The Bon-Ton Stores, Inc. Announces Second Quarter Fiscal 2012 Results

Note 2: As used in this release, cash flow reflects the forecasted net income (loss), plus depreciation and amortization, amortization of lease-related interests, and the proprietary credit card program signing bonus, less capital expenditures and pension contributions.

THE BON-TON STORES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands except share and per share data)					July 28,						January 28,
(Unaudited)					2012						2012
Assets
Current assets:
Cash and cash equivalents					$	8,628					$	14,272
Merchandise inventories						683,592						699,504
Prepaid expenses and other current assets						62,096						69,032
Total current assets						754,316						782,808
Property, fixtures and equipment at cost, net of accumulated depreciation and
amortization of $779,089 and $743,312 at July 28, 2012 and January 28, 2012, respectively						663,381						677,133
Deferred income taxes						12,672						12,385
Intangible assets, net of accumulated amortization of $55,531 and $51,975 at
July 28, 2012 and January 28, 2012, respectively						115,226						119,165
Other long-term assets						22,556						26,712
Total assets					$	1,568,151					$	1,618,203
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable					$	218,434					$	205,492
Accrued payroll and benefits						28,974						31,636
Accrued expenses						139,147						162,855
Current maturities of long-term debt						7,196						8,066
Current maturities of obligations under capital leases						3,875						4,365
Deferred income taxes						17,376						16,231
Total current liabilities						415,002						428,645
Long-term debt, less current maturities						839,805						814,271
Obligations under capital leases, less current maturities						54,763						56,677
Other long-term liabilities						210,249						187,003
Total liabilities						1,519,819						1,486,596
Shareholders' equity:
Preferred Stock - authorized 5,000,000 shares at $0.01 par value; no shares issued						-						-
Common Stock - authorized 40,000,000 shares at $0.01 par value; issued shares
of 17,419,875 and 17,081,376 at July 28, 2012 and January 28, 2012, respectively						174						171
Class A Common Stock - authorized 20,000,000 shares at $0.01 par value; issued
and outstanding shares of 2,951,490 at July 28, 2012 and January 28, 2012						30						30
Treasury stock, at cost - 337,800 shares at July 28, 2012 and January 28, 2012						(1,387	)					(1,387	)
Additional paid-in-capital						156,691						155,400
Accumulated other comprehensive loss						(71,164	)					(74,356	)
(Accumulated deficit) retained earnings						(36,012	)					51,749
Total shareholders' equity						48,332						131,607
Total liabilities and shareholders' equity					$	1,568,151					$	1,618,203

THE BON-TON STORES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
					THIRTEEN											TWENTY-SIX
					WEEKS ENDED											WEEKS ENDED
(In thousands except per share data)					July 28,					July 30,						July 28,					July 30,
(Unaudited)					2012					2011						2012					2011
Net sales					$	594,855				$	595,480					$	1,235,626				$	1,245,361
Other income						12,405					13,790						25,931					28,390
						607,260					609,270						1,261,557					1,273,751
Costs and expenses:
Costs of merchandise sold						380,716					373,918						801,932					793,185
Selling, general and administrative						219,435					219,786						447,675					441,825
Depreciation and amortization						23,544					26,221						45,731					50,734
Amortization of lease-related interests						1,178					1,194						2,361					2,389
Loss from operations						(17,613	)				(11,849	)					(36,142	)				(14,382	)
Interest expense, net						20,706					22,762						41,279					46,067
Loss on exchange/extinguishment of debt						6,301					-						7,470					9,450
Loss before income taxes						(44,620	)				(34,611	)					(84,891	)				(69,899	)
Income tax provision (benefit)						419					(2,311	)					928					(1,611	)
Net loss					$	(45,039	)			$	(32,300	)				$	(85,819	)			$	(68,288	)
Basic loss per share					$	(2.43	)			$	(1.78	)				$	(4.66	)			$	(3.79	)
Diluted loss per share					$	(2.43	)			$	(1.78	)				$	(4.66	)			$	(3.79	)
Other financial data:
EBITDA (1)					$	7,109				$	15,566					$	11,950				$	38,741

(1) EBITDA reconciliation
The following table reconciles net loss to EBITDA for the periods indicated:
					THIRTEEN											TWENTY-SIX
					WEEKS ENDED											WEEKS ENDED
(In thousands)					July 28,					July 30,						July 28,					July 30,
(Unaudited)					2012					2011						2012					2011
Net loss					$	(45,039	)			$	(32,300	)				$	(85,819	)			$	(68,288	)
Adjustments:
Income tax provision (benefit)						419					(2,311	)					928					(1,611	)
Loss on exchange/extinguishment of debt						6,301					-						7,470					9,450
Interest expense, net						20,706					22,762						41,279					46,067
Depreciation and amortization						23,544					26,221						45,731					50,734
Amortization of lease-related interests						1,178					1,194						2,361					2,389
EBITDA					$	7,109				$	15,566					$	11,950				$	38,741

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