Syms Corp Reports Results for Fourth Quarter and Fiscal Year

The Company's net loss for the fiscal quarter ended February 28, 2009 was $(1.9 million) or $(0.13) per share as compared to a net income of $0.3 million or $0.02 per share for the fiscal quarter ended March 1, 2008. The Company had a net loss for the fiscal year ended February 28, 2009 of $(3.4 million) or $(0.23) per share as compared to net income of $8 million or $0.06 per share for the fiscal year ended March 1, 2008.

Net sales for the fiscal quarter ended February 28, 2009 were $54.1 million compared to $68.6 million for the fiscal quarter ended March 1, 2008, a decline of $14.5 million or 21.2%. Net sales for the fiscal year ended February 28, 2009 were $242.0 million compared to $267.1 million, a decline of $25.1 million or 9.4%. Comparable store sales declined 19.7% for the fiscal quarter and 7.9% for the fiscal year ended February 28, 2009.

Syms Corp currently operates a chain of thirty-two "off-price" apparel stores located throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest. Each Syms store offers a broad range of first quality, in-season merchandise bearing nationally recognized designer and brand-name labels.

Certain information in this press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to the Company that are based on the beliefs of the management of the Company, as well as assumptions made by and information currently available to the management of the Company. When used in this press release, the words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions as they relate to the Company, identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events, the outcome of which is subject to certain risks, including, among others, general economic and market conditions, decreased consumer demand for the Company's product, possible disruptions in the Company's computer or telephone systems, possible work stoppages, or increase in labor costs, effects of competition, possible disruptions or delays in the opening of new stores or inability to obtain suitable sites for new stores, higher than anticipated store closings or relocation costs, higher interest rates, unanticipated increases in merchandise or occupancy costs and other factors which may be outside the Company's control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph.

SYMS CORP
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per-share amounts)
                                     Quarter ended                     Fiscal year ended
                                          2/28/2009       3/1/2008          2/28/2009       3/1/2008
Net sales                            $    54,052          $    68,594  $    242,000         $    267,149
Gross margin                              22,575               29,613       100,525              109,981
Operating expenses *                      24,498               27,935       104,589              107,502
Net (loss)/income after taxes        $    (1,887    )     $    257     $    (3,423    )     $    807
Net (loss)/income per share (basic)  $    (0.13     )     $    0.02    $    (0.23     )     $    0.06
Weighted average
shares outstanding (basic)                14,590               14,589       14,589               14,659
* Excludes other income, gains on asset sales and asset impairment
charges.

SYMS CORP
CONDENSED BALANCE SHEETS
(Unaudited)
(in thousands)
                                    February 28,    March 1,
                                    2009            2008
ASSETS
Current assets:
Cash                                $      1,822    $    11,904
Receivables                                1,589         2,445
Merchandise inventories                    52,480        66,086
Other current assets                       15,564        12,971
Total current assets                       71,455        93,406
Property & equipment                       95,956        98,815
Other assets                               47,712        37,408
Total Assets                        $      215,123  $    229,629
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable                    $      14,936   $    25,610
Accrued expenses                           9,012         6,263
Other current liabilities                  4,292         4,443
Total current liabilities                  28,240        36,316
Long term liabilities                      840           1,178
Shareholders' equity                       186,043       192,135
Total Liabilities and
Shareholders' Equity                $      215,123  $    229,629

SOURCE: Syms Corp

Syms Corp 
Philip A. Piscopo, 201-902-9600 
Vice President 
and Chief Financial Officer