$CHEF
Chefs' Warehouse, Inc.

2013 Q2 Form 10-Q Financial Statement

#000119312513321172 Filed on August 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $170.2M $114.8M
YoY Change 48.19% 15.69%
Cost Of Revenue $126.1M $84.35M
YoY Change 49.51% 15.55%
Gross Profit $44.04M $30.47M
YoY Change 44.54% 16.06%
Gross Profit Margin 25.88% 26.54%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $515.0K $418.0K
YoY Change 23.21% -9.13%
% of Gross Profit 1.17% 1.37%
Operating Expenses $32.99M $21.95M
YoY Change 50.26% 18.03%
Operating Profit $11.06M $8.517M
YoY Change 29.8% 10.55%
Interest Expense $1.903M $895.0K
YoY Change 112.63% -127.12%
% of Operating Profit 17.21% 10.51%
Other Income/Expense, Net
YoY Change
Pretax Income $9.148M $7.622M
YoY Change 20.02% 74.78%
Income Tax $3.803M $3.163M
% Of Pretax Income 41.57% 41.5%
Net Earnings $5.345M $4.459M
YoY Change 19.87% 68.07%
Net Earnings / Revenue 3.14% 3.88%
Basic Earnings Per Share $0.26 $0.22
Diluted Earnings Per Share $0.25 $0.21
COMMON SHARES
Basic Shares Outstanding 20.78M shares 20.54M shares
Diluted Shares Outstanding 21.02M shares 20.88M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.300M $2.400M
YoY Change -4.17% 71.43%
Cash & Equivalents $2.310M $2.436M
Short-Term Investments
Other Short-Term Assets $9.700M $5.400M
YoY Change 79.63% 31.71%
Inventory $55.86M $27.40M
Prepaid Expenses
Receivables $65.51M $44.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $133.4M $79.40M
YoY Change 68.04% 21.59%
LONG-TERM ASSETS
Property, Plant & Equipment $15.55M $6.800M
YoY Change 128.74% 41.67%
Goodwill $69.07M
YoY Change
Intangibles $45.60M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.872M $14.80M
YoY Change -73.84% 150.85%
Total Long-Term Assets $141.9M $63.80M
YoY Change 122.42% 109.18%
TOTAL ASSETS
Total Short-Term Assets $133.4M $79.40M
Total Long-Term Assets $141.9M $63.80M
Total Assets $275.3M $143.2M
YoY Change 92.26% 49.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.20M $32.80M
YoY Change 34.76% 5.13%
Accrued Expenses $8.213M $5.500M
YoY Change 49.33% -14.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.091M $4.600M
YoY Change 54.15% -77.88%
Total Short-Term Liabilities $63.45M $42.90M
YoY Change 47.89% -26.54%
LONG-TERM LIABILITIES
Long-Term Debt $154.9M $68.30M
YoY Change 126.82% -16.2%
Other Long-Term Liabilities $2.600M $1.000M
YoY Change 160.0% 0.0%
Total Long-Term Liabilities $154.9M $69.30M
YoY Change 123.55% -16.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.45M $42.90M
Total Long-Term Liabilities $154.9M $69.30M
Total Liabilities $227.9M $112.2M
YoY Change 103.08% -20.37%
SHAREHOLDERS EQUITY
Retained Earnings $26.06M
YoY Change
Common Stock $212.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.46M $31.00M
YoY Change
Total Liabilities & Shareholders Equity $275.3M $143.2M
YoY Change 92.26% 49.48%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $5.345M $4.459M
YoY Change 19.87% 68.07%
Depreciation, Depletion And Amortization $515.0K $418.0K
YoY Change 23.21% -9.13%
Cash From Operating Activities $7.360M $2.740M
YoY Change 168.61% -48.11%
INVESTING ACTIVITIES
Capital Expenditures -$1.920M -$1.260M
YoY Change 52.38% 193.02%
Acquisitions
YoY Change
Other Investing Activities -$32.14M -$19.55M
YoY Change 64.4% 119.42%
Cash From Investing Activities -$34.06M -$20.81M
YoY Change 63.67% 122.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.67M 18.46M
YoY Change 49.89% 299.57%
NET CHANGE
Cash From Operating Activities 7.360M 2.740M
Cash From Investing Activities -34.06M -20.81M
Cash From Financing Activities 27.67M 18.46M
Net Change In Cash 970.0K 390.0K
YoY Change 148.72% -30.36%
FREE CASH FLOW
Cash From Operating Activities $7.360M $2.740M
Capital Expenditures -$1.920M -$1.260M
Free Cash Flow $9.280M $4.000M
YoY Change 132.0% -29.95%

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16953000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-4000
us-gaap Net Income Loss
NetIncomeLoss
7993000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
374000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2192000
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
3421000
us-gaap Operating Expenses
OperatingExpenses
62243000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5686000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
111000
us-gaap Interest Expense
InterestExpense
3270000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
57200000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3573000
us-gaap Depreciation
Depreciation
1077000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-57329000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
6917000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
768000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
28000
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
100000000
chef Mortgage Loans On Real Estate Initial Maturity Date
MortgageLoansOnRealEstateInitialMaturityDate
2029-12
chef Ownership Interest In Facilities Owned By Entities Controlled By Companys Stockholders
OwnershipInterestInFacilitiesOwnedByEntitiesControlledByCompanysStockholders
1.00 pure
chef Expected Construction Costs
ExpectedConstructionCosts
21000000
chef Diluted Earnings Per Share
DilutedEarningsPerShare
0.38
chef Deferred Credits
DeferredCredits
-229000
chef Change In Fair Value Of Earn Out Liability
ChangeInFairValueOfEarnOutLiability
30000
CY2012 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
24769000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20884977 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
343743 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20541234 shares
CY2012Q2 us-gaap Profit Loss
ProfitLoss
4459000
CY2012Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
54000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
7622000
CY2012Q2 us-gaap Revenues
Revenues
114825000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4459000
CY2012Q2 us-gaap Gross Profit
GrossProfit
30471000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8517000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
8746000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
137105000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
4459000
CY2012Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
84354000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
21954000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3163000
CY2012Q2 us-gaap Interest Expense
InterestExpense
895000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
277000
CY2012Q2 us-gaap Depreciation
Depreciation
418000
CY2012Q2 chef Diluted Earnings Per Share
DilutedEarningsPerShare
0.21
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
CY2013Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
126115000
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21018602 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
236857 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20781745 shares
CY2013Q2 us-gaap Profit Loss
ProfitLoss
5345000
CY2013Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
54000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
9148000
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-337000
CY2013Q2 us-gaap Revenues
Revenues
170157000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5008000
CY2013Q2 us-gaap Gross Profit
GrossProfit
44042000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
11055000
CY2013Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-4000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
5345000
CY2013Q2 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1903000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
32987000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3803000
CY2013Q2 us-gaap Interest Expense
InterestExpense
1903000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1224000
CY2013Q2 us-gaap Depreciation
Depreciation
515000
CY2013Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
384000
CY2013Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
17000
CY2013Q2 chef Diluted Earnings Per Share
DilutedEarningsPerShare
0.25

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