From: ASAP
Gadzooks, Inc. (Nasdaq: GADZ) today reported net income of $3.9 million for the fourth quarter ended February 2, 2002 compared to net income of $6.4 million for the fourth quarter of fiscal 2000. On a diluted basis, the company reported net income per share of $0.43 for the quarter compared to earnings per share of $0.69 for the corresponding period a year ago. The company recorded a non-cash impairment charge of $563,000 during the fourth quarter relating to fixtures and leasehold improvements in six under-performing stores. Net sales for the quarter increased 3.6 percent to $97.3 million from $93.9 million a year ago. Excluding sales from the additional week in the fourth quarter of fiscal 2000, net sales increased 8.7 percent in the fourth quarter ended February 2, 2002. Same store sales for the quarter declined 3.9 percent from the comparable 13 weeks ended February 3, 2001. The company reported net income of $6.0 million for fiscal 2001 versus $12.8 million for the prior year. Diluted earnings per share were $0.65 for fiscal 2001 compared to $1.38 for fiscal 2000. Net sales for the year increased 8.8 percent to $313.8 million from $288.4 million for fiscal 2000. Excluding sales from the additional week in the fiscal 2000 period, net sales increased 10.4 percent in fiscal 2001. Same store sales declined 5.1 percent from the comparable 52 weeks ended February 3, 2001. On March 12, 2002 at 9:30 a.m. CST, the company's management team will host a conference call to review the financial results. To listen to the call, please dial 719-457-2638 and reference confirmation number 421396, or go to the company's website at www.gadzooks.com . For a replay of the call, dial 719-457- 0820 and enter confirmation code 421396, or visit the company's website. Dallas-based Gadzooks, Inc. is a specialty retailer of casual apparel and related accessories for young men and women principally between the ages of 14 and 18. Established in 1983, Gadzooks currently operates over 425 mall-based stores in metropolitan and middle markets in 40 states.
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