$NGVC
Natural Grocers by Vitamin Cottage, Inc.

2019 Q1 Form 10-Q Financial Statement

#000143774919008584 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $230.4M $215.9M
YoY Change 6.73% 12.33%
Cost Of Revenue $168.2M $157.6M
YoY Change 6.73% 14.2%
Gross Profit $62.21M $58.28M
YoY Change 6.75% 7.61%
Gross Profit Margin 27.0% 26.99%
Selling, General & Admin $49.00M $45.40M
YoY Change 7.93% 9.13%
% of Gross Profit 78.76% 77.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.290M $7.410M
YoY Change -1.62% 1.24%
% of Gross Profit 11.72% 12.71%
Operating Expenses $56.10M $52.70M
YoY Change 6.45% 8.21%
Operating Profit $6.121M $5.646M
YoY Change 8.41% 2.38%
Interest Expense $1.280M $1.122M
YoY Change 14.08% 27.65%
% of Operating Profit 20.91% 19.87%
Other Income/Expense, Net
YoY Change
Pretax Income $4.841M $4.524M
YoY Change 7.01% -2.42%
Income Tax $981.0K $1.120M
% Of Pretax Income 20.26% 24.76%
Net Earnings $3.860M $3.404M
YoY Change 13.4% 13.62%
Net Earnings / Revenue 1.68% 1.58%
Basic Earnings Per Share $0.17 $0.15
Diluted Earnings Per Share $0.17 $0.15
COMMON SHARES
Basic Shares Outstanding 22.41M 22.35M
Diluted Shares Outstanding 22.56M 22.44M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.30M $8.100M
YoY Change 39.51% 92.86%
Cash & Equivalents $11.28M $8.071M
Short-Term Investments
Other Short-Term Assets $2.500M $2.800M
YoY Change -10.71% 64.71%
Inventory $95.30M $96.90M
Prepaid Expenses
Receivables $4.501M $5.692M
Other Receivables $0.00 $0.00
Total Short-Term Assets $113.7M $113.4M
YoY Change 0.21% 11.57%
LONG-TERM ASSETS
Property, Plant & Equipment $191.4M $184.1M
YoY Change 4.01% -1.64%
Goodwill $5.198M
YoY Change
Intangibles $1.655M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.700M $1.700M
YoY Change 0.0% 6.25%
Total Long-Term Assets $199.6M $191.4M
YoY Change 4.26% -1.47%
TOTAL ASSETS
Total Short-Term Assets $113.7M $113.4M
Total Long-Term Assets $199.6M $191.4M
Total Assets $313.3M $304.9M
YoY Change 2.75% 3.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.55M $60.56M
YoY Change 1.62% -0.53%
Accrued Expenses $17.33M $15.44M
YoY Change 12.21% 12.99%
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 $79.72M $76.64M
YoY Change 4.02% 2.1%
LONG-TERM LIABILITIES
Long-Term Debt $55.00M $56.50M
YoY Change -2.65% -2.42%
Other Long-Term Liabilities $19.50M $21.20M
YoY Change -8.02% 10.42%
Total Long-Term Liabilities $80.37M $86.00M
YoY Change -6.55% -3.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.72M $76.64M
Total Long-Term Liabilities $80.37M $86.00M
Total Liabilities $160.1M $162.6M
YoY Change -1.57% -0.71%
SHAREHOLDERS EQUITY
Retained Earnings $97.56M $87.43M
YoY Change 11.59% 13.53%
Common Stock $56.22M $55.92M
YoY Change 0.53% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $598.0K $1.109M
YoY Change -46.08% 103.86%
Treasury Stock Shares $78.73K $146.0K
Shareholders Equity $153.2M $142.2M
YoY Change
Total Liabilities & Shareholders Equity $313.3M $304.9M
YoY Change 2.75% 3.01%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $3.860M $3.404M
YoY Change 13.4% 13.62%
Depreciation, Depletion And Amortization $7.290M $7.410M
YoY Change -1.62% 1.24%
Cash From Operating Activities $15.06M $10.77M
YoY Change 39.83% 28.98%
INVESTING ACTIVITIES
Capital Expenditures -$6.320M -$5.630M
YoY Change 12.26% -46.58%
Acquisitions
YoY Change
Other Investing Activities $790.0K -$10.00K
YoY Change -8000.0%
Cash From Investing Activities -$5.520M -$5.650M
YoY Change -2.3% -46.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.800M -5.140M
YoY Change -45.53% 623.94%
NET CHANGE
Cash From Operating Activities 15.06M 10.77M
Cash From Investing Activities -5.520M -5.650M
Cash From Financing Activities -2.800M -5.140M
Net Change In Cash 6.740M -20.00K
YoY Change -33800.0% -99.31%
FREE CASH FLOW
Cash From Operating Activities $15.06M $10.77M
Capital Expenditures -$6.320M -$5.630M
Free Cash Flow $21.38M $16.40M
YoY Change 30.37% -13.18%

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us-gaap Interest Expense Debt Excluding Amortization
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us-gaap Interest Expense Debt Excluding Amortization
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us-gaap Interest Paid Capitalized
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Liabilities
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us-gaap Nature Of Operations
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<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;"> March 31, 2019, </div>the Company operated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152</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>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Number Of Reportable Segments
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CY2019Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19
CY2018Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
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CY2019Q1 us-gaap Number Of Stores
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CY2018Q3 us-gaap Number Of Stores
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CY2019Q1 us-gaap Operating Income Loss
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OtherAssets
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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PrepaidExpenseAndOtherAssetsCurrent
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us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
792000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
34000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
188200000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
184800000
CY2019Q1 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
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CY2018Q3 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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StockholdersEquity
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StockholdersEquity
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StockholdersEquity
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
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us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Use Of Estimates
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<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>
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
90815
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
180068
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22399665
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22356943

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