$PRTS
CarParts.com, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514296142 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $76.95M $67.89M
YoY Change 13.34% -15.89%
Cost Of Revenue $56.53M $48.88M
YoY Change 15.65% -13.31%
Gross Profit $20.42M $19.01M
YoY Change 7.4% -21.89%
Gross Profit Margin 26.54% 28.01%
Selling, General & Admin $15.59M $15.86M
YoY Change -1.75% -36.54%
% of Gross Profit 76.33% 83.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.252M $3.626M
YoY Change -37.89% -16.45%
% of Gross Profit 11.03% 19.07%
Operating Expenses $22.36M $28.36M
YoY Change -21.15% 11.63%
Operating Profit -$1.939M -$9.342M
YoY Change -79.24% 806.11%
Interest Expense $238.0K $228.0K
YoY Change 4.39% -214.0%
% of Operating Profit
Other Income/Expense, Net -$220.0K -$156.0K
YoY Change 41.03% -61.0%
Pretax Income -$2.159M -$9.498M
YoY Change -77.27% 505.74%
Income Tax $21.00K $69.00K
% Of Pretax Income
Net Earnings -$2.180M -$9.567M
YoY Change -77.21% 464.09%
Net Earnings / Revenue -2.83% -14.09%
Basic Earnings Per Share
Diluted Earnings Per Share -$65.67K -$0.29
COMMON SHARES
Basic Shares Outstanding 33.46M shares 33.12M shares
Diluted Shares Outstanding 33.46M shares 33.12M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $1.000M
YoY Change 150.0% -33.33%
Cash & Equivalents $1.675M $851.0K
Short-Term Investments $800.0K $100.0K
Other Short-Term Assets $3.000M $4.500M
YoY Change -33.33% 0.0%
Inventory $35.18M $34.20M
Prepaid Expenses
Receivables $3.731M $5.300M
Other Receivables $0.00 $0.00
Total Short-Term Assets $44.37M $45.00M
YoY Change -1.4% -30.56%
LONG-TERM ASSETS
Property, Plant & Equipment $17.94M $21.00M
YoY Change -14.59% -36.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.355M $1.500M
YoY Change -9.67% 15.38%
Total Long-Term Assets $21.12M $24.30M
YoY Change -13.09% -61.0%
TOTAL ASSETS
Total Short-Term Assets $44.37M $45.00M
Total Long-Term Assets $21.12M $24.30M
Total Assets $65.49M $69.30M
YoY Change -5.5% -45.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.78M $19.60M
YoY Change 11.14% -47.31%
Accrued Expenses $7.439M $7.500M
YoY Change -0.81% -13.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.300M
YoY Change -100.0% -74.42%
Long-Term Debt Due $300.0K $100.0K
YoY Change 200.0% 0.0%
Total Short-Term Liabilities $33.66M $34.40M
YoY Change -2.15% -46.33%
LONG-TERM LIABILITIES
Long-Term Debt $9.400M $9.400M
YoY Change 0.0% 9300.0%
Other Long-Term Liabilities $1.895M $2.200M
YoY Change -13.86% 57.14%
Total Long-Term Liabilities $1.895M $11.60M
YoY Change -83.66% 673.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.66M $34.40M
Total Long-Term Liabilities $1.895M $11.60M
Total Liabilities $45.33M $46.50M
YoY Change -2.52% -31.11%
SHAREHOLDERS EQUITY
Retained Earnings -$150.5M
YoY Change
Common Stock $170.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.16M $22.80M
YoY Change
Total Liabilities & Shareholders Equity $65.49M $69.30M
YoY Change -5.5% -45.48%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$2.180M -$9.567M
YoY Change -77.21% 464.09%
Depreciation, Depletion And Amortization $2.252M $3.626M
YoY Change -37.89% -16.45%
Cash From Operating Activities $3.270M -$400.0K
YoY Change -917.5% -72.41%
INVESTING ACTIVITIES
Capital Expenditures $1.478M -$2.200M
YoY Change -167.18% -26.67%
Acquisitions
YoY Change
Other Investing Activities -$740.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.320M -$2.190M
YoY Change 5.94% 104.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -670.0K 2.140M
YoY Change -131.31% -143.67%
NET CHANGE
Cash From Operating Activities 3.270M -400.0K
Cash From Investing Activities -2.320M -2.190M
Cash From Financing Activities -670.0K 2.140M
Net Change In Cash 280.0K -450.0K
YoY Change -162.22% -93.94%
FREE CASH FLOW
Cash From Operating Activities $3.270M -$400.0K
Capital Expenditures $1.478M -$2.200M
Free Cash Flow $1.792M $1.800M
YoY Change -0.44% 16.13%

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us-gaap General And Administrative Expense
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Share Based Compensation
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us-gaap Marketing Expense
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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us-gaap Interest Expense
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us-gaap Severance Costs1
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Product Warranty Accrual Payments
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us-gaap Available For Sale Securities Gross Realized Losses
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us-gaap Proceeds From Lines Of Credit
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us-gaap Lease And Rental Expense
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us-gaap Increase Decrease In Other Current Liabilities
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us-gaap Advertising Expense
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us-gaap Income Tax Expense Benefit
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prts Payment Of Preferred Stock Issuance Costs
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prts Fair Value Level One And Level Two Transfers Amount
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prts Fulfillment Cost
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dei Trading Symbol
TradingSymbol
PRTS
dei Entity Registrant Name
EntityRegistrantName
U.S. Auto Parts Network, Inc.
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-28
dei Entity Central Index Key
EntityCentralIndexKey
0001378950
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-03
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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77 Employees
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
4.68
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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33422000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.72
us-gaap Effective Income Tax Rate Continuing Operations
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0.028 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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33422000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.29
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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11408000
us-gaap Extended Product Warranty Description
ExtendedProductWarrantyDescription
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us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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us-gaap Fiscal Period
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Number Of Reportable Segments
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P6Y4M6D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
109000 shares
us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
The Company or the vendors supplying its products provide the Company's customers limited warranties on certain products that range from 30 days to lifetime.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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98000 shares
us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
Greater than 50 percent likelihood of being realized upon ultimate settlement.
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Use Of Estimates
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22000
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prts Contributions Vested In Annual Installments
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0
prts Payment Of Preferred Stock Issuance Costs
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prts Product Warranty Useful Life Minimum
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prts Capital Stock Percentage
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P5Y
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P1M
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prts Product Warranty Useful Life Maximum
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P5Y
prts Fulfillment Cost
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prts Loan Parties Obligations Under Credit Agreement Descriptions
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prts Cash Dominion Triggered Consecutive Period
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P6Y9M15D
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422000
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2252000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
126000
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
612000
CY2014Q2 us-gaap Restructuring Costs
RestructuringCosts
625000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21000
CY2014Q2 prts Fulfillment Cost
FulfillmentCost
5383000
CY2014Q2 prts Change In Cash Surrender Value Of Life Insurance
ChangeInCashSurrenderValueOfLifeInsurance
-13000
CY2014Q2 prts Technology Expense
TechnologyExpense
1264000
CY2013Q1 prts Reduction Of Work Force
ReductionOfWorkForce
176 Employees
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017 pure
CY2013Q2 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.145 pure
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33119000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.73 pure
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.007 pure
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M23D
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33119000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33119000 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11407000 shares
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9534000
CY2013Q2 us-gaap Gross Profit
GrossProfit
19013000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9498000
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9631000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
72000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9342000
CY2013Q2 us-gaap Advertising Expense
AdvertisingExpense
4571000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
28355000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0
CY2013Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
31000
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
33000
CY2013Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
64000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
69000
CY2013Q2 prts Reduction Of Work Force
ReductionOfWorkForce
15 Employees
CY2013Q2 prts Fulfillment Cost
FulfillmentCost
4991000
CY2013Q2 prts Fair Value Inputs Royalty Rate
FairValueInputsRoyaltyRate
0.010 pure
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-156000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-9567000
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
67889000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2000
CY2013Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
94000
CY2013Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
4832000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4678000
CY2013Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
48876000
CY2013Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2013Q2 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
1245000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
341000
CY2013Q2 us-gaap Marketing Expense
MarketingExpense
11186000
CY2013Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
77000
CY2013Q2 us-gaap Interest Expense
InterestExpense
228000
CY2013Q2 us-gaap Severance Costs1
SeveranceCosts1
225000
CY2013Q2 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
68000
CY2013Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3626000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
107000
CY2013Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
569000
CY2013Q2 prts Change In Cash Surrender Value Of Life Insurance
ChangeInCashSurrenderValueOfLifeInsurance
-6000
CY2013Q2 prts Technology Expense
TechnologyExpense
1316000

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