AMES DEPARTMENT STORES, INC. Exhibit 20
SEPTEMBER RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
September 1994 Fiscal 1995 Year-to-Date
Actual Plan* Last Yr** Actual Plan* Last Yr**
INCOME SUMMARY:
Net Sales $190.8 $200.2 $197.6 $1,267.7 $1,295.6 $1,281.9
FIFO Margin $ 51.3 55.6 54.1 336.8 353.9 344.5
Margin % 26.9% 27.8% 27.4% 26.6% 27.3% 26.9%
Total Expenses 49.2 49.1 51.7 350.5 360.2 360.6
Gain on Dispos. of Properties - - - 3.5 1.9 -
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EBIT 2.1 6.5 2.4 (10.2) (4.4) (16.1)
Net Interest Expense 2.5 2.5 2.9 17.3 18.9 17.7
Non-Cash Inc. Tax Prov.(Ben.) (0.1) 1.3 - (5.0) (3.6) -
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) ($0.3) $2.7 ($0.5) ($12.0) ($9.2) ($33.8)
===================================================
From EBIT:
Non-Cash SARs Exp.(Credit) 0.1 - - 0.3 1.5 -
Depr/Amort, LIFO, & other,net 0.1 0.2 (0.4) 2.4 0.5 (2.7)
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EBITDA $2.3 $6.7 $2.0 ($7.5) ($2.4) ($18.8)
===================================================
BALANCE SHEET SUMMARY:
Balance at end of Period
Actual Plan* Last Yr**
---------------------------
Unrestricted Cash and Cash Equivalents $31.5 $27.3 $24.9
Restricted Cash and Cash Equivalents 0.7 0.6 53.0
Merchandise Inventories, LIFO 554.3 521.3 575.1
Other Current Assets 55.8 48.9 44.5
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Total Current Assets 642.3 598.1 697.5
Net Fixed Assets 38.8 50.8 16.3
Other Assets and Deferred Charges 6.9 5.8 -
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Total Assets $688.0 $654.7 $713.8
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Trade Accounts Payable $144.8 $122.1 $113.0
Short-Term Debt (Revolver) 158.2 145.0 148.1
Other Current Liabilities 171.3 178.3 184.4
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Total Current Liabilities 474.3 445.4 445.5
Long-Term Debt 40.7 41.4 121.8
Other Long-Term Liabilities 50.4 49.1 53.1
Unfavorable Lease Liability 23.6 23.7 25.8
Fresh-start Excess Net Assets (Negative Goodwill) 50.6 50.7 55.2
Paid-In-Capital 73.5 65.8 70.1
Retained Earnings (Deficit) (25.1) (21.4) (57.7)
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Total Stockholders' Equity 48.4 44.4 12.4
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Total Liabilities & Equity $688.0 $654.7 $713.8
===========================
<FN>
* As reported on Form 8-K dated May 27, 1994.
** Last year's (fiscal 1994) income and balance sheet summaries
represent 309 stores as compared to 305 stores in September 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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