Fairway Group Holdings Corp

CIK:0001555492|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 27, 2015	Dec. 28, 2014	Dec. 27, 2015	Dec. 28, 2014
Consolidated Statements of Operations
Net sales	$ 191,683	$ 206,219	$ 565,286	$ 598,466
Cost of sales and occupancy costs (exclusive of depreciation and amortization)	132,006	141,357	389,156	412,905
Gross profit	59,677	64,862	176,130	185,561
Direct store expenses	46,470	48,516	139,497	144,094
General and administrative expenses	16,011	19,503	48,893	52,525
Store opening costs	1,026	1,380	3,587	5,742
Production center start-up costs	23	1,316	1,580	4,486
Loss from operations	(3,853)	(5,853)	(17,427)	(21,286)
Interest expense, net	(4,940)	(4,807)	(14,541)	(14,418)
Loss before income taxes	(8,793)	(10,660)	(31,968)	(35,704)
Income tax provision	(951)	(400)	(3,728)	(2,285)
Net loss	$ (9,744)	$ (11,060)	$ (35,696)	$ (37,989)
Basic and diluted loss per common share (in dollars per share)	$ (0.22)	$ (0.25)	$ (0.81)	$ (0.88)
Weighted average common shares outstanding (in shares)	44,102	43,433	43,973	43,402

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 27, 2015	Dec. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (35,696)	$ (37,989)
Adjustments to reconcile net loss to net cash (used in) provide by operating activities
Loss on disposal of assets	(1,524)
Deferred income taxes	3,369	2,279
Deferred rent	214	7,447
Depreciation and amortization of property and equipment	21,041	21,085
Amortization of intangibles	139	221
Amortization of discount on term loans	2,556	2,523
Amortization of deferred financing fees	1,309	1,314
Amortization of prepaid rent	238	239
Stock compensation expense	6,802	10,644
Changes in operating assets and liabilities
Accounts receivable	(1,467)	(1,798)
Merchandise inventories	(2,293)	(3,021)
Prepaid expense and other	122	302
Other assets	203	1,386
Accounts payable	9,161	2,245
Accrued expenses and other	2,137	6,838
Other long-term liabilities	341	(872)
Net cash (used in) provided by operating activities	9,700	12,843
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(8,658)	(28,694)
Acquisition of liquor license		(1,567)
Net cash used in investing activities	(8,658)	(30,261)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on long-term debt	(2,064)	(1,375)
Cash settlement of vested equity awards		(260)
Net cash used in financing activities	(2,064)	(1,635)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,022)	(19,053)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	36,362	58,800
CASH AND CASH EQUIVALENTS, END OF PERIOD	35,340	39,747
Cash paid during the period for:
Interest, net of capitalized amounts	10,573	7,091
Income taxes	$ 2	$ 2

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 27, 2015	Mar. 29, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 35,340	$ 36,362
Accounts receivable, net	4,871	3,404
Merchandise inventories	31,444	29,150
Income tax receivable	497	890
Prepaid rent	1,407	829
Deferred financing fees	1,743	1,745
Prepaid expenses and other current assets	2,729	3,036
Total current assets	78,031	75,416
PROPERTY AND EQUIPMENT, NET	134,387	148,293
GOODWILL	95,412	95,412
INTANGIBLE ASSETS, NET	27,022	27,161
OTHER ASSETS	11,105	12,854
Total assets	345,957	359,136
CURRENT LIABILITIES
Current portion of long-term debt	2,750	2,750
Accounts payable	41,033	31,872
Accrued expenses and other	25,084	23,227
Total current liabilities	68,867	57,849
NONCURRENT LIABILITIES
Long-term debt, net of current maturities	254,829	254,336
Deferred income taxes	31,460	28,091
Other long-term liabilities	41,922	41,463
Total liabilities	$ 397,078	$ 381,739
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Additional paid-in capital	$ 389,449	$ 382,271
Accumulated deficit	(440,584)	(404,888)
Total stockholders' deficit	(51,121)	(22,603)
Total liabilities and stockholders' deficit	$ 345,957	$ 359,136
Class A Common Stock
STOCKHOLDERS' DEFICIT
Common stock
Class B Common Stock
STOCKHOLDERS' DEFICIT
Common stock	$ 14	$ 14