$NGVC
Natural Grocers by Vitamin Cottage, Inc.

2017 Q1 Form 10-Q Financial Statement

#000143774917007998 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $192.2M $177.4M
YoY Change 8.35% 12.46%
Cost Of Revenue $138.0M $125.8M
YoY Change 9.7% 13.44%
Gross Profit $54.16M $51.60M
YoY Change 4.95% 10.1%
Gross Profit Margin 28.18% 29.09%
Selling, General & Admin $41.60M $39.20M
YoY Change 6.12% 20.62%
% of Gross Profit 76.81% 75.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.319M $6.192M
YoY Change 18.2% 20.26%
% of Gross Profit 13.51% 12.0%
Operating Expenses $48.70M $45.10M
YoY Change 7.98% 20.27%
Operating Profit $5.515M $6.449M
YoY Change -14.48% -31.27%
Interest Expense $879.0K $733.0K
YoY Change 19.92% 2.66%
% of Operating Profit 15.94% 11.37%
Other Income/Expense, Net
YoY Change
Pretax Income $4.636M $5.716M
YoY Change -18.89% -34.06%
Income Tax $1.640M $2.139M
% Of Pretax Income 35.38% 37.42%
Net Earnings $2.996M $3.577M
YoY Change -16.24% -33.8%
Net Earnings / Revenue 1.56% 2.02%
Basic Earnings Per Share $0.13 $0.16
Diluted Earnings Per Share $0.13 $0.16
COMMON SHARES
Basic Shares Outstanding 22.46M 22.50M
Diluted Shares Outstanding 22.47M 22.51M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.200M $5.600M
YoY Change -25.0% -22.22%
Cash & Equivalents $4.234M $5.600M
Short-Term Investments
Other Short-Term Assets $1.700M $2.700M
YoY Change -37.04% 35.0%
Inventory $92.50M $82.50M
Prepaid Expenses
Receivables $3.189M $2.270M
Other Receivables $0.00 $0.00
Total Short-Term Assets $101.7M $93.11M
YoY Change 9.18% 22.26%
LONG-TERM ASSETS
Property, Plant & Equipment $187.1M $158.8M
YoY Change 17.83% 22.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.600M $1.000M
YoY Change 60.0% 25.0%
Total Long-Term Assets $194.3M $165.4M
YoY Change 17.49% 21.96%
TOTAL ASSETS
Total Short-Term Assets $101.7M $93.11M
Total Long-Term Assets $194.3M $165.4M
Total Assets $296.0M $258.5M
YoY Change 14.49% 22.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.89M $55.19M
YoY Change 10.33% 34.39%
Accrued Expenses $13.67M $14.67M
YoY Change -6.86% -25.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K $400.0K
YoY Change 25.0% 33.33%
Total Short-Term Liabilities $75.06M $70.28M
YoY Change 6.81% 14.98%
LONG-TERM LIABILITIES
Long-Term Debt $57.90M $38.40M
YoY Change 50.78% 54.22%
Other Long-Term Liabilities $19.20M $16.60M
YoY Change 15.66% 16016.5%
Total Long-Term Liabilities $88.74M $64.97M
YoY Change 36.59% 52.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.06M $70.28M
Total Long-Term Liabilities $88.74M $64.97M
Total Liabilities $163.8M $135.2M
YoY Change 21.11% 30.45%
SHAREHOLDERS EQUITY
Retained Earnings $77.01M $67.81M
YoY Change 13.57% 27.35%
Common Stock $55.68M $55.43M
YoY Change 0.45% 1.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $544.0K
YoY Change
Treasury Stock Shares $45.41K
Shareholders Equity $132.2M $123.2M
YoY Change
Total Liabilities & Shareholders Equity $296.0M $258.5M
YoY Change 14.49% 22.07%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $2.996M $3.577M
YoY Change -16.24% -33.8%
Depreciation, Depletion And Amortization $7.319M $6.192M
YoY Change 18.2% 20.26%
Cash From Operating Activities $8.350M $8.520M
YoY Change -2.0% -51.09%
INVESTING ACTIVITIES
Capital Expenditures -$10.54M -$13.48M
YoY Change -21.81% 60.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$10.54M -$13.48M
YoY Change -21.81% 60.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -710.0K 8.430M
YoY Change -108.42% -330.33%
NET CHANGE
Cash From Operating Activities 8.350M 8.520M
Cash From Investing Activities -10.54M -13.48M
Cash From Financing Activities -710.0K 8.430M
Net Change In Cash -2.900M 3.470M
YoY Change -183.57% -35.5%
FREE CASH FLOW
Cash From Operating Activities $8.350M $8.520M
Capital Expenditures -$10.54M -$13.48M
Free Cash Flow $18.89M $22.00M
YoY Change -14.14% -14.76%

Facts In Submission

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CY2016Q3 ngvc Capital And Financing Lease Obligations Number Of Leases
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ngvc Payments For Interest Excluding Interest Paid On Capital Lease Finance Obligations And Capital Lease Obligations Net
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ngvc Pre Opening Costs And Relocation Expenses
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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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> </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;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company operated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">135</div></div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> stores in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> states. The Company also has a bulk food repackaging facility and distribution center in Golden, Colorado. The Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">126</div> stores in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> states as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div></div></div>
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
217000
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
2685000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1193000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
8326000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-21034000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-23652000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
22444000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
18011000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2996000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3577000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5057000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7325000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19
CY2016Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19
CY2017Q1 us-gaap Number Of Stores
NumberOfStores
135
CY2016Q3 us-gaap Number Of Stores
NumberOfStores
126
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5515000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
6449000
us-gaap Operating Income Loss
OperatingIncomeLoss
9681000
us-gaap Operating Income Loss
OperatingIncomeLoss
13143000
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1317000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
972000
CY2017Q1 us-gaap Other Assets
OtherAssets
7169000
CY2016Q3 us-gaap Other Assets
OtherAssets
6622000
us-gaap Payments For Commissions
PaymentsForCommissions
80000
us-gaap Payments For Commissions
PaymentsForCommissions
0
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
42000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
12000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23598000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23664000
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1722000
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3233000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
142350000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
147662000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2564000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
12000
us-gaap Profit Loss
ProfitLoss
5057000
us-gaap Profit Loss
ProfitLoss
7325000
CY2017Q1 us-gaap Profit Loss
ProfitLoss
2996000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
3577000
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
315946000
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
292753000
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
187126000
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
178297000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
143300000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
139085000
CY2017Q1 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
92514000
CY2016Q3 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
86330000
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
77012000
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
71955000
CY2016Q4 us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
SaleLeasebackTransactionNetProceedsFinancingActivities
2600000
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
192203000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
177395000
us-gaap Sales Revenue Net
SalesRevenueNet
375780000
us-gaap Sales Revenue Net
SalesRevenueNet
345181000
us-gaap Share Based Compensation
ShareBasedCompensation
414000
us-gaap Share Based Compensation
ShareBasedCompensation
452000
CY2016Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000
CY2016Q2 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P2Y
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
132150000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
126725000
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
45411
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
57670
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
67970
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
544000
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
690000
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=" 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;">Use of 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, 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 lease assumptions, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> result in revised estimates and actual results could differ from those estimates.</div></div></div></div>
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10825
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
11031
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9015
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6752
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22469349
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22510409
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22464979
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22505079
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22469349
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22510409
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22464979
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22505079
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22458524
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22499378
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22455964
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22498327

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