8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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)

August 11, 2003

Pacific Sunwear of California, Inc.

(Exact Name of Registrant as Specified in Charter)

California	0-21296	95-3759463
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

3450 East Miraloma Avenue, Anaheim, CA 92806-2101

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code:

(714) 414-4000

TABLE OF CONTENTS

	ITEM 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
	Exhibit 99.1 Press Release Dated August 11, 2003
EXHIBIT 99.1

ITEM 12. Results of Operations and Financial Condition

     The following information is furnished pursuant to Item 12, “Results of Operations and Financial Condition.” On August 11, 2003, Pacific Sunwear of California, Inc. announced results for its second quarter and first half ended August 2, 2003. The full text of the press release is furnished as Exhibit 99.1 to this report.

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.

	Pacific Sunwear of California, Inc.
Date: August 11, 2003	By:	/s/ CARL W. WOMACK
	Name:	Carl W. Womack
	Title:	Senior Vice President, Chief Financial Officer and Secretary

EXHIBIT INDEX

     Exhibit 99.1        Press Release Dated August 11, 2003. EX-99.1 3 a92130exv99w1.htm EXHIBIT 99.1

EXHIBIT 99.1

CONTACT:
Carl Womack, Chief Financial Officer (714) 414-4003

FOR IMMEDIATE RELEASE

PACSUN (PACIFIC SUNWEAR) REPORTS SECOND QUARTER
NET INCOME INCREASES 84%

     ANAHEIM, CA/August 11, 2003 -— Pacific Sunwear of California, Inc. (NASDAQ:PSUN) reported today that net income for the second quarter of fiscal 2003 was $13.4 million, or $.26 per share, basic and diluted, an increase of 84% over net income of $7.3 million, or $.15 per share, basic and diluted, for the second quarter of fiscal 2002.

     Sales for the second quarter of fiscal 2003 were $234.4 million, an increase of 22.8% over sales of $190.9 million for the second quarter of fiscal 2002. Company same-store sales increased 13.9% for the second quarter of fiscal 2003 with PacSun same-store sales up 13.2% and d.e.m.o. same-store sales up 21.9%.

     “I’m very pleased with our second quarter performance,” stated Greg Weaver, Chairman and CEO. “Operating margins were significantly improved, driven by strong same store sales increases at both PacSun and d.e.m.o. We are pleased with our merchandise assortment and encouraged about early back to school results. Longer term, we believe we are on track to achieve our operating margin goal of 12% for fiscal 2004,” concluded Mr. Weaver.

     Net income for the first half of fiscal 2003 was $21.4 million, or $.43 per share, basic, and $.41 per share, diluted, an increase of 102% over net income of $10.6 million, or $.21 per share, basic and diluted, for the first half of fiscal 2002. Sales for the first half of fiscal 2003 were $432.7 million, an increase of 22.7% over sales of $352.6 million for the first half of fiscal 2002. Company same-store sales increased 13.6% for the first half of fiscal 2003 with PacSun same-store sales up 11.9% and d.e.m.o. same-store sales up 29.1%.

     On August 7, 2003 the Company announced a three-for-two stock split. The record date for the split is August 25, 2003. Shareholders of record as of that date will receive one new share of common stock for every two shares they owned on the record date. The additional shares will be mailed on or about September 5, 2003.

     Pacific Sunwear is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. As of August 2, 2003, the Company operated 650 PacSun stores, 75 PacSun outlet stores and 114 d.e.m.o. stores, for a total of 839 stores in 49 states and Puerto Rico. PacSun’s website address is www.pacsun.com.

     The comments in this press release with respect to the outlook for back to school sales and operating margin goals are forward looking statements and involve risks and uncertainties, including changes in consumer demands and preferences, competition from other retailers and uncertainties generally associated with apparel retailing. The historical results achieved are not necessarily indicative of future prospects of the Company.

     More information on factors that could affect the Company’s financial results is included in the Company’s Report on Form 10-K for the year ended February 1, 2003 and subsequent periodic reports filed with the Securities and Exchange Commission.

- MORE -

PACIFIC SUNWEAR OF CALIFORNIA, INC.
SUMMARY STATEMENT OF INCOME
(unaudited)
(in $ thousands, except share and per share data)

	SECOND QUARTER ENDED					FIRST HALF ENDED
	AUG. 2, 2003		AUG. 3, 2002			AUG. 2, 2003		AUG. 3, 2002
Net sales	$	234,392	$	190,854		$	432,723	$	352,564
Gross margin		79,834		60,605			143,689		109,772
Selling, G&A expense		58,180		48,454			109,141		92,168
Operating income		21,654		12,151			34,548		17,604
Interest income (expense)		69		(306	)		129		(453	)
Income before taxes		21,723		11,845			34,677		17,151
Income tax expense		8,343		4,549			13,318		6,586
Net income	$	13,380	$	7,296		$	21,359	$	10,565
Net income per share, basic *	$	0.26	$	0.15		$	0.43	$	0.21
Net income per share, diluted *	$	0.26	$	0.15		$	0.41	$	0.21
Weighted average shares outstanding, basic *		50,590,427		49,257,374			50,136,729		49,227,255
Weighted averaged shares outstanding, diluted *		52,069,358		49,844,660			51,554,346		49,973,906

* Prior year shares outstanding and earnings per share have been adjusted for the three-for-two stock split effected December 18, 2002.

BALANCE SHEET HIGHLIGHTS
(unaudited)
(in $ thousands)

		AUG. 2, 2003		FEB. 1, 2003		AUG. 3, 2002
ASSETS
Current assets:
Cash & cash equivalents		$	62,836	$	36,438	$	4,171
Inventories			186,033		123,433		153,205
Income tax receivable			2,708		—		—
Other current assets			25,730		22,762		23,626
	Total current assets		277,307		182,633		181,002
Property and equipment, net			201,279		201,513		199,600
Other long-term assets			16,061		15,597		17,479
Total assets		$	494,647	$	399,743	$	398,081

3450 East Miraloma Avenue • Anaheim, CA 92806 • (714) 414-4000

		AUG. 2, 2003		FEB. 1, 2003		AUG. 3, 2002
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Line of credit		$	—	$	—	$	11,700
Accounts payable and accrued expenses			109,977		62,978		77,352
Income taxes payable			—		8,000		2,321
Current portion of long-term debt and capital leases			2,101		2,350		26,625
	Total current liabilities		112,078		73,328		117,998
Long-term portion of debt and capital leases			2,410		3,338		1,927
Other long-term liabilities			24,779		20,686		17,375
Total liabilities			139,267		97,352		137,300
Total shareholder’s equity			355,380		302,391		260,781
Total liabilities and shareholders’ equity		$	494,647	$	399,743	$	398,081

PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED CASH FLOWS
(unaudited)
(in $ thousands)

			FOR THE FIRST HALF ENDED
			AUG. 2, 2003			AUG. 3, 2002
Cash flows from operating activities:
Net income			$	21,359		$	10,565
Depreciation & amortization				17,752			16,057
Loss on disposal of property and equipment				1,085			2,110
Changes in operating assets and liabilities:
	Inventories			(62,600	)		(50,693	)
	Accounts payable and accrued expenses			46,999			22,116
	Income taxes and deferred income taxes			(581	)		(6,466	)
	Other assets and liabilities			661			(2,485	)
		Net cash provided by/(used in) operating activities		24,675			(8,796	)
Cash flows from investing activities:
	Capital expenditures			(18,603	)		(22,742	)
		Net cash used in investing activities		(18,603	)		(22,742	)
Cash flows from financing activities:
	Net borrowings under credit facility			—			11,700
	Repayments under long-term debt and capital leases			(1,177	)		(448	)
	Proceeds from exercise of stock options			21,503			1,321
		Net cash provided by financing activities		20,326			12,573
Net increase/(decrease) in cash and cash equivalents				26,398			(18,965	)
Cash and cash equivalents, beginning of period				36,438			23,136
Cash and cash equivalents, end of period			$	62,836		$	4,171

3450 East Miraloma Avenue • Anaheim, CA 92806 • (714) 414-4000

PACIFIC SUNWEAR OF CALIFORNIA, INC.
SELECTED STORE OPERATING DATA

	AUG. 2, 2003			AUG 3, 2002
Stores open at beginning of fiscal year		791			718
Stores opened during first half		51			67
Stores closed during first half		(3	)		(8	)
Stores open at end of first half		839			777
Other operating data:
PacSun stores		650			599
Outlet stores		75			70
d.e.m.o. stores		114			108
Total square footage at end of period (in thousands)		2,844			2,577

3450 East Miraloma Avenue • Anaheim, CA 92806 • (714) 414-4000

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EX-99.1

exv99w1