$HVT
HAVERTY FURNITURE COMPANIES INC

2019 Q2 Form 10-Q Financial Statement

#000021608519000021 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $191.9M $198.8M $199.4M
YoY Change -3.46% 0.95% -0.53%
Cost Of Revenue $88.34M $90.98M $90.50M
YoY Change -2.9% 1.42% -0.33%
Gross Profit $103.6M $107.8M $108.9M
YoY Change -3.93% 0.56% -0.63%
Gross Profit Margin 53.97% 54.23% 54.61%
Selling, General & Admin $95.78M $98.75M $101.0M
YoY Change -3.01% 1.91% 0.5%
% of Gross Profit 92.49% 91.61% 92.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.200M $7.600M $7.500M
YoY Change -31.58% 0.0% -1.32%
% of Gross Profit 5.02% 7.05% 6.89%
Operating Expenses $95.68M $98.96M $100.0M
YoY Change -3.31% 2.12% 0.7%
Operating Profit $7.879M $8.839M $8.907M
YoY Change -10.86% -14.18% -13.52%
Interest Expense $300.0K -$500.0K -$500.0K
YoY Change -160.0% -16.67% -16.67%
% of Operating Profit 3.81% -5.66% -5.61%
Other Income/Expense, Net
YoY Change
Pretax Income $8.237M $8.410M $8.457M
YoY Change -2.06% -13.3% -12.81%
Income Tax $2.191M $2.196M $2.100M
% Of Pretax Income 26.6% 26.11% 24.83%
Net Earnings $6.046M $6.214M $6.313M
YoY Change -2.7% 0.23% 5.22%
Net Earnings / Revenue 3.15% 3.13% 3.17%
Basic Earnings Per Share $0.30 $0.30
Diluted Earnings Per Share $0.29 $0.29 $269.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.10M $74.60M $72.10M
YoY Change -24.8% 13.2% 17.24%
Cash & Equivalents $56.09M $82.82M $72.10M
Short-Term Investments
Other Short-Term Assets $10.49M $26.60M $23.20M
YoY Change -60.57% 14.16% -1.69%
Inventory $109.2M $107.5M $109.0M
Prepaid Expenses $9.876M
Receivables $1.578M $1.900M $2.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $193.8M $210.7M $206.4M
YoY Change -8.0% 7.55% 4.93%
LONG-TERM ASSETS
Property, Plant & Equipment $157.6M $226.1M $227.0M
YoY Change -30.32% -1.35% -1.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.810M $21.90M $22.20M
YoY Change -55.21% -24.22% -17.47%
Total Long-Term Assets $366.9M $248.2M $249.4M
YoY Change 47.84% -3.95% -3.67%
TOTAL ASSETS
Total Short-Term Assets $193.8M $210.7M $206.4M
Total Long-Term Assets $366.9M $248.2M $249.4M
Total Assets $560.8M $458.9M $455.8M
YoY Change 22.2% 1.01% 0.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.91M $22.10M $19.60M
YoY Change -5.38% 6.25% -16.24%
Accrued Expenses $33.32M $36.60M $33.00M
YoY Change -8.97% 9.25% -12.47%
Deferred Revenue $29.10M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $3.900M $3.800M
YoY Change -100.0% 8.33% 5.56%
Total Short-Term Liabilities $112.1M $91.90M $84.80M
YoY Change 21.97% 6.49% -7.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $48.80M $49.80M
YoY Change -100.0% -4.69% -4.41%
Other Long-Term Liabilities $22.64M $26.40M $26.70M
YoY Change -14.24% -0.38% 5.95%
Total Long-Term Liabilities $22.64M $75.20M $76.50M
YoY Change -69.89% -3.22% -1.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.1M $91.90M $84.80M
Total Long-Term Liabilities $22.64M $75.20M $76.50M
Total Liabilities $293.5M $167.1M $161.3M
YoY Change 75.65% 1.89% -4.67%
SHAREHOLDERS EQUITY
Retained Earnings $291.6M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $146.2M
YoY Change
Treasury Stock Shares
Shareholders Equity $267.3M $291.8M $294.5M
YoY Change
Total Liabilities & Shareholders Equity $560.8M $458.9M $455.8M
YoY Change 22.2% 1.01% 0.04%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $6.046M $6.214M $6.313M
YoY Change -2.7% 0.23% 5.22%
Depreciation, Depletion And Amortization $5.200M $7.600M $7.500M
YoY Change -31.58% 0.0% -1.32%
Cash From Operating Activities $9.400M $21.60M $7.300M
YoY Change -56.48% 51.05% 25.86%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$7.500M -$7.100M
YoY Change -46.67% 41.51% 36.54%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$200.0K $1.100M
YoY Change -100.0% -300.0% 10.0%
Cash From Investing Activities -$4.000M -$7.600M -$6.100M
YoY Change -47.37% 46.15% 45.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.30M -11.30M -8.600M
YoY Change 97.35% 140.43% 138.89%
NET CHANGE
Cash From Operating Activities 9.400M 21.60M 7.300M
Cash From Investing Activities -4.000M -7.600M -6.100M
Cash From Financing Activities -22.30M -11.30M -8.600M
Net Change In Cash -16.90M 2.700M -7.400M
YoY Change -725.93% -38.64% 270.0%
FREE CASH FLOW
Cash From Operating Activities $9.400M $21.60M $7.300M
Capital Expenditures -$4.000M -$7.500M -$7.100M
Free Cash Flow $13.40M $29.10M $14.40M
YoY Change -53.95% 48.47% 30.91%

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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
811000
CY2018Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-183000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
280000
CY2019Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
3000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
18000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
6000
CY2018Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
9000
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
10489000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
6262000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8707000
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9810000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
30539000
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
22640000
us-gaap Other Operating Income
OtherOperatingIncome
700000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-55000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17843000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
9281000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7585000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7285000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7768000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14642000
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2019Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9876000
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8106000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
846000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2260000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
216852000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
157551000
CY2019Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
20000
CY2018Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
22000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
23000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
24000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
22519000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1872000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
6591000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
8272000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
291573000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
282366000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
398218000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
191893000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
379134000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
198775000
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
95784000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
194663000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
199756000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
98753000
us-gaap Share Based Compensation
ShareBasedCompensation
1951000
us-gaap Share Based Compensation
ShareBasedCompensation
2557000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
30000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
40000
CY2019Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
CY2018Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1328000
CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
795000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1162000
CY2018Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
816000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
267260000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
274629000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
281926000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
294142000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
294522000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
291778000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
17843000
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
17843000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
9281000
CY2018Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5757000
CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
146188000
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
129025000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1281000
us-gaap Variable Lease Cost
VariableLeaseCost
2812000
hvt Gross Profit And Other Revenue
GrossProfitAndOtherRevenue
216761000
CY2018Q2 hvt Gross Profit And Other Revenue
GrossProfitAndOtherRevenue
107822000
hvt Gross Profit And Other Revenue
GrossProfitAndOtherRevenue
206681000
CY2019Q2 hvt Gross Profit And Other Revenue
GrossProfitAndOtherRevenue
103576000
hvt Credit Service Charges
CreditServiceCharges
41000
CY2018Q2 hvt Credit Service Charges
CreditServiceCharges
25000
CY2019Q2 hvt Credit Service Charges
CreditServiceCharges
19000
hvt Credit Service Charges
CreditServiceCharges
57000
hvt Taxes On Vested Restricted Shares
TaxesOnVestedRestrictedShares
1328000
hvt Taxes On Vested Restricted Shares
TaxesOnVestedRestrictedShares
1162000
hvt Number Of Non Cancellable Operating Leases Entered During Period
NumberOfNonCancellableOperatingLeasesEnteredDuringPeriod
1
CY2019Q2 hvt Percentage Of Earnings Or Losses Assumed In Calculation
PercentageOfEarningsOrLossesAssumedInCalculation
1
CY2019Q2 hvt Stock Granted During Period Value Sharebased Compensation Directors Plan
StockGrantedDuringPeriodValueSharebasedCompensationDirectorsPlan
627000
hvt Stock Granted During Period Value Sharebased Compensation Directors Plan
StockGrantedDuringPeriodValueSharebasedCompensationDirectorsPlan
397000
CY2018Q2 hvt Stock Granted During Period Value Sharebased Compensation Directors Plan
StockGrantedDuringPeriodValueSharebasedCompensationDirectorsPlan
397000

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