UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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)
February 10, 2005
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CONN'S, INC.
(Exact name of registrant as specified in charter)
Delaware
(State or other Jurisdiction of Incorporation or Organization)
000-50421 06-1672840
(Commission File Number) (IRS Employer Identification No.)
3295 College Street
Beaumont, Texas 77701
(Address of Principal Executive
Offices and zip code)
(409) 832-1696
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Securities Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) 12 under the
Securities Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) 12 under the
Securities Act (17 CFR 240.13e-2(c))
Item 2.02 Results of Operations and Financial Condition.
On February 10, 2005, the Company issued a press release announcing its
net sales for the quarter and its Fiscal Year ended January 31, 2005. A copy of
the press release is furnished herewith as Exhibit 99.1 and is incorporated
herein by reference.
Item 9.01(c) Exhibits.
Exhibit 99.1 Press Release, dated February 10, 2005
All of the information contained in Item 2.02 and Item 9.01(c) in this
Form 8-K and the accompanying exhibit shall not be deemed to be "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and
shall not be incorporated by reference in any filing under the Securities Act of
1933, as amended.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONN'S, INC.
Date: February 10, 2005 By: /s/ David L. Rogers
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David L. Rogers
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release, dated February 10, 2005
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Exhibit 99.1
Conn's, Inc. Reports Record Sales Results for the Year Ended January 31, 2005
BEAUMONT, Texas--(BUSINESS WIRE)--Feb. 10, 2005--Conn's, Inc.
(NASDAQ/NM:CONN), a specialty retailer of home appliances, consumer
electronics, home office products, bedding and lawn and garden
products, today announced its net sales results for the quarter and
year ended January 31, 2005.
Net sales for the quarter ended January 31, 2005 increased $13.1
million, or 10.2%, from $128.5 million for the quarter ended January
31, 2004 to $141.6 million for the quarter ended January 31, 2005.
Same store sales (sales recorded in stores operated for the entirety
of both periods) were up 0.8% for the same period. Net sales represent
net product sales, delivery charges, service revenues and commissions
from service maintenance agreement sales. Revenues from finance
charges and other for the quarter will be reported in the Company's
conference call on March 31, 2005.
Net sales for the year ended January 31, 2005 increased $53.2
million, or 12.1%, from $440.9 million for the year ended January 31,
2004 to $494.1 million for the year ended January 31, 2005. Same store
sales were up 3.6% for the same period. Revenues from finance charges
and other for the year will be reported in the Company's conference
call on March 31, 2005.
Thomas J. Frank, Chairman and Chief Executive Officer, stated, "We
continue to get good performance at the sales line both in total sales
and same store sales. Our core product categories remain solid plus we
continue to get significant contributions from our track, bedding and
lawn and garden product categories. We had positive same store sales
growth and our new-store growth strategy is working."
The Company defines "track" sales as sales of smaller electronic
and appliance items and other "carry out" products that are sold
inside a track located within the interior of each store.
For the quarter and year ended January 31, 2005, the Company left
its EPS guidance for earnings per diluted share at a range of $0.36 to
$.038 per share and $1.24 to $1.26 per share, respectively.
About Conn's, Inc.
The Company is a specialty retailer currently operating 50 retail
locations in Texas and Louisiana. It sells major home appliances,
including refrigerators, freezers, washers, dryers and ranges, and a
variety of consumer electronics, including projection, plasma, LCD and
DLP televisions, camcorders, VCRs, DVD players and home theater
products. The Company also sells home office equipment, lawn and
garden products and bedding, and continues to introduce additional
product categories for the home to help increase same store sales and
to respond to our customers' product needs.
Unlike many of its competitors, the Company provides in-house
credit options for its customers. Historically, it has financed over
56% of retail sales. Customer receivables are financed substantially
through an asset-backed securitization facility, from which the
Company derives servicing fee income and interest income from these
assets. The Company transfers receivables, consisting of retail
installment contracts and revolving accounts extended to its
customers, to a qualifying special purpose entity, or the issuer, in
exchange for cash and subordinated securities represented by
asset-backed and variable funding notes issued to third parties.
This press release contains forward-looking statements that
involve risks and uncertainties. Such forward-looking statements
generally can be identified by the use of forward-looking terminology
such as "may," "will," "expect," "intend," "could," "estimate,"
"should," "anticipate," or "believe," or the negative thereof or
variations thereon or similar terminology. Although the Company
believes that the expectations reflected in such forward-looking
statements will prove to be correct, the Company can give no assurance
that such expectations will prove to have been correct. The actual
future performance of the Company could differ materially from such
statements. Factors that could cause or contribute to such differences
include, but are not limited to: the Company's growth strategy and
plans regarding opening new stores and entering new markets; the
Company's intention to update or expand existing stores; the Company's
estimated capital expenditures and costs related to the opening of new
stores or the update or expansion of existing stores; the Company's
ability to introduce additional product categories; the Company's cash
flow from operations, growth trends and projected sales in the home
appliance and consumer electronics industry and the Company's ability
to capitalize on such growth; relationships with the Company's key
suppliers; the results of the Company's litigation; weather conditions
in the Company's markets; changes in the Company's stock price; and
the actual number of shares of common stock outstanding. Further
information on these risk factors is included in the Company's filings
with the Securities and Exchange Commission, including the Company's
Form 10-K filed on April 16, 2004. You are cautioned not to place
undue reliance on these forward-looking statements, which speak only
as of the date of this press release. Except as required by law, the
Company is not obligated to publicly release any revisions to these
forward-looking statements to reflect the events or circumstances
after the date of this press release or to reflect the occurrence of
unanticipated events.
CONTACT: Conn's, Inc., Beamount
Thomas J. Frank, 409-832-1696 Ext. 3218