CPI CORP. ANNOUNCES FY2000 RESULTS
EPS from continuing operations $1.87 share vs. 32¢ last year
Sales slightly up from last year
ST. LOUIS, MO., April 6, 2001 - CPI Corp. (NYSE - CPY) today reported net
earnings from continuing operations for the 52-week fiscal year 2000 ending
February 3, 2001 were $15.1 million, up from the $3.2 million reported in the
comparable fiscal year 1999 period. The 1999 period includes a $2.3 million
after-tax failed merger transaction write-off.
Total net sales for the fiscal year 2000 were $320.4 million, up slightly from
$319.1 million recorded in 1999, while total operating earnings increased to
$41.8 million in 2000 from $21.2 million in 1999. Net earnings for 2000 were
$11.0 million, up from the $3.2 million net loss recorded in 1999.
Diluted earnings per share ("EPS") from continuing operations for fiscal year
2000 were $1.87, an increase from the 1999 EPS of 32¢. Due to the repurchase of
1,211,124 shares of common stock in fiscal 2000 under various repurchase
programs, the weighted average number of common and equivalent shares
outstanding used to determine EPS declined 19.3% to 8,074,860 shares.
CPI Corp. also reported the date of its annual shareholders meeting has been
set for June 7, 2001 at 10:00 AM at the company headquarters and anticipates
filing its Annual Report on Form 10K with the Securities and Exchange
Commission no later than May 4, 2001.
CPI Corp. is a consumer services company, offering photography services through
Sears Portrait Studios in the United States, Puerto Rico and Canada, as well as
photofinishing services through the searsphotos.com web site and custom
computer programming through Centrics Technology, Inc.
Press Release April 6, 2001 #1
| CPI CORP. |
| CONDENSED STATEMENT OF EARNINGS |
| (In thousands except per share amounts) |
| |
|
|
|
|
|
|
|
| |
12 Weeks |
Vs |
12 Weeks |
|
52 Weeks |
Vs |
52 Weeks |
| |
|
|
|
|
|
|
|
| |
Feb.3,2001 |
|
Feb.5,2000 |
|
Feb.3,2001 |
|
Feb.5,2000 |
| |
|
|
|
|
|
|
|
| Net sales: |
|
|
|
|
|
|
|
| Portrait Studios |
$95,293 |
|
$97,983 |
|
$319,492 |
|
$319,065 |
| Technology development |
888 |
|
- |
|
888 |
|
70 |
| Total net sales |
$96,181 |
|
$97,983 |
|
$320,380 |
|
$319,135 |
| |
|
|
|
|
|
|
|
| Operating earnings: |
|
|
|
|
|
|
|
| Portrait Studios |
$16,668 |
|
$13,971 |
|
$42,897 |
|
$22,924 |
| Technology development |
339 |
|
(442) |
|
(1,066) |
|
(1,680) |
| Total operating earnings |
17,007 |
|
13,529 |
|
41,831 |
|
21,244 |
| |
|
|
|
|
|
|
|
| General corporate expense |
4,332 |
|
4,212 |
|
15,706 |
|
14,509 |
| |
|
|
|
|
|
|
|
| Income from operations |
12,675 |
|
9,317 |
|
26,125 |
|
6,735 |
| |
|
|
|
|
|
|
|
| Net interest expense |
601 |
|
409 |
|
2,854 |
|
1,693 |
| |
|
|
|
|
|
|
|
| Other expense(income) |
(91) |
|
500 |
|
320 |
|
3,500 |
| |
|
|
|
|
|
|
|
| Other income |
17 |
|
16 |
|
225 |
|
3,376 |
| Earnings from continuing |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Operations before income taxes |
12,182 |
|
8,424 |
|
23,176 |
|
4,918 |
| |
|
|
|
|
|
|
|
| Income Tax expense |
4,264 |
|
2,949 |
|
8,112 |
|
1,721 |
| |
|
|
|
|
|
|
|
| Net earnings from continuing |
|
|
|
|
|
|
|
| operations |
7,918 |
|
5,475 |
|
15,064 |
|
3,197 |
| |
|
|
|
|
|
|
|
| Earnings (loss) from discontinued |
|
|
|
|
|
|
|
| operations net of income tax benefits |
- |
|
2,110 |
|
(1,127) |
|
160 |
| |
|
|
|
|
|
|
|
| Loss on disposal net of tax benefits |
(230) |
|
(6,589) |
|
(2,983) |
|
(6,589) |
| |
|
|
|
|
|
|
|
| Net earnings (loss) from discontinued operations |
|
|
|
|
|
|
|
| operations |
(230) |
|
(4,479) |
|
(4,110) |
|
(6,429) |
| |
|
|
|
|
|
|
|
| Net earnings (loss) |
$7,688 |
|
$996 |
|
$10,954 |
|
($3,232) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Earnings (loss) per common share - diluted |
|
|
|
|
|
|
|
| From continuing operations |
$1.02 |
|
$0.60 |
|
$1.87 |
|
$0.32 |
| From discontinued operations |
(0.03) |
|
(0.49) |
|
(0.51) |
|
(0.64) |
| Net earnings (loss) - diluted |
$0.99 |
|
$0.11 |
|
$1.36 |
|
($0.32) |
| |
|
|
|
|
|
|
|
| Earnings (loss) per common share - basic |
|
|
|
|
|
|
|
| From continuing operations |
$1.04 |
|
$0.61 |
|
$1.92 |
|
$0.33 |
| From discontinued operations |
(0.03) |
|
(0.50) |
|
(0.53) |
|
(0.66) |
| Net earnings (loss) - basic |
$1.01 |
|
$0.11 |
|
$1.39 |
|
($0.33) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Weighted average number of common and common equivalent shares outstanding: |
|
|
|
|
|
|
|
| Diluted |
7,781 |
|
9,196 |
|
8,075 |
|
10,010 |
| |
|
|
|
|
|
|
|
| Basic |
7,601 |
|
8,968 |
|
7,861 |
|
9,670 |
|
