Exhibit 99.1
CONTACT:
Antone F. Moreira
Vice President, Treasurer and
Chief Financial Officer
(201) 902-9600
SYMS CORP REPORTS RESULTS FOR THE FIRST QUARTER
Secaucus, New Jersey, June 25, 2004 - Syms Corp (NYSE:SYM), a leading off-price
retailer, announced results today for its first quarter ended May 29, 2004.
For the thirteen weeks ended May 29, 2004, the Company had a net profit of
$4,000 as compared to a net loss of $1,749,000 ($0.11 per share) for the 13-week
period ended May 31, 2003. The Company's net sales for the 13 weeks ended May
29, 2004 increased 7.5% to $68,100,000 from $63,400,000 for the same period last
year. Same store sales for the period ended May 29, 2004 increased 7.5% versus
the same period last year.
Commenting on the first quarter, Marcy Syms, CEO, said, "Our continued focus on
improving sales and gross margin performance and improved expense utilization is
beginning to show positive results."
The Company's Board of Directors has approved the repurchase by the Company
through June 7, 2006 of up to 3,100,000 shares of common stock at prevailing
market rates. All shares repurchased will be held as treasury stock.
Syms Corp currently operates a chain of thirty-nine "off-price" apparel stores
located throughout the 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
(within the meaning of Sections 27A of the Securities Act of 1933 and 21E of the
Securities Exchange Act of 1934), 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 is this press release, the words "anticipate", "believe",
"estimate", "expect", "intend", "plan" and similar expressions as they relate to
the Company, or management of 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 increases 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.
(Financial Tables to Follow)
<page>
SYMS CORP
CONSOLIDATED STATEMENT OF INCOME
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Thirteen Thirteen
Weeks Weeks
Ended Ended
5/29/2004 5/31/2003
--------- ---------
Net Sales $68,321 $63,534
Gross Margin 28,156 25,914
Operating Expenses 28,225 28,336
Other Income (22) (110)
Special Charge 0 0
Net Income After Taxes $ 4 $(1,749)
======== ========
Net Income Per Share -
Basic $ 0.00 $ (0.11)
======== ========
Weighted Average
Shares Outstanding 15,103 15,439
======== ========
Net Income Per Share -
Diluted $ 0.00 $ (0.11)
======== ========
Weighted Average
Shares Outstanding -
Diluted 15,103 15,439
======== ========
<page>
SYMS CORP
CONSOLIDATED BALANCE SHEET
(IN THOUSANDS)
May 29, May 31,
2004 2003
---- ----
Assets:
Current Assets
Cash 32,370 30,434
Inventory 83,458 88,277
Other Current Assets 15,685 9,276
------- -------
Total Current Assets 131,513 127,987
Property & Equipment 121,971 133,312
Other Assets - Net 25,939 21,034
------- -------
Total Assets 279,423 282,333
======= =======
Liabilities & Capital:
Accounts Payable 40,140 35,647
Accrued Expenses 10,126 9,656
Other Current Liabilities 4,121 6,715
------- -------
Total Current Liabilities 54,387 52,018
Other Long Term Debt 1,852 1,886
Shareholders' Equity 223,184 228,429
------- -------
Total Liabilities & Capital 279,423 282,333
======= =======