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Gadzooks Reports Second Quarter Operating Results 2003

From: ASAP

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Gadzooks, Inc. (Nasdaq: GADZ) today reported a net loss of $7.9 million for the second quarter ended August 2, 2003 as the Company continues its transition to a juniors-only store. The Company recorded net income of $115,000 for the second quarter of fiscal 2002. On a diluted basis, the Company reported a net loss per share of $0.86 for the quarter compared to net income of $0.01 per share for the corresponding period a year ago. Net sales for the quarter decreased 10.7 percent to $68.5 million from $76.7 million a year ago. Same store sales for the quarter declined 9.9 percent compared to a 3.3 percent decrease for the second quarter of last year. The Company reported a year-to-date net loss of $12.0 million compared to net income of $1.9 million for the first half of fiscal 2002. On a diluted basis for the year-to-date period, the Company reported a net loss per share of $1.31 compared to net income of $0.20 per share for the same period last year. Year-to-date net sales decreased 10.2 percent to $139.2 million from $155.0 million for the comparable fiscal 2002 period. Same store sales decreased 10.3 percent for the first half of fiscal 2003 versus a 2.8 percent decline for the first half of the prior year.

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