$BGFV
BIG 5 SPORTING GOODS Corp

2019 Q1 Form 10-Q Financial Statement

#000156459019014713 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q2
Revenue $245.3M $234.2M
YoY Change -7.29%
Cost Of Revenue $169.4M $161.5M
YoY Change -4.46%
Gross Profit $75.88M $72.73M
YoY Change -13.03%
Gross Profit Margin 30.93% 31.05%
Selling, General & Admin $72.61M $73.49M
YoY Change -1.55%
% of Gross Profit 95.7% 101.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.000M $4.800M
YoY Change 2.13%
% of Gross Profit 6.59% 6.6%
Operating Expenses $72.61M $73.49M
YoY Change -1.55%
Operating Profit $3.265M -$762.0K
YoY Change -108.49%
Interest Expense $776.0K $656.0K
YoY Change 144.78%
% of Operating Profit 23.77%
Other Income/Expense, Net
YoY Change
Pretax Income $2.489M -$1.418M
YoY Change -116.28%
Income Tax $825.0K -$109.0K
% Of Pretax Income 33.15%
Net Earnings $1.664M -$1.309M
YoY Change -124.58%
Net Earnings / Revenue 0.68% -0.56%
Basic Earnings Per Share $0.08 -$0.06
Diluted Earnings Per Share $0.08 -$0.06
COMMON SHARES
Basic Shares Outstanding 21.03M 20.94M
Diluted Shares Outstanding 21.05M 20.94M

Balance Sheet

Concept 2019 Q1 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.300M $4.900M
YoY Change -16.95%
Cash & Equivalents $5.299M $4.900M
Short-Term Investments
Other Short-Term Assets $7.200M $16.50M
YoY Change 68.37%
Inventory $296.2M $321.5M
Prepaid Expenses
Receivables $10.70M $9.200M
Other Receivables $0.00 $0.00
Total Short-Term Assets $319.4M $352.1M
YoY Change 9.11%
LONG-TERM ASSETS
Property, Plant & Equipment $328.2M $74.00M
YoY Change -3.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.00M $13.30M
YoY Change -39.27%
Total Long-Term Assets $345.6M $90.60M
YoY Change -14.53%
TOTAL ASSETS
Total Short-Term Assets $319.4M $352.1M
Total Long-Term Assets $345.6M $90.60M
Total Assets $665.0M $442.7M
YoY Change 3.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.3M $101.2M
YoY Change -0.39%
Accrued Expenses $119.0M $59.70M
YoY Change -10.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.200M $1.700M
YoY Change 21.43%
Total Short-Term Liabilities $224.5M $162.5M
YoY Change -4.36%
LONG-TERM LIABILITIES
Long-Term Debt $50.40M $71.40M
YoY Change 200.0%
Other Long-Term Liabilities $214.7M $25.80M
YoY Change -8.51%
Total Long-Term Liabilities $265.1M $97.20M
YoY Change 86.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $224.5M $162.5M
Total Long-Term Liabilities $265.1M $97.20M
Total Liabilities $489.6M $259.7M
YoY Change 17.09%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $175.4M $183.0M
YoY Change
Total Liabilities & Shareholders Equity $665.0M $442.7M
YoY Change 3.27%

Cashflow Statement

Concept 2019 Q1 2018 Q2
OPERATING ACTIVITIES
Net Income $1.664M -$1.309M
YoY Change -124.58%
Depreciation, Depletion And Amortization $5.000M $4.800M
YoY Change 2.13%
Cash From Operating Activities $12.54M -$8.927M
YoY Change 711.55%
INVESTING ACTIVITIES
Capital Expenditures $1.522M $2.398M
YoY Change -45.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.522M -$2.398M
YoY Change -45.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $428.0K
YoY Change 707.55%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.48M 9.056M
YoY Change 158.74%
NET CHANGE
Cash From Operating Activities 12.54M -8.927M
Cash From Investing Activities -1.522M -2.398M
Cash From Financing Activities -12.48M 9.056M
Net Change In Cash -1.466M -2.269M
YoY Change 13.45%
FREE CASH FLOW
Cash From Operating Activities $12.54M -$8.927M
Capital Expenditures $1.522M $2.398M
Free Cash Flow $11.02M -$11.33M
YoY Change 107.08%

Facts In Submission

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<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;text-indent:6.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company follows the concept of a 52-53 week fiscal year, which ends on the Sunday nearest December 31. Fiscal year 2019 is comprised of 52 weeks and ends on December 29, 2019. Fiscal year 2018 was comprised of 52 weeks and ended on December 30, 2018. The fiscal interim periods in fiscal 2019 and 2018 are each comprised of 13 weeks.</p>
CY2019Q1 us-gaap Use Of Estimates
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343205000
CY2018 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
300000
CY2019Q1 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, December 19, 2013 and September 29, 2017 (as so amended, the “Credit Agreement”), and has a maturity date of September 29, 2022.
CY2019Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2022-09-29
CY2019Q1 bgfv Line Of Credit Facility Increase Borrowing Capacity
LineOfCreditFacilityIncreaseBorrowingCapacity
165000000
CY2019Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
200000000
CY2019Q1 bgfv Sublimit For Issuances Of Letters Of Credit
SublimitForIssuancesOfLettersOfCredit
25000000
CY2019Q1 bgfv Sublimit For Swingline Loans
SublimitForSwinglineLoans
20000000
CY2019Q1 bgfv Percentage Of Eligible Credit Card Accounts Receivable
PercentageOfEligibleCreditCardAccountsReceivable
0.9000
CY2019Q1 bgfv Percentage Of Net Orderly Liquidation Value Of Eligible Inventory
PercentageOfNetOrderlyLiquidationValueOfEligibleInventory
0.9000
CY2019Q1 bgfv Percentage Of Net Orderly Liquidation Value Of Eligible In Transit Inventory
PercentageOfNetOrderlyLiquidationValueOfEligibleInTransitInventory
0.9000
CY2019Q1 bgfv Eligible In Transit Inventory Threshold
EligibleInTransitInventoryThreshold
10000000
CY2019Q1 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
the applicable margin for base rate loans (as shown below) plus the highest of (a) the Federal funds rate, as in effect from time to time, plus one-half of one percent (0.50%), (b) the LIBO rate, plus one percentage point (1.00%), or (c) the rate of interest in effect for such day as announced from time to time within Wells Fargo as its “prime rate.”
CY2019Q1 us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.0020
CY2019Q1 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
CY2018Q2 us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
200000
CY2019Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2019Q1 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.
CY2019Q1 bgfv Line Of Credit Facility Debt Default Minimum Amount
LineOfCreditFacilityDebtDefaultMinimumAmount
5000000
CY2019Q1 bgfv Unrecognized Tax Benefits Period That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsPeriodThatWouldImpactEffectiveTaxRate
Over the next 12 months
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
25000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
61160
CY2019Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
500000
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
500000
CY2019Q1 us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
300000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
544950
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
113850
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
530483
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.51
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.07
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
6.01
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.14
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.42
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.18
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M29D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y4M9D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y9M21D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.026
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.026
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M12D
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y1M6D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.530
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.480
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.049
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.096
CY2019Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
59094

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