AMES DEPARTMENT STORES, INC. Exhibit 20
DECEMBER RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
December, 1995 Fiscal 1995 Year-to-Date
Last Last
ActualPlan (a) Yr (b) Act(c) Plan (a) Yr (b)
INCOME SUMMARY:
Net Sales $348.6 $369.8 $362.9 $2,020.2 $2,079.5 $2,026.7
FIFO Margin $ 94.6 99.9 100.7 537.2 562.8 546.1
Margin % 27.1% 27.0% 27.7% 26.6% 27.1% 26.9%
Total Expenses (55.8) (60.3) (56.8) (512.3) (531.1) (525.3)
Other Income/Property Gains 6.6 3.9 6.1 35.8 33.3 38.0
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EBITDA 45.4 43.5 50.0 60.7 65.0 58.8
Depreciation and Amort (net) (0.5) (0.3) (0.1) (2.8) (2.7) 0.7
Net Interest Expense (2.0) (2.2) (2.0) (23.1) (26.0) (24.2)
Other Income (Expense),
Including LIFO - - 0.8 1.1 - (5.2)
Non-Recur Gain - Wertheim Set - - - - - 12.0
Extra. Item, Net of Tax - - - - - (1.5)
Non-Cash Inc. Tax (Prov.) Ben (12.5) (12.4) (14.1) (10.4) (11.0) (12.4)
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Net Income (Loss) $30.4 $28.6 $34.6 $25.5 $25.3 $28.2
===================================================
Balance at end of Period
Last
Actual Plan (a) Yr (b)
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BALANCE SHEET SUMMARY:
Cash and Cash Equivalents $49.7 $54.3 $61.3
Merchandise Inventories, LIFO 405.3 410.2 430.1
Other Current Assets 30.8 34.6 34.7
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Total Current Assets 485.8 499.1 526.1
Net Fixed Assets 58.3 58.0 40.9
Long-Term Assets 3.8 3.9 6.4
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Total Assets $547.9 $561.0 $573.4
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Trade Accounts Payable $129.0 $136.5 $134.0
Short-Term Debt (Revolver) - - -
Other Current Liabilities 168.9 166.6 179.1
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Total Current Liabilities 297.9 303.1 313.1
Long-Term Debt 21.5 34.8 38.9
Other Long-Term Liabilities 43.4 38.9 49.0
Unfavorable Lease Liability 21.2 21.2 23.1
Fresh-start Excess Net Assets (Negative Goodwill) 43.0 43.0 49.1
Paid-In-Capital 91.4 91.3 85.1
Retained Earnings (Deficit) 29.5 28.7 15.1
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Total Stockholders' Equity 120.9 120.0 100.2
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Total Liabilities & Equity $547.9 $561.0 $573.4
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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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