AMES DEPARTMENT STORES, INC. Exhibit 20
NOVEMBER RESULTS VS. PLAN Page 1 of 2
MANAGEMENT FORMAT
(Unaudited)
(In Millions)
November, 1997 Fiscal 1997 Year-to-Date
-------------------------- -----------------------------
Last Last
Actual Plan (a) Year Actual Plan (a) Year
-------- -------- -------- --------- --------- ---------
INCOME SUMMARY:
Net Sales $239.5 $226.4 $223.0 $1,703.3 $1,706.3 $1,677.7
FIFO Margin $ 66.8 62.6 61.4 476.4 464.3 456.1
Margin % 27.9% 27.7% 27.5% 28.0% 27.2% 27.2%
Total Expenses (51.2) (48.4) (48.4) (457.9) (456.4) (447.4)
Other Income 2.8 2.6 2.6 22.9 22.6 22.7
-------- -------- -------- --------- --------- ---------
EBITDA 18.4 16.8 15.6 41.4 30.5 31.4
Dep and Amort (net) (0.7) (0.8) (0.4) (6.7) (6.6) (4.1)
Net Interest Expense (1.3) (1.7) (1.9) (10.7) (13.0) (17.2)
Other Income (Expense) - - (0.1) (0.1) - 0.1
Store Closing Charge (1.6) - - (1.6) - -
Non-Cash Income Tax Provision (5.0) (4.9) (4.2) (7.6) (3.7) (3.3)
-------- -------- -------- --------- --------- ---------
Net Income $9.8 $9.4 $9.0 $14.7 $7.2 $6.9
======== ======== ======== ========= ========= =========
Balance at End of Period
-----------------------------
Last
Actual Plan (a) Yr
--------- --------- ---------
BALANCE SHEET SUMMARY:
Cash and Cash Equivalents $29.2 $37.7 $30.4
Merchandise Inventories, FIFO 566.1 555.6 542.0
Other Current Assets 83.0 73.7 77.6
--------- --------- ---------
Total Current Assets 678.3 667.0 650.0
Net Fixed Assets 82.5 82.5 63.6
Other Long-Term Assets 6.4 4.0 4.4
--------- --------- ---------
Total Assets $767.2 $753.5 $718.0
========= ========= =========
Trade Accounts Payable $250.6 $242.9 $224.2
Short-Term Debt (Revolver) 114.0 140.0 123.4
Other Current Liabilities 176.5 164.9 177.1
--------- --------- ---------
Total Current Liabilities 541.1 547.8 524.7
Long-Term Debt 9.3 9.3 12.7
Other Long-Term Liabilities 35.3 31.0 32.3
Unfavorable Lease Liability 15.6 14.9 17.3
Fresh-start Excess Net Assets (Negative Goodwill) 31.2 31.3 37.4
Paid-In-Capital 100.3 92.2 84.3
Retained Earnings 34.4 27.0 9.3
--------- --------- ---------
Total Stockholders' Equity 134.7 119.2 93.6
--------- --------- ---------
Total Liabilities & Equity $767.2 $753.5 $718.0
========= ========= =========
<FN>
(a) As reported on Form 8-K dated August 7, 1997
NOTE: EBITDA is earnings (loss) before net interest expense, income taxes,
extraordinary or non-recurring items (including certain store closing
expenses), depreciation, amortization and other non-cash charges
and gains or losses on sale of properties.
Page 6 of 7