UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 17, 2002
CACHE INC.
______________________________________________________
(Exact name of registrant as specified in its charter)
Florida 0 -10345 59 -1588181
__________ ______________________ _____________
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
Incorporation) Number)
1460 Broadway, New York, New York 10036
_______________________________________
(Address of principal executive offices)
Registrant's telephone number: (212) 575-3200
ITEM 5. OTHER EVENTS
See the attached press release, which is incorporated herein by
reference, regarding 2002 second quarter earnings, filed as Exhibit 99.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(1) Financial Statements of Businesses Acquired
None
(2) Pro Forma Financial Information
None
(3) Exhibits
99.1 Press release issued by Cache, Inc. on July 17, 2002
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: July 19, 2002 CACHE, INC.
By: /s/ Brian Woolf
_________________________________
Brian Woolf
On behalf of Cache, Inc. and in his capacity as
Chairman and Chief Executive Officer
(Principal Executive Officer)
By: /s/ Thomas E. Reinckens
_________________________________
Thomas E. Reinckens
On behalf of Cache, Inc. and in his capacity as
President and Chief Operating Officer
(Principal Financial and Accounting Officer)
INDEX OF EXHIBITS
Exhibit Description Page
_______ ____________________________ ______
99.1 Press Release issued by Cache, Inc 5
on July 17, 2002
JULY 17, 2002
FOR IMMEDIATE RELEASE
CACHE, INC.
NASDAQ COMMON STOCK SYMBOL CACH
CACHE REPORTS SECOND QUARTER 2002 OPERATING RESULTS
New York, New York - July 17, 2002 - Cache, Inc., (NASDAQ: CACH), a
specialty chain of women's apparel stores, reported results for the twenty-six
and thirteen week periods ended June 29, 2002. For the 13 week period ended
June 29, 2002, net income increased to $3.0 million, or $0.31 per diluted
share, from $629,000, or $0.07 per diluted share, for the same period last
year. Net sales for the period increased to $51.3 million from $45.6 million
for the same period last year. Same store sales increased 8% for the period.
For the 26 week period ended June 29, 2002, net income increased to $4.8
million, or $0.50 per diluted share, from $1.8 million, or $0.20 per diluted
share for the same period last year. Net sales for the period increased to
$98.9 million from $89.8 million for the same period last year. Same store
sales increased 7% for the period. Last year's results contained a favorable
litigation settlement, which had the effect of increasing net income by
approximately $1.0 million, or $0.10 per diluted share.
A table summarizing financial results follows:
Twenty-six Weeks Ended Thirteen Weeks Ended
June 29, June 30, June 29, June 30,
2002 2001 2002 2001
--------- ---------- --------- ----------
($Thousands, except for per share data)
Sales $ 98,937 $ 89,804 $ 51,294 $ 45,613
Operating Income $ 7,458 $ 1,143 $ 4,586 $ 835
Net Income $ 4,816 $ 1,827 $ 2,960 $ 629
Basic earnings per share $ 0.53 $ 0.20 $ 0.33 $ 0.07
Diluted earnings per share $ 0.50 $ 0.20 $ 0.31 $ 0.07
Basic weighted average shares outstanding 9,100 9,091 9,100 9,091
Diluted weighted average shares outstanding 9,660 9,276 9,660 9,276
Certain matters discussed within this press release may constitute
forward-looking statements within the meaning of the federal securities law.
Although Cache, Inc. believes the statements are based on reasonable
assumptions, there can be no assurance that these expectations will be
attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward- looking statements due
to a number of factors, including, without limitation, industry trends,
merchandise trends, competition and the ability to obtain financing, as well
as other risks outlined from time to time in the filings of Cache, Inc. with
the Securities and Exchange Commission.
Financial Tables Follow:
For further information contact Thomas E. Reinckens, President, Chief
Operating Officer, Cache, Inc. 1460 Broadway, New York, New York 10036,
(212) 575-3246.
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 29, December 29, June 30,
A S S E T S 2002 2001 2001
----------- ------------ ------------
CURRENT ASSETS
Cash and cash equivalents $20,169,000 $12,101,000 $ 8,336,000
Receivables 1,210,000 4,318,000 2,459,000
Notes receivable from related parties 321,000 371,000 371,000
Inventories 22,103,000 21,761,000 22,281,000
Deferred income taxes and other tax assets 432,000 599,000 657,000
Prepaid expenses 651,000 712,000 1,075,000
----------- ----------- -----------
Total Current Assets 44,886,00 39,862,000 35,179,000
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 15,690,000 15,906,000 15,702,000
OTHER ASSETS 817,000 825,000 864,000
DEFERRED INCOME TAXES 482,000 542,000 778,000
----------- ----------- -----------
TOTAL ASSETS $61,875,000 $57,135,000 $52,523,000
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 9,514,000 $11,089,000 $ 9,082,000
Income taxes payable 1,256,000 --- ---
Accrued compensation 2,421,000 2,135,000 1,897,000
Accrued liabilities 6,424,000 6,441,000 5,389,000
----------- ----------- -----------
Total Current Liabilities 19,615,000 19,665,000 16,368,000
OTHER LIABILITIES 1,115,000 1,164,000 1,320,000
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000 91,000
Additional paid-in capital 19,587,000 19,564,000 19,564,000
Retained earnings 21,467,000 16,651,000 15,180,000
----------- ----------- -----------
Total Stockholders' Equity 41,145,000 36,306,000 34,835,000
----------- ----------- -----------
Total Liabilities and Stockholders' Equity $61,875,000 $57,135,000 $52,523,000
=========== =========== ===========
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE TWENTY-SIX WEEKS ENDED
(UNAUDITED)
June 29, June 30,
2002 2001
----------- -----------
Net sales $98,937,000 $89,804,000
Cost of sales, including occupancy and buying costs 57,458,000 58,485,000
___________ ___________
Gross profit 41,479,000 31,319,000
___________ ___________
Store operating expenses 27,448,000 25,526,000
General and administrative expenses 6,573,000 4,650,000
___________ ___________
34,021,000 30,176,000
___________ ___________
Operating income 7,458,000 1,143,000
___________ ____________
Other income:
Interest income (net) 127,000 157,000
Miscellaneous income (net) --- 58,000
Litigation settlement (net) --- 1,518,000
----------- -----------
127,000 1,733,000
Income before income taxes 7,585,000 2,876,000
Income tax provision 2,769,000 1,049,000
----------- -----------
Net income $4,816,000 $1,827,000
=========== ===========
Basic earnings per share $0.53 $0.20
=========== ===========
Diluted earnings per share $0.50 $0.20
=========== ============
Basic weighted average shares outstanding 9,100,000 9,091,000
=========== ===========
Diluted weighted average shares outstanding 9,660,000 9,276,000
=========== ===========
NUMBER OF STORES OPEN AT END OF PERIOD 224 213
=========== ============
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE THIRTEEN WEEKS ENDED
(UNAUDITED)
June 29, June 30,
2002 2001
----------- -----------
Net sales $51,294,000 $45,613,000
Cost of sales, including occupancy and buying costs 29,392,000 29,529,000
----------- -----------
Gross profit 21,902,000 16,084,000
----------- -----------
Store operating expenses 13,985,000 12,928,000
General and administrative expenses 3,331,000 2,321,000
----------- -----------
17,316,000 15,249,000
----------- -----------
Operating income 4,586,000 835,000
----------- -----------
Other income:
Interest income (net) 76,000 96,000
Miscellaneous income (net) --- 58,000
----------- ------------
76,000 154,000
----------- ------------
Income before income taxes 4,662,000 989,000
Income tax provision 1,702,000 360,000
----------- -----------
Net income $ 2,960,000 $ 629,000
=========== ===========
Basic earnings per share $0.33 $0.07
======== =======
Diluted earnings per share $0.31 $0.07
======== =======
Basic weighted average shares outstanding 9,100,000 9,091,000
========== ===========
Diluted weighted average shares outstanding 9,660,000 9,276,000
========== ===========
NUMBER OF STORES OPEN AT END OF PERIOD 224 213
========== ===========