Company Quick10K Filing
Emmis Communications
Price4.43 EPS0
Shares13 P/E15
MCap59 P/FCF21
Net Debt76 EBIT15
TEV135 TEV/EBIT9
TTM 2019-05-31, in MM, except price, ratios
10-K 2020-02-29 Filed 2020-05-14
10-Q 2019-11-30 Filed 2020-01-09
10-Q 2019-08-31 Filed 2019-10-10
10-Q 2019-05-31 Filed 2019-07-11
10-K 2019-02-28 Filed 2019-05-09
10-Q 2018-11-30 Filed 2019-01-10
10-Q 2018-08-31 Filed 2018-10-11
10-Q 2018-05-31 Filed 2018-07-12
10-K 2018-02-28 Filed 2018-05-10
10-Q 2017-11-30 Filed 2018-01-11
10-Q 2017-08-31 Filed 2017-10-12
10-Q 2017-05-31 Filed 2017-07-13
10-K 2017-02-28 Filed 2017-05-11
10-Q 2016-11-30 Filed 2017-01-05
10-Q 2016-08-31 Filed 2016-10-06
10-Q 2016-05-31 Filed 2016-07-07
10-K 2016-02-29 Filed 2016-05-05
10-Q 2015-11-30 Filed 2016-01-07
10-Q 2015-08-31 Filed 2015-10-08
10-Q 2015-05-31 Filed 2015-07-09
10-K 2015-02-28 Filed 2015-05-07
10-Q 2014-11-30 Filed 2015-01-08
10-Q 2014-08-31 Filed 2014-10-09
10-Q 2014-05-31 Filed 2014-07-09
10-K 2014-02-28 Filed 2014-05-08
10-Q 2013-11-30 Filed 2014-01-09
10-Q 2013-08-31 Filed 2013-10-10
10-K 2013-02-28 Filed 2013-05-08
10-Q 2012-11-30 Filed 2013-01-10
10-Q 2012-08-31 Filed 2012-10-11
10-Q 2012-05-31 Filed 2012-07-12
10-K 2012-02-29 Filed 2012-05-10
10-Q 2011-11-30 Filed 2012-01-12
10-Q 2011-08-31 Filed 2011-10-13
10-Q 2011-05-31 Filed 2011-07-13
10-K 2011-02-28 Filed 2011-05-10
10-Q 2010-11-30 Filed 2011-01-11
10-Q 2010-08-31 Filed 2010-10-15
10-Q 2010-05-31 Filed 2010-07-15
10-K 2010-02-28 Filed 2010-05-07
10-Q 2009-11-30 Filed 2010-01-08
8-K 2020-04-21
8-K 2020-04-13
8-K 2020-03-10
8-K 2020-02-10
8-K 2019-11-27
8-K 2019-11-25
8-K 2019-11-08
8-K 2019-10-01
8-K 2019-08-01
8-K 2019-07-11
8-K 2019-07-11
8-K 2019-06-28
8-K 2019-06-07
8-K 2019-05-09
8-K 2019-04-12
8-K 2019-03-01
8-K 2019-01-10
8-K 2018-10-11
8-K 2018-07-12
8-K 2018-07-12
8-K 2018-06-29
8-K 2018-05-10
8-K 2018-04-30
8-K 2018-03-01
8-K 2018-02-22
8-K 2018-01-30
8-K 2018-01-11

EMMS 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Share Based Payments
Note 3. Intangible Assets and Goodwill
Note 4. Long - Term Debt
Note 5. Fair Value Measurements
Note 6. Revenue
Note 7. Segment Information
Note 8. Regulatory, Legal and Other Matters
Note 9. Income Taxes
Note 10. Restructuring Reserve
Note 11. Leases
Note 12: Equity Investment
Note 13. Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.8 emms-ex108_282.htm
EX-31.1 emms-ex311_8.htm
EX-31.2 emms-ex312_9.htm
EX-32.1 emms-ex321_7.htm
EX-32.2 emms-ex322_6.htm

Emmis Communications Earnings 2019-11-30

Balance SheetIncome StatementCash Flow
50038827616452-602012201420172020
Assets, Equity
75381-36-73-1102012201420172020
Rev, G Profit, Net Income
1358127-27-81-1352012201420172020
Ops, Inv, Fin

10-Q 1 emms-10q_20191130.htm 10-Q emms-10q_20191130.htm

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2019

 

EMMIS COMMUNICATIONS CORPORATION

(Exact name of registrant as specified in its charter)

 

INDIANA

(State of incorporation or organization)

0-23264

(Commission file number)

35-1542018

(I.R.S. Employer Identification No.)

ONE EMMIS PLAZA

40 MONUMENT CIRCLE, SUITE 700

INDIANAPOLIS, INDIANA 46204

(Address of principal executive offices)

(317) 266-0100

(Registrant’s Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A common stock, $0.01 par value

EMMS

Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

Non-accelerated filer

(Do not check if a smaller reporting company)

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes       No  

The number of shares outstanding of each of Emmis Communications Corporation’s classes of common stock, as of January 2, 2020, was:

 

 

 

12,060,388

 

Shares of Class A Common Stock, $.01 Par Value

1,242,366

 

Shares of Class B Common Stock, $.01 Par Value

 

Shares of Class C Common Stock, $.01 Par Value

 

 

 

 


Table of Contents

 

INDEX

 

 

Page

PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements

3

Condensed Consolidated Statements of Operations for the three-month and nine-month periods ended November 30, 2018 and 2019

3

Condensed Consolidated Statements of Comprehensive Income for the three-month and nine-month periods ended November 30, 2018 and 2019

5

Condensed Consolidated Balance Sheets as of February 28, 2019 and November 30, 2019

6

Condensed Consolidated Statement of Changes in Equity for the three-month and nine-month periods ended November 30, 2018 and 2019

7

Condensed Consolidated Statements of Cash Flows for the nine-month periods ended November 30, 2018 and 2019

9

Notes to Condensed Consolidated Financial Statements

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3. Quantitative and Qualitative Disclosures about Market Risk

38

Item 4. Controls and Procedures

38

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 6. Exhibits

40

Signatures

41

 

 


Table of Contents

 

PART I — FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended

November 30,

 

 

Nine Months Ended

November 30,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

NET REVENUES

 

$

10,797

 

 

$

10,737

 

 

$

30,883

 

 

$

29,266

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Station operating expenses excluding depreciation and amortization expense of $151, $90, $477 and $302, respectively

 

 

10,809

 

 

 

8,199

 

 

 

30,494

 

 

 

23,667

 

Corporate expenses excluding depreciation and amortization expense of $194, $172, $591 and $564, respectively

 

 

2,297

 

 

 

10,437

 

 

 

7,607

 

 

 

15,211

 

Impairment loss

 

 

304

 

 

 

 

 

 

509

 

 

 

4,022

 

Depreciation and amortization

 

 

345

 

 

 

263

 

 

 

1,068

 

 

 

866

 

Loss (gain) on sale of assets, net of disposition costs

 

 

235

 

 

 

 

 

 

(31,817

)

 

 

31

 

Gain on legal matter

 

 

 

 

 

(2,153

)

 

 

 

 

 

(2,153

)

Total operating expenses

 

 

13,990

 

 

 

16,746

 

 

 

7,861

 

 

 

41,644

 

OPERATING (LOSS) INCOME

 

 

(3,193

)

 

 

(6,009

)

 

 

23,022

 

 

 

(12,378

)

OTHER EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,307

)

 

 

(869

)

 

 

(5,206

)

 

 

(3,040

)

Loss on debt extinguishment

 

 

 

 

 

(510

)

 

 

(771

)

 

 

(510

)

Other income, net

 

 

40

 

 

 

121

 

 

 

92

 

 

 

147

 

Total other expense

 

 

(1,267

)

 

 

(1,258

)

 

 

(5,885

)

 

 

(3,403

)

(LOSS) INCOME BEFORE INCOME TAXES

 

 

(4,460

)

 

 

(7,267

)

 

 

17,137

 

 

 

(15,781

)

(BENEFIT) PROVISION FOR INCOME TAXES

 

 

(2,747

)

 

 

(950

)

 

 

6,213

 

 

 

(1,533

)

(LOSS) INCOME FROM CONTINUING OPERATIONS

 

 

(1,713

)

 

 

(6,317

)

 

 

10,924

 

 

 

(14,248

)

DISCONTINUED OPERATIONS, NET OF TAX

 

 

3,262

 

 

 

58,921

 

 

 

15,296

 

 

 

77,213

 

CONSOLIDATED NET INCOME

 

 

1,549

 

 

 

52,604

 

 

 

26,220

 

 

 

62,965

 

NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

837

 

 

 

(121

)

 

 

2,396

 

 

 

1,557

 

NET INCOME ATTRIBUTABLE TO THE COMPANY

 

$

712

 

 

$

52,725

 

 

$

23,824

 

 

$

61,408

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated statements.


- 3 -


Table of Contents

 

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended

November 30,

 

 

Nine Months Ended

November 30,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

AMOUNTS ATTRIBUTABLE TO COMMON SHAREHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to common shareholders - continuing operations

 

$

(1,161

)

 

$

(5,828

)

 

$

12,660

 

 

$

(12,758

)

Net income attributable to common shareholders - discontinued operations

 

 

1,873

 

 

 

58,553

 

 

 

11,164

 

 

 

74,166

 

Net income attributable to common shareholders

 

$

712

 

 

$

52,725

 

 

$

23,824

 

 

$

61,408

 

BASIC NET (LOSS) INCOME PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.09

)

 

$

(0.45

)

 

$

1.01

 

 

$

(0.99

)

Discontinued operations

 

 

0.15

 

 

 

4.53

 

 

 

0.89

 

 

 

5.77

 

Basic net income per share

 

$

0.06

 

 

$

4.08

 

 

$

1.90

 

 

$

4.78

 

Basic weighted average shares outstanding

 

 

12,609

 

 

 

12,937

 

 

 

12,565

 

 

 

12,846

 

DILUTED NET (LOSS) INCOME PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.09

)

 

$

(0.45

)

 

$

0.94

 

 

$

(0.99

)

Discontinued operations

 

 

0.15

 

 

 

4.53

 

 

 

0.83

 

 

 

5.77

 

Diluted net income per share

 

$

0.06

 

 

$

4.08

 

 

$

1.77

 

 

$

4.78

 

Diluted weighted average shares outstanding

 

 

12,609

 

 

 

12,937

 

 

 

13,486

 

 

 

12,846

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated statements.

 

- 4 -


Table of Contents

 

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

November 30,

 

 

Nine Months Ended

November 30,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

CONSOLIDATED NET INCOME

 

$

1,549

 

 

$

52,604

 

 

$

26,220

 

 

$

62,965

 

LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

837

 

 

 

(121

)

 

 

2,396

 

 

 

1,557

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

712

 

 

$

52,725

 

 

$

23,824

 

 

$

61,408

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated statements.

- 5 -


Table of Contents

 

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

 

 

 

February 28,

2019

 

 

November 30,

2019

 

 

 

 

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,343

 

 

$

111,345

 

Restricted cash

 

 

2,504

 

 

 

1,622

 

Accounts receivable, net

 

 

11,919

 

 

 

5,599

 

Prepaid expenses

 

 

3,374

 

 

 

1,845

 

Other current assets

 

 

1,225

 

 

 

10,350

 

Current assets held for sale

 

 

6,629

 

 

 

 

Total current assets

 

 

29,994

 

 

 

130,761

 

PROPERTY AND EQUIPMENT, NET

 

 

16,061

 

 

 

15,265

 

INDEFINITE-LIVED INTANGIBLE ASSETS

 

 

72,562

 

 

 

68,540

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

 

 

 

 

8,634

 

EQUITY METHOD INVESTMENT- MEDIACO CLASS A COMMON STOCK

 

 

 

 

 

5,485

 

OTHER ASSETS, NET

 

 

8,462

 

 

 

12,822

 

LONG-TERM ASSETS HELD FOR SALE

 

 

110,667

 

 

 

 

Total assets

 

$

237,746

 

 

$

241,507

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

4,160

 

 

$

4,637

 

Current maturities of long-term debt

 

 

32,150

 

 

 

7,830

 

Accrued salaries and commissions

 

 

1,919

 

 

 

7,812

 

Deferred revenue

 

 

3,464

 

 

 

2,639

 

Income taxes payable

 

 

11,200

 

 

 

15,657

 

Operating lease liabilities

 

 

 

 

 

842

 

Other current liabilities

 

 

2,401

 

 

 

1,868

 

Current liabilities held for sale

 

 

2,072

 

 

 

 

Total current liabilities

 

 

57,366

 

 

 

41,285

 

LONG-TERM DEBT, NET OF CURRENT MATURITIES AND UNAMORTIZED DISCOUNT

 

 

48,757

 

 

 

55,662

 

OPERATING LEASE LIABILITIES, NET OF CURRENT

 

 

 

 

 

9,372

 

OTHER NONCURRENT LIABILITIES

 

 

3,914

 

 

 

2,328

 

DEFERRED INCOME TAXES

 

 

25,232

 

 

 

18,263

 

NONCURRENT LIABILITIES HELD FOR SALE

 

 

2,110

 

 

 

 

Total liabilities

 

 

137,379

 

 

 

126,910

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

 

 

 

Class A common stock, $.01 par value; authorized 42,500,000 shares; issued and outstanding 11,809,291 shares at February 28, 2019 and 12,060,388 shares at November 30, 2019

 

 

118

 

 

 

121

 

Class B common stock, $.01 par value; authorized 7,500,000 shares; issued and outstanding 1,242,366 shares at February 28, 2019 and November 30, 2019

 

 

12

 

 

 

12

 

Additional paid-in capital

 

 

595,984

 

 

 

597,439

 

Accumulated deficit

 

 

(523,900

)

 

 

(462,492

)

Total shareholders’ equity

 

 

72,214

 

 

 

135,080

 

NONCONTROLLING INTERESTS

 

 

28,153

 

 

 

(20,483

)

Total equity

 

 

100,367

 

 

 

114,597

 

Total liabilities and equity

 

$

237,746

 

 

$

241,507

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated statements.

- 6 -


Table of Contents

 

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Unaudited)

(In thousands, except share data)

 

 

 

Class A

Common Stock

 

 

Class B 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Interests

 

 

Equity

 

Balance, February 28, 2018

 

 

11,649,440

 

 

$

116

 

 

 

1,142,366

 

 

$

11

 

 

$

594,708

 

 

$

(547,252

)

 

$

30,680

 

 

$

78,263

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,485

 

 

 

754

 

 

 

24,239

 

Issuance of common stock to employees and officers, net

 

 

(4,097

)

 

 

 

 

 

 

100,000

 

 

 

1

 

 

 

389

 

 

 

 

 

 

 

 

 

 

 

390

 

Exercise of stock options

 

 

45,834

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

119

 

 

 

 

 

 

 

 

 

 

 

120

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,721

)

 

 

(1,721

)

Balance, May 31, 2018

 

 

11,691,177

 

 

$

117

 

 

 

1,242,366

 

 

$

12

 

 

$

595,216

 

 

$

(523,767

)

 

$

29,713

 

 

$

101,291

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(373

)

 

 

805

 

 

 

432

 

Issuance of common stock to employees and officers, net

 

 

(26,778

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125

 

 

 

 

 

 

 

 

 

 

 

125

 

Exercise of stock options

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

12

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,003

)

 

 

(1,003

)

Balance, August 31, 2018

 

 

11,669,399

 

 

$

117

 

 

 

1,242,366

 

 

$

12

 

 

$

595,353

 

 

$

(524,140

)

 

 

29,515

 

 

 

100,857

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

712

 

 

 

837

 

 

 

1,549

 

Issuance of common stock to employees and officers, net

 

 

16,780

 

 

1

 

 

 

 

 

 

 

 

 

 

335

 

 

 

 

 

 

 

 

 

 

 

336

 

Exercise of stock options

 

 

90,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

212

 

 

 

 

 

 

 

 

 

 

 

212

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,068

)

 

 

(1,068

)

Balance, November 30, 2018

 

 

11,777,013

 

 

$

118

 

 

 

1,242,366

 

 

$

12

 

 

$

595,900

 

 

$

(523,428

)

 

$

29,284

 

 

$

101,886

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated statements.

 


- 7 -


Table of Contents

 

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

(Unaudited)

(In thousands, except share data)

 

 

 

Class A

Common Stock

 

 

Class B 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Interests

 

 

Equity

 

Balance, February 28, 2019

 

 

11,809,291

 

 

$

118

 

 

 

1,242,366

 

 

$

12

 

 

$

595,984

 

 

$

(523,900

)

 

$

28,153

 

 

$

100,367

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,670

 

 

 

846

 

 

 

2,516

 

Issuance of common stock to employees and officers, net

 

 

56,458

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

312

 

 

 

 

 

 

 

 

 

 

 

313

 

Exercise of stock options

 

 

16,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

23

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,121

)

 

 

(1,121

)

Balance, May 31, 2019

 

 

11,882,578

 

 

$

119

 

 

 

1,242,366

 

 

$

12

 

 

$

596,319

 

 

$

(522,230

)

 

$

27,878

 

 

$

102,098

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,013

 

 

 

832

 

 

 

7,845

 

Issuance of common stock to employees and officers, net

 

 

(1,724

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

115

 

 

 

 

 

 

 

 

 

 

 

115

 

Exercise of stock options

 

 

32,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

78

 

 

 

 

 

 

 

 

 

 

 

78

 

Distributions to noncontrolling interests