KIRKLAND'S, INC. - FORM 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QXd1eKrV7fJeUsby+ghR9u1Ft2QK5lq8AE1+hPwXGiTRrmNwlnFIpfXTTYGQDWRG Pkl27o/WX6e9EPPZZR8O1w== 0000950144-04-011856.txt : 20041209 0000950144-04-011856.hdr.sgml : 20041209 20041208173151 ACCESSION NUMBER: 0000950144-04-011856 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041203 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041209 DATE AS OF CHANGE: 20041208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIRKLANDS INC CENTRAL INDEX KEY: 0001056285 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] IRS NUMBER: 621287151 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49885 FILM NUMBER: 041191619 BUSINESS ADDRESS: STREET 1: 805 NORTH PKWY CITY: JACKSON STATE: TN ZIP: 38305 BUSINESS PHONE: 9016882444 MAIL ADDRESS: STREET 1: 805 NORTH PKWY CITY: JACKSON STATE: TN ZIP: 38305 8-K 1 g92290e8vk.htm KIRKLAND'S, INC. - FORM 8-K KIRKLAND'S, INC. - FORM 8-K

Table of Contents

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): December 3, 2004

KIRKLAND’S, INC.

(Exact Name of Issuer as Specified in Charter)


Tennessee		000-49885		62-1287151
(State or Other Jurisdiction of Incorporation or Organization)		(Commission File Number)		(I.R.S. Employer Identification Number)

805 North Parkway
Jackson, Tennessee 38305
(Address of Principal Executive Offices)

(731) 668-2444
(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o		Written communications pursuant to Rule 425 under the Securities Act


o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act


o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act


o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

TABLE OF CONTENTS


	Item 2.02. Results of Operation and Financial Conditions
	Item 9.01. Financial Statements and Exhibits
SIGNATURES
EX-99.1 PRESS RELEASE 12/03/04

Table of Contents

Item 2.02. Results of Operation and Financial Conditions

On December 3, 2004, Kirkland’s, Inc. issued a press release announcing financial results for the 13-week and 39-week periods ended October 30, 2004. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

The following exhibit is furnished with this Form 8-K:


Exhibit No.		Description
99.1		Press release issued December 3, 2004, of Kirkland’s, Inc.

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.

Kirkland’s, Inc.

By: /s/ Robert E. Alderson
Date: December 8, 2004 Robert E. Alderson
President and Chief Executive Officer

EX-99.1 2 g92290exv99w1.txt EX-99.1 PRESS RELEASE 12/03/04 EXHIBIT 99.1 KIRKLAND'S - -------------------------------------------------------------------------------- News Release Contact: Rennie Faulkner Executive Vice President & CFO (731) 668-2444 KIRKLAND'S REPORTS THIRD QUARTER RESULTS JACKSON, Tenn. (December 3, 2004)-- Kirkland's, Inc. (NASDAQ/NM: KIRK) today reported financial results for the 13-week and 39-week periods ended October 30, 2004. Net sales for the 13 weeks ended October 30, 2004, decreased 1.5% to $82.8 million from $84.1 million for the 13 weeks ended November 1, 2003. Comparable store sales for the third quarter of fiscal 2004 decreased 13.8% compared with a 2.7% increase for the third quarter of fiscal 2003. The net loss for the third quarter of fiscal 2004 was $2.9 million, or $0.15 per diluted share, compared with net income of $1.9 million, or $0.10 per diluted share, for the prior-year period. Results for the third quarter of fiscal 2004 included a one-time charge of $364,000, or $0.01 per diluted share after income taxes, related to the early repayment and refinancing of the Company's previous credit facility and an estimated loss of approximately $1.3 million to $1.6 million in sales, including 170 to 200 basis points in comparable store sales, due to the combined impact of four hurricanes that affected the Company's stores during the third quarter. Net sales for the 39 weeks ended October 30, 2004, increased 5.8% to $250.1 million from $236.4 million for the 39 weeks ended November 1, 2003. Comparable store sales for the first nine months of 2004 decreased 5.3% compared with a 2.2% increase in the prior-year period. The Company reported a net loss of $4.7 million, or $0.25 per diluted share, for the first 39 weeks of fiscal 2004 compared with net income of $3.8 million, or $0.19 per diluted share, for the prior-year period. Robert E. Alderson, Kirkland's President and Chief Executive Officer, said, "The third quarter unfolded generally as expected, with comparable store sales, earnings and margins in line with our forecast for the quarter. Much of our effort in recent months has involved improving our inventory position and developing and executing more effective merchandising and marketing strategies for the fourth quarter. Although we still anticipate a challenging fourth quarter, we are encouraged by our progress in enhancing and focusing our merchandise assortments, extending our marketing efforts and strengthening our management team." Fourth Quarter and Fiscal 2004 Outlook The Company issued guidance for the fourth quarter ending January 29, 2005, of net income of $0.55 to $0.65 per diluted share, compared with net income of $0.73 per diluted share in the prior-year period. Net sales are expected to be $141 million to $146 million, with a comparable store sales decrease of 2% to 7% compared with net sales of $132.7 million and a comparable store sales decrease of 4.7% in the prior-year period. The Company expects to open 17 new stores and close two stores in the fourth quarter for a total of 54 new stores and a total of 14 store closings, or a net increase of 40 stores, for the year. -MORE- 805 N. Parkway | Jackson, Tennessee 38305 | (731) 668-2444 KIRK Reports Third Quarter Results Page 2 December 3, 2004 Based on its fourth quarter guidance and current business outlook, the Company now expects to report earnings for fiscal 2004 in a range of $0.30 to $0.40 per diluted share and net sales of approximately $390 million to $396 million. Comparable store sales are estimated to be down 4% to 6% when compared with the prior year. Mr. Alderson commented, "Our cautious outlook for the remainder of fiscal 2004 reflects a sales environment that continues to be challenging and a merchandise transition that is still in process. However, we are more positive about our prospects for better sales and earnings performance in fiscal 2005. Our efforts to improve our real estate base and upgrade our supply chain and flow of goods are paying off. We are implementing solid strategies in merchandising, marketing and stores that we believe will position us for success as we begin fiscal 2005." Investor Conference Call and Web Simulcast Kirkland's will conduct a conference call on December 3, 2004, at 10:00 a.m. EST to discuss the third quarter earnings release and other Company developments, including the outlook for fiscal 2004. The number to call for this interactive teleconference is (913) 981-5509. A replay of the conference call will be available until December 10, 2004, by dialing (719) 457-0820 and entering the passcode, 994224. Kirkland's will also host a live broadcast of its conference call on December 3, 2004, 10:00 a.m. EST online at the Company's website, www.kirklands.com, as well as http://phx.corporate-ir.net/playerlink.zhtml?c=131653&s=wm&e=948888. The webcast replay will follow shortly after the call and will continue until December 17, 2004. Kirkland's, Inc. was founded in 1966 and is a leading specialty retailer of home decor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 319 stores in 37 states. The Company's stores present a broad selection of distinctive merchandise, including framed art, mirrors, candles, lamps, picture frames, accent rugs, garden accessories and artificial floral products. The Company's stores also offer an extensive assortment of holiday merchandise, as well as items carried throughout the year suitable for giving as gifts. More information can be found at www.kirklands.com. Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Kirkland's actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, the competitive environment in the home decor industry in general and in Kirkland's specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, and economic conditions in general. Those and other risks are more fully described in Kirkland's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K filed on April 15, 2004. Kirkland's disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments. -MORE- KIRK Reports Third Quarter Results Page 3 December 3, 2004 KIRKLAND'S, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (dollars in thousands, except per share amounts)

-MORE- KIRK Reports Third Quarter Results Page 4 December 3, 2004 KIRKLAND'S, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (dollars in thousands, except per share amounts)

-MORE- KIRK Reports Third Quarter Results Page 5 December 3, 2004 KIRKLAND'S, INC. UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS (dollars in thousands)

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