$TLYS
TILLY'S, INC.

2013 Q3 Form 10-Q Financial Statement

#000119312513363763 Filed on September 11, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $123.0M $105.1M
YoY Change 17.07% 20.45%
Cost Of Revenue $85.16M $73.96M
YoY Change 15.14% 20.17%
Gross Profit $37.89M $31.14M
YoY Change 21.65% 21.1%
Gross Profit Margin 30.79% 29.63%
Selling, General & Admin $30.69M $34.46M
YoY Change -10.95% 55.54%
% of Gross Profit 81.0% 110.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.780M $4.130M
YoY Change 15.74% 9.55%
% of Gross Profit 12.62% 13.26%
Operating Expenses $30.69M $34.46M
YoY Change -10.95% 55.54%
Operating Profit $7.199M -$3.318M
YoY Change -316.97% -193.18%
Interest Expense -$47.00K $40.00K
YoY Change -217.5% -176.92%
% of Operating Profit -0.65%
Other Income/Expense, Net -$47.00K
YoY Change
Pretax Income $7.152M -$3.278M
YoY Change -318.18% -193.42%
Income Tax $2.885M -$2.122M
% Of Pretax Income 40.34%
Net Earnings $4.267M -$1.156M
YoY Change -469.12% -133.32%
Net Earnings / Revenue 3.47% -1.1%
Basic Earnings Per Share $0.15 -$0.04
Diluted Earnings Per Share $0.15 -$0.04
COMMON SHARES
Basic Shares Outstanding 27.73M shares 27.28M shares
Diluted Shares Outstanding 28.08M shares 27.28M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.80M $47.70M
YoY Change 6.5% 53.87%
Cash & Equivalents $20.88M $21.50M
Short-Term Investments $29.90M $26.20M
Other Short-Term Assets $12.20M $10.70M
YoY Change 14.02% 105.77%
Inventory $63.40M $54.69M
Prepaid Expenses
Receivables $10.90M $9.524M
Other Receivables $0.00 $0.00
Total Short-Term Assets $137.4M $122.6M
YoY Change 12.07% 40.4%
LONG-TERM ASSETS
Property, Plant & Equipment $94.57M $70.86M
YoY Change 33.46% 17.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.804M $3.786M
YoY Change 0.48% 64.61%
Total Long-Term Assets $98.37M $74.65M
YoY Change 31.78% 19.44%
TOTAL ASSETS
Total Short-Term Assets $137.4M $122.6M
Total Long-Term Assets $98.37M $74.65M
Total Assets $235.7M $197.2M
YoY Change 19.53% 31.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.83M $31.97M
YoY Change 8.92% 14.19%
Accrued Expenses $15.92M $17.17M
YoY Change -7.29% -3.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $700.0K
YoY Change 0.0% 16.67%
Total Short-Term Liabilities $65.95M $62.56M
YoY Change 5.43% 18.93%
LONG-TERM LIABILITIES
Long-Term Debt $2.900M $3.600M
YoY Change -19.44% -16.28%
Other Long-Term Liabilities $40.90M $34.80M
YoY Change 17.53% 27.94%
Total Long-Term Liabilities $43.81M $38.45M
YoY Change 13.95% 22.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.95M $62.56M
Total Long-Term Liabilities $43.81M $38.45M
Total Liabilities $109.8M $101.0M
YoY Change 8.67% 19.96%
SHAREHOLDERS EQUITY
Retained Earnings $6.435M -$19.28M
YoY Change -133.38%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.0M $96.21M
YoY Change
Total Liabilities & Shareholders Equity $235.7M $197.2M
YoY Change 19.53% 31.65%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $4.267M -$1.156M
YoY Change -469.12% -133.32%
Depreciation, Depletion And Amortization $4.780M $4.130M
YoY Change 15.74% 9.55%
Cash From Operating Activities $14.25M $11.75M
YoY Change 21.28% 6.72%
INVESTING ACTIVITIES
Capital Expenditures -$12.35M -$8.930M
YoY Change 38.3% 55.57%
Acquisitions
YoY Change
Other Investing Activities $50.00K -$25.91M
YoY Change -100.19%
Cash From Investing Activities -$12.31M -$34.84M
YoY Change -64.67% 506.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 310.0K 22.86M
YoY Change -98.64% -839.81%
NET CHANGE
Cash From Operating Activities 14.25M 11.75M
Cash From Investing Activities -12.31M -34.84M
Cash From Financing Activities 310.0K 22.86M
Net Change In Cash 2.250M -230.0K
YoY Change -1078.26% -110.55%
FREE CASH FLOW
Cash From Operating Activities $14.25M $11.75M
Capital Expenditures -$12.35M -$8.930M
Free Cash Flow $26.60M $20.68M
YoY Change 28.63% 23.46%

Facts In Submission

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14960000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2284000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-96000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
40000
us-gaap Interest Paid
InterestPaid
132000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
11020000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1843000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
16804000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6568000
us-gaap Gain Loss On Investments
GainLossOnInvestments
119000
us-gaap Gross Profit
GrossProfit
70353000
us-gaap Operating Income Loss
OperatingIncomeLoss
11116000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-111000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
4979000
us-gaap Net Income Loss
NetIncomeLoss
6575000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
351000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1655000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
161808000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
558000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-839000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
141000
us-gaap Share Based Compensation
ShareBasedCompensation
1655000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9425000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3569000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59237000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4445000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1289000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4378000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
16564000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
19000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
452000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
40000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
25000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13730000
tlys Other Comprehensive Income Loss Net Unrealized Gains Losses On Securities Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeLossNetUnrealizedGainsLossesOnSecuritiesNetOfTaxPeriodIncreaseDecrease
-7000
tlys Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
3805000
CY2012Q2 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2014-05-03
CY2012Q2 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0175 pure
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.
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2012Q2 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
Interest charged on borrowings is either at the London Interbank Offered Rate ("LIBOR") plus 1.75%, or at the bank's prime rate. The Company has the ability to select between the prime or LIBOR-based rate at the time of a cash advance.
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.621 pure
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27280000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.008 pure
CY2012Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.336 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 Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.006 pure
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.627 pure
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27280000 shares
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
105101000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
48000
CY2012Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
40000
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 Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1108000
CY2012Q3 us-gaap Gross Profit
GrossProfit
31144000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3318000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-1156000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
48000
CY2012Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
73957000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
8220000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
34462000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2122000
CY2012Q3 tlys Dilutive Securities Excluded From Computation Of Earnings Per Share Amount
DilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
931500 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.558 pure
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28080000 shares
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
353000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.012 pure
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.403 pure
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.010 pure
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1856000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.560 pure
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27727000 shares
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
123043000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-21000
CY2013Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-47000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
7152000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4246000
CY2013Q3 us-gaap Gross Profit
GrossProfit
38155000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
7199000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
4267000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-21000
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
84888000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
800000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30956000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2885000

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