$NGVC
Natural Grocers by Vitamin Cottage, Inc.

2017 Q2 Form 10-Q Financial Statement

#000143774917013688 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $194.7M $179.3M
YoY Change 8.61% 13.0%
Cost Of Revenue $141.9M $128.3M
YoY Change 10.6% 14.04%
Gross Profit $52.78M $50.93M
YoY Change 3.63% 10.38%
Gross Profit Margin 27.11% 28.41%
Selling, General & Admin $43.90M $40.80M
YoY Change 7.6% 21.07%
% of Gross Profit 83.17% 80.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.519M $6.380M
YoY Change 17.85% 18.1%
% of Gross Profit 14.25% 12.53%
Operating Expenses $51.10M $47.00M
YoY Change 8.72% 20.82%
Operating Profit $1.678M $4.015M
YoY Change -58.21% -44.5%
Interest Expense $876.0K $768.0K
YoY Change 14.06% 0.0%
% of Operating Profit 52.21% 19.13%
Other Income/Expense, Net
YoY Change
Pretax Income $802.0K $3.247M
YoY Change -75.3% -49.78%
Income Tax $204.0K $567.0K
% Of Pretax Income 25.44% 17.46%
Net Earnings $598.0K $2.680M
YoY Change -77.69% -38.32%
Net Earnings / Revenue 0.31% 1.49%
Basic Earnings Per Share $0.03 $0.12
Diluted Earnings Per Share $0.03 $0.12
COMMON SHARES
Basic Shares Outstanding 22.46M 22.50M
Diluted Shares Outstanding 22.47M 22.51M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.100M $2.700M
YoY Change 88.89% -15.63%
Cash & Equivalents $5.123M $2.703M
Short-Term Investments
Other Short-Term Assets $2.200M $3.300M
YoY Change -33.33% 65.0%
Inventory $92.90M $86.40M
Prepaid Expenses
Receivables $3.285M $2.593M
Other Receivables $0.00 $0.00
Total Short-Term Assets $103.5M $95.01M
YoY Change 8.93% 22.21%
LONG-TERM ASSETS
Property, Plant & Equipment $187.0M $172.0M
YoY Change 8.71% 23.68%
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 $178.6M
YoY Change 8.79% 22.78%
TOTAL ASSETS
Total Short-Term Assets $103.5M $95.01M
Total Long-Term Assets $194.3M $178.6M
Total Assets $297.8M $273.6M
YoY Change 8.84% 22.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.49M $56.05M
YoY Change 2.57% 24.64%
Accrued Expenses $16.07M $13.29M
YoY Change 20.89% -20.76%
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 $74.08M $69.78M
YoY Change 6.17% 12.42%
LONG-TERM LIABILITIES
Long-Term Debt $59.00M $49.30M
YoY Change 19.68% 80.59%
Other Long-Term Liabilities $20.50M $17.60M
YoY Change 16.48% 8402.42%
Total Long-Term Liabilities $91.01M $77.86M
YoY Change 16.89% 60.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.08M $69.78M
Total Long-Term Liabilities $91.01M $77.86M
Total Liabilities $165.1M $147.6M
YoY Change 11.82% 33.4%
SHAREHOLDERS EQUITY
Retained Earnings $77.61M $70.49M
YoY Change 10.1% 22.39%
Common Stock $55.90M $55.63M
YoY Change 0.48% 1.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $805.0K $139.0K
YoY Change 479.14%
Treasury Stock Shares $75.35K $10.30K
Shareholders Equity $132.7M $126.0M
YoY Change
Total Liabilities & Shareholders Equity $297.8M $273.6M
YoY Change 8.84% 22.58%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $598.0K $2.680M
YoY Change -77.69% -38.32%
Depreciation, Depletion And Amortization $7.519M $6.380M
YoY Change 17.85% 18.1%
Cash From Operating Activities $13.42M $2.720M
YoY Change 393.38% -44.38%
INVESTING ACTIVITIES
Capital Expenditures -$13.15M -$15.64M
YoY Change -15.92% 76.72%
Acquisitions
YoY Change
Other Investing Activities $30.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$13.13M -$15.64M
YoY Change -16.05% 76.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K 10.02M
YoY Change -94.01% -16800.0%
NET CHANGE
Cash From Operating Activities 13.42M 2.720M
Cash From Investing Activities -13.13M -15.64M
Cash From Financing Activities 600.0K 10.02M
Net Change In Cash 890.0K -2.900M
YoY Change -130.69% -27.86%
FREE CASH FLOW
Cash From Operating Activities $13.42M $2.720M
Capital Expenditures -$13.15M -$15.64M
Free Cash Flow $26.57M $18.36M
YoY Change 44.72% 33.62%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Treasury Stock Shares Acquired
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CY2016Q3 ngvc Capital And Financing Lease Obligations Number Of Leases
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ngvc Repayments Of Long Term Capital And Financing Lease Obligations
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ngvc Repayments Of Long Term Capital And Financing Lease Obligations
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CY2016Q2 ngvc Cost Of Goods Sold And Occupancy Costs
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ngvc Increase Decrease In Deferred Rent And Leasehold Incentives
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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;"> June 30, 2017, </div>the Company operated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140</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 30, 2016.</div></div></div></div>
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
1106000
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-212000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-588000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
18346000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-34163000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-39290000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
35857000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
20732000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
598000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2680000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5655000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10005000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19
CY2016Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19
CY2017Q2 us-gaap Number Of Stores
NumberOfStores
140
CY2016Q3 us-gaap Number Of Stores
NumberOfStores
126
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1678000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4015000
us-gaap Operating Income Loss
OperatingIncomeLoss
11359000
us-gaap Operating Income Loss
OperatingIncomeLoss
17158000
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
834000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
972000
CY2017Q2 us-gaap Other Assets
OtherAssets
7302000
CY2016Q3 us-gaap Other Assets
OtherAssets
6622000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
36748000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
39302000
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2226000
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3233000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
224350000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
175062000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2585000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
12000
us-gaap Profit Loss
ProfitLoss
5655000
us-gaap Profit Loss
ProfitLoss
10005000
CY2017Q2 us-gaap Profit Loss
ProfitLoss
598000
CY2016Q2 us-gaap Profit Loss
ProfitLoss
2680000
us-gaap Sales Revenue Net
SalesRevenueNet
570489000
us-gaap Sales Revenue Net
SalesRevenueNet
524455000
us-gaap Payments For Commissions
PaymentsForCommissions
80000
us-gaap Payments For Commissions
PaymentsForCommissions
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
261000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
139000
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
25000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10000
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
323188000
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
292753000
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
186993000
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
178297000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
224300000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
156235000
CY2017Q2 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
92864000
CY2016Q3 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
86330000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
77610000
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
71955000
CY2016Q4 us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
SaleLeasebackTransactionNetProceedsFinancingActivities
2600000
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
194709000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
179274000
us-gaap Share Based Compensation
ShareBasedCompensation
604000
us-gaap Share Based Compensation
ShareBasedCompensation
662000
CY2016Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000
CY2016Q2 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P2Y
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
132701000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
126725000
CY2017Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
8.71
CY2016Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.46
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
8.71
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.46
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
75348
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
57670
CY2017Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
30000
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
690000
CY2017Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
261000
CY2016Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
139000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
261000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
139000
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;">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></div></div>
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9128
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5054
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7798
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5991
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22469186
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22506098
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22465126
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22505220
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22469186
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22506098
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22465126
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22505220
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22460058
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22501044
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22457328
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22499229

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