Exhibit 99.1
Contact:
Antone F. Moreira
Vice President, Treasurer
and Chief Financial Officer
(201) 902-9600
SYMS CORP REPORTS RESULTS FOR THE SECOND QUARTER
Secaucus, New Jersey, September 21, 2004 - Syms Corp (NYSE:SYM), a leading
off-price retailer, announced results today for its second quarter ended August
28, 2004.
For the second quarter ended August 28, 2004, the Company had a net loss of $3.7
million ($0.25 per share) as compared to a net loss of $4.7 million ($0.30 per
share) for the thirteen-week period ended August 30, 2003. For the 26-week
period ended August 28, 2004, the net loss was $3.7 million ($0.25 per share) as
compared to a net loss of $6.4 million ($0.42 per share) for the comparable
period last year.
For the second quarter ended August 28, 2004, same store sales increased 0.2%
compared to the same period last year. For the 26-week period ended August 28,
2004, same store sales increased 3.7% compared to the same period last year.
Net sales for the second quarter decreased 1.4% to $61.3 million, down from
$62.1 million for the same period last year. Net sales for the 26-week period
ended August 28, 2004 increased 3.1% to $129.6 million, up from $125.6 million
for the same period last year.
The results for the second quarter ended August 28, 2004 reflect a $1,309,000
charge resulting from the simultaneous purchase and sale of the Lawrenceville
store, which will be closed on October 16, 2004. This action was taken by the
Company as part of its continuing efforts to improve profitability.
Syms Corp currently operates a chain of thirty eight "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.
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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.
(Financial Tables to Follow)
SYMS CORP
CONSOLIDATED STATEMENT OF INCOME
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Thirteen Thirteen Fifty - Two Fifty - Two
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
8/28/2004 8/30/2003 8/28/2004 8/30/2003
--------- --------- --------- ---------
Net Sales $61,254 $62,102 $129,575 $125,636
Gross Margin 23,269 22,106 51,425 48,020
Operating Expenses 27,193 28,367 55,418 56,703
Other Income (7) (68) (29) (178)
Special Charge 1,309 0 1,309 0
Net Income After Taxes $ (3,732) $ (4,683) ($3,728) ($6,432)
============== =============== =============== ==============
Net Income Per Share - Basic $ (0.25) $ (0.30) $ (0.25) $ (0.42)
============== =============== =============== ==============
Weighted Average
Shares Outstanding 15,124 15,412 15,124 15,412
============== =============== =============== ==============
Net Income Per Share - Diluted $ (0.25) $ (0.30) $ (0.25) $ (0.42)
============== =============== =============== ==============
Weighted Average
Shares Outstanding - Diluted 15,124 15,412 15,124 15,412
============== =============== =============== ==============
SYMS CORP
CONSOLIDATED BALANCE SHEET
(IN THOUSANDS)
August 28, August 30,
2004 2003
---- ----
ASSETS:
Current Assets
Cash 21,451 19,828
Inventory 80,153 87,061
Other Current Assets 12,610 10,731
----------------- -----------------
Total Current Assets 114,214 117,620
Property & Equipment 120,831 131,056
Other Assets - Net 25,961 22,374
----------------- -----------------
Total Assets 261,006 271,050
================= =================
Liabilities & Capital:
Accounts Payable 28,676 31,506
Accrued Expenses 6,398 9,906
Other Current
Liabilities 4,214 4,929
----------------- ----------------
Total Current
Liabilities 39,288 46,341
Other Long Term Debt 1,838 1,881
Shareholder's Equity 219,880 222,828
----------------- -----------------
Total Liabilities
& Capital 261,006 271,050
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