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New York & Company, Inc. Announces Significantly Improved Second Quarter 2012 Operating Results

         

Exhibit (1)

 

New York & Company, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 
(Amounts in thousands, except per share amounts) Three months ended

July 28, 2012

% of net sales Three months ended

July 30, 2011

% of net sales
Net sales $ 227,690 100.0 % $ 228,557 100.0 %
 
Cost of goods sold, buying and occupancy costs 169,971 74.7 % 181,633 79.5 %
 
Gross profit 57,719 25.3 % 46,924 20.5 %
 
Selling, general and administrative expenses 62,122 27.2 % 62,038 27.1 %
 
Operating loss (4,403 ) (1.9 )% (15,114 ) (6.6 )%
 
Interest expense, net of interest income 87 % 121 0.1 %
 
Loss before income taxes (4,490 ) (1.9 )% (15,235 ) (6.7 )%
 
(Benefit) provision for income taxes (160 ) %

163

%
 
Net loss $ (4,330 ) (1.9 )% $ (15,398 ) (6.7 )%
 
 
Basic loss per share $ (0.07 ) $ (0.25 )
 
Diluted loss per share $ (0.07 ) $ (0.25 )
 
Weighted average shares outstanding:
Basic shares of common stock 61,437 60,953
Diluted shares of common stock 61,437 60,953
 
Selected operating data:
(Dollars in thousands, except square foot data)
Comparable store sales increase (decrease) 0.0 % (3.4 )%
Net sales per average selling square foot (a) $ 79 $ 77
Net sales per average store (b) $ 422 $ 417
Average selling square footage per store (c) 5,299 5,423
                           

(a)

 

Net sales per average selling square foot is defined as net sales divided by the average of beginning and end of period selling square feet.

(b)

Net sales per average store is defined as net sales divided by the average of beginning and end of period number of stores.

(c)

Average selling square footage per store is defined as end of period selling square feet divided by end of period number of stores.

 
         

Exhibit (2)

 

New York & Company, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 
(Amounts in thousands, except per share amounts) Six months ended

July 28, 2012

% of net sales Six months ended

July 30, 2011

% of net sales
Net sales $ 455,426 100.0 % $ 467,911 100.0 %
 
Cost of goods sold, buying and occupancy costs 333,157 73.2 % 358,997 76.7 %
 
Gross profit 122,269 26.8 % 108,914 23.3 %
 
Selling, general and administrative expenses 126,748 27.8 % 127,627 27.3 %
 
Operating loss (4,479 ) (1.0 )% (18,713 ) (4.0 )%
 
Interest expense, net of interest income 177 % 251 0.1 %
 
Loss before income taxes (4,656 ) (1.0 )% (18,964 ) (4.1 )%
 
(Benefit) provision for income taxes (115 ) % 112 %
 
Net loss $ (4,541 ) (1.0 )% $ (19,076 ) (4.1 )%
 
 
Basic loss per share $ (0.07 ) $ (0.32 )
 
Diluted loss per share $ (0.07 ) $ (0.32 )
 
Weighted average shares outstanding:
Basic shares of common stock 61,369 60,487
Diluted shares of common stock 61,369 60,487
 
Selected operating data:
(Dollars in thousands, except square foot data)
Comparable store sales decrease (1.5 )% (0.4 )%
Net sales per average selling square foot (a) $ 159 $ 157
Net sales per average store (b) $ 851 $ 852
Average selling square footage per store (c) 5,299 5,423
                           

(a)

 

Net sales per average selling square foot is defined as net sales divided by the average of beginning and end of period selling square feet.

(b)

Net sales per average store is defined as net sales divided by the average of beginning and end of period number of stores.

(c)

Average selling square footage per store is defined as end of period selling square feet divided by end of period number of stores.

 
           

 

Exhibit (3)

 

New York & Company, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

 
(Amounts in thousands) July 28, 2012 January 28, 2012 July 30, 2011
(Unaudited) (Audited) (Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 39,364 $ 50,787 $ 36,215
Accounts receivable 10,064 7,269 10,698
Income taxes receivable 475 477 927
Inventories, net 79,838 81,328 83,848
Prepaid expenses 21,785 21,057 21,612
Other current assets 1,001 968 1,194
Total current assets 152,527 161,886 154,494
 
Property and equipment, net 107,152 115,280 130,225
Intangible assets 14,879 14,879 14,879
Deferred income taxes 4,361 4,361 3,362
Other assets 894 950 584
Total assets $ 279,813 $ 297,356 $ 303,544
Liabilities and stockholders’ equity
Current liabilities:
Current portion – long-term debt $ $ $ 4,500
Accounts payable 67,324 72,297 60,002
Accrued expenses 51,990 55,146 49,919
Income taxes payable 411 3,064 139
Deferred income taxes 4,361 4,361 3,362
Total current liabilities 124,086 134,868 117,922
 
Deferred rent 53,309 57,127 61,189
Other liabilities 4,951 5,256 5,625
Total liabilities 182,346 197,251 184,736
 
Total stockholders’ equity 97,467 100,105 118,808
Total liabilities and stockholders’ equity $ 279,813 $ 297,356 $ 303,544
 

       

Exhibit (4)

 

New York & Company, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

(Amounts in thousands)

Six months ended July 28, 2012 Six months ended July 30, 2011
 
Operating activities
Net loss $ (4,541 ) $ (19,076 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 17,310 19,366
Loss from impairment charges 366 887
Amortization of deferred financing costs 60 108
Share-based compensation expense 1,733 1,898
Changes in operating assets and liabilities:
Accounts receivable (2,795 ) (942 )
Income taxes receivable 2 (400 )
Inventories, net 1,490 (1,786 )
Prepaid expenses (728 ) (905 )
Accounts payable (4,973 ) (13,609 )
Accrued expenses (3,156 ) (14,283 )
Income taxes payable (2,653 ) (121 )
Deferred rent (3,818 ) (5,673 )
Other assets and liabilities   (248 )   108
Net cash used in operating activities   (1,951 )   (34,428 )
 
Investing activities
Capital expenditures   (9,549 )   (5,898 )
Net cash used in investing activities   (9,549 )   (5,898 )
 
Financing activities
Repayment of debt (3,000 )
Proceeds from exercise of stock options   77   2,149
Net cash provided by (used in) financing activities   77   (851 )
 
Net decrease in cash and cash equivalents (11,423 ) (41,177 )
 
Cash and cash equivalents at beginning of period   50,787   77,392
Cash and cash equivalents at end of period $ 39,364 $ 36,215




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