Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Aug. 31, 2013 | Sep. 27, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 10,924,612 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 10329 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Aug-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 |
Net sales | $77,152 | $64,438 | $238,224 | $192,860 |
Cost of sales | 38,429 | 30,620 | 116,315 | 91,710 |
Gross profit | 38,723 | 33,818 | 121,909 | 101,150 |
Selling, general and administrative expenses | 37,900 | 33,052 | 115,312 | 97,515 |
Restructuring and asset impairment charges | 711 | |||
Lease exit costs | 359 | |||
Income from operations | 823 | 766 | 6,597 | 2,565 |
Income from Continued Dumping & Subsidy Offset Act | 9,010 | |||
Other loss, net | -229 | -315 | -1,026 | -2,239 |
Income before income taxes | 594 | 451 | 5,571 | 9,336 |
Income tax expense (benefit) | 38 | -1,920 | 2,082 | -481 |
Net income | 556 | 2,371 | 3,489 | 9,817 |
Retained earnings-beginning of period | 106,167 | 102,417 | 104,319 | 96,331 |
Purchase and retirement of common stock | -2,282 | -2,515 | ||
Cash dividends | -656 | -545 | -1,741 | -1,672 |
Retained earnings-end of period | $106,067 | $101,961 | $106,067 | $101,961 |
Basic earnings per share (in Dollars per share) | $0.05 | $0.22 | $0.33 | $0.89 |
Diluted earnings per share (in Dollars per share) | $0.05 | $0.21 | $0.32 | $0.88 |
Dividends per share (in Dollars per share) | $0.06 | $0.05 | $0.16 | $0.15 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 |
Net income | $556 | $2,371 | $3,489 | $9,817 |
Other comprehensive income (loss): | ||||
Net change in unrealized holding gains | 42 | 119 | ||
Amortization associated with supplemental executive retirement defined benefit plan (SERP) | 19 | 8 | 57 | 24 |
Changes in related deferred tax effects | -511 | |||
Other comprehensive income (loss), net of tax | 19 | 50 | 57 | -368 |
Total comprehensive income | $575 | $2,421 | $3,546 | $9,449 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Aug. 31, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $8,904 | $45,566 |
Short-term investments | 28,125 | |
Accounts receivable, net | 16,219 | 15,755 |
Inventories, net | 58,475 | 57,916 |
Deferred income taxes | 6,687 | 6,832 |
Other current assets | 10,304 | 6,439 |
Total current assets | 128,714 | 132,508 |
Property and equipment, net | 60,809 | 56,624 |
Retail real estate | 12,368 | 12,736 |
Deferred income taxes | 9,565 | 10,485 |
Other | 14,116 | 14,827 |
Total long-term assets | 36,049 | 38,048 |
Total assets | 225,572 | 227,180 |
Current liabilities | ||
Accounts payable | 19,048 | 22,405 |
Accrued compensation and benefits | 7,323 | 6,926 |
Customer deposits | 15,040 | 12,253 |
Dividends payable | 542 | |
Other accrued liabilities | 8,613 | 10,454 |
Total current liabilities | 50,024 | 52,580 |
Long-term liabilities | ||
Post employment benefit obligations | 11,118 | 11,577 |
Real estate notes payable | 2,862 | 3,053 |
Other long-term liabilities | 1,972 | 2,690 |
Total long-term liabilities | 15,952 | 17,320 |
Stockholders’ equity | ||
Common stock | 54,623 | 54,184 |
Retained earnings | 106,067 | 104,319 |
Additional paid-in capital | 72 | |
Accumulated other comprehensive loss | -1,166 | -1,223 |
Total stockholders' equity | 159,596 | 157,280 |
Total liabilities and stockholders’ equity | $225,572 | $227,180 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 |
Operating activities: | ||
Net income | $3,489 | $9,817 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,445 | 3,931 |
Equity in undistributed income of investments and unconsolidated affiliated companies | -466 | -157 |
Provision for restructuring and asset impairment charges | 711 | |
Non-cash portion of lease exit costs | 359 | |
Other than temporary impairment on investments | 806 | |
Deferred income taxes | 1,284 | -658 |
Other, net | -888 | 1,655 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -656 | -316 |
Inventories | -559 | -8,948 |
Other current assets | -3,864 | -1,122 |
Accounts payable and accrued liabilities | -2,682 | 853 |
Net cash provided by operating activities | 103 | 6,931 |
Investing activities: | ||
Purchases of property and equipment | -9,547 | -6,858 |
Proceeds from sales of property and equipment | 958 | 17 |
Proceeds from sale of interest in affiliate | 2,348 | 1,410 |
Proceeds from sales of investments | 1,186 | |
Purchases of investments | -28,125 | -1,303 |
Acquisition of retail licensee store | -485 | |
Other | 88 | 84 |
Net cash used in investing activities | -34,278 | -5,949 |
Financing activities: | ||
Repayments of real estate notes payable | -179 | -149 |
Issuance of common stock | 643 | 295 |
Repurchases of common stock | -759 | -5,572 |
Taxes paid related to net share settlement of equity awards | -226 | |
Excess tax benefits from stock-based compensation | 317 | |
Cash dividends | -2,283 | -7,190 |
Net cash used in financing activities | -2,487 | -12,616 |
Change in cash and cash equivalents | -36,662 | -11,634 |
Cash and cash equivalents - beginning of period | 45,566 | 69,601 |
Cash and cash equivalents - end of period | $8,904 | $57,967 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Aug. 31, 2013 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. | |
References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP. | |
The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have operating control. The equity method of accounting is used for our investment in an affiliated company in which we exercise significant influence but do not maintain control. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees nor any other of our counterparties represent VIEs. | |
Our fiscal year, which ends on the last Saturday of November, periodically results in a 53-week year instead of the normal 52 weeks. The current fiscal year ending November 30, 2013 is a 53-week year, with the additional week being included in our first fiscal quarter. Accordingly, the information presented below includes 40 weeks of operations for the nine months ended August 31, 2013 as compared with 39 weeks included in the nine months ended August 25, 2012. |
Note_2_Interim_Financial_Prese
Note 2 - Interim Financial Presentation | 9 Months Ended |
Aug. 31, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 2. Interim Financial Presentation |
All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three and nine months ended August 31, 2013 are not necessarily indicative of results for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended November 24, 2012. | |
We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income or loss and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income or loss could have a significant impact on our effective tax rate for the respective quarter. Our effective tax rate for the three and nine months ended August 31, 2013 differs from the federal statutory rate primarily due to the expiration of the statute of limitations on certain previously unrecognized tax benefits as well as the effects of state income taxes and permanent differences resulting from non-deductible expenses. The benefit arising from the expiration of the statute of limitations on certain previously unrecognized tax benefits was $221 for the three and nine months ended August 31, 2013 and $431 for the three and nine months ended August 25, 2012. | |
Due to the losses incurred prior to fiscal 2011, we were in a cumulative loss position for the three years preceding fiscal 2011 which is considered significant negative evidence that is difficult to overcome on a “more likely than not” standard through objectively verifiable data. While our long-term financial outlook remained positive, we concluded that our ability to rely on our long-term outlook and forecasts as to future taxable income was limited due to uncertainty created by the weight of the negative evidence. As a result, we previously recorded a valuation allowance on certain of the deferred tax assets. In fiscal 2011, due to the gain recognized on the sale of our interest in International Home Furnishings Center, Inc. (“IHFC”), we were able to utilize net operating loss carryforwards and credits to significantly offset the taxable gain, resulting in a significant reduction of the valuation allowance. However, as the gain on the sale of IHFC did not represent a source of recurring future taxable income, we continued to record a valuation allowance against substantially all of our deferred tax assets as of November 26, 2011. Due to our positive earnings during fiscal 2012, and the absence of any significant negative evidence to the contrary, we concluded that we could rely on our positive long-term outlook and forecasts as to future taxable income in evaluating our ability to realize our deferred tax assets. Accordingly, the reserve against the majority of our deferred tax assets was removed during the fourth quarter of fiscal 2012. | |
The effective tax rate for the quarter ended August 25, 2012 differed from the blended statutory rate primarily due to the year-to-date impact of releasing a portion of the valuation allowance against our deferred tax assets. The reduction in the valuation allowance was primarily due to favorable provision-to-return adjustments related to our 2011 Federal income tax return. These adjustments were related to changes in estimates for temporary differences which created additional tax benefit due to the resulting decline in our deferred tax asset balance and a corresponding decline in the valuation allowance. The valuation allowance was also reduced in part due to the recognition of income from the Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”) (Note 7), which provided a source of taxable income that allowed for the realization of a portion of our net deferred tax assets. The favorable impact of reducing our valuation allowance was partially offset by the accrual of penalties and interest associated with certain unrecognized tax benefits. For the nine months ended August 25, 2012, the effective rate differed from the blended statutory rate due to the release of a portion of the valuation allowance against our deferred taxes as noted above, as well as the recognition of a tax benefit for a reduction of tax effects on our other comprehensive income, partially offset by the accrual of penalties and interest associated with certain unrecognized tax benefits. |
Note_3_Accounts_Receivable
Note 3 - Accounts Receivable | 9 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. Accounts Receivable | ||||||||
Accounts receivable consists of the following: | |||||||||
August 31, | November 24, | ||||||||
2013 | 2012 | ||||||||
Gross accounts receivable | $ | 17,728 | $ | 17,544 | |||||
Allowance for doubtful accounts | (1,509 | ) | (1,789 | ) | |||||
Accounts receivable, net | $ | 16,219 | $ | 15,755 | |||||
At August 31, 2013 and November 24, 2012 approximately 52% and 51%, respectively, of gross accounts receivable, and approximately 68% and 84%, respectively, of the allowance for doubtful accounts were attributable to amounts owed to us by our licensees. Our remaining receivables are primarily due from national account customers and traditional distribution channel customers. | |||||||||
Activity in the allowance for doubtful accounts was as follows: | |||||||||
Balance at November 24, 2012 | $ | 1,789 | |||||||
Additions charged to expense | 192 | ||||||||
Write-offs and other deductions | (472 | ) | |||||||
Balance at August 31, 2013 | $ | 1,509 | |||||||
We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 10. |
Note_4_Inventories
Note 4 - Inventories | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Inventory Disclosure [Text Block] | 4. Inventories | ||||||||||||
Inventories are valued at the lower of cost or market. Cost is determined for domestic furniture inventories using the last-in, first-out (LIFO) method. The costs for imported inventories are determined using the first-in, first-out (FIFO) method. | |||||||||||||
Inventories were comprised of the following: | |||||||||||||
August 31, | November 24, | ||||||||||||
2013 | 2012 | ||||||||||||
Wholesale finished goods | $ | 33,545 | $ | 33,110 | |||||||||
Work in process | 309 | 273 | |||||||||||
Raw materials and supplies | 8,491 | 8,586 | |||||||||||
Retail merchandise | 25,032 | 23,938 | |||||||||||
Total inventories on first-in, first-out method | 67,377 | 65,907 | |||||||||||
LIFO adjustment | (7,604 | ) | (6,902 | ) | |||||||||
Reserve for excess and obsolete inventory | (1,298 | ) | (1,089 | ) | |||||||||
$ | 58,475 | $ | 57,916 | ||||||||||
We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and/or style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses. | |||||||||||||
Activity in the reserves for excess quantities and obsolete inventory by segment is as follows: | |||||||||||||
Wholesale | Retail | Total | |||||||||||
Segment | Segment | ||||||||||||
Balance at November 24, 2012 | $ | 715 | $ | 374 | $ | 1,089 | |||||||
Additions charged to expense | 1,652 | 264 | 1,916 | ||||||||||
Write-offs | (1,334 | ) | (373 | ) | (1,707 | ) | |||||||
Balance at August 31, 2013 | $ | 1,033 | $ | 265 | $ | 1,298 | |||||||
Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2013 and do not anticipate that our methodology is likely to change in the future. A plus or minus 10% change in our inventory reserves would not have been material to our financial statements for the periods presented. |
Note_5_Unconsolidated_Affiliat
Note 5 - Unconsolidated Affiliated Companies | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Unconsolidated Affiliated Companies | ||||||||||||||||
We own 49% of Zenith Freight Lines, LLC, (“Zenith”) which provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors and also provides home delivery services to furniture retailers. We have contracted with Zenith to provide for substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for several of our Company-owned retail stores. Our investment in Zenith was $6,950 and $6,484 at August 31, 2013 and November 24, 2012, respectively. At August 31, 2013 and November 24, 2012, we owed Zenith $2,167 and $2,547, respectively, for services rendered to us. We believe the transactions with Zenith are at current market rates. We recorded the following income from Zenith in other loss, net, in our condensed consolidated statements of income and retained earnings: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Equity in income of Zenith | $ | 184 | $ | 23 | $ | 466 | $ | 157 | |||||||||
In connection with the sale of our interest in IHFC on May 2, 2011, $2,348 and $4,696 remained held in escrow at August 31, 2013 and November 24, 2012, respectively, to indemnify the purchaser with respect to various contingencies. Half of this escrow was released to us during the nine months ended August 31, 2013, with the remainder, provided it is not used for contingencies, being due for release to us during 2014 following the third anniversary of the sale. Previously, during the nine months ended August 25, 2012, we received $1,410 from the release of a separate tax indemnification escrow in connection with the IHFC sale. | |||||||||||||||||
The escrow receivable from the sale of IHFC is included in our condensed consolidated balance sheets as follows: | |||||||||||||||||
August 31, | November 24, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Other current assets | $ | 2,348 | $ | 2,348 | |||||||||||||
Other assets | - | 2,348 | |||||||||||||||
Total IHFC escrow receivable | $ | 2,348 | $ | 4,696 | |||||||||||||
Note_6_Real_Estate_Notes_Payab
Note 6 - Real Estate Notes Payable and Bank Credit Facility | 9 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 6. Real Estate Notes Payable and Bank Credit Facility | ||||||||
Real Estate Notes Payable | |||||||||
The real estate notes payable are summarized as follows: | |||||||||
August 31, | November 24, | ||||||||
2013 | 2012 | ||||||||
Real estate notes payable | $ | 3,115 | $ | 3,294 | |||||
Current portion of real estate notes payable | (253 | ) | (241 | ) | |||||
$ | 2,862 | $ | 3,053 | ||||||
Certain of our retail real estate properties have been financed through commercial mortgages with interest rates of 6.73%. These mortgages are collateralized by the respective properties with net book values totaling approximately $6,296 and $6,397 at August 31, 2013 and November 24, 2012, respectively. The portion of these mortgages due within one year, $253 and $241 as of August 31, 2013 and November 24, 2012, respectively, is included in other current liabilities in the accompanying condensed consolidated balance sheets. The long-term portion, $2,862 and $3,053 as of August 31, 2013 and November 24, 2012, respectively, is presented as real estate notes payable in the condensed consolidated balance sheets. | |||||||||
The fair value of these mortgages was $3,104 and $3,668 at August 31, 2013 and November 24, 2012, respectively. In determining the fair value, we utilized current market interest rates for similar instruments. The inputs into these fair value calculations reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 10. | |||||||||
Bank Credit Facility | |||||||||
On December 18, 2012, we entered into a new credit facility with our bank extending us a line of credit of up to $15,000, replacing our previous $3,000 line of credit. This new line is secured by our accounts receivable and inventory. The new facility contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the new agreement and expect to remain in compliance for the foreseeable future. | |||||||||
At August 31, 2013, we had $1,366 outstanding under standby letters of credit, leaving availability under our credit line of $13,634. |
Note_7_Contingencies
Note 7 - Contingencies | 9 Months Ended |
Aug. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | 7. Contingencies |
Legal and Environmental Contingencies | |
We are involved in various legal and environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations. | |
In 2009, our former vendor, Colonial Trading, Inc. (“Colonial”), filed a lawsuit against us alleging, among other things, breach of contract by the Company after we cancelled orders for cribs following product recalls. We filed counterclaims for breach of contract and warranty. On August 1, 2012, a jury returned a verdict in favor of Colonial, and in October 2012 judgment was entered in the amount of $1,449. Both Bassett and Colonial appealed; with Bassett seeking a new trial for damages for breach of express warranty, among other things, and Colonial seeking, among other things, to treble its breach of contract damages. On June 21, 2013, the Court of Appeals denied both appeals and affirmed the judgment. During the quarter ended August 31, 2013, we paid Colonial $1,700 in settlement of the claim, which exceeded our previously estimated reserve by $251 resulting in a charge which is included in selling, general and administrative expenses in our statement of income for the three and nine months ended August 31, 2013. | |
2012 CDSOA Income and Return Contingency | |
During the three months ended May 26, 2012, the U.S. Customs and Border Protection (“Customs”) made a distribution to us of $9,010 representing our share of the final distribution of duties that have been withheld by Customs under the CDSOA. We have received annual distributions in past years under the CDSOA as a result of our support of an antidumping petition on imports of wooden bedroom furniture from China. Certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) filed actions in the United States Court of International Trade challenging the CDSOA's “support requirement” and seeking to share in the distributions. As a result, Customs held back a portion of those distributions (“the Holdback”) pending resolution of the Non-Supporting Producers' claims. The Court of International Trade dismissed all of the actions of the Non-Supporting Producers, who appealed to the United States Court of Appeals for the Federal Circuit (“the Court of Appeals”). The Court of Appeals denied the Non-Supporting Producers’ request for an injunction to block the final distribution of the Holdback and allowed Customs to distribute the funds in April of 2012. The Court of Appeals held oral arguments on March 8, 2013 concerning the appeals, and on August 19, 2013 a three-judge panel ruled against the appellants in a two-to-one decision. The Non-Supporting Producers may still request an en banc rehearing by the same Court of Appeals, and if such rehearing request is denied or fails they may appeal to the United States Supreme Court. Should either court reverse the decisions of the United States Court of International Trade which ordered the release of the final distribution, it is possible that Customs may seek to have us return all or a portion of our share of the distribution. However, we believe that the chance Customs will seek and be entitled to obtain a return is remote. | |
Lease Commitments and Guarantees | |
We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of certain of our licensee-owned stores. We had obligations of $98,718 and $72,800 at August 31, 2013 and November 24, 2012, respectively, for future minimum lease payments under non-cancelable operating leases having initial terms in excess of one year. | |
We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to ten years. We were contingently liable under licensee lease obligation guarantees in the amount of $3,795 and $2,007 at August 31, 2013 and November 24, 2012, respectively. | |
In the event of default by an independent dealer under the guaranteed lease, we believe that the risk of loss is mitigated through a combination of options that include, but are not limited to, arranging for a replacement dealer, liquidating the collateral (primarily inventory) and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at August 31, 2013 and November 24, 2012 was not material. |
Note_8_PostEmployment_Benefit_
Note 8 - Post-Employment Benefit Obligations | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||
Postemployment Benefits Disclosure [Text Block] | 8. Post Employment Benefit Obligations | ||||||||||||||||
Supplemental Executive Retirement Defined Benefit Plan (SERP) | |||||||||||||||||
We have an unfunded Supplemental Retirement Income Plan that covers one current and certain former executives. The liability for this plan was $9,407 and $9,805 as of August 31, 2013 and November 24, 2012, respectively, and is recorded as follows in the condensed consolidated balance sheets: | |||||||||||||||||
August 31, | November 24, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Other accrued liabilities | $ | 859 | $ | 843 | |||||||||||||
Post employment benefit obligations | 8,548 | 8,962 | |||||||||||||||
Total pension liability | $ | 9,407 | $ | 9,805 | |||||||||||||
Components of net periodic pension costs are as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 18 | $ | 14 | $ | 53 | $ | 41 | |||||||||
Interest cost | 87 | 94 | 262 | 282 | |||||||||||||
Amortization of transition obligation | 11 | 11 | 32 | 32 | |||||||||||||
Amortization of loss | 20 | 3 | 61 | 8 | |||||||||||||
Net periodic pension cost | $ | 136 | $ | 122 | $ | 408 | $ | 363 | |||||||||
Deferred Compensation Plan | |||||||||||||||||
We have an unfunded Deferred Compensation Plan that covers one current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. We recognized expense under this plan as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Deferred compensation plan expense | $ | 72 | $ | 78 | $ | 216 | $ | 234 | |||||||||
Our liability under this plan was $2,570 and $2,615 as of August 31, 2013 and November 24, 2012, respectively, and is reflected in post employment benefit obligations. |
Note_9_Earnings_Per_Share
Note 9 - Earnings Per Share | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share [Text Block] | 9. Earnings Per Share | ||||||||||||||||
The following reconciles basic and diluted earnings per share: | |||||||||||||||||
Net Income | Weighted Average | Net Income | |||||||||||||||
Shares | Per Share | ||||||||||||||||
For the quarter ended August 31, 2013: | |||||||||||||||||
Basic earnings per share | $ | 556 | 10,742,625 | $ | 0.05 | ||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Options and restricted shares | - | 163,204 | - | ||||||||||||||
Diluted earnings per share | $ | 556 | 10,905,829 | $ | 0.05 | ||||||||||||
For the quarter ended August 25, 2012: | |||||||||||||||||
Basic earnings per share | $ | 2,371 | 10,945,784 | $ | 0.22 | ||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Options and restricted shares | - | 123,835 | (0.01 | ) | |||||||||||||
Diluted earnings per share | $ | 2,371 | 11,069,619 | $ | 0.21 | ||||||||||||
For the nine months ended August 31, 2013: | |||||||||||||||||
Basic earnings per share | $ | 3,489 | 10,717,506 | $ | 0.33 | ||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Options and restricted shares | - | 161,679 | (0.01 | ) | |||||||||||||
Diluted earnings per share | $ | 3,489 | 10,879,185 | $ | 0.32 | ||||||||||||
For the nine months ended August 25, 2012: | |||||||||||||||||
Basic earnings per share | $ | 9,817 | 11,074,265 | $ | 0.89 | ||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Options and restricted shares | - | 97,727 | (0.01 | ) | |||||||||||||
Diluted earnings per share | $ | 9,817 | 11,171,992 | $ | 0.88 | ||||||||||||
For the three and nine months ended August 31, 2013 and August 25, 2012, the following potentially dilutive shares were excluded from the computation as their effect was anti-dilutive: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock options | 415,000 | 472,500 | 472,500 | 713,500 | |||||||||||||
Unvested restricted shares | 70,000 | 1,398 | 81,295 | 12,582 | |||||||||||||
Total anti-dilutive shares | 485,000 | 473,898 | 553,795 | 726,082 | |||||||||||||
Note_10_Financial_Instruments_
Note 10 - Financial Instruments and Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | 10. Financial Instruments and Fair Value Measurements | ||||||||||||||||
Our financial instruments include cash and cash equivalents, accounts receivable, short-term investments, cost and equity method investments, accounts payable and long-term debt. Because of their short maturities, the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair values. Our cost and equity method investments generally involve entities for which it is not practical to determine fair values. | |||||||||||||||||
Our short-term investments at August 31, 2013 consist of certificates of deposit (CDs) with terms generally ranging from six to twelve months, bearing interest at rates ranging from 0.12% to 1.00% with a weighted average yield of approximately 0.224%. At August 31, 2013, the weighted average remaining time to maturity of the CDs was approximately eight months. Each CD is placed with a federally insured financial institution and all deposits are within Federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at August 31, 2013 approximates their fair value. | |||||||||||||||||
The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy: | |||||||||||||||||
Level 1 Inputs– Quoted prices for identical instruments in active markets. | |||||||||||||||||
Level 2 Inputs– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||||
Level 3 Inputs– Instruments with primarily unobservable value drivers. | |||||||||||||||||
Our investment in the Fortress Value Recovery Fund I, LLC (“Fortress”) has been valued at fair value primarily based on the net asset values which are determined by the fund manager, less a discount for illiquidity. Due to significant declines in net asset values during the first quarter of 2012, the highly illiquid nature of the investment and the high degree of uncertainty regarding our ability to recover our investment in the foreseeable future, we have fully impaired the carrying amount of this investment resulting in a charge of $806 during the nine months ended August 25, 2012, which is included in other loss, net, in the condensed consolidated statements of income and retained earnings. The inputs into our estimate of the fair value of our investment in Fortress reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy noted above. | |||||||||||||||||
The carrying values and approximate fair values of certain financial instruments were as follows: | |||||||||||||||||
31-Aug-13 | 24-Nov-12 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,904 | $ | 8,904 | $ | 45,566 | $ | 45,566 | |||||||||
Accounts receivable, net | 16,219 | 16,219 | 15,755 | 15,755 | |||||||||||||
Short-term investments | 28,125 | 28,125 | - | - | |||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 19,048 | $ | 19,048 | $ | 22,405 | $ | 22,405 | |||||||||
Real estate notes payable | 3,115 | 3,104 | 3,294 | 3,668 | |||||||||||||
Note_11_Restructuring_Asset_Im
Note 11 - Restructuring, Asset Impairment, and Other Charges | 9 Months Ended | ||||
Aug. 31, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | |||||
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 11. Restructuring, Asset Impairment and Other Charges | ||||
During the nine months ended August 25, 2012, our income from operations included restructuring and asset impairment charges totaling $711 and lease exit costs of $359 as more fully described below. | |||||
Restructuring and Asset Impairment Charges | |||||
During the nine months ended August 25, 2012, we incurred costs of $203 associated with the demolition of a previously closed manufacturing facility in Bassett, Virginia; non-cash charges of $385 associated with the write-down of a previously closed manufacturing facility in Mt. Airy, North Carolina; and $123 associated with the write off of abandoned leasehold improvements following the relocation of a retail store near Richmond, Virginia. | |||||
The determination of amount of asset impairments recognized involves making estimates of the fair value of the impaired assets. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 10. | |||||
Lease Exit Costs | |||||
During the nine months ended August 25, 2012, we incurred non-cash charges of $228 for lease exit costs associated with the relocation of a retail store near Richmond, Virginia. During the nine months ended August 25, 2012 we incurred $131 of non-cash charges to reflect reduced estimates of recoverable lease costs at several previously closed retail locations. | |||||
The following table summarizes the activity related to our accrued lease exit costs: | |||||
Balance at November 24, 2012 | $ | 2,614 | |||
Payments on unexpired leases | (1,315 | ) | |||
Adjustments to previous estimates | (187 | ) | |||
Accretion of interest on obligations and other | 68 | ||||
Balance at August 31, 2013 | $ | 1,180 | |||
Current portion included in other accrued liabilities | $ | 697 | |||
Long-term portion included in other long-term liabilities | 483 | ||||
$ | 1,180 | ||||
Note_12_Recent_Accounting_Pron
Note 12 - Recent Accounting Pronouncements | 9 Months Ended |
Aug. 31, 2013 | |
Disclosure Text Block [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 12. Recent Accounting Pronouncements |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02 (ASU 2013-02), which updates the guidance in ASC Topic 220, Comprehensive Income. The objective of ASU 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in ASU 2013-02 seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. This guidance became effective for us prospectively beginning with our second quarter for fiscal 2013. The adoption of this guidance did not have a material impact upon our financial position or results of operations. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 (ASU 2013-11), which updated the guidance in ASC Topic 740, Income Taxes. The amendments in ASU 2013-11 generally provide guidance for the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The guidance requires an unrecognized tax benefit to be presented as a decrease in a deferred tax asset where a net operating loss, a similar tax loss, or a tax credit carryforward exists and certain criteria are met. This guidance will become effective for us as of the beginning of our 2015 fiscal year and is consistent with our present practice. |
Note_13_Segment_Information
Note 13 - Segment Information | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | 13. Segment Information | ||||||||||||||||
We have strategically aligned our business into three reportable segments: Wholesale, Retail Company-owned stores and Investments and Real Estate. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores. We eliminate the sales between our wholesale and retail segments as well as the imbedded profit in the retail inventory for the consolidated presentation in our financial statements. | |||||||||||||||||
Our retail segment consists of Company-owned stores. Our retail segment includes the revenues, expenses, assets and liabilities (including real estate) and capital expenditures directly related to these stores. | |||||||||||||||||
Our investments and real estate segment consists of our short-term investments, our holdings of retail real estate leased or previously leased as licensee stores and our equity investment in Zenith. We also hold an investment in Fortress, which we fully reserved during the first quarter of fiscal 2012. Although this segment does not have operating earnings, income from the segment is included in other loss, net, in our condensed consolidated statements of income and retained earnings. | |||||||||||||||||
Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores. Inter-company income elimination represents the embedded wholesale profit in the Company-owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the end retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate. | |||||||||||||||||
The following table presents our segment information: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales | |||||||||||||||||
Wholesale | $ | 52,927 | $ | 44,805 | $ | 160,820 | $ | 133,355 | |||||||||
Retail | 46,245 | 41,178 | 147,672 | 122,800 | |||||||||||||
Inter-company elimination | (22,020 | ) | (21,545 | ) | (70,268 | ) | (63,295 | ) | |||||||||
Consolidated | $ | 77,152 | $ | 64,438 | $ | 238,224 | $ | 192,860 | |||||||||
Income (loss) from Operations | |||||||||||||||||
Wholesale | $ | 2,367 | $ | 1,711 | $ | 8,218 | $ | 5,575 | |||||||||
Retail | (1,509 | ) | (1,503 | ) | (1,803 | ) | (2,437 | ) | |||||||||
Inter-company elimination | (35 | ) | 558 | 182 | 497 | ||||||||||||
Restructuring and asset impairment charges | - | - | - | (711 | ) | ||||||||||||
Lease exit costs | - | - | - | (359 | ) | ||||||||||||
Consolidated | $ | 823 | $ | 766 | $ | 6,597 | $ | 2,565 | |||||||||
Depreciation and Amortization | |||||||||||||||||
Wholesale | $ | 325 | $ | 259 | $ | 998 | $ | 825 | |||||||||
Retail | 1,114 | 929 | 3,080 | 2,700 | |||||||||||||
Investments & real estate | 117 | 128 | 367 | 406 | |||||||||||||
Consolidated | $ | 1,556 | $ | 1,316 | $ | 4,445 | $ | 3,931 | |||||||||
Capital Expenditures | |||||||||||||||||
Wholesale | $ | 731 | $ | 1,268 | $ | 2,853 | $ | 2,303 | |||||||||
Retail | 3,632 | 1,238 | 6,694 | 4,545 | |||||||||||||
Investments & real estate | - | - | - | 10 | |||||||||||||
Consolidated | $ | 4,363 | $ | 2,506 | $ | 9,547 | $ | 6,858 | |||||||||
Identifiable Assets | As of | As of | |||||||||||||||
August 31, | November 24, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Wholesale | $ | 109,180 | $ | 145,861 | |||||||||||||
Retail | 75,899 | 68,583 | |||||||||||||||
Investments & real estate | 40,493 | 12,736 | |||||||||||||||
Consolidated | $ | 225,572 | $ | 227,180 | |||||||||||||
Note_3_Accounts_Receivable_Tab
Note 3 - Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts Receivable [Table Text Block] | August 31, | November 24, | |||||||
2013 | 2012 | ||||||||
Gross accounts receivable | $ | 17,728 | $ | 17,544 | |||||
Allowance for doubtful accounts | (1,509 | ) | (1,789 | ) | |||||
Accounts receivable, net | $ | 16,219 | $ | 15,755 | |||||
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | Balance at November 24, 2012 | $ | 1,789 | ||||||
Additions charged to expense | 192 | ||||||||
Write-offs and other deductions | (472 | ) | |||||||
Balance at August 31, 2013 | $ | 1,509 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Schedule of Inventory, Current [Table Text Block] | August 31, | November 24, | |||||||||||
2013 | 2012 | ||||||||||||
Wholesale finished goods | $ | 33,545 | $ | 33,110 | |||||||||
Work in process | 309 | 273 | |||||||||||
Raw materials and supplies | 8,491 | 8,586 | |||||||||||
Retail merchandise | 25,032 | 23,938 | |||||||||||
Total inventories on first-in, first-out method | 67,377 | 65,907 | |||||||||||
LIFO adjustment | (7,604 | ) | (6,902 | ) | |||||||||
Reserve for excess and obsolete inventory | (1,298 | ) | (1,089 | ) | |||||||||
$ | 58,475 | $ | 57,916 | ||||||||||
Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment [Table Text Block] | Wholesale | Retail | Total | ||||||||||
Segment | Segment | ||||||||||||
Balance at November 24, 2012 | $ | 715 | $ | 374 | $ | 1,089 | |||||||
Additions charged to expense | 1,652 | 264 | 1,916 | ||||||||||
Write-offs | (1,334 | ) | (373 | ) | (1,707 | ) | |||||||
Balance at August 31, 2013 | $ | 1,033 | $ | 265 | $ | 1,298 |
Note_5_Unconsolidated_Affiliat1
Note 5 - Unconsolidated Affiliated Companies (Tables) | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Zenith Freight Lines [Member] | |||||||||||||||||
Note 5 - Unconsolidated Affiliated Companies (Tables) [Line Items] | |||||||||||||||||
Equity Method Investments [Table Text Block] | Quarter Ended | Nine Months Ended | |||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Equity in income of Zenith | $ | 184 | $ | 23 | $ | 466 | $ | 157 | |||||||||
IHFC [Member] | |||||||||||||||||
Note 5 - Unconsolidated Affiliated Companies (Tables) [Line Items] | |||||||||||||||||
Equity Method Investments [Table Text Block] | August 31, | November 24, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Other current assets | $ | 2,348 | $ | 2,348 | |||||||||||||
Other assets | - | 2,348 | |||||||||||||||
Total IHFC escrow receivable | $ | 2,348 | $ | 4,696 |
Note_6_Real_Estate_Notes_Payab1
Note 6 - Real Estate Notes Payable and Bank Credit Facility (Tables) | 9 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | August 31, | November 24, | |||||||
2013 | 2012 | ||||||||
Real estate notes payable | $ | 3,115 | $ | 3,294 | |||||
Current portion of real estate notes payable | (253 | ) | (241 | ) | |||||
$ | 2,862 | $ | 3,053 |
Note_8_PostEmployment_Benefit_1
Note 8 - Post-Employment Benefit Obligations (Tables) | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||
Schedule of Pension Liability [Table Text Block] | August 31, | November 24, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Other accrued liabilities | $ | 859 | $ | 843 | |||||||||||||
Post employment benefit obligations | 8,548 | 8,962 | |||||||||||||||
Total pension liability | $ | 9,407 | $ | 9,805 | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Quarter Ended | Nine Months Ended | |||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 18 | $ | 14 | $ | 53 | $ | 41 | |||||||||
Interest cost | 87 | 94 | 262 | 282 | |||||||||||||
Amortization of transition obligation | 11 | 11 | 32 | 32 | |||||||||||||
Amortization of loss | 20 | 3 | 61 | 8 | |||||||||||||
Net periodic pension cost | $ | 136 | $ | 122 | $ | 408 | $ | 363 | |||||||||
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block] | Quarter Ended | Nine Months Ended | |||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Deferred compensation plan expense | $ | 72 | $ | 78 | $ | 216 | $ | 234 |
Note_9_Earnings_Per_Share_Tabl
Note 9 - Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income | Weighted Average | Net Income | ||||||||||||||
Shares | Per Share | ||||||||||||||||
For the quarter ended August 31, 2013: | |||||||||||||||||
Basic earnings per share | $ | 556 | 10,742,625 | $ | 0.05 | ||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Options and restricted shares | - | 163,204 | - | ||||||||||||||
Diluted earnings per share | $ | 556 | 10,905,829 | $ | 0.05 | ||||||||||||
For the quarter ended August 25, 2012: | |||||||||||||||||
Basic earnings per share | $ | 2,371 | 10,945,784 | $ | 0.22 | ||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Options and restricted shares | - | 123,835 | (0.01 | ) | |||||||||||||
Diluted earnings per share | $ | 2,371 | 11,069,619 | $ | 0.21 | ||||||||||||
For the nine months ended August 31, 2013: | |||||||||||||||||
Basic earnings per share | $ | 3,489 | 10,717,506 | $ | 0.33 | ||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Options and restricted shares | - | 161,679 | (0.01 | ) | |||||||||||||
Diluted earnings per share | $ | 3,489 | 10,879,185 | $ | 0.32 | ||||||||||||
For the nine months ended August 25, 2012: | |||||||||||||||||
Basic earnings per share | $ | 9,817 | 11,074,265 | $ | 0.89 | ||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Options and restricted shares | - | 97,727 | (0.01 | ) | |||||||||||||
Diluted earnings per share | $ | 9,817 | 11,171,992 | $ | 0.88 | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended | Nine Months Ended | |||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock options | 415,000 | 472,500 | 472,500 | 713,500 | |||||||||||||
Unvested restricted shares | 70,000 | 1,398 | 81,295 | 12,582 | |||||||||||||
Total anti-dilutive shares | 485,000 | 473,898 | 553,795 | 726,082 |
Note_10_Financial_Instruments_1
Note 10 - Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 31-Aug-13 | 24-Nov-12 | |||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,904 | $ | 8,904 | $ | 45,566 | $ | 45,566 | |||||||||
Accounts receivable, net | 16,219 | 16,219 | 15,755 | 15,755 | |||||||||||||
Short-term investments | 28,125 | 28,125 | - | - | |||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 19,048 | $ | 19,048 | $ | 22,405 | $ | 22,405 | |||||||||
Real estate notes payable | 3,115 | 3,104 | 3,294 | 3,668 |
Note_11_Restructuring_Asset_Im1
Note 11 - Restructuring, Asset Impairment, and Other Charges (Tables) | 9 Months Ended | ||||
Aug. 31, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | |||||
Schedule of Activity Related to Accrued Lease Exit Costs [Table Text Block] | Balance at November 24, 2012 | $ | 2,614 | ||
Payments on unexpired leases | (1,315 | ) | |||
Adjustments to previous estimates | (187 | ) | |||
Accretion of interest on obligations and other | 68 | ||||
Balance at August 31, 2013 | $ | 1,180 | |||
Current portion included in other accrued liabilities | $ | 697 | |||
Long-term portion included in other long-term liabilities | 483 | ||||
$ | 1,180 |
Note_13_Segment_Information_Ta
Note 13 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Note 13 - Segment Information (Tables) [Line Items] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended | Nine Months Ended | |||||||||||||||
August 31, | August 25, | August 31, | August 25, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales | |||||||||||||||||
Wholesale | $ | 52,927 | $ | 44,805 | $ | 160,820 | $ | 133,355 | |||||||||
Retail | 46,245 | 41,178 | 147,672 | 122,800 | |||||||||||||
Inter-company elimination | (22,020 | ) | (21,545 | ) | (70,268 | ) | (63,295 | ) | |||||||||
Consolidated | $ | 77,152 | $ | 64,438 | $ | 238,224 | $ | 192,860 | |||||||||
Income (loss) from Operations | |||||||||||||||||
Wholesale | $ | 2,367 | $ | 1,711 | $ | 8,218 | $ | 5,575 | |||||||||
Retail | (1,509 | ) | (1,503 | ) | (1,803 | ) | (2,437 | ) | |||||||||
Inter-company elimination | (35 | ) | 558 | 182 | 497 | ||||||||||||
Restructuring and asset impairment charges | - | - | - | (711 | ) | ||||||||||||
Lease exit costs | - | - | - | (359 | ) | ||||||||||||
Consolidated | $ | 823 | $ | 766 | $ | 6,597 | $ | 2,565 | |||||||||
Depreciation and Amortization | |||||||||||||||||
Wholesale | $ | 325 | $ | 259 | $ | 998 | $ | 825 | |||||||||
Retail | 1,114 | 929 | 3,080 | 2,700 | |||||||||||||
Investments & real estate | 117 | 128 | 367 | 406 | |||||||||||||
Consolidated | $ | 1,556 | $ | 1,316 | $ | 4,445 | $ | 3,931 | |||||||||
Capital Expenditures | |||||||||||||||||
Wholesale | $ | 731 | $ | 1,268 | $ | 2,853 | $ | 2,303 | |||||||||
Retail | 3,632 | 1,238 | 6,694 | 4,545 | |||||||||||||
Investments & real estate | - | - | - | 10 | |||||||||||||
Consolidated | $ | 4,363 | $ | 2,506 | $ | 9,547 | $ | 6,858 | |||||||||
Assets [Member] | |||||||||||||||||
Note 13 - Segment Information (Tables) [Line Items] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Identifiable Assets | As of | As of | ||||||||||||||
August 31, | November 24, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Wholesale | $ | 109,180 | $ | 145,861 | |||||||||||||
Retail | 75,899 | 68,583 | |||||||||||||||
Investments & real estate | 40,493 | 12,736 | |||||||||||||||
Consolidated | $ | 225,572 | $ | 227,180 |
Note_2_Interim_Financial_Prese1
Note 2 - Interim Financial Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $221 | $431 | $221 | $431 |
Note_3_Accounts_Receivable_Det
Note 3 - Accounts Receivable (Details) | Aug. 31, 2013 | Nov. 24, 2012 |
Receivables [Abstract] | ||
Percent of Gross Accounts Receivable Attributable to Amounts Owed by Licensees | 52.00% | 51.00% |
Percent of Allowance for Doubtful Accounts Attributable to Amounts Owed by Licensees | 68.00% | 84.00% |
Note_3_Accounts_Receivable_Det1
Note 3 - Accounts Receivable (Details) - Accounts receivable (USD $) | Aug. 31, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | ||
Accounts receivable [Abstract] | ||
Gross accounts receivable | $17,728 | $17,544 |
Allowance for doubtful accounts | -1,509 | -1,789 |
Accounts receivable, net | $16,219 | $15,755 |
Note_3_Accounts_Receivable_Det2
Note 3 - Accounts Receivable (Details) - Activity in the allowance for doubtful accounts (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Activity in the allowance for doubtful accounts [Abstract] | |
Balance at November 24, 2012 | $1,789 |
Additions charged to expense | 192 |
Write-offs and other deductions | -472 |
Balance at August 31, 2013 | $1,509 |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventories (USD $) | Aug. 31, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Wholesale finished goods | $33,545 | $33,110 |
Work in process | 309 | 273 |
Raw materials and supplies | 8,491 | 8,586 |
Retail merchandise | 25,032 | 23,938 |
Total inventories on first-in, first-out method | 67,377 | 65,907 |
LIFO adjustment | -7,604 | -6,902 |
Reserve for excess and obsolete inventory | -1,298 | -1,089 |
$58,475 | $57,916 |
Note_4_Inventories_Details_Act
Note 4 - Inventories (Details) - Activity in the reserves for excess quantities and obsolete inventory by segment (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Note 4 - Inventories (Details) - Activity in the reserves for excess quantities and obsolete inventory by segment [Line Items] | |
Balance at November 24, 2012 | $1,089 |
Additions charged to expense | 1,916 |
Write-offs | -1,707 |
Balance at August 31, 2013 | 1,298 |
Wholesale Segment [Member] | |
Note 4 - Inventories (Details) - Activity in the reserves for excess quantities and obsolete inventory by segment [Line Items] | |
Balance at November 24, 2012 | 715 |
Additions charged to expense | 1,652 |
Write-offs | -1,334 |
Balance at August 31, 2013 | 1,033 |
Retail Segment [Member] | |
Note 4 - Inventories (Details) - Activity in the reserves for excess quantities and obsolete inventory by segment [Line Items] | |
Balance at November 24, 2012 | 374 |
Additions charged to expense | 264 |
Write-offs | -373 |
Balance at August 31, 2013 | $265 |
Note_5_Unconsolidated_Affiliat2
Note 5 - Unconsolidated Affiliated Companies (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 25, 2012 | Aug. 31, 2013 | Nov. 24, 2012 |
Note 5 - Unconsolidated Affiliated Companies (Details) [Line Items] | |||
Equity Method Investments | $6,950 | $6,484 | |
Due to Affiliate | 2,167 | 2,547 | |
Indemnification Escrow Receivable | 2,348 | 4,696 | |
Increase (Decrease) in Other Receivables | $1,410 | ||
Zenith Freight Lines [Member] | |||
Note 5 - Unconsolidated Affiliated Companies (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% |
Note_5_Unconsolidated_Affiliat3
Note 5 - Unconsolidated Affiliated Companies (Details) - Income from Zenith (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 |
Income from Zenith [Abstract] | ||||
Equity in income of Zenith | $184 | $23 | $466 | $157 |
Note_5_Unconsolidated_Affiliat4
Note 5 - Unconsolidated Affiliated Companies (Details) - The escrow receivable from the sale of IHFC are included in our condensed consolidated balance sheets as follows (USD $) | Aug. 31, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
IHFC escrow receivable | $2,348 | $4,696 |
Other Current Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
IHFC escrow receivable | 2,348 | 2,348 |
Other Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
IHFC escrow receivable | $2,348 |
Note_6_Real_Estate_Notes_Payab2
Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) (USD $) | Aug. 31, 2013 | Dec. 18, 2012 | Nov. 24, 2012 | Dec. 09, 2011 |
In Thousands, unless otherwise specified | ||||
Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.73% | |||
Real Estate Investment Property, Net | $12,368 | $12,736 | ||
Secured Debt, Current | 253 | 241 | ||
Secured Long-term Debt, Noncurrent | 2,862 | 3,053 | ||
Loans Payable, Fair Value Disclosure | 3,104 | 3,668 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | 3,000 | ||
Outstanding Letters of Credit | 1,366 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 13,634 | |||
Financed Through Commercial Mortgages [Member] | ||||
Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) [Line Items] | ||||
Real Estate Investment Property, Net | $6,296 | $6,397 |
Note_6_Real_Estate_Notes_Payab3
Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) - Real estate notes payable (USD $) | Aug. 31, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | ||
Real estate notes payable [Abstract] | ||
Real estate notes payable | $3,115 | $3,294 |
Current portion of real estate notes payable | -253 | -241 |
$2,862 | $3,053 |
Note_7_Contingencies_Details
Note 7 - Contingencies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2012 | Aug. 31, 2013 | 26-May-12 | Aug. 31, 2013 | Aug. 25, 2012 | Nov. 24, 2012 | |
Note 7 - Contingencies (Details) [Line Items] | ||||||
Loss Contingency, Damages Awarded, Value | $1,449,000 | |||||
Amount of Legal Settlement Payments Above Estimated Reserve | 251 | 251 | ||||
Income from Continued Dumping and Subsidy Offset Act | 9,010,000 | 9,010,000 | ||||
Operating Leases, Future Minimum Payments Due | 98,718,000 | 98,718,000 | 72,800,000 | |||
Lease Obligations of Licensee Operators [Member] | ||||||
Note 7 - Contingencies (Details) [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 3,795,000 | 3,795,000 | 2,007,000 | |||
Colonial Trading [Member] | ||||||
Note 7 - Contingencies (Details) [Line Items] | ||||||
Payments for Legal Settlements | $1,700 | |||||
Minimum [Member] | ||||||
Note 7 - Contingencies (Details) [Line Items] | ||||||
Lease Guarantees Term | 1 year | |||||
Maximum [Member] | ||||||
Note 7 - Contingencies (Details) [Line Items] | ||||||
Lease Guarantees Term | 10 years |
Note_8_PostEmployment_Benefit_2
Note 8 - Post-Employment Benefit Obligations (Details) (USD $) | Aug. 31, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | ||
Note 8 - Post-Employment Benefit Obligations (Details) [Line Items] | ||
Postemployment Benefits Liability, Noncurrent | $11,118 | $11,577 |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||
Note 8 - Post-Employment Benefit Obligations (Details) [Line Items] | ||
Postemployment Benefits Liability | 9,407 | 9,805 |
Postemployment Benefits Liability, Noncurrent | 8,548 | 8,962 |
Unfunded Deferred Compensation Plan [Member] | ||
Note 8 - Post-Employment Benefit Obligations (Details) [Line Items] | ||
Postemployment Benefits Liability, Noncurrent | $2,570 | $2,615 |
Note_8_PostEmployment_Benefit_3
Note 8 - Post-Employment Benefit Obligations (Details) - Pension Liability (USD $) | Aug. 31, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | ||
Note 8 - Post-Employment Benefit Obligations (Details) - Pension Liability [Line Items] | ||
Post employment benefit obligations | $11,118 | $11,577 |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||
Note 8 - Post-Employment Benefit Obligations (Details) - Pension Liability [Line Items] | ||
Other accrued liabilities | 859 | 843 |
Post employment benefit obligations | 8,548 | 8,962 |
Total pension liability | $9,407 | $9,805 |
Note_8_PostEmployment_Benefit_4
Note 8 - Post-Employment Benefit Obligations (Details) - Components of net periodic pension costs (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 |
Components of net periodic pension costs [Abstract] | ||||
Service cost | $18 | $14 | $53 | $41 |
Interest cost | 87 | 94 | 262 | 282 |
Amortization of transition obligation | 11 | 11 | 32 | 32 |
Amortization of loss | 20 | 3 | 61 | 8 |
Net periodic pension cost | $136 | $122 | $408 | $363 |
Note_8_PostEmployment_Benefit_5
Note 8 - Post-Employment Benefit Obligations (Details) - Recognized expense under the deferred compensation plan (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 |
Recognized expense under the deferred compensation plan [Abstract] | ||||
Deferred compensation plan expense | $72 | $78 | $216 | $234 |
Note_9_Earnings_Per_Share_Deta
Note 9 - Earnings Per Share (Details) - Reconciliation of basic and diluted earnings per share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 |
Reconciliation of basic and diluted earnings per share [Abstract] | ||||
Net income (in Dollars) | $556 | $2,371 | $3,489 | $9,817 |
Weighted average shares | 10,742,625 | 10,945,784 | 10,717,506 | 11,074,265 |
Net income per share (in Dollars per share) | $0.05 | $0.22 | $0.33 | $0.89 |
Weighted average shares | 163,204 | 123,835 | 161,679 | 97,727 |
Net income per share (in Dollars per share) | ($0.01) | ($0.01) | ($0.01) | |
Net income (in Dollars) | $556 | $2,371 | $3,489 | $9,817 |
Weighted average shares | 10,905,829 | 11,069,619 | 10,879,185 | 11,171,992 |
Net income per share (in Dollars per share) | $0.05 | $0.21 | $0.32 | $0.88 |
Note_9_Earnings_Per_Share_Deta1
Note 9 - Earnings Per Share (Details) - Antidilutive securities | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 485,000 | 473,898 | 553,795 | 726,082 |
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 415,000 | 472,500 | 472,500 | 713,500 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 70,000 | 1,398 | 81,295 | 12,582 |
Note_10_Financial_Instruments_2
Note 10 - Financial Instruments and Fair Value Measurements (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 25, 2012 | Aug. 31, 2013 |
Note 10 - Financial Instruments and Fair Value Measurements (Details) [Line Items] | ||
Certificates of Deposit, Weighted Average Yield | 0.22% | |
Certificates of Deposit Weighted Average Remaining Time to Maturity | 8 months | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net (in Dollars) | $806 | |
Minimum [Member] | ||
Note 10 - Financial Instruments and Fair Value Measurements (Details) [Line Items] | ||
Certificates of Deposit, Term | 6 months | |
Certificates of Deposit Interest Rate | 0.12% | |
Maximum [Member] | ||
Note 10 - Financial Instruments and Fair Value Measurements (Details) [Line Items] | ||
Certificates of Deposit Interest Rate | 1.00% |
Note_10_Financial_Instruments_3
Note 10 - Financial Instruments and Fair Value Measurements (Details) - Carrying values and approximate fair values of certain financial instruments (USD $) | Aug. 31, 2013 | Nov. 24, 2012 | Aug. 25, 2012 | Nov. 26, 2011 |
In Thousands, unless otherwise specified | ||||
Carrying values and approximate fair values of certain financial instruments [Abstract] | ||||
Cash and cash equivalents | $8,904 | $45,566 | $57,967 | $69,601 |
Cash and cash equivalents | 8,904 | 45,566 | ||
Accounts receivable, net | 16,219 | 15,755 | ||
Accounts receivable, net | 16,219 | 15,755 | ||
Short-term investments | 28,125 | |||
Short-term investments | 28,125 | |||
Accounts payable | 19,048 | 22,405 | ||
Accounts payable | 19,048 | 22,405 | ||
Real estate notes payable | 3,115 | 3,294 | ||
Real estate notes payable | $3,104 | $3,668 |
Note_11_Restructuring_Asset_Im2
Note 11 - Restructuring, Asset Impairment, and Other Charges (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 25, 2012 | Aug. 25, 2012 | 26-May-12 | Aug. 25, 2012 | Aug. 25, 2012 |
Bassett [Member] | Mt. Airy [Member] | Richmond [Member] | Richmond [Member] | ||
Demolition of Closed Facility [Member] | Write-down of Closed Facility [Member] | Write-off of Leasehold Improvements [Member] | Lease Exit [Member] | ||
Note 11 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |||||
Restructuring, Settlement and Impairment Provisions | $711 | $203 | $385 | $123 | |
Gain (Loss) on Contract Termination | ($359) | ($228) |
Note_11_Restructuring_Asset_Im3
Note 11 - Restructuring, Asset Impairment, and Other Charges (Details) - Activity related to our accrued lease exit costs (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Nov. 24, 2012 |
Activity related to our accrued lease exit costs [Abstract] | ||
Accrued lease exit costs | $1,180 | $2,614 |
Current portion included in other accrued liabilities | 697 | |
Long-term portion included in other long-term liabilities | 483 | |
1,180 | ||
Payments on unexpired leases | -1,315 | |
Adjustments to previous estimates | -187 | |
Accretion of interest on obligations and other | $68 |
Note_13_Segment_Information_De
Note 13 - Segment Information (Details) | 9 Months Ended |
Aug. 31, 2013 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Note_13_Segment_Information_De1
Note 13 - Segment Information (Details) - Segment information (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 |
Net Sales | ||||
Net sales | $77,152 | $64,438 | $238,224 | $192,860 |
Income (loss) from Operations | ||||
Income (loss) from operations | 823 | 766 | 6,597 | 2,565 |
Restructuring and asset impairment charges | -711 | |||
Lease exit costs | -359 | |||
Depreciation and Amortization | ||||
Depreciation and amortization | 1,556 | 1,316 | 4,445 | 3,931 |
Capital Expenditures | ||||
Capital expenditures | 4,363 | 2,506 | 9,547 | 6,858 |
Wholesale Segment [Member] | ||||
Net Sales | ||||
Net sales | 52,927 | 44,805 | 160,820 | 133,355 |
Income (loss) from Operations | ||||
Income (loss) from operations | 2,367 | 1,711 | 8,218 | 5,575 |
Depreciation and Amortization | ||||
Depreciation and amortization | 325 | 259 | 998 | 825 |
Capital Expenditures | ||||
Capital expenditures | 731 | 1,268 | 2,853 | 2,303 |
Retail Segment [Member] | ||||
Net Sales | ||||
Net sales | 46,245 | 41,178 | 147,672 | 122,800 |
Income (loss) from Operations | ||||
Income (loss) from operations | -1,509 | -1,503 | -1,803 | -2,437 |
Depreciation and Amortization | ||||
Depreciation and amortization | 1,114 | 929 | 3,080 | 2,700 |
Capital Expenditures | ||||
Capital expenditures | 3,632 | 1,238 | 6,694 | 4,545 |
Investments and Real Estate [Member] | ||||
Depreciation and Amortization | ||||
Depreciation and amortization | 117 | 128 | 367 | 406 |
Capital Expenditures | ||||
Capital expenditures | 10 | |||
Intersegment Eliminations [Member] | ||||
Net Sales | ||||
Net sales | -22,020 | -21,545 | -70,268 | -63,295 |
Income (loss) from Operations | ||||
Income (loss) from operations | ($35) | $558 | $182 | $497 |
Note_13_Segment_Information_De2
Note 13 - Segment Information (Details) - Identifiable assets (USD $) | Aug. 31, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | $225,572 | $227,180 |
Wholesale Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 109,180 | 145,861 |
Retail Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 75,899 | 68,583 |
Investments and Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | $40,493 | $12,736 |