Price | 3.02 | EPS | -49,014 | |
Shares | 0 | P/E | -0 | |
MCap | 0 | P/FCF | -0 | |
Net Debt | -9 | EBIT | -89 | |
TEV | -9 | TEV/EBIT | 0 | TTM 2019-10-31, in MM, except price, ratios |
10-Q | 2020-10-31 | Filed 2020-12-15 |
10-Q | 2020-08-01 | Filed 2020-09-15 |
10-Q | 2020-05-02 | Filed 2020-07-31 |
10-K | 2020-02-01 | Filed 2020-06-15 |
10-Q | 2019-11-02 | Filed 2019-12-23 |
10-Q | 2019-08-03 | Filed 2019-09-17 |
10-Q | 2019-05-04 | Filed 2019-06-18 |
10-K | 2019-02-02 | Filed 2019-05-14 |
10-Q | 2018-11-03 | Filed 2018-12-18 |
10-Q | 2018-08-04 | Filed 2018-09-18 |
10-Q | 2018-05-05 | Filed 2018-06-19 |
10-K | 2018-02-03 | Filed 2018-05-04 |
10-Q | 2017-10-28 | Filed 2017-12-07 |
10-Q | 2017-07-29 | Filed 2017-09-07 |
10-Q | 2017-04-29 | Filed 2017-06-08 |
10-K | 2017-01-28 | Filed 2017-04-13 |
10-Q | 2016-10-29 | Filed 2016-12-08 |
10-Q | 2016-07-30 | Filed 2016-09-08 |
10-Q | 2016-04-30 | Filed 2016-06-09 |
10-K | 2016-01-30 | Filed 2016-04-14 |
10-Q | 2015-10-31 | Filed 2015-12-10 |
10-Q | 2015-08-01 | Filed 2015-09-10 |
10-Q | 2015-05-02 | Filed 2015-06-11 |
10-K | 2015-01-31 | Filed 2015-04-16 |
10-Q | 2014-11-01 | Filed 2014-12-11 |
10-Q | 2014-08-02 | Filed 2014-09-11 |
10-Q | 2014-05-03 | Filed 2014-06-12 |
10-K | 2014-02-01 | Filed 2014-04-17 |
10-Q | 2013-08-03 | Filed 2013-09-12 |
10-Q | 2013-05-04 | Filed 2013-06-13 |
10-K | 2013-02-02 | Filed 2013-04-18 |
10-Q | 2012-10-27 | Filed 2012-12-06 |
10-Q | 2012-07-28 | Filed 2012-09-06 |
10-Q | 2012-04-28 | Filed 2012-06-07 |
10-K | 2012-01-28 | Filed 2012-04-12 |
10-Q | 2011-10-29 | Filed 2011-12-09 |
10-Q | 2011-07-30 | Filed 2011-09-09 |
10-Q | 2011-04-30 | Filed 2011-06-09 |
10-K | 2011-01-29 | Filed 2011-04-14 |
10-Q | 2010-10-30 | Filed 2010-12-09 |
10-Q | 2010-07-31 | Filed 2010-09-09 |
10-Q | 2010-05-01 | Filed 2010-06-10 |
10-K | 2010-01-30 | Filed 2010-04-15 |
8-K | 2020-09-30 | |
8-K | 2020-09-15 | |
8-K | 2020-09-03 | |
8-K | 2020-08-04 | |
8-K | 2020-06-11 | |
8-K | 2020-05-01 | |
8-K | 2020-04-17 | |
8-K | 2020-04-09 | |
8-K | 2020-03-30 | |
8-K | 2020-02-28 | |
8-K | 2020-02-17 | |
8-K | 2020-02-07 | |
8-K | 2020-01-28 | |
8-K | 2020-01-23 | |
8-K | 2019-12-17 | |
8-K | 2019-08-29 | |
8-K | 2019-08-15 | |
8-K | 2019-08-08 | |
8-K | 2019-07-16 | |
8-K | 2019-07-10 | |
8-K | 2019-06-27 | |
8-K | 2019-06-07 | |
8-K | 2019-05-30 | |
8-K | 2019-05-28 | |
8-K | 2019-05-28 | |
8-K | 2019-05-03 | |
8-K | 2019-03-28 | |
8-K | 2019-02-26 | |
8-K | 2019-01-15 | |
8-K | 2018-12-12 | |
8-K | 2018-11-16 | |
8-K | 2018-10-29 | |
8-K | 2018-10-15 | |
8-K | 2018-10-10 | |
8-K | 2018-10-09 | |
8-K | 2018-08-30 | |
8-K | 2018-06-27 | |
8-K | 2018-05-29 | |
8-K | 2018-03-22 | |
8-K | 2018-01-04 |
Part 1. Financial Information |
Item 1 - Interim Condensed Consolidated Financial Statements |
Note 1. Nature of Operations |
Note 2. Basis of Presentation |
Note 4. Sale of Fye Business |
Note 5. Recently Adopted Accounting Pronouncements |
Note 6. Intangible Assets |
Note 7. Depreciation and Amortization |
Note 8. Restricted Cash |
Note 9. Debt |
Note 10. Stock Based Compensation |
Note 11. Accumulated Other Comprehensive Loss |
Note 12. Defined Benefit Plan |
Note 13. Basic and Diluted Loss per Share |
Note 14. Income Taxes |
Note 15. Commitments and Contingencies |
Part 1. Financial Information |
Item 2 - Management's Discussion and Analysis of Financial Condition And |
Part I - Financial Information |
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 Disclosure |
Item 5 - Other Information |
Item 6 - Exhibits |
EX-31.1 | brhc10017874_ex31-1.htm |
EX-31.2 | brhc10017874_ex31-2.htm |
EX-32 | brhc10017874_ex32.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2020 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ |
New York | 14-1541629 | |
State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification No. | |
2818 N. Sullivan Rd. Ste 30 | ||
Spokane, WA 99216 | 99216 | |
Address of Principal Executive Offices | Zip Code |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $.01 par value per share | KSPN | NASDAQ Capital Market |
Large accelerated filer ☐ | Accelerated filer ☐ |
Non-accelerated filer ☒ | Smaller reporting company ☒ |
Emerging growth company ☐ |
Form 10-Q Page No. | ||
PART I. FINANCIAL INFORMATION | ||
3 | ||
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
8 | ||
23 | ||
28 | ||
28 | ||
PART II. OTHER INFORMATION | ||
28 | ||
29 | ||
29 | ||
29 | ||
29 | ||
29 | ||
29 | ||
31 |
October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||
ASSETS | Unaudited | Unaudited | ||||||||||
CURRENT ASSETS | ||||||||||||
Cash and cash equivalents | $ | 2,396 | $ | 2,977 | $ | 3,073 | ||||||
Restricted cash | 950 | 950 | 950 | |||||||||
Accounts receivable | 2,465 | 4,139 | 2,182 | |||||||||
Merchandise inventory | 27,204 | 17,836 | 22,522 | |||||||||
Prepaid expenses and other current assets | 836 | 2,974 | 857 | |||||||||
Assets held for discontinued operations | - | 51,189 | 94,286 | |||||||||
Total current assets | 33,851 | 80,065 | 123,870 | |||||||||
Restricted cash | 4,082 | 4,925 | 5,139 | |||||||||
Fixed assets, net | 2,343 | 2,190 | 2,102 | |||||||||
Operating lease right-of-use assets | 2,887 | 3,311 | 3,404 | |||||||||
Intangible assets, net | 989 | 1,760 | 2,810 | |||||||||
Cash Surrender Value | 3,438 | 3,353 | 3,212 | |||||||||
Other assets | 1,787 | 2,202 | 943 | |||||||||
TOTAL ASSETS | $ | 49,377 | $ | 97,806 | $ | 141,480 | ||||||
LIABILITIES | ||||||||||||
CURRENT LIABILITIES | ||||||||||||
Accounts payable | $ | 8,559 | $ | 14,447 | $ | 10,169 | ||||||
Short-term borrowings | 8,483 | 13,149 | 27,771 | |||||||||
Accrued expenses and other current liabilities | 4,745 | 3,521 | 1,717 | |||||||||
Current portion of operating lease liabilities | 583 | 534 | 523 | |||||||||
Current portion of PPP loan | 1,356 | - | - | |||||||||
Liabilities held for discontinued operations | - | 39,410 | 54,138 | |||||||||
Total current liabilities | 23,726 | 71,061 | 94,318 | |||||||||
Operating lease liabilities | 2,412 | 2,204 | 2,952 | |||||||||
PPP loan | 662 | - | - | |||||||||
Long-term debt | 4,581 | - | - | |||||||||
Other long-term liabilities | 15,857 | 20,026 | 19,335 | |||||||||
TOTAL LIABILITIES | 47,238 | 93,291 | 116,605 | |||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | - | - | - | |||||||||
Common stock ($0.01 par value; 200,000,000 shares authorized; 3,235,576, 3,225,627 and 3,225,627 shares issued, respectively) | 32 | 32 | 32 | |||||||||
Additional paid-in capital | 346,470 | 345,102 | 345,043 | |||||||||
Treasury stock at cost (1,410,378, 1,409,316 and 1,409,316 shares, respectively) | (230,169 | ) | (230,169 | ) | (230,168 | ) | ||||||
Accumulated other comprehensive loss | (1,470 | ) | (1,479 | ) | (720 | ) | ||||||
Accumulated deficit | (112,724 | ) | (108,971 | ) | (89,312 | ) | ||||||
TOTAL SHAREHOLDERS' EQUITY | 2,139 | 4,515 | 24,875 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 49,377 | $ | 97,806 | $ | 141,480 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||
Net revenue | $ | 38,913 | $ | 28,616 | $ | 112,799 | $ | 98,008 | ||||||||
Cost of sales | 35,022 | 25,896 | 101,173 | 89,424 | ||||||||||||
Gross profit | 3,891 | 2,720 | 11,626 | 8,584 | ||||||||||||
Selling, general and administrative expenses | 4,503 | 5,604 | 17,909 | 19,248 | ||||||||||||
Loss from continuing operations | (612 | ) | (2,884 | ) | (6,283 | ) | (10,664 | ) | ||||||||
Interest expense | 381 | 200 | 1,015 | 508 | ||||||||||||
Loss from continuing operations before income tax benefit | (993 | ) | (3,084 | ) | (7,298 | ) | (11,172 | ) | ||||||||
Income tax (benefit) expense | (3,545 | ) | 10 | (3,545 | ) | 26 | ||||||||||
Income (loss) from continued operations | 2,552 | (3,094 | ) | (3,753 | ) | (11,198 | ) | |||||||||
Loss from fye business, net of tax | - | (20,061 | ) | - | (27,887 | ) | ||||||||||
Net income (loss) | $ | 2,552 | $ | (23,155 | ) | (3,753 | ) | (39,085 | ) | |||||||
BASIC INCOME (LOSS) PER SHARE: | ||||||||||||||||
Basic and diluted income (loss) per common share | $ | 1.40 | $ | (12.73 | ) | $ | (2.06 | ) | $ | (21.51 | ) | |||||
Weighted average number of common shares outstanding – basic | 1,825 | 1,819 | 1,823 | 1,817 | ||||||||||||
DILUTED LOSS PER SHARE: | ||||||||||||||||
Diluted income (loss) per common share | $ | 1.39 | $ | (12.73 | ) | $ | (2.06 | ) | $ | (21.51 | ) | |||||
Weighted average number of common shares outstanding – diluted | 1,829 | 1,819 | 1,823 | 1,817 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||
Net income (loss) | $ | 2,552 | $ | (23,155 | ) | $ | (3,753 | ) | $ | (39,085 | ) | |||||
Amortization of pension gain | 1 | 5 | 3 | 15 | ||||||||||||
Comprehensive income (loss) | $ | 2,553 | $ | (23,150 | ) | $ | (3,750 | ) | $ | (39,070 | ) |
Thirteen Weeks Ended October 31, 2020 | ||||||||||||||||||||||||||||||||
Number of shares outstanding | Common Stock | Additional Paid-in Capital | Treasury Stock At Cost | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) | Shareholders’ Equity | ||||||||||||||||||||||||||
Common Shares | Treasury Shares | |||||||||||||||||||||||||||||||
Balance as of May 2, 2020 | 3,236 | (1,410 | ) | $ | 32 | $ | 346,457 | $ | (230,169 | ) | $ | (1,473 | ) | $ | (115,276 | ) | $ | (430 | ) | |||||||||||||
Net income | - | - | - | - | - | - | 2,552 | 2,552 | ||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 3 | - | 3 | ||||||||||||||||||||||||
Amortization of unearned compensation/restricted stock amortization | - | - | - | 13 | - | - | - | 13 | ||||||||||||||||||||||||
Balance as of October 31, 2020 | 3,236 | $ | (1,410 | ) | $ | 32 | $ | 346,470 | $ | (230,169 | ) | $ | (1,470 | ) | $ | (112,724 | ) | $ | 2,139 |
Thirty-nine Weeks Ended October 31, 2020 | ||||||||||||||||||||||||||||||||
Number of shares outstanding | Common Stock | Additional Paid-in Capital | Treasury Stock At Cost | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) | Shareholders’ Equity | ||||||||||||||||||||||||||
Common Shares | Treasury Shares | |||||||||||||||||||||||||||||||
Balance as of February 1, 2020 | 3,226 | (1,409 | ) | $ | 32 | $ | 345,102 | $ | (230,169 | ) | $ | (1,479 | ) | $ | (108,971 | ) | $ | 4,515 | ||||||||||||||
Net Loss | - | - | - | - | - | - | (3,753 | ) | (3,753 | ) | ||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 9 | - | 9 | ||||||||||||||||||||||||
Issuance of warrants | - | - | - | 836 | - | - | - | 836 | ||||||||||||||||||||||||
Vested restricted shares | 4 | (1 | ) | - | (9 | ) | - | - | - | (9 | ) | |||||||||||||||||||||
Common stock issued- Director grants | 6 | - | - | 243 | - | - | - | 243 | ||||||||||||||||||||||||
Amortization of unearned compensation/restricted stock amortization | - | - | - | 298 | - | - | - | 298 | ||||||||||||||||||||||||
Balance as of October 31, 2020 | 3,236 | $ | (1,410 | ) | $ | 32 | $ | 346,470 | $ | (230,169 | ) | $ | (1,470 | ) | $ | (112,724 | ) | $ | 2,139 |
Thirteen Weeks Ended November 2, 2019 | ||||||||||||||||||||||||||||||||
Number of shares outstanding | Common Stock | Additional Paid-in Capital | Treasury Stock At Cost | Accumulated Other Comprehensive Loss | Accumulated Deficit | Shareholders’ Equity | ||||||||||||||||||||||||||
Common Shares | Treasury Shares | |||||||||||||||||||||||||||||||
Balance as of August 3, 2019 | 3,224 | (1,409 | ) | $ | 32 | $ | 344,983 | $ | (230,168 | ) | $ | (725 | ) | $ | (66,157 | ) | $ | 47,965 | ||||||||||||||
Net Loss | - | - | - | - | - | - | (23,155 | ) | (23,155 | ) | ||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 5 | - | 5 | ||||||||||||||||||||||||
Vested restricted shares | 2 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Amortization of unearned compensation/restricted stock amortization | - | - | - | 60 | - | - | - | 60 | ||||||||||||||||||||||||
Balance as of November 2, 2019 | 3,226 | (1,409 | ) | $ | 32 | $ | 345,043 | $ | (230,168 | ) | $ | (720 | ) | $ | (89,312 | ) | $ | 24,875 |
Thirty-nine Weeks Ended November 2, 2019 | ||||||||||||||||||||||||||||||||
Number of shares outstanding | Common Stock | Additional Paid-in Capital | Treasury Stock At Cost | Accumulated Other Comprehensive Loss | Accumulated Deficit | Shareholders’ Equity | ||||||||||||||||||||||||||
Common Shares | Treasury Shares | |||||||||||||||||||||||||||||||
Balance as of February 2, 2019 | 3,222 | (1,409 | ) | $ | 32 | $ | 344,826 | $ | (230,166 | ) | $ | (735 | ) | $ | (50,227 | ) | $ | 63,730 | ||||||||||||||
Net Loss | - | - | - | - | - | - | (39,085 | ) | (39,085 | ) | ||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 15 | - | 15 | ||||||||||||||||||||||||
Vested restricted shares | 4 | - | - | 3 | (2 | ) | - | - | 1 | |||||||||||||||||||||||
Amortization of unearned compensation/restricted stock amortization | - | - | - | 214 | - | - | - | 214 | ||||||||||||||||||||||||
Balance as of November 2, 2019 | 3,226 | (1,409 | ) | $ | 32 | $ | 345,043 | $ | (230,168 | ) | $ | (720 | ) | $ | (89,312 | ) | $ | 24,875 |
Thirty-nine Weeks Ended | ||||||||
October 31, 2020 | November 2, 2019 (1) | |||||||
OPERATING ACTIVITIES: | ||||||||
Net income loss | $ | (3,753 | ) | $ | (39,085 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation of fixed assets | 783 | 2,272 | ||||||
Amortization of intangible assets | 771 | 858 | ||||||
Stock-based compensation | 296 | 214 | ||||||
Loss on disposal of fixed assets | - | 27 | ||||||
Write down investment | - | 500 | ||||||
Loss on impairment of long-lived assets | - | 16,035 | ||||||
Amortization of ROU asset | 424 | - | ||||||
Change in cash surrender value | (84 | ) | (189 | ) | ||||
Reversal of ASC 740 liability | (3,545 | ) | ||||||
Changes in operating assets and liabilities that provide (use) cash: | ||||||||
Accounts receivable | 1,695 | 1,099 | ||||||
Merchandise inventory | (9,367 | ) | (6,288 | ) | ||||
Prepaid expenses and other current assets | 2,531 | 1,190 | ||||||
Other long-term assets | - | 5,274 | ||||||
Accounts payable | 679 | (4,335 | ) | |||||
Accrued expenses and other current liabilities | (5,295 | ) | (852 | ) | ||||
Deferred revenue | - | (966 | ) | |||||
Other long-term liabilities | (407 | ) | (6,576 | ) | ||||
Net cash used in operating activities | (15,272 | ) | (30,822 | ) | ||||
INVESTING ACTIVITIES: | ||||||||
Purchases of fixed assets | (935 | ) | (2,128 | ) | ||||
Proceeds from sale of fye business | 11,779 | - | ||||||
Capital distribution from joint venture | - | 115 | ||||||
Net cash provided by (used in) investing activities | 10,844 | (2,013 | ) | |||||
FINANCING ACTIVITIES: | ||||||||
Proceeds from short term borrowings | 8,483 | 27,771 | ||||||
Proceeds from long term borrowings | 4,581 | - | ||||||
Proceeds from issuance of warrants | 836 | - | ||||||
Proceeds from PPP loan | 2,018 | - | ||||||
Issuance of director deferred shares and RSUs | 235 | - | ||||||
Payment of short-term borrowings | (13,149 | ) | - | |||||
Net cash provided by (used in) financing activities | 3,004 | 27,771 | ||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,424 | ) | (5,064 | ) | ||||
Cash, cash equivalents, and restricted cash, beginning of period | 8,852 | 14,226 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 7,428 | $ | 9,162 |
(1) | The cash flows related to discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows. See footnote 3. |
• | Partner Obsession | • | Results |
• | Insights Driven | • | Ownership |
• | Simplicity | • | Diversity and Teamwork |
• | Innovation |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
(In thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||
Net revenue | $ | — | $ | 40,840 | $ | — | $ | 127,602 | ||||||||
Cost of goods sold | — | 24,685 | — | 76,932 | ||||||||||||
Selling, general and administrative expenses | — | 20,114 | — | 61,891 | ||||||||||||
Impairment of long-lived assets | — | 16,035 | — | 16,035 | ||||||||||||
Interest expense | — | 28 | — | 46 | ||||||||||||
Other expense (income) | — | (31 | ) | — | 388 | |||||||||||
Loss from discontinued operations before income taxes | — | (19,991 | ) | — | (27,690 | ) | ||||||||||
Income tax expense | — | 70 | — | 197 | ||||||||||||
Loss from discontinued operations, net of tax | $ | — | $ | (20,061 | ) | $ | — | $ | (27,887 | ) |
(In thousands) | October 31, 2020 | February 1, 2020 | November 2, 2019 | |||||||||
Cash | $ | — | $ | — | $ | — | ||||||
Accounts receivable, net | — | 62 | 2,102 | |||||||||
Inventories | — | 50,122 | 78,608 | |||||||||
Other current assets | — | 1,005 | 3,862 | |||||||||
Property, plant and equipment, net | — | — | 2,885 | |||||||||
Operating lease right-to-use asset | — | — | 5,574 | |||||||||
Other assets | — | — | 1,255 | |||||||||
Total assets of discontinued operations | $ | — | $ | 51,189 | $ | 94,286 | ||||||
Accounts payable | $ | — | $ | 9,769 | $ | 19,825 | ||||||
Accrued liabilities | — | 779 | 3,867 | |||||||||
Deferred revenue | — | 6,764 | 5,989 | |||||||||
Current portion of lease liabilities | — | 8,976 | 8,917 | |||||||||
Operating lease liabilities | — | 11,059 | 13,275 | |||||||||
Other liabilities | — | 2,063 | 2,265 | |||||||||
Total liabilities of discontinued operations | $ | — | $ | 39,410 | $ | 54,138 |
Thirty-nine Weeks Ended | ||||||||
(In thousands) | October 31, 2020 | November 2, 2019 | ||||||
Net cash used in operating activities | $ | — | $ | (26,022 | ) | |||
Net cash used in investing activities | — | (883 | ) | |||||
Depreciation and amortization | — | 1,822 | ||||||
Purchases of fixed assets | — | 883 |
Assets sold | ||||
Inventory | $ | 50,122 | ||
Accounts receivable | 62 | |||
Prepaid expenses and other current assets | 654 | |||
Other assets | 351 | |||
fye business assets sold | $ | 51,189 | ||
Less liabilities assumed: | ||||
Accounts payable | (9,769 | ) | ||
Deferred revenue | (6,764 | ) | ||
Accrued expenses and other current liabilities | (779 | ) | ||
Other long-term liabilities | (2,063 | ) | ||
Operating lease liabilities | (20,035 | ) | ||
fye business liabilities assumed | $ | 39,410 | ||
Net proceeds | $ | 11,779 |
October 31, 2020 | ||||||||||||||||||||
Weighted Average Amortization Period (in months) | Original Gross Carrying Amount | Accumulated Impairment | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||
Vendor relationships | 120 | $ | 19,100 | $ | 14,587 | $ | 4,513 | $ | - | |||||||||||
Technology | 60 | 6,700 | 2,587 | 3,757 | 356 | |||||||||||||||
Trade names and trademarks | 60 | 3,200 | - | 2,567 | 633 | |||||||||||||||
$ | 29,000 | $ | 17,174 | $ | 10,837 | $ | 989 |
(amounts in thousands) | February 1, 2020 | Impairment Expense | Amortization Expense | October 31, 2020 | ||||||||||||
Amortized intangible assets: | ||||||||||||||||
Technology | $ | 647 | $ | - | $ | 291 | $ | 356 | ||||||||
Trade names and trademarks | 1,113 | - | 480 | 633 | ||||||||||||
Net amortized intangible assets | $ | 1,760 | $ | - | $ | 771 | $ | 989 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
(amounts in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||
Amortized intangible assets: | ||||||||||||||||
Vendor relationships | $ | - | $ | 29 | $ | - | $ | 87 | ||||||||
Technology | 97 | 97 | 291 | 291 | ||||||||||||
Trade names and trademarks | 160 | 160 | 480 | 480 | ||||||||||||
Total amortization expense | $ | 257 | $ | 286 | $ | 771 | $ | 858 |
Fiscal Year | Amortization | |||
2020 | $ | 257 | ||
2021 | 732 | |||
2022 | - | |||
2023 | - | |||
2024 | - | |||
Thereafter | - |
October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||
Cash and cash equivalents | $ | 2,396 | $ | 2,977 | $ | 3,073 | ||||||
Restricted cash | 5,032 | 5,875 | 6,089 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 7,428 | $ | 8,852 | $ | 9,162 |
Employee and Director Stock Award Plans | ||||||||||||||||||||
Number of Shares Subject To Option | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Other Share Awards (1) | Weighted Average Grant Fair Value | ||||||||||||||||
Balance February 1, 2020 | 129,196 | $ | 52.11 | 5.8 | 9,945 | $ | 36.75 | |||||||||||||
Granted | 90,402 | 7.04 | 9.9 | - | - | |||||||||||||||
Canceled | (89,024 | ) | 51.31 | - | - | - | ||||||||||||||
Exercised | - | - | - | (9,945 | ) | 36.75 | ||||||||||||||
Balance October 31, 2020 | 130,574 | $ | 21.46 | 7.0 | - | $ | - | |||||||||||||
Exercisable October 31, 2020 | 46,900 | $ | 47.18 | 3.0 | - | $ | - |
(1) | Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
(amounts in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||
Service cost | $ | - | $ | 14 | $ | - | $ | 42 | ||||||||
Interest cost | 89 | 142 | 267 | 426 | ||||||||||||
Amortization of net gain(1) | (3 | ) | (5 | ) | (9 | ) | (30 | ) | ||||||||
Net periodic pension cost | $ | 86 | $ | 151 | $ | 258 | $ | 438 |
(1) | The amortization of net gain is related to a director retirement plan previously provided by the Company. |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
(in thousands, except per share amounts) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||
Income (loss) from continuing operations | $ | 2,552 | $ | (3,094 | ) | $ | (3,753 | ) | $ | (11,198 | ) | |||||
Basic income (loss) per common share from continuing operations | $ | 1.40 | $ | (1.70 | ) | $ | (2.06 | ) | $ | (6.16 | ) | |||||
Diluted income (loss) per common share from continuing operations | $ | 1.39 | $ | (1.70 | ) | $ | (2.06 | ) | $ | (6.16 | ) | |||||
Loss from discontinued operations | $ | - | $ | (20,061 | ) | $ | - | $ | (27,887 | ) | ||||||
Basic and diluted loss per common share from discontinued operations | $ | - | $ | (11.03 | ) | $ | - | $ | (15.35 | ) | ||||||
Net income (loss) | $ | 2,552 | $ | (23,155 | ) | $ | (3,753 | ) | $ | (39,085 | ) | |||||
Basic income (loss) per common share | $ | 1.40 | $ | (12.73 | ) | $ | (2.06 | ) | $ | (21.51 | ) | |||||
Weighted average number of common shares outstanding – basic | 1,825 | 1,819 | 1,823 | 1,817 | ||||||||||||
Diluted income (loss) per common share | $ | 1.39 | $ | (12.73 | ) | $ | (2.06 | ) | $ | (21.51 | ) | |||||
Weighted average number of common shares outstanding – diluted | 1,829 | 1,819 | 1,823 | 1,817 |
• | Partner Obsession | • | Results |
• | Insights Driven | • | Ownership |
• | Simplicity | • | Diversity and Teamwork |
• | Innovation |
Thirteen Weeks Ended | Change | Thirty-nine Weeks Ended | Change | |||||||||||||||||||||||||||||
(amounts in thousands) | October 31, 2020 | November 2, 2019 | $ | | % | October 31, 2020 | November 2, 2019 | $ | | % | ||||||||||||||||||||||
Net Revenue | $ | 38,913 | $ | 28,616 | $ | 10,297 | 36.0 | % | $ | 112,799 | $ | 98,008 | $ | 14,791 | 15.1 | % | ||||||||||||||||
Gross profit | 3,891 | 2,720 | 1,171 | 43.1 | % | 11,626 | 8,584 | 3,042 | 35.4 | % | ||||||||||||||||||||||
% to sales | 10.0 | % | 9.5 | % | 10.3 | % | 8.8 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | Change | October 31, 2020 | November 2, 2019 | Change | |||||||||||||||||||
Amazon US | 93.2 | % | 96.1 | % | -2.9 | % | 94.3 | % | 96.0 | % | -1.7 | % | ||||||||||||
Amazon International | 5.3 | % | 3.3 | % | 2.0 | % | 4.5 | % | 3.3 | % | 1.2 | % | ||||||||||||
Walmart & Other Marketplaces | 0.5 | % | 0.2 | % | 0.3 | % | 0.5 | % | 0.3 | % | 0.2 | % | ||||||||||||
Subtotal Retail | 99.0 | % | 99.6 | % | -0.6 | % | 99.3 | % | 99.6 | % | -0.4 | % | ||||||||||||
Subscriptions & Other | 1.0 | % | 0.4 | % | 0.6 | % | 0.7 | % | 0.4 | % | 0.4 | % | ||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Thirteen Weeks Ended | Change | Thirty-nine Weeks Ended | Change | |||||||||||||||||||||||||||||
(amounts in thousands) | October 31, 2020 | November 2, 2019 | $ | | % | October 31, 2020 | November 2, 2019 | $ | | % | ||||||||||||||||||||||
Kaspien SG&A | $ | 4,123 | $ | 4,139 | $ | (16 | ) | (0.4 | )% | $ | 12,320 | $ | 12,223 | $ | 97 | 0.1 | % | |||||||||||||||
Corporate SG&A expenses | 380 | 1,465 | (1,085 | ) | (74.1 | )% | 5,589 | 7,025 | (1,436 | ) | (20.4 | )% | ||||||||||||||||||||
Total SG&A expenses | $ | 4,503 | $ | 5,604 | $ | (1,101 | ) | (19.6 | )% | $ | 17,909 | $ | 19,248 | $ | (1,339 | ) | (7.0 | )% | ||||||||||||||
As a % of total revenue | 11.6 | % | 19.6 | % | 15.9 | % | 19.6 | % |
As of or for the Thirty-nine Weeks Ended | Change | |||||||||||||
(amounts in thousands) | October 31, 2020 | November 2, 2019 | | $ | ||||||||||
Operating Cash Flows | $ | (15,272 | ) | $ | (39,085 | ) | $ | 23,813 | ||||||
Investing Cash Flows | 10,884 | (2,013 | ) | 12,897 | ||||||||||
Financing Cash Flows | 3,004 | 27,771 | (24,767 | ) | ||||||||||
Capital Expenditures | (1) | (935 | ) | (2,128 | ) | 1,193 | ||||||||