash SARs Exp.(Credit) (0.5) (0.5) - 1.5 1.5 -
Depr/Amort, LIFO, & other,net 0.3 0.0 (0.3) 1.2 (0.1) (1.2)
---------------------------------------------------
EBITDA ($0.1) ($2.7) ($1.0) ($11.4) ($12.8) ($12.6)
===================================================
BALANCE SHEET SUMMARY: Balance at
end of Period
Actual Plan
------------------
Unrestricted Cash and Cash Equivalents $24.4 $27.9
Restricted Cash and Cash Equivalents 56.6 67.8
Merchandise Inventories, LIFO 506.8 504.2
Other Current Assets 37.6 34.6
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Total Current Assets 625.4 634.5
Net Fixed Assets 22.7 30.8
Other Assets and Deferred Charges 1.1 1.1
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Total Assets $649.2 $666.4
==================
Trade Accounts Payable $110.3 $70.2
Short-Term Debt (Revolver) 88.5 135.0
Other Current Liabilities 239.5 255.2
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Total Current Liabilities 438.3 460.4
Long-Term Debt 43.1 42.9
Fresh-start Excess Net Assets (Negative Goodwill) 53.2 53.3
Unfavorable Lease Liability 24.5 24.5
Other Long-Term Liabilities 52.1 50.7
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Total Liabilities & Fresh-St. Excess Net Assets 611.2 631.8
Paid-In-Capital 66.2 62.6
Retained Earnings (Deficit) (28.2) (28.0)
------------------
Total Liabilities & Equity $649.2 $666.4
==================
<FN>
* From revised plan reported on Form 8-K dated May 27, 1994.
** Last year's (fiscal 1994) income summary represents 309 stores as
compared to 306 stores in April 1994.
NOTE: EBIT is earnings (loss) before net interest expense, income taxes, and
non-recurring or extraordinary items. EBITDA is EBIT before depre-
ciation & amortization, LIFO expense, stock appreciation rights (SARs)
accruals, and other non-cash charges.
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