Odd Job Stores Reports Fiscal 2003 First Quarter Results
SOUTH PLAINFIELD, N.J.--May 15, 2003--Odd Job Stores, Inc. , today reported an operating loss of $7.8 million for the three-month calendar period ending March 31, 2003, as compared to a $3.3 million operating loss for the 57-day period ending March 31, 2002. Comparative consolidated financial statements for the prior year have been restated to reflect the Company's change in fiscal years to December 31, 2002. In connection with the change in fiscal year end date, the Company also realigned its prior year quarters to a calendar basis to match the current year presentation. Future comparisons will end on the last day of the calendar quarter and will contain comparable three-month periods.As previously reported, sales for the three-month period ended March 31, 2003 were $43.7 million, compared to $31.8 million for the abbreviated first quarter of 2002. On a comparable calendar basis, sales for the same ninety-day period in 2002 were $47.4. The decrease compared to last year was primarily the result of an 8.3% comparable store decrease. Sales in the first quarter of 2003 were adversely affected by the shift of Easter sales into the second quarter, significant winter storms in the Company's trade territory and the weak retail environment, which was exacerbated by the consumer's attention on the war in Iraq. During March the Company closed two stores and now operates a total of 75 stores.
Financial tables follow.
Odd Job Stores, Inc. is a major closeout retailer operating stores in New York, New Jersey, Connecticut, Pennsylvania, Delaware, Ohio, Kentucky and Michigan under the names "Odd Job", "Odd Job Trading", and "Mazel's". Company information is available on the Internet at www.oddjobstores.com.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, (i) the Company's continuing execution of its plan to restore its retail stores to profitability; (ii) the ability to purchase sufficient quality closeout and other merchandise at acceptable terms; and (iii) the ability of the Company to attract and retain qualified management and store personnel. Please refer to the Company's SEC filings for further information.
Odd Job Stores, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except per-share data)
90 Days 57 Days
Ended Ended (1)
March 31, March 31,
2003 2002
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Net Sales $43,748 $31,795
Gross Profit 15,756 12,472
% of sales 36.02% 39.23%
SG&A 23,567 15,741
% of sales 53.87% 49.51%
Operating loss (7,811) (3,269)
% of sales -17.85% -10.28%
Other expense - net - 746
Interest expense - net 142 444
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Loss before income taxes and change in
accounting principle (7,953) (4,459)
Income tax benefit - (1,736)
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Net loss before change in accounting principle (7,953) (2,723)
Change in accounting principle - (9,447)
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Net Loss $(7,953) $(12,170)
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Net loss per common share - basic and diluted:
Loss before change in accounting principle $(0.88) $(0.30)
Change in accounting principle - (1.05)
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Net loss per share $(0.88) $(1.35)
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Weighted average shares outstanding 9,050,400 9,015,500
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(1) Quarter ended March 31, 2002 reflects the period February 3, 2002
to March 31, 2002 due to the change in the Company's fiscal year.
Odd Job Stores, Inc.
Consolidated Balance Sheets
(Dollars in thousands)
March 31, Dec. 31,
2003 2002
----------- ----------
(Unaudited)
Assets
Current Assets:
Cash and cash equivalents $5,707 $13,322
Other receivables 95 218
Income tax receivable - 4,239
Inventories 36,254 31,942
Prepaid expenses and other current assets 623 956
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Total current assets 42,679 50,677
Property and equipment, net 17,850 18,485
Other assets 2,426 2,517
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Total assets $62,955 $71,679
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $14,872 $13,032
Accrued expenses and other current
liabilities 6,577 9,255
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Total current liabilities 21,449 22,287
Other non-current liabilities 5,276 5,209
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Total liabilities 26,725 27,496
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Stockholders' equity:
Preferred stock, no par value, 2,000,000
shares authorized; no shares issued
or outstanding - -
Common stock, no par value, 14,000,000 shares
authorized; 9,050,400 shares issued
and outstanding in each period 64,097 64,097
Accumulated deficit (27,867) (19,914)
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Total stockholders' equity 36,230 44,183
Commitments and contingencies - -
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Total liabilities and stockholders'
equity $62,955 $71,679
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