SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 20, 1997
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(March 20, 1997)
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Ames Department Stores, Inc.
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(Exact Name of Registrant As Specified In Charter)
Delaware
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(State Or Other Jurisdiction Of Incorporation)
1-5380 04-2269444
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(Commission File Number) (IRS Employer Identification No.)
2418 Main Street; Rocky Hill, Connecticut 06067-0801
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(Address Of Principal Executive Offices) (Zip Code)
(860) 257-2000
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name Or Former Address, If Changed Since Last Report)
ITEM 5: OTHER EVENTS
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On March 13, 1997, Ames Department Stores, Inc. (the "Company")
publicly released its audited results of operations and balance sheet
sheet for the fiscal year ended January 25, 1997. Beginning on
March 20, 1997, the Company will distribute, to certain of its banks
and other lenders, principal trade vendors and factors, summaries of
its financial results for the four (unaudited) and fifty-two weeks
ended January 25, 1997 and for the four weeks ended February 22, 1997
(unaudited). These monthly and year-to-date results (collectively,
the "monthly results") are attached hereto as Exhibits 20-A and 20-B
and are incorporated by reference herein.
Sales for the four weeks ended February 22, 1997 were $0.8 million
below the projections contained in the Form 8-K dated February 27, 1997
(the "Plan"). EBITDA was $1.5 million better than Plan and $0.9
million better than last year.
As of February 22, 1997, merchandise inventories were $9.7 million
above Plan. Trade payables were $13.6 million above Plan and
borrowings under the Company's revolving line of credit were $9.9
million below Plan.
The Company is distributing the monthly results to its banks and
other lenders, principal trade vendors and factors to facilitate their
credit analyses. The summary results should not be relied upon for
any other purpose and should be read in conjunction with the Company's
Form 10-K for the fiscal year ended January 25, 1997 to be filed in
April, 1997, the Company's Form 10-Q for the first, second and third
quarters ended April 27, 1996, July 27, 1996, and October 26, 1996,
respectively, and the Company's Form 8-K dated June 11, 1996 and the
Company's Form 8-K dated February 27, 1997. The monthly results are
being reported publicly solely because they are being distributed to
a large number of the Company's vendors for purposes of their credit
analyses.
Although the Company has continued to make its monthly results
public, the Company does not believe it is obligated to provide such
information indefinitely, other than as required by applicable
regulations, and the Company may cease making such disclosures and
updates at any time. The monthly results were not examined, reviewed
or compiled by the Company's independent public accountants.
Moreover, the Company does not believe that it is obligated to update
the monthly results to reflect subsequent events or developments. The
reported monthly results are subject to future adjustments, if any,
that could materially affect such results. However, in the opinion of
the Company, the monthly results contain all adjustments (consisting
of normal recurring adjustments) necessary for a fair statement of the
results for the periods presented.
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
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INFORMATION AND EXHIBITS
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Exhibit: 20-A Financial Summary Results for the Four Weeks(Unaudited)
and Fifty-two Weeks Ended January 25, 1997
Exhibit: 20-B Unaudited Financial Summary Results for the Four Weeks
Ended February 22, 1997
INDEX TO EXHIBITS
Exhibit No. Exhibit Page No.
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20-A Financial Summary Results for the 6
Four Weeks (Unaudited) and Fifty-two
Weeks Ended January 25, 1997.
20-B Unaudited Financial Summary Results 8
for the Four Weeks Ended February 22, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
AMES DEPARTMENT STORES, INC.
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Registrant
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Dated: March 19, 1997 By: /s/ Joseph R. Ettore
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Joseph R. Ettore
President, Director, and
Chief Executive Officer
Dated: March 19, 1997 By: /s/ John F. Burtelow
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John F. Burtelow
Executive Vice President,
Chief Financial Officer
Dated: March 19, 1997 By: /s/ Gregory D. Lambert
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Gregory D. Lambert
Senior Vice President,
Finance