AMES DEPARTMENT STORES, INC. Exhibit 20
SEPTEMBER RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
September, 1996 Fiscal 1996 Yearto-Date
Last Last
ActualPlan (a) Yr (b) Actual Plan (a) Yr (b)
INCOME SUMMARY:
Net Sales $189.3 $186.7 $187.8 $1,280.6 $1,296.9 $1,277.4
FIFO Margin $ 51.1 50.1 51.1 346.1 341.8 336.6
Margin % 27.0% 26.8% 27.2% 27.0% 26.4% 26.4%
Total Expenses (50.2) (49.9) (52.4) (351.0) (355.1) (363.5)
Other Income 2.9 2.9 2.8 17.7 18.7 24.5
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EBITDA 3.8 3.1 1.5 12.8 5.4 (2.4)
Pre-Opening Expenses (0.4) (0.4) - (1.8) (1.8) -
Depreciation and Amort (net) (0.5) (0.4) (0.4) (3.3) (3.0) (1.7)
Net Interest Expense (2.1) (2.5) (2.5) (13.3) (15.7) (16.2)
Other Inc (Exp), Incl LIFO (0.1) - 0.1 0.2 - 1.0
Non-Cash Inc Tax Ben (Exp) (0.2) 0.1 0.4 1.6 4.5 5.8
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Net Income (Loss) $0.5 ($0.1) ($0.9) ($3.8) ($10.6) ($13.5)
===================================================
Balance at End of Period
Last
Actual Plan (a) Yr (b)
---------------------------
BALANCE SHEET SUMMARY:
Cash and Cash Equivalents $20.5 $21.9 $22.6
Merchandise Inventories, LIFO 522.9 533.7 560.3
Other Current Assets 50.5 52.4 52.5
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Total Current Assets 593.9 608.0 635.4
Net Fixed Assets 63.1 68.4 52.8
Long-Term Assets 4.9 6.1 4.2
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Total Assets $661.9 $682.5 $692.4
===========================
Trade Accounts Payable $171.7 $172.5 $163.1
Short-Term Debt (Revolver) 144.1 165.0 166.5
Other Current Liabilities 164.9 170.9 157.7
---------------------------
Total Current Liabilities 480.7 508.4 487.3
Long-Term Debt 12.7 12.8 25.2
Other Long-Term Liabilities 33.1 33.3 42.3
Unfavorable Lease Liability 17.6 17.2 21.6
Fresh-start Excess Net Assets (Negative Goodwill) 38.3 38.3 44.5
Paid-In-Capital 81.0 81.0 81.0
Retained Earnings (Deficit) (1.5) (8.5) (9.5)
---------------------------
Total Stockholders' Equity 79.5 72.5 71.5
---------------------------
Total Liabilities & Equity $661.9 $682.5 $692.4 ====================
<FN>
(a) As reported on Form 8-K dated June 11, 1996.
(b) Certain restatements 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
1995 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. Prior to January, 1996, EBITDA was
similarly defined, except that it included all pre-opening expenses and
gains or losses on the sale of properties.
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