$TLCC
Twinlab Consolidated Holdings Inc

2014 Q4 Form 10-Q Financial Statement

#000114420414068872 Filed on November 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $14.29M $0.00 $19.57M
YoY Change -100.0%
Cost Of Revenue $11.63M $10.17M $14.33M
YoY Change -28.99%
Gross Profit $2.660M $2.814M $5.243M
YoY Change -46.33%
Gross Profit Margin 18.61% 26.79%
Selling, General & Admin $6.160M $7.866M $5.283M
YoY Change 48.89%
% of Gross Profit 231.58% 279.53% 100.76%
Research & Development $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $360.0K $114.0K $228.0K
YoY Change -50.0%
% of Gross Profit 13.53% 4.05% 4.35%
Operating Expenses $6.160M $159.3K $5.283M
YoY Change -96.99%
Operating Profit -$3.500M -$5.052M -$40.00K
YoY Change 12530.0%
Interest Expense -$1.020M $2.644M $1.371M
YoY Change 92.85%
% of Operating Profit
Other Income/Expense, Net -$2.540M -$2.643M $1.264M
YoY Change -309.1%
Pretax Income -$7.060M -$7.695M -$1.304M
YoY Change 490.11%
Income Tax $30.00K $14.00K $16.00K
% Of Pretax Income
Net Earnings -$7.080M -$7.709M -$1.320M
YoY Change 484.02%
Net Earnings / Revenue -49.55% -6.74%
Basic Earnings Per Share
Diluted Earnings Per Share -$59.96K -$727.30
COMMON SHARES
Basic Shares Outstanding 220.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $466.0K $0.00
YoY Change 29.44%
Cash & Equivalents $437.0K
Short-Term Investments $29.00K $38.00K
Other Short-Term Assets $4.790M $0.00
YoY Change
Inventory $18.42M $12.93M
Prepaid Expenses $0.00
Receivables $4.604M $4.860M
Other Receivables $0.00 $0.00
Total Short-Term Assets $28.28M $22.33M
YoY Change 21.75%
LONG-TERM ASSETS
Property, Plant & Equipment $2.680M $4.719M
YoY Change -46.83%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $986.0K $725.0K
YoY Change 12.43%
Total Long-Term Assets $11.23M $13.13M
YoY Change -19.49%
TOTAL ASSETS
Total Short-Term Assets $28.28M $22.33M
Total Long-Term Assets $11.23M $13.13M
Total Assets $39.51M $35.45M
YoY Change 6.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.90M $9.626M
YoY Change 58.73%
Accrued Expenses $2.060M $2.160M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.65M $13.02M
YoY Change
Total Short-Term Liabilities $29.32M $25.19M
YoY Change -66.79%
LONG-TERM LIABILITIES
Long-Term Debt $12.77M $10.00K
YoY Change
Other Long-Term Liabilities $2.050M $0.00
YoY Change
Total Long-Term Liabilities $14.82M $11.12M
YoY Change -40.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.32M $25.19M
Total Long-Term Liabilities $14.82M $11.12M
Total Liabilities $44.15M $36.30M
YoY Change -60.97%
SHAREHOLDERS EQUITY
Retained Earnings -$187.4M -$180.3M
YoY Change 12.71%
Common Stock $220.0K $220.0K
YoY Change 10.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity -$4.637M -$853.0K
YoY Change
Total Liabilities & Shareholders Equity $39.51M $35.45M
YoY Change 6.27%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$7.080M -$7.709M -$1.320M
YoY Change 484.02%
Depreciation, Depletion And Amortization $360.0K $114.0K $228.0K
YoY Change -50.0%
Cash From Operating Activities -$6.440M -$20.00K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$440.0K -$170.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$430.0K -$180.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.280M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -6.440M -20.00K
Cash From Investing Activities -430.0K -180.0K
Cash From Financing Activities 7.280M 0.000
Net Change In Cash 410.0K -200.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$6.440M -$20.00K
Capital Expenditures -$440.0K -$170.0K
Free Cash Flow -$6.000M $150.0K
YoY Change

Facts In Submission

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dei Document Type
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10-Q
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Entity Registrant Name
EntityRegistrantName
TWINLAB CONSOLIDATED HOLDINGS, INC.
dei Entity Central Index Key
EntityCentralIndexKey
0001590695
dei Current Fiscal Year End Date
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dei Entity Filer Category
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
8113000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
40000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
8200000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-8921000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
300000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-3084000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
11541000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2000000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-3592000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-7521000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
81000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
316000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-8000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
0 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-279000 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
204000 USD
CY2012Q4 us-gaap Cash
Cash
80000 USD
CY2013Q3 us-gaap Cash
Cash
284000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
42000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
33000 USD
tlcc Deferred Gain On Sale Of Property Plant And Equipment
DeferredGainOnSaleOfPropertyPlantAndEquipment
0 USD
tlcc Deferred Gain On Sale Of Property Plant And Equipment
DeferredGainOnSaleOfPropertyPlantAndEquipment
2282000 USD
tlcc Change In Unrealized Holding Gain On Marketable Securities
ChangeInUnrealizedHoldingGainOnMarketableSecurities
22000 USD
tlcc Change In Unrealized Holding Gain On Marketable Securities
ChangeInUnrealizedHoldingGainOnMarketableSecurities
703000 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1481000 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
114000 USD
CY2013Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
228000 USD
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
127000 USD
us-gaap Fiscal Period
FiscalPeriod
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Change in Fiscal Year</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Effective with the completion of the Merger, the Company changed its fiscal year to end on December 31.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Use of Estimates</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with U.S. generally accepted accounting requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant management estimates include those with respect to returns and allowances, allowance for doubtful accounts, reserve for inventory obsolescence, recoverability of long-lived assets and estimated value of warrants.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Significant Concentration of Credit Risk</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Sales to the Company&#8217;s top three major customers aggregated to approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 27.8</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 30.3</font>% of total sales for the nine months ended September 30, 2014 and 2013, respectively. Sales to one of those customers were approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13.9</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15.3</font>% of total sales in 2014 and 2013, respectively. Accounts receivable from these customers were approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 28</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 27</font>% of total accounts receivable as of September 30, 2014 and December 31, 2013, respectively.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
216000 USD
CY2014Q3 us-gaap Capital Lease Obligations
CapitalLeaseObligations
2437000 USD
CY2013Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
2019000 USD
CY2014Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
22029000 USD
CY2013Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
98073000 USD
CY2014Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
50 pure
CY2014Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
8000 USD
CY2014Q3 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
7000 USD
CY2014Q3 tlcc Debt Instrument Decrease Forgiveness Accrued Interest
DebtInstrumentDecreaseForgivenessAccruedInterest
300 USD
CY2014Q3 tlcc Promissory Notes Exchange For Common Stock
PromissoryNotesExchangeForCommonStock
100000 USD
CY2014Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.76
tlcc Amendment Fees
AmendmentFees
35000 USD

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