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ALCO Stores, Inc. Reports Operating Results For First Quarter Ended May 5, 2013

Stocks in this article: ALCS

- Tables to follow -

 
ALCO Stores, Inc.
Statements of Operations
First Quarter Ended May 5, 2013 and April 29, 2012
(dollars in thousands, except share and per share amounts)
     
  (unaudited)  
  Thirteen Week Thirteen Week
  Period Ended Period Ended
  May 5, 2013 April 29, 2012
Net sales  $ 117,520  116,500
Cost of sales 83,053 82,123
Gross margin 34,467 34,377
     
Selling, general and administrative 33,876 33,374
Depreciation and amortization 2,175 2,107
Total operating expenses 36,051 35,481
     
Operating loss from continuing operations (1,584) (1,104)
     
Interest expense 1,053 744
     
Loss from continuing operations before income taxes (2,637) (1,848)
Income tax benefit (987) (760)
     
Loss from continuing operations (1,650) (1,088)
     
Loss from discontinued operations, net of income tax benefit (18) (196)
Net loss  $ (1,668)  (1,284)
     
Loss per share    
Basic    
Continuing operations  $ (0.51)  (0.29)
Discontinued operations  $ (0.00)  (0.05)
Net loss per share  $ (0.51)  (0.34)
     
Loss per share    
Diluted    
Continuing operations  $ (0.51)  (0.29)
Discontinued operations  $ (0.00)  (0.05)
Net loss per share  $ (0.51)  (0.34)
     
Weighted-average shares outstanding:    
Basic  3,258,163  3,822,006
Diluted  3,258,163  3,822,006
 
 
ALCO Stores, Inc.
Schedule of Adjusted EBITDA
(dollars in thousands)
(unaudited) 
         
     For the Thirteen Week   Trailing 53 Weeks 
  53 Weeks Periods Ended Ended
    May 5, April 29, May 5,
  Fiscal 2013 2013 2012 2013
Net earnings (loss)   $ 1,307  (1,668)  (1,284)  923
Plus:        
Interest  3,477  1,053  744  3,786
Taxes  311  (998)  (880)  193
Depreciation and amortization  8,902  2,183  2,122  8,963
EBITDA  13,997  570  702  13,865
         
Plus:        
Share-based compensation  381  140  130  391
(Gain) loss asset disposals  141  --   (92)  233
Adjusted EBITDA  $ 14,519  710  740  14,489
         
Cash  $ 3,160  2,923  612  2,923
Debt  79,962  87,978  53,208  87,978
Debt, net of cash  $ 76,802  85,055  52,596  85,055
 
 
ALCO Stores, Inc.
Balance Sheets
(dollars in thousands, except share and per share amounts)
     
  (unaudited)  
  May 5, 2013 February 3, 2013
Assets
     
Current assets:    
Cash  $ 2,923  $ 3,160
Receivables  12,782  12,232
Inventories  190,614  166,671
Prepaid expenses  3,459  3,767
Deferred income taxes  5,884  3,081
Property held for sale  568  568
 Total current assets  216,230  189,479
     
Long term investments  1,293  955
     
Property and equipment, at cost:    
Land and land improvements  5,648  5,648
Buildings and building improvements  10,499  10,499
Furniture, fixtures and equipment  74,149  74,066
Transportation equipment  988  988
Leasehold improvements  21,138  21,138
Construction work in progress  6,383  5,083
Total property and equipment  118,805  117,422
Less accumulated depreciation and amortization  83,708  81,794
Net property and equipment  35,097  35,628
     
Property under capital leases  26,972  26,972
Less accumulated amortization  11,743  11,476
 Net property under capital leases  15,229  15,496
     
Deferred income tax - non current  --   1,693
Other non-current assets  558  624
     
 Total assets  $ 268,407  $ 243,875
 
 
ALCO Stores, Inc.
Balance Sheets
(dollars in thousands, except share and per share amounts)
     
  (unaudited)  
  May 5, 2013 February 3, 2013
     
Liabilities and Stockholders' Equity    
     
Current liabilities:    
Current maturities of capital lease obligations  $ 575  $ 580
Accounts payable  58,215  39,220
Accrued salaries and commissions  3,134  3,111
Accrued taxes other than income  5,409  5,046
Self-insurance claim reserves  4,086  4,429
Other current liabilities  3,578  4,429
Total current liabilities  74,997  56,815
     
Notes payable under revolving loan   71,627  63,446
Capital lease obligations - less current maturities  15,777  15,936
Deferred gain on leases  2,956  3,053
Other noncurrent liabilities  2,415  2,462
Total liabilities  167,772  141,712
Stockholders' equity:    
Common stock, $.0001 par value,  authorized 20,000,000 shares;    
3,258,163 and 3,808,338 shares issued and outstanding, respectively  1  1
Additional paid-in capital  36,673  36,533
Retained earnings  63,961  65,629
Total stockholders' equity  100,635  102,163
     
Total liabilities and stockholders' equity  $ 268,407  $ 243,875
CONTACT: Wayne S. Peterson
         Senior Vice President - Chief Financial Officer
         785-263-3350 X164
         email: wpeterson@alcostores.com
         or
         Debbie Hagen
         Hagen and Partners
         913-642-6363
         email: dhagen@hagenandpartners.com

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