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 7, 2003
CACHE INC.
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(Exact name of registrant as specified in its charter)
Florida 0-10345 59-1588181
--------------- ------------------------ -----------------
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identificcation
Incorporation) Number)
1460 Broadway, New York, New York 10036
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(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 2003 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 7, 2003
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.
Date: July 7, 2003 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 7, 2003
JULY 7, 2003
FOR IMMEDIATE RELEASE
CACHE, INC.
NASDAQ COMMON STOCK SYMBOL CACH
CACHE REPORTS SECOND QUARTER 2003 OPERATING RESULTS
New York, New York - July 7, 2003 - Cache Inc., (NASDAQ: CACH), a
specialty chain of women's apparel stores reported results for the thirteen and
twenty-six week periods ended June 28, 2003.
For the 13 week period ended June 28, 2003, net income increased to $3.5
million, or $0.37 per diluted share, from $3.0 million, or $0.31 per diluted
share, for the same period last year. Net sales for the period increased to
$56.0 million from $51.3 million for the same period last year. Same store
sales increased 4% for the period.
For the 26 week period ended June 28, 2003, net income increased to $5.2
million, or $0.54 per diluted share, from $4.8 million, or $0.50 per diluted
share, for the same period last year. Net sales for the period increased to
$103.8 million from $98.9 million for the same period last year. Same store
sales increased 1% for the period.
A table summarizing financial results follows:
Twenty-six Weeks Ended Thirteen Weeks Ended
---------------------- --------------------
June 28, June 29, June 28, June 29,
2003 2002 2003 2002
---- ---- ---- ----
(In thousands, except per share data)
Sales $103,842 $ 98,937 $ 55,958 $ 51,294
Operating Income $ 8,248 $ 7,458 $ 5,665 $ 4,586
Net Income $ 5,182 $ 4,816 $ 3,541 $ 2,960
Basic earnings per share $ 0.57 $ 0.53 $ 0.39 $ 0.33
Diluted earnings per share $ 0.54 $ 0.50 $ 0.37 $ 0.31
Basic weighted average
Shares outstanding 9,125 9,100 9,131 9,100
Diluted weighted average
Shares outstanding 9,628 9,660 9,633 9,660
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 28, December 28, June 29,
A S S E T S 2003 2002 2002
------------- ------------- ---------------
(Unaudited) (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 16,015,000 $ 10,287,000 $ 20,169,000
Marketable securities 4,878,000 14,392,000 ---
Receivables, net 2,675,000 2,677,000 1,210,000
Notes receivable from related parties 321,000 321,000 321,000
Inventories 24,724,000 22,065,000 22,103,000
Deferred income taxes and other tax assets 791,000 271,000 325,000
Prepaid expenses 721,000 1,020,000 651,000
------------- -------------- ---------------
Total Current Assets 50,125,000 51,033,000 44,779,000
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 20,922,000 18,553,000 15,690,000
OTHER ASSETS 827,000 817,000 829,000
DEFERRED INCOME TAXES, NET 249,000 349,000 572,000
------------- -------------- --------------
TOTAL ASSETS $ 72,123,000 $ 70,752,000 $ 61,870,000
============= ============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 10,038,000 $ 11,988,000 $ 9,614,000
Income taxes payable 442,000 --- 1,238,000
Accrued compensation 2,180,000 3,629,000 2,421,000
Accrued liabilities 7,685,000 8,762,000 6,315,000
------------- ------------- ---------------
Total Current Liabilities 20,345,000 24,379,000 19,588,000
OTHER LIABILITIES 1,074,000 1,081,000 1,115,000
STOCKHOLDERS' EQUITY
Common stock 91,000 91,000 91,000
Additional paid-in capital 19,839,000 19,609,000 19,609,000
Retained earnings 30,774,000 25,592,000 21,467,000
------------- ------------- -------------
Total Stockholders' Equity 50,704,000 45,292,000 41,167,000
------------- ------------- -------------
Total Liabilities and Stockholders' Equity $ 72,123,000 $ 70,752,000 $ 61,870,000
============= ============= =============
CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE TWENTY-SIX WEEKS ENDED
(UNAUDITED)
June 28, June 29,
2003 2002
-------------- -------------
Net sales $ 103,842,000 $ 98,937,000
Cost of sales, including occupancy and buying costs 59,027,000 57,458,000
-------------- -------------
Gross profit 44,815,000 41,479,000
-------------- -------------
Store operating expenses 30,365,000 27,426,000
General and administrative expenses 6,202,000 6,595,000
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36,567,000 34,021,000
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Operating income 8,248,000 7,458,000
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Other income:
Interest income (net) 144,000 127,000
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144,000 127,000
-------------- -------------
Income before income taxes 8,392,000 7,585,000
Income tax provision 3,210,000 2,769,000
-------------- -------------
Net income $ 5,182,000 $ 4,816,000
============== =============
Basic earnings per share $0.57 $0.53
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Diluted earnings per share $0.54 $0.50
============== =============
Basic weighted average shares outstanding 9,125,000 9,100,000
============== =============
Diluted weighted average shares outstanding 9,628,000 9,660,000
============== =============
NUMBER OF STORES OPEN AT END OF PERIOD 240 224
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CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE THIRTEEN WEEKS ENDED
(UNAUDITED)
June 28, June 29,
2003 2002
------------- -------------
Net sales $ 55,958,000 $ 51,294,000
Cost of sales, including occupancy and buying costs 31,081,000 29,392,000
------------- -------------
Gross profit 24,877,000 21,902,000
------------- -------------
Store operating expenses 15,860,000 13,963,000
General and administrative expenses 3,352,000 3,353,000
------------- -------------
19,212,000 17,316,000
------------- -------------
Operating income 5,665,000 4,586,000
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Other income:
Interest income (net) 70,000 76,000
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70,000 76,000
------------- --------------
Income before income taxes 5,735,000 4,662,000
Income tax provision 2,194,000 1,702,000
------------- --------------
Net income $ 3,541,000 $ 2,960,000
============= ==============
Basic earnings per share $0.39 $0.33
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Diluted earnings per share $0.37 $0.31
============= ==============
Basic weighted average shares outstanding 9,131,000 9,100,000
============= ==============
Diluted weighted average shares outstanding 9,633,000 9,660,000
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NUMBER OF STORES OPEN AT END OF PERIOD 240 224
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