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 third quarter ended September 30, 2018.
Third Quarter Summary
Net Sales Increased
5.7%Comparable Store Sales Increased 2.1%
Gross Margin of 70.6%Diluted Earnings per
Share of $0.05Net Income of $2.6 million; Adjusted
EBITDA of $11.9 millionCompleted 3 store remodels
in Q3; Completed 10 store remodels year-to-date in
2018
Management Commentary“We made
good progress in the third quarter on our strategy to deliver the
best product, the best presentation and the best service in our
industry,” said Robert Rucker, interim CEO. “We are nearly complete
with our year-long product assortment initiative and we continue to
attract pros who share in our focus on serving a higher-end
demographic. With the improvement we are now beginning to see
in our sales execution, we continued to make additional investments
in inventory, store merchandising, and service during the third
quarter. We are extremely focused on improving our key
metrics as we fully restore and further enhance the model which has
proven successful for over 30 years.”
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|
|
|
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|
Three Months Ended |
|
|
Nine Months Ended |
|
(unaudited,
amounts in thousands, except per |
|
September 30, |
|
|
September 30, |
|
share
data) |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net sales |
|
$ |
89,259 |
|
|
$ |
84,421 |
|
|
$ |
273,307 |
|
|
$ |
266,020 |
|
Net sales
growth(1) |
|
|
5.7 |
% |
|
|
7.5 |
% |
|
|
2.7 |
% |
|
|
7.5 |
% |
Comparable store sales
growth (decline)(2) |
|
|
2.1 |
% |
|
|
1.1 |
% |
|
|
(2.3 |
)% |
|
|
2.2 |
% |
Gross margin rate |
|
|
70.6 |
% |
|
|
67.1 |
% |
|
|
70.4 |
% |
|
|
69.1 |
% |
Income from operations
as a % of net sales |
|
|
4.3 |
% |
|
|
5.2 |
% |
|
|
6.4 |
% |
|
|
11.1 |
% |
Net income |
|
$ |
2,553 |
|
|
$ |
2,438 |
|
|
$ |
11,522 |
|
|
$ |
18,170 |
|
Net income per diluted
share |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.22 |
|
|
$ |
0.35 |
|
Adjusted EBITDA |
|
$ |
11,857 |
|
|
$ |
12,203 |
|
|
$ |
40,675 |
|
|
$ |
51,796 |
|
Adjusted EBITDA as a %
of net sales |
|
|
13.3 |
% |
|
|
14.5 |
% |
|
|
14.9 |
% |
|
|
19.5 |
% |
Number of stores open
at the end of period |
|
|
140 |
|
|
|
134 |
|
|
|
140 |
|
|
|
134 |
|
(1) As compared to the prior year
period.(2) Comparable store sales growth (decline) 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 (decline) 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.
THIRD QUARTER 2018
Net SalesNet sales increased $4.8 million, or
5.7%, from $84.4 million in the third quarter of 2017 to $89.3
million in the third quarter of 2018. The increase was due to $3.0
million in net sales generated by stores not included in the
comparable store base and an increase of $1.8 million in net sales
generated by comparable store sales. Comparable store sales growth
was 2.1% for the third quarter of 2018 versus 1.1% for the third
quarter of 2017.
Gross ProfitGross profit increased $6.3
million, or 11.2%, from $56.7 million in the third quarter of 2017
to $63.0 million in the third quarter of 2018. The gross margin
rate was 70.6% for the third quarter of 2018 and 67.1% for the
third quarter of 2017. The improvement in the gross margin rate was
primarily due to decreased promotional activity.
Selling, General and Administrative
ExpensesSelling, general and administrative expenses
increased $6.8 million, or 13.1%, from $52.3 million in the third
quarter of 2017 to $59.1 million in the third quarter of
2018. The $6.8 million increase was due to $2.0 million of
costs associated with opening and operating six new stores over the
past twelve months and $1.9 million of planned strategic
investments in store and distribution center compensation, regional
sales leadership and pro market managers. Additionally, the Company
incurred approximately $1.0 million of incremental legal expense
during the quarter to resolve its derivative securities
litigation.
InventoryInventory increased to
$106.3 million from $100.4 million at the end of the second quarter
of 2018, or 5.9%, as the Company continued to expand its product
assortment. The increase was attributable to the continued
investment in new products added to the Company’s assortment during
the quarter.
Long-Term DebtLong-term debt
increased $16.5 million from $29.5 million in the second quarter of
2018 to $46.0 million in the third quarter of 2018. The increase
was attributable to the continued expansion of the Company’s
product assortment resulting in an increase in inventory and
capital investments associated with store remodels and
merchandising fixtures.
As disclosed in a Form 8-K filed on September
19, 2018, the Company entered into a new credit facility to provide
greater financial flexibility, increase the line of credit to $100
million, and extend the term to September 18, 2023.
Store InvestmentAs of
September 30, 2018, the Company operated 140 stores in 31
states and the District of Columbia. The Company remodeled three
stores during the third quarter of 2018.
DIVIDENDThe Board of Directors
has declared a quarterly dividend of $0.05 per common
share. The dividend is payable November 9, 2018 to
shareholders of record at the close of business on October 29,
2018.
OUTLOOKThe Company is updating
its previously communicated 2018 annual outlook as follows:
- Capital investment of approximately $35 million, including
investments for 12 store remodels, and merchandising and fixture
investments for all 140 stores.
- Inventory at year-end of approximately $106 million to $110
million, reflecting the Company’s year-long product assortment
initiative.
- Selling, general and administrative (“SG&A”) expense
increase of approximately $7 million to support the Company’s
service strategy, including increased expenses for (1) the addition
of regional sales leader positions, (2) sales and warehouse
associate compensation, (3) customer relationship management and
content management capabilities, and (4) the addition of
approximately 20 professional market managers. The
approximate $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
two new stores opened 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
Adjusted EBITDA
Adjusted EBITDA for the third quarter of 2018
was $11.9 million compared with $12.2 million for the third quarter
of 2017. See the table below for a reconciliation of GAAP net
income to Adjusted EBITDA.
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|
|
|
|
|
Three Months Ended |
|
($ in
thousands) |
|
September 30, |
|
|
|
2018 |
|
% of net sales |
|
2017 |
|
% of net
sales(1) |
|
Net income |
|
$ |
2,553 |
|
2.9 |
% |
|
$ |
2,438 |
|
2.9 |
% |
|
Interest expense |
|
|
715 |
|
0.8 |
% |
|
|
505 |
|
0.6 |
% |
|
Income taxes |
|
|
652 |
|
0.7 |
% |
|
|
1,468 |
|
1.7 |
% |
|
Depreciation &
amortization |
|
|
7,202 |
|
8.1 |
% |
|
|
6,803 |
|
8.1 |
% |
|
Stock based
compensation |
|
|
735 |
|
0.8 |
% |
|
|
989 |
|
1.2 |
% |
|
Adjusted EBITDA |
|
$ |
11,857 |
|
13.3 |
% |
|
$ |
12,203 |
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
($ in
thousands) |
|
September 30, |
|
|
|
2018 |
|
% of net sales |
|
|
2017 |
% of net
sales(1)(2) |
|
Net income |
|
$ |
11,522 |
|
4.2 |
% |
|
$ |
18,170 |
|
6.8 |
% |
|
Interest expense |
|
|
1,866 |
|
0.7 |
% |
|
|
1,438 |
|
0.5 |
% |
|
Income taxes |
|
|
4,157 |
|
1.5 |
% |
|
|
10,034 |
|
3.8 |
% |
|
Depreciation &
amortization |
|
|
21,180 |
|
7.7 |
% |
|
|
19,395 |
|
7.3 |
% |
|
Stock based
compensation |
|
|
1,950 |
|
0.7 |
% |
|
|
2,759 |
|
1.0 |
% |
|
Adjusted EBITDA |
|
$ |
40,675 |
|
14.9 |
% |
|
$ |
51,796 |
|
19.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 nine months ended September 30, 2017 to conform to the
current presentation.(2) Amounts do not foot due to rounding.
Pretax Return on Capital Employed
Pretax Return on Capital Employed was calculated based on GAAP
information. The Company believes this metric is useful in
assessing the effectiveness of our capital allocation over time.
Other companies may calculate Pretax Return on Capital Employed
differently, limiting the usefulness of the measure for comparative
purposes.
Pretax Return on Capital Employed was 7.7% for the trailing
twelve months as of the end of the third quarter 2018 compared to
18.3% for the trailing twelve months as of the end of the third
quarter 2017. See the Pretax Return on Capital Employed calculation
in the table below.
|
|
|
|
|
|
|
($ in
thousands) |
|
September 30, |
|
|
2018(1) |
|
2017(1) |
Income from operations
(trailing twelve months) |
|
$ |
13,769 |
|
|
$ |
31,160 |
|
|
|
|
|
|
|
|
Total
Assets |
|
|
281,996 |
|
|
|
263,140 |
|
Less:
Accounts payable |
|
|
(29,015 |
) |
|
|
(21,669 |
) |
Less:
Income tax payable |
|
|
(71 |
) |
|
|
(844 |
) |
Less:
Other accrued liabilities |
|
|
(26,751 |
) |
|
|
(26,482 |
) |
Less:
Deferred rent |
|
|
(42,401 |
) |
|
|
(38,815 |
) |
Less:
Other long-term liabilities |
|
|
(4,346 |
) |
|
|
(5,409 |
) |
Capital
Employed |
|
|
179,412 |
|
|
|
169,921 |
|
|
|
|
|
|
|
|
Pretax
Return on Capital Employed |
|
|
7.7 |
% |
|
18.3 |
% |
(1) Income statement accounts represent the activity for
the trailing twelve months ended as of each of the balance sheet
dates. Balance sheet accounts represent the average account balance
for the four quarters ended as of each of the balance sheet
dates.
Webcast and Conference Call
As announced on October 3, 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, October
18, 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 is a leading specialty retailer of
man-made 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 with up to 50 full-room tiled
displays which are enhanced by the complimentary Design Studio – a
collaborative platform to create customized 3D 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.
For more information, visit 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 nine months ended September 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 capital employed. Capital employed equals
total assets less 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)
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Audited) |
|
|
September 30, |
|
December 31, |
|
|
2018 |
|
2017 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
10,105 |
|
|
$ |
6,621 |
|
Restricted cash |
|
|
835 |
|
|
|
855 |
|
Trade receivables,
net |
|
|
3,723 |
|
|
|
2,381 |
|
Inventories |
|
|
106,310 |
|
|
|
85,259 |
|
Income tax
receivable |
|
|
3,362 |
|
|
|
5,726 |
|
Other current assets,
net |
|
|
6,921 |
|
|
|
4,717 |
|
Total Current
Assets |
|
|
131,256 |
|
|
|
105,559 |
|
Property, plant and
equipment, net |
|
|
153,453 |
|
|
|
151,405 |
|
Deferred tax
assets |
|
|
10,239 |
|
|
|
11,654 |
|
Other assets |
|
|
1,952 |
|
|
|
2,107 |
|
Total
Assets |
|
$ |
296,900 |
|
|
$ |
270,725 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
25,725 |
|
|
$ |
30,771 |
|
Current portion of
long-term debt |
|
|
- |
|
|
|
8,833 |
|
Income tax payable |
|
|
172 |
|
|
|
17 |
|
Other accrued
liabilities |
|
|
27,790 |
|
|
|
22,413 |
|
Total Current
Liabilities |
|
|
53,687 |
|
|
|
62,034 |
|
Long-term debt,
net |
|
|
46,000 |
|
|
|
18,182 |
|
Capital lease
obligation, net |
|
|
473 |
|
|
|
576 |
|
Deferred
rent |
|
|
43,419 |
|
|
|
41,290 |
|
Other long-term
liabilities |
|
|
3,931 |
|
|
|
4,769 |
|
Total
Liabilities |
|
|
147,510 |
|
|
|
126,851 |
|
|
|
|
|
|
|
|
Stockholders’
Equity: |
|
|
|
|
|
|
Common stock, par value $0.0001; authorized: 100,000,000 shares;
issued and outstanding: 52,678,584 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 |
|
|
174,207 |
|
|
|
180,109 |
|
Accumulated
deficit |
|
|
(24,777 |
) |
|
|
(36,239 |
) |
Accumulated other
comprehensive loss |
|
|
(45 |
) |
|
|
(1 |
) |
Total
Stockholders' Equity |
|
|
149,390 |
|
|
|
143,874 |
|
Total
Liabilities and Stockholders' Equity |
|
$ |
296,900 |
|
|
$ |
270,725 |
|
|
|
|
|
|
|
|
Tile Shop Holdings, Inc. and
SubsidiariesConsolidated Statements of
Operations($ in thousands, except share, and per
share data)(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net sales |
|
$ |
89,259 |
|
|
$ |
84,421 |
|
|
$ |
273,307 |
|
|
$ |
266,020 |
|
Cost of sales |
|
|
26,248 |
|
|
|
27,759 |
|
|
|
80,946 |
|
|
|
82,265 |
|
Gross profit |
|
|
63,011 |
|
|
|
56,662 |
|
|
|
192,361 |
|
|
|
183,755 |
|
Selling, general and
administrative expenses |
|
|
59,131 |
|
|
|
52,285 |
|
|
|
174,928 |
|
|
|
154,245 |
|
Income from
operations |
|
|
3,880 |
|
|
|
4,377 |
|
|
|
17,433 |
|
|
|
29,510 |
|
Interest expense |
|
|
(715 |
) |
|
|
(505 |
) |
|
|
(1,866 |
) |
|
|
(1,438 |
) |
Other income |
|
|
40 |
|
|
|
34 |
|
|
|
112 |
|
|
|
132 |
|
Income before income
taxes |
|
|
3,205 |
|
|
|
3,906 |
|
|
|
15,679 |
|
|
|
28,204 |
|
Provision for income
taxes |
|
|
(652 |
) |
|
|
(1,468 |
) |
|
|
(4,157 |
) |
|
|
(10,034 |
) |
Net
income |
|
$ |
2,553 |
|
|
$ |
2,438 |
|
|
$ |
11,522 |
|
|
$ |
18,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.22 |
|
|
$ |
0.35 |
|
Diluted |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.22 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
51,920,830 |
|
|
|
51,757,248 |
|
|
|
51,896,678 |
|
|
|
51,638,864 |
|
Diluted |
|
|
52,303,777 |
|
|
|
52,053,655 |
|
|
|
52,056,136 |
|
|
|
52,011,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tile Shop Holdings, Inc. and
SubsidiariesRate
Analysis(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Gross margin rate |
|
70.6 |
% |
|
67.1 |
% |
|
70.4 |
% |
|
69.1 |
% |
SG&A expense
rate |
|
66.2 |
% |
|
61.9 |
% |
|
64.0 |
% |
|
58.0 |
% |
Income from operations
margin rate |
|
4.3 |
% |
|
5.2 |
% |
|
6.4 |
% |
|
11.1 |
% |
Adjusted EBITDA margin
rate |
|
13.3 |
% |
|
14.5 |
% |
|
14.9 |
% |
|
19.5 |
% |
Tile Shop Holdings, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows($ in
thousands)(Unaudited)
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2018 |
|
|
2017 |
|
Cash Flows From
Operating Activities |
|
|
|
|
|
|
Net
income |
|
$ |
11,522 |
|
|
$ |
18,170 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation & amortization |
|
|
21,180 |
|
|
|
19,395 |
|
Amortization of debt issuance costs |
|
|
607 |
|
|
|
526 |
|
Loss on
disposals of property, plant and equipment |
|
|
76 |
|
|
|
205 |
|
Impairment charges on property, plant and equipment |
|
|
319 |
|
|
|
- |
|
Deferred
rent |
|
|
2,345 |
|
|
|
2,911 |
|
Stock
based compensation |
|
|
1,950 |
|
|
|
2,759 |
|
Deferred
income taxes |
|
|
1,415 |
|
|
|
3,472 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
- |
|
Trade receivables |
|
|
(1,342 |
) |
|
|
(249 |
) |
Inventories |
|
|
(21,051 |
) |
|
|
3,369 |
|
Prepaid expenses and other assets |
|
|
(2,374 |
) |
|
|
4,163 |
|
Accounts payable |
|
|
(6,550 |
) |
|
|
5,421 |
|
Income tax receivable / payable |
|
|
2,520 |
|
|
|
(1,163 |
) |
Accrued expenses and other liabilities |
|
|
5,104 |
|
|
|
(9,624 |
) |
Net cash provided by operating activities |
|
|
15,721 |
|
|
|
49,355 |
|
Cash Flows From
Investing Activities |
|
|
|
|
|
|
Purchases
of property, plant and equipment |
|
|
(22,893 |
) |
|
|
(28,031 |
) |
Proceeds
from the sale of property, plant and equipment |
|
|
13 |
|
|
|
- |
|
Net cash
used in investing activities |
|
|
(22,880 |
) |
|
|
(28,031 |
) |
Cash Flows From
Financing Activities |
|
|
|
|
|
|
Payments
of long-term debt and capital lease obligations |
|
|
(95,235 |
) |
|
|
(44,672 |
) |
Advances
on line of credit |
|
|
114,095 |
|
|
|
30,000 |
|
Dividends
paid |
|
|
(7,800 |
) |
|
|
(7,764 |
) |
Proceeds
from exercise of stock options |
|
|
- |
|
|
|
1,635 |
|
Employee
taxes paid for shares withheld |
|
|
(52 |
) |
|
|
(217 |
) |
Debt
issuance costs |
|
|
(374 |
) |
|
|
- |
|
Net cash
provided by (used in) financing activities |
|
|
10,634 |
|
|
|
(21,018 |
) |
Effect of exchange rate
changes on cash |
|
|
(11 |
) |
|
|
30 |
|
Net
change in cash |
|
|
3,464 |
|
|
|
336 |
|
Cash,
cash equivalents and restricted cash beginning of period |
|
|
7,476 |
|
|
|
12,948 |
|
Cash, cash equivalents
and restricted cash end of period |
|
$ |
10,940 |
|
|
$ |
13,284 |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
10,105 |
|
|
$ |
12,429 |
|
Restricted cash |
|
|
835 |
|
|
|
855 |
|
Cash, cash
equivalents and restricted cash end of period |
|
$ |
10,940 |
|
|
$ |
13,284 |
|
|
|
|
|
|
|
|
Supplemental disclosure
of cash flow information |
|
|
|
|
|
|
Purchases of property, plant and equipment included
in accounts payable and accrued expenses |
|
$ |
2,229 |
|
|
$ |
4,935 |
|
Cash paid
for interest |
|
|
1,846 |
|
|
|
1,453 |
|
Cash paid
(received) for income taxes, net |
|
|
240 |
|
|
|
7,575 |
|
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