Company Quick10K Filing
Alexanders J Corp
Price11.65 EPS1
Shares15 P/E23
MCap174 P/FCF16
Net Debt3 EBIT9
TEV178 TEV/EBIT20
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-09-27 Filed 2020-11-05
10-Q 2020-06-28 Filed 2020-08-06
10-Q 2020-03-29 Filed 2020-06-09
10-K 2019-12-29 Filed 2020-03-13
10-Q 2019-09-29 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-30 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-07-01 Filed 2018-08-10
10-Q 2018-04-01 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-10-01 Filed 2017-11-09
10-Q 2017-07-02 Filed 2017-08-11
10-Q 2017-04-02 Filed 2017-05-11
10-K 2017-01-01 Filed 2017-03-16
10-Q 2016-10-02 Filed 2016-11-07
10-Q 2016-07-03 Filed 2016-08-16
10-Q 2016-04-03 Filed 2016-05-17
10-K 2016-01-03 Filed 2016-03-30
10-Q 2015-09-27 Filed 2015-11-09
S-1 2014-10-28 Public Filing
8-K 2020-11-05
8-K 2020-10-28
8-K 2020-08-04
8-K 2020-06-25
8-K 2020-06-05
8-K 2020-05-08
8-K 2020-04-24
8-K 2020-04-20
8-K 2020-04-10
8-K 2020-03-24
8-K 2020-03-12
8-K 2019-11-07
8-K 2019-08-09
8-K 2019-06-20
8-K 2019-05-01
8-K 2019-03-07
8-K 2018-11-30
8-K 2018-11-07
8-K 2018-08-08
8-K 2018-05-30
8-K 2018-05-03
8-K 2018-03-07
8-K 2018-01-30
8-K 2018-01-30

JAX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization and Business
Note 2 - Basis of Presentation
Note 3 - Earnings (Loss) per Share
Note 4 - Income Taxes
Note 5 - Commitments and Contingencies
Note 6 - Fair Value Measurements
Note 7 - Recent Accounting Pronouncements
Note 8 - Related Party Transactions
Note 9 - Revenue
Note 10 - Leases
Note 11 - Subsequent Events
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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 jax-ex311_8.htm
EX-31.2 jax-ex312_7.htm
EX-32.1 jax-ex321_6.htm

Alexanders J Corp Earnings 2020-09-27

Balance SheetIncome StatementCash Flow
2502001501005002013201520172020
Assets, Equity
6551382411-22013201520172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02013201520172020
Ops, Inv, Fin

jax-10q_20200927.htm
false Q3 0001617227 --01-03 P5Y true true false true true true P3Y us-gaap:AccountingStandardsUpdate201602Member 0001617227 2019-12-30 2020-09-27 xbrli:shares 0001617227 2020-11-05 iso4217:USD 0001617227 2020-09-27 0001617227 2019-12-29 iso4217:USD xbrli:shares 0001617227 2020-06-29 2020-09-27 0001617227 2019-07-01 2019-09-29 0001617227 2018-12-31 2019-09-29 0001617227 us-gaap:CommonStockMember 2019-12-29 0001617227 us-gaap:AdditionalPaidInCapitalMember 2019-12-29 0001617227 us-gaap:RetainedEarningsMember 2019-12-29 0001617227 us-gaap:NoncontrollingInterestMember 2019-12-29 0001617227 us-gaap:AdditionalPaidInCapitalMember 2019-12-30 2020-03-29 0001617227 2019-12-30 2020-03-29 0001617227 us-gaap:RetainedEarningsMember 2019-12-30 2020-03-29 0001617227 us-gaap:CommonStockMember 2020-03-29 0001617227 us-gaap:AdditionalPaidInCapitalMember 2020-03-29 0001617227 us-gaap:RetainedEarningsMember 2020-03-29 0001617227 us-gaap:NoncontrollingInterestMember 2020-03-29 0001617227 2020-03-29 0001617227 us-gaap:AdditionalPaidInCapitalMember 2020-03-30 2020-06-28 0001617227 2020-03-30 2020-06-28 0001617227 us-gaap:RetainedEarningsMember 2020-03-30 2020-06-28 0001617227 us-gaap:CommonStockMember 2020-06-28 0001617227 us-gaap:AdditionalPaidInCapitalMember 2020-06-28 0001617227 us-gaap:RetainedEarningsMember 2020-06-28 0001617227 us-gaap:NoncontrollingInterestMember 2020-06-28 0001617227 2020-06-28 0001617227 us-gaap:CommonStockMember 2020-06-29 2020-09-27 0001617227 us-gaap:AdditionalPaidInCapitalMember 2020-06-29 2020-09-27 0001617227 us-gaap:RetainedEarningsMember 2020-06-29 2020-09-27 0001617227 us-gaap:CommonStockMember 2020-09-27 0001617227 us-gaap:AdditionalPaidInCapitalMember 2020-09-27 0001617227 us-gaap:RetainedEarningsMember 2020-09-27 0001617227 us-gaap:NoncontrollingInterestMember 2020-09-27 0001617227 us-gaap:CommonStockMember 2018-12-30 0001617227 us-gaap:AdditionalPaidInCapitalMember 2018-12-30 0001617227 us-gaap:RetainedEarningsMember 2018-12-30 0001617227 us-gaap:NoncontrollingInterestMember 2018-12-30 0001617227 2018-12-30 0001617227 us-gaap:RetainedEarningsMember srt:RestatementAdjustmentMember 2018-12-30 0001617227 srt:RestatementAdjustmentMember 2018-12-30 0001617227 2018-12-31 2019-03-31 0001617227 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 2019-03-31 0001617227 us-gaap:AdditionalPaidInCapitalMember us-gaap:CommonClassBMember 2018-12-31 2019-03-31 0001617227 us-gaap:NoncontrollingInterestMember us-gaap:CommonClassBMember 2018-12-31 2019-03-31 0001617227 us-gaap:RetainedEarningsMember 2018-12-31 2019-03-31 0001617227 us-gaap:CommonStockMember 2019-03-31 0001617227 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001617227 us-gaap:RetainedEarningsMember 2019-03-31 0001617227 us-gaap:NoncontrollingInterestMember 2019-03-31 0001617227 2019-03-31 0001617227 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001617227 2019-04-01 2019-06-30 0001617227 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001617227 us-gaap:CommonStockMember 2019-06-30 0001617227 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001617227 us-gaap:RetainedEarningsMember 2019-06-30 0001617227 us-gaap:NoncontrollingInterestMember 2019-06-30 0001617227 2019-06-30 0001617227 us-gaap:CommonStockMember 2019-07-01 2019-09-29 0001617227 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-29 0001617227 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-29 0001617227 us-gaap:CommonStockMember 2019-09-29 0001617227 us-gaap:AdditionalPaidInCapitalMember 2019-09-29 0001617227 us-gaap:RetainedEarningsMember 2019-09-29 0001617227 us-gaap:NoncontrollingInterestMember 2019-09-29 0001617227 2019-09-29 jax:Restaurant jax:Operatingplace 0001617227 jax:CoronavirusMember 2019-12-30 2020-09-27 0001617227 us-gaap:RevolvingCreditFacilityMember jax:DevelopmentLineOfCreditMember 2019-12-30 2020-03-29 0001617227 jax:ModificationAgreementMember us-gaap:RevolvingCreditFacilityMember 2020-06-28 0001617227 us-gaap:SegmentDiscontinuedOperationsMember 2020-06-29 2020-09-27 0001617227 us-gaap:SegmentDiscontinuedOperationsMember 2019-07-01 2019-09-29 0001617227 us-gaap:SegmentDiscontinuedOperationsMember 2019-12-30 2020-09-27 0001617227 us-gaap:SegmentDiscontinuedOperationsMember 2018-12-31 2019-09-29 0001617227 jax:BlackKnightAdvisoryServicesLLCMember us-gaap:CommonClassBMember 2019-02-28 2019-02-28 0001617227 jax:AllocationOfNetIncomeMember 2020-06-29 2020-09-27 0001617227 jax:AllocationOfNetIncomeMember 2019-07-01 2019-09-29 0001617227 jax:AllocationOfNetIncomeMember 2019-12-30 2020-09-27 0001617227 jax:AllocationOfNetIncomeMember 2018-12-31 2019-09-29 0001617227 2018-11-01 0001617227 2018-11-01 2018-11-01 0001617227 2015-10-28 2015-10-29 0001617227 us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 2020-10-28 jax:Loan 0001617227 jax:ExtensionOfMaturityDateMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 2020-10-28 0001617227 jax:MortgageLoanMember jax:FinancialInstitutionMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 0001617227 jax:MortgageLoanMember jax:FinancialInstitutionMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 2020-10-28 0001617227 jax:MortgageLoanMember jax:FinancialInstitutionMember 2020-09-27 0001617227 jax:MortgageLoanMember jax:FinancialInstitutionMember 2019-12-30 2020-09-27 0001617227 jax:DevelopmentLineOfCreditMember jax:FinancialInstitutionMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 0001617227 jax:DevelopmentLineOfCreditMember jax:FinancialInstitutionMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 2020-10-28 0001617227 jax:DevelopmentLineOfCreditMember jax:FinancialInstitutionMember 2019-12-30 2020-09-27 0001617227 jax:TermLoanMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 0001617227 jax:TermLoanMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 2020-10-28 0001617227 jax:TermLoanMember jax:FinancialInstitutionMember 2020-09-27 0001617227 jax:TermLoanMember jax:FinancialInstitutionMember 2019-12-30 2020-09-27 0001617227 us-gaap:RevolvingCreditFacilityMember jax:FinancialInstitutionMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 0001617227 us-gaap:RevolvingCreditFacilityMember jax:FinancialInstitutionMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 2020-10-28 0001617227 us-gaap:RevolvingCreditFacilityMember jax:FinancialInstitutionMember 2019-12-30 2020-09-27 0001617227 jax:DevelopmentLineOfCreditMember jax:FinancialInstitutionMember 2020-09-27 0001617227 us-gaap:RevolvingCreditFacilityMember jax:FinancialInstitutionMember 2020-09-27 0001617227 jax:DevelopmentLineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2020-03-29 0001617227 jax:DevelopmentLineOfCreditMember us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:RevolvingCreditFacilityMember 2019-12-30 2020-09-27 xbrli:pure 0001617227 jax:DevelopmentLineOfCreditMember us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:RevolvingCreditFacilityMember jax:ThirdAmendedAndRestatedLoanAgreementMember 2020-09-26 2020-09-27 0001617227 jax:DevelopmentLineOfCreditMember us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:RevolvingCreditFacilityMember us-gaap:InterestRateFloorMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-28 2020-10-28 0001617227 jax:DevelopmentLineOfCreditMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-01 2020-10-31 0001617227 jax:DevelopmentLineOfCreditMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-31 0001617227 jax:TermLoanMember 2020-04-13 2020-04-15 0001617227 jax:MortgageLoanMember 2020-04-13 2020-04-15 0001617227 jax:MortgageLoanMember 2019-12-30 2020-09-27 0001617227 jax:TermLoanMember us-gaap:SubsequentEventMember jax:FourthAmendedAndRestatedLoanAgreementMember us-gaap:InterestRateFloorMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-10-28 2020-10-28 0001617227 jax:TermLoanMember jax:ThirdAmendedAndRestatedLoanAgreementMember 2019-12-30 2020-09-27 0001617227 us-gaap:RevolvingCreditFacilityMember jax:ThirdAmendedAndRestatedLoanAgreementMember 2020-06-05 0001617227 us-gaap:RevolvingCreditFacilityMember jax:ThirdAmendedAndRestatedLoanAgreementMember 2020-08-01 0001617227 us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:RevolvingCreditFacilityMember jax:ThirdAmendedAndRestatedLoanAgreementMember 2020-08-01 2020-08-01 0001617227 us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:InterestRateFloorMember us-gaap:RevolvingCreditFacilityMember jax:ThirdAmendedAndRestatedLoanAgreementMember 2020-08-01 2020-08-01 0001617227 srt:ScenarioForecastMember jax:FinancialDebtCovenantMember jax:FinancialInstitutionMember 2019-12-30 2021-01-03 0001617227 srt:ScenarioForecastMember jax:FinancialDebtCovenantMember jax:FinancialInstitutionMember 2021-01-04 2021-04-04 0001617227 srt:ScenarioForecastMember jax:FinancialDebtCovenantMember jax:FinancialInstitutionMember 2021-04-05 2021-07-04 0001617227 jax:FinancialInstitutionMember srt:MaximumMember 2020-09-27 0001617227 jax:FinancialInstitutionMember 2020-05-01 2020-05-31 0001617227 jax:FourthAmendedAndRestatedLoanAgreementMember jax:FinancialInstitutionMember jax:CovenantExtendedPeriodCommencingFifthJulyTwoZeroTwoOneThroughSecondJanuaryTwoZeroTwoTwoMember us-gaap:SubsequentEventMember 2020-10-28 0001617227 jax:FourthAmendedAndRestatedLoanAgreementMember jax:FinancialInstitutionMember jax:CovenantsExtendedPeriodCommencingThirdJanuaryTwoZeroTwoTwoThroughTwentyFifthDecemberTwoZeroTwoTwoMember us-gaap:SubsequentEventMember 2020-10-28 0001617227 jax:SecondLoanAgreementMember jax:FinancialInstitutionMember us-gaap:SubsequentEventMember 2020-10-28 0001617227 jax:FourthAmendedAndRestatedLoanAgreementMember jax:FinancialInstitutionMember us-gaap:SubsequentEventMember 2020-10-28 2020-10-28 0001617227 jax:FinancialInstitutionMember jax:JAlexanderSLLCMember 2020-04-10 0001617227 jax:FinancialInstitutionMember jax:ABRHLLCMember 2020-04-15 jax:Employee 0001617227 jax:FinancialInstitutionMember jax:JAlexanderSLLCMember 2020-04-29 0001617227 jax:FinancialInstitutionMember jax:ABRHLLCMember 2020-04-29 0001617227 2019-12-30 2020-06-28 0001617227 srt:ManagementMember us-gaap:CommonClassBMember 2018-12-31 2019-09-29 0001617227 us-gaap:EmployeeStockOptionMember 2020-09-27 0001617227 us-gaap:EmployeeStockOptionMember 2019-09-29 0001617227 us-gaap:EmployeeStockOptionMember 2020-06-29 2020-09-27 0001617227 us-gaap:EmployeeStockOptionMember 2019-07-01 2019-09-29 0001617227 us-gaap:EmployeeStockOptionMember 2018-12-31 2019-09-29 0001617227 us-gaap:RestrictedStockMember 2019-12-30 2020-09-27 0001617227 us-gaap:RestrictedStockMember 2018-12-31 2019-09-29 0001617227 us-gaap:RestrictedStockMember 2020-06-29 2020-09-27 0001617227 us-gaap:RestrictedStockMember 2020-08-07 2020-08-07 0001617227 us-gaap:RestrictedStockMember 2020-08-07 0001617227 us-gaap:RestrictedStockMember 2019-07-01 2019-09-29 0001617227 us-gaap:PerformanceSharesMember 2020-09-27 0001617227 us-gaap:PerformanceSharesMember 2019-09-29 0001617227 us-gaap:OtherNoncurrentLiabilitiesMember 2020-09-27 0001617227 jax:WendysOperationsMember srt:MinimumMember 2019-12-30 2020-09-27 0001617227 jax:WendysOperationsMember srt:MaximumMember 2019-12-30 2020-09-27 jax:Lease 0001617227 jax:WendysOperationsMember 2020-09-27 0001617227 jax:MrsWinnersChickenAndBiscuitRestaurantOperationsMember 2020-09-27 0001617227 stpr:OH 2020-03-29 0001617227 us-gaap:FairValueInputsLevel3Member 2019-12-30 2020-03-29 0001617227 us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-29 0001617227 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-09-27 0001617227 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-09-27 0001617227 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-09-27 0001617227 jax:MutualAndMoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-09-27 0001617227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashSurrenderValueMember 2020-09-27 0001617227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-09-27 0001617227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-09-27 0001617227 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001617227 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001617227 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001617227 jax:MutualAndMoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001617227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashSurrenderValueMember 2019-12-29 0001617227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001617227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001617227 us-gaap:AccountingStandardsUpdate201704Member 2020-09-27 0001617227 us-gaap:AccountingStandardsUpdate201813Member 2020-09-27 0001617227 jax:BlackKnightAdvisoryServicesLLCMember 2018-11-29 2018-11-30 0001617227 jax:BlackKnightAdvisoryServicesLLCMember us-gaap:CommonClassBMember 2015-09-28 0001617227 jax:BlackKnightAdvisoryServicesLLCMember 2018-01-01 2018-12-30 0001617227 jax:BlackKnightAdvisoryServicesLLCMember 2018-12-31 2019-03-31 0001617227 jax:BlackKnightAdvisoryServicesLLCMember 2019-01-31 2019-01-31 0001617227 srt:MaximumMember jax:BlackKnightAdvisoryServicesLLCMember us-gaap:CommonClassBMember 2018-11-29 2018-11-30 0001617227 jax:RestaurantMember 2020-06-29 2020-09-27 0001617227 jax:RestaurantMember 2019-07-01 2019-09-29 0001617227 jax:RestaurantMember 2019-12-30 2020-09-27 0001617227 jax:RestaurantMember 2018-12-31 2019-09-29 0001617227 jax:GiftCardBreakageMember 2020-06-29 2020-09-27 0001617227 jax:GiftCardBreakageMember 2019-07-01 2019-09-29 0001617227 jax:GiftCardBreakageMember 2019-12-30 2020-09-27 0001617227 jax:GiftCardBreakageMember 2018-12-31 2019-09-29 jax:Agreement 0001617227 us-gaap:SubsequentEventMember jax:DevelopmentLineOfCreditMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-01 2020-10-31 0001617227 us-gaap:SubsequentEventMember jax:DevelopmentLineOfCreditMember jax:FourthAmendedAndRestatedLoanAgreementMember 2020-10-31

 

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 September 27, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________.

Commission file number: 1-37473

 

J. Alexander’s Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

 

Tennessee

 

47-1608715

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

3401 West End Avenue, Suite 260

P.O. Box 24300

 

 

Nashville, Tennessee

 

37202

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (615) 269-1900

 

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

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, $0.001 par value

JAX

New York Stock Exchange

 

 

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 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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

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 provided 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 Exchange Act).    Yes      No

As of November 5, 2020, 15,070,077 shares of the registrant’s common stock, $0.001 par value, were outstanding.  

 

 


TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

3

 

 

 

Item 1. Financial Statements (Unaudited)

 

3

 

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

 

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income

 

4

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows

 

6

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

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

 

21

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

38

 

 

 

Item 4. Controls and Procedures

 

38

 

 

 

PART II. OTHER INFORMATION

 

39

 

 

 

Item 1. Legal Proceedings

 

39

 

 

 

Item 1A. Risk Factors

 

39

 

 

 

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

 

41

 

 

 

Item 3. Defaults Upon Senior Securities

 

41

 

 

 

Item 4. Mine Safety Disclosures

 

41

 

 

 

Item 5. Other Information

 

41

 

 

 

Item 6. Exhibits

 

42

 

 

 

SIGNATURES

 

43

 

 

 

 

 

 


PART I.  FINANCIAL INFORMATION

 

 

Item 1.  Financial Statements

J. Alexander’s Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited in thousands, except share amounts)

 

 

September 27,

 

 

December 29,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,184

 

 

$

8,803

 

Accounts and other receivables

 

 

1,604

 

 

 

2,035

 

Inventories

 

 

2,638

 

 

 

3,095

 

Prepaid expenses and other current assets

 

 

1,206

 

 

 

4,159

 

Total current assets

 

 

22,632

 

 

 

18,092

 

Other assets

 

 

6,002

 

 

 

5,698

 

Property and equipment, at cost, less accumulated depreciation and amortization of $72,555 and $64,967 as of September 27, 2020 and December 29, 2019, respectively

 

 

103,461

 

 

 

109,303

 

Right-of-use lease assets, net

 

 

73,689

 

 

 

70,277

 

Goodwill

 

 

-

 

 

 

15,737

 

Tradename and other indefinite-lived assets

 

 

25,648

 

 

 

25,648

 

Deferred income taxes, net

 

 

7,808

 

 

 

2,918

 

Deferred charges, less accumulated amortization of $384 and $343 as of September 27, 2020 and December 29, 2019, respectively

 

 

198

 

 

 

239

 

Total assets

 

$

239,438

 

 

$

247,912

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,807

 

 

$

6,353

 

Accrued expenses and other current liabilities

 

 

7,437

 

 

 

9,389

 

Unearned revenue

 

 

2,760

 

 

 

4,111

 

Current portion of long-term debt

 

 

12,222

 

 

 

7,056

 

Current portion of lease liabilities

 

 

4,722

 

 

 

4,317

 

Total current liabilities

 

 

30,948

 

 

 

31,226

 

Long-term debt, net of portion classified as current and deferred loan costs

 

 

13,092

 

 

 

2,845

 

Long-term lease liabilities

 

 

80,196

 

 

 

75,883

 

Deferred compensation obligations

 

 

7,252

 

 

 

7,103

 

Other long-term liabilities

 

 

2,256

 

 

 

138

 

Total liabilities

 

 

133,744

 

 

 

117,195

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.001 per share: authorized 30,000,000 shares; issued and outstanding of 15,070,077 and 15,011,676 shares as of September 27, 2020 and December 29, 2019, respectively

 

 

15

 

 

 

15

 

Preferred stock, par value $0.001 per share: authorized 10,000,000 shares; no shares issued and outstanding as of September 27, 2020 or December 29, 2019

 

 

-

 

 

 

-

 

Additional paid-in capital

 

 

105,425

 

 

 

104,056

 

(Accumulated deficit) Retained earnings

 

 

(1,304

)

 

 

25,088

 

Total stockholders' equity attributable to J. Alexander's Holdings, Inc.

 

 

104,136

 

 

 

129,159

 

Non-controlling interests

 

 

1,558

 

 

 

1,558

 

Total stockholders' equity

 

 

105,694

 

 

 

130,717

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

239,438

 

 

$

247,912

 

See accompanying Notes to Condensed Consolidated Financial Statements.

3

 


J. Alexander’s Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income

(Unaudited in thousands, except per share amounts)

 

 

 

 

Quarter Ended

 

 

Nine Months Ended

 

 

 

September 27,

 

 

September 29,

 

 

September 27,

 

 

September 29,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

46,230

 

 

$

56,867

 

 

$

130,804

 

 

$

183,830

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage costs

 

 

14,251

 

 

 

18,110

 

 

 

43,289

 

 

 

58,441

 

Restaurant labor and related costs

 

 

15,592

 

 

 

18,835

 

 

 

48,484

 

 

 

57,542

 

Depreciation and amortization of restaurant property and equipment

 

 

3,037

 

 

 

2,968

 

 

 

9,191

 

 

 

8,847

 

Other operating expenses

 

 

10,666

 

 

 

11,916

 

 

 

31,156

 

 

 

37,028

 

Total restaurant operating expenses

 

 

43,546

 

 

 

51,829

 

 

 

132,120

 

 

 

161,858

 

Transaction, contested proxy and other related expenses

 

 

12

 

 

 

117

 

 

 

635

 

 

 

768

 

General and administrative expenses

 

 

3,811

 

 

 

4,288

 

 

 

12,646

 

 

 

13,816

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

15,737

 

 

 

-

 

Long-lived asset impairment charges and restaurant closing costs

 

 

173

 

 

 

-

 

 

 

1,040

 

 

 

-

 

Pre-opening expenses

 

 

72

 

 

 

211

 

 

 

163

 

 

 

357

 

Total operating expenses

 

 

47,614

 

 

 

56,445

 

 

 

162,341

 

 

 

176,799

 

Operating (loss) income

 

 

(1,384

)

 

 

422

 

 

 

(31,537

)

 

 

7,031

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(283

)

 

 

(135

)

 

 

(588

)

 

 

(490

)

Other, net

 

 

24

 

 

 

55

 

 

 

151

 

 

 

191

 

Total other expense

 

 

(259

)

 

 

(80

)

 

 

(437

)

 

 

(299

)

(Loss) income from continuing operations before income taxes

 

 

(1,643

)

 

 

342

 

 

 

(31,974

)

 

 

6,732

 

Income tax (expense) benefit

 

 

(64

)

 

 

495

 

 

 

5,742

 

 

 

238

 

Loss from discontinued operations, net

 

 

(53

)

 

 

(66

)

 

 

(160

)

 

 

(183

)

Net (loss) income

 

$

(1,760

)

 

$

771

 

 

$

(26,392

)

 

$

6,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations, net of tax

 

$

(0.12

)

 

$

0.06

 

 

$

(1.78

)

 

$

0.47

 

Loss from discontinued operations, net

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.01

)

 

 

(0.01

)

Basic (loss) earnings per share

 

$

(0.12

)

 

$

0.05

 

 

$

(1.79

)

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations, net of tax

 

$

(0.12

)

 

$

0.06

 

 

$

(1.78

)

 

$

0.47

 

Loss from discontinued operations, net

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.01

)

 

 

(0.01

)

Diluted (loss) earnings per share

 

$

(0.12

)

 

$

0.05

 

 

$

(1.79

)

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,729

 

 

 

14,695

 

 

 

14,706

 

 

 

14,695

 

Diluted

 

 

14,729

 

 

 

14,808

 

 

 

14,706

 

 

 

14,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

$

(1,760

)

 

$

771

 

 

$

(26,392

)

 

$

6,787

 

See accompanying Notes to Condensed Consolidated Financial Statements.

Per share amounts may not sum due to rounding.

 

4

 


J. Alexander’s Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited in thousands, except share amounts)

 

 

Outstanding

shares

 

 

Common

stock

 

 

Additional

paid-in capital

 

 

Retained

earnings

(Accumulated deficit)

 

 

Non-controlling

interests

 

 

Total

 

Balances at December 29, 2019

 

 

15,011,676

 

 

$

15

 

 

$

104,056

 

 

$

25,088

 

 

$

1,558

 

 

$

130,717

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

455

 

 

 

-

 

 

 

-

 

 

 

455

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(17,644

)

 

 

-

 

 

 

(17,644

)

Balances at March 29, 2020

 

 

15,011,676

 

 

 

15

 

 

 

104,511

 

 

 

7,444

 

 

 

1,558

 

 

 

113,528

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

453

 

 

 

-

 

 

 

-

 

 

 

453

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,988

)

 

 

-

 

 

 

(6,988

)

Balances at June 28, 2020

 

 

15,011,676

 

 

 

15

 

 

 

104,964

 

 

 

456

 

 

 

1,558

 

 

 

106,993

 

Issuance of restricted stock awards

 

 

63,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Share-based compensation

 

 

 

 

 

 

-

 

 

 

480

 

 

 

-

 

 

 

-

 

 

 

480

 

Vested shares withheld to pay employee portion of payroll taxes

 

 

(4,599

)

 

 

-

 

 

 

(19

)

 

 

-

 

 

 

-

 

 

 

(19

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,760

)

 

 

-

 

 

 

(1,760

)

Balances at September 27, 2020

 

 

15,070,077

 

 

$

15

 

 

$

105,425

 

 

$

(1,304

)

 

$

1,558

 

 

$

105,694

 

 

 

 

Outstanding

shares

 

 

Common

stock

 

 

Additional

paid-in capital

 

 

Retained

earnings

 

 

Non-controlling

interests

 

 

Total

 

Balances at December 30, 2018

 

 

14,695,176

 

 

$

15

 

 

$

96,272

 

 

$

17,528

 

 

$

7,844

 

 

$

121,659

 

Cumulative effect of change in accounting policy (Note 10)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,257

)

 

 

-

 

 

 

(1,257

)

Share-based compensation

 

 

-

 

 

 

-

 

 

 

296

 

 

 

-

 

 

 

-

 

 

 

296

 

Cancellation of subsidiary Class B Units (Note 2 (h))

 

 

-

 

 

 

-

 

 

 

6,286

 

 

 

-

 

 

 

(6,286

)

 

 

-

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,848

 

 

 

-

 

 

 

3,848

 

Balances at March 31, 2019

 

 

14,695,176

 

 

 

15

 

 

 

102,854

 

 

 

20,119

 

 

 

1,558

 

 

 

124,546

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

296

 

 

 

-

 

 

 

-

 

 

 

296

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,168

 

 

 

-

 

 

 

2,168

 

Balances at June 30, 2019

 

 

14,695,176

 

 

 

15

 

 

 

103,150

 

 

 

22,287

 

 

 

1,558

 

 

 

127,010

 

Issuance of restricted and performance stock awards

 

 

316,500

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

438

 

 

 

-

 

 

 

-

 

 

 

438

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

771

 

 

 

-

 

 

 

771

 

Balances at September 29, 2019

 

 

15,011,676

 

 

$

15

 

 

$

103,588