“We continue to invest in our wholesale business to enhance our leadership position in the convenience distribution industry. We are expanding our foodservice and technology capabilities as the needs of our customers grow in complexity. This approach has served to differentiate us from our competition,” said
For the second fiscal quarter of 2017, our Wholesale Distribution Segment reported revenues of
“Our annual spring trade show in
“We are pleased with the progress of our new store in
“We actively manage our working capital and liquidity which provides an ability to respond quickly to the dynamic environments in which both of our business segments operate. This conservative approach provides us significant flexibility to act in the long term best interest of the many constituencies we serve. Both of our business segments are utilizing financial resources in the course of making the investments necessary for long term competitive success,” said
This news release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the Company’s forward-looking statements including, without limitation, availability of sufficient cash resources to conduct its business and meet its capital expenditures needs and the other factors described under Item 1.A. of the Company’s Annual Report on Form 10-K. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.
Visit
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
|
||||||||
March | September | |||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Current assets: | ||||||||
Cash | $ | 248,760 | $ | 605,380 | ||||
Accounts receivable, less allowance for doubtful accounts of |
27,737,863 | 30,033,104 | ||||||
Inventories, net | 45,707,269 | 48,404,882 | ||||||
Deferred income taxes | 1,182,299 | 1,441,919 | ||||||
Income taxes receivable | 282,435 | 164,959 | ||||||
Prepaid and other current assets | 7,829,685 | 8,608,049 | ||||||
Total current assets | 82,988,311 | 89,258,293 | ||||||
Property and equipment, net | 12,373,290 | 12,607,877 | ||||||
|
6,349,827 | 6,349,827 | ||||||
Other intangible assets, net | 3,626,812 | 3,759,311 | ||||||
Other assets | 340,936 | 288,082 | ||||||
Total assets | $ | 105,679,176 | $ | 112,263,390 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 17,255,595 | $ | 18,164,983 | ||||
Accrued expenses | 6,299,199 | 6,792,884 | ||||||
Accrued wages, salaries and bonuses | 2,653,577 | 3,580,996 | ||||||
Current maturities of long-term debt | 367,982 | 362,495 | ||||||
Total current liabilities | 26,576,353 | 28,901,358 | ||||||
Credit facility | 5,102,578 | 10,537,226 | ||||||
Deferred income taxes | 4,080,631 | 4,021,569 | ||||||
Long-term debt, less current maturities | 2,836,070 | 3,021,824 | ||||||
Other long-term liabilities | 32,123 | 30,815 | ||||||
Shareholders’ equity: | ||||||||
Preferred stock, |
— | — | ||||||
Common stock, |
8,314 | 8,184 | ||||||
Additional paid-in capital | 20,782,045 | 19,525,554 | ||||||
Retained earnings | 59,775,503 | 58,693,241 | ||||||
|
(13,514,441 | ) | (12,476,381 | ) | ||||
Total shareholders’ equity | 67,051,421 | 65,750,598 | ||||||
Total liabilities and shareholders’ equity | $ | 105,679,176 | $ | 112,263,390 | ||||
|
||||||||||||||||
Condensed Consolidated Unaudited Statements of Operations |
||||||||||||||||
for the three and six months ended |
||||||||||||||||
For the three months ended March | For the six months ended March | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Sales (including excise taxes of |
$ | 294,047,870 | $ | 296,449,126 | $ | 604,152,099 | $ | 618,457,375 | ||||||||
Cost of sales | 276,573,968 | 278,908,888 | 568,362,211 | 581,955,233 | ||||||||||||
Gross profit | 17,473,902 | 17,540,238 | 35,789,888 | 36,502,142 | ||||||||||||
Selling, general and administrative expenses | 15,820,504 | 14,770,358 | 31,518,823 | 30,615,492 | ||||||||||||
Depreciation and amortization | 529,969 | 575,681 | 1,056,402 | 1,142,630 | ||||||||||||
16,350,473 | 15,346,039 | 32,575,225 | 31,758,122 | |||||||||||||
Operating income | 1,123,429 | 2,194,199 | 3,214,663 | 4,744,020 | ||||||||||||
Other expense (income): | ||||||||||||||||
Interest expense | 147,910 | 161,402 | 365,453 | 373,856 | ||||||||||||
Other (income), net | (14,964 | ) | (35,827 | ) | (20,737 | ) | (63,082 | ) | ||||||||
132,946 | 125,575 | 344,716 | 310,774 | |||||||||||||
Income from operations before income tax expense | 990,483 | 2,068,624 | 2,869,947 | 4,433,246 | ||||||||||||
Income tax expense | 502,000 | 922,000 | 1,335,000 | 1,931,000 | ||||||||||||
Net income | 488,483 | 1,146,624 | 1,534,947 | 2,502,246 | ||||||||||||
Preferred stock dividend requirements | — | (48,643 | ) | — | (97,820 | ) | ||||||||||
Net income available to common shareholders | $ | 488,483 | $ | 1,097,981 | $ | 1,534,947 | $ | 2,404,426 | ||||||||
Basic earnings per share available to common shareholders | $ | 0.72 | $ | 1.81 | $ | 2.26 | $ | 3.90 | ||||||||
Diluted earnings per share available to common shareholders | $ | 0.71 | $ | 1.61 | $ | 2.22 | $ | 3.46 | ||||||||
Basic weighted average shares outstanding | 678,938 | 606,080 | 680,318 | 615,768 | ||||||||||||
Diluted weighted average shares outstanding | 688,016 | 712,547 | 690,190 | 723,317 | ||||||||||||
Dividends declared and paid per common share | $ | 0.46 | $ | 0.46 | $ | 0.64 | $ | 0.64 | ||||||||
|
||||||||
Condensed Consolidated Unaudited Statements of Cash Flows |
||||||||
for the six months ended |
||||||||
March | March | |||||||
2017 | 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 1,534,947 | $ | 2,502,246 | ||||
Adjustments to reconcile net income from operations to net cash flows from operating activities: | ||||||||
Depreciation | 923,903 | 960,130 | ||||||
Amortization | 132,499 | 182,500 | ||||||
Gain on sale of property and equipment | (21,624 | ) | (34,482 | ) | ||||
Equity-based compensation | 765,554 | 660,203 | ||||||
Deferred income taxes | 318,682 | 352,242 | ||||||
Provision (recovery) for losses on doubtful accounts | 29,000 | (67,000 | ) | |||||
Provision for losses on inventory obsolescence | 72,197 | 70,818 | ||||||
Other | 1,308 | (4,022 | ) | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 2,266,241 | 2,677,840 | ||||||
Inventories | 2,625,416 | 4,128,553 | ||||||
Prepaid and other current assets | 778,364 | (1,954,372 | ) | |||||
Other assets | (52,854 | ) | 20,467 | |||||
Accounts payable | (771,163 | ) | (1,005,681 | ) | ||||
Accrued expenses and accrued wages, salaries and bonuses | (822,955 | ) | (1,479,465 | ) | ||||
Income taxes receivable | (117,476 | ) | 343,304 | |||||
Net cash flows from operating activities | 7,662,039 | 7,353,281 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchase of property and equipment | (837,895 | ) | (692,402 | ) | ||||
Proceeds from sales of property and equipment | 31,978 | 48,164 | ||||||
Net cash flows from investing activities | (805,917 | ) | (644,238 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net payments on bank credit agreements | (5,434,648 | ) | (3,292,820 | ) | ||||
Principal payments on long-term debt | (180,267 | ) | (174,650 | ) | ||||
Repurchase of common stock | (1,038,060 | ) | (2,547,683 | ) | ||||
Dividends paid on convertible preferred stock | — | (97,820 | ) | |||||
Dividends on common stock | (452,685 | ) | (412,210 | ) | ||||
Withholdings on the exercise of equity-based awards | (107,082 | ) | (81,406 | ) | ||||
Net cash flows from financing activities | (7,212,742 | ) | (6,606,589 | ) | ||||
Net change in cash | (356,620 | ) | 102,454 | |||||
Cash, beginning of period | 605,380 | 219,536 | ||||||
Cash, end of period | $ | 248,760 | $ | 321,990 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for interest | $ | 365,620 | $ | 391,130 | ||||
Cash paid during the period for income taxes | 1,133,794 | 1,235,454 | ||||||
Supplemental disclosure of non-cash information: | ||||||||
Equipment acquisitions classified as accounts payable | 29,219 | 17,500 | ||||||
Issuance of common stock in connection with the vesting and exercise of equity-based awards | 1,262,763 | 1,174,981 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170418006429/en/
Source:
Rogers Communications Reports First Quarter 2017 Results
Interactive Brokers Group Announces 1Q2017 Results
More Articles