BON TON STORES INC

CIK:0000878079|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 545,337	$ 589,942	$ 1,585,902	$ 1,723,309
Other income	17,145	17,333	55,062	51,001
Total	562,482	607,275	1,640,964	1,774,310
Costs and expenses:
Costs of merchandise sold	365,077	382,892	1,053,833	1,118,078
Selling, general and administrative	202,618	213,816	598,894	641,873
Depreciation and amortization	19,830	22,304	65,172	70,497
Amortization of lease-related interests	954	1,007	2,863	3,022
Impairment charges	71	137	218	315
Loss from operations	(26,068)	(12,881)	(80,016)	(59,475)
Interest expense, net	18,915	18,183	54,962	48,431
Loss on extinguishment of debt		676	559	676
Loss before income taxes	(44,983)	(31,740)	(135,537)	(108,582)
Income tax benefit	(106)	(158)	(136)	(446)
Net loss	$ (44,877)	$ (31,582)	$ (135,401)	$ (108,136)
Basic:
Net loss (in dollars per share)	$ (2.19)	$ (1.58)	$ (6.68)	$ (5.44)
Diluted:
Net loss (in dollars per share)	$ (2.19)	$ (1.58)	$ (6.68)	$ (5.44)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016
Cash flows from operating activities:
Net loss	$ (135,401)	$ (108,136)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	65,172	70,497
Amortization of lease-related interests	2,863	3,022
Impairment charges	218	315
Share-based compensation expense		2,162
(Gain) loss on sale of property, fixtures and equipment	(5,525)	197
Reclassifications of accumulated other comprehensive loss	3,851	4,391
Loss on extinguishment of debt	559	676
Amortization of deferred financing costs and debt discount	4,172	3,200
Deferred income tax benefit	(136)	(446)
Changes in operating assets and liabilities:
Increase in merchandise inventories	(127,208)	(234,203)
(Increase) decrease in prepaid expenses and other current assets	(3,357)	18,241
(Increase) decrease in other long-term assets	(115)	1,684
Increase in accounts payable	47,776	161,402
(Decrease) increase in accrued payroll and benefits and accrued expenses	(3,579)	5,420
Decrease in other long-term liabilities	(9,684)	(9,394)
Net cash used in operating activities	(160,394)	(80,972)
Cash flows from investing activities:
Capital expenditures	(35,672)	(43,933)
Proceeds from sale of property, fixtures and equipment	40,327	8
Net cash provided by (used in) investing activities	4,655	(43,925)
Cash flows from financing activities:
Payments on debt and capital lease and financing obligations	(387,436)	(396,347)
Proceeds from issuance of debt and financing obligations	542,463	519,466
Restricted shares forfeited in lieu of payroll taxes	(64)	(191)
Deferred financing costs paid	(13,443)	(5,563)
Increase in book overdraft balances	14,751	7,628
Net cash provided by financing activities	156,271	124,993
Net increase in cash and cash equivalents	532	96
Cash and cash equivalents at beginning of period	6,736	6,879
Cash and cash equivalents at end of period	$ 7,268	$ 6,975

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
Current assets:
Cash and cash equivalents	$ 7,268	$ 6,736	$ 6,975
Merchandise inventories	851,662	724,454	945,902
Prepaid expenses and other current assets	101,915	98,558	79,013
Total current assets	960,845	829,748	1,031,890
Property, fixtures and equipment at cost, net of accumulated depreciation and amortization of $1,056,353, $1,016,532 and $1,024,435 at October 28, 2017, October 29, 2016 and January 28, 2017, respectively	529,107	584,803	606,382
Intangible assets, net of accumulated amortization of $68,454, $66,533 and $65,646 at October 28, 2017, October 29, 2016 and January 28, 2017, respectively	69,023	73,111	77,733
Other long-term assets	27,620	17,401	18,421
Total assets	1,586,595	1,505,063	1,734,426
Current liabilities:
Accounts payable	248,352	185,900	331,747
Accrued payroll and benefits	22,136	25,821	21,693
Accrued expenses	148,858	150,441	156,850
Revolving credit facility	664,566
Current maturities of long-term debt			57,208
Current maturities of capital lease and financing obligations	7,152	6,685	5,806
Total current liabilities	1,091,064	368,847	573,304
Long-term debt, less current maturities	345,302	848,777	913,654
Capital lease and financing obligations, less current maturities	128,719	133,857	135,534
Other long-term liabilities	177,473	176,363	180,576
Total liabilities	1,742,558	1,527,844	1,803,068
Contingencies (Note 10)
Shareholders' deficit
Preferred Stock - authorized 5,000,000 shares at $0.01 par value; no shares issued
Treasury stock, at cost - 337,800 shares at October 28, 2017, October 29, 2016 and January 28, 2017	(1,387)	(1,387)	(1,387)
Additional paid-in capital	167,376	166,932	166,394
Accumulated other comprehensive loss	(70,626)	(72,909)	(73,515)
Accumulated deficit	(251,538)	(115,637)	(160,354)
Total shareholders' deficit	(155,963)	(22,781)	(68,642)
Total liabilities and shareholders' deficit	1,586,595	1,505,063	1,734,426
Common Stock
Shareholders' deficit
Common Stock	182	190	190
Total shareholders' deficit	182	190	190
Class A Common Stock
Shareholders' deficit
Common Stock	30	30	30
Total shareholders' deficit	$ 30	$ 30	$ 30