AMES DEPARTMENT STORES, INC.
CONDENSED INCOME STATEMENT
MANAGEMENT FORMAT
($ 000's)
EXHIBIT 20
Page 1 of 3
FISCAL 1995 PLAN
FOR MONTH ENDING
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN TOTAL
Net Sales $125,044 $173,447 $148,639 $153,223 $201,775 $147,881 $154,000 $195,950 $177,000 $232,764 $374,621 $112,082 $2,196,426
Gross Marg.$ 31,624 45,773 41,500 45,062 54,962 36,363 40,948 53,437 47,681 64,217 106,503 21,230 589,300
Gross Marg. % 25.29% 26.39% 27.92% 29.41% 27.24% 24.59% 26.59% 27.27% 26.94% 27.59% 28.43% 18.94% 26.83%
SG&A Expenses (41,630) (51,420) (42,553) (43,322) (52,453) (42,727) (43,892) (53,201) (47,085) (52,470) (60,283) (41,073) (572,109)
Other Inc(ab) 1,683 2,457 2,519 2,485 3,280 2,280 2,566 3,412 5,467 3,250 3,879 4,631 37,909
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EBITDA (c) (8,323) (3,190) 1,466 4,225 5,789 (4,084) (378) 3,648 6,063 14,997 50,099 (15,212) 55,100
Depr & Amort (105) (148) (140) (167) (239) (257) (300) (337) (324) (328) (354) (331) (3,030)
Net Interest (1,542) (2,262) (2,209) (2,293) (2,681) (2,298) (2,346) (2,937) (2,627) (2,668) (2,180) (1,150) (27,193)
Income Taxes 3,017 1,694 267 (534) (868) 2,009 915 (113) (942) (3,631) (14,392) 5,051 (7,527)
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Net Inc(Loss) ($6,953) ($3,906) ($616) $1,231 $2,001 ($4,630) ($2,109) $261 $2,170 $8,370 $33,173 ($11,642) $17,350
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CERTAIN FISCAL 1994 ACTUALS (UNAUDITED) THRU DECEMBER 1994 AND JANUARY'S PLAN FROM THE MAY 27, 1994 FORM 8-K
FOR MONTH ENDED
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN (d) TOTAL (d)
Net Sales $121,538 $178,884 $135,333 $148,278 $199,558 $143,464 $149,888 $190,767 $170,613 $225,524 $362,882 $113,856 $2,140,585
Gross Mrg$(e) 30,320 44,765 39,643 44,652 54,081 36,117 39,817 52,297 43,583 59,311 101,533 23,039 569,158
Gross Mrg% 24.95% 25.02% 29.29% 30.11% 27.10% 25.17% 26.56% 27.41% 25.59% 26.34% 27.75% 20.24% 26.59%
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EBITDA (c) ($8,553) ($2,826) ($55) $4,093 $3,105 ($3,019) ($2,481) $2,281 $2,456 $13,813 $49,952 ($15,332) $43,434
<FN>
(a) Previously netted against expenses in the Fiscal 1994 management format. Includes purchase discounts.
(b) Property gains of $6.0 million are planned for Fiscal 1995.
(c) EBITDA is earnings (loss) before net interest expense, income taxes, LIFO expense, extraordinary or non-recurring
items, and depreciation and amortization.
(d) January and total Fiscal 1994 results have not yet been finalized and audited. Actual net sales for January were $116,097.
(e) Fiscal 1994 gross margin has been adjusted to conform to the Fiscal 1995 presentation.
Page 5 of 7
AMES DEPARTMENT STORES, INC.
CONDENSED BALANCE SHEET
MANAGEMENT FORMAT
FISCAL 1995 PLAN
($ 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:
Cash & equivalents $22,749 $25,352 $25,698 $29,895 $29,821 $23,976 $24,865 $30,921 $22,850 $48,632 $59,560 $16,841
Mdse inventories 478,837 489,489 495,681 494,484 472,288 492,244 500,829 542,590 585,693 568,034 410,204 417,099
Other current assets 30,855 40,352 41,828 43,062 38,237 40,520 46,406 56,025 62,449 93,577 34,561 29,313
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Total Current Assets 532,441 555,193 563,207 567,441 540,346 556,740 572,100 629,536 670,992 710,243 504,325 463,253
Net Fixed Assets 41,697 42,697 44,026 46,680 50,064 52,938 56,309 58,304 58,649 58,444 58,013 57,505
Long Term Assets 5,790 5,477 5,915 5,602 5,290 5,227 4,915 4,602 4,540 4,227 3,915 3,852
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Total Assets $579,928 $603,368 $613,148 $619,723 $595,700 $614,905 $633,324 $692,442 $734,180 $772,914 $566,253 $524,610
============================================================================================================
FOR MONTH ENDING
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN
Liabilities
Current Liabilities:
Trade accounts payable$118,377 $104,856 $115,262 $106,357 $77,517 $122,736 $120,777 $147,681 $205,830 $207,810 $136,530 $127,051
Note (revolver) pay. 75,000 120,000 120,000 140,000 140,000 125,000 150,000 180,000 165,000 190,000 0 0
Other current liabs. 157,321 155,344 156,993 152,396 157,424 151,923 150,202 154,027 151,319 155,492 166,553 163,120
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Total Current Liabs. 350,697 380,200 392,255 398,752 374,941 399,659 420,979 481,708 522,149 553,302 303,083 290,171
Long-term debt 39,191 38,124 37,438 37,254 36,134 36,230 36,404 35,621 35,722 35,896 34,788 26,970
Other long-term liabs. 42,384 42,042 41,699 41,360 41,016 40,668 40,331 39,991 39,647 39,314 38,978 35,389
Unfavorable lease liab. 22,744 22,587 22,430 22,273 22,117 21,960 21,803 21,646 21,489 21,332 21,175 21,018
Fresh-start excess 48,173 47,581 47,108 46,635 46,043 45,570 45,097 44,505 44,032 43,559 42,967 42,493
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Total Liabilities 503,189 530,534 540,931 546,274 520,250 544,086 564,613 623,470 663,038 693,403 440,990 416,041
Shareholders Equity
Paid-in capital 80,305 80,305 80,305 80,305 80,305 80,305 80,305 80,305 80,305 80,305 92,882 87,832
Retained earn. (def.) (3,565) (7,471) (8,087) (6,856) (4,855) (9,485) (11,594) (11,333) (9,163) (793) 32,380 20,738
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Total Sharehold. Eq. 76,739 72,834 72,218 73,449 75,450 70,819 68,710 68,971 71,142 79,511 125,263 108,570
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Total Liab. & Equity $579,928 $603,368 $613,148 $619,723 $595,700 $614,905 $633,324 $692,442 $734,180 $772,914 $566,253 $524,610
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Page 6 of 7
AMES DEPARTMENT STORES, INC.
CONDENSED CASH FLOW
MANAGEMENT FORMAT
FISCAL 1995 PLAN
($ 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. cash & equivalents $15,201 $22,749 $25,352 $25,698 $29,895 $29,821 $23,976 $24,865 $30,921 $22,850 $48,632 $59,560 $15,201
Cash generated from (used in) operations:
Net income (loss) (6,953) (3,906) (616) 1,231 2,001 (4,630) (2,109) 261 2,170 8,370 33,173 (11,642) 17,350
Noncash inc tax exp(ben) (3,017) (1,694) (267) 534 868 (2,009) (915) 113 942 3,631 14,392 (5,051) 7,527
Other 408 452 443 470 543 560 603 641 628 632 658 635 6,673
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Cash from operations: (9,562) (5,148) (440) 2,235 3,412 (6,079) (2,421) 1,015 3,740 12,633 48,223 (16,058) 31,550
Changes in working capital:
Inventory (inc) dec (47,785)(10,652) (6,192) 1,197 22,196 (19,956) (8,585)(41,761)(43,103) 17,659 157,830 (6,895) 13,953
Trade payables inc (dec) (6,037)(13,520) 10,406 (8,905)(28,840) 45,219 (1,959) 26,904 58,149 1,980 (71,280) (9,479) 2,637
All other 6,440 (9,615) (214) (6,677) 8,789 (5,593) (6,645) (5,831) (9,971)(30,539) 68,210 (7,980) 374
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Net changes in working cap(47,381)(33,787) 4,000 (14,385) 2,145 19,670 (17,190)(20,688) 5,075 (10,900) 154,760 (24,353) 16,965
Capital spending (588) (1,739) (1,942) (3,294) (4,215) (3,604) (4,145) (2,923) (1,142) (596) (515) (297)(25,000)
Other
Borrow (pymts) - revolver 75,000 45,000 0 20,000 0 (15,000) 25,000 30,000 (15,000) 25,000 (190,000) 0 0
Pymts of capital leases (1,588) (336) (337) (333) (338) (342) (331) (334) (338) (327) (330) (267) (5,206)
Pymts of long-term debt (8,331) (1,386) (184) (26) (1,078) (239) (26) (1,013) (155) (27) (1,210) (1,493)(15,168)
Pymts of financing fees 0 0 (750) 0 0 (250) 0 0 (250) 0 0 (250) (1,500)
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Total other 65,081 43,278 (1,271) 19,640 (1,416)(15,831) 24,643 28,653 (15,743) 24,646 (191,540) (2,010)(21,874)
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Incr(decr)in cash & equiv. 7,550 2,603 346 4,197 (74) (5,844) 887 6,056 (8,071) 25,783 10,928 (42,718) 1,642
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Ending cash & equivalents $22,749 $25,352 $25,698 $29,895 $29,821 $23,976 $24,865 $30,921 $22,850 $48,632 $59,560 $16,841 $16,841
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Page 7 of 7