$TLYS
TILLY'S, INC.

2014 Q3 Form 10-Q Financial Statement

#000119312514336696 Filed on September 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $123.1M $123.0M
YoY Change 0.01% 17.07%
Cost Of Revenue $88.41M $85.16M
YoY Change 3.82% 15.14%
Gross Profit $34.66M $37.89M
YoY Change -8.53% 21.65%
Gross Profit Margin 28.16% 30.79%
Selling, General & Admin $32.33M $30.69M
YoY Change 5.33% -10.95%
% of Gross Profit 93.28% 81.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.400M $4.780M
YoY Change 12.97% 15.74%
% of Gross Profit 15.58% 12.62%
Operating Expenses $32.33M $30.69M
YoY Change 5.33% -10.95%
Operating Profit $2.329M $7.199M
YoY Change -67.65% -316.97%
Interest Expense -$47.00K
YoY Change -217.5%
% of Operating Profit -0.65%
Other Income/Expense, Net $4.000K -$47.00K
YoY Change -108.51%
Pretax Income $2.333M $7.152M
YoY Change -67.38% -318.18%
Income Tax $1.067M $2.885M
% Of Pretax Income 45.74% 40.34%
Net Earnings $1.266M $4.267M
YoY Change -70.33% -469.12%
Net Earnings / Revenue 1.03% 3.47%
Basic Earnings Per Share $0.05 $0.15
Diluted Earnings Per Share $0.05 $0.15
COMMON SHARES
Basic Shares Outstanding 28.01M shares 27.73M shares
Diluted Shares Outstanding 28.05M shares 28.08M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.40M $50.80M
YoY Change 12.99% 6.5%
Cash & Equivalents $32.41M $20.88M
Short-Term Investments $25.00M $29.90M
Other Short-Term Assets $12.10M $12.20M
YoY Change -0.82% 14.02%
Inventory $70.39M $63.40M
Prepaid Expenses
Receivables $10.30M $10.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $150.2M $137.4M
YoY Change 9.34% 12.07%
LONG-TERM ASSETS
Property, Plant & Equipment $105.9M $94.57M
YoY Change 12.02% 33.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.989M $3.804M
YoY Change 31.15% 0.48%
Total Long-Term Assets $110.9M $98.37M
YoY Change 12.76% 31.78%
TOTAL ASSETS
Total Short-Term Assets $150.2M $137.4M
Total Long-Term Assets $110.9M $98.37M
Total Assets $261.1M $235.7M
YoY Change 10.77% 19.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.06M $34.83M
YoY Change 9.27% 8.92%
Accrued Expenses $16.78M $15.92M
YoY Change 5.4% -7.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $800.0K $700.0K
YoY Change 14.29% 0.0%
Total Short-Term Liabilities $72.05M $65.95M
YoY Change 9.26% 5.43%
LONG-TERM LIABILITIES
Long-Term Debt $2.100M $2.900M
YoY Change -27.59% -19.44%
Other Long-Term Liabilities $42.20M $40.90M
YoY Change 3.18% 17.53%
Total Long-Term Liabilities $44.35M $43.81M
YoY Change 1.22% 13.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.05M $65.95M
Total Long-Term Liabilities $44.35M $43.81M
Total Liabilities $116.4M $109.8M
YoY Change 6.05% 8.67%
SHAREHOLDERS EQUITY
Retained Earnings $19.85M $6.435M
YoY Change 208.53% -133.38%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $144.7M $126.0M
YoY Change
Total Liabilities & Shareholders Equity $261.1M $235.7M
YoY Change 10.77% 19.53%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $1.266M $4.267M
YoY Change -70.33% -469.12%
Depreciation, Depletion And Amortization $5.400M $4.780M
YoY Change 12.97% 15.74%
Cash From Operating Activities $11.64M $14.25M
YoY Change -18.32% 21.28%
INVESTING ACTIVITIES
Capital Expenditures -$6.650M -$12.35M
YoY Change -46.15% 38.3%
Acquisitions
YoY Change
Other Investing Activities $40.00K $50.00K
YoY Change -20.0% -100.19%
Cash From Investing Activities -$6.610M -$12.31M
YoY Change -46.3% -64.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K 310.0K
YoY Change -106.45% -98.64%
NET CHANGE
Cash From Operating Activities 11.64M 14.25M
Cash From Investing Activities -6.610M -12.31M
Cash From Financing Activities -20.00K 310.0K
Net Change In Cash 5.010M 2.250M
YoY Change 122.67% -1078.26%
FREE CASH FLOW
Cash From Operating Activities $11.64M $14.25M
Capital Expenditures -$6.650M -$12.35M
Free Cash Flow $18.29M $26.60M
YoY Change -31.24% 28.63%

Facts In Submission

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dei Trading Symbol
TradingSymbol
TLYS
dei Entity Registrant Name
EntityRegistrantName
TILLY'S, INC.
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-08-02
dei Entity Central Index Key
EntityCentralIndexKey
0001524025
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
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us-gaap Debt Instrument Covenant Description
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The Company is required to maintain certain financial and nonfinancial covenants in accordance with the revolving credit facility. The financial covenants require certain levels of leverage and profitability, such as (i) an aggregate maximum net loss after taxes not to exceed $5 million (measured at the end of each fiscal quarter), with no more than one annual net loss after taxes for any fiscal year (in either case, excluding all charges for impairment of goodwill, other intangibles and store assets impairment on the balance sheet of WOJT, in an aggregate amount of up to $2.0 million for the relevant period), and (ii) a maximum ratio of 2.00 to 1.00 for “balance sheet leverage”, defined as total liabilities divided by total tangible net worth.
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us-gaap Debt Instrument Interest Rate Terms
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y8M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.469 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P5Y10M24D
us-gaap Sales Revenue Net
SalesRevenueNet
234194000
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3409000
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1268000
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1845000
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77000
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1750000
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NetIncomeLoss
1857000
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373000
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24121000
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-12000
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1903000
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CostOfGoodsSold
168212000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-208000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
334000
us-gaap Increase Decrease In Employee Related Liabilities
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782000
us-gaap Share Based Compensation
ShareBasedCompensation
1903000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10182000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
6996000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4539000
us-gaap Adjustments To Additional Paid In Capital Income Tax Deficiency From Share Based Compensation
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125000
us-gaap Selling General And Administrative Expense
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62576000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1552000
us-gaap Increase Decrease In Deferred Revenue
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-1437000
us-gaap Increase Decrease In Accrued Liabilities
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6906000
us-gaap Increase Decrease In Accounts Payable
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18397000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
165000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
35000000
tlys Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-4000
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 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
CY2014Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2017-05-31
CY2014Q1 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2014-03-17
CY2014Q1 tlys Line Of Credit Facility Unused Capacity Commitment Fee Percentage Eliminated
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentageEliminated
0.0010 pure
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
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
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CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-47000
CY2013Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-21000
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
37888000
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
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-21000
CY2013Q3 us-gaap Cost Of Goods Sold
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85155000
CY2013Q3 us-gaap Selling General And Administrative Expense
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30689000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2885000
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1100000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32326000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1067000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.452 pure
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28049000 shares
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
35000 shares
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.457 pure
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.018 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.453 pure
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28014000 shares
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
123060000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4000

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