2013 Q1 Form 10-Q Financial Statement

#000110465913039583 Filed on May 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $106.5K $84.91M
YoY Change -99.87% 28.26%
Cost Of Revenue $74.70M $59.20M
YoY Change 26.18% 26.77%
Gross Profit $31.82K $25.68M
YoY Change -99.88% 31.71%
Gross Profit Margin 29.88% 30.25%
Selling, General & Admin $23.20M $21.30M
YoY Change 8.92% 20.34%
% of Gross Profit 72916.99% 82.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.233M $2.400M
YoY Change 34.71% 29.73%
% of Gross Profit 10161.23% 9.34%
Operating Expenses $26.30M $21.27M
YoY Change 23.67% 20.84%
Operating Profit $5.516K $4.416M
YoY Change -99.88% 132.42%
Interest Expense $401.00 $155.0K
YoY Change -99.74% -177.5%
% of Operating Profit 7.27% 3.51%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $5.117K $4.264M
YoY Change -99.88% 150.82%
Income Tax $1.900K $1.487M
% Of Pretax Income 37.13% 34.87%
Net Earnings $3.217M $2.777M
YoY Change 15.84% 208.56%
Net Earnings / Revenue 3021.08% 3.27%
Basic Earnings Per Share $0.14 $0.11
Diluted Earnings Per Share $0.14 $0.11
COMMON SHARES
Basic Shares Outstanding 22.39M shares 22.37M shares
Diluted Shares Outstanding 22.44M shares 22.37M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.30M $3.500M
YoY Change 222.86%
Cash & Equivalents $9.497M $3.454M
Short-Term Investments $1.800M
Other Short-Term Assets $2.400M $1.400M
YoY Change 71.43%
Inventory $42.50M $33.60M
Prepaid Expenses
Receivables $1.483M $2.000M
Other Receivables $0.00 $100.0K
Total Short-Term Assets $57.74M $40.50M
YoY Change 42.56%
LONG-TERM ASSETS
Property, Plant & Equipment $85.65M $44.60M
YoY Change 92.04%
Goodwill $511.0K
YoY Change
Intangibles $388.9K
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $200.0K $1.200M
YoY Change -83.33%
Total Long-Term Assets $86.79M $46.80M
YoY Change 85.46%
TOTAL ASSETS
Total Short-Term Assets $57.74M $40.50M
Total Long-Term Assets $86.79M $46.80M
Total Assets $144.5M $87.30M
YoY Change 65.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.32M $19.00M
YoY Change 38.52%
Accrued Expenses $9.520M $8.100M
YoY Change 17.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $9.500M
YoY Change -100.0%
Long-Term Debt Due $400.0K $1.100M
YoY Change -63.64%
Total Short-Term Liabilities $36.20M $37.60M
YoY Change -3.72%
LONG-TERM LIABILITIES
Long-Term Debt $15.80M $15.80M
YoY Change 0.0%
Other Long-Term Liabilities $8.900M $8.800M
YoY Change 1.14%
Total Long-Term Liabilities $29.71M $24.60M
YoY Change 20.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.20M $37.60M
Total Long-Term Liabilities $29.71M $24.60M
Total Liabilities $65.90M $69.40M
YoY Change -5.05%
SHAREHOLDERS EQUITY
Retained Earnings $25.69M
YoY Change
Common Stock $52.94M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.63M $17.90M
YoY Change
Total Liabilities & Shareholders Equity $144.5M $87.30M
YoY Change 65.56%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $3.217M $2.777M
YoY Change 15.84% 208.56%
Depreciation, Depletion And Amortization $3.233M $2.400M
YoY Change 34.71% 29.73%
Cash From Operating Activities $8.350M $9.600M
YoY Change -13.02% 148.7%
INVESTING ACTIVITIES
Capital Expenditures -$8.850M -$3.870M
YoY Change 128.68% 2.11%
Acquisitions
YoY Change
Other Investing Activities -$400.0K -$90.00K
YoY Change 344.44% 125.0%
Cash From Investing Activities -$9.250M -$3.960M
YoY Change 133.59% 3.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 120.0K -4.850M
YoY Change -102.47% -3131.25%
NET CHANGE
Cash From Operating Activities 8.350M 9.600M
Cash From Investing Activities -9.250M -3.960M
Cash From Financing Activities 120.0K -4.850M
Net Change In Cash -780.0K 790.0K
YoY Change -198.73% 338.89%
FREE CASH FLOW
Cash From Operating Activities $8.350M $9.600M
Capital Expenditures -$8.850M -$3.870M
Free Cash Flow $17.20M $13.47M
YoY Change 27.69% 76.08%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Nature Of Operations
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1. Organization</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Nature of Business</font></i></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Natural Grocers by Vitamin Cottage,&#160;Inc. (Natural Grocers or the holding company) and its consolidated subsidiaries (collectively, the Company) operate retail stores that specialize in natural and organic groceries and dietary supplements. The Company operates its retail stores under its trademark <i>Natural Grocers by Vitamin Cottage</i></font><font style="POSITION: relative; FONT-SIZE: 6.5pt; TOP: -3pt;" size="1">&#174;</font><font style="FONT-SIZE: 10pt;" size="2">&#160;with 65 stores as of March&#160;31, 2013, including 31 stores in Colorado, 12 in Texas, four in New Mexico, three in each of Kansas, Arizona and Montana, two in each of Wyoming and Nebraska, and one in each of the following states: Utah, Oklahoma, Missouri,&#160;Idaho and Oregon.&#160; The Company&#8217;s bulk food repackaging facility and distribution center is located in Colorado. The Company had 53 stores as of March&#160;31, 2012.</font></p> </div>
us-gaap Use Of Estimates
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;"><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Use of Estimates</font></i></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></p> </div>
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202316167 USD
CY2013Q1 ngvc Cost Of Goods Sold And Occupancy Costs
CostOfGoodsSoldAndOccupancyCosts
74668098 USD
CY2012Q1 ngvc Cost Of Goods Sold And Occupancy Costs
CostOfGoodsSoldAndOccupancyCosts
59223589 USD
ngvc Cost Of Goods Sold And Occupancy Costs
CostOfGoodsSoldAndOccupancyCosts
142662598 USD
CY2013Q1 us-gaap Gross Profit
GrossProfit
31816721 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5524926 USD
ngvc Pre Opening Costs And Relocation Expenses
PreOpeningCostsAndRelocationExpenses
853631 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5516010 USD
CY2013Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
2450 USD
CY2012Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
2329 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
4639 USD
CY2013Q1 us-gaap Interest Expense
InterestExpense
401361 USD
CY2012Q1 us-gaap Interest Expense
InterestExpense
154928 USD
us-gaap Interest Expense
InterestExpense
656463 USD
CY2013Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
398911 USD
CY2012Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
152599 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
651824 USD
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5117099 USD
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4264025 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8653337 USD
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1899901 USD
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1486443 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3214739 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
3217198 USD
CY2012Q1 us-gaap Profit Loss
ProfitLoss
2777582 USD
us-gaap Profit Loss
ProfitLoss
5438598 USD
CY2012Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
292503 USD
us-gaap Operating Expenses
OperatingExpenses
40846478 USD
CY2012Q1 us-gaap Gross Profit
GrossProfit
25683670 USD
us-gaap Gross Profit
GrossProfit
59653569 USD
CY2013Q1 ngvc Store Expenses
StoreExpenses
22162828 USD
CY2012Q1 ngvc Store Expenses
StoreExpenses
18028062 USD
ngvc Store Expenses
StoreExpenses
42365511 USD
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3341579 USD
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2812256 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6667607 USD
CY2013Q1 ngvc Pre Opening Costs And Relocation Expenses
PreOpeningCostsAndRelocationExpenses
796304 USD
ngvc Pre Opening Costs And Relocation Expenses
PreOpeningCostsAndRelocationExpenses
1315290 USD
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
26300711 USD
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
21267046 USD
us-gaap Operating Expenses
OperatingExpenses
50348408 USD
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4416624 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
9305161 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
6436402 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
4011 USD
us-gaap Interest Expense
InterestExpense
330127 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
326116 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6110286 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2072705 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
562189 USD
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2008Q2 ngvc Share Based Compensation Arrangement By Share Based Payment Award Grant Entitlement As Percentage Of Fully Diluted Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantEntitlementAsPercentageOfFullyDilutedShares
0.0120 pure
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22441445 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22372184 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22437183 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22372184 shares
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
2474 USD
us-gaap Share Based Compensation
ShareBasedCompensation
43445 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
651711 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
499622 USD
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
25578 USD
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
33918 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-272108 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-43936 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-1660655 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4992625 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3792414 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
193564 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
213413 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
1338858 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
3559122 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2072136 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2266112 USD
ngvc Increase Decrease In Deferred Rent And Lease Incentives
IncreaseDecreaseInDeferredRentAndLeaseIncentives
-17615 USD
ngvc Increase Decrease In Deferred Rent And Lease Incentives
IncreaseDecreaseInDeferredRentAndLeaseIncentives
1124154 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
10693363 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
13930694 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17667475 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8203767 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
519231 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-8289104 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1833338 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2474 USD
ngvc Increase Decrease In Split Dollar Life Insurance Premiums
IncreaseDecreaseInSplitDollarLifeInsurancePremiums
81991 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-18251368 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
128364 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
277397 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
450000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
31810 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
268192 USD
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 USD
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
18182 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-235613 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2564784 USD
us-gaap Interest Paid
InterestPaid
6111 USD
us-gaap Interest Paid
InterestPaid
336668 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-7793618 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
3076806 USD
ngvc Payments For Interest On Capital Lease Finance Obligations
PaymentsForInterestOnCapitalLeaseFinanceObligations
619392 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4087186 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1948050 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1392439 USD
ngvc Capital Lease Financing Obligations Incurred
CapitalLeaseFinancingObligationsIncurred
5657626 USD
ngvc Property Acquired Through Capital Lease Obligations
PropertyAcquiredThroughCapitalLeaseObligations
4865446 USD
CY2011Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
377549 USD
CY2012Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3454355 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
29740 shares
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 USD
CY2013Q1 ngvc Other Than Temporary Impairment Losses On Investments Available For Sale Securities
OtherThanTemporaryImpairmentLossesOnInvestmentsAvailableForSaleSecurities
0 USD
CY2012Q3 ngvc Other Than Temporary Impairment Losses On Investments Available For Sale Securities
OtherThanTemporaryImpairmentLossesOnInvestmentsAvailableForSaleSecurities
0 USD
us-gaap Increase Decrease In Notes Receivable Related Parties
IncreaseDecreaseInNotesReceivableRelatedParties
3346 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
210935 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
426367 USD
CY2013Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
500000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
340000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
500000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
210935 USD
CY2013Q1 ngvc Percentage Extension Of Bonus Depreciation On Qualifying Assets
PercentageExtensionOfBonusDepreciationOnQualifyingAssets
0.50 pure
CY2013Q1 ngvc Period Of Special Extension Depreciation Life
PeriodOfSpecialExtensionDepreciationLife
P15Y
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
0 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
9200 USD

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