ALCO STORES INC

CIK:0000030302|SEC Filings

Earnings Per Share

6 Months Ended

Aug. 03, 2014

(6)	Earnings Per Share

Basic earnings per share are computed by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if contracts to issue securities (such as stock options) were exercised, except for those periods with a loss where the effect would be anti-dilutive. The weighted average number of shares used in computing earnings per share was as follows:

	Thirteen Week Periods Ended				Twenty-Six Week Periods Ended
	August 3, 2014		August 4, 2013		August 3, 2014		August 4, 2013
Basic		3,258,162		3,258,162		3,258,162		3,258,162
Diluted		3,258,162		3,258,162		3,258,162		3,258,162

The anti-dilutive effect of 379,500 stock options has been excluded from diluted weighted average shares outstanding for the thirteen week period ended August 3, 2014 and the anti-dilutive effect of 379,500 and 397,500 have been excluded from diluted weighted average shares outstanding for the twenty-six week periods ended August 3, 2014 and August 4, 2013, respectively.

Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Aug. 03, 2014	Aug. 04, 2013
Cash flows from operating activities:
Net loss	$ (16,154)	$ (1,172)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,911	4,392
Loss on sale of assets	31	0
Share-based compensation expense	206	228
Deferred income tax expense	0	(843)
Changes in:
Receivables	(914)	753
Prepaid expenses	(410)	(623)
Inventories	13,387	(7,858)
Accounts payable	(783)	(9,091)
Accrued salaries and commissions	154	563
Accrued taxes other than income	1,031	512
Self-insured claims reserves	373	(138)
Income taxes payable	(108)	0
Other assets and liabilities	815	(242)
Net cash provided by (used in) operating activities	1,539	(13,519)
Cash flows from investing activities:
Proceeds from the sale of assets	150	39
Acquisition of property and equipment	(2,504)	(4,642)
Net cash used in investing activities	(2,354)	(4,603)
Cash flows from financing activities:
Borrowings on revolving loan credit agreement	58,799	104,751
Repayments on revolving loan credit agreement	(76,522)	(86,635)
Debt issuance costs	(1,091)	0
Proceeds from equipment financing	2,281	0
Principal payments on equipment financing	(193)	0
Proceeds from mortgage financing	5,000	0
Principal payments on mortgage financing	(250)	0
Proceeds from term loan	12,500	0
Principal payments on term loan	(312)	0
Principal payments under capital lease obligations	(275)	(320)
Net cash provided by financing activities	(63)	17,796
Net decrease in cash and cash equivalents	(878)	(326)
Cash at beginning of period	2,230	3,160
Cash at end of period	1,352	2,834
Supplemental cash flow information:
Interest, excluding interest on capital lease obligations and amortization of debt financing costs	1,671	1,222
Net income tax paid	$ 149	$ 130

Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Aug. 03, 2014	Feb. 02, 2014
Current assets:
Cash	$ 1,352	$ 2,230
Receivables	13,219	12,305
Inventories	149,283	162,670
Prepaid expenses	4,234	3,824
Property held for sale	568	568
Total current assets	168,656	181,597
Property and equipment, at cost:
Land and land improvements	6,285	5,543
Buildings and building improvements	15,498	15,245
Furniture, fixtures and equipment	78,268	78,776
Transportation equipment	900	1,009
Leasehold improvements	19,818	19,715
Construction work in progress	2,128	1,445
Total property and equipment	122,897	121,733
Less accumulated depreciation and amortization	87,113	84,805
Net property and equipment	35,784	36,928
Property under capital leases	24,474	24,957
Less accumulated amortization	10,385	10,424
Net property under capital leases	14,089	14,533
Deferred income taxes - non current	41	41
Other non-current assets	3,209	1,994
Total assets	221,779	235,093
Current liabilities:
Current maturities of revolving loan	74,817	0
Current maturities of equipment financing	231	0
Current maturities of mortgage financing	1,000	0
Current maturities of term loan	1,250	0
Current maturities of capital lease obligations	489	523
Accounts payable	28,034	28,817
Accrued income tax	0	108
Accrued salaries and commissions	3,515	3,361
Accrued taxes other than income taxes	5,772	4,741
Self-insurance claim reserves	4,866	4,493
Deferred income taxes	41	41
Other current liabilities	4,730	3,935
Total current liabilities	124,745	46,019
Notes payable under revolving loan	0	92,540
Notes payable equipment financing	1,857	0
Notes payable mortgage financing	3,750	0
Notes payable term loan	10,938	0
Capital lease obligations - less current maturities	15,104	15,345
Deferred gain on leases	2,473	2,666
Other noncurrent liabilities	2,718	2,381
Total liabilities	161,585	158,951
Stockholders' equity:
Common stock, $.0001 par value, authorized 20,000,000 shares; 3,258,162 shares issued and outstanding, respectively	1	1
Additional paid-in capital	37,143	36,937
Retained earnings	23,050	39,204
Total stockholders' equity	60,194	76,142
Total liabilities and stockholders' equity	$ 221,779	$ 235,093