Company Quick10K Filing
J. Alexander's
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 2020-06-28 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 2020-10-28 Off-BS Arrangement, Exhibits
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-06-25 Shareholder Vote
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
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_9.htm
EX-31.2 jax-ex312_7.htm
EX-32.1 jax-ex321_6.htm

J. Alexander's Earnings 2020-06-28

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

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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 June 28, 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 August 6, 2020, 15,011,676 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

 

20

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

35

 

 

 

Item 4. Controls and Procedures

 

36

 

 

 

PART II. OTHER INFORMATION

 

37

 

 

 

Item 1. Legal Proceedings

 

37

 

 

 

Item 1A. Risk Factors

 

37

 

 

 

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

 

38

 

 

 

Item 3. Defaults Upon Senior Securities

 

38

 

 

 

Item 4. Mine Safety Disclosures

 

38

 

 

 

Item 5. Other Information

 

38

 

 

 

Item 6. Exhibits

 

39

 

 

 

SIGNATURES

 

40

 

 

 

 

 

 


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)

 

 

June 28,

 

 

December 29,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,315

 

 

$

8,803

 

Accounts and other receivables

 

 

2,504

 

 

 

2,035

 

Inventories

 

 

2,895

 

 

 

3,095

 

Prepaid expenses and other current assets

 

 

3,877

 

 

 

4,159

 

Total current assets

 

 

26,591

 

 

 

18,092

 

Other assets

 

 

5,941

 

 

 

5,698

 

Property and equipment, at cost, less accumulated depreciation and amortization of $69,493 and $64,967 as of June 28, 2020 and December 29, 2019, respectively

 

 

103,837

 

 

 

109,303

 

Right-of-use lease assets, net

 

 

74,023

 

 

 

70,277

 

Goodwill

 

 

-

 

 

 

15,737

 

Tradename and other indefinite-lived assets

 

 

25,648

 

 

 

25,648

 

Deferred income taxes, net

 

 

7,157

 

 

 

2,918

 

Deferred charges, less accumulated amortization of $371 and $343 as of June 28, 2020 and December 29, 2019, respectively

 

 

211

 

 

 

239

 

Total assets

 

$

243,408

 

 

$

247,912

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,171

 

 

$

6,353

 

Accrued expenses and other current liabilities

 

 

7,965

 

 

 

9,389

 

Unearned revenue

 

 

2,964

 

 

 

4,111

 

Current portion of long-term debt

 

 

5,250

 

 

 

7,056

 

Current portion of lease liabilities

 

 

4,556

 

 

 

4,317

 

Total current liabilities

 

 

27,906

 

 

 

31,226

 

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

 

 

20,233

 

 

 

2,845

 

Long-term lease liabilities

 

 

80,104

 

 

 

75,883

 

Deferred compensation obligations

 

 

7,157

 

 

 

7,103

 

Other long-term liabilities

 

 

1,015

 

 

 

138

 

Total liabilities

 

 

136,415

 

 

 

117,195

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.001 per share: authorized 30,000,000 shares; issued and outstanding 15,011,676 shares as of June 28, 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 June 28, 2020 or December 29, 2019

 

 

-

 

 

 

-

 

Additional paid-in capital

 

 

104,964

 

 

 

104,056

 

Retained earnings

 

 

456

 

 

 

25,088

 

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

 

 

105,435

 

 

 

129,159

 

Non-controlling interests

 

 

1,558

 

 

 

1,558

 

Total stockholders' equity

 

 

106,993

 

 

 

130,717

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

243,408

 

 

$

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

 

 

Six Months Ended

 

 

 

June 28,

 

 

June 30,

 

 

June 28,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

27,602

 

 

$

62,229

 

 

$

84,574

 

 

$

126,963

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

10,471

 

 

 

19,803

 

 

 

29,038

 

 

 

40,331

 

Restaurant labor and related costs

 

 

12,554

 

 

 

19,157

 

 

 

32,892

 

 

 

38,707

 

Depreciation and amortization of restaurant property and equipment

 

 

3,060

 

 

 

2,950

 

 

 

6,154

 

 

 

5,879

 

Other operating expenses

 

 

8,536

 

 

 

12,428

 

 

 

20,490

 

 

 

25,112

 

Total restaurant operating expenses

 

 

34,621

 

 

 

54,338

 

 

 

88,574

 

 

 

110,029

 

Transaction, contested proxy and other related expenses

 

 

(66

)

 

 

651

 

 

 

623

 

 

 

651

 

General and administrative expenses

 

 

4,095

 

 

 

4,772

 

 

 

8,835

 

 

 

9,528

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

15,737

 

 

 

-

 

Long-lived asset impairment charges and restaurant closing costs

 

 

178

 

 

 

-

 

 

 

867

 

 

 

-

 

Pre-opening expenses

 

 

72

 

 

 

125

 

 

 

91

 

 

 

146

 

Total operating expenses

 

 

38,900

 

 

 

59,886

 

 

 

114,727

 

 

 

120,354

 

Operating (loss) income

 

 

(11,298

)

 

 

2,343

 

 

 

(30,153

)

 

 

6,609

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(189

)

 

 

(169

)

 

 

(305

)

 

 

(355

)

Other, net

 

 

135

 

 

 

70

 

 

 

127

 

 

 

136

 

Total other expense

 

 

(54

)

 

 

(99

)

 

 

(178

)

 

 

(219

)

(Loss) income from continuing operations before income taxes

 

 

(11,352

)

 

 

2,244

 

 

 

(30,331

)

 

 

6,390

 

Income tax benefit (expense)

 

 

4,419

 

 

 

(18

)

 

 

5,806

 

 

 

(257

)

Loss from discontinued operations, net

 

 

(55

)

 

 

(58

)

 

 

(107

)

 

 

(117

)

Net (loss) income

 

$

(6,988

)

 

$

2,168

 

 

$

(24,632

)

 

$

6,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations, net of tax

 

$

(0.47

)

 

$

0.15

 

 

$

(1.67

)

 

$

0.42

 

Loss from discontinued operations, net

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.01

)

 

 

(0.01

)

Basic (loss) earnings per share

 

$

(0.48

)

 

$

0.15

 

 

$

(1.68

)

 

$

0.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations, net of tax

 

$

(0.47

)

 

$

0.15

 

 

$

(1.67

)

 

$

0.42

 

Loss from discontinued operations, net

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.01

)

 

 

(0.01

)

Diluted (loss) earnings per share

 

$

(0.48

)

 

$

0.15

 

 

$

(1.68

)

 

$

0.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,695

 

 

 

14,695

 

 

 

14,695

 

 

 

14,695

 

Diluted

 

 

14,695

 

 

 

14,735

 

 

 

14,695

 

 

 

14,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

$

(6,988

)

 

$

2,168

 

 

$

(24,632

)

 

$

6,016

 

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

 

 

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

 

 

 

 

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

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

5

 


J. Alexander’s Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited in thousands)

 

 

 

Six Months Ended

 

 

 

June 28,

 

 

June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(24,632

)

 

$

6,016

 

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property and equipment

 

 

6,256

 

 

 

6,008

 

Share-based compensation expense

 

 

908

 

 

 

592

 

Asset impairment charges

 

 

16,426

 

 

 

-

 

Deferred income taxes

 

 

(4,239

)

 

 

(789

)

Other, net

 

 

122

 

 

 

120

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts and other receivables

 

 

(469

)

 

 

(233

)

Prepaid expenses and other current assets

 

 

1,524

 

 

 

(26

)

Accounts payable

 

 

1,074

 

 

 

(880

)

Accrued expenses and other current liabilities

 

 

(1,424

)

 

 

(5,455

)

Lease right-of-use assets and liabilities

 

 

714

 

 

 

1,039

 

Other assets and liabilities, net

 

 

(24

)

 

 

(920

)

Net cash (used in) provided by operating activities

 

 

(3,764

)

 

 

5,472

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(3,030

)

 

 

(3,176

)

Other investing activities

 

 

(236

)

 

 

(122

)

Net cash used in investing activities

 

 

(3,266

)

 

 

(3,298

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from borrowing under debt agreement

 

 

32,100

 

 

 

-

 

Payments on long-term debt

 

 

(16,350

)

 

 

(2,500

)

Other financing activities

 

 

(208

)

 

 

(6

)

Net cash provided by (used in) financing activities

 

 

15,542

 

 

 

(2,506

)

Increase (decrease) in cash and cash equivalents

 

 

8,512

 

 

 

(332

)

Cash and cash equivalents at beginning of period

 

 

8,803

 

 

 

8,783

 

Cash and cash equivalents at end of period

 

$

17,315

 

 

$

8,451