Jos. A. Bank Reports Results for Fourth Quarter of Fiscal Year 2013

Jos. A. Bank Reports Results for Fourth Quarter of Fiscal Year 2013             Adjusted Earnings Per Share Increased 9% for the Quarter      Sales Trends, Which Were Positive in Q4, Also Up in February and March  HAMPSTEAD, Md., April 2, 2014 (GLOBE NEWSWIRE) -- Jos. A. Bank Clothiers, Inc. (Nasdaq:JOSB) (the "Company") today announced that adjusted earnings per diluted share were $1.07 for the fourth quarter of fiscal 2013, representing a 9% increase compared to adjusted earnings per diluted share of $.98 in the fourth quarter of fiscal 2012, and at the midpoint of the projected EPS range previously announced by the Company. R. Neal Black, President and CEO, said, "The initiatives we have undertaken to improve both our top and bottom line performance are delivering results. As we previously reported, our sales through the holidays were robust, with comparable brand sales up 9.1% between November 3^rd and December 24^th. While this was offset by the impact of the snow storms and nationwide deep freeze in the post-holiday period, the combination of our improved marketing efficiency through our new promotional strategies and strict financial discipline allowed us to deliver the 9% gain in adjusted earnings per share."  He added, "We have generated double-digit total sales gains in fiscal February and the first four weeks of fiscal March of 2014, reflecting positive consumer response to our promotions as well as ongoing strength in the non-promotional portion of our business. We are focused on maintaining this sales momentum while improving our profitability."  The adjusted earnings for the fourth quarter of fiscal year 2013 exclude expenses of approximately $.07 per diluted share for legal and other professional services related to the Company's announced acquisition by The Men's Wearhouse, Inc. and other strategic activity, and $.02 per diluted share for estimated non-cash asset impairment charges. Including these amounts, GAAP earnings for the fourth quarter of fiscal year 2013 were $0.98 per diluted share.  The Company's fourth quarter 2012 adjusted earnings of $.98 per diluted share exclude approximately $.02 per diluted share for non-cash asset impairment charges and approximately $.05 per diluted share for the estimated positive impact of the 14th week in 2012. Including these amounts, GAAP earnings for the fourth quarter of fiscal 2012 were $1.01 per diluted share. The 13-week fourth quarter of fiscal year 2013 ended February 1, 2014; the 14-week quarter of fiscal year 2012 ended February 2, 2013.  Fiscal February 2014 ended on March 1, 2014 and fiscal March 2014 will end on April 5, 2014.  Consistent with previously announced expectations, total comparable brand sales for the 13 week fourth quarter of fiscal year 2013 increased 1.8% when compared to the same comparable period of fiscal year 2012 and Direct sales increased 10.6%. Total sales for the fourth quarter of fiscal year 2013 increased 4.7% during the same period. Total sales for the 13 weeks of the 2013 fourth quarter versus the 14 weeks of the 2012 fourth quarter were up .4%, reaching $356 million compared to $355 million in the prior year period.  As announced on March 11, 2014, Jos. A. Bank and Men's Wearhouse entered into a definitive agreement under which Men's Wearhouse will purchase all outstanding shares of Jos. A. Bank for $65.00 per share in cash. The transaction is expected to close by the third quarter of 2014, subject to satisfaction of customary closing conditions.  JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories.The Company sells its full product line through 633 stores in 44 states and the District of Columbia, a nationwide catalog and an e-commerce website that can be accessed at www.josbank.com. The Company is headquartered in Hampstead, Md., and its common stock is listed on the NASDAQ Global Select Market under the symbol "JOSB."  Non-GAAP Measurements  This press release includes a non-GAAP financial measure. Jos. A. Bank is presenting adjusted earnings per diluted share, which is a non-GAAP financial measure. Jos. A. Bank believes presentation of this non-GAAP financial measure is useful to investors in connection with their financial analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Jos. A. Bank's results prepared in accordance with GAAP. For a description of how Jos. A. Bank reconciles these non-GAAP financial measures to GAAP earnings, please see the third and fourth paragraphs of this press release.  FORWARD-LOOKING STATEMENTS  Our statements concerning future operations contained herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forecasted due to a variety of factors outside of our control that can affect our operating results, liquidity, and financial condition. Such factors include risks associated with domestic and international economic activity and inflation, weather, public health and other factors affecting consumer spending (including negative changes to consumer confidence and other recessionary pressures), higher energy and security costs, the successful implementation of our growth strategy (including our ability to finance our expansion plans), the mix and pricing of goods sold, the effectiveness and profitability of new concepts, the market price of key raw materials (such as wool and cotton) and other production inputs (such as labor costs), seasonality, merchandise trends and changing consumer preferences, the effectiveness of our marketing programs (including compliance with relevant legal requirements), the availability of suitable lease sites for new stores, doing business on an international basis, the ability to source product from our global supplier base, legal and regulatory matters and other competitive factors. The identified risk factors and other factors and risks that may affect our business or future financial results are detailed in our filings with the Securities and Exchange Commission, including, but not limited to, those described under "Risk Factors" and/or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended February 1, 2014. These cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized or, even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. Interim period sales are not necessarily indicative of sales expected for the full quarter. Furthermore, sales are just one component of earnings and no projection of earnings should be inferred from any discussion of interim period sales or other information in this release. We do not undertake an obligation to update or revise any forward-looking statements to reflect actual results or changes in our assumptions, estimates or projections. These risks should be carefully reviewed before making any investment decision.  ADDITIONAL INFORMATION  This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. In response to the tender offer for the shares of Jos. A. Bank commenced by The Men's Wearhouse, Inc. and Java Corp., Jos. A. Bank has filed a solicitation/recommendation statement on Schedule 14D-9 with the U.S. Securities and Exchange Commission ("SEC"). Any solicitation/recommendation statement filed by Jos. A. Bank that is required to be mailed to stockholders will be mailed to stockholders of Jos. A. Bank. INVESTORS AND STOCKHOLDERS OF JOS. A. BANK ARE URGED TO READ THE SOLICITATION / RECOMMENDATION STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain free copies of the solicitation/recommendation statement and other documents (when available) filed with the SEC by Jos. A. Bank free of charge through the website maintained by the SEC at www.sec.gov. In addition, the solicitation/recommendation statement and other materials related to Men's Wearhouse's unsolicited proposal may be obtained from Jos. A. Bank free of charge by directing a request to Jos. A. Bank's Investor Relations Department, Jos. A. Bank Clothiers, Inc., 500 Hanover Pike, Hampstead, MD 21074, 410-239-5900.  CONTACT: JoS. A. Bank Clothiers, Inc., Hampstead, Md. David E. Ullman EVP/CFO 410-239-5715 or Investor Relations Information Request Website (http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=irol-inforeq), or Investor Relations Voicemail, 410-239-5900 E-commerce Address for JoS. A. Bank Clothiers, Inc.: www.josbank.com  MEDIA CONTACT: Thomas Davies/Molly Morse Kekst and Company 212-521-4873/212-521-4826 thomas-davies@kekst.com molly-morse@kekst.com  E-commerce Address for Jos. A. Bank Clothiers, Inc.: www.josbank.com                                            JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED BALANCE SHEETS AS OFFEBRUARY 2, 2013 AND FEBRUARY 1, 2014                                    February2, 2013       February1, 2014                                  (In thousands, except share information) ASSETS                                                   CURRENT ASSETS:                                          Cash and cash equivalents        $ 71,288               $ 305,531 Short-term investments           305,833                139,969 Accounts receivable, net         10,644                 13,592 Inventories                      330,502                304,322 Prepaid expenses and other        23,922                 23,060 current assets Total current assets             742,189                786,474 NONCURRENT ASSETS:                                       Property, plant and equipment,    152,360                148,966 net Other noncurrent assets          298                    298 Total assets                     $ 894,847              $ 935,738 LIABILITIES AND STOCKHOLDERS'                            EQUITY CURRENT LIABILITIES:                                     Accounts payable                 $ 53,782               $ 32,946 Accrued expenses                 104,639                115,023 Deferred tax liability — current 11,928                 1,819 Total current liabilities        170,349                149,788 NONCURRENT LIABILITIES:                                  Deferred rent                    45,531                 41,296 Deferred tax liability —          9,791                  11,158 noncurrent Other noncurrent liabilities     1,613                  1,412 Total liabilities                227,284                203,654 COMMITMENTS AND CONTINGENCIES                            STOCKHOLDERS' EQUITY:                                    Preferred stock, $1.00 par, 500,000 shares authorized, none   —                      — issued or outstanding Common stock, $0.01 par, 45,000,000 shares authorized, 27,622,054 issued and outstanding 279                    279 at January 28, 2012 and 27,827,837 issued and outstanding at February 2, 2013 Additional paid-in capital       94,757                 95,825 Retained earnings                572,718                636,044 Accumulated other comprehensive   (191)                  (64) income (loss) Total stockholders' equity       667,563                732,084 Total liabilities and             $ 894,847              $ 935,738 stockholders' equity  Note: The foregoing audited Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of February 2, 2013 and as of February 1, 2014) and do not include the Notes, which are an integral part thereof.The foregoing audited financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2014 which was filed with the Securities and Exchange Commission on April 2, 2014.    JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED JANUARY 28, 2012,FEBRUARY 2, 2013 AND FEBRUARY 1, 2014                                 Fiscal Year                               2011           2012             2013                               (In thousands, except per share information) NET SALES                      $ 979,852      $ 1,049,313      $ 1,032,166 Cost of goods sold            371,577        437,551          435,578 GROSS PROFIT                   608,275        611,762          596,588 OPERATING EXPENSES:                                           Sales and marketing, including 372,268        409,150          416,469 occupancy costs General and administrative    76,600         74,172           78,093 Total operating expenses      448,868        483,322          494,562 OPERATING INCOME               159,407        128,440          102,026 OTHER INCOME (EXPENSE):                                       Interest income               347            429              393 Interest expense              (312)          (26)             (44) Total other income (expense)  35             403              349 Income before provision for    159,442        128,843          102,375 income taxes Provision for income taxes    61,951         49,147           39,049 NET INCOME                     $ 97,491       $ 79,696         $ 63,326 PER SHARE INFORMATION                                         Earnings per share:                                           Basic                          $ 3.51         $ 2.86           $ 2.26 Diluted                        $ 3.49         $ 2.84           $ 2.26 Weighted average shares                                       outstanding: Basic                         27,757         27,901           27,981 Diluted                       27,961         28,013           28,053  Note: The foregoing audited Consolidated Statements of Income are excerpts from our Consolidated Financial Statements for each of the three years ended February 1, 2014 and do not include the Notes, which are considered an integral part thereof. The foregoing audited financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2014 which was filed with the Securities and Exchange Commission on April 2, 2014.     JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JANUARY 28, 2012, FEBRUARY 2, 2013 AND FEBRUARY 1, 2014                                 Fiscal Year                                2011            2012            2013                                (In thousands) CASH FLOWS FROM OPERATING                                      ACTIVITIES: Net income                     $ 97,491        $ 79,696        $ 63,326 Adjustments to reconcile net income to net cash provided by                                 operating activities: Depreciation and amortization  26,101          28,521          29,573 Loss on disposals of property,  311             269             396 plant and equipment Asset impairment charges       294             805             1,041 Non-cash equity compensation   2,547           2,236           1,599 Increase in deferred taxes     11,029          1,267           (8,742) Changes in assets and                                          liabilities: (Increase) decrease in accounts (6,381)         5,262           (2,948) receivable (Increase) in inventories      (71,345)        (25,847)        26,180 (Increase) in prepaids and      (1,392)         (3,004)         792 other current assets (Increase) decrease in          46              (7)             — non-current assets Increase (decrease) in accounts 35,159          (12,882)        (20,836) payable Increase (decrease) in accrued  (77)            9,782           12,053 expenses (Decrease) in deferred rent    (1,679)         (2,069)         (4,235) Increase (decrease) in other    (288)           496             (4) noncurrent liabilities Net cash provided by operating  91,816          84,525          98,195 activities CASH FLOWS USED IN INVESTING                                   ACTIVITIES: Payments for capital            (37,531)        (35,643)        (29,285) expenditures Proceeds from maturities of     393,424         480,089         595,705 short-term investments Payments to acquire short-term  (443,887)       (545,670)       (429,841) investments Net cash (used in) investing    (87,994)        (101,224)       136,579 activities CASH FLOWS FROM FINANCING                                      ACTIVITIES: Income tax benefit from stock   1,883           607             (40) compensation plans Net proceeds from issuance of   546             784             — common stock Fractional share payments      —               —               — Tax payments related to equity  —               (634)           (491) compensation plans Net cash provided by financing  2,429           757             (531) activities Net increase (decrease) in cash 6,251           (15,942)        234,243 and cash equivalents CASH AND CASH EQUIVALENTS,      80,979          87,230          71,288 beginning of year CASH AND CASH EQUIVALENTS, end  $ 87,230        $ 71,288        $ 305,531 of year  Note: The foregoing audited Consolidated Statements of Cash Flows are excerpts from our Consolidated Financial Statements for each of the three years ended February 1, 2014 and do not include the Notes, which are considered an integral part thereof.The foregoing audited financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2014 which was filed with the Securities and Exchange Commission on April 2, 2014.   
Press spacebar to pause and continue. Press esc to stop.