AMES DEPARTMENT STORES, INC. Exhibit 20
MAY RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
May, 1997 Fiscal 1997 Year-to-Date
-------------------------- -----------------------------
Last Last
Actual Plan(a) Yr Actual Plan(a) Yr
-------- -------- -------- --------- --------- ---------
INCOME SUMMARY:
Net Sales $152.5 $159.7 $154.4 $585.1 $596.4 $593.0
FIFO Margin $ 46.7 46.5 45.7 163.9 161.7 162.1
Margin % 30.6% 29.1% 29.6% 28.0% 27.1% 27.3%
Total Expenses (43.1) (43.6) (41.4) (170.7) (171.8) (167.6)
Other Income 2.2 2.3 2.4 7.7 7.7 7.7
-------- -------- -------- --------- --------- ---------
EBITDA 5.8 5.2 6.7 0.9 (2.4) 2.2
Dep and Amort (net) (0.5) (0.6) (0.4) (2.1) (2.1) (1.6)
Net Interest Exp (1.1) (1.3) (1.7) (3.5) (3.7) (5.9)
Other Inc (Exp) - - 0.2 (0.1) - 0.2
Non-Cash Income Tax (1.4) (1.1) (1.4) 1.6 2.8 1.5
(Provision) Benefit
-------- -------- -------- --------- --------- ---------
Net Income (Loss) $2.8 $2.2 $3.4 ($3.2) ($5.4) ($3.6)
======== ======== ======== ========= ========= =========
Balance at End of Period
-----------------------------
Last
Actual Plan (a) Yr
--------- --------- ---------
BALANCE SHEET SUMMARY:
Cash and Cash Equivalents $22.8 $33.0 $25.0
Merchandise Inventories, LIFO 459.7 468.5 473.8
Other Current Assets 44.7 39.6 46.1
--------- --------- ---------
Total Current Assets 527.2 541.1 544.9
Net Fixed Assets 70.6 70.5 63.3
Long-Term Assets 7.2 4.5 5.8
--------- --------- ---------
Total Assets $605.0 $616.1 $614.0
========= ========= =========
Trade Accounts Payable $150.8 $167.2 $152.3
Short-Term Debt (Revolver) 89.7 90.0 106.8
Other Current Liabilities 164.2 162.6 165.2
--------- --------- ---------
Total Current Liabilities 404.7 419.8 424.3
Long-Term Debt 9.2 9.2 13.9
Other Long-Term Liabilities 33.4 33.7 37.5
Unfavorable Lease Liability 16.6 16.3 18.1
Fresh-start Excess Net Assets (Negative Goodwill) 34.3 34.3 40.5
Paid-In-Capital 90.3 88.5 81.0
Retained Earnings (Deficit) 16.5 14.3 (1.3)
--------- --------- ---------
Total Stockholders' Equity 106.8 102.8 79.7
--------- --------- ---------
Total Liabilities & Equity $605.0 $616.1 $614.0
========= ========= =========
<FN>
(a) As reported on Form 8-K dated February 27, 1997.
NOTE: EBITDA is earnings (loss) before net interest expense, income taxes,
LIFO expense, extraordinary or non-recurring items (including
certain store closing expenses), depreciation, amortization and other
non-cash charges and gains or losses on the sale of properties.
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