AMES DEPARTMENT STORES, INC. Exhibit 20
NOVEMBER RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
November 1994 Fiscal 1995 Year-to-Date
Actual Plan* Last Yr** Actual Plan* Last Yr**
INCOME SUMMARY:
Net Sales $225.5 $226.9 $220.2 $1,663.8 $1,699.8 $1,678.4
FIFO Margin $ 58.6 62.4 58.2 438.5 466.5 450.2
Margin % 26.0% 27.5% 26.4% 26.4% 27.4% 26.8%
Total Expenses 44.7 48.2 41.8 435.9 451.0 445.0
Gain on Dispos. of Properties - - - 3.5 1.9 0.8
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EBIT 13.9 14.2 16.4 6.1 17.4 6.0
Net Interest Expense 2.5 2.3 2.5 22.1 23.6 22.6
Non-Cash Inc. Tax Prov.(Ben.) 4.1 3.9 - (1.7) 1.9 -
Extraordinary Loss (Gain) - - - 1.5 1.5 (0.9)
Non-Recurring (Gain)-Wertheim - - - (12.0) (12.0) -
Dist. Center Closing Costs - - - 2.5 - -
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Net Income (Loss) $7.3 $8.0 $13.9 ($6.3) $2.4 ($15.7)
===================================================
From EBIT:
Non-Cash SARs Exp.(Credit) (0.2) - - - 1.5 -
Depr/Amort, LIFO, & other,net 0.1 0.3 (0.4) 2.7 0.9 (3.4)
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EBITDA $13.8 $14.5 $16.0 $8.8 $19.8 $2.6
===================================================
BALANCE SHEET SUMMARY:
Balance at end of Period
Actual Plan* Last Yr**
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Unrestricted Cash and Cash Equivalents $53.7 $50.5 $55.7
Restricted Cash and Cash Equivalents 0.7 0.3 51.4
Merchandise Inventories, LIFO 569.9 558.1 560.8
Other Current Assets 83.1 71.7 74.3
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Total Current Assets 707.4 680.6 742.2
Net Fixed Assets 40.2 51.8 19.1
Other Assets and Deferred Charges 6.4 5.2 0.4
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Total Assets $754.0 $737.6 $761.7
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Trade Accounts Payable $193.6 $178.0 $153.8
Short-Term Debt (Revolver) 164.1 155.0 128.3
Other Current Liabilities 178.3 180.1 193.4
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Total Current Liabilities 536.0 513.1 475.5
Long-Term Debt 41.2 41.6 121.2
Other Long-Term Liabilities 49.7 48.4 53.1
Unfavorable Lease Liability 23.3 23.3 25.4
Fresh-start Excess Net Assets (Negative Goodwill) 49.7 49.8 56.0
Paid-In-Capital 73.5 71.3 70.1
Retained Earnings (Deficit) (19.4) (9.9) (39.6)
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Total Stockholders' Equity 54.1 61.4 30.5
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Total Liabilities & Equity $754.0 $737.6 $761.7
===========================
<FN>
* As reported on Form 8-K dated May 27, 1994.
** Last year's (fiscal 1994) income and balance sheet summaries
represent 308 stores as compared to 306 stores in November 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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