BRADLEES, INC. Exhibit 20
THIRD QUARTER RESULTS VS. PLAN Page 1 of 2
(Unaudited)
(In Millions)
Third Quarter 1999 Year-to-Date 1999
Actual Plan* |Last Year Actual Plan* Last Year
INCOME SUMMARY: | | |
| | |
Owned Sales $345.0 $327.2 | $310.5 | $1,024.7 $936.3 | $901.8
Food Service Sales 1.7 1.7 | 1.6 | 5.0 4.9 | 4.6
Leased Department Sales 11.7 11.1 | 11.0 | 35.5 33.1 | 32.8
-------- --------|--------| ---------- --------|---------
Total Sales 358.4 340.0 | 323.1 | 1,065.2 974.3 | 939.2
| | |
Gross Margin $ 105.8 102.5 | 94.7 | 312.5 284.2 | 271.0
Gross Margin % (based on owned 30.7% 31.3%| 30.5%| 30.5% 30.4%| 30.1%
sales) | | |
| | |
SG&A Expenses (100.5) (93.2)| (95.2)| (306.3) (285.3)| (279.9)
Pre-Opening Expenses (1.2) - | (0.5)| (1.3) - | (0.9)
Other Income 3.4 3.2 | 3.2 | 10.1 9.3 | 9.2
-------- --------|--------| ---------- --------|---------
EBITDA (Loss) 7.5 12.5 | 2.2 | 15.0 8.2 | (0.6)
-------- --------|--------| ---------- --------|---------
Loss on Dispos. of Properties - - | - | - - | (0.2)
Depreciation & Amortization Exp. (6.6) (7.4)| (7.8)| (21.2) (22.5)| (24.4)
Interest and Debt Expense (7.8) (8.1)| (4.4)| (21.8) (23.1)| (12.0)
Reorganization Items - - | 2.8 | 0.8 - | 2.6
-------- --------|--------| ---------- --------|---------
Net Loss ($6.9) ($3.0)| ($7.2)| ($27.2) ($37.4)| ($34.6)
======== ========|========| ========== ========|=========
BALANCE SHEET SUMMARY: Balance at End of Period
Cash and Cash Equivalents $11.2 $11.2 | $11.0
Restricted Cash and Cash Equivalents - - | 25.1
Inventories 323.5 320.5 | 318.9
Other Current Assets 23.1 22.8 | 22.9
---------- --------|---------
Total Current Assets 357.8 354.5 | 377.9
Net Fixed Assets 116.3 99.4 | 141.6
Long-Term Assets 79.6 92.0 | 141.9
---------- --------|---------
Total Assets $553.7 $545.9 | $661.4
========== ========|=========
Accounts Payable $201.1 $160.2 | $179.4
Revolver/DIP Borrowings 158.2 202.3 | 157.4
Other Current Liabilities 27.9 30.1 | 30.3
---------- --------|---------
Total Current Liabilities 387.2 392.6 | 367.1
Long-Term Capital Lease Obligations 27.1 24.1 | 26.2
Lease Financing Obligation 17.5 - | -
Convertible Notes Payable 12.0 29.0 | -
Unfavorable Lease Liability 45.1 45.6 | -
Other Long-Term Liabilities 36.3 37.0 | 39.9
|
Liabilities Subject to Settlement - - | 548.8
|
Common Stock 55.7 55.0 | 137.1
Accumulated Deficit (27.2) (37.4)| (457.7)
---------- --------|---------
Total Stockholders' Equity (Deficiency) 28.5 17.6 | (320.6)
---------- --------|---------
Total Liabilities and Stockholders' Equity (Deficiency) $553.7 $545.9 | $661.4
========== ========|=========
NOTE: EBITDA means, for any period, all as determined in accordance with generally accepted accounting
principles (GAAP), the net income or net loss for such period, plus (to the extent taken into account in determining
such net income or net loss) (a) the sum of (i) depreciation and amortization expense, (ii) provision for LIFO
adjustment, (iii) net total Federal, state and local income tax expense, (iv) gross interest expense for such period less
gross interest income for such period, (v) any non-recurring charge or restructuring charge which in accordance with
GAAP is excluded from operating income, (vi) the cumulative effect of any change in accounting principles, (vii)
extraordinary losses and (viii) "Chapter 11 expenses" as shown on the statement of income for such period minus
extraordinary gains, and plus (c) the amount of cash received (and minus the amount of cash expended) in such period
in respect of any amount which, under clause (v) above, was taken into account in determining EBITDA for
any prior period.
* Plan amounts are from the Form 8-K dated April 1, 1999.
Exhibit 20
Page 2 of 2
BRADLEES, INC.
THIRD QUARTER RESULTS VS. PLAN
(Unaudited)
(In Millions)
Third Quarter 1999 Year-to-Date
Actual Plan* Actual Plan*
CASH FLOW SUMMARY: |
|
Beginning Cash & Cash Equivalents $11.5 $8.2 | $9.5 $9.5
|
Cash Provided by (Used in) Operations: |
Net Loss (6.9) (3.0)| (27.2) (37.4)
Depreciation & Amortization Expense 6.6 7.4 | 21.2 22.5
Amortization of Deferred Financing Costs 0.4 0.4 | 1.1 1.1
|
Inventory (Increase) Decrease (79.2) (73.4)| (91.2) (88.2)
Accounts Payable Increase (Decrease) 62.7 36.7 | 81.8 41.0
|
Other** (0.9) (6.1)| (8.3) (8.4)
-------- --------| ---------- --------
Net Cash Provided by (Used in) Operations (17.3) (38.0)| (22.6) (69.4)
|
Investing activities: |
Capital spending (8.9) (5.0)| (17.1) (15.0)
Lease aquisition costs - - | (1.3) -
-------- --------| ---------- --------
Net Investing Activities (8.9) (5.0)| (18.4) (15.0)
|
Financing activities: |
Net borrowings under revolver 26.1 46.6 | 43.7 87.9
Proceeds from lease financing - - | 17.5 -
Payments on convertible notes - - | (17.0) -
Payments on notes and capital leases (0.6) (0.6)| (1.9) (1.8)
Other 0.4 - | 0.4 -
-------- --------| ---------- --------
Total Financing Activities 25.9 46.0 | 42.7 86.1
|
-------- --------| ---------- --------
Increase (Decr.) in Cash and Cash Equivs. (0.3) 3.0 | 1.7 1.7
-------- --------| ---------- --------
Ending Cash and Cash Equivalents $11.2 $11.2 | $11.2 $11.2
======== ========| ========== ========
* Plan amounts are from the Form 8-K dated April 1, 1999 and include a reclassification from "Other"
for planned payments on notes.
** Includes cash outlays associated with reorganization items.