AMES DEPARTMENT STORES, INC. Exhibit 20
DECEMBER RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
December, 1996 Fiscal 1996 Year-to-Date
Last Last
Actual Plan(a) Yr (b) Actual Plan(a) Yr (b)
INCOME SUMMARY:
Net Sales $368.0 $372.0 $346.3 $2,045.7 $2,034.8 $2,004.5
FIFO Margin $ 101.2 100.5 94.6 557.3 546.6 537.2
Margin % 27.5% 27.0% 27.3% 27.2% 26.9% 26.8%
Total Expenses (62.3) (58.2) (55.8) (507.2) (503.8) (512.3)
Other Income 3.7 3.8 6.6 26.4 27.2 35.8
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EBITDA 42.6 46.1 45.4 76.5 70.0 60.7
Pre-Opening Expenses (0.4) (0.4) - (2.9) (2.8) -
Depreciation and Amort (net) (0.5) (0.4) (0.5) (4.6) (4.1) (2.8)
Net Interest Expense (1.4) (2.1) (2.0) (18.5) (22.9) (23.1)
Other Inc (Exp), Incl LIFO - - - 0.1 - 1.1
Extra. Item, net of tax (1.3) - - (1.3) - -
Non-Cash Inc Tax Ben (Exp) (11.7) (12.8) (12.5) (15.0) (11.9) (10.4)
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Net Income (Loss) $27.3 $30.4 $30.4 $34.3 $28.3 $25.5
===================================================
Balance at End of Period
Last
Actual Plan (a) Yr (b)
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BALANCE SHEET SUMMARY:
Cash and Cash Equivalents $95.9 $25.1 $49.7
Merchandise Inventories, LIFO 389.1 385.1 405.3
Other Current Assets 33.2 29.7 30.8
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Total Current Assets 518.2 439.9 485.8
Net Fixed Assets 64.0 69.6 58.3
Long-Term Assets 4.8 5.3 3.8
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Total Assets $587.0 $514.8 $547.9
===========================
Trade Accounts Payable $172.8 $120.2 $129.0
Short-Term Debt (Revolver) - - -
Other Current Liabilities 183.7 173.3 168.9
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Total Current Liabilities 356.5 293.5 297.9
Long-Term Debt 12.3 12.3 21.5
Other Long-Term Liabilities 32.2 32.4 43.4
Unfavorable Lease Liability 17.2 16.6 21.2
Fresh-start Excess Net Assets (Negative Goodwill) 36.8 36.8 43.0
Paid-In-Capital 95.4 92.9 91.4
Retained Earnings (Deficit) 36.6 30.3 29.5
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Total Stockholders' Equity 132.0 123.2 120.9
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Total Liabilities & Equity $587.0 $514.8 $547.9
===========================
<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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