Gordmans Stores, Inc.

CIK:0001490636|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2016	Oct. 31, 2015	Oct. 29, 2016	Oct. 31, 2015
Income Statement [Abstract]
Net sales	$ 143,483	$ 153,856	$ 417,791	$ 443,230
License fees from leased departments	1,944	2,196	5,941	6,615
Cost of sales	(82,553)	(87,700)	(241,784)	(253,698)
Gross profit	62,874	68,352	181,948	196,147
Selling, general and administrative expenses	(69,906)	(71,915)	(199,048)	(200,052)
Loss from operations	(7,032)	(3,563)	(17,100)	(3,905)
Interest expense, net	(874)	(892)	(2,539)	(2,966)
Loss on extinguishment of debt				(2,014)
Loss before taxes	(7,906)	(4,455)	(19,639)	(8,885)
Income tax benefit	3,083	1,692	7,114	3,465
Net loss	$ (4,823)	$ (2,763)	$ (12,525)	$ (5,420)
Basic loss per share	$ (0.25)	$ (0.14)	$ (0.64)	$ (0.28)
Diluted loss per share	$ (0.25)	$ (0.14)	$ (0.64)	$ (0.28)
Basic weighted average shares outstanding	19,482,431	19,424,184	19,456,819	19,396,781
Diluted weighted average shares outstanding	19,482,431	19,424,184	19,456,819	19,396,781

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 29, 2016	Oct. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (12,525)	$ (5,420)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	13,520	12,368
Write-off of deferred financing fees related to extinguishment of debt		1,722
Deferred tax valuation allowance	545
Share-based compensation expense, net of forfeitures	527	1,011
Loss on property disposals and impairment charges	399	708
Amortization of deferred financing fees	200	414
Deferred income taxes	(8,495)	707
Deferred tax asset shortfall related to share-based compensation expense	(230)	(26)
Net changes in operating assets and liabilities:
Accounts, landlord and income taxes receivable	2,291	3,770
Merchandise inventories	(47,036)	(70,612)
Prepaid expenses and other current assets	(842)	(766)
Other assets	122	166
Accounts payable	28,287	46,866
Deferred rent	(1,297)	(4,234)
Accrued expenses and other liabilities	(329)	1,539
Net cash used in operating activities	(24,863)	(11,787)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(22,847)	(14,283)
Proceeds from sale-leaseback transactions	9,601	3,556
Cash received on sale of property and equipment	44
Proceeds from insurance settlement		21
Net cash used in investing activities	(13,202)	(10,706)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on revolving line of credit	179,547	169,350
Repayments on revolving line of credit	(138,576)	(144,493)
Proceeds from secured term loan		30,000
Payment of long-term debt	(1,387)	(29,980)
Payment of debt financing fees	(48)	(863)
Payment penalty on early extinguishment of debt		(292)
Dividends paid	(3)	(34)
Proceeds from the exercise of stock options		31
Net cash provided by financing activities	39,533	23,719
NET INCREASE IN CASH AND CASH EQUIVALENTS	1,468	1,226
CASH AND CASH EQUIVALENTS, Beginning of period	6,969	7,634
CASH AND CASH EQUIVALENTS, End of period	$ 8,437	$ 8,860

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 29, 2016	Jan. 30, 2016	Oct. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 8,437	$ 6,969	$ 8,860
Accounts receivable	4,513	3,896	3,814
Landlord receivable	3,643	3,805	2,290
Income taxes receivable		2,746	4,140
Merchandise inventories	153,602	106,566	165,082
Deferred income taxes	4,959	5,077	2,896
Prepaid expenses and other current assets	8,938	8,096	9,301
Total current assets	184,092	137,155	196,383
PROPERTY AND EQUIPMENT, net	85,193	86,375	86,443
INTANGIBLE ASSETS, net	1,820	1,820	1,820
OTHER ASSETS, net	3,700	3,822	3,586
TOTAL ASSETS	274,805	229,172	288,232
CURRENT LIABILITIES:
Accounts payable	94,680	66,393	111,215
Accrued expenses	29,346	30,151	30,256
Current portion of long-term debt, net	59,397	18,390	37,247
Total current liabilities	183,423	114,934	178,718
NONCURRENT LIABILITIES:
Long-term debt, less current portion, net	26,074	27,345	27,744
Deferred rent	32,225	33,522	31,147
Deferred income taxes	10,062	18,130	16,344
Other liabilities	311	347	188
Total noncurrent liabilities	68,672	79,344	75,423
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock - $0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of October 29, 2016, January 30, 2016 and October 31, 2015
Common stock - $0.001 par value, 50,000,000 shares authorized, 20,131,626 issued and 19,722,993 outstanding as of October 29, 2016, 20,090,881 issued and 19,682,248 outstanding as of January 30, 2016, 20,116,281 issued and 19,707,648 outstanding as of October 31, 2015	20	20	20
Additional paid-in capital	54,898	54,601	54,887
Accumulated deficit	(32,208)	(19,727)	(20,816)
Total stockholders' equity	22,710	34,894	34,091
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 274,805	$ 229,172	$ 288,232