$BGFV
BIG 5 SPORTING GOODS Corp

2017 Q4 Form 10-Q Financial Statement

#000156459017020719 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4
Revenue $242.9M
YoY Change -12.95%
Cost Of Revenue $182.9M
YoY Change -3.27%
Gross Profit $72.85M
YoY Change -18.95%
Gross Profit Margin 29.99%
Selling, General & Admin $77.40M
YoY Change 1.44%
% of Gross Profit 106.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.800M
YoY Change -4.0%
% of Gross Profit 6.59%
Operating Expenses $77.40M
YoY Change 1.44%
Operating Profit -$4.546M
YoY Change -133.45%
Interest Expense -$400.0K
YoY Change 33.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $9.700M
YoY Change -27.07%
Income Tax $3.800M
% Of Pretax Income 39.18%
Net Earnings -$12.95M
YoY Change -258.18%
Net Earnings / Revenue -5.33%
Basic Earnings Per Share -$0.62
Diluted Earnings Per Share -$0.62
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.300M
YoY Change -3.64%
Cash & Equivalents $7.170M
Short-Term Investments
Other Short-Term Assets $11.50M
YoY Change 16.16%
Inventory $313.9M
Prepaid Expenses $18.93M
Receivables $8.600M
Other Receivables $0.00
Total Short-Term Assets $350.9M
YoY Change 11.71%
LONG-TERM ASSETS
Property, Plant & Equipment $77.27M
YoY Change -2.69%
Goodwill $4.433M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.732M
YoY Change -87.41%
Total Long-Term Assets $94.17M
YoY Change -12.64%
TOTAL ASSETS
Total Short-Term Assets $350.9M
Total Long-Term Assets $94.17M
Total Assets $445.1M
YoY Change 5.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $113.7M
YoY Change 8.32%
Accrued Expenses $68.23M
YoY Change 6.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.800M
YoY Change 28.57%
Total Short-Term Liabilities $183.7M
YoY Change 7.94%
LONG-TERM LIABILITIES
Long-Term Debt $49.40M
YoY Change 96.03%
Other Long-Term Liabilities $10.52M
YoY Change -61.59%
Total Long-Term Liabilities $10.52M
YoY Change -79.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.7M
Total Long-Term Liabilities $10.52M
Total Liabilities $258.0M
YoY Change 15.85%
SHAREHOLDERS EQUITY
Retained Earnings $112.4M
YoY Change
Common Stock $116.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $42.10M
YoY Change
Treasury Stock Shares $3.574M
Shareholders Equity $187.1M
YoY Change
Total Liabilities & Shareholders Equity $445.1M
YoY Change 5.49%

Cashflow Statement

Concept 2017 Q4
OPERATING ACTIVITIES
Net Income -$12.95M
YoY Change -258.18%
Depreciation, Depletion And Amortization $4.800M
YoY Change -4.0%
Cash From Operating Activities $13.80M
YoY Change -64.25%
INVESTING ACTIVITIES
Capital Expenditures -$4.200M
YoY Change 23.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.200M
YoY Change 23.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.90M
YoY Change -71.24%
NET CHANGE
Cash From Operating Activities 13.80M
Cash From Investing Activities -4.200M
Cash From Financing Activities -10.90M
Net Change In Cash -1.300M
YoY Change -51.85%
FREE CASH FLOW
Cash From Operating Activities $13.80M
Capital Expenditures -$4.200M
Free Cash Flow $18.00M
YoY Change -57.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q4 us-gaap Goodwill
Goodwill
4433000
bgfv Net Disgorgement Of Stockholders Short Swing Profits Value
NetDisgorgementOfStockholdersShortSwingProfitsValue
136000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2140000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-3599000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
15012000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1701000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-12033000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-12802000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11374000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
177785000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
141358000
us-gaap Increase Decrease In Book Overdrafts
IncreaseDecreaseInBookOverdrafts
-3671000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
130000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5551000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-11374000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
140000
bgfv Proceeds From Disgorgement Of Stockholder Short Swing Profits
ProceedsFromDisgorgementOfStockholderShortSwingProfits
346000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
1014000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2211000
us-gaap Interest Paid
InterestPaid
1069000
us-gaap Income Taxes Paid
IncomeTaxesPaid
555000
us-gaap Fiscal Period
FiscalPeriod
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reporting Period</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:6.67%;">The Company follows the concept of a 52-53 week fiscal year, which ends on the Sunday nearest December 31. Fiscal year 2017 is comprised of 52 weeks and ends on December 31, 2017. Fiscal year 2016 was comprised of 52 weeks and ended on January 1, 2017. The fiscal interim periods in fiscal 2017 and 2016 are each comprised of 13 weeks.</p></div>
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:6.67%;">Management has made a number of estimates and assumptions relating to the reporting of assets, liabilities and stockholders&#8217; equity and the disclosure of contingent assets and liabilities as of the date of the Interim Financial Statements and reported amounts of revenue and expense during the reporting period to prepare these Interim Financial Statements in conformity with GAAP. Certain items subject to such estimates and assumptions include the carrying amount of merchandise inventories, property and equipment, and goodwill; valuation allowances for receivables, sales returns and deferred income tax assets; estimates related to gift card breakage and the valuation of share-based compensation awards; and obligations related to litigation, self-insurance liabilities and employee benefits. Actual results could differ significantly from these estimates under different assumptions and conditions.</p></div>
CY2017Q2 bgfv Cumulative Effect Adjustment To Retained Earnings
CumulativeEffectAdjustmentToRetainedEarnings
0
bgfv Estimated Gift Card Redemption Period
EstimatedGiftCardRedemptionPeriod
20 quarters
CY2017Q1 us-gaap Accrued Liabilities For Unredeeemed Gift Cards
AccruedLiabilitiesForUnredeeemedGiftCards
5300000
CY2017Q4 us-gaap Noncurrent Assets
NoncurrentAssets
500000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
bgfv Number Of Underperforming Stores Closed
NumberOfUnderperformingStoresClosed
2
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
22528000
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
24224000
CY2017Q4 bgfv Accrued Occupancy Costs Current
AccruedOccupancyCostsCurrent
10886000
CY2017Q1 bgfv Accrued Occupancy Costs Current
AccruedOccupancyCostsCurrent
10981000
CY2017Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
8022000
CY2017Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
11376000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
24599000
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
30306000
us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
On October 18, 2010, the Company, Big 5 Corp. and Big 5 Services Corp. entered into a credit agreement with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and a syndicate of other lenders, which was amended on October 31, 2011 and December 19, 2013 (as so amended, the “Credit Agreement”). On September 29, 2017, the parties amended certain provisions of the Credit Agreement (such amendment, the “Third Amendment”), as further discussed below.
CY2017Q4 bgfv Line Of Credit Facility Increase Borrowing Capacity
LineOfCreditFacilityIncreaseBorrowingCapacity
165000000
CY2017Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
140000000
CY2017Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
200000000
CY2017Q4 bgfv Sublimit For Issuances Of Letters Of Credit
SublimitForIssuancesOfLettersOfCredit
50000000
CY2017Q4 bgfv Sublimit For Swingline Loans
SublimitForSwinglineLoans
20000000
CY2017Q4 bgfv Percentage Of Eligible Credit Card Accounts Receivable
PercentageOfEligibleCreditCardAccountsReceivable
0.9000
bgfv Percentage Of Net Orderly Liquidation Value Of Eligible Inventory
PercentageOfNetOrderlyLiquidationValueOfEligibleInventory
0.9000
bgfv Percentage Of Net Orderly Liquidation Value Of Eligible In Transit Inventory
PercentageOfNetOrderlyLiquidationValueOfEligibleInTransitInventory
0.9000
CY2017Q4 bgfv Eligible In Transit Inventory Threshold
EligibleInTransitInventoryThreshold
10000000
us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
Obligations under the Credit Facility are secured by a general lien and perfected security interest in substantially all of the Company’s assets. The Credit Agreement contains covenants that require the Company to maintain a fixed charge coverage ratio of not less than 1.0:1.0 in certain circumstances, and limit the ability
us-gaap Default Longterm Debt Description Of Violation Or Event Of Default
DefaultLongtermDebtDescriptionOfViolationOrEventOfDefault
The Credit Agreement contains customary events of default, including, without limitation, failure to pay when due principal amounts with respect to the Credit Facility, failure to pay any interest or other amounts under the Credit Facility for five days after becoming due, failure to comply with certain agreements or covenants contained in the Credit Agreement, failure to satisfy certain judgments against the Company, failure to pay when due (or any other default which does or may lead to the acceleration of) certain other material indebtedness in principal amount in excess of $5.0 million, and certain insolvency and bankruptcy events.
CY2017Q4 bgfv Line Of Credit Facility Debt Default Minimum Amount
LineOfCreditFacilityDebtDefaultMinimumAmount
5000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2018-12-19
CY2017Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
500000
CY2017Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
500000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2017Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
800000
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2017Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
bgfv Unrecognized Tax Benefits Period That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsPeriodThatWouldImpactEffectiveTaxRate
Over the next 12 months
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2017Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2017Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
31000
CY2016Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
139000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
168000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
183000
CY2017Q4 bgfv Net Disgorgement Of Stockholders Short Swing Profits Value
NetDisgorgementOfStockholdersShortSwingProfitsValue
100000
bgfv Related Legal Fees And Taxes
RelatedLegalFeesAndTaxes
200000
CY2008Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-02-28
CY2008Q1 bgfv Number Of Lease Renewals Allowed
NumberOfLeaseRenewalsAllowed
6
CY2008Q1 bgfv Lease Renewal Period
LeaseRenewalPeriod
P5Y
bgfv Lease Amendment Description
LeaseAmendmentDescription
In May 2017, the Company entered into an amendment to the lease to, among other things, extend the primary lease term, and consequently the construction deadline, to a date between February 29, 2020 and June 30, 2020
bgfv Non Refundable Payment
NonRefundablePayment
40000
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
4500000
bgfv Due Diligence Period
DueDiligencePeriod
P120D
us-gaap Sale Leaseback Transaction Date
SaleLeasebackTransactionDate
June 30, 2020
CY2017Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
CY2016Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
54012

Files In Submission

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0001564590-17-020719-index-headers.html Edgar Link pending
0001564590-17-020719-index.html Edgar Link pending
0001564590-17-020719.txt Edgar Link pending
0001564590-17-020719-xbrl.zip Edgar Link pending
bgfv-10q_20171001.htm Edgar Link pending
bgfv-20171001.xml Edgar Link completed
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bgfv-20171001_cal.xml Edgar Link unprocessable
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