$DXLG
DESTINATION XL GROUP, INC.

2012 Q4 Form 10-Q Financial Statement

#000119312512473671 Filed on November 16, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q1 2011 Q4
Revenue $88.74M $111.1M $88.99M
YoY Change -0.28% 1.16% -1.01%
Cost Of Revenue $49.70M $61.40M $49.00M
YoY Change 1.43% 2.68% 0.41%
Gross Profit $39.01M $49.71M $40.02M
YoY Change -2.53% -0.79% -2.63%
Gross Profit Margin 43.96% 44.75% 44.97%
Selling, General & Admin $37.69M $40.00M $37.84M
YoY Change -0.39% 3.9% -2.48%
% of Gross Profit 96.62% 80.47% 94.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.850M $3.490M $2.970M
YoY Change 29.63% 3.25% -6.01%
% of Gross Profit 9.87% 7.02% 7.42%
Operating Expenses $41.53M $66.50M $40.81M
YoY Change 1.78% 58.71% -2.84%
Operating Profit -$2.526M -$16.86M -$786.0K
YoY Change 221.37% -305.63% -12.67%
Interest Expense -$200.0K -$200.0K -$100.0K
YoY Change 100.0% 0.0% -50.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$252.0K
YoY Change -100.0% -184.0%
Pretax Income -$2.677M -$17.03M -$1.174M
YoY Change 128.02% -315.62% 67.71%
Income Tax -$1.073M -$51.11M -$175.0K
% Of Pretax Income
Net Earnings -$1.600M $33.49M -$1.596M
YoY Change 0.25% 531.94% -632.0%
Net Earnings / Revenue -1.8% 30.15% -1.79%
Basic Earnings Per Share -$0.03 $0.70 -$0.03
Diluted Earnings Per Share -$0.03 $0.70 -$0.03
COMMON SHARES
Basic Shares Outstanding 48.05M shares 47.53M shares
Diluted Shares Outstanding 48.05M shares 47.53M shares

Balance Sheet

Concept 2012 Q4 2012 Q1 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.200M $10.40M $5.600M
YoY Change -7.14% 153.66% -6.67%
Cash & Equivalents $5.198M $10.35M $5.625M
Short-Term Investments
Other Short-Term Assets $15.80M $15.20M $11.00M
YoY Change 43.64% 70.79% -2.65%
Inventory $116.1M $104.2M $114.9M
Prepaid Expenses
Receivables $3.500M $3.600M $3.600M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $140.6M $133.4M $135.1M
YoY Change 4.06% 21.83% 3.52%
LONG-TERM ASSETS
Property, Plant & Equipment $62.74M $45.93M $44.20M
YoY Change 41.94% 17.48% 10.22%
Goodwill
YoY Change
Intangibles $6.908M $8.654M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.951M $1.792M $1.800M
YoY Change 8.39% -0.44% 28.57%
Total Long-Term Assets $113.4M $100.3M $77.90M
YoY Change 45.55% 37.23% 5.41%
TOTAL ASSETS
Total Short-Term Assets $140.6M $133.4M $135.1M
Total Long-Term Assets $113.4M $100.3M $77.90M
Total Assets $254.0M $233.7M $213.0M
YoY Change 19.24% 28.0% 4.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.37M $24.66M $33.40M
YoY Change -12.07% 40.1% 5.03%
Accrued Expenses $35.50M $28.80M $31.40M
YoY Change 13.06% 7.06% 18.05%
Deferred Revenue
YoY Change
Short-Term Debt $7.600M $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $73.90M $54.91M $66.20M
YoY Change 11.63% 18.84% -11.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $4.563M $5.406M $21.80M
YoY Change -79.07% -77.0% -8.02%
Total Long-Term Liabilities $4.563M $24.46M $21.80M
YoY Change -79.07% 4.07% -8.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.90M $54.91M $66.20M
Total Long-Term Liabilities $4.563M $24.46M $21.80M
Total Liabilities $96.42M $79.36M $90.10M
YoY Change 7.01% 11.31% -9.63%
SHAREHOLDERS EQUITY
Retained Earnings -$44.04M -$45.95M
YoY Change
Common Stock $595.0K $594.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $87.98M $87.98M
YoY Change
Treasury Stock Shares 10.88M shares 10.88M shares
Shareholders Equity $157.6M $154.4M $122.8M
YoY Change
Total Liabilities & Shareholders Equity $254.0M $233.7M $213.0M
YoY Change 19.24% 28.0% 4.21%

Cashflow Statement

Concept 2012 Q4 2012 Q1 2011 Q4
OPERATING ACTIVITIES
Net Income -$1.600M $33.49M -$1.596M
YoY Change 0.25% 531.94% -632.0%
Depreciation, Depletion And Amortization $3.850M $3.490M $2.970M
YoY Change 29.63% 3.25% -6.01%
Cash From Operating Activities -$2.460M $11.72M -$6.540M
YoY Change -62.39% -15.38% -14.95%
INVESTING ACTIVITIES
Capital Expenditures -$9.800M -$7.080M -$6.170M
YoY Change 58.83% 302.27% 66.31%
Acquisitions
YoY Change
Other Investing Activities $60.00K $50.00K $70.00K
YoY Change -14.29% -50.0% -22.22%
Cash From Investing Activities -$9.720M -$7.030M -$6.100M
YoY Change 59.34% 326.06% 68.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.610M 40.00K -10.00K
YoY Change -76200.0% -100.28% -100.11%
NET CHANGE
Cash From Operating Activities -2.460M 11.72M -6.540M
Cash From Investing Activities -9.720M -7.030M -6.100M
Cash From Financing Activities 7.610M 40.00K -10.00K
Net Change In Cash -4.570M 4.730M -12.65M
YoY Change -63.87% -346.35% 572.87%
FREE CASH FLOW
Cash From Operating Activities -$2.460M $11.72M -$6.540M
Capital Expenditures -$9.800M -$7.080M -$6.170M
Free Cash Flow $7.340M $18.80M -$370.0K
YoY Change -2083.78% 20.44% -90.7%

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<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Basis of Presentation</b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">In the opinion of management of Casual Male Retail Group, Inc., a Delaware corporation (the &#x201C;Company&#x201D;), the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the interim financial statements. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the notes to the Company&#x2019;s audited consolidated financial statements for the fiscal year ended January&#xA0;28, 2012 included in the Company&#x2019;s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March&#xA0;16, 2012.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The information set forth in these statements may be subject to normal year-end adjustments. The information reflects all adjustments that, in the opinion of management, are necessary to present fairly the Company&#x2019;s results of operations, financial position and cash flows for the periods indicated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company&#x2019;s business historically has been seasonal in nature, and the results of the interim periods presented are not necessarily indicative of the results to be expected for the full year.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s fiscal year is a 52- or 53- week period ending on the Saturday closest to January&#xA0;31. Fiscal 2012 is a 53-week period ending on February&#xA0;2, 2013. Fiscal 2011 was a 52-week period ending on January&#xA0;28, 2012.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Reclassifications of Prior Periods for Discontinued Operations</u></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Results for the third quarter and first nine months of fiscal 2011 have been restated to reflect the operating results of the Company&#x2019;s European operations as discontinued operations. Results for the first nine months of fiscal 2012 include the restatement of the Company&#x2019;s first quarter of fiscal 2012 to reflect discontinued operations. See Note 5, &#x201C;Discontinued Operations.&#x201D;</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Segment Information</u></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Through the end of fiscal 2011, the Company managed its business as one reportable segment comprised of three operating segments &#x2013; B&amp;T Factory Direct&#x2122;, Casual Male XL&#xAE; and Rochester Clothing. However, with the continued expansion of the Destination XL&#xAE; (&#x201C;DXL&#xAE;&#x201D;) store format and the merger of all of the Company&#x2019;s websites into one consolidated site, www.destinationxl.com, which carries merchandise from all three of these business formats, the businesses are now managed using retail and direct, as opposed to the previous store formats.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Effective the first quarter of fiscal 2012, the Company reports its operations as one reportable segment, Big&#xA0;&amp; Tall Men&#x2019;s Apparel, which consists of two principal operating segments: its retail business and its direct businesses. The Company considers its operating segments to be similar in terms of economic characteristics, production processes and operations, and have therefore aggregated them into a single reporting segment. The direct operating segment includes the operating results and assets for LivingXL&#xAE; and ShoesXL&#xAE;.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Fair Value of Financial Instruments</u></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">ASC Topic 825, <i>Financial Instruments,</i> requires disclosure of the fair value of certain financial instruments. The carrying amounts for the Company&#x2019;s long-term debt approximate fair value as the interest rates and terms are substantially similar to those that could be obtained currently for similar instruments. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these instruments.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">ASC Topic 820, <i>Fair Value Measurements and Disclosures,</i> defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Intangible Assets</u></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">At October&#xA0;27, 2012, the &#x201C;Casual Male&#x201D; trademark has a carrying value of $4.7 million and is considered a definite-lived asset. The Company is amortizing this trademark, on an accelerated basis consistent with projected cash flows, over an estimated useful life through fiscal 2018.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s &#x201C;Rochester&#x201D; trademark is considered an indefinite-lived intangible asset and has a carrying value of $1.5 million. During the first nine months of fiscal 2012, no event or circumstance occurred which would cause a reduction in the fair value of the Company&#x2019;s reporting units, requiring interim testing of the Company&#x2019;s &#x201C;Rochester&#x201D; trademark.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Stock-based Compensation</u></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">All share-based payments, including grants of employee stock options and restricted stock, are recognized as an expense in the statement of operations based on their fair values and vesting periods. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the &#x201C;expected term&#x201D;), the estimated volatility of the Company&#x2019;s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (&#x201C;forfeitures&#x201D;). The Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as an expense over the vesting period, net of estimated forfeitures. The estimation of stock-based awards that will ultimately vest requires significant judgment. Actual results, and future changes in estimates, may differ from the Company&#x2019;s current estimates.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">For the first nine months of fiscal 2012 and fiscal 2011, the Company recognized total stock-based compensation expense of $0.9 million and $1.3 million, respectively.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The total compensation cost related to non-vested awards not yet recognized as of October&#xA0;27, 2012 is approximately $0.5 million which will be expensed over a weighted average remaining life of 24 months.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Valuation Assumptions for Stock Options and Restricted Stock</u></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">During the first nine months of fiscal 2012, the Company granted stock options to purchase 51,286 shares of common stock. There were no grants of restricted stock during the first nine months of fiscal 2012.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">During the first nine months of fiscal 2011, the Company granted 569,661 shares of restricted stock of which 538,661 shares were granted to members of management as a result of the Company achieving certain performance targets pursuant to its LTIP for fiscal 2010. In addition, during the first nine months of fiscal 2011, the Company granted stock options to purchase 85,421 shares of common stock, of which stock options to purchase 72,576 shares of common stock were granted as part of the LTIP for fiscal 2010.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Each restricted share of common stock was assigned a fair value equal to the closing price of the Company&#x2019;s common stock on the date of grant. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted average grant date fair value of stock options granted during the first nine months of fiscal 2012 was $1.39 per share.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The following assumptions were used for grants for the first nine months of fiscal 2012 and fiscal 2011:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="68%"></td> <td valign="bottom" width="8%"></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="1">October&#xA0;27,&#xA0;2012</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="1">October&#xA0;29,&#xA0;2011</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Expected volatility</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">55.0%</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">55.0%</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Risk-free interest rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">0.31-0.67%</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">0.32-1.89%</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Expected life</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">3.0-4.5&#xA0;yrs</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2.5-4.5&#xA0;yrs</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Dividend rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> </tr> </table> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Expected volatilities are based on historical volatilities of the Company&#x2019;s common stock; the expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and historical exercise patterns; and the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">During the first nine months of fiscal 2012, options to purchase 400,000 shares of common stock, with an intrinsic value of $0.5 million, were exercised through net share settlement. As a result, only 116,389 shares were issued.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Recently Issued Accounting Pronouncements</u></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The Company has reviewed accounting pronouncements and interpretations thereof that have effective dates during the periods reported and in future periods. The Company believes that the following impending standards may have an impact on its future filings. The applicability of any standard will be evaluated by the Company and is still subject to review by the Company.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">In July 2012, the FASB issued ASU No.&#xA0;2012-02, <i>Intangibles&#x2014;Goodwill and Other (Topic 350) Testing Indefinite-Lived Intangible Assets for Impairment</i> (&#x201C;ASU 2012-02&#x201D;). ASU 2012-02 is intended to reduce the cost and complexity of the annual indefinite-lived intangible assets impairment testing by providing entities an option to perform a &#x201C;qualitative&#x201D; assessment to determine whether further impairment testing is necessary. As such, there is the possibility that quantitative assessments would not need to be performed if it is more likely than not that no impairment exists. This new update is effective for annual and interim impairment tests performed for fiscal years beginning after September&#xA0;15, 2012. Early adoption is permitted. The Company will adopt ASU 2012-02 as of December&#xA0;29, 2012 for its annual impairment testing. The Company does not expect it to affect its testing significantly.</font></p> </div>
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GrossProfit
39007000
CY2012Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
410000 shares
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-1600000
CY2012Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37689000
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1073000
CY2012Q4 cmrg Disposal Group Including Discontinued Operation Selling General And Administrative Expenses
DisposalGroupIncludingDiscontinuedOperationSellingGeneralAndAdministrativeExpenses
-4000

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