Exhibit 99.1
JoS. A. Bank Clothiers Reports 27%
Increase in Third Quarter Earnings Per Share; Management to Hold
Conference Call Today
HAMPSTEAD, Md.--(BUSINESS WIRE)--Dec. 13, 2007--JoS. A. Bank
Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that
earnings for the third quarter of fiscal 2007 increased 27% to $0.38
per share, as compared to $0.30 per share for the third quarter of
fiscal 2006. Net income in the third quarter of fiscal 2007 was $7.1
million, as compared to $5.5 million in the third quarter of fiscal
2006. The third quarter of fiscal 2007 ended November 3, 2007; the
third quarter of fiscal 2006 ended October 28, 2006.
Comparing the nine fiscal months ended November 3, 2007 with the
nine fiscal months ended October 28, 2006, earnings increased 28% to
$1.28 per share, as compared to $1.00 per share and net income
increased to $23.7 million, as compared to $18.3 million.
A conference call to discuss fiscal 2007 third quarter earnings
will be held today at 11:00 a.m. Eastern Time (ET). To join in the
call please dial (USA) 800-762-6568 or (International) 480-248-5088 at
least five minutes before 11:00 a.m. ET. A replay of the conference
call will be available after 2:30 p.m. ET on December 13, 2007 until
December 20, 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
897489. 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 415 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 and the Company's subsequent Quarterly Reports on
Form 10-Q filed through the date hereof. 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.
Condensed Consolidated Balance Sheets
(In Thousands)
(unaudited)
February 3, 2007 November 3, 2007
---------------- ----------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 43,080 $ 26,608
Accounts receivable, net 5,193 10,403
Inventories:
Finished goods 175,690 214,948
Raw materials 7,781 10,099
---------------- ----------------
Total inventories 183,471 225,047
Prepaid expenses and other current
assets 18,560 20,766
---------------- ----------------
Total current assets 250,304 282,824
NONCURRENT ASSETS:
Property, plant and equipment, net 117,553 125,493
Other noncurrent assets 535 510
---------------- ----------------
Total assets $ 368,392 $ 408,827
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 41,683 $ 56,228
Accrued expenses 63,606 58,927
Deferred tax liability - current 8,453 8,179
---------------- ----------------
Total current liabilities 113,742 123,334
NONCURRENT LIABILITIES:
Long-term debt 412 421
Noncurrent lease obligations 42,053 46,939
Deferred tax liability -
noncurrent 2,595 1,873
Other noncurrent liabilities 1,356 1,690
---------------- ----------------
Total liabilities 160,158 174,257
---------------- ----------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock 180 181
Additional paid-in capital 78,101 80,776
Retained earnings 130,092 153,752
Accumulated other comprehensive
losses (139) (139)
---------------- ----------------
Total stockholders' equity 208,234 234,570
---------------- ----------------
Total liabilities and
stockholders' equity $ 368,392 $ 408,827
================ ================
Note: The foregoing audited and unaudited Condensed Consolidated
Balance Sheets are excerpts from our Condensed Consolidated Financial
Statements (as of February 3, 2007 and November 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 Quarterly Report on Form 10-Q for the
quarterly period ended November 3, 2007 and the Annual Report on Form
10-K for the fiscal year ended February 3, 2007, which were filed with
the Securities and Exchange Commission on December 13, 2007 and April
17, 2007, respectively.
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Income
(In Thousands, Except Per Share Information)
(unaudited)
Three Months Ended Nine Months Ended
----------------------- -----------------------
October 28, November 3, October 28, November 3,
2006 2007 2006 2007
----------- ----------- ----------- -----------
Net sales $ 119,511 $ 131,304 $ 352,274 $ 395,115
Cost of goods sold 47,057 47,679 135,770 146,663
----------- ----------- ----------- -----------
Gross Profit 72,454 83,625 216,504 248,452
----------- ----------- ----------- -----------
Operating expenses:
Sales and marketing 50,796 59,094 147,457 170,015
General and
administrative 12,599 13,034 37,254 39,622
----------- ----------- ----------- -----------
Total operating
expenses 63,395 72,128 184,711 209,637
----------- ----------- ----------- -----------
Operating income 9,059 11,497 31,793 38,815
Other income
(expense):
Interest income 29 396 82 1,374
Interest expense (447) (92) (1,068) (285)
----------- ----------- ----------- -----------
Total other income
(expense) (418) 304 (986) 1,089
----------- ----------- ----------- -----------
Income before
provision for income
taxes 8,641 11,801 30,807 39,904
Provision for income
taxes 3,133 4,705 12,465 16,244
----------- ----------- ----------- -----------
Net income $ 5,508 $ 7,096 $ 18,342 $ 23,660
=========== =========== =========== ===========
Earnings per share:
Net income per share:
Basic $ 0.31 $ 0.39 $ 1.02 $ 1.31
Diluted $ 0.30 $ 0.38 $ 1.00 $ 1.28
Weighted average
shares outstanding:
Basic 18,016 18,165 17,967 18,111
Diluted 18,330 18,439 18,339 18,419
Note: The foregoing unaudited Condensed Consolidated Statements of
Income are excerpts from our unaudited Condensed Consolidated
Financial Statements for the three and nine months ended October 28,
2006 and November 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 Quarterly
Report on Form 10-Q for the quarterly period ended November 3, 2007,
which was filed with the Securities and Exchange Commission on
December 13, 2007.
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Nine Months Ended
---------------------------------
October 28, 2006 November 3, 2007
---------------- ----------------
Cash flows from operating
activities:
Net income $ 18,342 $ 23,660
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization 11,603 13,753
Loss on disposals of property,
plant and equipment 30 121
Decrease in deferred taxes (1,530) (996)
Net increase in operating working
capital and other components (41,710) (36,465)
---------------- ----------------
Net cash provided by (used in)
operating activities (13,265) 73
---------------- ----------------
Cash flows from investing
activities:
Capital expenditures (20,322) (19,511)
Proceeds from disposal of fixed
assets - 290
---------------- ----------------
Net cash used in investing
activities (20,322) (19,221)
---------------- ----------------
Cash flows from financing
activities:
Borrowings under long-term Credit
Agreement 85,253 -
Repayments under long-term Credit
Agreement (68,595) -
Proceeds from issuance of long-
term debt 400 -
Repayment of other long-term debt (718) -
Income tax benefit from exercise
of stock options 4,371 807
Net proceeds from exercise of
stock options 7,086 1,869
---------------- ----------------
Net cash provided by financing
activities 27,797 2,676
---------------- ----------------
Net decrease in cash and cash
equivalents (5,790) (16,472)
Cash and cash equivalents -
beginning of period 7,344 43,080
---------------- ----------------
Cash and cash equivalents - end of
period $ 1,554 $ 26,608
================ ================
Note: The foregoing unaudited Condensed Consolidated Statements of
Cash Flows are excerpts from our unaudited Condensed Consolidated
Financial Statements for nine months ended October 28, 2006 and
November 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 Quarterly Report on
Form 10-Q for the quarterly period ended November 3, 2007, which was
filed with the Securities and Exchange Commission on December 13,
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