Company Quick10K Filing
Pier 1 Imports
Price0.68 EPS-62
Shares4 P/E-0
MCap3 P/FCF-0
Net Debt217 EBIT-248
TEV220 TEV/EBIT-1
TTM 2019-06-01, in MM, except price, ratios
10-Q 2019-11-30 Filed 2020-01-06
10-Q 2019-08-31 Filed 2019-10-09
10-Q 2019-06-01 Filed 2019-07-10
10-K 2019-03-02 Filed 2019-04-29
10-Q 2018-12-01 Filed 2019-01-09
10-Q 2018-09-01 Filed 2018-10-10
10-Q 2018-06-02 Filed 2018-07-11
10-K 2018-03-03 Filed 2018-05-02
10-Q 2017-11-25 Filed 2018-01-03
10-Q 2017-08-26 Filed 2017-10-03
10-Q 2017-05-27 Filed 2017-07-05
10-K 2017-02-25 Filed 2017-04-25
10-Q 2016-11-26 Filed 2017-01-04
10-Q 2016-08-27 Filed 2016-10-05
10-Q 2016-05-28 Filed 2016-07-06
10-K 2016-02-27 Filed 2016-04-26
10-Q 2015-11-28 Filed 2016-01-06
10-Q 2015-08-29 Filed 2015-10-07
10-Q 2015-05-30 Filed 2015-07-08
10-K 2015-02-28 Filed 2015-04-28
10-Q 2014-11-29 Filed 2015-01-07
10-Q 2014-08-30 Filed 2014-10-08
10-Q 2014-05-31 Filed 2014-07-09
10-K 2014-03-01 Filed 2014-04-29
10-Q 2013-11-30 Filed 2014-01-08
10-Q 2013-08-31 Filed 2013-10-09
10-Q 2013-06-01 Filed 2013-07-09
10-K 2013-03-02 Filed 2013-04-30
10-Q 2012-11-24 Filed 2013-01-03
10-Q 2012-08-25 Filed 2012-10-03
10-Q 2012-05-26 Filed 2012-07-02
10-K 2012-02-25 Filed 2012-04-25
10-Q 2011-11-26 Filed 2012-01-04
10-Q 2011-08-27 Filed 2011-10-04
10-Q 2011-05-28 Filed 2011-07-05
10-K 2011-02-26 Filed 2011-04-25
10-Q 2010-11-27 Filed 2011-01-04
10-Q 2010-08-28 Filed 2010-10-05
10-Q 2010-05-29 Filed 2010-07-02
10-K 2010-02-27 Filed 2010-04-28
10-Q 2009-11-28 Filed 2010-01-07
8-K 2020-07-08 Other Events, Exhibits
8-K 2020-07-01 Enter Agreement, Exhibits
8-K 2020-07-01 Regulation FD, Exhibits
8-K 2020-06-15
8-K 2020-05-29
8-K 2020-05-19
8-K 2020-05-19
8-K 2020-04-14
8-K 2020-03-24
8-K 2020-02-18
8-K 2020-02-12
8-K 2020-01-06
8-K 2019-10-31
8-K 2019-10-01
8-K 2019-09-25
8-K 2019-09-11
8-K 2019-08-05
8-K 2019-07-18
8-K 2019-07-17
8-K 2019-07-15
8-K 2019-07-15
8-K 2019-07-01
8-K 2019-06-26
8-K 2019-06-19
8-K 2019-06-19
8-K 2019-06-19
8-K 2019-06-12
8-K 2019-05-10
8-K 2019-04-25
8-K 2019-04-17
8-K 2019-04-17
8-K 2019-04-08
8-K 2019-04-04
8-K 2019-04-01
8-K 2019-03-20
8-K 2019-03-18
8-K 2019-03-15
8-K 2019-01-11
8-K 2018-12-28
8-K 2018-12-19
8-K 2018-12-04
8-K 2018-11-03
8-K 2018-10-12
8-K 2018-10-03
8-K 2018-09-25
8-K 2018-09-20
8-K 2018-07-24
8-K 2018-07-09
8-K 2018-06-29
8-K 2018-06-27
8-K 2018-06-26
8-K 2018-06-26
8-K 2018-06-13
8-K 2018-05-17
8-K 2018-04-30
8-K 2018-04-19
8-K 2018-04-18
8-K 2018-04-02
8-K 2018-01-31

PIR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1 - Loss per Share
Note 2 - Leases
Note 3 - Impairment of Long - Lived Assets
Note 4 - Long - Term Debt and Available Credit
Note 5 - Matters Concerning Shareholders' Equity (Deficit)
Note 6 - Revenue Recognition
Note 7 - Income Tax
Note 8 - Commitments and Contingencies
Note 9 - New Accounting Standards
Note 10 - Going Concern Uncertainty
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 pir-ex311_6.htm
EX-31.2 pir-ex312_7.htm
EX-32.1 pir-ex321_8.htm

Pier 1 Imports Earnings 2019-11-30

Balance SheetIncome StatementCash Flow
1.31.00.80.50.30.02012201420172020
Assets, Equity
0.60.50.30.20.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

10-Q 1 pir-10q_20191130.htm 10-Q pir-10q_20191130.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended November 30, 2019

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: 001-07832

 

PIER 1 IMPORTS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

75-1729843

(State or other jurisdiction of

incorporation or organization)

 

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

100 Pier 1 Place

Fort Worth, Texas

76102

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (817) 252-8000

Former name, former address and former fiscal year, if changed since last report: Not Applicable

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

PIR

 

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 (§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 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 January 2, 2020, the registrant had 4,257,902 shares of common stock, $0.001 par value per share, outstanding.

 

 


 

PIER 1 IMPORTS, INC.

INDEX TO QUARTERLY FORM 10-Q

 

 

 

 

 

PAGE

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements.

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the 13 and 39 Weeks Ended November 30, 2019 and December 1, 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Loss for the 13 and 39 Weeks Ended November 30, 2019 and December 1, 2018

 

5

 

 

 

 

 

 

 

Consolidated Balance Sheets as of November 30, 2019, March 2, 2019 and December 1, 2018

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the 39 Weeks Ended November 30, 2019 and December 1, 2018

 

7

 

 

 

 

 

 

 

Consolidated Statements of Shareholders' Equity (Deficit) for the 13 and 39 Weeks Ended November 30, 2019 and December 1, 2018

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

10

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

17

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk.

 

22

 

 

 

 

 

Item 4.

 

Controls and Procedures.

 

22

 

 

 

 

 

PART II. OTHER INFORMATION

 

23

 

 

 

 

 

Item 1.

 

Legal Proceedings.

 

23

 

 

 

 

 

Item 1A.

 

Risk Factors.

 

23

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

24

 

 

 

 

 

Item 3.

 

Defaults upon Senior Securities.

 

25

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures.

 

25

 

 

 

 

 

Item 5.

 

Other Information.

 

25

 

 

 

 

 

Item 6.

 

Exhibits.

 

26

 

 

 

 

 

Signatures

 

27

 

 

 


 

FORWARD-LOOKING STATEMENTS

Certain statements contained in Items 1, 2 and 3 of Part I and elsewhere in this report may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Pier 1 Imports, Inc. and its consolidated subsidiaries (the “Company”) may also make forward-looking statements in other reports filed with the United States Securities and Exchange Commission (“SEC”), in press releases, in presentations and in material delivered to the Company’s shareholders. Forward-looking statements provide current expectations of future events based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors. These statements encompass information that does not directly relate to any historical or current fact and often may be identified with words such as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and other similar expressions.

Management’s expectations and assumptions regarding: actions intended to return the Company to profitable growth; fiscal 2020 action plans and expense reduction initiatives intended to reset the Company’s gross margin and cost structure, including the potential closure of up to 450 stores; the Company’s ability to increase cash flows to support its operating activities and to fund its obligations and working capital needs through the next 12 months; the results of the evaluation of strategic alternatives and the terms, value and timing of any transaction resulting from that process, or the failure of any such transaction to occur; the Company’s ability to finalize or fully execute actions that would be probable of mitigating the existence of “substantial doubt” regarding the Company’s ability to continue as a going concern within the next year; the Company’s ability to obtain necessary consents, waivers and amendments and to avoid defaults under its senior secured credit facilities, including defaults that would result from the Company’s auditors qualifying their opinion on the Company’s fiscal 2020 financial statements expected to be filed with the SEC; the effectiveness of the Company’s marketing campaigns, merchandising and promotional strategies and customer databases; consumer spending patterns; inventory levels and values; the effectiveness of the Company’s relationships with, and operations of, its key suppliers; risks related to changes in U.S. policy related to imported merchandise, particularly with regard to the impact of tariffs on goods imported from China and strategies undertaken to mitigate such impact; changes in foreign currency values relative to the U.S. dollar; the Company’s ability to retain its senior management team; continued volatility in the price of the Company’s common stock; the Company’s ability to execute its business plan to return to compliance with the continued listing criteria of the New York Stock Exchange (“NYSE”), as accepted by the NYSE, its ability to continue to comply with applicable listing standards within the available cure period and risks arising from the potential suspension of trading of the Company’s common stock on the NYSE; and other future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements.

Additional risks and uncertainties that may affect Company operations and performance include, among others: the failure by the Company to identify, develop and successfully implement immediate action plans and longer-term strategic initiatives; the inability of the Company to anticipate, identify and respond to changing customer trends and preferences for home décor and furniture and to identify, source, ship and deliver items of acceptable quality to its U.S. distribution and fulfillment centers, stores and customers at reasonable prices and rates in a timely fashion; risks related to outsourcing certain business processes to third-party vendors, including disruptions in business, cyber security threats and increased costs; an overall decline in the health of the U.S. economy and its impact on consumer confidence and spending; disruptions in the Company’s domestic supply chain or e‑Commerce website; failure to successfully manage and execute the Company’s marketing initiatives; negative impacts from a failure to control merchandise returns and recalls; potential impairment charges on certain long-lived assets; the risk that insufficient cash flows from operations could result in the substantial utilization of the Company’s secured revolving credit facility or similar financing which, in turn, may limit the Company’s ability to conduct certain activities; the Company’s access to adequate operating cash flow, trade credit, borrowed funds and capital to fund its operations and pay its obligations as they become due, including the impact of continued deterioration of the Company’s financial performance or adverse trends or disruption in the global credit and equity markets; the highly competitive retail environment with companies offering similar specialty home merchandise; factors affecting consumer spending, including employment levels and disposable income, interest rates, consumer debt levels, fuel and transportation costs and other factors; an inability to operate in desirable locations at reasonable rental rates and to close underperforming stores at or before the completion of their lease terms; failure to attract, motivate and retain an effective management team or changes in the cost or availability of a suitable workforce; failure to successfully manage omni-channel operations; seasonal variations; increases in costs that are outside the Company’s control; adverse weather conditions and natural disasters; risks related to the Company’s dependence on technology in the operation of its business; failure to protect consumer data; failure to successfully implement new information technology systems and enhance existing systems; risks related to cybersecurity and e-Commerce related fraud; failure to maintain positive brand perception and recognition; risks related to imported merchandise including the health of global, national, regional, and local economies and their impact on vendors, manufacturers and merchandise; factors beyond the Company’s control, including general economic and market conditions, fluctuations in the Company’s financial condition or other factors that could affect the common stock price; risks related to actions by activist shareholders; regulatory and legal risks; and litigation risks.

The foregoing risks and uncertainties are in addition to others discussed elsewhere in this report which may also affect Company operations and performance. The Company assumes no obligation to update or otherwise revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied will not be realized. Additional information concerning these risks and uncertainties is contained in the Company's Annual Report on Form 10‑K for the fiscal year ended March 2, 2019, as filed with the SEC, in the Company’s other filings with the SEC, and in Item 1A of Part II in this report – “Risk Factors”.

 

 

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except per share amounts)

(unaudited)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

November 30,

 

 

December 1,

 

 

November 30,

 

 

December 1,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

358,416

 

 

$

413,232

 

 

$

977,330

 

 

$

1,140,432

 

Cost of sales

 

 

248,146

 

 

 

282,740

 

 

 

737,402

 

 

 

796,295

 

Gross profit

 

 

110,270

 

 

 

130,492

 

 

 

239,928

 

 

 

344,137

 

Selling, general and administrative expenses

 

 

151,405

 

 

 

147,012

 

 

 

426,259

 

 

 

428,741

 

Depreciation

 

 

12,176

 

 

 

12,423

 

 

 

36,600

 

 

 

38,146

 

Operating loss

 

 

(53,311

)

 

 

(28,943

)

 

 

(222,931

)

 

 

(122,750

)

Nonoperating (income) and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, investment income and other

 

 

(191

)

 

 

96

 

 

 

(549

)

 

 

(1,067

)

Interest expense

 

 

5,586

 

 

 

3,526

 

 

 

15,883

 

 

 

10,670

 

 

 

 

5,395

 

 

 

3,622

 

 

 

15,334

 

 

 

9,603

 

Loss before income taxes

 

 

(58,706

)

 

 

(32,565

)

 

 

(238,265

)

 

 

(132,353

)

Income tax provision (benefit)

 

 

250

 

 

 

17,876

 

 

 

2,955

 

 

 

(2,321

)

Net loss

 

$

(58,956

)

 

$

(50,441

)

 

$

(241,220

)

 

$

(130,032

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(14.15

)

 

$

(12.49

)

 

$

(58.36

)

 

$

(32.31

)

Diluted

 

$

(14.15

)

 

$

(12.49

)

 

$

(58.36

)

 

$

(32.31

)

Average shares outstanding during period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,168

 

 

 

4,039

 

 

 

4,133

 

 

 

4,025

 

Diluted

 

 

4,168

 

 

 

4,039

 

 

 

4,133

 

 

 

4,025

 

 

The accompanying notes are an integral part of these financial statements.

4


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

November 30,

 

 

December 1,

 

 

November 30,

 

 

December 1,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(58,956

)

 

$

(50,441

)

 

$

(241,220

)

 

$

(130,032

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(36

)

 

 

(825

)

 

 

43

 

 

 

(1,086

)

Pension adjustments

 

 

3

 

 

 

6

 

 

 

6

 

 

 

344

 

Other comprehensive income (loss)

 

 

(33

)

 

 

(819

)

 

 

49

 

 

 

(742

)

Comprehensive loss, net of tax

 

$

(58,989

)

 

$

(51,260

)

 

$

(241,171

)

 

$

(130,774

)

 

The accompanying notes are an integral part of these financial statements.

5


 

Pier 1 Imports, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands except share amounts)

(unaudited)

 

 

 

November 30,

 

 

March 2,

 

 

December 1,

 

 

 

2019

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, including temporary investments of

   $2,727, $49,532 and $63,330, respectively

 

$

11,077

 

 

$

54,878

 

 

$

71,109

 

Accounts receivable, net

 

 

36,489

 

 

 

21,189

 

 

 

36,283

 

Inventories

 

 

328,916

 

 

 

347,584

 

 

 

388,275

 

Prepaid expenses and other current assets

 

 

50,103

 

 

 

49,876

 

 

 

56,656

 

Total current assets

 

 

426,585

 

 

 

473,527

 

 

 

552,323

 

Properties and equipment, net of accumulated depreciation of

   $586,592, $556,426 and $551,065, respectively

 

 

106,260

 

 

 

149,356

 

 

 

159,705

 

Operating lease right-of-use assets

 

 

588,573

 

 

 

 

 

 

 

Other noncurrent assets

 

 

28,821

 

 

 

33,407

 

 

 

33,264

 

 

 

$

1,150,239

 

 

$

656,290

 

 

$

745,292

 

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

144,972

 

 

$

121,969

 

 

$

172,744

 

Gift cards and other deferred revenue

 

 

36,709

 

 

 

37,655

 

 

 

44,028

 

Borrowings under revolving line of credit

 

 

96,000

 

 

 

 

 

 

 

Accrued income taxes payable

 

 

24

 

 

 

302

 

 

 

 

Current portion of long-term debt

 

 

2,875

 

 

 

2,000

 

 

 

2,000

 

Current portion of operating lease liabilities

 

 

146,931

 

 

 

 

 

 

 

Other accrued liabilities

 

 

106,268

 

 

 

107,539

 

 

 

118,236

 

Total current liabilities

 

 

533,779

 

 

 

269,465

 

 

 

337,008

 

Long-term debt

 

 

258,254

 

 

 

245,624

 

 

 

197,011

 

Long-term operating lease liabilities

 

 

487,872

 

 

 

 

 

 

 

Other noncurrent liabilities

 

 

18,032

 

 

 

51,672

 

 

 

54,087

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.001 par, 25,000,000 shares authorized, 6,262,000 issued

 

 

6

 

 

 

6

 

 

 

6

 

Paid-in capital

 

 

141,875

 

 

 

138,469

 

 

 

149,044

 

Retained earnings

 

 

294,742

 

 

 

534,419

 

 

 

603,220

 

Cumulative other comprehensive loss

 

 

(7,812

)

 

 

(7,861

)

 

 

(8,219

)

Less -- 1,986,000, 1,981,000 and 2,019,000 common shares in treasury, at cost, respectively

 

 

(576,509

)

 

 

(575,504

)

 

 

(586,865

)

Total shareholders' equity (deficit)

 

 

(147,698

)

 

 

89,529

 

 

 

157,186

 

 

 

$

1,150,239

 

 

$

656,290

 

 

$

745,292

 

 

The accompanying notes are an integral part of these financial statements.

6


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

39 Weeks Ended

 

 

 

November 30,

 

 

December 1,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(241,220

)

 

$

(130,032

)

Adjustments to reconcile to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

42,097

 

 

 

44,121

 

Non-cash operating lease expense

 

 

2,665

 

 

 

 

Right-of-use asset impairment

 

 

10,629

 

 

 

 

Fixed asset impairment

 

 

8,103

 

 

 

 

Stock-based compensation expense

 

 

1,847

 

 

 

2,266

 

Deferred compensation, net

 

 

380

 

 

 

2,065

 

Deferred income taxes

 

 

2,337

 

 

 

(1,361

)

Other

 

 

5,192

 

 

 

1,486

 

Changes in cash from:

 

 

 

 

 

 

 

 

Inventories

 

 

18,681

 

 

 

(41,257

)

Prepaid expenses and other assets

 

 

(15,342

)

 

 

(18,210

)

Accounts payable and other liabilities

 

 

19,051

 

 

 

104,888

 

Accrued income taxes payable, net of payments

 

 

(277

)

 

 

(2,313

)

Net cash used in operating activities

 

 

(145,857

)

 

 

(38,347

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(10,060

)

 

 

(31,466

)

Proceeds from disposition of properties

 

 

627

 

 

 

1,732

 

Proceeds from sale of restricted investments

 

 

2,985

 

 

 

11,236

 

Purchase of restricted investments

 

 

(804

)

 

 

(6,605

)

Net cash used in investing activities

 

 

(7,252

)

 

 

(25,103

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Stock purchase plan and other, net

 

 

554

 

 

 

1,104

 

Repayments of long-term debt

 

 

(1,500

)

 

 

(1,500

)

Borrowings under revolving line of credit

 

 

251,000

 

 

 

 

Repayments of borrowings under revolving line of credit

 

 

(155,000

)

 

 

 

Borrowings under company owned life insurance

 

 

14,246

 

 

 

 

Net cash provided by (used in) financing activities

 

 

109,300

 

 

 

(396

)

Effect of exchange rate changes on cash

 

 

8

 

 

 

(424

)

Change in cash and cash equivalents

 

 

(43,801

)

 

 

(64,270

)

Cash and cash equivalents at beginning of period

 

 

54,878

 

 

 

135,379

 

Cash and cash equivalents at end of period

 

$

11,077

 

 

$

71,109

 

 

The accompanying notes are an integral part of these financial statements.

7


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

(in thousands)

(unaudited)

 

For the 39 Weeks Ended November 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

 

 

Paid-in

 

 

 

Retained

 

 

 

Comprehensive

 

 

 

Treasury

 

 

 

Shareholders'

 

 

 

Shares

 

 

 

Amount

 

 

 

Capital

 

 

 

Earnings

 

 

 

Income (Loss)

 

 

 

Stock

 

 

 

Equity (Deficit)

 

Balance March 2, 2019

 

 

4,281

 

 

$

 

6

 

 

$

 

138,469

 

 

$

 

534,419

 

 

$

 

(7,861

)

 

$

 

(575,504

)

 

$

 

89,529

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(241,220

)

 

 

 

 

 

 

 

 

 

 

 

(241,220

)

Cumulative effect of accounting change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,543

 

 

 

 

 

 

 

 

 

 

 

 

1,543

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49

 

 

 

 

 

 

 

 

49

 

Stock-based compensation expense

 

 

(57

)

 

 

 

 

 

 

 

18,986

 

 

 

 

 

 

 

 

 

 

 

 

(17,139

)

 

 

 

1,847

 

Stock purchase plan and other

 

 

52

 

 

 

 

 

 

 

 

(15,580

)

 

 

 

 

 

 

 

 

 

 

 

16,134

 

 

 

 

554

 

Balance November 30, 2019

 

 

4,276

 

 

$

 

6

 

 

$

 

141,875

 

 

$

 

294,742

 

 

$

 

(7,812

)

 

$

 

(576,509

)

 

$

 

(147,698

)

 

 

For the 39 Weeks Ended December 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance March 3, 2018

 

 

4,163

 

 

$

6

 

 

$

168,543

 

 

$

726,232

 

 

$

(7,477

)

 

$

(609,734

)

 

$

277,570

 

Net loss

 

 

 

 

 

 

 

 

(130,032

)

 

 

 

 

 

 

(130,032

)

Cumulative effect of accounting change

 

 

 

 

 

 

 

 

7,020

 

 

 

 

 

 

 

7,020

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(742

)

 

 

 

 

(742

)

Stock-based compensation expense

 

 

52

 

 

 

 

 

(11,509

)

 

 

 

 

 

 

13,775

 

 

 

2,266

 

Stock purchase plan and other

 

 

28

 

 

 

 

 

(7,990

)

 

 

 

 

 

 

9,094

 

 

 

1,104

 

Balance December 1, 2018

 

 

4,243

 

 

$

6

 

 

$

149,044

 

 

$

603,220

 

 

$

(8,219

)

 

$

(586,865

)

 

$

157,186

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

(in thousands)

(unaudited)

 

For the 13 Weeks Ended November 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding