$CATO
CATO CORP

2020 Q3 Form 10-Q Financial Statement

#000001825520000036 Filed on August 27, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $168.2M $212.6M
YoY Change -20.89% 1.75%
Cost Of Revenue $132.7M $130.4M
YoY Change 1.81% 0.44%
Gross Profit $35.43M $82.21M
YoY Change -56.9% 3.91%
Gross Profit Margin 21.07% 38.67%
Selling, General & Admin $43.96M $66.07M
YoY Change -33.47% -4.1%
% of Gross Profit 124.05% 80.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.488M $3.836M
YoY Change -9.07% -7.61%
% of Gross Profit 9.84% 4.67%
Operating Expenses $43.96M $66.07M
YoY Change -33.47% -4.1%
Operating Profit -$11.05M $14.00M
YoY Change -178.93% 36.93%
Interest Expense $1.000M $1.700M
YoY Change -41.18% 21.43%
% of Operating Profit 12.14%
Other Income/Expense, Net
YoY Change
Pretax Income -$11.05M $14.00M
YoY Change -178.93% 86.59%
Income Tax -$3.880M $2.134M
% Of Pretax Income 15.24%
Net Earnings -$7.170M $11.87M
YoY Change -160.42% 83.06%
Net Earnings / Revenue -4.26% 5.58%
Basic Earnings Per Share -$0.30 $0.48
Diluted Earnings Per Share -$0.30 $0.48
COMMON SHARES
Basic Shares Outstanding 23.79M shares
Diluted Shares Outstanding 22.91M shares 23.79M shares

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.0M $233.4M
YoY Change -41.3% 3.78%
Cash & Equivalents $36.57M $26.01M
Short-Term Investments $100.4M $207.4M
Other Short-Term Assets $16.40M $8.600M
YoY Change 90.7% -39.86%
Inventory $88.30M $99.95M
Prepaid Expenses $4.651M
Receivables $39.00M $27.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $280.7M $369.3M
YoY Change -23.99% -2.4%
LONG-TERM ASSETS
Property, Plant & Equipment $286.7M $89.57M
YoY Change 220.1% -12.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.10M $22.68M
YoY Change 28.33% -34.08%
Total Long-Term Assets $315.7M $288.1M
YoY Change 9.6% 110.7%
TOTAL ASSETS
Total Short-Term Assets $280.7M $369.3M
Total Long-Term Assets $315.7M $288.1M
Total Assets $596.4M $657.4M
YoY Change -9.27% 27.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.00M $67.72M
YoY Change -20.26% -9.59%
Accrued Expenses $98.80M $44.45M
YoY Change 122.26% -28.07%
Deferred Revenue $6.401M $5.427M
YoY Change 17.95% 4.95%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $154.0M $179.6M
YoY Change -14.26% 29.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $176.2M $143.1M
YoY Change 23.13% 215.2%
Total Long-Term Liabilities $176.2M $143.1M
YoY Change 23.13% 215.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $154.0M $179.6M
Total Long-Term Liabilities $176.2M $143.1M
Total Liabilities $330.2M $322.7M
YoY Change 2.32% 75.57%
SHAREHOLDERS EQUITY
Retained Earnings $224.5M
YoY Change -1.55%
Common Stock $807.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $266.2M $334.6M
YoY Change
Total Liabilities & Shareholders Equity $596.4M $657.4M
YoY Change -9.27% 27.62%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$7.170M $11.87M
YoY Change -160.42% 83.06%
Depreciation, Depletion And Amortization $3.488M $3.836M
YoY Change -9.07% -7.61%
Cash From Operating Activities $23.10M $30.50M
YoY Change -24.26% 22.49%
INVESTING ACTIVITIES
Capital Expenditures $4.490M $1.222M
YoY Change 267.43% 1.5%
Acquisitions
YoY Change
Other Investing Activities $18.50M -$30.10M
YoY Change -161.46% -23.99%
Cash From Investing Activities $14.10M -$31.30M
YoY Change -145.05% -23.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $509.1K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00M -8.100M
YoY Change 270.37% -53.98%
NET CHANGE
Cash From Operating Activities 23.10M 30.50M
Cash From Investing Activities 14.10M -31.30M
Cash From Financing Activities -30.00M -8.100M
Net Change In Cash 7.200M -8.900M
YoY Change -180.9% -73.43%
FREE CASH FLOW
Cash From Operating Activities $23.10M $30.50M
Capital Expenditures $4.490M $1.222M
Free Cash Flow $18.61M $29.28M
YoY Change -36.44% 23.56%

Facts In Submission

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StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
-9170 shares
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1494000 USD
CY2019Q3 us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
0 shares
CY2019Q3 us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 USD
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
334618000 USD
CY2020Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
72400 shares
CY2020Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
509141 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
5300000 USD
us-gaap Net Income Loss
NetIncomeLoss
-35587000 USD
us-gaap Net Income Loss
NetIncomeLoss
33122000 USD
CY2019Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
451000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-1531000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
31974000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22934410 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.48
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.34
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.48
CY2020Q3 us-gaap Depreciation
Depreciation
3488000 USD
CY2019Q3 us-gaap Revenues
Revenues
212581000 USD
CY2019Q3 us-gaap Depreciation
Depreciation
3836000 USD
CY2019Q3 us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
1693000 USD
us-gaap Revenues
Revenues
268902000 USD
us-gaap Depreciation
Depreciation
7494000 USD
us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
2812000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-11050000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-48581000 USD
CY2020Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4490000 USD
us-gaap Revenues
Revenues
442933000 USD
us-gaap Depreciation
Depreciation
7679000 USD
us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
2829000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
14000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
39572000 USD
CY2019Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1222000 USD
CY2020Q3 cato Options And Or Restricted Stock Initially Authorized
OptionsAndOrRestrictedStockInitiallyAuthorized
6225000 shares
CY2020Q3 cato Options And Or Restricted Stock Available For Grant
OptionsAndOrRestrictedStockAvailableForGrant
3943118 shares
CY2020Q3 cato Total Financial Assets At Fair Value
TotalFinancialAssetsAtFairValue
112362000 USD
CY2020Q1 cato Total Financial Assets At Fair Value
TotalFinancialAssetsAtFairValue
212955000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<span style="font-family: 'Times New Roman', 'serif'; font-size: 11.00pt">In December 2019, the FASB issued ASU 2019-12, </span><span style="font-family: 'Times New Roman', 'serif'; font-style: italic; font-size: 11.00pt">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 11.00pt">. The new accounting rules reduce complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. The new accounting rules also simplify accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The new accounting rules will be effective for the Company in the first quarter of 2021. The Company is currently in the process of evaluating the impact of adoption of the new accounting rules on the Company’s financial position, results of operations, cash flows and disclosures.</span>
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.267 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.163 pure
cato Uncollectedamount
Uncollectedamount
185000 USD
cato Uncollectedamount
Uncollectedamount
455000 USD
cato Proprietarycreditcardsales
Proprietarycreditcardsales
6900000 USD
cato Proprietarycreditcardsales
Proprietarycreditcardsales
13800000 USD
CY2020Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
10763000 USD
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6401000 USD
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
17082000 USD
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
16665000 USD
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
439000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
508000 USD
CY2020Q3 cato Asc840 Prepaid Rent Expense
Asc840PrepaidRentExpense
0 USD
CY2019Q3 cato Asc840 Prepaid Rent Expense
Asc840PrepaidRentExpense
37000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
34075000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
26397000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
519000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
1114000 USD
cato Asc840 Prepaid Rent Expense
Asc840PrepaidRentExpense
0 USD
cato Asc840 Prepaid Rent Expense
Asc840PrepaidRentExpense
6012000 USD
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
15946000 USD
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
15327000 USD
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3287000 USD
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
320000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
31445000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
25418000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
31484000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
602000 USD
cato Lesseeoperatingleaseweightedaveragestabletabletextblock
Lesseeoperatingleaseweightedaveragestabletabletextblock
<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.09in"><td style="vertical-align: bottom; width: 58%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="font-family: 'Times New Roman', 'serif'; font-size: 8.00pt"> </span></p></td><td colspan="3" style="vertical-align: bottom; width: 42%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"><p style="margin-bottom: 0; text-align: center"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 8.50pt">As of</span></p></td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 58%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="font-family: 'Times New Roman', 'serif'; font-size: 9.00pt"> </span></p></td><td style="vertical-align: bottom; width: 22%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"><p style="margin-bottom: 0; text-align: center"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 9.00pt">August 1, 2020</span></p></td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"><p style="margin-bottom: 0; text-align: center"><span style="font-family: 'Times New Roman', 'serif'; font-size: 9.00pt"> </span></p></td><td style="vertical-align: bottom; width: 18%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"><p style="margin-bottom: 0; text-align: center"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 9.00pt">August 3, 2019</span></p></td></tr><tr style="height: 0.09in"><td style="vertical-align: bottom; width: 58%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="font-family: 'Times New Roman', 'serif'; font-size: 9.00pt"> </span></p></td><td style="vertical-align: bottom; width: 22%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="font-family: 'Times New Roman', 'serif'; font-size: 9.00pt"> </span></p></td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="font-family: 'Times New Roman', 'serif'; font-size: 9.00pt"> </span></p></td><td style="vertical-align: bottom; width: 18%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="font-family: 'Times New Roman', 'serif'; font-size: 9.00pt"> </span></p></td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 58%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 9.00pt">Weighted-average remaining lease term</span></p></td><td style="vertical-align: bottom; width: 22%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"><p style="margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 9.00pt">2.9 years</span></p></td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"><p style="margin-bottom: 0; text-align: right"><span style="font-family: 'Times New Roman', 'serif'; font-size: 9.00pt"> </span></p></td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"><p style="margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 9.00pt">2.6 years</span></p></td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 58%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 9.00pt">Weighted-average discount rate</span></p></td><td style="vertical-align: bottom; width: 22%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"><p style="margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 9.00pt">4.29%</span></p></td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"><p style="margin-bottom: 0"><span style="font-family: 'Times New Roman', 'serif'; font-size: 9.00pt"> </span></p></td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"><p style="margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 9.00pt">4.65%</span></p></td></tr></table>
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0429 pure
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0465 pure
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
31069000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
59114000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
43325000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
31978000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
20611000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
49366000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
235463000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
-25077000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
210386000 USD

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