**UNITED STATES**

**SECURITIES ANDEXCHANGE COMMISSION**

**Washington, D.C. 20549**

** **

**FORM 10-Q**

** **

** **

 

(X)**QUARTERLY REPORT PURSUANT TO SECTION 13or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

For the quarterlyperiod ended November 3, 2002

 

**OR**

** **

(  )**TRANSITION REPORT PURSUANT TO SECTION13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

 

Commission FileNumber 0-20269

 

**DUCKWALL-ALCO STORES, INC.**

(Exact name ofregistrant as specified in its charter)

 

                                                                      Kansas                                 48-0201080

   (Stateor other jurisdiction of            (I.R.S. Employer

                                                                                                                                                             incorporationor organization)                       Identification No.)

 

                                                                                                                                                                                401  Cottage Street

                                                              Abilene, Kansas                                                               67410-2832

(Address of principalexecutive offices)                   (Zip Code)

 

 

Registrant's telephone number including area code: (785)263-3350

 

                Indicate by checkmark whether the registrant (1) has filed all reports required to be  filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.  Yes X  No___

 

APPLICABLE ONLY TOCORPORATE ISSUERS:

 

                4,259,195 shares of common stock, $.0001 parvalue (the issuer's only class of common stock), were outstanding as of November 3, 2002.

 

 

 

 

 

| **Duckwall-ALCO  Stores, Inc.**                                         |
|-------------------------------------------------------------------------|
| **And Subsidiaries**                                                    |
| **Consolidated  Balance Sheets**                                        |
| (Dollars in  Thousands)                                                 |
|                                                                    |   |   |   |   |
|                                                                    |   |   |   |   |
| **Assets**                                                              |
|                                                                    |   |   |   |   |
|                                                                    |   | November 3, |   | February 3, |
|                                                                    |   | 2002 |   | 2002 |
|                                                                    |   | (Unaudited) |   |   |
| Current assets:                                                         |   |   |   |   |
| Cash and cash equivalents                                               |   | $3,004 |   | $3,219 |
| Receivables                                                             |   | 2,180 |   | 1,663 |
| Inventories                                                             |   | 142,639 |   | 125,165 |
| Prepaid expenses                                                        |   | 2,500 |   | 959 |
|                                                                    |   |   |   |   |
| Total current assets                                                    |   | 150,323 |   | 131,006 |
|                                                                    |   |   |   |   |
| Property and equipment                                                  |   | 83,203 |   | 78,521 |
| Less accumulated depreciation                                           |   | 52,557 |   | 48,723 |
|                                                                    |   |   |   |   |
| Net property and equipment                                              |   | 30,646 |   | 29,798 |
|                                                                    |   |   |   |   |
| Property under capital leases                                           |   | 20,407 |   | 20,407 |
| Less accumulated amortization                                           |   | 16,654 |   | 16,226 |
|                                                                    |   |   |   |   |
| Net property under capital leases                                       |   | 3,753 |   | 4,181 |
|                                                                    |   |   |   |   |
| Other non-current assets                                                |   | 258 |   | 15 |
| Deferred income taxes                                                   |   | 286 |   | 286 |
|                                                                    |   |   |   |   |
| Total assets                                                            |   | $185,266 |   | $165,286 |
|                                                                    |   |   |   |   |
|                                                                    |   |   |   |   |
| See accompanying notes to unaudited consolidated financial  statements. |
|                                                                    |   |   |   |   |
|  

                                                           |   |   |   |   |

 

 

 

 

 

| **Duckwall-ALCO Stores, Inc.**
**And    Subsidiaries**
**Consolidated Balance Sheets**
(Dollars in    Thousands)
 
 
 
 
 
 
 
 
**Liabilities    and Stockholders' Equity**
 
 
 
 
 
 
 
 
 
 
 
 
 
November 3,
 
February 3,
 
2002
 
2002
Current liabilities:
(Unaudited)
 
 
   Current maturities of:
 
 
 
     Long term debt
$492 
 
$469 
     Capital lease obligations
703 
 
703 
   Accounts payable 
33,957 
 
24,511 
   Notes payable under revolving loan
0 
 
18,137 
   Income taxes payable
500 
 
3,677 
   Accrued salaries and commissions
5,435 
 
4,289 
   Accrued taxes other than income 
4,657 
 
4,080 
   Other current liabilities
2,872 
 
2,581 
   Deferred income taxes
1,340 
 
1,458 
 
 
 
 
          Total current liabilities
49,956 
 
59,905 
 
 
 
 
Notes payable under revolving loan
27,060 
 
0 
Long term debt - less current maturities
661 
 
1,032 
Capital lease obligations - less current maturities
5,569 
 
6,096 
Other noncurrent liabilities
2,148 
 
1,947 
Deferred revenue
857 
 
716 
 
 
 
 
          Total liabilities
86,251 
 
69,696 
 
 
 
 
Stockholders' equity:
 
 
 
  Common stock, $.0001 par value, authorized
 
 
 
    20,000,000 shares; issued and outstanding
 
 
 
    4,259,195 shares and 4,149,599 shares respectively
1 
 
1 
   Additional paid-in capital
48,748 
 
47,609 
   Retained earnings 
50,266 
 
47,996 
   Accumulated other comprehensive income (loss), net    of income taxes
0 
 
(16)
          Total stockholders' equity
99,015 
 
95,590 
 
 
 
 
          Total liabilities and stockholders' equity
$185,266 
 
$165,286 
 
 
 
 
See accompanying notes to unaudited consolidated    financial statements.

 
 
 
 

 

**Duckwall-ALCO Stores, Inc.**

**And Subsidiaries** 

**Consolidated Statements of Operations** 

(Dollars in Thousands Except Per Share Amounts) 

(Unaudited) 

 

 

 

 

 

 

  For the Thirteen Week 

  Periods Ended

For the Thirty-Nine Week  

  Periods Ended

 

November 3, 2002

October 28, 2001

November 3, 2002

October 28, 2001

 

 

 

 

 

Net sales

$93,381 

$94,807 

$293,628 

$288,364 

Cost of sales

60,563 

62,265 

194,104 

192,994 

Gross margin

32,818 

32,542 

99,524 

95,370 

 

 

 

 

 

Selling, general and  administrative

29,894 

29,515 

89,646 

86,198 

Depreciation and  amortization

1,778 

1,623 

5,082 

4,738 

Provision for asset  impairment and store closure

0 

0 

6 

(8)

     Total operating  expenses

31,672 

31,138 

94,734 

90,928 

 

 

 

 

 

Income from operations

1,146 

1,404 

4,790 

4,442 

Interest expense

405 

738 

1,205 

2,216 

Earnings before income taxes 

741 

666 

3,585 

2,226 

Income tax  expense

272 

254 

1,316 

848 

Net earnings

$469 

$412 

$2,269 

$1,378 

 

 

 

 

 

Earnings per share - basic

$0.11 

$0.10 

$0.54 

$0.33 

Earnings per share - diluted

$0.11 

$0.10 

$0.52 

$0.33 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to  unaudited consolidated financial statements.

 

 

 

 

 

 

 

**Duckwall-ALCO Stores, Inc.**
**And    Subsidiaries**
**Consolidated Statements of Cash Flows**
Dollars in    Thousands
(Unaudited)
 
For the    Thirty-Nine Week
 
 Periods Ended
 
November 3, 2002
 
October 28, 2001
Cash Flows From Operating Activities:
 
 
 
Net earnings
$2,269 
 
$1,378 
Adjustments to reconcile net earnings to net cash    provided
 
 
 
  by (used in) operating activities
 
 
 
 
 
 
 
    Amortization of debt financing costs
57 
 
53 
    Depreciation and amortization
5,082 
 
4,738 
    Loss on disposal and impairment of assets
0 
 
61 
    (Increase) in inventories
(17,474)
 
(19,097)
    Increase in accounts payable
9,446 
 
10,720 
    (Increase) decrease in receivables
(517)
 
454 
    Increase in prepaid expenses 
(1,541)
 
(318)
    Increase in accrued taxes other than income
577 
 
913 
    Increase (decrease) in accrued salaries and    commissions
1,146 
 
(1,055)
    (Decrease) in income taxes payable
(3,177)
 
(249)
    (Decrease) in deferred income taxes
(118)
 
0 
    Increase in deferred revenue
141 
 
0 
    Increase (decrease) in other liabilities
508 
 
(318)
Net cash used in operating activities
(3,601)
 
(2,720)
 
 
 
 
Cash Flows From Investing Activities:
 
 
 
    Proceeds from sale of property
1,034 
 
722 
    Capital expenditures
(6,535)
 
(4,957)
Net cash used in investing activities
(5,501)
 
(4,235)
 
 
 
 
Cash Flows From Financing Activities:
 
 
 
    Proceeds from exercise of stock options
1,139 
 
0 
    Repurchase of common stock
0 
 
(1,654)
    Increase in revolving loan
8,923 
 
4,936 
    Principal payments on long term notes
(348)
 
(452)
    Principal payments on capital leases
(527)
 
(513)
    Debt issue costs
(300)
 
0 
Net cash provided by financing activities
8,887 
 
2,317 
 
 
 
 
Net decrease in cash and cash equivalents
(215)
 
(4,638)
Cash and cash equivalents at beginning of period
3,219 
 
7,851 
Cash and cash equivalents at end of period
$3,004 
 
$3,213 
 
 
 
 
 See    accompanying notes to unaudited consolidated financial statements 
 
 
** **

** **

** **

** **

**Duckwall-ALCO Stores, Inc.**

**And Subsidiaries**

 
Notes to Unaudited Consolidated Financial Statements
 

 

(1)           Basisof Presentation

 

                Theaccompanying unaudited consolidated financial statements are for interimperiods and, consequently, do not include all disclosures required by generallyaccepted accounting principles for annual financial statements.  It issuggested that the accompanying unaudited consolidated financial statements beread in conjunction with the consolidated financial statements included in theCompany's fiscal 2002 Annual Report.  In the opinion of management ofDuckwall-ALCO Stores, Inc., the accompanying unaudited consolidated financialstatements reflect all adjustments (consisting of normal recurring accruals)necessary to present fairly the financial position of the Company and theresults of its operations and cash flows for the interim periods.

 

(2)           Principlesof Consolidation

 

                Theconsolidated financial statements include the accounts of Duckwall-ALCO Stores,Inc. and its wholly owned subsidiaries.  All significant intercompanytransactions and balances have been eliminated in consolidation.

 

(3)           Adoptionof New Accounting Policies  (dollars in thousands)

 

                Effective January 29, 2001, the Company adopted Statement of FinancialAccounting Standards (SFAS) No. 133, "Accounting for DerivativeInvestments and Hedging Activities."  SFAS No. 133 requires that allderivative instruments be recorded on the balance sheet at fair value.  Theaccounting for changes in the fair value of a derivative depends on itsdesignation and effectiveness.  For derivatives that qualify as effectivehedges, the change in fair value has no net impact on earnings until the hedgedtransaction affects earnings.  For derivatives that are not designated ashedging instruments, or for the ineffective portion of a hedging instrument,the change in fair value is recognized in current period earnings.

 

                TheCompany entered into an interest rate swap agreement in December, 2000 with anotional principal amount of $10,000 whereby the Company paid a fixed rate ofinterest and received interest based on LIBOR for the period from April 15, 2001to April 15, 2002.  The purpose of the interest rate swapagreement was to mitigate the Company's interest rate risk under its revolvingcredit facility.  

 

                Priorto January 29, 2001, the Company had accounted for the interestrate swap agreement as a cash flow hedge.  Upon adoption of SFAS No. 133, theCompany elected to not use hedge accounting for the interest rate swapagreement.  Accordingly, a cumulative‐effect‐type adjustment wasmade to Accumulated Other Comprehensive Income in the amount of $76 on January 30, 2001, which represented the fair value of the interest rate swap atthe date of adoption of SFAS No. 133 ($123) net of income tax effect ($47).The cumulative effect adjustment was amortized to earnings over the period fromApril 15, 2001 to April 15, 2002.  During the thirteen weeks ended November 3, 2002 and October28, 2001, respectively, the Company recorded interest expense of $0 ($0 net oftax), and $31 ($19 net of tax) to amortize the cumulative effect adjustment.

 

 

The components of  comprehensive income are as follows: 

 

 

 

Thirteen

Thirteen

Thirty-Nine

Thirty-Nine 

   

 Weeks

Weeks

 Weeks

 Weeks 

 

Ended

Ended

Ended

Ended

 

November 3,

October 28,

November 3,

October 28,

   

2002

2001

2002

2001

Net earnings  

$469 

$412 

$2,269 

$1,378 

Cumulative effect adjustment  upon adoption of SFAS No. 133, net of tax 

0 

0 

0 

(76)

Other comprehensive income -  amortization of cumulative effect adjustment 

0 

19 

16 

41 

     Comprehensive Income  

$469 

$431 

$2,285 

$1,343 

A summary of changes in  accumulated other comprehensive income (loss) for the 13 and 39 week periods  ended November 3, 2002 and October 28,   2001 is as follows: 

 

 

   

   

   

   

 

Accumulated other  comprehensive income (loss) at beginning of period 

$0 

($54)

($16)

$0 

Cumulative effect adjustment  upon adoption of SFAS No. 133, net of tax 

0 

0 

0 

(76)

Amortization of accumulated  other comprehensive income 

0 

19 

16 

41 

Accumulated other  comprehensive income (loss) 

$0 

($35)

$0 

($35)

 

 

** **

Effective February 4, 2002, the company adopted SFAS No. 144, "Accounting for the Impairment or Disposal ofLong-Lived Assets."  Management believes that the adoption of SFAS No. 144 didnot have a significant impact on the financial statements.  The closings ofstores are not reflected as discontinued operations since the effects were notmaterial.  

 

 

 

(4)  Earnings Per Share

 

 

 

 

 

 

          Basic net earnings  per share is computed by dividing net earnings by the weighted average number  of shares outstanding.  Diluted net earnings per share reflects the potential  dilution that could occur if contracts to issue securities (such as stock  options) were exercised.

 

 

 

 

          The average number of shares used in computing  earnings per share was as follows:

 

 

 

 

 

Thirteen Weeks  Ended

Basic

Diluted

 

 

 

 

 

November 3, 2002

4,259,195 

4,355,011 

 

October 28, 2001

4,149,599 

4,153,559 

 

 

 

 

 

 

 

 

 

Thirty-Nine  Weeks Ended

Basic

Diluted

 

 

 

 

 

November 3, 2002

4,227,904 

4,360,977 

 

October 28, 2001

4,206,962 

4,208,282 

** **

** **

** **

** **

**ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

*(Dollars inthousands)*

 

The thirteenweeks ended November 3, 2002 and October 28, 2001 are referred to herein as thethird quarter of fiscal 2003 and 2002 respectively.

 

As used belowthe term "competitive market" refers to any market wherein there isone or more national or regional full-line discount stores located in themarket served by the Company.  The term "non-competitive market"refers to any market where there is no national or regional full-line discountstore located in the market served by the Company.  Even in a non-competitivemarket, the Company faces competition from a variety of sources.

 

***RESULTS OF OPERATIONS***

 

**Thirteen and Thirty-Nine WeeksEnded November 3, 2002 Compared to Thirteen and Thirty-Nine WeeksEnded October 28, 2001.**

 

****TheCompany continues to execute its basic strategy of opening stores inunder-served markets that have no competition from national or regionalfull-line discount retailers.  During the third quarter of fiscal 2003 theCompany opened 2 ALCO stores, which were in new, non-competitive markets andclosed one store, resulting in a quarter end total of 265 stores.  For thethirty-nine week period ending November 3, 2002, the Company opened four storesand closed three stores.  As of November 3, 2002, over 80% of the stores werelocated in non-competitive markets.  Through the third quarter, the Company hascompleted the remodel of 29 of the planned 32 ALCO stores targeted for thecompletion in the current fiscal year.

 

                Net sales for thethird quarter of fiscal 2003 decreased $1,426 or 1.5% to $93,381 compared to$94,807 for the third quarter of fiscal 2002. When sales are compared to thesimilar period in the prior year, which ended on November 4, 2001, sales decreased $1,313 or 1.4%, with same store sales declining $3,146 or 3.4%.  Sales werenegatively impacted by a reduction in advertising, the absence of last year'sfederal income tax rebate checks, a modest impact from the implementation of awarehouse management software package, a weak farm economy in many of thecompany's markets, and a general softness in retail spending.

 

                Net sales for thethirty-nine week period ending November 3, 2002 increased $5,264 or 1.8% to$293,628 compared to $288,364 in the comparable thirty-nine week period of theprior fiscal year.  When sales are compared to the similar thirty-nine weekperiod in the prior year, which ended on November 4, 2001, sales rose $5,215, or 1.8%, with same store sales rising $715, or 0.3%.

 

                Gross margin forthe third quarter of fiscal 2003 increased $276 or 0.8% to $32,818 compared to$32,542 in the third quarter of fiscal 2002.  Gross margin as a percentage ofsales was 35.1% for the third quarter of fiscal 2003 compared to 34.3% for thethird quarter of fiscal 2002.  This was primarily due to lower markdowns andreduced shrinkage.

 

                Gross margin forthe thirty-nine week period ended November 3, 2002 was $99,524, which was$4,154 or 4.4% higher than last year's thirty-nine week gross margin of  $95,370.As a percent of net sales, gross margin for the thirty-nine week period ended November 3, 2002 was 33.9% compared to 33.1% in the thirty-nine week period of the priorfiscal year.  The improvement in gross margin percentage was attributable to amix of sales that included more higher margin items, lower markdowns, andreduced shrinkage.

 

Selling, generaland administrative expense increased $379 or 1.3% to $29,894 in the thirdquarter of fiscal 2003 compared to $29,515 in the third quarter of fiscal2002.  As a percentage of net sales, selling, general and administrativeexpenses in the third quarter of fiscal 2003 was 32.0%, compared to 31.1% inthe third quarter of fiscal 2002.   The increase in the selling, general andadministrative expense was due to higher distribution center  labor costs related tothe launch of a new warehouse management software package, higher store payrollexpenses and higher insurance costs.

 

                Selling, generaland administrative expenses increased $3,448 or 4.0% to $89,646 for thethirty-nine week period ended November 3, 2002 compared to $86,198 for thecomparable thirty-nine week period of the prior fiscal year.  Selling, generaland administrative expense as a percent of net sales was 30.5% for thethirty-nine week period ending November 3, 2002 compared to 29.9% for thethirty-nine week period ended October 28, 2001.  The increase in the selling,general, and administrative expense was due to reduced marketing support fromvendors and insurance costs mentioned above, along with higher incentivecompensation.

 

                Depreciation and amortization expenseincreased $155 or 9.6% to $1,778 in the third quarter of fiscal 2003 comparedto $1,623 in the third quarter of fiscal 2002.  Depreciation and amortizationexpense increased $344 or 7.3% to $5,082 for the thirty-nine week period ended November 3, 2002 compared to $4,738 in the comparable thirty-nine week period of the priorfiscal year.

 

                Provision forasset impairment and store closure was $0 in the third quarter of both fiscal2003 and 2002.

 

                Provision forasset impairment and store closure was $6 for the thirty-nine week period endedNovember 3, 2002 compared to ($8) for the comparable thirty-nine week period ofthe prior fiscal year.

 

                Income fromoperations decreased $258 or 18.4% to $1,146 in the third quarter of fiscal2003 compared to $1,404 in the third quarter of fiscal 2002.  Income fromoperations as a percentage of net sales was 1.2% in the third quarter of fiscal2003 compared to 1.5% in the third quarter of fiscal 2002.

 

                Income fromoperations increased $348 or 7.8% to $4,790 for the thirty-nine week periodended November 3, 2002 compared to $4,442 the comparable thirty-nine weekperiod of the prior fiscal year.

 

                Interest expensedecreased $333 or 45.1% in the third quarter of fiscal 2003 compared to thethird quarter of fiscal 2002.  Interest expense decreased $1,011 or 45.6% to$1,205 for the thirty-nine week period ended November 3, 2002 compared to $2,216 in the comparable thirty-nine week period of the prior fiscal year.  Interest expense decreasedbecause of lower rates as well as lower levels of borrowing due to reduced levelsof inventory.

 

                Net earnings forthe third quarter of fiscal 2003 were $469, an increase of  $57 or 13.8% overthe net earnings of $412 for the third quarter of fiscal 2002.  Net earningsincreased $891 or 64.7% to $2,269 in the  third quarter of fiscal 2003 compared to$1,378 in the thirty-nine week period of the prior fiscal year.

 

***LIQUIDITY AND CAPITALRESOURCES***

 

                The Company'sprimary sources of funds are cash flows from operations, borrowings under itsrevolving loan credit facility, mortgage financing and vendor trade creditfinancing (increases in accounts payable).

 

                At November 3, 2002 working capital (defined as current assets less current liabilities) was$100,366 compared to $71,101 at the end of fiscal 2002.  The increase inworking capital was due to the classification of the revolving loan as along-term liability as it was replaced by a Senior Secured Revolving creditfacility that is due in April 2006.

 

                Operatingactivities used cash in the amount of $3,601 and $2,720 in the thirty-nine weekperiod of fiscal 2003, and 2002 respectively.  The increase in the amount ofcash used by operating activities in the thirty-nine week period of fiscal 2003compared to the thirty-nine week period of fiscal 2002 was primarily due to areduction of income taxes payable.

 

                Cash used ininvesting activities in the thirty-nine week period of fiscal 2003 and 2002totaled $5,501 and $4,235 respectively.  Total anticipated cash payments foracquisition of property and equipment in fiscal 2003, principally for storebuildings and store and warehouse fixtures and equipment, are approximately$7,500.

 

                The Companygenerated cash from financing activities in the thirty-nine week period offiscal 2003 in the amount of $8,887 and $2,317 in the thirty-nine week periodof fiscal 2002.  Cash was generated by increasing the revolver and cash wasused to make principal payments on long-term notes and capital leases.

 

 

 

 

 

 

***BUSINESS OPERATIONS ANDSEGMENT INFORMATION***

*** ***

                The Company'sbusiness activities include operation of ALCO discount stores in towns withpopulations which are typically less than 5,000 not served by other regional ornational full-line discount chains and Duckwall variety stores that offer amore limited selection of merchandise which are primarily located incommunities of less than 2,500 residents.

 

                For financialreporting purposes, the Company has established two operating segments: "ALCODiscount Stores", and "All Other", which includes the Duckwall variety storesand other business activities, such as general office, warehouse anddistribution activities.

 

 

For The Thirteen  Week

 

For The Thirty-Nine  Week

 

Periods Ended

 

Periods Ended

 

 

 

 

 

 

 

 

 

November 3, 2002

 

October 28, 2001

 

November 3, 2002

 

October 28, 2001

 

 

 

 

 

 

 

 

Segment Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales:

 

 

 

 

 

 

 

   ALCO Discount Stores

$85,859 

 

$86,780 

 

$269,912 

 

$263,698 

   All Other

 

 

 

 

 

 

 

     External

7,522 

 

8,027 

 

23,716 

 

24,666 

     Intercompany

    (63,551)

 

60,931 

 

170,590 

 

169,944 

 

$156,932 

 

$155,738 

 

$464,218 

 

$458,308 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

 

 

 

 

 

 

   ALCO Discount Stores

$1,061 

 

$1,064 

 

$3,122 

 

$3,087 

   All Other

717 

 

559 

1,960 

 

1,651 

 

$1,778 

 

$1,623 

 

$5,082 

 

$4,738 

 

 

 

 

 

 

 

 

Income (expense) from Operations:

 

 

 

 

 

 

 

   ALCO Discount Stores

$6,212 

 

$6,277 

 

$22,631 

 

$19,646 

   All Other

(5,099)

 

(4,894)

(17,940)

 

(15,267)

 

$1,113 

 

$1,383 

 

$4,691 

 

$4,379 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures:

 

 

 

 

 

 

 

   ALCO Discount Stores

$1,553 

 

$726 

 

$4,787 

 

$3,697 

   All  Other                                                   

385 

 

424 

1,748 

 

1,260 

 

$1,938 

 

$1,150 

 

$6,535 

 

$4,957 

 

 

 

 

 

 

 

 

Identifiable Assets:

 

 

 

 

 

 

 

   ALCO Discount Stores

$142,009 

 

$139,480 

 

$142,009 

 

$139,480 

   All Other

43,257 

 

43,417 

 

43,257 

 

43,417 

 

$185,266 

 

$182,897 

 

$185,266 

 

$182,897 

 

 

 

 

 

 

 

 

 

Income fromoperations as reflected in the above segment information has been determineddifferently than income from operations in the accompanying consolidated statementsof operations as follows:

**

*IntercompanySales*

Intercompanysales represent transfers of merchandise from the warehouse to ALCO discountstores and Duckwall variety stores.

 

*IntercompanyExpense Allocations*

General andadministrative expenses incurred at the general office have not been allocatedto the ALCO Discount Stores for purposes of determining income from operationsfor the segment information.

 

Warehousing anddistribution costs including freight applicable to merchandise purchases, havebeen allocated to the ALCO Discount Stores segment based on the Company'scustomary method of allocation for such costs (primarily as a stipulatedpercentage of merchandise purchases).

 

*Inventories*

Inventories arebased on the FIFO method for segment information purposes and on the LIFOmethod for the consolidated statements of operations.

 

*Leases*

All leases areaccounted for as operating leases for purposes of determining income fromoperations for purposes of determining the segment information for the ALCODiscount Stores whereas capital leases are accounted for as such in theconsolidated statements of operations.

 

 

 
For The    Thirteen Week
For The    Thirty-Nine Week
 
Periods Ended
 Periods Ended
 
November 3,
October 28,
November 3,
October 28,
 
2002
2001
2002
2001
 
 
 
 
 
Net sales per above segment information
$156,932 
$155,738 
$464,218 
$458,308 
Intercompany elimination
(63,551)
(60,931)
(170,590)
(169,944)
   Net sales per consolidated statements
 
 
 
 
     of operations
$93,381 
$94,807 
$293,628 
$288,364 
 
 
 
 
 
Income from operations per above segment information
$1,113 
$1,383 
$4,691 
$4,379 
Leases
33 
21 
99 
63 
   Income from operations per consolidated
 
 
 
 
     statements of operations
$1,146 
$1,404 
$4,790 
$4,442 
 

***CHANGE IN ACCOUNTINGPRINCIPLES***

 

Effective January 29, 2001, the Company adopted Statement of Financial Accounting Standards (SFAS)No. 133, "Accounting for Derivative Investments and Hedging Activities."  Seeadditional discussion in Note 3 to Unaudited Consolidated Financial Statements.

 

                In August 2001,the FASB issued SFAS No. 144, Accounting for the Impairment or Disposal of Long‐LivedAssets (SFAS No. 144).  SFAS No. 144 addresses significant issues relating tothe implementation of SFAS No. 121, "Accounting for the Impairment of Long‐LivedAssets and for Long‐Lived Assets to Be Disposed Of," and develops asingle accounting method under which long‐lived assets that are to bedisposed of by sale are measured at the lower of book value or fair value lesscost to sell.  Additionally, SFAS No. 144 expands the scope of discontinuedoperations to include all components of an entity with operations that (1) canbe distinguished from the rest of the entity and (2) will be eliminated fromthe ongoing operations of the entity in a disposal transaction.  SFAS No. 144is effective for financial statements issued for fiscal years beginning after December 15, 2001 and its provisions are to be applied prospectively.  This accountingprinciple was adopted by the Company effective February 4, 2002.  Management believes that the adoption of SFAS No. 144 did not have a significant impact onthe financial statements.  The closings of stores are not reflected asdiscontinued operations since the effects were not material.

 
NEW ACCOUNTING STANDARDS
 

                Statementof Financial Accounting Standard No. 146, "Accounting for Costs Associated withExit or Disposal Activities," addresses financial accounting and reporting forcosts associated with exit or disposal activities and nullifies Emerging IssuesTask Force Issue No. 94-3, "Liability Recognition for Certain EmployeeTermination Benefits and Other Costs to Exit an Activity."  The provisions ofthis statement are effective for exit or disposal activities initiated after December 31, 2002.

 

 
MARKET RISK DISCLOSURE
 

                The revolvingcredit facility has a floating interest rate that is affected by changes inmarket interest rates.  The Company entered into an interest rate swap inDecember 2000 with a notional principal amount of $10,000 whereby the Companypaid a fixed rate of interest and received interest based on LIBOR for theperiod April 15, 2001 to April 15, 2002 to mitigate a portion of its interestrate risk under the revolving credit facility.

 

                On April 15, 2002, the Company replaced the existing line of credit with a new line of creditwith Fleet Retail Finance Inc. that expires in April 2006.  The credit lineavailable is $70,000, which carries a variable rate of interest. 

 

**ITEM 4.  CONTROLSAND PROCEDURES**

 

Based on anevaluation of disclosure controls and procedures for the period ended November 3, 2002 conducted by our President and Chief Financial Officer, we conclude thatour disclosure controls and procedures are effective.  The President and ChiefFinancial Officer conducted this evaluation in November, 2002.

 

The company hasin place a system of internal controls which it believes are adequate.  Therehave been no significant deficiencies or material weaknesses identified and wehave not made any significant changes in our internal controls or in otherfactors that could significantly affect internal controls.

 

 
 OTHER INFORMATION
 

                PART II

 

                                Item 1.    Legal Proceedings

No legal proceedings except thosecovered by insurance occurred during the thirteen-week period ended November 3, 2002.

 

                                Item2.    Changes in Securities

                                                                                                                                   Notapplicable

 

                                Item3.    Defaults Upon Senior Securities

                                                                                                                                   NotApplicable

 

                                Item4.    Submission of Matters to a Vote of Security Holders

                                                                                                                                   NotApplicable

 

                                Item5.    Other Information

                                                                                                                                   None

 

                                Item6.    Exhibits and Reports on Form 8-K

                                                                                                                                   (a)           None

                                                                                                                                   (b)           CurrentReport on Form 8-K (Item 4) dated on September 16, 2002

**SIGNATURES**

 

 

 

 

 

                Pursuant to therequirements of the Securities Exchange Act of 1934 the registrant has dulycaused this report to be  signedon its behalf by the undersigned thereunto duly authorized.

 

 

 

 

**DUCKWALL-ALCO STORES, INC.**

***(Registrant)***

 

 

 

 

                                                                                                           Date, December 16, 2002          /s/ *Richard A. Mansfield*

                                                                                                                                                                                                                                              RichardA. Mansfield

                                                                                                                                                                                                                                              Vice President -                                               Finance

                                                                                                                                                                                                                                              ChiefFinancial Officer

 

 

                                                                                                                                                                                                                                              Signingon behalf of   

                                                                                                                                              the registrant and as

                                                                                                                                              principal                                                                                                financial 

                                                                                                                                               officer

 

 

 

 

 

**CERTIFICATIONS**

 

I, Glen L.Shank, certify that:
-   I have reviewed this quarterlyreport on Form 10-Q of Duckwall-ALCO Stores, Inc.; 
-  Based on my knowledge, thisquarterly report does not contain any untrue statement of a material fact oromit to state a material fact necessary to make the statements made, in lightof the circumstances under which such statements were made, not misleading withrespect to the period covered by this quarterly report;  
-  Based on my knowledge, thefinancial statements, and other financial information included in thisquarterly report, fairly present in all material respects the financialcondition, results of operations and cash flows of the registrant as of, andfor, the periods presented in this quarterly report;  
-  The registrant's other certifyingofficers and I are responsible for establishing and maintaining disclosurecontrols and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14)for the registrant and we have:    -  designed such disclosure controlsand procedures to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this quarterly reportis being prepared; 
  -  evaluated the effectiveness of theregistrant's disclosure controls and procedures as of a date within 90 daysprior to the filing date of this quarterly report (the "EvaluationDate"); and 
  -  presented in this quarterly reportour conclusions about the effectiveness of the disclosure controls andprocedures based on our evaluation as of the Evaluation Date; 
-  The registrant's other certifyingofficers and I have disclosed, based on our most recent evaluation, to theregistrant's auditors and the audit committee of registrant's board ofdirectors (or persons performing the equivalent function):    -  all significant deficiencies inthe design or operation of internal controls which could adversely affect theregistrant's ability to record, process, summarize and report financial dataand have identified for the registrant's auditors any material weaknesses ininternal controls; and 
  -  any fraud, whether or notmaterial, that involves management or other employees who have a significantrole in the registrant's internal controls; and 
-  The registrant'sother certifying officers and I have indicated in this quarterly report whetheror not there were significant changes in internal controls or in other factorsthat could significantly affect internal controls subsequent to the date of ourmost recent evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses.                   

Date:  December 16, 2002

                                                                          /s/ *Glen L. Shank*                                                               President, Chairman of the Board

 

 

 

I, Richard A.Mansfield, certify that:

 
-   I have reviewed this quarterlyreport on Form 10-Q of Duckwall-ALCO Stores, Inc.; 
-  Based on my knowledge, thisquarterly report does not contain any untrue statement of a material fact oromit to state a material fact necessary to make the statements made, in lightof the circumstances under which such statements were made, not misleading withrespect to the period covered by this quarterly report;  
-  Based on my knowledge, thefinancial statements, and other financial information included in thisquarterly report, fairly present in all material respects the financialcondition, results of operations and cash flows of the registrant as of, andfor, the periods presented in this quarterly report;  
-  The registrant's other certifyingofficers and I are responsible for establishing and maintaining disclosurecontrols and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14)for the registrant and we have:    -  designed such disclosure controlsand procedures to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this quarterly reportis being prepared; 
  -  evaluated the effectiveness of theregistrant's disclosure controls and procedures as of a date within 90 daysprior to the filing date of this quarterly report (the "EvaluationDate"); and 
  -  presented in this quarterly reportour conclusions about the effectiveness of the disclosure controls andprocedures based on our evaluation as of the Evaluation Date; 
-  The registrant's other certifyingofficers and I have disclosed, based on our most recent evaluation, to theregistrant's auditors and the audit committee of registrant's board ofdirectors (or persons performing the equivalent function):    -  all significant deficiencies inthe design or operation of internal controls which could adversely affect theregistrant's ability to record, process, summarize and report financial dataand have identified for the registrant's auditors any material weaknesses ininternal controls; and 
  -  any fraud, whether or notmaterial, that involves management or other employees who have a significantrole in the registrant's internal controls; and 
-  The registrant'sother certifying officers and I have indicated in this quarterly report whetheror not there were significant changes in internal controls or in other factorsthat could significantly affect internal controls subsequent to the date of ourmost recent evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses.                   

Date:  December 16, 2002

                                                                       /s/ *Richard A. Mansfield*                                                           Vice President, Chief Financial Officer |
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