View:
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------
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)
November 7, 2005
----------------------------
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 November 7, 2005, the Company issued a press release announcing its
net sales for the quarter and the nine months ended October 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 November 7, 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.
2
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: November 7, 2005 By: /s/ David L. Rogers
------------------------------------
David L. Rogers
Chief Financial Officer
3
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Press Release, November 7, 2005
4
Exhibit 99.1
Conn's, Inc. Reports Same Store Sales Increased 23.2% for the Quarter Ended
October 31, 2005
BEAUMONT, Texas--(BUSINESS WIRE)--Nov. 7, 2005--Conn's, Inc.
(Nasdaq:CONN), a specialty retailer of home appliances, consumer
electronics, computers and peripherals, lawn and garden products and
mattresses, today announced its net sales results for the quarter and
nine months ended October 31, 2005.
Net sales for the quarter ended October 31, 2005 increased $37.9
million, or 32.9%, from $115.1 million for the quarter ended October
31, 2004 to $153.0 million for the quarter ended October 31, 2005.
Same store sales (sales recorded in stores operated for the entirety
of both periods) were up 23.2% for the same period. Net sales for the
quarter were impacted by Hurricanes Katrina and Rita, including the
loss of 134 store-days due to stores being closed in advance of and
subsequent to Hurricane Rita. Additionally, net sales were positively
impacted in the aftermath of the storms as affected customers replaced
damaged appliances and electronics. Additional information regarding
these impacts will be discussed in the Company's press release and
conference call on December 1, 2005.
Net sales for the nine months ended October 31, 2005 increased
$83.3 million, or 23.6%, from $352.5 million for the nine months ended
October 31, 2004 to $435.8 million for the nine months ended October
31, 2005. Same store sales (sales recorded in stores operated for the
entirety of both periods) were up 14.3% 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 and the nine
months ended October 31, 2005, will be reported in the Company's press
release and conference call on December 1, 2005.
Thomas J. Frank, Chairman and Chief Executive Officer, stated, "I
am extremely proud of our employees and the way they responded to the
two disasters that impacted our company this quarter. Despite a
portion of our stores being closed for a short time and personal lives
being disrupted, the teamwork exhibited by our employees exemplifies
the strength of our culture. While the storms ultimately had a
positive impact on our outstanding sales performance this quarter, our
focus on continuing to execute at the highest level despite the
obstacles in our path allowed us to achieve these results."
About Conn's, Inc.
The Company is a specialty retailer currently operating 55 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 including
computers and peripherals, lawn and garden products and mattresses,
and continues to introduce additional product categories for the home
to help increase same store sales and to respond to its customers'
product needs.
Unlike many of its competitors, the Company provides flexible
in-house credit options for its customers. Over the past three years,
it has financed with its own in-house credit, on average, 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 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 5, 2005. 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.
Thomas J. Frank, 409-832-1696 ext. 3218