RoomStore, Inc.

CIK:0001448064|SEC Filings

Condensed Consolidated Statements Of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Nov. 30, 2011	Nov. 30, 2010	Nov. 30, 2011	Nov. 30, 2010
Condensed Consolidated Statements Of Operations [Abstract]
Net sales	$ 55,386	$ 79,953	$ 193,419	$ 250,544
Cost of sales	32,653	46,264	111,582	142,771
Gross profit	22,733	33,689	81,837	107,773
Selling, general and administrative	30,443	40,552	96,912	116,722
Total operating expenses	30,443	40,552	96,912	116,722
Loss from operations	(7,710)	(6,863)	(15,075)	(8,949)
Interest expense	(140)	(278)	(519)	(621)
Other (expense) income, net	(77)	334	120	513
Total non-operating (expense) income	(217)	56	(399)	(108)
Loss before income taxes	(7,927)	(6,807)	(15,474)	(9,057)
Income tax expense	37	312	194	544
Net loss	(7,964)	(7,119)	(15,668)	(9,601)
Less: Net income attributable to the noncontrolling interest	(142)	(59)	(314)	(201)
Net loss attributable to RoomStore, Inc.	$ (8,106)	$ (7,178)	$ (15,982)	$ (9,802)
Basic and diluted loss per share attributable to RoomStore, Inc. stockholders	$ (0.83)	$ (0.73)	$ (1.64)	$ (1.00)
Weighted average number of shares outstanding	9,762,846	9,767,555	9,762,846	9,767,556

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Nov. 30, 2011	Nov. 30, 2010
Cash flows from operating activities:
Net loss	$ (15,668)	$ (9,601)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization	3,006	3,411
Loss (gain) on disposal of property and equipment	24	(106)
Stock option compensation		65
Equity in earnings of investee	(221)	(250)
Change in operating assets and liabilities:
Accounts receivable	2,083	1,215
Inventories	20,173	(8,238)
Prepaid expenses	1,252	(612)
Other assets	(1,100)	(1,670)
Deferred revenue	(3,991)	2,934
Accounts payable	2,982	635
Accrued expenses	6,178	883
Income taxes receivable/Accrued income taxes	(71)	1,360
Net cash provided by (used in) operating activities	14,647	(9,974)
Cash flows from investing activities:
Additions to property, plant and equipment	(553)	(868)
Proceeds from disposals of property, plant and equipment	28	2,026
Net cash (used in) provided by investing activities	(525)	1,158
Cash flows from financing activities:
Change in bank overdrafts	(877)	1,978
Non-controlling interest capital distribution	(373)	(41)
Proceeds from credit facility note	145,617	185,436
Payments of credit facility note	(158,632)	(175,879)
Payments of mortgage payable	(62)	(57)
Net cash (used in) provided by financing activities	(14,327)	11,437
Net (decrease) increase in cash and cash equivalents	(205)	2,621
Cash and cash equivalents at beginning of period	2,365	733
Cash and cash equivalents at end of period	2,160	3,354
Supplemental disclosure of cash flow information:
Taxes paid	268	939
Interest paid	435	565
Non-cash item: recognition of deferred gain on sale of building	$ 45	$ 35

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Nov. 30, 2011	Feb. 28, 2011
Assets
Cash and cash equivalents	$ 2,160	$ 2,365
Inventories	23,933	44,106
Receivables (net of allowance for doubtful accounts: 11/30/11 - $139; 02/28/11 - $126)	2,068	4,161
Prepaid expenses	2,949	4,201
Deferred income taxes	794	1,364
Total current assets	31,904	56,197
Property, plant and equipment, net	20,497	23,037
Service deposits	3,885	2,413
Other assets	3,280	3,431
Total Assets	59,566	85,078
Liabilities and Stockholders' Equity
Accounts payable	17,683	14,701
Bank overdrafts	347	1,224
Accrued expenses	23,889	17,495
Accrued income taxes	424	495
Note payable - credit facility - current portion	4,100
Mortgage note payable - current portion	88	83
Deferred revenue	3,412	7,448
Total current liabilities	49,943	41,446
Deferred rent	4,738	4,954
Deferred income taxes	794	1,364
Note payable - credit facility		17,115
Mortgage note payable	2,271	2,338
Total Liabilities	57,746	67,217
Commitments and Contingencies
Equity
Common stock, $.01 par value, 20,000,000 shares authorized, shares issued and outstanding: 11/30/11 - 9,762,846; 02/28/11 - 9,762,846	98	98
Preferred stock, $.01 par value, 5,000,000 shares authorized, none issued and outstanding
Additional paid-in capital	46,791	46,791
Accumulated deficit	(45,699)	(29,717)
Total RoomStore, Inc. Stockholders' Equity	1,190	17,172
Noncontrolling interest	630	689
Total Equity	1,820	17,861
Total Liabilities and Equity	$ 59,566	$ 85,078