$SMPL
Simply Good Foods Co

2017 Q2 Form 10-Q Financial Statement

#000170274417000004 Filed on July 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q3 2016 Q2
Revenue $96.50M $103.5M $104.6M
YoY Change -7.73%
Cost Of Revenue $52.93M $59.80M $62.16M
YoY Change -14.85%
Gross Profit $43.57M $43.70M $42.43M
YoY Change 2.69%
Gross Profit Margin 45.15% 42.22% 40.57%
Selling, General & Admin $30.40M $30.20M $31.80M
YoY Change -4.4%
% of Gross Profit 69.77% 69.11% 74.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.480M $2.470M $2.460M
YoY Change 0.81%
% of Gross Profit 5.69% 5.65% 5.8%
Operating Expenses $32.94M $33.60M $34.44M
YoY Change -4.34%
Operating Profit $10.63M $10.10M $7.992M
YoY Change 32.98%
Interest Expense $6.430M -$8.200M $6.559M
YoY Change -1.97%
% of Operating Profit 60.5% -81.19% 82.07%
Other Income/Expense, Net -$4.504M $0.00 -$6.214M
YoY Change -27.52%
Pretax Income $6.124M $1.900M $1.778M
YoY Change 244.43%
Income Tax $1.777M $800.0K $1.002M
% Of Pretax Income 29.02% 42.11% 56.36%
Net Earnings $4.347M $1.200M $776.0K
YoY Change 460.18%
Net Earnings / Revenue 4.5% 1.16% 0.74%
Basic Earnings Per Share
Diluted Earnings Per Share $60.91K $17.00K $11.33K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.20M
YoY Change
Cash & Equivalents $22.16M $78.49M $67.69M
Short-Term Investments
Other Short-Term Assets $15.46M $8.353M
YoY Change
Inventory $29.47M $27.54M
Prepaid Expenses $2.916M $1.753M
Receivables $36.19M $42.84M
Other Receivables $0.00
Total Short-Term Assets $106.2M $159.0M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.857M $2.273M
YoY Change
Goodwill $55.19M $40.72M
YoY Change
Intangibles $183.7M $185.7M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.224M $1.846M
YoY Change
Total Long-Term Assets $243.0M $230.5M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $106.2M $159.0M
Total Long-Term Assets $243.0M $230.5M
Total Assets $349.2M $389.5M $377.5M
YoY Change -7.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.10M $18.75M
YoY Change
Accrued Expenses $17.30M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00 $11.39M
YoY Change
Total Short-Term Liabilities $35.43M $50.79M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $281.0M $321.6M
YoY Change
Other Long-Term Liabilities $15.00M
YoY Change
Total Long-Term Liabilities $281.0M $321.6M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $35.43M $50.79M
Total Long-Term Liabilities $281.0M $321.6M
Total Liabilities $360.8M $417.3M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $30.75M $16.16M
YoY Change
Common Stock $5.000K $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.65M -$27.83M
YoY Change
Total Liabilities & Shareholders Equity $349.2M $389.5M
YoY Change

Cashflow Statement

Concept 2017 Q2 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $4.347M $1.200M $776.0K
YoY Change 460.18%
Depreciation, Depletion And Amortization $2.480M $2.470M $2.460M
YoY Change 0.81%
Cash From Operating Activities -$650.0K $10.15M $14.34M
YoY Change -104.53%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$300.0K -$210.0K
YoY Change -33.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$140.0K -$300.0K -$210.0K
YoY Change -33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00M 720.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -650.0K 10.15M 14.34M
Cash From Investing Activities -140.0K -300.0K -210.0K
Cash From Financing Activities -50.00M 720.0K 0.000
Net Change In Cash -50.79M 10.57M 14.13M
YoY Change -459.45%
FREE CASH FLOW
Cash From Operating Activities -$650.0K $10.15M $14.34M
Capital Expenditures -$140.0K -$300.0K -$210.0K
Free Cash Flow -$510.0K $10.45M $14.55M
YoY Change -103.51%

Facts In Submission

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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-389000 USD
CY2016Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
227000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
652000 USD
CY2017Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
17000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
75000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-12000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
104000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
83000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
282000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
21039000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
521000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
421000 USD
CY2016Q2 us-gaap Prepaid Advertising
PrepaidAdvertising
0 USD
CY2017Q2 us-gaap Prepaid Advertising
PrepaidAdvertising
0 USD
CY2016Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1753000 USD
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2916000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
109000 USD
CY2016Q2 us-gaap Production And Distribution Costs
ProductionAndDistributionCosts
4598000 USD
us-gaap Production And Distribution Costs
ProductionAndDistributionCosts
13673000 USD
CY2017Q2 us-gaap Production And Distribution Costs
ProductionAndDistributionCosts
4084000 USD
us-gaap Production And Distribution Costs
ProductionAndDistributionCosts
13413000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2273000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1857000 USD
CY2017Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
100000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7464000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
53586000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
16155000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
30752000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
4000000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
104590000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
324367000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
96503000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
298614000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1545000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1871000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
-27834000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
-11646000 USD
CY2016Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
15722000 USD
CY2017Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
15000000 USD
us-gaap Advertising Cost Policy Expensed Advertising Cost
AdvertisingCostPolicyExpensedAdvertisingCost
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:18px;text-align:left;padding-left:13px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Advertising Costs</font></div><div style="line-height:120%;padding-bottom:18px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Production costs related to television commercials are expensed when first aired. All other advertising costs are expensed through </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">selling </font><font style="font-family:inherit;font-size:10pt;">and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">marketing</font><font style="font-family:inherit;font-size:10pt;">. Production costs related to television commercials not yet aired are included in the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Prepaid expenses</font><font style="font-family:inherit;font-size:10pt;"> in the accompanying Consolidated Balance Sheets. </font></div></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Atkins maintains cash balances in </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> financial institutions. The balances are insured by the Federal Deposit Insurance Corporation up to </font><font style="font-family:inherit;font-size:10pt;">$250,000</font><font style="font-family:inherit;font-size:10pt;"> per institution. From time to time, Atkins&#8217; balances may exceed this limit.</font></div></div>
us-gaap Revenue Recognition Services Royalty Fees
RevenueRecognitionServicesRoyaltyFees
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Licensing of the Frozen Meals </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 1, 2016, the agreement with Bellisio Foods to license Atkins&#8217; frozen meals resulting in royalty income became effective. This income will be reported within net sales for the period beginning with the </font><font style="font-family:inherit;font-size:10pt;">thirty-nine weeks ended May 27, 2017</font><font style="font-family:inherit;font-size:10pt;"> whereas the frozen sales and related profitability was included in net sales through operating income in all prior periods.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">For a further discussion of this agreement, see note 9 Significant Agreement, in the notes to the Financial Statements. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:18px;text-align:left;padding-left:13px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:18px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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