$BGFV
BIG 5 SPORTING GOODS Corp

2018 Q3 Form 10-Q Financial Statement

#000156459018018352 Filed on August 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $240.0M $242.9M $243.7M
YoY Change -1.53% -12.95% 0.94%
Cost Of Revenue $164.7M $182.9M $164.4M
YoY Change 0.19% -3.27% -0.48%
Gross Profit $82.50M $72.85M $79.31M
YoY Change 4.02% -18.95% 4.0%
Gross Profit Margin 34.38% 29.99% 32.55%
Selling, General & Admin $77.68M $77.40M $74.19M
YoY Change 4.71% 1.44% 2.67%
% of Gross Profit 94.16% 106.24% 93.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.800M $4.800M $4.800M
YoY Change 0.0% -4.0% 4.35%
% of Gross Profit 5.82% 6.59% 6.05%
Operating Expenses $77.68M $77.40M $74.19M
YoY Change 4.71% 1.44% 2.67%
Operating Profit $4.819M -$4.546M $5.120M
YoY Change -5.88% -133.45% 28.06%
Interest Expense $860.0K -$400.0K $380.0K
YoY Change 126.32% 33.33% -11.42%
% of Operating Profit 17.85% 7.42%
Other Income/Expense, Net
YoY Change
Pretax Income $3.959M $9.700M $4.740M
YoY Change -16.48% -27.07% 32.81%
Income Tax $844.0K $3.800M $1.962M
% Of Pretax Income 21.32% 39.18% 41.39%
Net Earnings $3.115M -$12.95M $2.778M
YoY Change 12.13% -258.18% 30.79%
Net Earnings / Revenue 1.3% -5.33% 1.14%
Basic Earnings Per Share $0.15 -$0.62 $0.13
Diluted Earnings Per Share $0.15 -$0.62 $0.13
COMMON SHARES
Basic Shares Outstanding 20.99M 21.75M
Diluted Shares Outstanding 21.00M 21.87M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.900M $5.300M $6.600M
YoY Change -10.61% -3.64% -18.52%
Cash & Equivalents $5.900M $7.170M $6.600M
Short-Term Investments
Other Short-Term Assets $19.70M $11.50M $11.50M
YoY Change 71.3% 16.16% -17.86%
Inventory $345.6M $313.9M $328.7M
Prepaid Expenses $18.93M $11.53M
Receivables $12.00M $8.600M $12.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $383.2M $350.9M $359.0M
YoY Change 6.74% 11.71% 5.59%
LONG-TERM ASSETS
Property, Plant & Equipment $73.10M $77.27M $77.44M
YoY Change -5.6% -2.69% -2.22%
Goodwill $4.433M $4.433M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.40M $2.732M $2.656M
YoY Change 404.52% -87.41% -87.7%
Total Long-Term Assets $90.09M $94.17M $106.2M
YoY Change -15.15% -12.64% -1.06%
TOTAL ASSETS
Total Short-Term Assets $383.2M $350.9M $359.0M
Total Long-Term Assets $90.09M $94.17M $106.2M
Total Assets $473.3M $445.1M $465.2M
YoY Change 1.75% 5.49% 3.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.6M $113.7M $116.4M
YoY Change -3.3% 8.32% 11.21%
Accrued Expenses $59.95M $68.23M $61.85M
YoY Change -3.07% 6.94% 3.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.800M $1.800M $1.700M
YoY Change 5.88% 28.57% 41.67%
Total Short-Term Liabilities $174.3M $183.7M $180.0M
YoY Change -3.14% 7.94% 8.42%
LONG-TERM LIABILITIES
Long-Term Debt $93.10M $49.40M $50.80M
YoY Change 83.27% 96.03% -14.19%
Other Long-Term Liabilities $10.26M $10.52M $11.50M
YoY Change -10.8% -61.59% -58.03%
Total Long-Term Liabilities $10.26M $10.52M $11.50M
YoY Change -10.8% -79.99% -86.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $174.3M $183.7M $180.0M
Total Long-Term Liabilities $10.26M $10.52M $11.50M
Total Liabilities $293.2M $258.0M $258.4M
YoY Change 13.47% 15.85% 2.29%
SHAREHOLDERS EQUITY
Retained Earnings $105.0M $112.4M $125.9M
YoY Change -16.53%
Common Stock $117.6M $116.7M $115.4M
YoY Change 1.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $42.53M $42.10M $34.51M
YoY Change 23.24%
Treasury Stock Shares $3.650M $3.574M $2.782M
Shareholders Equity $180.5M $187.1M $206.8M
YoY Change
Total Liabilities & Shareholders Equity $473.3M $445.1M $465.2M
YoY Change 1.75% 5.49% 3.99%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $3.115M -$12.95M $2.778M
YoY Change 12.13% -258.18% 30.79%
Depreciation, Depletion And Amortization $4.800M $4.800M $4.800M
YoY Change 0.0% -4.0% 4.35%
Cash From Operating Activities -$13.00M $13.80M -$18.30M
YoY Change -28.96% -64.25% -369.12%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$4.200M -$2.800M
YoY Change 0.0% 23.53% -22.22%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.800M -$4.200M -$2.800M
YoY Change 0.0% 23.53% -22.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.70M -10.90M 21.80M
YoY Change -23.39% -71.24% -1657.14%
NET CHANGE
Cash From Operating Activities -13.00M 13.80M -18.30M
Cash From Investing Activities -2.800M -4.200M -2.800M
Cash From Financing Activities 16.70M -10.90M 21.80M
Net Change In Cash 900.0K -1.300M 700.0K
YoY Change 28.57% -51.85% -61.11%
FREE CASH FLOW
Cash From Operating Activities -$13.00M $13.80M -$18.30M
Capital Expenditures -$2.800M -$4.200M -$2.800M
Free Cash Flow -$10.20M $18.00M -$15.50M
YoY Change -34.19% -57.14% -249.04%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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TreasuryStockShares
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CY2017Q4 us-gaap Treasury Stock Shares
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q3 us-gaap Accumulated Amortization Deferred Finance Costs
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Increase Decrease In Book Overdrafts
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Cash Period Increase Decrease
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Cash
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Cash
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us-gaap Capital Lease Obligations Incurred
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us-gaap Capital Lease Obligations Incurred
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Income Taxes Paid
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us-gaap Fiscal Period
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<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 2018 is comprised of 52 weeks and ends on December 30, 2018. Fiscal year 2017 was comprised of 52 weeks and ended on December 31, 2017. The fiscal interim periods in fiscal 2018 and 2017 are each comprised of 13 weeks.</p></div>
us-gaap Use Of Estimates
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<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, and property and equipment; valuation allowances for receivables, sales returns and deferred income tax assets; estimates related to gift cards and returned merchandise credits (collectively, &#8220;stored-value cards&#8221;) 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>
CY2018Q3 us-gaap Number Of Stores
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CY2018Q3 us-gaap Area Of Real Estate Property
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us-gaap Number Of Reportable Segments
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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
bgfv Stored Value Card Redemption Revenue Recognized
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bgfv Revenue Recognition Gift Cards Redemption Period
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CY2018Q3 us-gaap Noncurrent Assets
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us-gaap Impairment Of Long Lived Assets Held For Use
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CY2018Q3 bgfv Accrued Occupancy Costs Current
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CY2017Q4 us-gaap Other Accrued Liabilities Current
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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. The amendment represented a modification and resulted in the payment and capitalization of $0.2 million in deferred financing fees.
CY2018Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
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CY2018Q3 bgfv Line Of Credit Facility Increase Borrowing Capacity
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CY2018Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2018Q3 bgfv Sublimit For Issuances Of Letters Of Credit
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CY2018Q3 bgfv Sublimit For Swingline Loans
SublimitForSwinglineLoans
20000000
CY2018Q3 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
CY2018Q3 bgfv Eligible In Transit Inventory Threshold
EligibleInTransitInventoryThreshold
10000000
CY2018Q3 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.480
us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.480
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.
CY2018Q3 bgfv Line Of Credit Facility Debt Default Minimum Amount
LineOfCreditFacilityDebtDefaultMinimumAmount
5000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2018-12-19
CY2018Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
400000
CY2017Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
500000
us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
200000
CY2018Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2017Q4 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
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
125000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
208000
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 Expiration Date
DueDiligenceExpirationDate
2018-03-02
CY2018Q3 us-gaap Escrow Deposit
EscrowDeposit
300000
us-gaap Sale Leaseback Transaction Date
SaleLeasebackTransactionDate
November 27, 2020
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
144293
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
254900
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6564
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
23319
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
369310
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
108993
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
360672
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.11
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.22
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.82
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.95
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.60
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.32
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.63
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M28D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y14D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y7M9D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
492570
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
143751
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
480840
CY2018Q3 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.029
us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.026
CY2018Q3 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P5Y1M6D
us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P5Y1M6D
CY2018Q3 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.075
us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.095
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
53343

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