$TTSH
TILE SHOP HOLDINGS, INC.

2015 Q3 Form 10-Q Financial Statement

#000143774915019013 Filed on October 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $72.40M $62.81M
YoY Change 15.28% 10.57%
Cost Of Revenue $21.69M $19.35M
YoY Change 12.11% 13.91%
Gross Profit $50.71M $43.46M
YoY Change 16.69% 9.15%
Gross Profit Margin 70.04% 69.19%
Selling, General & Admin $44.05M $39.75M
YoY Change 10.8% 23.43%
% of Gross Profit 86.86% 91.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.510M $4.970M
YoY Change 10.87% 36.54%
% of Gross Profit 10.87% 11.44%
Operating Expenses $44.05M $39.75M
YoY Change 10.8% 23.43%
Operating Profit $6.666M $3.706M
YoY Change 79.87% -51.28%
Interest Expense $503.0K $906.0K
YoY Change -44.48% 16.15%
% of Operating Profit 7.55% 24.45%
Other Income/Expense, Net $34.00K -$290.0K
YoY Change -111.72% 1350.0%
Pretax Income $6.197M $2.510M
YoY Change 146.89% -63.13%
Income Tax $2.436M $1.006M
% Of Pretax Income 39.31% 40.08%
Net Earnings $3.761M $1.504M
YoY Change 150.07% -62.86%
Net Earnings / Revenue 5.19% 2.39%
Basic Earnings Per Share $0.07 $0.03
Diluted Earnings Per Share $0.07 $0.03
COMMON SHARES
Basic Shares Outstanding 51.16M 51.02M
Diluted Shares Outstanding 51.42M 51.07M

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.60M $5.700M
YoY Change 156.14% 46.15%
Cash & Equivalents $14.64M $5.674M
Short-Term Investments
Other Short-Term Assets $8.300M $6.400M
YoY Change 29.69% 487.16%
Inventory $63.20M $67.30M
Prepaid Expenses
Receivables $2.248M $1.900M
Other Receivables $900.0K $4.300M
Total Short-Term Assets $89.19M $85.70M
YoY Change 4.07% -14.99%
LONG-TERM ASSETS
Property, Plant & Equipment $134.8M $141.0M
YoY Change -4.4% 24.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.20M $25.30M
YoY Change -4.35% 970.67%
Total Long-Term Assets $159.0M $166.2M
YoY Change -4.36% 23.16%
TOTAL ASSETS
Total Short-Term Assets $89.19M $85.70M
Total Long-Term Assets $159.0M $166.2M
Total Assets $248.1M $251.9M
YoY Change -1.49% 6.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.62M $13.60M
YoY Change 14.86% -46.99%
Accrued Expenses $22.41M $6.200M
YoY Change 261.52% -36.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.200M $3.900M
YoY Change 33.33% 8.64%
Total Short-Term Liabilities $41.29M $32.60M
YoY Change 26.65% -23.32%
LONG-TERM LIABILITIES
Long-Term Debt $58.40M $91.30M
YoY Change -36.04% 3.99%
Other Long-Term Liabilities $3.260M $35.20M
YoY Change -90.74% 673.12%
Total Long-Term Liabilities $3.260M $126.5M
YoY Change -97.42% 2678.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.29M $32.60M
Total Long-Term Liabilities $3.260M $126.5M
Total Liabilities $138.2M $159.1M
YoY Change -13.11% 0.73%
SHAREHOLDERS EQUITY
Retained Earnings -$68.77M
YoY Change
Common Stock $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.9M $92.80M
YoY Change
Total Liabilities & Shareholders Equity $248.1M $251.9M
YoY Change -1.49% 6.85%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $3.761M $1.504M
YoY Change 150.07% -62.86%
Depreciation, Depletion And Amortization $5.510M $4.970M
YoY Change 10.87% 36.54%
Cash From Operating Activities $12.59M $12.00M
YoY Change 4.92% -818.56%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M -$8.960M
YoY Change -48.66% -38.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$4.600M -$8.950M
YoY Change -48.6% -38.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.170M -900.0K
YoY Change 585.56% -105.54%
NET CHANGE
Cash From Operating Activities 12.59M 12.00M
Cash From Investing Activities -4.600M -8.950M
Cash From Financing Activities -6.170M -900.0K
Net Change In Cash 1.820M 2.150M
YoY Change -15.35% 5275.0%
FREE CASH FLOW
Cash From Operating Activities $12.59M $12.00M
Capital Expenditures -$4.600M -$8.960M
Free Cash Flow $17.19M $20.96M
YoY Change -17.99% 62.99%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Note 11: New Accounting Pronouncements</div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In May 2014, the Financial Accounting Standards Board issued a final standard on revenue from contracts with customers. The new standard sets forth a single comprehensive model for recognizing and reporting revenue. The new standard is effective for the Company in its fiscal year 2018, and permits the use of either a retrospective or a cumulative effect transition method. The Company is currently assessing the impact of implementing the new guidance on its consolidated financial statements.</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In April 2015, the Financial Accounting Standards Board issued a standard which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance, is effective for the Company in its fiscal year 2016, and requires retrospective application. The Company anticipates reclassifying $2.2 million of unamortized debt issuance costs from other asset accounts to net against debt upon adopting this standard in the first quarter of 2016.</div></div></div>
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-6000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-7000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3260000
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3765000
us-gaap Other Noncash Expense
OtherNoncashExpense
2156000
us-gaap Other Noncash Expense
OtherNoncashExpense
5687000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
34000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-290000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
97000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-363000
us-gaap Payments For Deposits
PaymentsForDeposits
5000
us-gaap Payments For Deposits
PaymentsForDeposits
31000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
968000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12196000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
34389000
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
10250000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
18000000
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
677000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
212000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
81000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
139294000
us-gaap Repayments Of Debt
RepaymentsOfDebt
39662000
us-gaap Repayments Of Debt
RepaymentsOfDebt
19458000
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-68771000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-80681000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
72404000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
62806000
us-gaap Sales Revenue Net
SalesRevenueNet
221073000
us-gaap Sales Revenue Net
SalesRevenueNet
193850000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44047000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
39752000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
130678000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
117106000
us-gaap Share Based Compensation
ShareBasedCompensation
4226000
us-gaap Share Based Compensation
ShareBasedCompensation
3910000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2700695
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.93
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
35000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
81000
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
78496000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
93695000
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
109906000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51424979
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51066497
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51254547
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51103216
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51161348
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51016487
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51137650
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51006610
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
194000
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost

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