$SOHO
Sotherly Hotels Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019017243 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $47.39M $41.74M
YoY Change 13.55% 7.86%
Cost Of Revenue $34.22M $29.86M
YoY Change 14.61% 129.49%
Gross Profit $13.17M $11.88M
YoY Change 10.89% -53.74%
Gross Profit Margin 27.8% 28.46%
Selling, General & Admin $19.07M $16.78M
YoY Change 13.65% 5.4%
% of Gross Profit 144.77% 141.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.030M $5.630M
YoY Change 7.1% 38.67%
% of Gross Profit 45.78% 47.4%
Operating Expenses $41.93M $37.04M
YoY Change 13.19% 12.28%
Operating Profit $5.463M $4.694M
YoY Change 16.38% -17.73%
Interest Expense $5.305M $4.177M
YoY Change 27.01% 9.53%
% of Operating Profit 97.11% 88.98%
Other Income/Expense, Net
YoY Change
Pretax Income -$72.05K $1.482M
YoY Change -104.86% -51.52%
Income Tax $318.2K $306.0K
% Of Pretax Income 20.64%
Net Earnings -$183.3K $1.207M
YoY Change -115.19% -58.2%
Net Earnings / Revenue -0.39% 2.89%
Basic Earnings Per Share -$0.12 -$0.02
Diluted Earnings Per Share -$13.23K $89.83K
COMMON SHARES
Basic Shares Outstanding 13.61M 13.47M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.00M $30.70M
YoY Change -5.54% 41.47%
Cash & Equivalents $33.41M $35.57M
Short-Term Investments
Other Short-Term Assets $5.700M $6.200M
YoY Change -8.06% 8.77%
Inventory
Prepaid Expenses
Receivables $10.60M $9.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $45.30M $46.60M
YoY Change -2.79% 39.1%
LONG-TERM ASSETS
Property, Plant & Equipment $441.3M $438.6M
YoY Change 0.62% 23.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.300M $10.10M
YoY Change -7.92% -12.17%
Total Long-Term Assets $450.5M $448.8M
YoY Change 0.39% 22.11%
TOTAL ASSETS
Total Short-Term Assets $45.30M $46.60M
Total Long-Term Assets $450.5M $448.8M
Total Assets $495.8M $495.4M
YoY Change 0.09% 23.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.90M $16.50M
YoY Change 20.61% 14.58%
Accrued Expenses $3.800M
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 $29.50M $22.30M
YoY Change 32.29% 10.4%
LONG-TERM LIABILITIES
Long-Term Debt $387.7M $380.7M
YoY Change 1.84% 25.35%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $387.7M $380.7M
YoY Change 1.84% 25.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.50M $22.30M
Total Long-Term Liabilities $387.7M $380.7M
Total Liabilities $417.2M $403.0M
YoY Change 3.51% 23.52%
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 $78.60M $91.40M
YoY Change
Total Liabilities & Shareholders Equity $495.8M $495.4M
YoY Change 0.08% 23.54%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$183.3K $1.207M
YoY Change -115.19% -58.2%
Depreciation, Depletion And Amortization $6.030M $5.630M
YoY Change 7.1% 38.67%
Cash From Operating Activities $5.550M $7.308M
YoY Change -24.05% 21.4%
INVESTING ACTIVITIES
Capital Expenditures -$5.450M -$86.33M
YoY Change -93.69% 738.97%
Acquisitions
YoY Change
Other Investing Activities $170.0K $870.0K
YoY Change -80.46% -85.99%
Cash From Investing Activities -$5.287M -$85.46M
YoY Change -93.81% 1994.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.719M 80.30M
YoY Change -105.88% -773.64%
NET CHANGE
Cash From Operating Activities 5.550M 7.308M
Cash From Investing Activities -5.287M -85.46M
Cash From Financing Activities -4.719M 80.30M
Net Change In Cash -4.457M 2.146M
YoY Change -307.68% -121.5%
FREE CASH FLOW
Cash From Operating Activities $5.550M $7.308M
Capital Expenditures -$5.450M -$86.33M
Free Cash Flow $11.00M $93.64M
YoY Change -88.25% 474.11%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">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 $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>
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PercentageOfMatchingContributionForNextSpecifiedPercentageOfEmployeeContribution
0.500
CY2019Q1 soho Percentage Of First Specified Percentage Of Employee Contribution
PercentageOfFirstSpecifiedPercentageOfEmployeeContribution
0.030
CY2019Q1 soho Percentage Of Next Specified Percentage Of Employee Contribution
PercentageOfNextSpecifiedPercentageOfEmployeeContribution
0.020
CY2019Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
27861
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2951327
CY2018Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
26898
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
CY2019Q1 soho Employee Stock Ownership Plan Esop Number Of Allocated And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedAndCommittedToBeReleasedShares
9399
CY2018Q1 soho Employee Stock Ownership Plan Esop Number Of Allocated And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedAndCommittedToBeReleasedShares
6531
CY2019Q1 soho Employee Stock Ownership Plan Esop Allocated And Committed To Be Released From Suspense Account Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedAndCommittedToBeReleasedFromSuspenseAccountSharesFairValue
64007
CY2018Q4 soho Deferred Tax Asset Nondeductible Accrued Expenses
DeferredTaxAssetNondeductibleAccruedExpenses
700000
CY2018Q1 soho Employee Stock Ownership Plan Esop Allocated And Committed To Be Released From Suspense Account Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedAndCommittedToBeReleasedFromSuspenseAccountSharesFairValue
41208
CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
603781
CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
4111749
CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
69320
CY2019Q1 soho Loss Carryforwards Expiration Dates
LossCarryforwardsExpirationDates
2028
CY2019Q1 soho Deferred Tax Asset Nondeductible Accrued Expenses
DeferredTaxAssetNondeductibleAccruedExpenses
700000
CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
9399
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
33832
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
35474
CY2019Q1 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedSharesAndCommittedToBeReleasedShares
78719
CY2018Q4 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedSharesAndCommittedToBeReleasedShares
69306
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
613194
CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
682500
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
682500
CY2019Q1 soho Employee Stock Ownership Plan Esop Allocated Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesFairValue
472069
CY2018Q4 soho Employee Stock Ownership Plan Esop Allocated Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesFairValue
189798
CY2019Q1 soho Employee Stock Ownership Plan Esop Shares Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPSharesCommittedToBeReleasedFairValue
64007
CY2018Q4 soho Employee Stock Ownership Plan Esop Shares Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPSharesCommittedToBeReleasedFairValue
199007
CY2019Q1 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesAndCommittedToBeReleasedFairValue
536076
CY2018Q4 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesAndCommittedToBeReleasedFairValue
388805
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
3440020
CY2019Q1 soho Employee Stock Ownership Plan Esop Shares Fair Value
EmployeeStockOwnershipPlanESOPSharesFairValue
4647825
CY2018Q4 soho Employee Stock Ownership Plan Esop Shares Fair Value
EmployeeStockOwnershipPlanESOPSharesFairValue
3828825
CY2019Q1 soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
17389680
CY2018Q1 soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
15233256
CY2019Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
33477
CY2018Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
45693
CY2019Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
33477
CY2018Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
45693
CY2019Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
199606
CY2018Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
207019
CY2019Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
85073
CY2018Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
53243
CY2019Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
284679
CY2018Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
260262
CY2019Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
796024
CY2018Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
311313
CY2019Q1 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
596418
CY2018Q1 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
104294
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14216425
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14114373
CY2019Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
605675
CY2018Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
641929

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