AMES DEPARTMENT STORES, INC. Exhibit 20
NOVEMBER RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
November, 1995 Fiscal 1995 Year-to-Date
Last Last
ActualPlan (a) Yr (b) Act(c) Plan (a) Yr (b)
INCOME SUMMARY:
Net Sales $219.9 $232.8 $225.5 $1,671.7 $1,709.7 $1,663.8
FIFO Margin $ 61.0 64.2 59.4 442.7 462.9 445.4
Margin % 27.7% 27.6% 26.3% 26.5% 27.1% 26.8%
Total Expenses (49.3) (52.5) (48.4) (456.6) (470.8) (468.5)
Other Income/Property Gains 2.6 3.3 2.8 29.2 29.4 31.9
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EBITDA 14.3 15.0 13.8 15.3 21.5 8.8
Depreciation and Amort (net) (0.3) (0.3) - (2.3) (2.3) 0.8
Net Interest Expense (2.5) (2.7) (2.5) (21.1) (23.9) (22.1)
Other Income (Expense),
Including LIFO - - 0.1 1.1 - (6.0)
Non-Recur Gain - Wertheim Set - - - - - 12.0
Extra. Item, Net of Tax - - - - - (1.5)
Non-Cash Inc. Tax (Prov.) Ben (3.5) (3.6) (4.1) 2.1 1.4 1.7
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Net Income (Loss) $8.0 $8.4 $7.3 ($4.9) ($3.3) ($6.3)
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Balance at end of Period
Last
Actual Plan (a) Yr (b)
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BALANCE SHEET SUMMARY:
Cash and Cash Equivalents $42.9 $50.0 $54.4
Merchandise Inventories, LIFO 561.4 568.0 569.9
Other Current Assets 74.4 93.2 83.1
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Total Current Assets 678.7 711.2 707.4
Net Fixed Assets 56.7 58.4 40.2
Long-Term Assets 3.9 4.2 6.4
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Total Assets $739.3 $773.8 $754.0
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Trade Accounts Payable $190.0 $207.8 $193.6
Short-Term Debt (Revolver) 174.3 190.0 164.1
Other Current Liabilities 163.0 155.5 178.3
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Total Current Liabilities 527.3 553.3 536.0
Long-Term Debt 25.6 35.9 41.2
Other Long-Term Liabilities 41.5 39.3 49.7
Unfavorable Lease Liability 21.3 21.3 23.3
Fresh-start Excess Net Assets (Negative Goodwill) 43.5 43.6 49.7
Paid-In-Capital 81.0 80.3 73.5
Retained Earnings (Deficit) (0.9) 0.1 (19.4)
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Total Stockholders' Equity 80.1 80.4 54.1
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Total Liabilities & Equity $739.3 $773.8 $754.0
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<FN>
(a) As reported on Form 8-K dated August 18, 1995.
(b) Certain reclassifications have been made to the fiscal 1994 account
balances to conform to the current year presentation.
(c) Total expenses have been increased and EBITDA reduced by $1.2 million in
cash disbursements related to the closing of a distribution center for
which a closing reserve had been established during fiscal 1994. Net
income has not been affected by these disbursements as other income/
expense includes an offset of $1.2 million.
NOTE: EBITDA is earnings (loss) before net interest expense, income taxes,
LIFO expense, extraordinary or non-recurring items, depreciation and
amortization and other non-cash charges.
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