Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - G-Estate Liquidation Stores, Inc. | d234813d8ka.htm |
Exhibit 99.1
GORDMANS STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
| July 30, 2016 (Unaudited) |
January 30, 2016 |
August 1, 2015 (Unaudited) |
||||||||||
| ASSETS |
||||||||||||
| CURRENT ASSETS: |
||||||||||||
| Cash and cash equivalents |
$ | 9,426 | $ | 6,969 | $ | 9,946 | ||||||
| Accounts receivable |
4,368 | 3,896 | 3,608 | |||||||||
| Landlord receivable |
5,751 | 3,805 | 2,561 | |||||||||
| Income taxes receivable |
1,344 | 2,746 | 11,001 | |||||||||
| Merchandise inventories |
110,472 | 106,566 | 118,889 | |||||||||
| Deferred income taxes |
4,965 | 5,077 | 2,896 | |||||||||
| Prepaid expenses and other current assets |
9,470 | 8,096 | 9,985 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total current assets |
145,796 | 137,155 | 158,886 | |||||||||
| PROPERTY AND EQUIPMENT, net |
92,421 | 86,375 | 86,955 | |||||||||
| INTANGIBLE ASSETS, net |
1,820 | 1,820 | 1,820 | |||||||||
| OTHER ASSETS, net |
3,711 | 3,822 | 3,563 | |||||||||
|
|
|
|
|
|
|
|||||||
| TOTAL ASSETS |
$ | 243,748 | $ | 229,172 | $ | 251,224 | ||||||
|
|
|
|
|
|
|
|||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
| CURRENT LIABILITIES: |
||||||||||||
| Accounts payable |
$ | 73,387 | $ | 66,393 | $ | 79,436 | ||||||
| Accrued expenses |
29,990 | 30,151 | 27,235 | |||||||||
| Current portion of long-term debt, net |
36,921 | 18,390 | 31,711 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total current liabilities |
140,298 | 114,934 | 138,382 | |||||||||
|
|
|
|
|
|
|
|||||||
| NONCURRENT LIABILITIES: |
||||||||||||
| Long-term debt, less current portion, net |
26,484 | 27,345 | 28,145 | |||||||||
| Deferred rent |
36,582 | 33,522 | 31,640 | |||||||||
| Deferred income taxes |
12,720 | 18,130 | 16,318 | |||||||||
| Other liabilities |
318 | 347 | 237 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total noncurrent liabilities |
76,104 | 79,344 | 76,340 | |||||||||
|
|
|
|
|
|
|
|||||||
| COMMITMENTS AND CONTINGENCIES |
||||||||||||
| STOCKHOLDERS’ EQUITY: |
||||||||||||
| Preferred stock |
— | — | — | |||||||||
| Common stock |
20 | 20 | 20 | |||||||||
| Additional paid-in capital |
54,711 | 54,601 | 54,542 | |||||||||
| Accumulated deficit |
(27,385 | ) | (19,727 | ) | (18,060 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total stockholders’ equity |
27,346 | 34,894 | 36,502 | |||||||||
|
|
|
|
|
|
|
|||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ | 243,748 | $ | 229,172 | $ | 251,224 | ||||||
|
|
|
|
|
|
|
|||||||
GORDMANS STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
| 26 Weeks Ended July 30, 2016 (Unaudited) |
26 Weeks Ended August 1, 2015 (Unaudited) |
|||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
| Net loss |
$ | (7,702 | ) | $ | (2,657 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
| Depreciation and amortization expense |
8,807 | 8,083 | ||||||
| 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 |
302 | 640 | ||||||
| Amortization of deferred financing fees |
132 | 355 | ||||||
| Loss on retirement / sale of property and equipment |
101 | 23 | ||||||
| Deferred tax asset shortfall related to share-based compensation expense |
(192 | ) | — | |||||
| Deferred income taxes |
(5,843 | ) | 681 | |||||
| Net changes in operating assets and liabilities: |
||||||||
| Accounts, landlord and income taxes receivable |
(1,016 | ) | (3,156 | ) | ||||
| Merchandise inventories |
(3,906 | ) | (24,419 | ) | ||||
| Prepaid expenses and other current assets |
(1,373 | ) | (1,450 | ) | ||||
| Other assets |
111 | 80 | ||||||
| Accounts payable |
6,994 | 15,087 | ||||||
| Deferred rent |
3,060 | (3,741 | ) | |||||
| Accrued expenses and other liabilities |
(1,002 | ) | (2,109 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in operating activities |
(982 | ) | (10,861 | ) | ||||
|
|
|
|
|
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
| Purchase of property and equipment |
(17,895 | ) | (8,038 | ) | ||||
| Proceeds from sale-leaseback transactions |
3,752 | 2,412 | ||||||
| Cash received on sale of property and equipment |
44 | — | ||||||
| Proceeds from insurance settlement |
— | 21 | ||||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(14,099 | ) | (5,605 | ) | ||||
|
|
|
|
|
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
| Borrowings on revolving line of credit |
116,500 | 111,850 | ||||||
| Repayments on revolving line of credit |
(98,038 | ) | (92,502 | ) | ||||
| Proceeds from secured term loan |
— | 30,000 | ||||||
| Payment of long-term debt |
(924 | ) | (29,518 | ) | ||||
| Payment of debt issuance costs |
— | (783 | ) | |||||
| Payment penalty on early extinguishment of debt |
— | (292 | ) | |||||
| Dividends paid |
— | (8 | ) | |||||
| Proceeds from the exercise of stock options |
— | 31 | ||||||
|
|
|
|
|
|||||
| Net cash provided by financing activities |
17,538 | 18,778 | ||||||
|
|
|
|
|
|||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS |
2,457 | 2,312 | ||||||
| CASH AND CASH EQUIVALENTS, Beginning of period |
6,969 | 7,634 | ||||||
|
|
|
|
|
|||||
| CASH AND CASH EQUIVALENTS, End of period |
$ | 9,426 | $ | 9,946 | ||||
|
|
|
|
|
|||||