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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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