AMES DEPARTMENT STORES, INC. Exhibit 20 - A
JANUARY RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(In Millions)
Jan 1995 (Unaudited) Total Fiscal 1994
Last Last
Actual Plan (a) Yr (b) Actual Plan (a) Yr (b)
INCOME SUMMARY:
Net Sales $116.1 $113.9 $97.0 $2,142.8 $2,174.1 $2,123.5
FIFO Margin $ 28.2 23.0 25.0 566.1 593.8 576.6
Margin % 24.3% 20.2% 25.8% 26.4% 27.3% 27.2%
Total Expenses 46.5 38.6 41.7 533.0 545.7 538.3
Gain on Dispos. of Properties 2.9 - - 8.3 1.9 1.3
---------------------------------------------------
EBIT (15.4) (15.6) (16.7) 41.4 50.0 39.6
Net Interest Expense 1.2 1.4 1.8 25.4 27.0 26.4
Non-Cash Inc. Tax Prov.(Ben.) (4.2) (5.5) 3.3 8.2 11.4 3.3
Extraordinary Loss (Gain) - - - 1.5 1.5 (0.9)
Non-Recurring (Gain)-Wertheim - - - (12.0) (12.0) -
Dist. Center Closing Costs (1.2) - - 1.3 - -
---------------------------------------------------
Net Income (Loss) ($11.2) ($11.5) ($21.8) $17.0 $22.1 $10.8
===================================================
From EBIT:
Non-Cash SARs Exp.(Credit) - - - - 1.5 -
Depr/Amort, LIFO, & other,net 1.1 0.3 (0.7) 3.1 1.4 (5.5)
---------------------------------------------------
EBITDA ($14.3) ($15.3) ($17.4) $44.5 $52.9 $34.1
===================================================
BALANCE SHEET SUMMARY:
Balance at End of Period
Last
Actual Plan (a) Yr (b)
---------------------------
Unrestricted Cash and Cash Equivalents $28.4 $26.4 $16.5
Restricted Cash and Cash Equivalents 2.0 - 56.0
Merchandise Inventories, LIFO 430.2 408.5 442.2
Other Current Assets 25.8 33.4 28.8
---------------------------
Total Current Assets 486.4 468.3 543.5
Net Fixed Assets 41.0 51.5 21.6
Other Assets and Deferred Charges 6.0 4.5 2.0
---------------------------
Total Assets $533.4 $524.3 $567.1
===========================
Trade Accounts Payable $130.7 $91.2 $74.1
Short-Term Debt (Revolver) - 15.0 15.4
Other Current Liabilities 162.9 173.8 233.0
---------------------------
Total Current Liabilities 293.6 280.0 322.5
Long-Term Debt 39.0 39.1 51.4
Other Long-Term Liabilities 44.3 42.9 52.9
Unfavorable Lease Liability 22.9 22.9 25.1
Fresh-start Excess Net Assets (Negative Goodwill) 48.7 48.8 54.8
Paid-In-Capital 80.9 80.7 73.5
Retained Earnings (Deficit) 4.0 9.9 (13.1)
---------------------------
Total Stockholders' Equity 84.9 90.6 60.4
---------------------------
Total Liabilities & Equity $533.4 $524.3 $567.1
===========================
<FN>
(a) As reported on Form 8-K dated May 27, 1994.
(b) Certain reclassifications have been made to the fiscal 1993 account
balances to conform to the current year presentation.
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.
Page 6 of 9