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New York & Company, Inc. Announces Improved Third Quarter 2012 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

October 27, 2012

% of net sales Three months ended

October 29, 2011

% of net sales
Net sales $ 219,250 100.0 % $ 216,708 100.0 %
 
Cost of goods sold, buying and occupancy costs 158,323 72.2 % 163,198 75.3 %
 
Gross profit 60,927 27.8 % 53,510 24.7 %
 
Selling, general and administrative expenses 64,746 29.5 % 59,559 27.5 %
 
Operating loss (3,819 ) (1.7 )% (6,049 ) (2.8 )%
 
Interest expense, net of interest income 91 0.1 % 122 0.1 %
 
Loss on modification and extinguishment of debt % 144 0.1 %
 
Loss before income taxes (3,910 ) (1.8 )% (6,315 ) (3.0 )%
 
(Benefit) provision for income taxes (71 ) % 2,656 1.1 %
 
Net loss $ (3,839 ) (1.8 )% $ (8,971 ) (4.1 )%
 
 
Basic loss per share $ (0.06 ) $ (0.15 )
 
Diluted loss per share $ (0.06 ) $ (0.15 )
 
Weighted average shares outstanding:
Basic shares of common stock 61,583 61,134
Diluted shares of common stock 61,583 61,134
 
Selected operating data:
(Dollars in thousands, except square foot data)
Comparable store sales increase (decrease) 0.7 % (5.2 )%
Net sales per average selling square foot (a) $ 77 $ 74
Net sales per average store (b) $ 408 $ 399
Average selling square footage per store (c) 5,291 5,412
                                 
     

(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) Nine months ended

October 27, 2012

% of net sales Nine months ended October 29, 2011 % of net sales
Net sales $ 674,676 100.0 % $ 684,619 100.0 %
 
Cost of goods sold, buying and occupancy costs 491,480 72.8 % 522,195 76.3 %
 
Gross profit 183,196 27.2 % 162,424 23.7 %
 
Selling, general and administrative expenses 191,494 28.4 % 187,186 27.3 %
 
Operating loss (8,298 ) (1.2 )% (24,762 ) (3.6 )%
 
Interest expense, net of interest income 268 % 373 0.1 %
 
Loss on modification and extinguishment of debt % 144 %
 
Loss before income taxes (8,566 ) (1.2 )% (25,279 ) (3.7 )%
 
(Benefit) provision for income taxes (186 ) % 2,768 0.4 %
 
Net loss $ (8,380 ) (1.2 )% $ (28,047 ) (4.1 )%
 
 
Basic loss per share $ (0.14 ) $ (0.46 )
 
Diluted loss per share $ (0.14 ) $ (0.46 )
 
Weighted average shares outstanding:
Basic shares of common stock 61,441 60,703
Diluted shares of common stock 61,441 60,703
 
Selected operating data:
(Dollars in thousands, except square foot data)
Comparable store sales decrease (0.8 )% (2.0 )%
Net sales per average selling square foot (a) $ 236 $ 230
Net sales per average store (b) $ 1,263 $ 1,247
Average selling square footage per store (c) 5,291 5,412
                                 
     

(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) October 27, 2012 January 28, 2012 October 29, 2011
(Unaudited) (Audited) (Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 23,500 $ 50,787 $ 20,666
Accounts receivable 9,630 7,269 9,804
Income taxes receivable 466 477 470
Inventories, net 116,278 81,328 120,784
Prepaid expenses 20,983 21,057 20,556
Other current assets 1,124 968 1,335
Total current assets 171,981 161,886 173,615
 
Property and equipment, net 102,939 115,280 124,051
Intangible assets 14,879 14,879 14,879
Deferred income taxes 4,361 4,361 3,716
Other assets 863 950 1,191
Total assets $ 295,023 $ 297,356 $ 317,452
Liabilities and stockholders’ equity
Current liabilities:
Short-term borrowings $ $ $ 12,000
Accounts payable 90,143 72,297 77,718
Accrued expenses 49,686 55,146 46,379
Income taxes payable 426 3,064 2,778
Deferred income taxes 4,361 4,361 3,716
Total current liabilities 144,616 134,868 142,591
 
Deferred rent 50,702 57,127 59,052
Other liabilities 4,898 5,256 4,954
Total liabilities 200,216 197,251 206,597
 
Total stockholders’ equity 94,807 100,105 110,855
Total liabilities and stockholders’ equity $ 295,023 $ 297,356 $ 317,452
 
       

Exhibit (4)

 

New York & Company, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

(Amounts in thousands)

Nine months ended October 27, 2012 Nine months ended October 29, 2011
 
Operating activities
Net loss $ (8,380 ) $ (28,047 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 25,878 29,017
Loss from impairment charges 384 887
Amortization of deferred financing costs 89 148
Write-off of unamortized deferred financing costs 144
Share-based compensation expense 2,858 2,865
Changes in operating assets and liabilities:
Accounts receivable (2,361 ) (48 )
Income taxes receivable 11 57
Inventories, net (34,950 ) (38,722 )
Prepaid expenses 74 151
Accounts payable 17,846 4,107
Accrued expenses (5,460 ) (17,823 )
Income taxes payable (2,638 ) 2,518
Deferred rent (6,425 ) (7,810 )
Other assets and liabilities   (375 )   (1,110 )
Net cash used in operating activities   (13,449 )   (53,666 )
 
Investing activities
Capital expenditures   (13,921 )   (9,367 )
Net cash used in investing activities   (13,921 )   (9,367 )
 
Financing activities
Proceeds from borrowings under revolving credit facility 12,000
Repayment of debt (7,500 )
Payment of financing costs (393 )
Proceeds from exercise of stock options   83   2,200
Net cash provided by financing activities   83   6,307
 
Net decrease in cash and cash equivalents (27,287 ) (56,726 )
 
Cash and cash equivalents at beginning of period   50,787   77,392
Cash and cash equivalents at end of period $ 23,500 $ 20,666
 




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