S&K Famous Brands Announces Projected First Quarter Earnings and Continuation of Its Stock Repurchase Program
18 April 2005 - 4:28PM
PR Newswire (US)
S&K Famous Brands Announces Projected First Quarter Earnings
and Continuation of Its Stock Repurchase Program RICHMOND, Va.,
April 18 /PRNewswire-FirstCall/ -- S&K Famous Brands, Inc.
(Pink Sheets: SKFB.PK) (http://www.skmenswear.com/), today
announced projected earnings for the first quarter ending April 30,
2005 and the continuation of the Company's previously approved
stock repurchase program. First Quarter Earnings The Company said
today that it expects net income for the first quarter ending April
30, 2005, to be in the range of $2,360,000 to $2,500,000, or $.88
to $.93 per diluted share. Stewart M. Kasen, President and Chief
Executive Officer, said, "Although the first quarter is not yet
over, the same-store sales improvements realized in February and
March of 2005 are fueling the expected increase in net income for
the quarter compared to the first quarter of the prior year." In
the first quarter ended May 1, 2004, net income was $1,786,000, or
$.67 per diluted share. Stock Repurchase Program The Company also
stated that its existing stock repurchase program is still in
effect. Under this program, the Company may repurchase shares on
the open market or in privately-negotiated transactions at such
times and prices as the Company considers appropriate. Mr. Kasen
said, "The Company does not know why the price of its common stock
dropped significantly late last week, although the general decline
in the stock market last week may have been a contributing factor.
We believe that the stock is an attractive investment for the
Company at the prices it is currently being quoted in the pink
sheets." There is approximately $2.5 million remaining available
for repurchase under the Company's existing repurchase
authorization. The repurchase authorization does not specify a
maximum number of shares that may be repurchased. S&K Famous
Brands, Inc. is a retailer of value-priced menswear operating 235
stores in 27 states reaching from the East Coast to Texas and from
Maine to Florida. S&K offers a complete line of men's apparel
generally priced 20- 40% below department store and specialty store
regular prices. For more information, go to our website at
http://www.skmenswear.com/. The statements in this release relating
to projected results for the first quarter of fiscal 2006 are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Except for historical information, other statements in this release
may also be forward-looking statements for such purpose.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause future events to differ materially
from those expressed in such forward- looking statements. Such
risks and uncertainties include numerous operational factors and
economic conditions, such as the level of demand for the Company's
products and services, the competitive environment in the
value-priced men's apparel industry in general and in the Company's
specific market area, inflation, changes in costs of goods and
services and economic conditions in general and in the Company's
specific market area. Risks and uncertainties relating to the
Company's stock include the uncertain effects of deregistration and
the unpredictability of market conditions, and whether any
broker-dealers continue to act as market makers in the Company's
stock. Certain of these and other risks are more fully described in
the Company's filings with the Securities and Exchange Commission.
The forward-looking statements made in this release are made only
as of the date of this release, and the Company undertakes no
obligation to publicly update such forward- looking statements to
reflect subsequent events or circumstances. DATASOURCE: S&K
Famous Brands, Inc. CONTACT: Robert E. Knowles, Chief Financial
Officer of S&K Famous Brands, Inc., +1-804-346-2500 Web site:
http://www.skmenswear.com/
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