$NGVC
Natural Grocers by Vitamin Cottage, Inc.

2018 Q4 Form 10-Q Financial Statement

#000143774919002058 Filed on February 07, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $221.5M $202.5M
YoY Change 9.4% 10.3%
Cost Of Revenue $162.4M $149.3M
YoY Change 8.77% 13.62%
Gross Profit $59.15M $53.16M
YoY Change 11.26% 1.93%
Gross Profit Margin 26.7% 26.25%
Selling, General & Admin $48.00M $43.70M
YoY Change 9.84% 6.33%
% of Gross Profit 81.16% 82.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.286M $7.415M
YoY Change -1.74% 4.13%
% of Gross Profit 12.32% 13.95%
Operating Expenses $55.10M $51.00M
YoY Change 8.04% 6.25%
Operating Profit $4.036M $2.193M
YoY Change 84.04% -47.36%
Interest Expense $1.255M $1.089M
YoY Change 15.24% 10.78%
% of Operating Profit 31.1% 49.66%
Other Income/Expense, Net
YoY Change
Pretax Income $2.781M $1.104M
YoY Change 151.9% -65.32%
Income Tax $584.0K -$4.077M
% Of Pretax Income 21.0% -369.29%
Net Earnings $2.197M $5.181M
YoY Change -57.6% 151.38%
Net Earnings / Revenue 0.99% 2.56%
Basic Earnings Per Share $0.10 $0.23
Diluted Earnings Per Share $0.10 $0.23
COMMON SHARES
Basic Shares Outstanding 22.39M 22.36M
Diluted Shares Outstanding 22.60M 22.37M

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.500M $8.100M
YoY Change -44.44% 14.08%
Cash & Equivalents $4.536M $8.089M
Short-Term Investments
Other Short-Term Assets $2.700M $2.800M
YoY Change -3.57% 64.71%
Inventory $95.20M $91.40M
Prepaid Expenses
Receivables $4.876M $4.477M
Other Receivables $0.00 $0.00
Total Short-Term Assets $107.3M $106.7M
YoY Change 0.54% 7.29%
LONG-TERM ASSETS
Property, Plant & Equipment $194.7M $185.2M
YoY Change 5.13% 1.97%
Goodwill $5.198M
YoY Change
Intangibles $1.581M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.700M $1.700M
YoY Change 0.0% 6.25%
Total Long-Term Assets $202.8M $192.6M
YoY Change 5.31% 2.01%
TOTAL ASSETS
Total Short-Term Assets $107.3M $106.7M
Total Long-Term Assets $202.8M $192.6M
Total Assets $310.1M $299.3M
YoY Change 3.61% 3.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.42M $52.16M
YoY Change 4.33% -2.93%
Accrued Expenses $21.59M $17.18M
YoY Change 25.7% 4.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $800.0K $600.0K
YoY Change 33.33% 20.0%
Total Short-Term Liabilities $76.82M $69.94M
YoY Change 9.83% -0.93%
LONG-TERM LIABILITIES
Long-Term Debt $57.50M $61.70M
YoY Change -6.81% 5.65%
Other Long-Term Liabilities $20.40M $21.10M
YoY Change -3.32% 15.3%
Total Long-Term Liabilities $84.15M $90.76M
YoY Change -7.28% 2.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.82M $69.94M
Total Long-Term Liabilities $84.15M $90.76M
Total Liabilities $161.0M $160.7M
YoY Change 0.16% 0.88%
SHAREHOLDERS EQUITY
Retained Earnings $93.70M $84.03M
YoY Change 11.52% 13.52%
Common Stock $56.36M $55.85M
YoY Change 0.91% 0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $896.0K $1.235M
YoY Change -27.45% 84.88%
Treasury Stock Shares $118.0K $162.6K
Shareholders Equity $149.2M $138.6M
YoY Change
Total Liabilities & Shareholders Equity $310.1M $299.3M
YoY Change 3.61% 3.84%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $2.197M $5.181M
YoY Change -57.6% 151.38%
Depreciation, Depletion And Amortization $7.286M $7.415M
YoY Change -1.74% 4.13%
Cash From Operating Activities $7.527M $10.97M
YoY Change -31.38% -22.17%
INVESTING ACTIVITIES
Capital Expenditures $11.51M $4.919M
YoY Change 134.01% -62.33%
Acquisitions
YoY Change
Other Investing Activities $20.00K $40.00K
YoY Change -50.0% -98.44%
Cash From Investing Activities -$11.56M -$4.884M
YoY Change 136.69% -53.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $581.0K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -829.0K -4.517M
YoY Change -81.65% 848.95%
NET CHANGE
Cash From Operating Activities 7.527M 10.97M
Cash From Investing Activities -11.56M -4.884M
Cash From Financing Activities -829.0K -4.517M
Net Change In Cash -4.862M 1.568M
YoY Change -410.08% -49.82%
FREE CASH FLOW
Cash From Operating Activities $7.527M $10.97M
Capital Expenditures $11.51M $4.919M
Free Cash Flow -$3.984M $6.050M
YoY Change -165.85% 483.41%

Facts In Submission

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CY2018Q4 us-gaap Nature Of Operations
NatureOfOperations
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><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;"> </div><div style="display: inline; font-weight: bold;">Organization</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Nature of Business</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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>&reg;. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company operated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">151</div> 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;">148</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, 2018.</div></div></div>
CY2018Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-829000
CY2017Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4517000
CY2018Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11560000
CY2017Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4884000
CY2018Q4 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7527000
CY2017Q4 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10969000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
2197000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
5181000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2197000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5181000
CY2018Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19
CY2018Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19
CY2018Q4 us-gaap Number Of Stores
NumberOfStores
151
CY2018Q3 us-gaap Number Of Stores
NumberOfStores
148
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
4036000
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
2193000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1041000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1125000
CY2018Q4 us-gaap Other Assets
OtherAssets
8111000
CY2018Q3 us-gaap Other Assets
OtherAssets
7361000
CY2018Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2017Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
581000
CY2018Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
154000
CY2017Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4000
CY2018Q4 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
68000
CY2017Q4 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6000
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11511000
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4919000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2716000
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2590000
CY2018Q4 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
19000
CY2017Q4 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
CY2018Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
94300000
CY2017Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
87500000
CY2018Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
CY2017Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
41000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
364828000
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
353423000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
194696000
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
188768000
CY2018Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
94800000
CY2017Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
91300000
CY2018Q4 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
95197000
CY2018Q3 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
94228000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
93704000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
91507000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221515000
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
202480000
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
399000
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
160000
CY2018Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
245000
CY2017Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
156000
CY2016Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000
CY2016Q2 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P2Y
CY2018Q2 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P2Y
CY2018Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
8300000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
146726000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
149168000
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
133883000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
138639000
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
117969
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
136897
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
199543
CY2018Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
896000
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1040000
CY2017Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
581000
CY2018Q4 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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><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 style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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; impairment of finite-lived intangible assets, long-lived assets, and goodwill; lease assumptions; 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>
CY2018Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
209395
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6921
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22595961
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22366749
CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22595961
CY2017Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22366749
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22386566
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22359828

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