SEATTLE, WA -- June 3, 1996 -- Jay
Jacobs, Inc.
(NASDAQ: JAYJ) today reported results for its first quarter ended
April 27, 1996. Sales for the first quarter were $13,824,000
compared to $17,105,000 for the same quarter last year. The company
operated 136 stores at the beginning of the quarter compared to 174
stores at the beginning of the same quarter last year.
The company reported a loss of $1,797,000 or 30 cents per share
compared to a loss of $1,988,000 or 34 cents per share for the first
quarter of last year. As a result of the decline in sales, the
company has experienced a decline in working capital and cash flow.
Jay Jacobs, Inc. is a Seattle-based specialty apparel retailer
selling to men and women, currently operating through its 138 stores
located in 21 states. During the quarter, the company opened eight
stores and closed 10 stores.
JAY JACOBS, INC. AND SUBSIDIARIES
Consolidated Statement of Operations
(dollar amounts in thousands)
(Unaudited)
Three months ended
April
-------------------
1996 1995
---- ----
Net sales $13,824 $17,105
Operating costs and expenses:
Cost of sales, buying and
occupancy costs 11,001 13,946
Selling, general and
administrative expenses 4,639 5,215
Interest and other income, net (19) (68)
------ ------
Net operating expenses 15,621 19,093
------ ------
Income (loss) before income taxes (1,797) (1,988)
------ ------
Earnings (loss) per share $ (0.30) $ (0.34)
Weighted average number of
shares outstanding 6,058 5,907
------- ------
JAY JACOBS, INC. AND SUBSIDIARIES
Consolidated Balance Sheet
(Dollar amounts in thousands)
(Unaudited)
April 27,
Assets 1996
------ ----------------
Current assets:
Cash and cash equivalents $ 21
Accounts receivable 609
Inventories 9,537
Prepaid expenses 339
--------
Total current assets 10,506
Property and equipment, net 5,910
--------
Total Assets $16,416
Liabilities and Shareholders' Equity
------------------------------------
Current Liabilities:
Accounts payable $ 4,424
Accrued payroll 230
Accrued restructuring expenses 2,100
Other accrued expenses 869
Short Term Bank Debt 4,089
--------
Total current liabilities 11,712
--------
Deferred rental credits 806
Accrued reorganization liability 2,355
Shareholders' equity:
Common stock 12,926
Retained earnings (11,383)
-------
Total shareholders' equity 1,543
Total liabilities and shareholders' --------
equity $16,416
FILES CHAPTER 11: REDUCES NUMBER OF COMPANY-OPERATED RESTAURANTS
LOS ANGELES, California, June 3, 1996 -- href="chap11.sizzler.html">Sizzler International, Inc. (NYSE:
SZ) today announced a comprehensive strategy that includes steps that
will dramatically change the domestic operations and are expected to
return the company to Profitability.
Also, the company said that as a result of these steps its remaining
85 domestic restaurants will be profitable on an operating basis and
have a positive cash flow. The international operations will continue
to provide substantial profits according to the company.
Specifically, the company announced:
On a pro forma basis, the company said that the remaining 85 U.S.
restaurants contributed approximately $120.4 million to revenues and
approximately $5.2 million of operationg profits to results in the
most recent four quarters.
Sizzler International, Inc. now operates or licenses 451 Sizzler
restaurants worldwide. In addition, the Company operates 93 Kentucky
Fried Chicken (KFC) restaurants and one Italian Oven restaurant in
Queensland, Australia.
Except for historical information contained herein, the matters set
forth in this news release are forward looking statements that are
subject to certain risks and uncertainties that could cause actural
results to differ materially from those set forth herein in the
forward looking statements, including such factors, among others, as
significant fluctations in operating results, uncertain
profitability, uncertain market acceptance of the company's product
offering, and intense competition.