BlackRock Long Term Municipal Advantage Trust
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Company profile

BlackRock Long-Term Municipal Advantage Trust (the Trust) is a non-diversified, closed-end management investment company. The Trust's investment objective is to provide current income exempt from regular federal income tax. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are exempt from federal income tax (except that the interest may be subject to the federal alternative minimum tax). The Trust invests primarily in long-term municipal bonds with a maturity of more than 10 years at the time of investment. The Trust's municipal bond portfolio will have a dollar-weighted average maturity of more than 10 years. The Trust may invest directly in such securities or synthetically through the use of derivatives. BlackRock Advisors, LLC is the investment manager of the Trust.

Closing Price
$12.27
Day's Change
0.01 (0.08%)
Bid
--
Ask
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B/A Size
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Day's High
12.27
Day's Low
12.26
Volume
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The Buckle, Inc. Reports First Quarter Financial Results

6:50 am ET May 22, 2020 (BusinessWire) Print

The Buckle, Inc. (NYSE: BKE) announced today a net loss for the fiscal quarter ended May 2, 2020 of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 2, 2020 decreased 42.7 percent to $115.4 million from net sales of $201.3 million for the prior year 13-week fiscal quarter ended May 4, 2019. Online sales for the quarter increased 31.5 percent to $32.1 million for the 13-week period ended May 2, 2020, compared to net sales of $24.4 million for the 13-week period ended May 4, 2019.

As previously announced, Buckle closed all brick and mortar stores due to the COVID-19 pandemic for an indefinite period beginning March 18, 2020. The Company began the process of reopening certain stores the week of April 26, 2020, following state and local reopening guidelines. As of May 2, 2020, 37 stores had reopened. The Company has continued to reopen stores each week in May, with 331 total stores currently reopened. The Company's online store has remained open without interruption. As a result of the store closures, the Company plans to only report total net sales and does not plan to separately report comparable store sales during this time.

As a result of the store closures, Buckle reported a net loss for the first quarter of fiscal 2020 of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis), compared with net income of $15.1 million, or $0.31 per share ($0.31 per share on a diluted basis) for the first quarter of fiscal 2019.

Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (877) 336-4441 for domestic calls or (409) 207-6985 for international calls and reference the conference code 7167680. A replay of the call will be available for a two-week period beginning today at 2:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 8302590.

About Buckle

Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company's exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 446 retail stores in 42 states. As of the end of the fiscal quarter, it operated 446 stores in 42 states compared with 449 stores in 42 states at the end of the first quarter of fiscal 2019.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

Note: News releases and other information on The Buckle, Inc. can be accessed at www.buckle.com on the Internet.

Financial Tables to Follow

THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
                                                    
                                                 Thirteen Weeks Ended                                     Thirteen Weeks Ended
                                                                    -------------------- --------------------------------------------------------------------------------------
                                                        May 2,                       May 2,                                May 4,
                                                                            2020                         2020                                                     2019
                                                                    -------------------- ---------------------------------                        ---------------------------------
                                                                       
SALES, Net of returns and allowances                                                   $      $ 115,413          $ 201,313  
                                                                       
COST OF SALES (Including buying, distribution, and occupancy costs)               88,588         88,588            124,660  
                                                                    -------------------- -------------  --------------------                      -------------  --------------------
                                                                       
                                                                                  26,825         26,825             76,653  
         Gross profit
                                                                    -------------------- -------------  --------------------                      -------------  --------------------
                                                                       
OPERATING EXPENSES:                                                                       
                                                                                  33,504         33,504             46,609  
   Selling
                                                                                   9,503          9,503             11,310  
   General and administrative
                                                                    -------------------- -------------  --------------------                      -------------  --------------------
                                                               43,007         43,007             57,919  
                                                                    -------------------- -------------  --------------------                      -------------  --------------------
                                                                       
INCOME (LOSS) FROM OPERATIONS                                                    (16,182        (16,182 )                              18,734  
                                                                       
OTHER INCOME, Net                                                                    574            574              1,255  
                                                                    -------------------- -------------  --------------------                      -------------  --------------------
                                                                       
INCOME (LOSS) BEFORE INCOME TAXES                                                (15,608        (15,608 )                              19,989  
                                                                       
INCOME TAX EXPENSE (BENEFIT)                                                      (3,824         (3,824 )                               4,897  
                                                                    -------------------- -------------  --------------------                      -------------  --------------------
                                                                       
NET INCOME (LOSS)                                                                      $      $ (11,784 )                           $  15,092  
                                                                    ==================== ====== ======= ====================                      ====== ======= ====================
                                                                       
                                                                       
EARNINGS (LOSS) PER SHARE:                                                                
                                                                                       $      $   (0.24 )                           $    0.31  
   Basic
                                                                    ==================== ====== ======= ====================                      ====== ======= ====================
                                                                       
                                                                                       $      $   (0.24 )                           $    0.31  
   Diluted
                                                                    ==================== ====== ======= ====================                      ====== ======= ====================
                                                                       
Basic weighted average shares                                                     48,725         48,725             48,552  

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                              
                                                                                                                                                                                                        -------------------- ---------------------------------                        ---------------------------------                        ---------------------------------
ASSETS                                                                                                                                                                                                         May 2,                       May 2,                              February 1,                             May 4,
                                                                                                                                                                                                                2020                         2020                                                   2020 (1)                                                   2019
                                                                                                                                                                                                        -------------------- ---------------------------------                        ---------------------------------                        ---------------------------------
                                                                                                                                                                                                                              
CURRENT ASSETS:                                                                                                                                                                                                                                  
                                                                                                                                                                                                                           $      $ 185,037          $ 220,969          $ 183,939  
   Cash and cash equivalents
                                                                                                                                                                                                                      17,661         17,661             12,532             53,659  
   Short-term investments
                                                                                                                                                                                                                       1,774          1,774              3,136              5,780  
   Receivables
                                                                                                                                                                                                                     121,671        121,671            121,258            120,814  
   Inventory
                                                                                                                                                                                                                      13,438         13,438             20,935             20,406  
   Prepaid expenses and other assets
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                     339,581        339,581            378,830            384,598  
         Total current assets
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                              
PROPERTY AND EQUIPMENT                                                                                                                                                                                               451,142        451,142            452,205            453,578  
                                                                                                                                                                                                                    (341,073       (341,073 )                            (338,357 )                            (326,705 )
   Less accumulated depreciation and amortization
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                  110,069        110,069            113,848            126,873  
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                              
OPERATING LEASE RIGHT-OF-USE ASSETS                                                                                                                                                                                  326,587        326,587            350,088            345,473  
LONG-TERM INVESTMENTS                                                                                                                                                                                                 15,922         15,922             15,863             15,667  
OTHER ASSETS                                                                                                                                                                                                           9,491          9,491              9,261              7,754  
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                              
                                                                                                                                                                                                                           $      $ 801,650          $ 867,890          $ 880,365  
         Total assets
                                                                                                                                                                                                        ==================== ====== ======= ====================                      ====== ======= ====================                      ====== ======= ====================
                                                                                                                                                                                                                              
LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                                  
                                                                                                                                                                                                                              
CURRENT LIABILITIES:                                                                                                                                                                                                                             
                                                                                                                                                                                                                           $      $  19,212          $  26,491          $  36,533  
   Accounts payable
                                                                                                                                                                                                                       5,310          5,310             22,929             11,636  
   Accrued employee compensation
                                                                                                                                                                                                                      15,927         15,927             17,837             22,124  
   Accrued store operating expenses
                                                                                                                                                                                                                      13,513         13,513             15,319             14,262  
   Gift certificates redeemable
                                                                                                                                                                                                                      84,410         84,410             87,314             72,857  
   Current portion of operating lease liabilities
                                                                                                                                                                                                                          72             72              2,751              9,651  
   Income taxes payable
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                     138,444        138,444            172,641            167,063  
         Total current liabilities
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                              
DEFERRED COMPENSATION                                                                                                                                                                                                 15,204         15,204             15,863             14,914  
NON-CURRENT OPERATING LEASE LIABILITIES                                                                                                                                                                              270,053        270,053            290,238            300,430  
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                     423,701        423,701            478,742            482,407  
         Total liabilities
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                              
COMMITMENTS                                                                                                                                                                                                                                      
                                                                                                                                                                                                                              
STOCKHOLDERS' EQUITY:                                                                                                                                                                                                 
                                                                                                                                                                                                                         494            494                492                492  
   Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,408,181 shares at May 2, 2020, 49,205,681 shares at February 1, 2020, and 49,231,625 shares at May 4, 2019
                                                                                                                                                                                                                     152,841        152,841            152,258            149,860  
   Additional paid-in capital
                                                                                                                                                                                                                     224,614        224,614            236,398            247,606  
   Retained earnings
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                     377,949        377,949            389,148            397,958  
         Total stockholders' equity
                                                                                                                                                                                                        -------------------- -------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                                                                                                              
                                                                                                                                                                                                                           $      $ 801,650          $ 867,890          $ 880,365  
         Total liabilities and stockholders' equity
                                                                                                                                                                                                        ==================== ====== ======= ====================                      ====== ======= ====================                      ====== ======= ====================
                                                                                                                                                                                                                              

View source version on businesswire.com: https://www.businesswire.com/news/home/20200522005047/en/

SOURCE: The Buckle, Inc.

Thomas B. Heacock, Chief Financial Officer
The Buckle, Inc.
(308) 236-8491

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