AMES DEPARTMENT STORES, INC. Exhibit 20
JULY RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
July 1994 Fiscal 1995 Year-to-Date
Actual Plan* Last Yr** Actual Plan* Last Yr**
INCOME SUMMARY:
Net Sales $143.5 $148.1 $145.6 $927.1 $939.2 $931.6
FIFO Margin $ 35.6 39.1 35.2 246.3 256.6 250.6
Margin % 24.8% 26.4% 24.2% 26.6% 27.3% 26.9%
Total Expenses 39.8 41.6 42.6 259.4 267.7 265.8
Gain on Dispos. of Properties 1.5 - - 3.5 1.9 -
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EBIT (2.7) (2.5) (7.4) (9.6) (9.2) (15.2)
Net Interest Expense 2.0 2.2 2.1 12.8 14.2 12.7
Non-Cash Inc. Tax Prov.(Ben.) (1.5) (1.5) - (3.4) (3.7) -
Extra. Chg., net of tax ben. - - - 1.5 1.5 -
Non-Recurring (Gain)-Wertheim - - - (12.0) (12.0) -
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Net Income (Loss) ($3.2) ($3.2) ($9.5) ($8.5) ($9.2) ($27.9)
===================================================
From EBIT:
Non-Cash SARs Exp.(Credit) (0.3) - - 0.1 1.5 -
Depr/Amort, LIFO, & other,net - 0.1 (0.2) 2.2 - (2.1)
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EBITDA ($3.0) ($2.4) ($7.6) ($7.3) ($7.7) ($17.3)
===================================================
BALANCE SHEET SUMMARY: Balance at
end of Period
Actual Plan
------------------
Unrestricted Cash and Cash Equivalents $30.8 $29.1
Restricted Cash and Cash Equivalents 1.0 0.9
Merchandise Inventories, LIFO 484.3 479.6
Other Current Assets 39.2 31.5
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Total Current Assets 555.3 541.1
Net Fixed Assets 30.1 44.2
Other Assets and Deferred Charges 7.3 6.4
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Total Assets $592.7 $591.7
==================
Trade Accounts Payable $99.6 $81.1
Short-Term Debt (Revolver) 106.4 125.0
Other Current Liabilities 166.5 173.6
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Total Current Liabilities 372.5 379.7
Long-Term Debt 41.7 42.2
Fresh-start Excess Net Assets (Negative Goodwill) 51.7 51.8
Unfavorable Lease Liability 24.0 24.0
Other Long-Term Liabilities 50.9 49.8
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Total Liabilities & Fresh-St. Excess Net Assets 540.8 547.5
Paid-In-Capital 73.5 65.7
Retained Earnings (Deficit) (21.6) (21.5)
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Total Liabilities & Equity $592.7 $591.7
==================
<FN>
* As reported on Form 8-K dated May 27, 1994.
** Last year's (fiscal 1994) income summary represents 309 stores as
compared to 305 stores in July 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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