$NGVC
Natural Grocers by Vitamin Cottage, Inc.

2015 Q4 Form 10-Q Financial Statement

#000143774916024251 Filed on January 28, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4 2014 Q3
Revenue $167.8M $145.9M $135.7M
YoY Change 15.01% 20.99% 117733.73%
Cost Of Revenue $119.5M $103.6M $97.00M
YoY Change 15.35% 21.6% 18.73%
Gross Profit $48.30M $42.29M $38.76M
YoY Change 14.19% 19.54% 115637.92%
Gross Profit Margin 28.78% 28.99% 28.56%
Selling, General & Admin $35.80M $31.10M $28.70M
YoY Change 15.11% 18.7% 13.44%
% of Gross Profit 74.13% 73.53% 74.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.045M $4.981M $4.650M
YoY Change 21.36% 26.49% 22.05%
% of Gross Profit 12.52% 11.78% 12.0%
Operating Expenses $41.60M $35.80M $33.10M
YoY Change 16.2% 19.33% 14.53%
Operating Profit $6.694M $6.441M $5.616M
YoY Change 3.93% 18.62% 122680.94%
Interest Expense $653.0K $735.0K $379.0K
YoY Change -11.16% 3.96% 42011.11%
% of Operating Profit 9.76% 11.41% 6.75%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $6.041M $5.706M $5.237M
YoY Change 5.87% 20.79% 142364.64%
Income Tax $2.293M $2.142M $2.049M
% Of Pretax Income 37.96% 37.54% 39.13%
Net Earnings $3.748M $3.564M $3.200M
YoY Change 5.16% 21.97% 43.63%
Net Earnings / Revenue 2.23% 2.44% 2.36%
Basic Earnings Per Share $0.17 $0.16 $0.14
Diluted Earnings Per Share $0.17 $0.16 $0.14
COMMON SHARES
Basic Shares Outstanding 22.50M 22.49M
Diluted Shares Outstanding 22.50M 22.49M

Balance Sheet

Concept 2015 Q4 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M $1.900M $5.100M
YoY Change 10.53% -74.32% -45.16%
Cash & Equivalents $2.142M $1.855M $5.113M
Short-Term Investments $0.00
Other Short-Term Assets $2.000M $1.700M $1.400M
YoY Change 17.65% -19.05% -48.15%
Inventory $79.30M $61.80M $58.40M
Prepaid Expenses
Receivables $2.107M $1.650M $2.146M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $85.54M $67.01M $67.11M
YoY Change 27.65% 12.23% 12.11%
LONG-TERM ASSETS
Property, Plant & Equipment $150.2M $126.9M $120.2M
YoY Change 18.3% 23.51% 21.55%
Goodwill $5.338M $511.0K
YoY Change 0.0%
Intangibles $840.0K $778.0K
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $900.0K $700.0K $700.0K
YoY Change 28.57% 250.0% 250.0%
Total Long-Term Assets $156.7M $133.5M $121.9M
YoY Change 17.39% 28.46% 21.83%
TOTAL ASSETS
Total Short-Term Assets $85.54M $67.01M $67.11M
Total Long-Term Assets $156.7M $133.5M $121.9M
Total Assets $242.2M $200.5M $189.0M
YoY Change 20.82% 22.54% 18.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.99M $36.19M $33.84M
YoY Change 46.45% 28.86% 17.0%
Accrued Expenses $16.36M $14.54M $19.65M
YoY Change 12.52% 45.0% 111.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.100M $0.00
YoY Change -100.0%
Long-Term Debt Due $400.0K $300.0K $200.0K
YoY Change 33.33% 50.0% 0.0%
Total Short-Term Liabilities $69.76M $54.62M $49.89M
YoY Change 27.72% 42.63% 29.92%
LONG-TERM LIABILITIES
Long-Term Debt $27.20M $25.00M $21.70M
YoY Change 8.8% 27.55% 10.71%
Other Long-Term Liabilities $16.10M $13.50M
YoY Change 19.26% 23.85%
Total Long-Term Liabilities $53.00M $43.29M $40.25M
YoY Change 22.44% 14.75% 8.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.76M $54.62M $49.89M
Total Long-Term Liabilities $53.00M $43.29M $40.25M
Total Liabilities $122.8M $97.90M $90.13M
YoY Change 25.39% 28.79% 19.58%
SHAREHOLDERS EQUITY
Retained Earnings $64.23M $47.84M $44.28M
YoY Change 34.25% 41.85% 43.73%
Common Stock $55.23M $54.73M $54.57M
YoY Change 0.91% 1.61% 1.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $119.5M $102.6M $98.85M
YoY Change
Total Liabilities & Shareholders Equity $242.2M $200.5M $189.0M
YoY Change 20.82% 22.54% 18.19%

Cashflow Statement

Concept 2015 Q4 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $3.748M $3.564M $3.200M
YoY Change 5.16% 21.97% 43.63%
Depreciation, Depletion And Amortization $6.045M $4.981M $4.650M
YoY Change 21.36% 26.49% 22.05%
Cash From Operating Activities $9.490M $6.910M $8.270M
YoY Change 37.34% 30.13% -21.83%
INVESTING ACTIVITIES
Capital Expenditures $10.18M $7.572M -$9.590M
YoY Change 34.44% -1.46% -30.76%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$5.600M $0.00
YoY Change -100.18% -1220.0% -100.0%
Cash From Investing Activities -$10.17M -$13.17M -$9.590M
YoY Change -22.78% 83.43% 16.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 3.010M -210.0K
YoY Change -103.32% -7625.0% -216.67%
NET CHANGE
Cash From Operating Activities 9.490M 6.910M 8.270M
Cash From Investing Activities -10.17M -13.17M -9.590M
Cash From Financing Activities -100.0K 3.010M -210.0K
Net Change In Cash -780.0K -3.250M -1.530M
YoY Change -76.0% 70.16% -161.2%
FREE CASH FLOW
Cash From Operating Activities $9.490M $6.910M $8.270M
Capital Expenditures $10.18M $7.572M -$9.590M
Free Cash Flow -$690.0K -$662.0K $17.86M
YoY Change 4.23% -72.11% -26.89%

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CY2015Q4 us-gaap Nature Of Operations
NatureOfOperations
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">1.</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">Organization</div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"></div><div style="display: inline; font-style: italic;">Nature of Business</div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Natural Grocers by Vitamin Cottage, 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 <div style="display: inline; font-style: italic;">Natural Grocers by Vitamin Cottage</div></div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&reg;</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">. As of December 31, 2015, the Company operated 107</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> stores in 18 states, including 36</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> stores in Colorado, 14 in Texas, eight</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> each in Kansas and Oregon, seven in Oklahoma, six in Arizona, five</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> in New Mexico, four each</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> in Montana and Utah, three</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> each in Idaho and Nebraska, two</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> each in Missouri and Wyoming, and one</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> each in Arkansas, Minnesota, Nevada, North Dakota and Washington. The Company also has a bulk food repackaging facility and distribution center in Golden, Colorado. The Company had 103 stores in 18 states as of September 30, 2015.</div></div></div>
CY2015Q4 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-773000
CY2014Q4 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-3258000
CY2015Q4 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-98000
CY2014Q4 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
3005000
CY2015Q4 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-10168000
CY2014Q4 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-13169000
CY2015Q4 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
9493000
CY2014Q4 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
6906000
CY2015Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3748000
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3564000
CY2015Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2015Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
18
CY2015Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
18
CY2015Q4 us-gaap Number Of Stores
NumberOfStores
107
CY2015Q3 us-gaap Number Of Stores
NumberOfStores
103
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
6694000
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
6441000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
644000
CY2014Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
553000
CY2015Q4 us-gaap Other Assets
OtherAssets
6520000
CY2015Q3 us-gaap Other Assets
OtherAssets
6422000
CY2015Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10000
CY2014Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
22000
CY2015Q4 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
CY2014Q4 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
5601000
CY2015Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10180000
CY2014Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7572000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1137000
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1108000
CY2015Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
96032000
CY2014Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
24590000
CY2015Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
12000
CY2014Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4000
CY2015Q4 us-gaap Profit Loss
ProfitLoss
3748000
CY2014Q4 us-gaap Profit Loss
ProfitLoss
3564000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
245547000
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
235608000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
150159000
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
145219000
CY2015Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
96032000
CY2014Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
21508000
CY2015Q4 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
79282000
CY2015Q3 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
74818000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
64232000
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
60484000
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
167786000
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
145887000
CY2015Q4 us-gaap Share Based Compensation
ShareBasedCompensation
232000
CY2014Q4 us-gaap Share Based Compensation
ShareBasedCompensation
181000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
119461000
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
115488000
CY2015Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"></div><div style="display: inline; font-style: italic;">Use of</div><div style="display: inline; font-style: italic;"> </div><div style="display: inline; font-style: italic;">Estimates</div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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 (including the fair value of assets acquired and liabilities assumed in a business combination), the 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. Management reviews its estimates on an ongoing basis, including those related to allowances for self-insurance reserves, valuation of inventories, useful lives of property and equipment for depreciation and amortization, valuation allowances for deferred tax assets and liabilities and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates.</div></div></div></div></div></div>
CY2015Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6739
CY2014Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7255
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22504026
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22494373
CY2015Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22504026
CY2014Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22494373
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22497287
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22487118

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