$CHEF
Chefs' Warehouse, Inc.

2013 Q4 Form 10-Q Financial Statement

#000119312513427347 Filed on November 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $193.4M $170.6M $142.6M
YoY Change 35.62% 36.68% 22.4%
Cost Of Revenue $144.1M $126.6M $106.5M
YoY Change 35.31% 36.99% 24.56%
Gross Profit $49.21M $43.96M $36.11M
YoY Change 36.29% 35.77% 16.47%
Gross Profit Margin 25.45% 25.77% 25.32%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.850M $1.900M $2.480M
YoY Change -25.4% 69.64% 386.27%
% of Gross Profit 3.76% 4.32% 6.87%
Operating Expenses $39.10M $34.52M $28.20M
YoY Change 38.65% 37.8% 32.39%
Operating Profit $10.19M $9.435M $7.867M
YoY Change 29.58% 28.81% -18.9%
Interest Expense -$2.200M $2.328M -$1.200M
YoY Change 83.33% 130.5% 140.0%
% of Operating Profit -21.58% 24.67% -15.25%
Other Income/Expense, Net
YoY Change
Pretax Income $8.013M $7.107M $6.632M
YoY Change 20.82% 12.6% -27.91%
Income Tax $3.200M $2.947M $3.000M
% Of Pretax Income 39.94% 41.47% 45.24%
Net Earnings $4.836M $4.160M $3.604M
YoY Change 34.18% 9.01% -30.69%
Net Earnings / Revenue 2.5% 2.44% 2.53%
Basic Earnings Per Share $0.20 $0.20 $0.17
Diluted Earnings Per Share $0.19 $0.20 $0.17
COMMON SHARES
Basic Shares Outstanding 25.02M shares 20.93M shares
Diluted Shares Outstanding 21.15M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00M $54.60M $100.0K
YoY Change 19900.0% 2381.82% -95.0%
Cash & Equivalents $20.01M $54.62M $118.0K
Short-Term Investments
Other Short-Term Assets $19.00M $9.400M $8.300M
YoY Change 128.92% 11.9% 72.92%
Inventory $64.70M $57.27M $40.40M
Prepaid Expenses
Receivables $76.40M $66.98M $56.69M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $180.1M $188.2M $105.5M
YoY Change 70.7% 88.24% 43.36%
LONG-TERM ASSETS
Property, Plant & Equipment $29.90M $18.27M $9.365M
YoY Change 219.27% 88.3% 74.1%
Goodwill $66.93M $45.36M
YoY Change 120.3%
Intangibles $47.61M $35.71M
YoY Change 598.1%
Long-Term Investments
YoY Change
Other Assets $9.300M $3.846M $2.861M
YoY Change 225.06% -73.48% 98.13%
Total Long-Term Assets $174.7M $143.0M $104.6M
YoY Change 66.97% 36.6% 205.18%
TOTAL ASSETS
Total Short-Term Assets $180.1M $188.2M $105.5M
Total Long-Term Assets $174.7M $143.0M $104.6M
Total Assets $354.8M $331.3M $210.1M
YoY Change 68.84% 61.83% 94.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.90M $32.51M $33.72M
YoY Change 0.54% -7.37% 11.02%
Accrued Expenses $21.80M $10.96M $5.291M
YoY Change 312.02% 56.59% 37.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.900M $6.545M $5.175M
YoY Change 33.33% 25.87% -15.26%
Total Short-Term Liabilities $62.60M $54.81M $47.70M
YoY Change 31.23% 15.88% 8.85%
LONG-TERM LIABILITIES
Long-Term Debt $140.8M $141.4M $119.4M
YoY Change 17.97% 17.06% 201.47%
Other Long-Term Liabilities $10.90M $2.600M $1.200M
YoY Change 808.33% 136.36% 33.33%
Total Long-Term Liabilities $151.7M $141.4M $119.4M
YoY Change 27.1% 16.01% 201.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.60M $54.81M $47.70M
Total Long-Term Liabilities $151.7M $141.4M $119.4M
Total Liabilities $222.7M $204.3M $170.9M
YoY Change 30.35% 20.76% 102.65%
SHAREHOLDERS EQUITY
Retained Earnings $30.22M $18.07M
YoY Change 408.07%
Common Stock $250.0K $210.0K
YoY Change 0.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $132.1M $126.9M $39.28M
YoY Change
Total Liabilities & Shareholders Equity $354.8M $331.3M $210.1M
YoY Change 68.84% 61.83% 94.79%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income $4.836M $4.160M $3.604M
YoY Change 34.18% 9.01% -30.69%
Depreciation, Depletion And Amortization $1.850M $1.900M $2.480M
YoY Change -25.4% 69.64% 386.27%
Cash From Operating Activities -$4.110M -$6.070M -$940.0K
YoY Change 337.23% -433.52% -109.17%
INVESTING ACTIVITIES
Capital Expenditures -$6.040M -$2.360M -$460.0K
YoY Change 1213.04% 210.53% -23.33%
Acquisitions
YoY Change
Other Investing Activities -$23.64M -$330.0K $750.0K
YoY Change -3252.0% -99.39% -108.48%
Cash From Investing Activities -$29.68M -$2.690M $300.0K
YoY Change -9993.33% -95.06% -103.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.06M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -980.0K 61.12M -1.440M
YoY Change -31.94% 16.55% 364.52%
NET CHANGE
Cash From Operating Activities -4.110M -6.070M -940.0K
Cash From Investing Activities -29.68M -2.690M 300.0K
Cash From Financing Activities -980.0K 61.12M -1.440M
Net Change In Cash -34.77M 52.36M -2.080M
YoY Change 1571.63% -22865.22% -524.49%
FREE CASH FLOW
Cash From Operating Activities -$4.110M -$6.070M -$940.0K
Capital Expenditures -$6.040M -$2.360M -$460.0K
Free Cash Flow $1.930M -$3.710M -$480.0K
YoY Change -502.08% -243.8% -104.42%

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dei Trading Symbol
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Chefs' Warehouse, Inc.
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RevenueFromRelatedParties
146000
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PaymentsToAcquireBusinessesNetOfCashAcquired
54364000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
145800000
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3652000
us-gaap Interest Paid
InterestPaid
4047000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
270000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20787000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-195000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2136000
us-gaap Revenues
Revenues
480158000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
133000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11959000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1230000
us-gaap Gross Profit
GrossProfit
123090000
us-gaap Operating Income Loss
OperatingIncomeLoss
26389000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-4000
us-gaap Net Income Loss
NetIncomeLoss
12154000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1262000
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
5598000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
357068000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
228000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
21623000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
99708000
us-gaap Share Based Compensation
ShareBasedCompensation
892000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-48000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
443000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
54498000
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
4800000
us-gaap Operating Expenses
OperatingExpenses
96701000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8633000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
66000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
3537000
us-gaap Interest Expense
InterestExpense
5598000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
75060000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
26000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
70800000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
405000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3537000
us-gaap Depreciation
Depreciation
1925000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60024000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1448000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1152000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
55000
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 Deferred Credits
DeferredCredits
-282000
chef Change In Fair Value Of Earn Out Liability
ChangeInFairValueOfEarnOutLiability
49000
CY2012 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
24769000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20980019 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
317063 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20662956 shares
CY2012Q3 us-gaap Profit Loss
ProfitLoss
3816000
CY2012Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
53000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6312000
CY2012Q3 us-gaap Revenues
Revenues
124807000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3816000
CY2012Q3 us-gaap Gross Profit
GrossProfit
32377000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
7325000
CY2012Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
6849000
CY2012Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
135663000
CY2012Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-3000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
3816000
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
92430000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
25052000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2496000
CY2012Q3 us-gaap Interest Expense
InterestExpense
1010000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
593000
CY2012Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
8000
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21145159 shares
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
217011 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20928148 shares
CY2013Q3 us-gaap Profit Loss
ProfitLoss
4160000
CY2013Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
44000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
7107000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
142000
CY2013Q3 us-gaap Revenues
Revenues
170581000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4302000
CY2013Q3 us-gaap Gross Profit
GrossProfit
43957000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
9435000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
4160000
CY2013Q3 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
2238000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
126624000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
34522000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2947000
CY2013Q3 us-gaap Interest Expense
InterestExpense
2328000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1235000
CY2013Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
27000

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