$NGVC
Natural Grocers by Vitamin Cottage, Inc.

2016 Q1 Form 10-Q Financial Statement

#000143774916030956 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $177.4M $157.7M
YoY Change 12.46% 21.02%
Cost Of Revenue $125.8M $110.9M
YoY Change 13.44% 21.07%
Gross Profit $51.60M $46.87M
YoY Change 10.1% 20.95%
Gross Profit Margin 29.09% 29.71%
Selling, General & Admin $39.20M $32.50M
YoY Change 20.62% 17.33%
% of Gross Profit 75.96% 69.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.192M $5.149M
YoY Change 20.26% 25.1%
% of Gross Profit 12.0% 10.99%
Operating Expenses $45.10M $37.50M
YoY Change 20.27% 18.67%
Operating Profit $6.449M $9.383M
YoY Change -31.27% 31.84%
Interest Expense $733.0K $714.0K
YoY Change 2.66% 1.42%
% of Operating Profit 11.37% 7.61%
Other Income/Expense, Net
YoY Change
Pretax Income $5.716M $8.669M
YoY Change -34.06% 35.16%
Income Tax $2.139M $3.266M
% Of Pretax Income 37.42% 37.67%
Net Earnings $3.577M $5.403M
YoY Change -33.8% 35.11%
Net Earnings / Revenue 2.02% 3.43%
Basic Earnings Per Share $0.16 $0.24
Diluted Earnings Per Share $0.16 $0.24
COMMON SHARES
Basic Shares Outstanding 22.50M 22.49M
Diluted Shares Outstanding 22.51M 22.50M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.600M $7.200M
YoY Change -22.22% -8.86%
Cash & Equivalents $5.600M $7.236M
Short-Term Investments
Other Short-Term Assets $2.700M $2.000M
YoY Change 35.0% -20.0%
Inventory $82.50M $64.70M
Prepaid Expenses
Receivables $2.270M $2.173M
Other Receivables $0.00 $0.00
Total Short-Term Assets $93.11M $76.16M
YoY Change 22.26% 16.69%
LONG-TERM ASSETS
Property, Plant & Equipment $158.8M $129.2M
YoY Change 22.92% 19.05%
Goodwill $5.198M
YoY Change
Intangibles $832.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $800.0K
YoY Change 25.0% 0.0%
Total Long-Term Assets $165.4M $135.6M
YoY Change 21.96% 23.05%
TOTAL ASSETS
Total Short-Term Assets $93.11M $76.16M
Total Long-Term Assets $165.4M $135.6M
Total Assets $258.5M $211.8M
YoY Change 22.07% 20.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.19M $41.07M
YoY Change 34.39% 20.45%
Accrued Expenses $14.67M $19.76M
YoY Change -25.75% 84.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $300.0K
YoY Change 33.33% 50.0%
Total Short-Term Liabilities $70.28M $61.12M
YoY Change 14.98% 35.81%
LONG-TERM LIABILITIES
Long-Term Debt $38.40M $24.90M
YoY Change 54.22% 27.04%
Other Long-Term Liabilities $16.60M $103.0K
YoY Change 16016.5% -99.15%
Total Long-Term Liabilities $64.97M $42.56M
YoY Change 52.67% 11.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.28M $61.12M
Total Long-Term Liabilities $64.97M $42.56M
Total Liabilities $135.2M $103.7M
YoY Change 30.45% 24.49%
SHAREHOLDERS EQUITY
Retained Earnings $67.81M $53.25M
YoY Change 27.35% 41.13%
Common Stock $55.43M $54.83M
YoY Change 1.09% 0.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $123.2M $108.1M
YoY Change
Total Liabilities & Shareholders Equity $258.5M $211.8M
YoY Change 22.07% 20.68%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $3.577M $5.403M
YoY Change -33.8% 35.11%
Depreciation, Depletion And Amortization $6.192M $5.149M
YoY Change 20.26% 25.1%
Cash From Operating Activities $8.520M $17.42M
YoY Change -51.09% 68.47%
INVESTING ACTIVITIES
Capital Expenditures -$13.48M -$8.390M
YoY Change 60.67% -17.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$13.48M -$8.380M
YoY Change 60.86% -8.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.430M -3.660M
YoY Change -330.33% -1063.16%
NET CHANGE
Cash From Operating Activities 8.520M 17.42M
Cash From Investing Activities -13.48M -8.380M
Cash From Financing Activities 8.430M -3.660M
Net Change In Cash 3.470M 5.380M
YoY Change -35.5% 238.36%
FREE CASH FLOW
Cash From Operating Activities $8.520M $17.42M
Capital Expenditures -$13.48M -$8.390M
Free Cash Flow $22.00M $25.81M
YoY Change -14.76% 25.84%

Facts In Submission

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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 March 31, 2016, the Company operated 112</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> stores in 19 states. 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>
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
2685000
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
2123000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
8326000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-652000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-23652000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-21554000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
18011000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
24329000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3577000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5403000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7325000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8967000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2016Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19
CY2015Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
18
CY2016Q1 us-gaap Number Of Stores
NumberOfStores
112
CY2015Q3 us-gaap Number Of Stores
NumberOfStores
103
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
6449000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
9383000
us-gaap Operating Income Loss
OperatingIncomeLoss
13143000
us-gaap Operating Income Loss
OperatingIncomeLoss
15824000
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
836000
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
553000
CY2016Q1 us-gaap Other Assets
OtherAssets
6564000
CY2015Q3 us-gaap Other Assets
OtherAssets
6422000
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
514000
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
42000
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
22000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
5601000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23664000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15957000
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2722000
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1108000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
147662000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
66790000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
12000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4000
us-gaap Profit Loss
ProfitLoss
7325000
us-gaap Profit Loss
ProfitLoss
8967000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
3577000
CY2015Q1 us-gaap Profit Loss
ProfitLoss
5403000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
260385000
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
235608000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
158813000
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
145219000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
139085000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
66790000
CY2016Q1 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
82519000
CY2015Q3 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
74818000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
67809000
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
60484000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
177395000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
157744000
us-gaap Sales Revenue Net
SalesRevenueNet
345181000
us-gaap Sales Revenue Net
SalesRevenueNet
303631000
us-gaap Share Based Compensation
ShareBasedCompensation
452000
us-gaap Share Based Compensation
ShareBasedCompensation
297000
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
123239000
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
115488000
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 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>
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
11031
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10655
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6752
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9035
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22510409
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22499322
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22505079
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22496919
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22510409
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22499322
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22505079
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22496919
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22499378
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22488667
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22498327
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22487884

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