Citi Trends Inc - Current report filing (8-K)
March 26 2008 - 3:07PM
Edgar (US Regulatory)
UNITED STATES
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):
March 26, 2008
Citi Trends, Inc.
(Exact name of
registrant as specified in its charter)
Delaware
|
|
000-51315
|
|
52-2150697
|
(State or other jurisdiction
of
incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer
Identification
No.)
|
104 Coleman Boulevard, Savannah,
Georgia
|
|
31408
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Registrants
telephone number, including area code:
(912) 236-1561
Not applicable
Former name or
former address, if changed since last report
:
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (See General Instruction A.2 below):
o
Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
|
o
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre- commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01.
|
|
Entry
into a Material Definitive Agreement
|
On March 26, 2008,
Citi Trends, Inc. (the Company) entered into a 364 day revolving credit
facility (the Credit Agreement) in an aggregate principal amount of $35
million (of which $5 million will be available for the issuance of letters of
credit) with Bank of America. This
revolving credit facility replaces the Companys previous $3 million line of
credit with Bank of America. The loans under the Credit Agreement will be
available for short-term working capital and other general corporate purposes
of the Company.
The Credit Agreement is
unsecured with an agreement not to pledge any of the assets of the Company and
an agreement not to provide a negative pledge to any other party. Loans under
the Credit Agreement shall bear interest at either (a) a rate equal to the
higher of (i) the Federal Funds Rate plus 0.50% and (ii) Bank of
Americas prime rate, plus an applicable margin; or (b) a rate equal to
LIBOR plus an applicable margin. The applicable margin is dependent on the
Companys adjusted leverage ratio and ranges from 1.00% to 1.50% for
LIBOR-based loans, and from 0.00% to 0.50% for prime rate-based loans.
The Credit Agreement
includes customary representations, warranties, affirmative and negative
covenants and events of default (and related remedies, including acceleration
and increased interest rates following an event of default). It also contains a
financial covenant tied to the Companys adjusted leverage ratio.
Item
2.02.
|
|
Results
of Operations and Financial Condition.
|
On March 26, 2008,
the Company issued a press release reporting its financial results for the
fourth quarter and fiscal year ended February 2, 2008 (the Earnings
Announcement). A copy of the Earnings Announcement is attached to this Current
Report on Form 8-K (Current Report) as Exhibit 99.1 and the
contents of which are incorporated herein solely for purposes of this Item 2.02
disclosure.
The information in this
Item 2.02, including the Earnings Announcement attached to this Current Report,
is being furnished and shall not be deemed filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the Exchange Act), or
otherwise subject to the liabilities of such section. The information in this
Item 2.02, including the Earnings Announcement, shall not be incorporated by
reference into any filings under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
any such filing.
Item 2.03.
|
|
Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant
|
Item 1.01 of this
report is incorporated by reference in this Item 2.03.
Item 9.01.
|
|
Financial Statements and Exhibits.
|
(d) Exhibits
Exhibit No.
|
|
Description
|
|
|
|
99.1
|
|
Earnings Release dated
March 26, 2008
|
2
SIGNATURE
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 thereunto duly
authorized.
|
CITI TRENDS, INC.
|
|
|
|
|
|
|
|
|
|
Date: March 26,
2008
|
By:
|
/s/ Bruce D. Smith
|
|
|
Name:
|
Bruce D. Smith
|
|
|
Title:
|
Chief Financial Officer
|
3
Exhibit No.
|
|
Description
|
|
|
|
99.1
|
|
Earnings Release dated
March 26, 2008
|
|
|
|
4
Citi Trends (NASDAQ:CTRN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Citi Trends (NASDAQ:CTRN)
Historical Stock Chart
From Jul 2023 to Jul 2024