$SOHO
Sotherly Hotels Inc.

2017 Q1 Form 10-Q Financial Statement

#000156459017010630 Filed on May 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $38.69M $37.81M
YoY Change 2.34% 22.06%
Cost Of Revenue $13.01M $13.61M
YoY Change -4.41% 17.43%
Gross Profit $25.68M $24.20M
YoY Change 6.12% 24.81%
Gross Profit Margin 66.37% 64.0%
Selling, General & Admin $15.92M $15.74M
YoY Change 1.14% 21.83%
% of Gross Profit 61.99% 65.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.060M $3.670M
YoY Change 10.63% 26.55%
% of Gross Profit 15.81% 15.17%
Operating Expenses $32.99M $33.03M
YoY Change -0.11% 20.49%
Operating Profit $5.706M $4.784M
YoY Change 19.26% 34.19%
Interest Expense $3.814M $4.633M
YoY Change -17.68% 22.73%
% of Operating Profit 66.84% 96.83%
Other Income/Expense, Net
YoY Change
Pretax Income $3.058M $109.8K
YoY Change 2685.16% -60.09%
Income Tax $171.9K -$436.1K
% Of Pretax Income 5.62% -397.18%
Net Earnings $2.886M $545.9K
YoY Change 428.7% -5.12%
Net Earnings / Revenue 7.46% 1.44%
Basic Earnings Per Share
Diluted Earnings Per Share $193.4K $32.19K
COMMON SHARES
Basic Shares Outstanding 14.03M 14.79M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.70M $15.00M
YoY Change 44.67% -6.83%
Cash & Equivalents $26.39M $14.99M
Short-Term Investments
Other Short-Term Assets $5.700M $4.700M
YoY Change 21.28% 14.63%
Inventory
Prepaid Expenses
Receivables $6.100M $4.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $33.50M $23.80M
YoY Change 40.76% -1.65%
LONG-TERM ASSETS
Property, Plant & Equipment $356.0M $356.3M
YoY Change -0.08% 36.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $11.50M $9.500M
YoY Change 21.05% -28.57%
Total Long-Term Assets $367.5M $365.7M
YoY Change 0.49% 32.36%
TOTAL ASSETS
Total Short-Term Assets $33.50M $23.80M
Total Long-Term Assets $367.5M $365.7M
Total Assets $401.0M $389.5M
YoY Change 2.95% 29.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.40M $14.20M
YoY Change 1.41% 7.58%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.20M $17.90M
YoY Change 12.85% 12.58%
LONG-TERM LIABILITIES
Long-Term Debt $303.7M $319.4M
YoY Change -4.92% 24.28%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $303.7M $319.4M
YoY Change -4.92% 24.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.20M $17.90M
Total Long-Term Liabilities $303.7M $319.4M
Total Liabilities $326.3M $340.3M
YoY Change -4.11% 24.69%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.60M $49.30M
YoY Change
Total Liabilities & Shareholders Equity $401.0M $389.5M
YoY Change 2.95% 29.62%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $2.886M $545.9K
YoY Change 428.7% -5.12%
Depreciation, Depletion And Amortization $4.060M $3.670M
YoY Change 10.63% 26.55%
Cash From Operating Activities $6.020M $6.620M
YoY Change -9.06% 98.2%
INVESTING ACTIVITIES
Capital Expenditures -$10.29M -$4.960M
YoY Change 107.46% 10.47%
Acquisitions
YoY Change
Other Investing Activities $6.210M $2.280M
YoY Change 172.37% -29.41%
Cash From Investing Activities -$4.080M -$2.670M
YoY Change 52.81% 111.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.103M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.92M -460.0K
YoY Change 2491.3% -82.51%
NET CHANGE
Cash From Operating Activities 6.020M 6.620M
Cash From Investing Activities -4.080M -2.670M
Cash From Financing Activities -11.92M -460.0K
Net Change In Cash -9.980M 3.490M
YoY Change -385.96% -734.55%
FREE CASH FLOW
Cash From Operating Activities $6.020M $6.620M
Capital Expenditures -$10.29M -$4.960M
Free Cash Flow $16.31M $11.58M
YoY Change 40.85% 47.89%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-top:12pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Concentration of Credit Risk<font style="font-style:normal;"> &#8211; We hold cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the &#8220;FDIC&#8221;) protection limits of $</font><font style="font-style:normal;">250,000. Our exposure to credit loss in the event of the failure of these institutions is represented by the difference between the FDIC protection limit and the total amounts on deposit. Management monitors, on a regular basis, the financial condition of the financial institutions along with the balances there on deposit to minimize our potential risk.</font></p></div>
CY2017Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:12pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Use of Estimates<font style="font-style:normal;"> &#8211; The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p></div>
CY2017Q1 dei Entity Incorporation Date Of Incorporation
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CY2017Q1 us-gaap Number Of Real Estate Properties
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CY2017Q1 soho Date Of Commencement Of Business
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70521941
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
8438846
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
30162806
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
143754299
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
230376
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
251411
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
125055
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
95482
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
95482
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
445583
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1243389
CY2016Q4 soho Employee Stock Ownership Plan Esop Maximum Borrowing Amount To Purchase Common Stock
EmployeeStockOwnershipPlanESOPMaximumBorrowingAmountToPurchaseCommonStock
5000000
CY2017Q1 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
682500
CY2017Q1 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
4900000
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1610000
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1610000
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1610000
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1610000
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
11000000
CY2017Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.0800
CY2017Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25.00
CY2017Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.
CY2017Q1 soho Common Stock Exchange Ratio
CommonStockExchangeRatio
1
CY2016Q1 us-gaap Partners Capital Account Units Redeemed
PartnersCapitalAccountUnitsRedeemed
0
CY2017Q1 soho Operating Partnership Common Unit Not Owned
OperatingPartnershipCommonUnitNotOwned
1778140
CY2016Q4 soho Operating Partnership Common Unit Not Owned
OperatingPartnershipCommonUnitNotOwned
1778140
CY2017Q1 soho Percentage Of Matching Contribution For First Specified Percentage Of Employee Contribution
PercentageOfMatchingContributionForFirstSpecifiedPercentageOfEmployeeContribution
1.000
CY2017Q1 soho Percentage Of Matching Contribution For Next Specified Percentage Of Employee Contribution
PercentageOfMatchingContributionForNextSpecifiedPercentageOfEmployeeContribution
0.500
CY2017Q1 soho Percentage Of First Specified Percentage Of Employee Contribution
PercentageOfFirstSpecifiedPercentageOfEmployeeContribution
0.030
CY2017Q1 soho Percentage Of Next Specified Percentage Of Employee Contribution
PercentageOfNextSpecifiedPercentageOfEmployeeContribution
0.020
CY2017Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
24238
CY2016Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
29231
CY2017Q1 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
4600000
CY2016Q4 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
0
CY2017Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
5485
CY2017Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
48402
CY2016Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
51390
CY2017Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
53887
CY2016Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
51390
CY2017Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
99358
CY2016Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-395225
CY2017Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
18692
CY2016Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-92244
CY2017Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
118050
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-487469
CY2017Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1046484
CY2016Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
37330
CY2017Q1 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
941641
CY2016Q1 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
514263
CY2017Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
67094
CY2016Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
40854
CY2017Q1 soho Deferred Tax Assets Start Up Expenses
DeferredTaxAssetsStartUpExpenses
200000
CY2016Q4 soho Deferred Tax Assets Start Up Expenses
DeferredTaxAssetsStartUpExpenses
200000
CY2017Q1 soho Start Up Expenses Amortization Period
StartUpExpensesAmortizationPeriod
P15Y
CY2017Q1 soho Loss Carryforwards Expiration Dates
LossCarryforwardsExpirationDates
2028
CY2017Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
682500
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14025489
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14792911

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