Exhibit 99.1
JoS. A. Bank Clothiers Reports Record Fiscal 2006 Results;
Earnings Per Share Increase 21%
HAMPSTEAD, Md.--(BUSINESS WIRE)--April 17, 2007--JoS. A. Bank
Clothiers, Inc. (NASDAQ Global Select Market:JOSB) announces today
record results for its fiscal year ended February 3, 2007 (fiscal
2006).
Net income for fiscal 2006 increased to a record $43.2 million, as
compared with net income of $35.3 million for the fiscal year ended
January 28, 2006 (fiscal 2005). Earnings per share for fiscal 2006
increased 21% to a record $2.36 as compared with earnings per share of
$1.95 for fiscal 2005. The Company noted that the results for fiscal
2006 represent the sixth consecutive year of record earnings.
Net sales reached a record of $546.4 million in fiscal 2006,
representing a 17.6% gain as compared with net sales of $464.6 million
in fiscal 2005, while inventory increased at a significantly slower
rate of 3.9% in fiscal 2006. The fiscal 2006 year-end cash balance
grew to $43.1 million and long-term debt was reduced to four hundred
thousand dollars.
Comparing the 53 weeks of fiscal 2006 with the 52 weeks of fiscal
2005, total net sales increased 17.6% to $546.4 million from $464.6
million. Comparing the 53 weeks of fiscal 2006 with the corresponding
53 weeks of the prior year, comparable store sales increased 4.3% and
Direct Marketing sales increased 23.5%. Fiscal 2006 contained 53 weeks
and fiscal 2005 contained 52 weeks, consistent with the National
Retail Federation's 4-5-4 week calendar. Total net sales comparisons
presented herein use the actual number of weeks in each fiscal period.
Comparable store and Direct Marketing sales comparisons presented
herein use the corresponding calendar periods of the prior year to
match the equal number of weeks.
The Company will hold a conference call today, April 17, 2007 at
11:00 a.m. ET to discuss its results for fiscal 2006. To participate
in the call, please dial (USA) 800-230-1074 or (International)
612-332-0335 at least five minutes before 11:00 a.m. ET. A replay of
the conference call will be available until April 24, 2007 at 11:59
p.m. ET by dialing (USA) 800-475-6701 or (International) 320-365-3844.
The access code for the replay will be 861665. In addition, a webcast
replay of the conference call will be posted on the investor relations
section of our website: www.josbank.com (select 'Company Information'
and 'Investor Relations').
All earnings per share amounts in this news release represent
diluted earnings per share.
JoS. A. Bank Clothiers, Inc., established in 1905, is one of the
nation's leading retailers of men's classically-styled tailored and
casual clothing, sportswear, footwear and accessories. The Company
sells its full product line through 382 stores in 42 states and the
District of Columbia, a nationwide catalog and an e-commerce website
that can be accessed at www.josbank.com. The Company is headquartered
in Hampstead, MD, and its common stock is listed on the Nasdaq Global
Select Market under the symbol "JOSB."
The Company's statements concerning future operations contained
herein are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those forecast due to a variety of factors
outside of the Company's control that can affect the Company's
operating results, liquidity and financial condition. Such factors
include risks associated with economic, weather, public health and
other factors affecting consumer spending, higher energy and security
costs, the successful implementation of the Company's growth strategy
including the ability of the Company to finance its expansion plans,
the mix and pricing of goods sold, the effectiveness and profitability
of new concepts, the market price of key raw materials such as wool
and cotton, seasonality, merchandise trends and changing consumer
preferences, the effectiveness of the Company's marketing programs,
the availability of lease sites for new stores, the ability to source
product from its global supplier base, litigations and other
competitive factors. Other factors and risks that may affect the
Company's business or future financial results are detailed in the
Company's filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year ended
February 3, 2007. These cautionary statements qualify all of the
forward-looking statements the Company makes herein. The Company
cannot assure you that the results or developments anticipated by the
Company will be realized or, even if substantially realized, that
those results or developments will result in the expected consequences
for the Company or affect the Company, its business or its operations
in the way the Company expects. The Company cautions you not to place
undue reliance on these forward-looking statements, which speak only
as of their respective dates. The Company does not undertake an
obligation to update or revise any forward-looking statements to
reflect actual results or changes in the Company's assumptions,
estimates or projections. These risks should be carefully reviewed
before making any investment decision.
JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED BALANCE SHEETS
JANUARY 28, 2006 AND FEBRUARY 3, 2007
(In Thousands, Except Share Information)
January 28, 2006 February 3, 2007
---------------- ----------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $7,344 $43,080
Accounts receivable, net 6,455 5,193
Inventories, net 176,642 183,471
Prepaid expenses and other
current assets 12,852 18,560
---------------- ----------------
Total current assets 203,293 250,304
NONCURRENT ASSETS:
Property, plant and equipment,
net 100,973 117,553
Other noncurrent assets 566 535
---------------- ----------------
Total assets $304,832 $368,392
================ ================
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Accounts payable $42,678 $41,683
Accrued expenses 51,834 63,606
Current portion of long-term debt 971 --
Deferred tax liability 10,954 8,453
---------------- ----------------
Total current liabilities 106,437 113,742
NONCURRENT LIABILITIES:
Long-term debt, net of current
portion 4,826 412
Noncurrent lease obligations 35,007 42,053
Noncurrent deferred tax liability 2,697 2,595
Other noncurrent liabilities 2,065 1,356
---------------- ----------------
Total liabilities 151,032 160,158
---------------- ----------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $1.00 par,
500,000 shares authorized, none
issued or outstanding -- --
Common stock, $.01 par,
45,000,000 shares authorized,
17,283,804 issued and
outstanding at January 28, 2006
and 18,039,826 issued and
outstanding at February 3, 2007 173 180
Additional paid-in capital 66,757 78,101
Retained earnings 86,870 130,092
Accumulated other comprehensive
income and losses -- (139)
---------------- ----------------
Total stockholders' equity 153,800 208,234
---------------- ----------------
Total liabilities and
stockholders' equity $304,832 $368,392
================ ================
Note: The foregoing unaudited Condensed Consolidated Balance Sheets
are excerpts from our Consolidated Financial Statements (as of
January 28, 2006 and as of February 3, 2007) and do not include the
Notes, which are considered an integral part thereof. The foregoing
unaudited financial information should be read in conjunction with
the Company's Annual Report on Form 10-K for the fiscal year ended
February 3, 2007 which was filed with the Securities and Exchange
Commission on April 17, 2007.
JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006
AND FEBRUARY 3, 2007
(In Thousands, Except Per Share Information)
Fiscal 2004 Fiscal 2005 Fiscal 2006
----------- ----------- -----------
NET SALES $372,500 $464,633 $546,385
Cost of goods sold 147,674 177,006 207,947
----------- ----------- -----------
GROSS PROFIT 224,826 287,627 338,438
----------- ----------- -----------
OPERATING EXPENSES:
Sales and marketing 143,586 179,201 212,331
General and administrative 38,003 45,930 52,453
Store opening costs 1,184 701 559
----------- ----------- -----------
Total operating expenses 182,773 225,832 265,343
----------- ----------- -----------
OPERATING INCOME 42,053 61,795 73,095
Interest expense, net 1,696 1,794 938
----------- ----------- -----------
Income before provision for
income taxes 40,357 60,001 72,157
Provision for income taxes 15,876 24,751 28,935
----------- ----------- -----------
NET INCOME $24,481 $35,250 $43,222
----------- ----------- -----------
EARNINGS PER SHARE
Net income:
Basic $1.47 $2.07 $2.40
Diluted $1.38 $1.95 $2.36
Weighted average shares
outstanding:
Basic 16,680 17,021 17,981
Diluted 17,789 18,031 18,342
Note: The foregoing unaudited Condensed Consolidated Statements of
Income are excerpts from our Consolidated Financial Statements for
each of the three years ended February 3, 2007 and do not include the
Notes, which are considered an integral part thereof. The foregoing
unaudited financial information should be read in conjunction with
the Company's Annual Report on Form 10-K for the fiscal year ended
February 3, 2007 which was filed with the Securities and Exchange
Commission on April 17, 2007.
JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006
AND FEBRUARY 3, 2007
(In Thousands, Except Share Information)
Shares of Additional
common Common paid-in Retained
stock stock capital earnings
----------- ------ ---------- ---------
BALANCE, JANUARY 31, 2004 16,481,751 $122 $64,207 $27,183
----------- ------ ---------- ---------
Net income -- -- -- 24,481
Issuance of common stock
pursuant to Incentive
Option Plan 345,452 2 1,166 --
Income tax benefit from
exercise of non-qualified
stock options -- -- 2,256 --
Stock dividend fractional
share repurchase (1,833) -- (35) --
----------- ------ ---------- ---------
BALANCE, JANUARY 29, 2005 16,825,370 $124 $67,594 $51,664
----------- ------ ---------- ---------
Net income -- -- -- 35,250
Retirement of treasury
stock, at cost -- -- (5,058) --
Issuance of common stock
pursuant to Incentive
Option Plan 460,156 5 1,596 --
Income tax benefit from
exercise of non-qualified
stock options -- -- 2,694 --
Stock dividend fractional
share repurchase (1,722) -- (69) --
Stock dividend transfer of
par value -- 44 -- (44)
----------- ------ ---------- ---------
BALANCE, JANUARY 28, 2006 17,283,804 $173 $66,757 $86,870
----------- ------ ---------- ---------
Net income -- -- -- 43,222
Adjustment to minimum
pension liability, net of
tax -- -- -- --
Comprehensive income
Adjustment to initially
apply FAS No. 158, net of
tax -- -- -- --
Issuance of common stock
pursuant to Incentive
Option Plan 756,022 7 7,397 --
Income tax benefit from
exercise of non-qualified
stock options -- -- 3,947 --
----------- ------ ---------- ---------
BALANCE, FEBRUARY 3, 2007 18,039,826 $180 $78,101 $130,092
----------- ------ ---------- ---------
Accumulated
other
comprehensive Total
Treasury income and stockholders'
stock (losses) equity
--------- ------------- -------------
BALANCE, JANUARY 31, 2004 $(5,058) $-- $86,454
--------- ------------- -------------
Net income -- -- 24,481
Issuance of common stock
pursuant to Incentive Option
Plan -- -- 1,168
Income tax benefit from
exercise of non-qualified
stock options -- -- 2,256
Stock dividend fractional
share repurchase -- -- (35)
--------- ------------- -------------
BALANCE, JANUARY 29, 2005 $ (5,058) $-- $114,324
--------- ------------- -------------
Net income -- -- 35,250
Retirement of treasury stock,
at cost 5,058 -- --
Issuance of common stock
pursuant to Incentive Option
Plan -- -- 1,601
Income tax benefit from
exercise of non-qualified
stock options -- -- 2,694
Stock dividend fractional
share repurchase -- -- (69)
Stock dividend transfer of par
value -- -- --
--------- ------------- -------------
BALANCE, JANUARY 28, 2006 $-- $-- $153,800
--------- ------------- -------------
Net income -- -- 43,222
Adjustment to minimum pension
liability, net of tax -- 6 6
------------- -------------
Comprehensive income 6 43,228
Adjustment to initially apply
FAS No. 158, net of tax -- (145) (145)
Issuance of common stock
pursuant to Incentive Option
Plan -- -- 7,404
Income tax benefit from
exercise of non-qualified
stock options -- -- 3,947
--------- ------------- -------------
BALANCE, FEBRUARY 3, 2007 $-- $(139) $208,234
--------- ------------- -------------
Note: The foregoing unaudited Consolidated Statements of Stockholders'
Equity are excerpts from our Consolidated Financial Statements for
each of the three years ended February 3, 2007 and do not include the
Notes, which are considered an integral part thereof. The foregoing
unaudited financial information should be read in conjunction with
the Company's Annual Report on Form 10-K for the fiscal year ended
February 3, 2007 which was filed with the Securities and Exchange
Commission on April 17, 2007.
JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006
AND FEBRUARY 3, 2007
(In Thousands)
Fiscal 2004 Fiscal 2005 Fiscal 2006
----------- ----------- -----------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $24,481 $35,250 $43,222
Adjustments to reconcile net
income to net cash provided by
operating activities:
Increase (decrease) in
deferred taxes 1,906 12,791 (2,603)
Depreciation and amortization 10,498 13,020 15,809
Loss on disposition of assets 4 31 34
Income tax benefit from
exercise of non-qualified
stock options 2,256 2,694 --
Changes in assets and
liabilities:
(Increase) decrease in
accounts receivable (597) (1,657) 1,262
Increase in inventories (6,905) (48,949) (6,829)
Increase in prepaid expenses
and other assets (1,569) (960) (5,708)
(Increase) decrease in non-
current assets (273) 942 31
Increase (decrease) in
accounts payable 11,385 2,545 (995)
Increase in accrued expenses 242 15,503 10,490
Increase in noncurrent lease
obligations 10,266 4,689 7,046
Increase (decrease) in other
noncurrent liabilities (241) 1,127 (848)
----------- ----------- -----------
Net cash provided by operating
activities 51,453 37,026 60,911
----------- ----------- -----------
CASH FLOWS USED FOR INVESTING
ACTIVITIES:
Payments for capital
expenditures (29,939) (31,577) (31,141)
Proceeds from disposal of
assets 907 -- --
----------- ----------- -----------
Net cash used for investing
activities (29,032) (31,577) (31,141)
----------- ----------- -----------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Borrowings under revolving
loan agreement 80,360 106,185 90,135
Repayment of borrowings under
revolving loan agreement (100,947) (106,185) (90,135)
Proceeds from long-term debt -- -- 400
Repayment of other long-term
debt (2,417) (1,062) (5,785)
Income tax benefit from
exercise of non-qualified
stock options -- -- 3,947
Proceeds from issuance of
common stock, net of
fractional share repurchase 1,133 1,532 7,404
----------- ----------- -----------
Net cash provided by (used in)
financing activities (21,871) 470 5,966
----------- ----------- -----------
Net increase in cash and cash
equivalents 550 5,919 35,736
CASH AND CASH EQUIVALENTS,
beginning of year 875 1,425 7,344
----------- ----------- -----------
CASH AND CASH EQUIVALENTS, end
of year $1,425 $7,344 $43,080
=========== =========== ===========
Note: The foregoing unaudited Condensed Consolidated Statements of
Cash Flows are excerpts from our Consolidated Financial Statements
for each of the three years ended February 3, 2007 and do not include
the Notes, which are considered an integral part thereof. The
foregoing unaudited financial information should be read in
conjunction with the Company's Annual Report on Form 10-K for the
fiscal year ended February 3, 2007 which was filed with the
Securities and Exchange Commission on April 17, 2007.
CONTACT: JoS. A. Bank Clothiers, Inc., Hampstead, MD
David E. Ullman,
EVP/CFO,
410-239-5715
or
Investor Relations Information Request Website
(http://phx.corporate-ir.net/
phoenix.zhtml?c=113815&p=irol-inforeq),
or
Voicemail, 410-239-5900
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com