2018 Q4 Form 10-Q Financial Statement

#000156459018025769 Filed on October 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $247.1M $242.9M
YoY Change 1.73% -12.95%
Cost Of Revenue $176.7M $182.9M
YoY Change -3.4% -3.27%
Gross Profit $70.40M $72.85M
YoY Change -3.37% -18.95%
Gross Profit Margin 28.49% 29.99%
Selling, General & Admin $76.30M $77.40M
YoY Change -1.42% 1.44%
% of Gross Profit 108.38% 106.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.200M $4.800M
YoY Change 8.33% -4.0%
% of Gross Profit 7.39% 6.59%
Operating Expenses $76.30M $77.40M
YoY Change -1.42% 1.44%
Operating Profit -$5.900M -$4.546M
YoY Change 29.78% -133.45%
Interest Expense -$1.100M -$400.0K
YoY Change 175.0% 33.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.000M $9.700M
YoY Change -172.16% -27.07%
Income Tax -$1.900M $3.800M
% Of Pretax Income 39.18%
Net Earnings -$5.100M -$12.95M
YoY Change -60.62% -258.18%
Net Earnings / Revenue -2.06% -5.33%
Basic Earnings Per Share -$0.62
Diluted Earnings Per Share -$242.9K -$0.62
COMMON SHARES
Basic Shares Outstanding 21.43M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.800M $5.300M
YoY Change 28.3% -3.64%
Cash & Equivalents $6.765M $7.170M
Short-Term Investments
Other Short-Term Assets $9.200M $11.50M
YoY Change -20.0% 16.16%
Inventory $294.9M $313.9M
Prepaid Expenses $9.224M $18.93M
Receivables $14.20M $8.600M
Other Receivables $0.00 $0.00
Total Short-Term Assets $325.1M $350.9M
YoY Change -7.36% 11.71%
LONG-TERM ASSETS
Property, Plant & Equipment $76.49M $77.27M
YoY Change -1.01% -2.69%
Goodwill $4.433M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.457M $2.732M
YoY Change 26.54% -87.41%
Total Long-Term Assets $94.49M $94.17M
YoY Change 0.34% -12.64%
TOTAL ASSETS
Total Short-Term Assets $325.1M $350.9M
Total Long-Term Assets $94.49M $94.17M
Total Assets $419.6M $445.1M
YoY Change -5.73% 5.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $80.61M $113.7M
YoY Change -29.13% 8.32%
Accrued Expenses $67.66M $68.23M
YoY Change -0.83% 6.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.300M $1.800M
YoY Change 27.78% 28.57%
Total Short-Term Liabilities $150.6M $183.7M
YoY Change -18.03% 7.94%
LONG-TERM LIABILITIES
Long-Term Debt $69.80M $49.40M
YoY Change 41.3% 96.03%
Other Long-Term Liabilities $9.668M $10.52M
YoY Change -8.13% -61.59%
Total Long-Term Liabilities $9.668M $10.52M
YoY Change -8.13% -79.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $150.6M $183.7M
Total Long-Term Liabilities $9.668M $10.52M
Total Liabilities $244.7M $258.0M
YoY Change -5.15% 15.85%
SHAREHOLDERS EQUITY
Retained Earnings $98.79M $112.4M
YoY Change -12.13%
Common Stock $118.6M $116.7M
YoY Change 1.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $42.53M $42.10M
YoY Change 1.02%
Treasury Stock Shares $3.650M $3.574M
Shareholders Equity $174.9M $187.1M
YoY Change
Total Liabilities & Shareholders Equity $419.6M $445.1M
YoY Change -5.73% 5.49%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$5.100M -$12.95M
YoY Change -60.62% -258.18%
Depreciation, Depletion And Amortization $5.200M $4.800M
YoY Change 8.33% -4.0%
Cash From Operating Activities $32.60M $13.80M
YoY Change 136.23% -64.25%
INVESTING ACTIVITIES
Capital Expenditures -$7.100M -$4.200M
YoY Change 69.05% 23.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$7.100M -$4.200M
YoY Change 69.05% 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 -23.90M -10.90M
YoY Change 119.27% -71.24%
NET CHANGE
Cash From Operating Activities 32.60M 13.80M
Cash From Investing Activities -7.100M -4.200M
Cash From Financing Activities -23.90M -10.90M
Net Change In Cash 1.600M -1.300M
YoY Change -223.08% -51.85%
FREE CASH FLOW
Cash From Operating Activities $32.60M $13.80M
Capital Expenditures -$7.100M -$4.200M
Free Cash Flow $39.70M $18.00M
YoY Change 120.56% -57.14%

Facts In Submission

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bgfv Lease Amendment Description
LeaseAmendmentDescription
In November 2017, the Company entered into an amendment to a lease for a parcel of land with an existing building adjacent to its corporate headquarters location, including a parking lot currently used by the Company (the “premises”) concurrently with entering into a purchase and sale agreement. Pursuant to the purchase and sale agreement, the Company had the right to purchase the premises for $4.5 million. The purchase and sale agreement’s due diligence period expired on March 2, 2018, and in connection therewith, the Company paid an escrow deposit of $300,000 applied towards the purchase price of the property. The closing of the sale was scheduled to occur on or before November 27, 2018, subject to seller’s right to elect an earlier closing date. On October 11, 2018, the Company completed the purchase of the premises for $4.5 million and terminated the lease concurrently therewith.
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us-gaap Line Of Credit Facility Description
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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.
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