Destination Maternity Corp

CIK:0000896985|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Income Statement [Abstract]
Net sales	$ 84,901	$ 96,395	$ 179,114	$ 199,622
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of goods sold	$ 41,253	$ 46,530	$ 83,869	$ 94,354
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Gross profit	$ 43,648	$ 49,865	$ 95,245	$ 105,268
Selling, general and administrative expenses	45,153	50,095	93,643	101,952
Store closing, asset impairment and asset disposal expenses	778	672	1,647	1,641
Other (income) charges, net	(119)	1,923	543	3,073
Operating loss	(2,164)	(2,825)	(588)	(1,398)
Interest expense, net	1,340	1,144	2,755	2,301
Loss before income taxes	(3,504)	(3,969)	(3,343)	(3,699)
Income tax provision	31	56	62	112
Net loss	$ (3,535)	$ (4,025)	$ (3,405)	$ (3,811)
Net loss per share— Basic	$ (0.25)	$ (0.29)	$ (0.25)	$ (0.28)
Average shares outstanding— Basic	13,871	13,823	13,848	13,831
Net loss per share— Diluted	$ (0.25)	$ (0.29)	$ (0.25)	$ (0.28)
Average shares outstanding— Diluted	13,871	13,823	13,848	13,831

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018
Operating Activities
Net loss	$ (3,405)	$ (3,811)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	6,992	7,961
Stock-based compensation expense	290	584
Loss on impairment of long-lived assets	1,172	1,519
Loss on disposal of assets	259	68
Grow NJ award benefit	(1,296)	(1,412)
Amortization of deferred financing costs	346	336
Decrease (increase) in:
Trade receivables	933	(145)
Inventories	3,181	3,503
Prepaid expenses and other current assets	(554)	479
Operating leases and other non-current assets	8,583	12
Decrease in:
Accounts payable, accrued expenses, operating leases and other current liabilities	(4,822)	(1,831)
Operating leases and other non-current liabilities	(10,262)	(1,417)
Net cash provided by operating activities	1,417	5,846
Investing Activities
Capital expenditures	(3,780)	(2,579)
Net cash used in investing activities	(3,780)	(2,579)
Financing Activities
Increase (decrease) in cash overdraft	759	(2,657)
Increase (decrease) in line of credit borrowings	2,900	(700)
Proceeds from long-term debt	1,802	2,500
Repayment of long-term debt	(3,075)	(2,537)
Deferred financing costs paid		(160)
Withholding taxes on stock-based compensation paid in connection with repurchase of common stock	(35)	(29)
Net cash provided by (used in) financing activities	2,351	(3,583)
Effect of exchange rate changes on cash and cash equivalents		(2)
Net Decrease in Cash and Cash Equivalents	(12)	(318)
Cash and Cash Equivalents, Beginning of Period	1,154	1,635
Cash and Cash Equivalents, End of Period	1,142	1,317
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	2,367	1,965
Cash (received) paid for income taxes	$ (177)	$ 118

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Aug. 03, 2019	Feb. 02, 2019
Current assets:
Cash	$ 1,142	$ 1,154
Trade receivables, net	7,012	7,945
Inventories	67,691	70,872
Prepaid expenses and other current assets	9,961	9,407
Total current assets	85,806	89,378
Property and equipment, net of accumulated depreciation and amortization of $111,181 and $106,479	48,215	51,483
Operating lease assets	125,283
Deferred income taxes	3,967	2,671
Other non-current assets	1,868	2,642
Total assets	265,139	146,174
Current liabilities:
Line of credit borrowings	23,300	20,400
Current portion of long-term debt	3,841	4,372
Accounts payable	21,477	21,854
Operating lease liabilities	30,301
Accrued expenses and other current liabilities	24,226	31,056
Total current liabilities	103,145	77,682
Long-term debt	21,343	21,784
Operating leases and other non-current liabilities	119,225	19,557
Total liabilities	243,713	119,023
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, 1,656,381 shares authorized, none outstanding
Common stock, $.01 par value; 20,000,000 shares authorized, 14,227,184 and 14,416,500 shares issued and outstanding	142	144
Additional paid-in capital	107,932	107,675
Accumulated deficit	(86,574)	(80,594)
Accumulated other comprehensive loss	(74)	(74)
Total stockholders’ equity	21,426	27,151
Total liabilities and stockholders’ equity	$ 265,139	$ 146,174