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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1
FORM 10-Q
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended May 2, 1998
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________to______________
COMMISSION FILE NUMBER: 0-23760
AMERICAN EAGLE OUTFITTERS, INC.
(Exact name of registrant as specified in its charter)
OHIO NO. 25-1724320
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
150 THORN HILL DRIVE, WARRENDALE, PA 15086-7528
(Address of principal executive offices) (Zipcode)
(724) 776-4857
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
COMMON STOCK, NO PAR VALUE, 23,016,742 SHARES OUTSTANDING AS OF MAY 21, 1998
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AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
INCREASE (DECREASE) IN CASH
(In thousands)
(Unaudited)
Three Months Ended
May 2, May 3,
1998 1997
---- ----
Net income (loss) $ 5,805 $ (3,619)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET CASH
PROVIDED BY (USED FOR) OPERATING ACTIVITIES:
Depreciation and amortization 1,975 1,669
Loss on impairment and write-off of fixed assets 675 401
Restricted stock compensation 1,514 262
Deferred income taxes (2,427) (45)
CHANGES IN ASSETS AND LIABILITIES:
Merchandise inventory (5,088) (8,369)
Accounts and note receivable 1,440 1,782
Prepaid expenses and other (778) (523)
Accounts payable (356) (2,066)
Accrued liabilities (1,964) (5,725)
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Total adjustments (5,009) (12,614)
-------- --------
Net cash provided by (used for) operating activities 796 (16,233)
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INVESTING ACTIVITIES:
Capital expenditures (5,558) (3,845)
-------- --------
Net cash used for investing activities (5,558) (3,845)
-------- --------
FINANCING ACTIVITIES:
Net proceeds from stock options exercised 677 13
-------- --------
Net cash provided by financing activities 677 13
-------- --------
Net decrease in cash (4,085) (20,065)
Cash - beginning of period 48,359 34,326
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Cash - end of period $ 44,274 $ 14,261
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See Notes to Consolidated Financial Statements
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated June 15, 1998
American Eagle Outfitters, Inc.
(Registrant)
/s/ Laura A. Weil
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Laura A. Weil
Executive Vice President and
Chief Financial Officer
/s/ Dale E. Clifton
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Dale E. Clifton
Vice President, Controller and
Chief Accounting Officer
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