$TLYS
TILLY'S, INC.

2012 Q3 Form 10-Q Financial Statement

#000119312512384786 Filed on September 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2012 Q1
Revenue $105.1M $96.52M $122.9M
YoY Change 20.45% 16.11%
Cost Of Revenue $73.96M $66.11M $81.60M
YoY Change 20.17% 16.18%
Gross Profit $31.14M $30.42M $41.36M
YoY Change 21.1% 16.06%
Gross Profit Margin 29.63% 31.51% 33.64%
Selling, General & Admin $34.46M $24.39M $27.30M
YoY Change 55.54% 15.06%
% of Gross Profit 110.65% 80.19% 66.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.130M $3.900M $3.870M
YoY Change 9.55% 4.84% -45.57%
% of Gross Profit 13.26% 12.82% 9.36%
Operating Expenses $34.46M $24.39M $27.30M
YoY Change 55.54% 14.52%
Operating Profit -$3.318M $6.026M $14.06M
YoY Change -193.18% 21.37%
Interest Expense $40.00K $44.00K $0.00
YoY Change -176.92%
% of Operating Profit 0.73% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.278M $5.982M $14.00M
YoY Change -193.42% 22.08%
Income Tax -$2.122M $68.00K $200.0K
% Of Pretax Income 1.14% 1.43%
Net Earnings -$1.156M $5.914M $13.86M
YoY Change -133.32% 21.69%
Net Earnings / Revenue -1.1% 6.13% 11.27%
Basic Earnings Per Share -$0.04 $0.30 $0.69
Diluted Earnings Per Share -$0.04 $0.29 $0.67
COMMON SHARES
Basic Shares Outstanding 27.28M shares 20.00M shares
Diluted Shares Outstanding 27.28M shares 20.51M shares

Balance Sheet

Concept 2012 Q3 2012 Q2 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.70M $21.70M $25.10M
YoY Change 53.87% -24.65% -14.33%
Cash & Equivalents $21.50M $21.72M $25.09M
Short-Term Investments $26.20M $0.00
Other Short-Term Assets $10.70M $5.500M $267.0K
YoY Change 105.77% 30.95% -93.79%
Inventory $54.69M $40.30M $36.53M
Prepaid Expenses
Receivables $9.524M $8.400M $6.605M
Other Receivables $0.00 $0.00 $1.070M
Total Short-Term Assets $122.6M $76.00M $73.84M
YoY Change 40.4% 2.01% 3.42%
LONG-TERM ASSETS
Property, Plant & Equipment $70.86M $65.70M $64.08M
YoY Change 17.91% 15.06% 10.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.786M $3.500M $2.899M
YoY Change 64.61% 84.21% 107.07%
Total Long-Term Assets $74.65M $69.20M $66.98M
YoY Change 19.44% 17.09% 12.38%
TOTAL ASSETS
Total Short-Term Assets $122.6M $76.00M $73.84M
Total Long-Term Assets $74.65M $69.20M $66.98M
Total Assets $197.2M $145.2M $140.8M
YoY Change 31.65% 8.68% 7.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.97M $17.50M $16.83M
YoY Change 14.19% 7.36% 14.49%
Accrued Expenses $17.17M $15.90M $12.94M
YoY Change -3.54% 24.22% -15.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $700.0K $700.0K
YoY Change 16.67% 16.67% 16.67%
Total Short-Term Liabilities $62.56M $41.60M $46.17M
YoY Change 18.93% 15.88% 23.12%
LONG-TERM LIABILITIES
Long-Term Debt $3.600M $3.800M $4.000M
YoY Change -16.28% -15.56% -13.04%
Other Long-Term Liabilities $34.80M $33.70M $30.30M
YoY Change 27.94% 19.93% 13.06%
Total Long-Term Liabilities $38.45M $37.50M $34.23M
YoY Change 22.06% 15.03% 9.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.56M $41.60M $46.17M
Total Long-Term Liabilities $38.45M $37.50M $34.23M
Total Liabilities $101.0M $79.10M $80.40M
YoY Change 19.96% 15.47% 16.68%
SHAREHOLDERS EQUITY
Retained Earnings -$19.28M $60.25M
YoY Change
Common Stock $20.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $96.21M $66.10M $60.42M
YoY Change
Total Liabilities & Shareholders Equity $197.2M $145.2M $140.8M
YoY Change 31.65% 8.68% 7.5%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2012 Q1
OPERATING ACTIVITIES
Net Income -$1.156M $5.914M $13.86M
YoY Change -133.32% 21.69%
Depreciation, Depletion And Amortization $4.130M $3.900M $3.870M
YoY Change 9.55% 4.84% -45.57%
Cash From Operating Activities $11.75M $3.930M $20.76M
YoY Change 6.72% -11.09% -37.55%
INVESTING ACTIVITIES
Capital Expenditures -$8.930M $7.523M -$5.970M
YoY Change 55.57% -350.77% -10.23%
Acquisitions
YoY Change
Other Investing Activities -$25.91M $640.0K $10.00K
YoY Change 3100.0% -97.62%
Cash From Investing Activities -$34.84M -$6.882M -$5.970M
YoY Change 506.97% 130.94% -4.33%
FINANCING ACTIVITIES
Cash Dividend Paid $260.0K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.86M -423.0K -5.380M
YoY Change -839.81% -78.85% -65.27%
NET CHANGE
Cash From Operating Activities 11.75M 3.930M 20.76M
Cash From Investing Activities -34.84M -6.882M -5.970M
Cash From Financing Activities 22.86M -423.0K -5.380M
Net Change In Cash -230.0K -3.375M 9.410M
YoY Change -110.55% 502.68% -18.25%
FREE CASH FLOW
Cash From Operating Activities $11.75M $3.930M $20.76M
Capital Expenditures -$8.930M $7.523M -$5.970M
Free Cash Flow $20.68M -$3.593M $26.73M
YoY Change 23.46% -148.42% -32.99%

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EarningsPerShareBasic
0.20
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22443000
CY2012Q2 tlys Increase Decrease In Deferred Tax Assets
IncreaseDecreaseInDeferredTaxAssets
3600000
CY2012Q2 tlys Increase Decrease In Long Term Income Taxes Payable
IncreaseDecreaseInLongTermIncomeTaxesPayable
600000
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.006 pure
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.627 pure
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3318000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
33000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1108000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
8200000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2012Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.336 pure
CY2012Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27280000 shares
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
105101000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3278000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
48000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2012Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
40000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27280000 shares
CY2012Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
73957000
CY2012Q3 us-gaap Gross Profit
GrossProfit
31144000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2169000 shares
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-1156000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
34462000
CY2012Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2122000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
48000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3561000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3469000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
11250 shares
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
9000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2012-12-31
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23640000 shares
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
799000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
18019000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
457000 shares
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20472000 shares
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
87260000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3509000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2011Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-52000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20000000 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
472000 shares
CY2011Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
61542000
CY2011Q3 us-gaap Gross Profit
GrossProfit
25718000
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
578000 shares
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
3469000
CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22157000
CY2011Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
140063000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
35539000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-38000
us-gaap Dividends
Dividends
84287000
us-gaap Gross Profit
GrossProfit
61562000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
329000
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
84287000
us-gaap Interest Paid
InterestPaid
156000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6148000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1237500 shares
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
9455000
us-gaap Net Income Loss
NetIncomeLoss
4757000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
9000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
58854000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
670500 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2053000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions 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 net sales and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates and judgments, including those related to inventory valuation, property and equipment, recoverability of long-lived assets, income taxes and stock-based compensation.</font></p> </div>
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
48000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
5530000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.53
tlys Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
5263000
tlys Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageGrantDateFairValue
14.52
tlys Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue
8.67
CY2012Q2 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2014-05-03
CY2012Q2 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The Company is required to maintain certain financial and nonfinancial covenants in accordance with the revolving credit facility. The financial covenants contain requirements for certain levels of liquidity and profitability, such as: (i) a minimum current asset to current liability ratio of 1.25 to 1.00, (ii) a net profit before tax of at least $1, determined as of the end of each fiscal quarter on a cumulative rolling four-quarter basis, excluding a non-cash expense of up to a maximum of $2.0 million for the write-off of impaired fixed assets for that period and (iii) a maximum ratio of 4.00 to 1.00 for “funded debt” to “EBITDAR”, where “funded debt” includes credit facility borrowings, capital lease debt and eight times annual operating lease rent expense, and “EBITDAR” includes net income before interest, income taxes, depreciation, amortization and rent expense.

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