AMES DEPARTMENT STORES, INC. Exhibit 20-B
FEBRUARY RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
Feb and Yearto-Date 1996
Last
Actual Plan (a) Yr (b)
INCOME SUMMARY:
Net Sales $128.9 $133.0 $124.4
FIFO Margin $ 30.7 31.6 29.4
Margin % 23.8% 23.8% 23.6%
Total Expenses (39.1) (40.7) (40.2)
Other Income/Property Gains 1.4 1.7 1.8
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EBITDA (7.0) (7.4) (9.0)
Depreciation and Amort (net) (0.4) (0.4) (0.1)
Net Interest Expense (1.3) (1.3) (1.4)
Other Expenses, Incl LIFO - - -
Non-Cash Inc. Tax Ben. 2.6 2.7 3.2
---------------------------
Net Income (Loss) ($6.1) ($6.4) ($7.3)
===========================
Balance at end of Period
Last
Actual Plan (a) Yr (b)
---------------------------
BALANCE SHEET SUMMARY:
Cash and Cash Equivalents $22.9 $19.3 $22.0
Merchandise Inventories, LIFO 409.9 451.8 461.5
Other Current Assets 37.9 34.1 32.7
---------------------------
Total Current Assets 470.7 505.2 516.2
Net Fixed Assets 56.0 64.1 41.3
Long-Term Assets 5.6 5.1 5.6
---------------------------
Total Assets $532.3 $574.4 $563.1
===========================
Trade Accounts Payable $131.8 $162.3 $146.1
Short-Term Debt (Revolver) 35.3 40.0 31.5
Other Current Liabilities 177.3 184.0 163.1
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Total Current Liabilities 344.4 386.3 340.7
Long-Term Debt 14.8 15.6 30.0
Other Long-Term Liabilities 35.3 35.4 43.9
Unfavorable Lease Liability 18.5 18.5 22.7
Fresh-start Excess Net Assets (Negative Goodwill) 42.0 42.0 48.2
Paid-In-Capital 81.0 81.0 81.0
Retained Earnings (Deficit) (3.7) (4.4) (3.4)
---------------------------
Total Stockholders' Equity 77.3 76.6 77.6
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Total Liabilities & Equity $532.3 $574.4 $563.1
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<FN>
(a) As reported on Form 8-K dated February 21, 1996.
(b) Certain reclassifications have been made in the fiscal 1995 account
balances:
(i) Net sales have been restated to reflect the effect of recording senior
citizen discounts as markdowns which conforms with the fiscal 1996
treatment. This restatement has no impact on the fiscal 1995 reported
gross margin, EBITDA and net income.
(ii)EBITDA has been restated to reflect the cash disbursements related to
the closing of a distribution center for which a reserve had been
established in fiscal 1994. This restatement has no impact on fiscal
reported net income.
NOTE: EBITDA, as amended in January, 1996, is earnings (loss) before net
interest expense, income taxes, LIFO expense, extraordinary or non-
recurring items (including certain pre-opening expenses), depreciation,
amortization and other non-cash charges and gain or loss on the sale
of properties after January 28, 1996.
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