Tile Shop Holdings, Inc. (Nasdaq:TTS) (the “Company”), a specialty
retailer of natural stone and man-made tiles, setting and
maintenance materials, and related accessories, today announced
results for its second quarter ended June 30, 2018.
Second Quarter Summary
Net Sales Increased
3.9%Comparable Store Sales Declined 1.8%
70.3% Gross MarginDiluted Earnings per
Share of $0.10Net Income of $5.0 million; Adjusted
EBITDA of $15.1 millionCompleted 3 store remodels
in Q2; Completed 7 store remodels year-to-date in 2018
Management Commentary“During
the second quarter, we continued to improve our assortment and grow
our pro customer base. We also improved our store experience
through the combination of store remodel and store merchandising
investments. These all have been strong focus areas for our entire
company and are key elements of our differentiation and long-term
strategy,” said Robert Rucker, interim CEO. “We continued to see
the signs that we have the right strategy in place, including our
improvement in comp sales and our ability to sustain our strong
gross margin rate. We feel we are positioning our company
well for long-term success as we work to lay the foundation for
longer-term achievement of return on capital employed of 20% or
greater.”
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Three Months Ended |
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Six Months Ended |
(unaudited,
amounts in thousands, except per |
|
June 30, |
|
|
June 30, |
share
data) |
|
2018 |
|
2017 |
|
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2018 |
|
2017 |
Net sales |
|
$ |
92,914 |
|
|
$ |
89,464 |
|
|
|
$ |
184,048 |
|
|
$ |
181,599 |
|
Net sales
growth(1) |
|
|
3.9 |
% |
|
|
6.2 |
% |
|
|
|
1.3 |
% |
|
|
7.5 |
% |
Comparable store sales
(decline) growth(2) |
|
|
(1.8 |
)% |
|
|
0.5 |
% |
|
|
|
(4.4 |
)% |
|
|
2.7 |
% |
Gross margin rate |
|
|
70.3 |
% |
|
|
69.7 |
% |
|
|
|
70.3 |
% |
|
|
70.0 |
% |
Income from operations
as a % of net sales |
|
|
8.0 |
% |
|
|
13.0 |
% |
|
|
|
7.4 |
% |
|
|
13.8 |
% |
Net income |
|
$ |
4,958 |
|
|
$ |
7,723 |
|
|
|
$ |
8,969 |
|
|
$ |
15,732 |
|
Net income per diluted
share |
|
$ |
0.10 |
|
|
$ |
0.15 |
|
|
|
$ |
0.17 |
|
|
$ |
0.30 |
|
Adjusted EBITDA |
|
$ |
15,055 |
|
|
$ |
18,846 |
|
|
|
$ |
28,818 |
|
|
$ |
39,593 |
|
Adjusted EBITDA as a %
of net sales |
|
|
16.2 |
% |
|
|
21.1 |
% |
|
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|
15.7 |
% |
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21.8 |
% |
Number of stores open
at the end of period |
|
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140 |
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|
130 |
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140 |
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130 |
|
(1) As
compared to the prior year period.
(2)
Comparable store sales growth is the percentage change in sales of
comparable stores period over period. A store is considered
comparable on the first day of the 13th full month of operation.
When a store is relocated, it is excluded from the comparable store
sales growth calculation. Comparable store sales growth amounts
include total charges to customers less any actual returns.
Comparable store sales data reported by other companies may be
prepared on a different basis and therefore may not be useful for
purposes of comparing the Company’s results to those of other
businesses.
HIGHLIGHTS FOR THE SECOND QUARTER 2018
Net SalesNet sales increased $3.4 million, or
3.9%, from $89.5 million in the second quarter of 2017 to $92.9
million in the second quarter of 2018. The increase was due to $5.0
million in net sales generated by stores not included in the
comparable store base, partially offset by a comparable store sales
decrease of 1.8%, or $1.6 million. The decrease in comparable store
sales in the second quarter was traffic-related due in part to the
Company’s elimination of advertised price promotions.
Gross ProfitGross profit increased $3.0
million, or 4.8%, from $62.3 million in the second quarter of 2017
to $65.3 million in the second quarter of 2018. The gross margin
rate was 70.3% for the second quarter of 2018 and 69.7% for the
second quarter of 2017. The improvement in the gross margin was
primarily due to decreased promotional activity.
Selling, General and Administrative
Expenses
Selling, general and administrative expenses
increased $7.2 million, or 14.2%, from $50.7 million in the second
quarter of 2017 to $57.9 million in the second quarter of
2018. The $7.2 million increase was driven primarily by
investments in store and warehouse staff compensation, the addition
of regional sales leader positions, costs associated with opening
and operating ten new stores over the past twelve months, and
increased shipping costs. Included in the selling, general,
and administrative expenses increase during the second quarter of
2018 was approximately $2.0 million of planned strategic
investments in store compensation, regional sales leadership,
website design, and customer relationship management
capabilities. For the six months ended June 30, 2018, there
was approximately $4.0 million of planned strategic investments in
store compensation, regional sales leadership, website design, and
customer relationship management capabilities.
InventoryReflecting the
Company’s continued strengthening of its product assortment,
inventory increased to $100.4 million from $88.3 million at the end
of the first quarter of 2018, or 13.7%. The increase was
attributable to new products added to the Company’s assortment
during the quarter. The increase in the second quarter of 2018 was
higher than expected, as the Company was able to work with
suppliers to accelerate the shipment of certain new products.
Long-Term DebtLong-term debt
increased $4.3 million from $25.2 in the first quarter of 2018 to
$29.5 in the second quarter of 2018. The increase was attributable
to the expansion of the Company’s product assortment resulting in
an increase in inventory and capital investments associated with
store remodels and merchandising.
Store InvestmentAs of
June 30, 2018, the Company operated 140 stores in 31 states
and the District of Columbia. The Company also remodeled three
stores during the second quarter of 2018.
DIVIDENDThe Board of Directors
has declared a quarterly dividend of $0.05 per common
share. The dividend is payable August 10, 2018 to
shareholders of record at the close of business on July 30,
2018.
OUTLOOKThe Company updated its
previously communicated annual outlook:
- Capital investment of approximately $32 million, including
remodeling and store display investment to support its product
presentation strategy.
- Inventory investment of approximately 10% to 20% year over year
by year-end. In the third quarter, we expect our inventory levels
to remain closer to second quarter levels as the Company plans to
continue to make additional investments in its assortment.
- Selling, general and administrative (“SG&A”) expense
increase of approximately $7 million to support its service
strategy, including increased expenses for (1) the addition of
regional sales leader positions, (2) sales and warehouse staff
compensation, (3) customer relationship management and content
management capabilities, and (4) the addition of approximately 20
professional market managers. The approximately $7 million
increase in SG&A expense is incremental to the expected
SG&A expense increases associated with a full year of
operations for the fifteen stores opened in 2017 and the three new
stores opening in 2018.
Longer term, the Company remains committed to achieving both
Adjusted EBITDA margin and pretax return on capital employed of
greater than 20%.
NON-GAAP INFORMATION
The Company presents Adjusted EBITDA to provide useful
information to investors regarding the Company’s performance.
Adjusted EBITDA for the second quarter of 2018
was $15.1 million compared with $18.8 million for the second
quarter of 2017. See the “Adjusted EBITDA Reconciliation”
table below for a reconciliation of GAAP net income to Adjusted
EBITDA.
Adjusted EBITDA Reconciliation
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Three Months Ended |
($ in
thousands) |
|
June 30, |
|
|
2018 |
|
% of net sales(2) |
|
2017 |
|
% of net sales(1)(2) |
Net income |
|
$ |
4,958 |
|
5.3 |
% |
|
$ |
7,723 |
|
8.6 |
% |
Interest expense |
|
|
597 |
|
0.6 |
% |
|
|
448 |
|
0.5 |
% |
Income taxes |
|
|
1,924 |
|
2.1 |
% |
|
|
3,491 |
|
3.9 |
% |
Depreciation &
amortization |
|
|
6,978 |
|
7.5 |
% |
|
|
6,256 |
|
7.0 |
% |
Stock based
compensation |
|
|
598 |
|
0.6 |
% |
|
|
928 |
|
1.0 |
% |
Adjusted EBITDA |
|
$ |
15,055 |
|
16.2 |
% |
|
$ |
18,846 |
|
21.1 |
% |
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Six Months Ended |
($ in
thousands) |
|
June 30, |
|
|
2018 |
|
% of net sales |
|
|
2017 |
% of net sales(1) |
|
Net income |
|
$ |
8,969 |
|
4.9 |
% |
|
$ |
15,732 |
|
8.7 |
% |
Interest expense |
|
|
1,151 |
|
0.6 |
% |
|
|
933 |
|
0.5 |
% |
Income taxes |
|
|
3,505 |
|
1.9 |
% |
|
|
8,566 |
|
4.7 |
% |
Depreciation &
amortization |
|
|
13,978 |
|
7.6 |
% |
|
|
12,592 |
|
6.9 |
% |
Stock based
compensation |
|
|
1,215 |
|
0.7 |
% |
|
|
1,770 |
|
1.0 |
% |
Adjusted EBITDA |
|
$ |
28,818 |
|
15.7 |
% |
|
$ |
39,593 |
|
21.8 |
% |
(1) In prior periods, the Company also adjusted for special
charges, including shareholder and other litigation costs. The
Company has recast the Adjusted EBITDA presentation for the three
and six months ended June 30, 2017 to conform to the current
presentation.(2) Amounts may not foot due to rounding.
Webcast and Conference Call
As announced on July 5, 2018, the Company will host a conference
call via live webcast for investors and other interested parties
beginning at 9:00 a.m. Eastern Time on Thursday, July 19,
2018. The call will be hosted by Bob Rucker, interim CEO,
Kirk Geadelmann, CFO, Cabell Lolmaugh, Senior Vice President and
COO, and Ken Cooper, Investor Relations.
Participants may access the live webcast by visiting the
Company’s Investor Relations page at www.tileshop.com. The call can
also be accessed by dialing (844) 421-0597, or (716) 247-5787 for
international participants. A webcast replay of the call will be
available on the Company’s Investor Relations page at
www.tileshop.com.
Additional details can be located at www.tileshop.com under the
Financial Information – SEC Filings section of the Company’s
Investor Relations page.
Contacts:Investors and Media:Ken
Cooper763-852-2950ken.cooper@tileshop.com
About The Tile Shop
The Tile Shop (Nasdaq:TTS) is a leading
specialty retailer of manufactured and natural stone tiles, setting
and maintenance materials, and related accessories in the United
States. The Tile Shop offers a wide selection of high quality
products, exclusive designs, knowledgeable staff and exceptional
customer service in an extensive showroom environment. Each store
is outfitted with up to 50 full-room tiled displays which are
enhanced by the complimentary Design Studio, a collaborative
platform to create customized 3-D design renderings to scale,
allowing customers to bring their design ideas to life. The Tile
Shop currently operates 140 stores in 31 states and the District of
Columbia, with an average size of 20,200 square feet and sells
products online at www.tileshop.com.
The Tile Shop is a proud member of the American
Society of Interior Designers (ASID), National Association of
Homebuilders (NAHB), National Kitchen and Bath Association (NKBA),
and the National Tile Contractors Association (NTCA). Visit
www.tileshop.com. Join The Tile Shop (#thetileshop) on Facebook,
Instagram, Pinterest and Twitter. Non-GAAP
Financial Measures
The Company calculates Adjusted EBITDA by taking
net income calculated in accordance with GAAP, and adjusting for
interest expense, income taxes, depreciation and amortization, and
stock based compensation. In prior periods, the Company also
adjusted for special charges, including shareholder and other
litigation costs. The Company has recast the Adjusted EBITDA
presentation for the three and six months ended June 30, 2017
to conform to the current presentation. Adjusted EBITDA margin is
equal to Adjusted EBITDA divided by net sales. The Company
calculates pretax return on capital employed by taking income from
operations divided by total assets net of non-interest bearing
debt. Non-interest bearing debt includes accounts payable, income
taxes payable, other accrued liabilities, deferred rent and other
long-term liabilities.
The Company believes that these non-GAAP
measures of financial results provide useful information to
management and investors regarding certain financial and business
trends relating to the Company’s financial condition and results of
operations. Company management uses these non-GAAP measures
to compare Company performance to that of prior periods for trend
analyses, for purposes of determining management incentive
compensation, and for budgeting and planning purposes. These
measures are used in monthly financial reports prepared for
management and the Board of Directors. The Company believes
that the use of these non-GAAP financial measures provides an
additional tool for investors to use in evaluating ongoing
operating results and trends and in comparing the Company’s
financial measures with other specialty retailers, many of which
present similar non-GAAP financial measures to investors.
Company management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP. The principal
limitations of these non-GAAP financial measures are that they
exclude significant expenses and income that are required by GAAP
to be recognized in the Company’s consolidated financial
statements. In addition, they are subject to inherent
limitations as they reflect the exercise of judgments by management
about which expenses and income are excluded or included in
determining these non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP
financial measures in connection with GAAP results. The
Company urges investors to review the reconciliation of these
non-GAAP financial measures to the comparable GAAP financial
measures and not to rely on any single financial measure to
evaluate the business.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of
1995. Forward looking statements may be identified by the use
of words such as “anticipate”, “believe”, “expect”, “estimate”,
“plan”, “outlook”, and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward looking
statements include any statements regarding the Company’s strategic
and operational plan and expected financial performance (including
the financial performance of new stores). Forward looking
statements should not be read as a guarantee of future performance
or results, and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved. Forward looking statements are based on information
available at the time those statements are made and/or management’s
good faith belief as of that time with respect to future events,
and are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward looking statements, including but not
limited to unforeseen events that may affect the retail market or
the performance of the Company’s stores. The Company does not
intend, and undertakes no duty, to update this information to
reflect future events or circumstances. Investors are
referred to the most recent reports filed with the SEC by the
Company.
Tile Shop Holdings, Inc. and
SubsidiariesConsolidated Balance
Sheets($ in thousands, except share
data)
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|
(Unaudited) |
|
(Audited) |
|
|
June 30, |
|
December 31, |
|
|
2018 |
|
2017 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
9,907 |
|
|
$ |
6,621 |
|
Restricted cash |
|
|
835 |
|
|
|
855 |
|
Trade receivables,
net |
|
|
3,217 |
|
|
|
2,381 |
|
Inventories |
|
|
100,426 |
|
|
|
85,259 |
|
Income tax
receivable |
|
|
3,477 |
|
|
|
5,726 |
|
Other current assets,
net |
|
|
5,798 |
|
|
|
4,717 |
|
Total Current
Assets |
|
|
123,660 |
|
|
|
105,559 |
|
Property, plant and
equipment, net |
|
|
150,505 |
|
|
|
151,405 |
|
Deferred tax
assets |
|
|
10,636 |
|
|
|
11,654 |
|
Other assets |
|
|
1,861 |
|
|
|
2,107 |
|
Total
Assets |
|
$ |
286,662 |
|
|
$ |
270,725 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
33,577 |
|
|
$ |
30,771 |
|
Current portion of
long-term debt |
|
|
6,958 |
|
|
|
8,833 |
|
Income tax payable |
|
|
50 |
|
|
|
17 |
|
Other accrued
liabilities |
|
|
27,137 |
|
|
|
22,413 |
|
Total Current
Liabilities |
|
|
67,722 |
|
|
|
62,034 |
|
Long-term debt,
net |
|
|
22,498 |
|
|
|
18,182 |
|
Capital lease
obligation, net |
|
|
509 |
|
|
|
576 |
|
Deferred rent |
|
|
42,938 |
|
|
|
41,290 |
|
Other long-term
liabilities |
|
|
4,205 |
|
|
|
4,769 |
|
Total
Liabilities |
|
|
137,872 |
|
|
|
126,851 |
|
|
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Stockholders’
Equity: |
|
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|
|
Common stock, par value
$0.0001; authorized: 100,000,000 shares; issued and outstanding:
52,508,090 and 52,156,850 shares, respectively |
|
|
5 |
|
|
|
5 |
|
Preferred stock, par
value $0.0001; authorized: 10,000,000 shares; issued and
outstanding: 0 shares |
|
|
- |
|
|
|
- |
|
Additional
paid-in-capital |
|
|
176,124 |
|
|
|
180,109 |
|
Accumulated
deficit |
|
|
(27,331 |
) |
|
|
(36,239 |
) |
Accumulated other
comprehensive loss |
|
|
(8 |
) |
|
|
(1 |
) |
Total
Stockholders' Equity |
|
|
148,790 |
|
|
|
143,874 |
|
Total
Liabilities and Stockholders' Equity |
|
$ |
286,662 |
|
|
$ |
270,725 |
|
|
Tile Shop Holdings, Inc. and
SubsidiariesConsolidated Statements of
Operations($ in thousands, except share, and per
share data)(Unaudited)
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|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
|
$ |
92,914 |
|
|
$ |
89,464 |
|
|
$ |
184,048 |
|
|
$ |
181,599 |
|
Cost of sales |
|
|
27,602 |
|
|
|
27,116 |
|
|
|
54,698 |
|
|
|
54,506 |
|
Gross profit |
|
|
65,312 |
|
|
|
62,348 |
|
|
|
129,350 |
|
|
|
127,093 |
|
Selling, general and
administrative expenses |
|
|
57,870 |
|
|
|
50,748 |
|
|
|
115,797 |
|
|
|
101,960 |
|
Income from
operations |
|
|
7,442 |
|
|
|
11,600 |
|
|
|
13,553 |
|
|
|
25,133 |
|
Interest expense |
|
|
(597 |
) |
|
|
(448 |
) |
|
|
(1,151 |
) |
|
|
(933 |
) |
Other income |
|
|
37 |
|
|
|
62 |
|
|
|
72 |
|
|
|
98 |
|
Income before income
taxes |
|
|
6,882 |
|
|
|
11,214 |
|
|
|
12,474 |
|
|
|
24,298 |
|
Provision for income
taxes |
|
|
(1,924 |
) |
|
|
(3,491 |
) |
|
|
(3,505 |
) |
|
|
(8,566 |
) |
Net
income |
|
$ |
4,958 |
|
|
$ |
7,723 |
|
|
$ |
8,969 |
|
|
$ |
15,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.10 |
|
|
$ |
0.15 |
|
|
$ |
0.17 |
|
|
$ |
0.31 |
|
Diluted |
|
$ |
0.10 |
|
|
$ |
0.15 |
|
|
$ |
0.17 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
51,887,094 |
|
|
|
51,633,150 |
|
|
|
51,884,402 |
|
|
|
51,578,691 |
|
Diluted |
|
|
52,019,881 |
|
|
|
52,223,183 |
|
|
|
51,996,263 |
|
|
|
52,111,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tile Shop Holdings, Inc. and
SubsidiariesRate
Analysis(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Gross margin rate |
|
70.3 |
% |
|
69.7 |
% |
|
70.3 |
% |
|
70.0 |
% |
SG&A expense
rate |
|
62.3 |
% |
|
56.7 |
% |
|
62.9 |
% |
|
56.1 |
% |
Income from operations
margin rate |
|
8.0 |
% |
|
13.0 |
% |
|
7.4 |
% |
|
13.8 |
% |
Adjusted EBITDA margin
rate |
|
16.2 |
% |
|
21.1 |
% |
|
15.7 |
% |
|
21.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tile Shop Holdings, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows($ in
thousands)(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
June 30, |
|
|
2018 |
|
2017 |
Cash Flows From
Operating Activities |
|
|
|
|
|
|
Net
income |
|
$ |
8,969 |
|
|
$ |
15,732 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
Depreciation & amortization |
|
|
13,978 |
|
|
|
12,592 |
|
Amortization of debt issuance costs |
|
|
338 |
|
|
|
349 |
|
Loss on
disposals of property, plant and equipment |
|
|
344 |
|
|
|
152 |
|
Deferred
rent |
|
|
1,877 |
|
|
|
1,552 |
|
Stock
based compensation |
|
|
1,215 |
|
|
|
1,770 |
|
Deferred
income taxes |
|
|
1,019 |
|
|
|
2,523 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
- |
|
Trade
receivables |
|
|
(836 |
) |
|
|
(610 |
) |
Inventories |
|
|
(15,167 |
) |
|
|
7,009 |
|
Prepaid
expenses and other assets |
|
|
(1,217 |
) |
|
|
5,139 |
|
Accounts
payable |
|
|
2,016 |
|
|
|
(1,015 |
) |
Income
tax receivable / payable |
|
|
2,281 |
|
|
|
382 |
|
Accrued
expenses and other liabilities |
|
|
4,429 |
|
|
|
(10,747 |
) |
Net cash
provided by operating activities |
|
|
19,246 |
|
|
|
34,828 |
|
Cash Flows From
Investing Activities |
|
|
|
|
|
|
Purchases
of property, plant and equipment |
|
|
(13,149 |
) |
|
|
(20,000 |
) |
Proceeds
from the sale of property, plant and equipment |
|
|
15 |
|
|
|
- |
|
Net cash
used in investing activities |
|
|
(13,134 |
) |
|
|
(20,000 |
) |
Cash Flows From
Financing Activities |
|
|
|
|
|
|
Payments
of long-term debt and capital lease obligations |
|
|
(32,638 |
) |
|
|
(34,646 |
) |
Advances
on line of credit |
|
|
35,000 |
|
|
|
25,000 |
|
Dividends
paid |
|
|
(5,200 |
) |
|
|
(5,168 |
) |
Proceeds
from exercise of stock options |
|
|
- |
|
|
|
102 |
|
Employee
taxes paid for shares withheld |
|
|
- |
|
|
|
(211 |
) |
Net cash
used in financing activities |
|
|
(2,838 |
) |
|
|
(14,923 |
) |
Effect of exchange rate
changes on cash |
|
|
(8 |
) |
|
|
8 |
|
Net
change in cash |
|
|
3,266 |
|
|
|
(87 |
) |
Cash,
cash equivalents and restricted cash beginning of period |
|
|
7,476 |
|
|
|
12,948 |
|
Cash, cash equivalents
and restricted cash end of period |
|
$ |
10,742 |
|
|
$ |
12,861 |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
9,907 |
|
|
$ |
12,006 |
|
Restricted cash |
|
|
835 |
|
|
|
855 |
|
Long-term restricted
cash |
|
|
- |
|
|
|
- |
|
Cash, cash
equivalents and restricted cash end of period |
|
$ |
10,742 |
|
|
$ |
12,861 |
|
|
|
|
|
|
|
|
Supplemental disclosure
of cash flow information |
|
|
|
|
|
|
Purchases
of property, plant and equipment included in accounts payable and
accrued expenses |
|
$ |
1,488 |
|
|
$ |
2,407 |
|
Cash paid
for interest |
|
|
1,124 |
|
|
|
936 |
|
Cash paid
(received) for income taxes, net |
|
|
186 |
|
|
|
5,817 |
|
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