Exhibit 99.1
ANTONE F. MOREIRA
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Vice President, Treasurer
And Chief Financial Officer
(201) 902-9600
SYMS CORP REPORTS RESULTS FOR THE FIRST QUARTER
SECAUCUS, NEW JERSEY, JUNE 22, 2006 - Syms Corp (NYSE:SYM), a leading off-price
retailer, announced results today for its first quarter ended May 27, 2006.
For the thirteen weeks ended May 27, 2006, the Company had a net profit of
$5,738,000 ($0.38 per share) as compared to $1,055,000 for the 13-week period
ended May 28, 2005. In the first quarter ended May 27, 2006, the Company
recorded a pre-tax gain on the sale of real estate amounting to approximately
$10,424,000. This resulted from the sale of its stores in May 2006, located in
Dallas, Texas and Rochester, New York. The Dallas store has been replaced by a
leased property located in Plano, Texas. The Company's net sales for the 13
weeks ended May 27, 2006 decreased to $66,193,000 from $67,432,000 for the same
period last year. Same store sales for the period ended May 27, 2006 decreased
1.8% compared with the same period last year.
Syms Corp operates a chain of 36 "off-price" apparel stores located throughout
Northeastern and Middle Atlantic regions and in the Midwest, Southeast and
Southwest. Each Syms store offers a broad range of first-quality, in season
merchandise bearing nationally recognized designer and brand-name labels.
CERTAIN INFORMATION IN THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS
(AS SUCH TERM IS DEFINED IN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995) AND INFORMATION RELATING TO THE COMPANY THAT ARE BASED ON THE BELIEFS OF
THE MANAGEMENT OF THE COMPANY, AS WELL AS ASSUMPTIONS MADE BY AND INFORMATION
CURRENTLY AVAILABLE TO THE MANAGEMENT OF THE COMPANY. WHEN USED IN THIS PRESS
RELEASE, THE WORDS "ANTICIPATE", "BELIEVE", "ESTIMATE", "EXPECT", "INTEND",
"PLAN" AND SIMILAR EXPRESSIONS AS THEY RELATE TO THE COMPANY, IDENTIFY
FORWARD-LOOKING STATEMENTS. SUCH STATEMENTS REFLECT THE CURRENT VIEWS OF THE
COMPANY WITH RESPECT TO FUTURE EVENTS, THE OUTCOME OF WHICH IS SUBJECT TO
CERTAIN RISKS, INCLUDING, AMONG OTHERS, GENERAL ECONOMIC AND MARKET CONDITIONS,
DECREASED CONSUMER DEMAND FOR THE COMPANY'S PRODUCT, POSSIBLE DISRUPTIONS IN THE
COMPANY'S COMPUTER OR TELEPHONE SYSTEMS, POSSIBLE WORK STOPPAGES, OR INCREASE IN
LABOR COSTS, EFFECTS OF COMPETITION, POSSIBLE DISRUPTIONS OR DELAYS IN THE
OPENING OF NEW STORES OR INABILITY TO OBTAIN SUITABLE SITES FOR NEW STORES,
HIGHER THAN ANTICIPATED STORE CLOSINGS OR RELOCATION COSTS, HIGHER INTEREST
RATES, UNANTICIPATED INCREASES IN MERCHANDISE OR OCCUPANCY COSTS AND OTHER
FACTORS WHICH MAY BE OUTSIDE THE COMPANY'S CONTROL. SHOULD ONE OR MORE OF THESE
RISKS OR UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE
INCORRECT, ACTUAL RESULTS OR OUTCOMES MAY VARY MATERIALLY FROM THOSE DESCRIBED
HEREIN AS ANTICIPATED, BELIEVED, ESTIMATED, EXPECTED, INTENDED OR PLANNED.
SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE
COMPANY OR PERSONS ACTING ON ITS BEHALF ARE EXPRESSLY QUALIFIED IN THEIR
ENTIRETY BY THE CAUTIONARY STATEMENTS IN THIS PARAGRAPH.
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SYMS CORP
UNAUDITED BALANCE SHEETS
(IN THOUSANDS)
May 27, May 28,
2006 2005
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ASSETS:
Current Assets
Cash $ 56,432 $ 26,206
Receivables 3,126 2,536
Inventory 71,384 80,564
Other Current Assets 10,611 15,471
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Total Current Assets 141,553 124,777
Property & Equipment - Net 106,676 111,037
Other Assets - Net 24,067 23,564
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Total Assets $272,296 $259,378
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Liabilities & Shareholder's Equity:
Accounts Payable $ 37,454 $ 36,395
Accrued Expenses 16,324 8,404
Other Current Liabilities 8,258 4,252
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Total Current Liabilities 62,036 49,051
Other Long Term Debt 1,496 1,584
Shareholder's Equity 208,764 208,743
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Total Liabilities & Capital $272,296 $259,378
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SYMS CORP
UNAUDITED STATEMENT OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Thirteen Thirteen
Weeks Weeks
Ended Ended
5/27/2006 5/28/2005
Net Sales $ 66,193 $ 67,432
Gross Profit 27,711 28,842
Operating Expenses 28,413 27,366
Other Income (160) (10)
Gain on Sale of Real Estate (10,424) 0
Net Profit After Taxes $ 5,738 $ 1,055
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Net Profit Per Share - Basic $ 0.38 $ 0.07
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Weighted Average
Shares Outstanding - Basic 14,925 15,018
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