Exhibit 99.1
SYMS CORP REPORTS RESULTS FOR THE SECOND QUARTER
Secaucus, New Jersey, September 23, 2005 - Syms Corp (NYSE:SYM), a leading
off-price retailer, announced results today for its second quarter ended August
27, 2005.
For the second quarter ended August 27, 2005, the Company had a net loss of $1.2
million ($0.08 per share) as compared to a net loss of $3.7 million ($0.25 per
share) for the 13-week period ended August 28, 2004. For the 26-week period
ended August 27, 2005, the net loss was $0.1 million ($0.01 per share) as
compared to a net loss of $3.7 million ($0.25 per share) for the comparable
period last year.
For the second quarter ended August 27, 2005 same store sales increased 3.2%
compared to the same period last year. For the 26-week period ended August 27,
2005, same store sales increased 3.5% compared to the same period last year.
Net sales for the second quarter ended August 27, 2005 increased 0.3% to $61.5
million, compared to $61.3 million for the same period last year. Net sales for
the 26-week period ended August 27, 2005 decreased 0.5% to $128.9 million, down
from $129.6 million for the same period last year.
Syms Corp currently operates a chain of thirty seven "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
(within the meaning of Sections 27A of the Securities Act of 1933 and 21E of the
Securities 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
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)
<page>
SYMS CORP
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<table>
<caption>
Thirteen Thirteen Twenty Six Twenty Six
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
8/27/2005 8/28/2004 8/27/2005 8/28/2004
--------- --------- --------- ---------
<s> <c> <c> <c> <c>
Net Sales $ 61,457 $ 61,254 $ 128,889 $ 129,575
Gross Margin 23,985 23,269 52,827 51,425
Operating Expenses 26,143 27,231 53,509 55,456
Other Income (15) (7) (25) (29)
Net Income After Taxes $ (1,203) $ (3,732) $ (148) $ (3,728)
========== ========== ========== ==========
Net Income Per Share - Basic $ (0.08) $ (0.25) $ (0.01) $ (0.25)
========== ========== ========== ==========
Weighted Average
Shares Outstanding 14,961 15,124 14,990 15,124
========== ========== ========== ==========
</table>
<page>
SYMS CORP
UNAUDITED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
August 27, August 28,
2005 2004
---- ----
ASSETS:
Current Assets
Cash $ 16,345 $ 18,338
Receivables 4,113 6,665
Inventory 76,239 80,153
Other Current Assets 18,186 9,058
-------- --------
Total Current Assets 114,883 114,214
Property & Equipment 106,636 120,831
Other Assets - Net 23,954 25,961
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Total Assets $245,473 $261,006
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Liabilities & Shareholder's Equity:
Accounts Payable $ 26,537 $ 28,676
Accrued Expenses 6,523 6,398
Other Current Liabilities 3,350 4,214
-------- --------
Total Current Liabilities 36,410 39,288
Other Long Term Debt 1,563 1,838
Shareholder's Equity 207,500 219,880
-------- --------
Total Liabilities & Capital $245,473 $261,006
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