Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 28, 2015 | Jan. 08, 2016 | May. 30, 2015 | |
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | ||
Entity Central Index Key | 10,329 | ||
Trading Symbol | bset | ||
Current Fiscal Year End Date | --11-28 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 10,870,858 | ||
Entity Public Float | $ 308,300,086 | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 28, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Nov. 28, 2015 | Nov. 29, 2014 |
Current assets | ||
Cash and cash equivalents | $ 36,268,000 | $ 26,673,000 |
Short-term investments | 23,125,000 | 23,125,000 |
Accounts receivable, net of allowance for doubtful accounts of $1,175 and $1,249 as of November 28, 2015 and November 29, 2014, respectively | 21,197,000 | 15,228,000 |
Inventories | 59,896,000 | 57,272,000 |
Other current assets | 6,798,000 | 7,796,000 |
Total current assets | 147,284,000 | 130,094,000 |
Property and equipment, net | 96,104,000 | 74,812,000 |
Other long-term assets | ||
Deferred income taxes, net | 13,471,000 | 14,969,000 |
Goodwill and other intangible assets | 17,682,000 | 1,730,000 |
Other | 8,002,000 | 19,141,000 |
Total other long-term assets | 39,155,000 | 35,840,000 |
Total assets | 282,543,000 | 240,746,000 |
Current liabilities | ||
Accounts payable | 20,916,000 | 22,251,000 |
Accrued compensation and benefits | 14,345,000 | 8,931,000 |
Customer deposits | 23,999,000 | 22,202,000 |
Dividends payable | 2,184,000 | 2,102,000 |
Current portion of long-term debt | 5,273,000 | 316,000 |
Other accrued liabilities | 13,133,000 | 10,971,000 |
Total current liabilities | 79,850,000 | 66,773,000 |
Long-term liabilities | ||
Post employment benefit obligations | 12,694,000 | 11,498,000 |
Notes payable | 8,500,000 | 1,902,000 |
Other long-term liabilities | 4,133,000 | 3,741,000 |
Total long-term liabilities | $ 25,327,000 | $ 17,141,000 |
Commitments and Contingencies | ||
Stockholders’ equity | ||
Common stock, $5 par value; 50,000,000 shares authorized; issued and outstanding 10,916,021 at November 28, 2015 and 10,493,393 at November 29, 2014 | $ 54,580,000 | $ 52,467,000 |
Retained earnings | 120,904,000 | $ 106,339,000 |
Additional paid-in-capital | 4,560,000 | |
Accumulated other comprehensive loss | (2,678,000) | $ (1,974,000) |
Total stockholders' equity | 177,366,000 | 156,832,000 |
Total liabilities and stockholders’ equity | $ 282,543,000 | $ 240,746,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Nov. 28, 2015 | Nov. 29, 2014 |
Allowance for doubtful accounts | $ 1,175 | $ 1,249 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 10,916,021 | 10,493,393 |
Common stock, outstanding (in shares) | 10,916,021 | 10,493,393 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Sales revenue: | |||
Furniture and accessories | $ 387,405,000 | $ 340,738,000 | $ 321,286,000 |
Logistics | 43,522,000 | ||
Total sales revenue | 430,927,000 | $ 340,738,000 | $ 321,286,000 |
Cost of furniture and accessories sold | 179,291,000 | 158,317,000 | 155,292,000 |
Selling, general and administrative expenses excluding new store pre-opening costs | 224,050,000 | 166,073,000 | 155,318,000 |
New store pre-opening costs | 623,000 | 1,217,000 | 671,000 |
Lease exit costs | 419,000 | $ 0 | $ 0 |
Asset impairment charges | 106,000 | ||
Restructuring Charges | 449,000 | ||
Income from operations | 25,989,000 | $ 15,131,000 | $ 10,005,000 |
Remeasurement gain on acquisition of affiliate | 7,212,000 | ||
Income from Continued Dumping & Subsidy Offset Act | 1,156,000 | ||
Income from unconsolidated affiliated company | 220,000 | $ 661,000 | $ 770,000 |
Interest expense | (607,000) | (188,000) | (255,000) |
Other loss, net | (2,102,000) | (997,000) | (2,333,000) |
Income before income taxes | 31,868,000 | 14,607,000 | 8,187,000 |
Income tax expense | 11,435,000 | 5,308,000 | 3,091,000 |
Net income | $ 20,433,000 | $ 9,299,000 | $ 5,096,000 |
Net income per share | |||
Basic income per share (in dollars per share) | $ 1.91 | $ 0.88 | $ 0.48 |
Diluted income per share (in dollars per share) | 1.88 | 0.87 | 0.47 |
Regular dividends (in dollars per share) | 0.34 | 0.28 | 0.22 |
Special dividend (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Net income | $ 20,433 | $ 9,299 | $ 5,096 |
Other comprehensive loss: | |||
Actuarial adjustment to supplemental executive retirement defined benefit plan (SERP) | (1,135) | (918) | (310) |
Income taxes related to SERP | 431 | 358 | 119 |
Other comprehensive loss, net of tax | (704) | (560) | (191) |
Total comprehensive income | $ 19,729 | $ 8,739 | $ 4,905 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Operating activities: | |||
Net income | $ 20,433 | $ 9,299 | $ 5,096 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 10,137 | 7,316 | 6,198 |
Equity in undistributed income of investments and unconsolidated affiliated companies | (220) | $ (661) | $ (770) |
Non-cash asset impairment charges | 106 | ||
Non-cash portion of lease exit costs | 419 | ||
Remeasurement gain on acquisition of affiliate | (7,212) | ||
Tenant improvement allowances received from lessors | $ 1,283 | $ 3,060 | |
Collateral deposited with insurance carrier | $ (1,150) | ||
Impairment and lease exit charges on retail real estate | $ 416 | ||
Deferred income taxes | $ 1,930 | $ 544 | 2,282 |
Other, net | 2,082 | 264 | 677 |
Changes in operating assets and liabilities | |||
Accounts receivable | (2,354) | 775 | (686) |
Inventories | (2,624) | (4,203) | 4,847 |
Other current and long-term assets | 1,494 | 1,548 | (4,819) |
Customer deposits | 1,796 | 5,912 | 3,961 |
Accounts payable and accrued liabilities | 5,128 | 7,257 | (6,562) |
Net cash provided by operating activities | 32,398 | 29,961 | 10,640 |
Investing activities: | |||
Purchases of property and equipment | (13,974) | (17,980) | (14,302) |
Proceeds from sales of property and equipment | 2,981 | $ 5,157 | $ 958 |
Cash paid for business acquisition, net of cash acquired | (7,323) | ||
Capital contribution to affiliate | $ (1,345) | ||
Proceeds from sale of affiliate | $ 2,348 | $ 2,348 | |
Proceeds from maturities and sales of investments | $ 5,000 | ||
Purchases of investments | $ (28,125) | ||
Cash received on notes receivable and other | $ 320 | 89 | |
Net cash used in investing activities | $ (19,661) | (5,155) | (39,032) |
Financing activities: | |||
Cash dividends | (5,786) | (5,155) | (2,935) |
Proceeds from exercise of stock options | 4,031 | 297 | 313 |
Issuance of common stock | 325 | 311 | 393 |
Repurchases of common stock | (2,071) | (5,602) | (1,750) |
Taxes paid related to net share settlement of equity awards | (178) | (489) | (226) |
Excess tax benefits from stock-based compensation | 1,998 | $ 300 | $ 313 |
Proceeds from equipment loan | 1,307 | ||
Payments on notes | $ (2,768) | $ (528) | $ (549) |
Other, net | |||
Net cash used in financing activities | $ (3,142) | $ (10,866) | $ (4,441) |
Change in cash and cash equivalents | 9,595 | 13,940 | (32,833) |
Cash and cash equivalents - beginning of year | 26,673 | 12,733 | 45,566 |
Cash and cash equivalents - end of year | $ 36,268 | $ 26,673 | $ 12,733 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Nov. 24, 2012 | 10,836,840 | ||||
Balance at Nov. 24, 2012 | $ 54,184,000 | $ 104,319,000 | $ (1,223,000) | $ 157,280,000 | |
Comprehensive income | |||||
Net income | $ 5,096,000 | 5,096,000 | |||
Actuarial adjustment to SERP | $ (191,000) | (191,000) | |||
Regular dividends ($0.22 per share) | $ (2,393,000) | (2,393,000) | |||
Special dividend ($0.20 per share) | $ (2,172,000) | (2,172,000) | |||
Issuance of common stock (in shares) | 160,128 | ||||
Issuance of common stock | $ 801,000 | $ (104,000) | 697,000 | ||
Purchase and retirement of common stock (in shares) | (137,650) | ||||
Purchase and retirement of common stock | $ (688,000) | (937,000) | $ (324,000) | (1,949,000) | |
Stock-based compensation | 728,000 | 728,000 | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 313,000 | 313,000 | |||
Balance (in shares) at Nov. 30, 2013 | 10,859,318 | ||||
Balance at Nov. 30, 2013 | $ 54,297,000 | $ 104,526,000 | $ (1,414,000) | 157,409,000 | |
Comprehensive income | |||||
Purchase and retirement of common stock | $ 688,000 | $ 937,000 | 324,000 | 1,949,000 | |
Net income | $ 9,299,000 | 9,299,000 | |||
Actuarial adjustment to SERP | $ (560,000) | (560,000) | |||
Regular dividends ($0.22 per share) | $ (2,983,000) | (2,983,000) | |||
Special dividend ($0.20 per share) | $ (2,102,000) | (2,102,000) | |||
Issuance of common stock (in shares) | 69,619 | ||||
Issuance of common stock | $ 348,000 | $ 260,000 | 608,000 | ||
Purchase and retirement of common stock (in shares) | (435,544) | ||||
Purchase and retirement of common stock | $ (2,178,000) | (1,511,000) | $ (2,401,000) | (6,090,000) | |
Stock-based compensation | 951,000 | 951,000 | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 300,000 | $ 300,000 | |||
Balance (in shares) at Nov. 29, 2014 | 10,493,393 | 10,493,393 | |||
Balance at Nov. 29, 2014 | $ 52,467,000 | $ 106,339,000 | $ (1,974,000) | $ 156,832,000 | |
Comprehensive income | |||||
Purchase and retirement of common stock | $ 2,178,000 | $ 1,511,000 | 2,401,000 | 6,090,000 | |
Net income | $ 20,433,000 | 20,433,000 | |||
Actuarial adjustment to SERP | $ (704,000) | (704,000) | |||
Regular dividends ($0.22 per share) | $ (3,684,000) | (3,684,000) | |||
Special dividend ($0.20 per share) | $ (2,184,000) | (2,184,000) | |||
Issuance of common stock (in shares) | 503,814 | ||||
Issuance of common stock | $ 2,519,000 | $ 3,511,000 | 6,030,000 | ||
Purchase and retirement of common stock (in shares) | (81,186) | ||||
Purchase and retirement of common stock | $ 406,000 | 1,843,000 | 2,249,000 | ||
Stock-based compensation | 894,000 | 894,000 | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 1,998,000 | $ 1,998,000 | |||
Balance (in shares) at Nov. 28, 2015 | 10,916,021 | 10,916,021 | |||
Balance at Nov. 28, 2015 | $ 54,580,000 | 4,560,000 | $ 120,904,000 | $ (2,678,000) | $ 177,366,000 |
Comprehensive income | |||||
Purchase and retirement of common stock | $ (406,000) | $ (1,843,000) | $ (2,249,000) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Retained Earnings [Member] | |||
Regular dividends per share (in dollars per share) | $ 0.34 | $ 0.28 | $ 0.22 |
Special dividend per share (in dollars per share) | 0.20 | 0.20 | 0.20 |
Regular dividends per share (in dollars per share) | 0.34 | 0.28 | 0.22 |
Special dividend per share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Description of Business Bassett Furniture Industries, Incorporated (together with its consolidated subsidiaries, “Bassett”, “we”, “our”, the “Company”) based in Bassett, Va., is a leading manufacturer, marketer and retailer of branded home furnishings. Bassett’s full range of furniture products and accessories, designed to provide quality, style and value, are sold through an exclusive nation-wide network of 93 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 93 stores, the Company owns and operates 60 stores (“Company-owned retail stores”) with the other 33 being independently owned (“licensee operated”). We also distribute our products through other multi-line furniture stores, many of which feature Bassett galleries or design centers, specialty stores and mass merchants. We sourced approximately 37% of our wholesale products from various countries, with the remaining volume produced at our three domestic manufacturing facilities. Zenith Acquisition Prior to February 2, 2015 we held a 49% interest in Zenith Freight Lines, LLC (“Zenith”) for which we used the equity method of accounting. On February 2, 2015 we acquired the remaining 51% ownership interest (see Note 3, Business Combinations). Zenith provides over-the-road transportation of furniture, operates regional freight terminal, warehouse and distribution facilities in eleven states, and manages various home delivery facilities that service Bassett Home Furnishings stores and other clients in local markets around the United States. With the acquisition of Zenith, we established our logistical services operating segment. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation Our fiscal year ends on the last Saturday in November, which periodically results in a 53-week year. Fiscal 2015 and 2014 each contained 52 weeks, whereas Fiscal 2013 contained 53 weeks. The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. Accordingly, the results of Zenith have been consolidated with our results since the date of the acquisition. Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated, and Zenith’s operating costs and expenses since the date of acquisition are included in selling, general and administrative expenses in our condensed consolidated statements of net income. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal 2015, 2014 and 2013 are to Bassett's fiscal year ended November 28, 2015, November 29, 2014 and November 30, 2013, respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP. For comparative purposes, certain amounts in the 2014 and 2013 financial statements have been reclassified to conform to the 2015 presentation. See “Recent Accounting Pronouncements” below regarding the impact of our adoption of Accounting Standards Update 2015-17 upon the classification of deferred tax assets in our consolidated balance sheets. The equity method of accounting was used for our investment in Zenith prior to the date of acquisition because we exercised significant influence but did not maintain a controlling interest. Consolidated net income includes our proportionate share of the net income or net loss of Zenith prior to the date of the acquisition. We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 17 for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic 810. We completed our assessment for other potential VIEs, and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. Revenue Recognition Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company-owned retail stores, upon delivery to the customer. We offer terms varying from 30 to 60 days for wholesale customers. For retail sales, we typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled. Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do not provide for any royalty or license fee to be paid to us. Revenue is reported net of any taxes collected. For our logistical services segment, line-haul freight revenue and home delivery revenue are recognized upon the completion of delivery to the destination. Warehousing services revenue is based upon warehouse space occupied by a customer’s goods and inventory movements in and out of a warehouse and is recognized as such services are provided. Staff Accounting Bulletin No. 104, Revenue Recognition Cash Equivalents The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments, which consist of certificates of deposit, are not considered cash equivalents since they have original maturities of greater than three months. Accounts Receivable Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates. A significant portion of our trade accounts receivable and allowance for doubtful accounts are attributable to amounts owed to us by our licensees, with the remaining receivables due primarily from national account customers, traditional distribution channel customers and logistical services customers. The percentages of our trade accounts receivable and related allowance for doubtful accounts owed to us by our licensees were as follows at November 28, 2015 and November 29, 2014: 2015 2014 Portion of trade accounts receivable owed by licensees 34 % 46 % Portion of allowance for doubtful accounts attributable to licensees 32 % 58 % Concentrations of Credit Risk and Major Customers Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 28, 2015 and November 29, 2014, our aggregate exposure from receivables and guarantees related to customers consisted of the following: 2015 2014 Accounts receivable, net of allowances (Note 5) $ 21,197 $ 15,228 Notes receivable, net of allowances 10 592 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17) 2,441 3,046 Total credit risk exposure related to customers $ 23,648 $ 18,866 At November 28, 2015, approximately 26% of the aggregate risk exposure, net of reserves, shown above was attributable to three customers. At November 29, 2014, approximately 24% of the aggregate risk exposure, net of reserves, shown above was attributable to two customers. In fiscal 2015, 2014 and 2013, no customer accounted for more than 10% of total net sales. We have no foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the United States or its territories or possessions. Our export sales were approximately $4,516, $4,774, and $4,603 in fiscal 2015, 2014, and 2013, respectively. All of our export sales are invoiced and settled in U.S. dollars. Inventories Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last-in, first-out (“LIFO”) method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 43% and 40% of total inventory before reserves at November 28, 2015 and November 29, 2014, respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. Property and Equipment Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. Retail Real Estate Retail real estate is comprised of owned and leased properties which have been utilized by licensee operated BHF stores, including properties which are now leased or subleased to non-licensee tenants. These properties are located in high traffic, upscale locations that are normally occupied by large successful national retailers. This real estate is stated at cost less accumulated depreciation and is depreciated over the useful lives of the respective assets utilizing the straight line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. As of November 28, 2015 and November 29, 2014, the cost of retail real estate included land totaling $990 and $1,990, respectively, and building and leasehold improvements of $6,178 and $8,831, respectively. As of November 28, 2015 and November 29, 2014, accumulated depreciation of retail real estate was $4,160 and $4,631, respectively. The net book value of our retail real estate is included in other long-term assets in our consolidated balance sheets. Depreciation expense was $184, $400, and $484 in fiscal 2015, 2014, and 2013, respectively, and is included in other loss, net, in our consolidated statements of income. During the year ended November 28, 2015 we closed on the sale of our retail real estate investment property located in Sugerland, Texas and received cash in the amount of $2,835. During fiscal 2015 we recognized a non-cash charge of $182 to write down the carrying value of the Sugarland real estate to the selling price. During the year ended November 29, 2014 we received proceeds from the disposition of retail real estate totaling $5,157. During the first quarter of fiscal 2014 we received $1,407 from the sale of our retail real estate investment property in Henderson, Nevada. During the third quarter of fiscal 2014 we received net proceeds in the amount of $3,750 from the sale of our retail real estate investment property located in Denver, Colorado. There were no material gains or losses associated with these dispositions during fiscal 2014, however an impairment charge in the amount of $416 was recognized during fiscal 2013 to write down the carrying value of the Henderson real estate to the selling price for which it was under contract. The fiscal 2015 and 2014 sales proceeds described above are included in proceeds from sales of property and equipment in the accompanying consolidated statements of cash flows. The fiscal 2015 and 2013 impairment charges described above are included in other loss, net, in our consolidated statements of income. Goodwill Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. In accordance with ASC Topic 350, Intangibles – Goodwill & Other , the goodwill impairment test consists of a two-step process, if necessary. However, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the two-step process. Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of November 28, 2015. The first step compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, the second step is performed whereby we must calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. This second step represents a hypothetical application of the acquisition method of accounting as if we had acquired the reporting unit on that date. Our impairment methodology uses a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding future profitability of the reporting unit and industry economic factors. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. Other Intangible Assets Intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite-lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded. Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write-down of the value of the asset may be required at such time. Impairment of Long Lived Assets We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future. When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. Income Taxes We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 11. New Store Pre-Opening Costs Income (loss) from operations for fiscal 2015, 2014 and 2013 includes new store pre-opening costs of $623, $1,217 and $671, respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre-opening activities including training. New store pre-opening costs do not include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are no pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition. Shipping and Handling Costs Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $18,624, $16,162, and $15,685 for fiscal 2015, 2014 and 2013, respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled $15,383, $12,844, and $10,855 for fiscal 2015, 2014 and 2013, respectively. Advertising Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $16,228, $15,614, and $14,750 in fiscal 2015, 2014, and 2013, respectively. Insurance Reserves We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns. Supplemental Cash Flow Information In connection with our acquisition of Zenith, non-cash financing activities included the issuance of 89,485 shares of our common stock valued at $1,675, and the issuance of a note payable with a discounted fair value of $8,436. See Note 3 for additional information regarding the fair value of the consideration given for the acquisition of Zenith. There were no material non-cash investing or financing activities during fiscal 2014 or 2013. Recent Accounting Pronouncements In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), which updated the guidance in ASC Topic 205, Presentation of Financial Statements, and ASC Topic 360, Property, Plant and Equipment. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. This guidance will become effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and therefore will become effective for us as of the beginning of our 2016 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), which creates ASC Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU 2014-09 supersedes the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU 2014-09 will become effective for us as of the beginning of our 2019 fiscal year. We are currently evaluating the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements and have not made any decision on the method of adoption. In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the concept of reporting extraordinary items, but retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after 15 December 2015. Early adoption is permitted; however, adoption must occur at the beginning of an annual period. Therefore the amendments in ASU 2015-01 will become effective for us as of the beginning of our 2017 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 requires that inventory within the scope of this Update be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this Update do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Therefore the amendments in ASU 2015-11 will become effective for us as of the beginning of our 2018 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In July 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Any current period adjustments to provisional amounts that would have impacted a prior period’s earnings had they been recognized at the acquisition date are required to be presented separately on the face of the income statement or disclosed in the notes. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted for financial statements that have not been issued. Therefore the amendments in ASU 2015-16 will become effective for us as of the beginning of our 2017 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. The amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. We have elected to adopt this update as of the fourth quarter of fiscal 2015. Accordingly, deferred tax assets in the amount of $5,268 which were formerly classified as current assets at November 29, 2014 have been reclassified as non-current assets in our consolidated balance sheet. |
Note 3 - Business Combination -
Note 3 - Business Combination - Acquisition of Zenith | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combination – Acquisition of Zenith Prior to February 2, 2015 we held a 49% interest in Zenith for which we used the equity method of accounting. Zenith provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors and also provides home delivery services to furniture retailers. We historically have contracted with Zenith to provide substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for many of our Company-owned retail stores. On February 2, 2015, we acquired the remaining 51% of Zenith in exchange for cash, Bassett common stock and a note payable with a total fair value of $19,111. The value of the Bassett common stock was based on the closing market price of our shares on the acquisition date, discounted for lack of marketability due to restrictions on the seller’s ability to transfer the shares. The restrictions on one half of the shares expire on the first anniversary of the acquisition, with the remainder expiring on the second anniversary. The note is payable in three annual installments of $3,000 each beginning February 2, 2016, and has been discounted to its fair value as of the date of the acquisition based on our estimated borrowing rate. The carrying value of our 49% interest in Zenith prior to the acquisition was $9,480 (see Note 9, Unconsolidated Affiliated Company). In connection with the acquisition, this investment was remeasured to a fair value of $16,692 resulting in the recognition of a gain of $7,212 during the year ended November 28, 2015. The impact of this gain upon our basic and diluted earnings per share for the year ended November 28, 2015 is approximately $0.41 net of the related tax expense. The remeasured fair value of our prior interest in Zenith was estimated based on the fair value of the consideration transferred to acquire the remaining 51% of Zenith less an estimated control premium. Under the acquisition method of accounting, the fair value of the consideration transferred along with the fair value of our previous 49% interest in Zenith was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill. The total fair value of the acquired business was determined as follows: Fair value of consideration transferred in exchange for 51% of Zenith: Cash $ 9,000 Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share 1,675 Note payable 8,436 Total fair value of consideration transferred to seller 19,111 Less effective settlement of previous amounts payable to Zenith at acquisition (3,622 ) Total fair value of consideration net of effective settlement 15,489 Fair value of Bassett's previous 49% interest in Zenith 16,692 Total fair value of acquired business $ 32,181 The preliminary allocation of the fair value of the acquired business was based upon a preliminary valuation. Our estimates and assumptions are subject to change as we obtain additional information for our estimates during the measurement period (up to one year from the acquisition date). The primary areas of the preliminary allocation of the fair value of consideration transferred that are not yet finalized relate to the fair values of certain tangible and intangible assets acquired and the residual goodwill. The preliminary allocation of the fair value of the acquired business is as follows: Identifiable assets acquired: Acquired cash and cash equivalents $ 1,677 Accounts receivable, net 3,399 Prepaid expenses and other current assets 496 Property and equipment 18,110 Other long-term assets 646 Intangible assets 6,362 Total identifiable assets acquired 30,690 Liabilities assumed: Accounts payable and accrued liabilities (4,038 ) Notes payable (4,329 ) Total liabilities assumed (8,367 ) Net identifiable assets acquired 22,323 Goodwill 9,858 Total net assets acquired $ 32,181 Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to tangible and intangible assets and liabilities. Approximately $6,982 of the acquired goodwill is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill were Zenith’s reputation for best-in-class, fully integrated logistical services which are uniquely tailored to the needs of the furniture industry, as well as their ability to provide expedited delivery service which is increasingly in demand in the furniture industry. A portion of the fair value of consideration transferred has been provisionally assigned to identifiable intangible assets as follows: Useful Life Description: In Years Fair Value Customer relationships 15 $ 3,038 Trade names Indefinite 2,490 Technology - customized applications 7 834 Total acquired intangible assets $ 6,362 The finite-lived intangible assets are being amortized on a straight-line basis over their useful lives. The indefinite-lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists. The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures Acquisition costs related to the Zenith acquisition totaled $209 during the year ended November 28, 2015 and are included in selling, general and administrative expenses in the consolidated statements of income. The acquisition costs are primarily related to legal, accounting and valuation services. Zenith’s revenue since February 2, 2015 included in our consolidated statement of income for the year ended November 28, 2015 is $43,522 after the elimination of intercompany transactions. Net income of Zenith included in our consolidated statement of income for the year ended November 28, 2015 is $2,078. The pro forma results of operations for the acquisition of Zenith have not been presented because they are not material to our consolidated results of operations. |
Note 4 - Financial Instruments,
Note 4 - Financial Instruments, Investments and Fair Value Measurements | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Financial Instruments, Investments and Fair Value Measurements Financial Instruments Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and long-term debt. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value. Our cost method investments generally involve entities for which it is not practical to determine fair values. Investments Our short-term investments of $23,125 at both November 28, 2015 and November 29, 2014 consisted of certificates of deposit (CDs) with original terms of twelve months, bearing interest at rates ranging from 0.28% to 1.00%. At November 28, 2015, the weighted average remaining time to maturity of the CDs was approximately seven months and the weighted average yield of the CDs was approximately 0.42%. Each CD is placed with a Federally insured financial institution and all deposits are within Federal deposit insurance limits. As the CDs mature, we expect to reinvest them in CDs of similar maturities of up to one year. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at November 28, 2015 and November 29, 2014 approximates their fair value. Fair Value Measurement The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures Level 1 Inputs Level 2 Inputs Level 3 Inputs We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our notes payable for disclosure purposes (see Note 10) involves Level 3 inputs. Our primary non-recurring fair value estimates typically involve business acquisitions (Note 3) which involve a combination of Level 2 and Level 3 inputs, and asset impairments (Note 15) which utilize Level 3 inputs. |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Accounts Receivable Accounts receivable consists of the following: November 28, 2015 November 29, 2014 Gross accounts receivable $ 22,372 $ 16,477 Allowance for doubtful accounts (1,175 ) (1,249 ) Net accounts receivable $ 21,197 $ 15,228 Activity in the allowance for doubtful accounts was as follows: 2015 2014 Balance, beginning of the year $ 1,249 $ 1,607 Acquired allowance on accounts receivable (Note 3) 209 - Reductions to allowance, net (283 ) (358 ) Balance, end of the year $ 1,175 $ 1,249 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 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories consist of the following: November 28, 2015 November 29, 2014 Wholesale finished goods $ 31,253 $ 31,399 Work in process 318 298 Raw materials and supplies 9,793 8,109 Retail merchandise 27,680 26,428 Total inventories on first-in, first-out method 69,044 66,234 LIFO adjustment (7,751 ) (7,550 ) Reserve for excess and obsolete inventory (1,397 ) (1,412 ) $ 59,896 $ 57,272 We source a significant amount of our wholesale product from other countries. During 2015, 2014 and 2013, purchases from our two largest vendors located in China and Vietnam were $25,190, $26,707 and $24,217 respectively. 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 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 are as follows: Wholesale Segment Retail Segment Total Balance at November 30, 2013 $ 1,001 $ 292 $ 1,293 Additions charged to expense 1,666 331 1,997 Write-offs (1,607 ) (271 ) (1,878 ) Balance at November 29, 2014 1,060 352 1,412 Additions charged to expense 2,442 430 2,872 Write-offs (2,415 ) (472 ) (2,887 ) Balance at November 28, 2015 $ 1,087 $ 310 $ 1,397 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and Equipment Property and equipment consist of the following: November 28, 2015 November 29, 2014 Land $ 12,311 $ 11,371 Buildings and leasehold improvements 104,265 90,204 Machinery and equipment 85,490 70,184 Property and equipment at cost 202,066 171,759 Less accumulated depreciation (105,962 ) (96,947 ) Property and equipment, net $ 96,104 $ 74,812 The net book value of our property and equipment by reportable segment is a follows: November 28, 2015 November 29, 2014 Wholesale $ 17,763 $ 14,933 Retail - Company-owned stores 60,810 59,879 Logistical Services 17,531 - Total property and equipment, net $ 96,104 $ 74,812 Depreciation expense associated with the property and equipment shown above was included in income from operations in our consolidated statements of income as follows: 2015 2014 2013 Cost of goods sold (1) $ 599 $ 542 $ 595 Selling, general and adminstrative expenses (2) 9,627 6,814 5,279 Total depreciation expense included in income from operations $ 10,226 $ 7,356 $ 5,874 (1) All associated with our wholesale segment for fiscal 2015, 2014 and 2013. (2) Includes depreciation associated with our retail segment of $5,970, $5,782 and $4,531 for fiscal 2015, 2014 and 2013, respectively. Fiscal 2015 includes depreciation associated with our logistical services segment of $2,366. |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Other Intangible Assets At November 28, 2015 goodwill and other intangible assets consisted of the following: Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 3,038 $ (169 ) $ 2,869 Technology - customized applications 834 (99 ) 735 Total intangible assets subject to amortization 3,872 (268 ) 3,604 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (268 ) $ 17,682 At November 29, 2014 our only intangible asset was goodwill with a carrying value of $1,730. Changes in the carrying amounts of goodwill by reportable segment were as follows: Wholesale Retail Logistics Total Balance as of November 29, 2014 $ 1,128 $ 602 $ - $ 1,730 Goodwill arising from acquisition of Zenith 3,711 1,218 4,929 9,858 Balance as of November 28, 2015 $ 4,839 $ 1,820 $ 4,929 $ 11,588 The goodwill recognized in connection with our acquisition of Zenith remains subject to future adjustments before the close of the measurement period in the first quarter of fiscal 2016. Refer to Note 3, Business Combinations, for additional information regarding the Zenith acquisition. There were no changes in the carrying value of our goodwill during fiscal 2014, and there were no accumulated impairment losses on goodwill as of November 28, 2015 or November 29, 2014. Amortization expense associated with intangible assets during the year ended November 28, 2015 was $268 and is included in selling, general and administrative expense in our consolidated statement of income. All expense arising from the amortization of intangible assets is associated with our logistical services segment. There was no amortization expense recognized during fiscal 2014 or 2013. Estimated future amortization expense for intangible assets that exist at November 28, 2015 is as follows: Fiscal 2016 $ 322 Fiscal 2017 322 Fiscal 2018 322 Fiscal 2019 322 Fiscal 2020 322 Thereafter 1,994 Total $ 3,604 |
Note 9 - Unconsolidated Affilia
Note 9 - Unconsolidated Affiliated Companies | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 9. Unconsolidated Affiliated Companies Zenith Freight Lines, LLC Prior to February 2, 2015 we owned 49% of Zenith and accounted for our investment under the equity method. Our investment in Zenith at November 29, 2014 was $7,915 and is included in other assets in our condensed consolidated balance sheet. The balance of our investment in Zenith was adjusted for our equity in the earnings of Zenith through February 2, 2015 of $220, and increased by $1,345 representing our 49% share of a $2,745 capital contribution made to Zenith, a portion of which was used for retirement of certain of Zenith’s debt prior to the acquisition. This activity resulted in a carrying value for our investment in Zenith of $9,480 on the date of acquisition. See Note 3 regarding the remeasurement of this carrying value to fair value in connection with the acquisition and the resulting gain. Prior to the acquisition on February 2, 2015, we recorded the following income from Zenith in our consolidated statements of income: 2015 2014 2013 Earnings recognized $ 220 $ 661 $ 770 At November 29, 2014, we owed Zenith $2,628 for services rendered to us. Prior to the acquisition, we paid Zenith approximately $6,863, $31,308 and $29,313, for freight expense and logistical services in fiscal 2015, 2014, and 2013, respectively. We believe the transactions with Zenith were recorded at current market rates. International Home Furnishings Center In connection with the sale of our interest in International Home Furnishings Center, Inc. (“IHFC”) on May 2, 2011, to International Market Centers, L.P. (“IMC”), $6,106 of the sales proceeds were placed in escrow at the time of the sale to cover various contingencies. At various times during fiscal 2012, 2013 and 2014, the contingencies were satisfied without loss to the Company and the funds were released to us. During fiscal 2014 and 2013 we received the final two payments of sales proceeds in the amount of $2,348 each which are included in cash flows from investing activities in our consolidated statements of cash flows. In addition to the proceeds described above, at the time of the sale we acquired a minority interest in IMC in exchange for $1,000. IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P. Our investment in IMC is included in other long-term assets in the accompanying consolidated balance sheets and is accounted for using the cost method as we do not have significant influence over IMC. |
Note 10 - Notes Payable and Ban
Note 10 - Notes Payable and Bank Credit Facility | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Notes Payable and Bank Credit Facility Our notes payable consist of the following: November 28, 2015 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 9,000 $ (312 ) $ 8,688 Transportation equipment notes payable 2,152 - 2,152 Real estate notes payable 2,933 - 2,933 Total debt 14,085 (312 ) 13,773 Less current portion (5,477 ) 204 (5,273 ) Total long-term debt $ 8,608 $ (108 ) $ 8,500 November 29, 2014 Principal Balance Unamortized Discount Net Carrying Amount Real estate notes payable $ 2,218 $ - $ 2,218 Less current portion (316 ) - (316 ) Total long-term debt $ 1,902 $ - $ 1,902 The future maturities of our notes payable are as follows: Fiscal 2016 $ 5,477 Fiscal 2017 4,112 Fiscal 2018 3,803 Fiscal 2019 543 Fiscal 2020 150 Thereafter - $ 14,085 Zenith Acquisition Note Payable As part of the consideration given for our acquisition of Zenith on February 2, 2015, we issued an unsecured note payable to the former owner in the amount of $9,000. The note is payable in three annual installments $3,000 beginning February 2, 2016. Interest is payable annually at the one year LIBOR rate, which was established at 0.62% on February 2, 2015 and resets on each anniversary of the note. The note was recorded at its fair value in connection with the acquisition resulting in a debt discount that is amortized to the principal amount through the recognition of non-cash interest expense over the term of the note. Interest expense resulting from the amortization of the discount for the year ended November 28, 2015 was $252. The current portion of the note due within one year, net of the current portion of the unamortized discount, is $2,796 at November 28, 2015. Transportation Equipment Notes Payable Certain of the transportation equipment operated in our logistical services segment is financed by notes payable in the amount of $2,152. These notes are payable in fixed monthly payments of principal and interest at the fixed rate of 3.75%, with remaining terms of nineteen to forty months. The current portion of these notes due within one year at November 28, 2015 is $901. The notes are secured by tractors, trailers and local delivery trucks with a total net book value of $3,796 at November 28, 2015. Real Estate Notes Payable Two 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 $5,993 and $6,127 at November 28, 2015 and November 29, 2014, respectively. The total balance outstanding under these mortgages was $1,709 and $2,218 at November 28, 2015 and November 29, 2014, respectively. The current portion of these mortgages due within one year was $351 and $316 as of November 28, 2015 and November 29, 2014, respectively. Certain of the real estate located in Conover, NC and operated in our logistical services segment is subject to a note payable in the amount of $1,224. The note is payable in monthly installments of principal and interest at the fixed rate of 3.75% through October 2016, at which time the remaining balance on the note of approximately $1,004 will be due. Therefore, the entire balance due on this note is included in the current portion of our long-term debt at November 28, 2015. The note is secured by land and buildings with a total net book value of $6,226 at November 28, 2015. Fair Value We believe that the carrying amount of our notes payable approximates fair value at both November 28, 2015 and November 29, 2014. In estimating the fair value, we utilize 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 Bank Credit Facility Our credit facility with our bank provides for a line of credit of up to $15,000. This credit facility is secured by our accounts receivable and inventory. The facility contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the agreement and expect to remain in compliance for the foreseeable future. The line matured in December 2015 but has been temporarily extended while we are in negotiations with our bank for a new line, which we expect to obtain during the first quarter of fiscal 2016 under substantially similar terms, except that the line is expected to be unsecured. We have $1,970 outstanding under standby letters of credit against our line, leaving availability under our credit line of $13,030. In addition, we have outstanding standby letters of credit with another bank totaling $356. Total interest paid during fiscal 2015, 2014 and 2013 was $277, 176 and $244, respectively. |
Note 11 - Post Employment Benef
Note 11 - Post Employment Benefit Obligations | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 11. Post-Employment Benefit Obligations Supplemental Retirement Income Plan We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to 65% of the participant’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us. The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary 50% of final average annual compensation for a period of 120 months, or (b) post-retirement death, which pays the beneficiary 200% of final average compensation in a single payment. We own life insurance policies on these executives with a current net death benefit of $3,087 at November 28, 2015 and we expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are no benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control. Summarized information for the plan measured as of the end of each year presented, is as follows: 2015 2014 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 10,376 $ 9,775 Service cost 105 78 Interest cost 374 373 Actuarial losses 1,372 1,084 Benefits paid (549 ) (934 ) Projected benefit obligation at end of year $ 11,678 $ 10,376 Accumulated Benefit Obligation $ 10,967 $ 9,748 Discount rate used to value the ending benefit obligations: 3.75 % 3.75 % Amounts recognized in the consolidated balance sheet: Current liabilities $ 749 $ 724 Noncurrent liabilities 10,929 9,652 Total amounts recognized $ 11,678 $ 10,376 Amounts recognized in accumulated other comprehensive income: Transition obligation $ 127 $ 170 Actuarial loss 4,223 3,046 Net amount recognized $ 4,350 $ 3,216 Total recognized in net periodic benefit cost and accumulated other comprehensive income: $ 1,851 $ 1,535 2015 2014 2013 Components of Net Periodic Pension Cost: Service cost $ 105 $ 78 $ 71 Interest cost 374 373 350 Amortization of transition obligation 42 42 42 Amortization of other loss 195 123 81 Net periodic pension cost $ 716 $ 616 $ 544 Assumptions used to determine net periodic pension cost: Discount rate 3.75 % 3.75 % 4.25 % Increase in future compensation levels 3.00 % 3.00 % 3.00 % Estimated Future Benefit Payments (with mortality): Fiscal 2016 749 Fiscal 2017 717 Fiscal 2018 684 Fiscal 2019 652 Fiscal 2020 619 Fiscal 2021 through 2024 4,442 Of the $4,350 recognized in accumulated other comprehensive income at November 28, 2015, $42 of net transition obligation and $323 of net loss are expected to be recognized as components of net periodic pension cost during fiscal 2016. Deferred Compensation Plan We have an unfunded Deferred Compensation Plan that covers one current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of $248, $134, and $288 in fiscal 2015, 2014, and 2013, respectively, associated with the plan. The expense for fiscal 2014 is net of a credit to income of $124 due to a change in our estimate of the future obligation of a former employee. Our liability under this plan was $2,085 and $2,174 as of November 28, 2015 and November 29, 2014, respectively. The non-current portion of this obligation is included in post-employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits. Defined Contribution Plan We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of 20% of up to 8% of gross pay, regardless of years of service. Expense for employer matching contributions was $662, $397 and $340 during fiscal 2015, 2014 and 2013, respectively. The increase in contribution expense for fiscal 2015 over prior years was largely due to an increase in the matching rate from 15% in 2014 to 20% in 2015, as well as the acquisition of Zenith. |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss for the fiscal years ended November 28, 2015 and November 29, 2014, which is comprised solely of post-retirement benefit costs related to our SERP, is as follows: Balance at November 30, 2013 $ (1,414 ) Actuarial losses (1,084 ) Net pension amortization reclassified from accumulated other comprehensive loss 166 Tax effects 358 Balance at November 29, 2014 (1,974 ) Actuarial losses (1,372 ) Net pension amortization reclassified from accumulated other comprehensive loss 237 Tax effects 431 Balance at November 28, 2015 $ (2,678 ) |
Note 13 - Capital Stock and Sto
Note 13 - Capital Stock and Stock Compensation | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Capital Stock and Stock Compensation We account for our stock-based employee and director compensation plans in accordance with ASC 718, Compensation – Stock Compensation 2015 2014 2013 Stock based compensation expense $ 894 $ 951 $ 728 Stock Option Plans In 1997, we adopted an Employee Stock Plan (the “1997 Plan”), and reserved for issuance 950,000 shares of common stock. An additional 500,000 shares of common stock were authorized for issuance in 2000. In addition, the terms of the 1997 Plan allow for the re-issuance of any stock options which have been forfeited before being exercised. Options granted under the 1997 Plan may be for such terms and exercised at such times as determined by the Organization, Compensation, and Nominating Committee of the Board of Directors. Vesting periods typically range from one to three years. There are no shares available for grant under the 1997 Plan at November 28, 2015, however up to 500,000 shares associated with outstanding grants under the 1997 Plan may become available for grant under the 2010 Plan (see below). On April 14, 2010, our shareholders approved the Bassett Furniture Industries, Incorporated 2010 Stock Incentive Plan (the “2010 Plan”). All present and future non-employee directors, key employees and outside consultants for the Company are eligible to receive incentive awards under the 2010 Plan. Our Organization, Compensation and Nominating Committee (the “Compensation Committee”) selects eligible key employees and outside consultants to receive awards under the 2010 Plan in its discretion. Our Board of Directors or any committee designated by the Board of Directors selects eligible non-employee directors to receive awards under the 2010 Plan in its discretion. Five hundred thousand (500,000) shares of common stock are reserved for issuance under the 2010 Plan. In addition, up to 500,000 shares that are represented by outstanding awards under the 1997 Employee Stock Plan which are forfeited, expire or are canceled after the effective date of the 2010 Plan will be added to the reserve and may be used for new awards under the 2010 Plan. Participants may receive the following types of incentive awards under the 2010 Plan: stock options, stock appreciation rights, payment shares, restricted stock, restricted stock units and performance shares. Stock options may be incentive stock options or non-qualified stock options. Stock appreciation rights may be granted in tandem with stock options or as a freestanding award. Non-employee directors and outside consultants are eligible to receive restricted stock and restricted stock units only. We expect to issue new common stock upon the exercise of options. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The risk free rate is based on the U.S. Treasury rate for the expected life at the time of grant, volatility is based on the average long-term implied volatilities of peer companies, the expected life is based on the estimated average of the life of options using the simplified method, and forfeitures are estimated on the date of grant based on certain historical data. We utilize the simplified method to determine the expected life of our options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns. Stock Options There were no new grants of options made in 2015, 2014 or 2013. Changes in the outstanding options under our plans during the year ended November 28, 2015 were as follows: Number of Shares Weighted Average Exercise Price Per Share Outstanding at November 29, 2014 437,250 $ 11.94 Granted - - Exercised (351,000 ) 12.09 Forfeited/Expired (2,000 ) 8.02 Outstanding at November 28, 2015 84,250 11.42 Exercisable at November 28, 2015 84,250 $ 11.42 Changes in the non-vested options under our plans during the year ended November 28, 2015 were as follows: Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested options outstanding at November 29, 2014 22,750 $ 8.04 Granted - - Vested (20,750 ) 8.05 Forfeited/Expired (2,000 ) 8.02 Non-vested options outstanding at November 28, 2015 - - Additional information regarding our outstanding stock options at November 28, 2015 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Shares Weighted Average Exercise Price $ 3.23 - $6.45 1,000 4.6 $ 4.38 1,000 $ 4.38 $ 6.45 - $9.67 22,750 5.6 8.02 22,750 8.02 $ 9.68 - $12.90 28,000 1.9 10.60 28,000 10.60 $ 12.91 - $16.13 32,500 1.4 14.73 32,500 14.73 84,250 84,250 Aggregate intrinsic value $ 1,714 $ 1,714 Additional information regarding activity in our stock options during fiscal 2015, 2014 and 2013 is as follows: 2015 2014 2013 Total intrinsic value of options exercised $ 5,934 $ 236 $ 387 Total fair value of options vested 87 200 363 Total cash received from the exercise of options 4,031 382 413 Excess tax benefits recognized as additional paid-in capital upon the exercise of options 1,899 72 106 Restricted Shares Changes in the outstanding non-vested restricted shares during the year ended November 28, 2015 were as follows: Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested restricted shares outstanding at November 29, 2014 123,737 $ 15.28 Granted 54,354 21.81 Vested (26,337 ) 15.42 Forfeited (17,600 ) 17.00 Non-vested restricted shares outstanding at November 28, 2015 134,154 $ 17.68 Restricted share awards granted in fiscal 2015 included the grant of 46,000 shares on January 14, 2015 which were subject to a performance condition as well as a service condition. The performance condition was based on a measure of the Company’s operating cash flow for 2014 and has now been satisfied. They will remain subject to an additional two-year service requirement and will vest on the third anniversary of the grant. The remaining grants for 2015 consisted of 6,354 restricted shares granted to our non-employee directors on April 1, 2015 which will vest on the first anniversary of the grant, and 2,000 shares granted to an employee on July 14, 2015 which will vest on the third anniversary of the grant. During fiscal 2015, 26,337 restricted shares were vested and released, of which 13,998 shares had been granted to employees and 12,339 shares to directors. Of the shares released to employees, 4,836 shares were withheld by the Company to cover withholding taxes of $154. During fiscal 2014 and 2013, 31,234 shares and 11,550 shares, respectively, were withheld to cover withholding taxes of $489 and $202, respectively, arising from the vesting of restricted shares. Excess tax benefits of $99, $228 and $207 were recognized during fiscal 2015, 2014 and 2013, respectively, as additional paid-in capital upon the release of vested shares. Additional information regarding our outstanding non-vested restricted shares at November 28, 2015 is as follows: Remaining Restricted Share Value Restriction Grant Shares at Grant Date Period Date Outstanding Per Share (Years) July 17, 2013 37,800 $ 16.64 2.6 January 15, 2014 48,000 14.12 1.1 January 14, 2015 40,000 20.21 2.1 April 1, 2015 6,354 28.33 0.3 July 14, 2015 2,000 38.02 2.6 134,154 Unrecognized compensation cost related to these non-vested restricted shares at November 28, 2015 is $636, expected to be recognized over approximately a two and one-half year period. Employee Stock Purchase Plan In 2000, we adopted and implemented an Employee Stock Purchase Plan (“ESPP”) that allows eligible employees to purchase a limited number of shares of our stock at 85% of market value. Under the ESPP we sold 19,053, 25,677 and 38,206 shares to employees in fiscal 2015, 2014 and 2013, respectively, which resulted in an immaterial amount of compensation expense. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes The components of the income tax provision (benefit) are as follows: 2015 2014 2013 Current: Federal $ 7,972 $ 4,168 $ 759 State 1,533 596 50 Deferred: Increase (decrease) in valuation allowance (70 ) (974 ) 136 Federal 1,520 221 1,970 State 480 1,297 176 Total $ 11,435 $ 5,308 $ 3,091 Excess tax benefits in the amount of $1,998, $300 and $313 were recognized as additional paid-in capital during fiscal 2015, 2014 and 2013, respectively, resulting from the exercise of stock options and the release of restricted shares. A reconciliation of the statutory federal income tax rate and the effective income tax rate, as a percentage of income before income taxes, is as follows: 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 34.0 % Adjustments to state net operating loss carryforwards - 3.3 - Change in income tax valuation allowance (0.1 ) (3.7 ) 1.7 Change in income tax reserves 0.1 (1.7 ) 0.1 State income tax, net of federal benefit 4.4 4.9 3.7 Benefit of goodwill basis difference (3.2 ) - - Other (0.3 ) (1.5 ) (1.7 ) Effective income tax rate 35.9 % 36.3 % 37.8 % The income tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred income tax assets and deferred income tax liabilities, are as follows: November 28, 2015 November 29, 2014 Deferred income tax assets: Trade accounts receivable $ 506 $ 483 Inventories 2,420 2,384 Notes receivable 1,795 1,599 Retirement benefits 6,992 6,093 State net operating loss carryforwards 927 1,141 Unrealized loss from affiliates 356 595 Lease termination accruals 219 167 Net deferred rents 2,674 2,251 Other 1,946 1,699 Gross deferred income tax assets 17,835 16,412 Valuation allowance - (70 ) Total deferred income tax assets 17,835 16,342 Deferred income tax liabilities: Property and equipment 3,093 282 Intangible assets 860 - Unrealized gains from affiliates 8 963 Prepaid expenses and other 403 128 Total deferred income tax liabilities 4,364 1,373 Net deferred income tax assets $ 13,471 $ 14,969 At the beginning of fiscal 2014 we carried a valuation allowance of $1,044 which was primarily related to state net operating loss carryforwards for which it was considered to be more likely than not that they would not be utilized prior to their expiration. During fiscal 2014 we reduced our valuation allowance related to adjustments to state net operating loss carryforwards primarily due to state tax law changes resulting in a credit to income of $974, or $0.09 per basic and diluted share. The remaining balance in the valuation allowance at November 28, 2015 and November 29, 2014 was $0 and $70, respectively. The following table represents a summary of the valuation allowances against deferred tax assets: 2015 2014 2013 Balance, beginning of the year $ 70 $ 1,044 $ 908 Additions charged to expense - 136 Deductions reducing expense (70 ) (974 ) - Balance, end of the year $ - $ 70 $ 1,044 We have state net operating loss carryforwards available to offset future taxable state income of $12,715, which expire in varying amounts between 2015 and 2030. Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards. Income taxes paid, net of refunds received, during 2015, 2014 and 2014 were $5,906, $2,367, and $2,723, respectively. As of November 29, 2014, the gross amount of unrecognized tax benefits was approximately $1,236, exclusive of interest and penalties. Substantially all of this balance, along with additional amounts recognized during fiscal 2015, has been effectively settled as of November 28, 2015. We regularly evaluate, assess and adjust the related liabilities in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period. The following table summarizes the activity related to our gross unrecognized tax benefits: 2015 2014 2013 Balance, beginning of the year $ 1,236 $ 1,497 $ 1,228 Gross increases 12 - 401 Gross decreases due to settlements (1,236 ) (221 ) - Gross decreases primarily due to the expiration of statutes - (40 ) (132 ) Balance, end of the year $ 12 $ 1,236 $ 1,497 We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During fiscal 2015, 2014, and 2013, we recognized $(144), $7, and $23 of interest expense recovery and $3, $10, and $31 of penalty recovery (expense), respectively, related to the unrecognized benefits noted above in our consolidated statements of income. At November 28, 2015 and November 29, 2014, the balance of accrued interest and penalties associated with unrecognized tax benefits was not material. At November 29, 2014, $1,370 was included in other accrued liabilities in our consolidated balance sheet representing the entire amount of our gross unrecognized tax benefits along with the accrued interest and penalties thereon. The balance at November 28, 2015 was not material. Significant judgment is required in evaluating the Company's federal and state tax positions and in the determination of its tax provision. Despite our belief that the liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matter. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. The Company also cannot predict when or if any other future tax payments related to these tax positions may occur. We remain subject to examination for tax years 2012 through 2014 for all of our major tax jurisdictions. The examination of our 2012 and 2013 federal tax returns was completed in 2015 and did not result in a significant adjustment to income tax expense. The IRS released the final and re-proposed tangible property regulations in September of 2013. While the regulations are now final, they were effective for tax years beginning on or after January 1, 2014, which for the Company was fiscal 2015. We comply with the regulations and the related administrative procedures. The regulations did not have a significant impact on our financial statements. |
Note 15 - Restructuring, asset
Note 15 - Restructuring, asset impairment, and other changes | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 15. Restructuring, asset impairment, and other charges Asset Impairment Charges and Lease Exit Costs During fiscal 2015 income from operations included $106 of non-cash asset impairment charges and a $419 charge for the accrual of lease exit costs, both incurred in connection with the closing of our Company-owned retail store location in Memphis, Tennessee. There were no asset impairment charges or lease exit costs incurred against income from operations during fiscal 2014 or 2013. See Note 2 regarding non-operating impairment charges incurred in connection with our investments in retail real estate. Management Restructuring Costs During the year ended November 28, 2015, we recognized $449 of expense related to severance payable to a former executive, who left the Company in April, 2015. As of November 28, 2015, all required payments of severance have been disbursed. These management restructuring costs were incurred within our wholesale segment. There were no restructuring charges incurred in fiscal 2014 or 2013. The following table summarizes the activity related to our accrued lease exit costs: 2015 2014 Balance, beginning of the year $ 433 $ 907 Provisions associated with Company-owned retail stores 419 - Provisions made to adjust previous estimates 111 14 Payments on unexpired leases, net of sublease rent received (410 ) (510 ) Accretion of interest on obligations 13 22 Balance, end of the year $ 566 $ 433 Current portion included in other accrued liabilities $ 351 $ 117 Long-term portion included in other long-term liabilities 215 316 $ 566 $ 433 |
Note 16 - Income from the Conti
Note 16 - Income from the Continued Dumping and Subsidy Offset Act | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Income From Continued Dumping And Subsidy Offset Act [Text Block] | 16. Income from the Continued Dumping and Subsidy Offset Act During the year ended November 28, 2015, we recognized income of $1,156 arising from distributions received from U.S. Customs and Border Protection (“Customs”) under the Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”). These distributions primarily represent amounts previously withheld by Customs pending the resolution of claims filed by certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) challenging certain provisions of the CDSOA and seeking to share in the distributions. The Non-Supporting Producers’ claims were dismissed by the courts and all appeals were exhausted in 2014. While it is possible that we may receive additional distributions from Customs, we cannot estimate the likelihood or amount of any future distributions. |
Note 17 - Leases and Lease Guar
Note 17 - Leases and Lease Guarantees | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Leases Lease Guarantees And Loan Guarantees [Text Block] | 17. Leases and Lease Guarantees Leases 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, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our logistical services segment. We also lease tractors, trailers and local delivery trucks used in our logistical services segment. Our real estate lease terms range from one to 15 years and generally have renewal options of between five and 15 years. Some store leases contain contingent rental provisions based upon sales volume. Our transportation equipment leases have terms ranging from two to seven years with fixed monthly rental payments plus variable charges based upon mileage. The following schedule shows future minimum lease payments under non-cancellable operating leases with terms in excess of one year as of November 25, 2015: Retail Stores Distribution Centers Transportation Equipment Total Fiscal 2016 $ 18,490 $ 4,087 $ 2,779 $ 25,356 Fiscal 2017 16,651 3,946 1,979 22,576 Fiscal 2018 14,140 2,696 806 17,642 Fiscal 2019 12,251 1,731 755 14,737 Fiscal 2020 10,916 1,230 671 12,817 Thereafter 27,461 4,278 30 31,769 Total future minimum lease payments $ 99,909 $ 17,968 $ 7,020 $ 124,897 Lease expense was $26,382, $19,903 and $18,403 for 2015, 2014, and 2013, respectively. In addition to subleasing certain of these properties, we own retail real estate which we in turn lease to licensee operators of BHF stores. We also own real estate for closed stores which we lease to non-licensees. The following schedule shows minimum future rental income related to pass-through rental expense on subleased property as well as rental income on real estate owned by Bassett. Fiscal 2016 $ 2,132 Fiscal 2017 2,119 Fiscal 2018 1,589 Fiscal 2019 1,247 Fiscal 2020 1,194 Thereafter 359 Total minimum future rental income $ 8,640 Real estate rental income (loss), net of expense (including lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was $(181), $(248) and $(594) in 2015, 2014 and 2013, respectively, and is reflected in other expense, net in the accompanying consolidated statements of income. Guarantees As part of the strategy for our store program, we 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 $2,494 and $3,164 at November 28, 2015 and November 29, 2014, 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, and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are estimated to cover the maximum amount of our future payments under the guarantee obligations, net of reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at November 28, 2015 and November 29, 2014, were not material. |
Note 18 - Contingencies
Note 18 - Contingencies | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 18. Contingencies We are involved in various claims and actions, including 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, it is our opinion that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations. |
Note 19 - Earnings Per Share
Note 19 - Earnings Per Share | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: 2015 2014 2013 Numerator: Net income $ 20,433 $ 9,299 $ 5,096 Denominator: Denominator for basic income per share - weighted average shares 10,701,829 10,552,462 10,721,652 Effect of dilutive securities 141,198 140,569 150,897 Denominator for diluted income per share — weighted average shares and assumed conversions 10,843,027 10,693,031 10,872,549 Basic income per share: Net income per share — basic $ 1.91 $ 0.88 $ 0.48 Diluted income per share: Net income per share — diluted $ 1.88 $ 0.87 $ 0.47 For fiscal 2015, 2014 and 2013, the following potentially dilutive shares were excluded from the computations as there effect was anti-dilutive: 2015 2014 2013 Stock options - 150,000 472,500 Unvested restricted shares 8,354 - 81,295 Total anti-dilutive securities 8,354 150,000 553,795 |
Note 20 - Segment Information
Note 20 - Segment Information | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20. Segment Information We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting ● Wholesale. ● Retail – Company-owned s tores. ● Logistical services . Inter-company sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. Inter-company income elimination includes 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 retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate, and the elimination of shipping and handling charges from Zenith for services provided to our wholesale and retail operations. Prior to the beginning of fiscal 2015, our former investments and real estate segment included our short-term investments, our holdings of retail real estate previously leased as licensee stores, and our former equity investment in Zenith prior to acquisition. This segment has been eliminated and the assets formerly reported therein are now considered to be part of our wholesale segment. The earnings and costs associated with these assets, including our equity in the income of Zenith prior to the date of acquisition, will continue to be included in other loss, net, in our condensed consolidated statements of income. The following table presents segment information for each of the last three fiscal years: 2015 2014 2013 Net Sales Wholesale $ 252,180 $ 223,993 $ 215,451 Retail 249,379 216,631 199,380 Logistical services 77,250 - - Inter-company eliminations: Furniture and accessories (114,154 ) (99,886 ) (93,545 ) Logistical services (33,728 ) - - Consolidated $ 430,927 $ 340,738 $ 321,286 Income (loss) from Operations Wholesale $ 15,618 $ 14,120 $ 10,883 Retail 6,170 (528 ) (1,452 ) Logistical services 3,528 - - Inter-company elimination 1,647 1,539 574 Lease exit costs (419 ) - - Asset impairment charges (106 ) - - Management restructuring costs (449 ) - - Consolidated income from operations $ 25,989 $ 15,131 $ 10,005 Depreciation and Amortization Wholesale $ 2,075 $ 1,972 $ 1,826 Retail 5,428 5,344 4,372 Logistical services 2,634 - - Consolidated $ 10,137 $ 7,316 $ 6,198 Capital Expenditures Wholesale $ 4,898 $ 4,527 $ 3,839 Retail 7,077 13,836 10,846 Logistical services 1,999 - - Consolidated $ 13,974 $ 18,363 $ 14,685 Identifiable Assets Wholesale $ 146,878 $ 154,319 $ 148,518 Retail 88,878 86,471 77,331 Logistical services 46,787 - - Consolidated $ 282,543 $ 240,746 $ 225,849 A breakdown of wholesale sales by product category for each of the last three fiscal years is provided below: 2015 2014 2013 Wood 37 % 39 % 41 % Upholstery 63 % 61 % 59 % 100 % 100 % 100 % |
Note 21 - Quarterly Results of
Note 21 - Quarterly Results of Operations | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 21. Quarterly Results of Operations 2015 First Quarter (1) Second Quarter (2) Third Quarter Fourth Quarter (3) Sales revenue: Furniture and accessories $ 89,548 $ 99,467 $ 97,107 $ 101,283 Logistics 3,259 12,086 13,904 14,273 Total sales revenue 92,807 111,553 111,011 115,556 Cost of furniture and accessories sold 41,930 46,921 44,824 45,616 Income from operations 2,877 6,714 7,692 8,706 Net income 5,956 4,529 4,266 5,682 Basic earnings per share 0.57 0.42 0.39 0.53 Diluted earnings per share 0.56 0.42 0.39 0.52 2014 First Quarter (4) Second Quarter Third Quarter Fourth Quarter Sales revenue: Furniture and accessories $ 75,647 $ 85,185 $ 85,186 $ 94,720 Logistics - - - - Total sales revenue 75,647 85,185 85,186 94,720 Cost of furniture and accessories sold 35,394 39,872 40,168 42,883 Income from operations 1,086 3,891 3,399 6,755 Net income 843 2,551 2,256 3,649 Basic earnings per share 0.08 0.24 0.22 0.35 Diluted earnings per share 0.08 0.24 0.21 0.35 All quarters shown above for fiscal 2015 and 2014 consist of 13 week fiscal periods. Sales revenue from logistics is recognized from the date of our acquisition of Zenith, February 2, 2015. Prior to the acquisition of Zenith, net income included our 49% equity in the earnings of Zenith, which is included in other loss, net in our consolidated statements of income. (1) Income from operations includes asset impairment charges and lease exit costs totaling $525 (see Note 15). Net income includes a gain of $7,212, net of income tax effects of approximately $2,777, resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note 3). (2) Income from operations includes management restructuring charges of $449 (see Note 15). Net income includes income of $1,066 from the CDSOA, net of related income tax effects of approximately $410 (see Note 16). (3) Net income includes the effect of a $1,111 tax benefit arising from purchase accounting adjustments relating to the gain recorded on the remeasurement of our prior ownership in Zenith. (4) Net income includes $662 of income from death benefits from life insurance policies covering a former executive. |
Schedule II - Analysis of Valua
Schedule II - Analysis of Valuation and Qualifying Accounts | 12 Months Ended |
Nov. 28, 2015 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Bassett Furniture Industries, Incorporated Schedule II Analysis of Valuation and Qualifying Accounts For the Years Ended November 28, 2015, November 29, 2014 and November 30, 2013 (amounts in thousands) Balance Beginning of Period Additions Charged to Cost and Expenses Deductions (1) Other Balance End of Period For the Year Ended November 30, 2013: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,789 $ 361 $ (543 ) $ - $ 1,607 Notes receivable valuation reserves $ 4,139 $ - $ - $ - $ 4,139 Income tax valuation allowance $ 908 $ 136 $ - $ - $ 1,044 For the Year Ended November 29, 2014: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,607 $ 77 $ (435 ) $ - $ 1,249 Notes receivable valuation reserves $ 4,139 $ - $ - $ - $ 4,139 Income tax valuation allowance $ 1,044 $ - $ (974 ) $ - $ 70 For the Year Ended November 28, 2015: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,249 $ (216 ) $ (67 ) $ 209 (2) $ 1,175 Notes receivable valuation reserves $ 4,139 $ 582 $ (75 ) $ - $ 4,646 Income tax valuation allowance $ 70 $ - $ (70 ) $ - $ - (1) Deductions are for the purpose for which the reserve was created. Deductions from the income tax valuation allowance for the year ended November 30, 2013 were due to the removal of the majority of our valuation allowance. (2) Represents reserves of acquired company at date of acquisition. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 28, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation Our fiscal year ends on the last Saturday in November, which periodically results in a 53-week year. Fiscal 2015 and 2014 each contained 52 weeks, whereas Fiscal 2013 contained 53 weeks. The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. Accordingly, the results of Zenith have been consolidated with our results since the date of the acquisition. Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated, and Zenith’s operating costs and expenses since the date of acquisition are included in selling, general and administrative expenses in our condensed consolidated statements of net income. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal 2015, 2014 and 2013 are to Bassett's fiscal year ended November 28, 2015, November 29, 2014 and November 30, 2013, respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP. For comparative purposes, certain amounts in the 2014 and 2013 financial statements have been reclassified to conform to the 2015 presentation. See “Recent Accounting Pronouncements” below regarding the impact of our adoption of Accounting Standards Update 2015-17 upon the classification of deferred tax assets in our consolidated balance sheets. The equity method of accounting was used for our investment in Zenith prior to the date of acquisition because we exercised significant influence but did not maintain a controlling interest. Consolidated net income includes our proportionate share of the net income or net loss of Zenith prior to the date of the acquisition. We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 17 for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic 810. We completed our assessment for other potential VIEs, and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company-owned retail stores, upon delivery to the customer. We offer terms varying from 30 to 60 days for wholesale customers. For retail sales, we typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled. Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do not provide for any royalty or license fee to be paid to us. Revenue is reported net of any taxes collected. For our logistical services segment, line-haul freight revenue and home delivery revenue are recognized upon the completion of delivery to the destination. Warehousing services revenue is based upon warehouse space occupied by a customer’s goods and inventory movements in and out of a warehouse and is recognized as such services are provided. Staff Accounting Bulletin No. 104, Revenue Recognition |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments, which consist of certificates of deposit, are not considered cash equivalents since they have original maturities of greater than three months. |
Receivables, Policy [Policy Text Block] | Accounts Receivable Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates. A significant portion of our trade accounts receivable and allowance for doubtful accounts are attributable to amounts owed to us by our licensees, with the remaining receivables due primarily from national account customers, traditional distribution channel customers and logistical services customers. The percentages of our trade accounts receivable and related allowance for doubtful accounts owed to us by our licensees were as follows at November 28, 2015 and November 29, 2014: 2015 2014 Portion of trade accounts receivable owed by licensees 34 % 46 % Portion of allowance for doubtful accounts attributable to licensees 32 % 58 % |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Major Customers Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 28, 2015 and November 29, 2014, our aggregate exposure from receivables and guarantees related to customers consisted of the following: 2015 2014 Accounts receivable, net of allowances (Note 5) $ 21,197 $ 15,228 Notes receivable, net of allowances 10 592 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17) 2,441 3,046 Total credit risk exposure related to customers $ 23,648 $ 18,866 At November 28, 2015, approximately 26% of the aggregate risk exposure, net of reserves, shown above was attributable to three customers. At November 29, 2014, approximately 24% of the aggregate risk exposure, net of reserves, shown above was attributable to two customers. In fiscal 2015, 2014 and 2013, no customer accounted for more than 10% of total net sales. We have no foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the United States or its territories or possessions. Our export sales were approximately $4,516, $4,774, and $4,603 in fiscal 2015, 2014, and 2013, respectively. All of our export sales are invoiced and settled in U.S. dollars. |
Inventory, Policy [Policy Text Block] | Inventories Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last-in, first-out (“LIFO”) method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 43% and 40% of total inventory before reserves at November 28, 2015 and November 29, 2014, respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. Retail Real Estate Retail real estate is comprised of owned and leased properties which have been utilized by licensee operated BHF stores, including properties which are now leased or subleased to non-licensee tenants. These properties are located in high traffic, upscale locations that are normally occupied by large successful national retailers. This real estate is stated at cost less accumulated depreciation and is depreciated over the useful lives of the respective assets utilizing the straight line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. As of November 28, 2015 and November 29, 2014, the cost of retail real estate included land totaling $990 and $1,990, respectively, and building and leasehold improvements of $6,178 and $8,831, respectively. As of November 28, 2015 and November 29, 2014, accumulated depreciation of retail real estate was $4,160 and $4,631, respectively. The net book value of our retail real estate is included in other long-term assets in our consolidated balance sheets. Depreciation expense was $184, $400, and $484 in fiscal 2015, 2014, and 2013, respectively, and is included in other loss, net, in our consolidated statements of income. During the year ended November 28, 2015 we closed on the sale of our retail real estate investment property located in Sugerland, Texas and received cash in the amount of $2,835. During fiscal 2015 we recognized a non-cash charge of $182 to write down the carrying value of the Sugarland real estate to the selling price. During the year ended November 29, 2014 we received proceeds from the disposition of retail real estate totaling $5,157. During the first quarter of fiscal 2014 we received $1,407 from the sale of our retail real estate investment property in Henderson, Nevada. During the third quarter of fiscal 2014 we received net proceeds in the amount of $3,750 from the sale of our retail real estate investment property located in Denver, Colorado. There were no material gains or losses associated with these dispositions during fiscal 2014, however an impairment charge in the amount of $416 was recognized during fiscal 2013 to write down the carrying value of the Henderson real estate to the selling price for which it was under contract. The fiscal 2015 and 2014 sales proceeds described above are included in proceeds from sales of property and equipment in the accompanying consolidated statements of cash flows. The fiscal 2015 and 2013 impairment charges described above are included in other loss, net, in our consolidated statements of income. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. In accordance with ASC Topic 350, Intangibles – Goodwill & Other , the goodwill impairment test consists of a two-step process, if necessary. However, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the two-step process. Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of November 28, 2015. The first step compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, the second step is performed whereby we must calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. This second step represents a hypothetical application of the acquisition method of accounting as if we had acquired the reporting unit on that date. Our impairment methodology uses a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding future profitability of the reporting unit and industry economic factors. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets Intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite-lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded. Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write-down of the value of the asset may be required at such time. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long Lived Assets We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future. When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 11. |
New Store Pre Opening Costs [Policy Text Block] | New Store Pre-Opening Costs Income (loss) from operations for fiscal 2015, 2014 and 2013 includes new store pre-opening costs of $623, $1,217 and $671, respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre-opening activities including training. New store pre-opening costs do not include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are no pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $18,624, $16,162, and $15,685 for fiscal 2015, 2014 and 2013, respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled $15,383, $12,844, and $10,855 for fiscal 2015, 2014 and 2013, respectively. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $16,228, $15,614, and $14,750 in fiscal 2015, 2014, and 2013, respectively. |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Reserves We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns. |
Supplemental Cash Flow Information [Policy Text Block] | Supplemental Cash Flow Information In connection with our acquisition of Zenith, non-cash financing activities included the issuance of 89,485 shares of our common stock valued at $1,675, and the issuance of a note payable with a discounted fair value of $8,436. See Note 3 for additional information regarding the fair value of the consideration given for the acquisition of Zenith. There were no material non-cash investing or financing activities during fiscal 2014 or 2013. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), which updated the guidance in ASC Topic 205, Presentation of Financial Statements, and ASC Topic 360, Property, Plant and Equipment. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. This guidance will become effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and therefore will become effective for us as of the beginning of our 2016 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), which creates ASC Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU 2014-09 supersedes the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU 2014-09 will become effective for us as of the beginning of our 2019 fiscal year. We are currently evaluating the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements and have not made any decision on the method of adoption. In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the concept of reporting extraordinary items, but retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after 15 December 2015. Early adoption is permitted; however, adoption must occur at the beginning of an annual period. Therefore the amendments in ASU 2015-01 will become effective for us as of the beginning of our 2017 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 requires that inventory within the scope of this Update be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this Update do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Therefore the amendments in ASU 2015-11 will become effective for us as of the beginning of our 2018 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In July 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Any current period adjustments to provisional amounts that would have impacted a prior period’s earnings had they been recognized at the acquisition date are required to be presented separately on the face of the income statement or disclosed in the notes. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted for financial statements that have not been issued. Therefore the amendments in ASU 2015-16 will become effective for us as of the beginning of our 2017 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. The amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. We have elected to adopt this update as of the fourth quarter of fiscal 2015. Accordingly, deferred tax assets in the amount of $5,268 which were formerly classified as current assets at November 29, 2014 have been reclassified as non-current assets in our consolidated balance sheet. |
Note 2 - Significant Accounti32
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Percentages Of Trade Accounts Receivable And Allowance Of Doubtful Accounts Attributable To Licensees [Table Text Block] | 2015 2014 Portion of trade accounts receivable owed by licensees 34 % 46 % Portion of allowance for doubtful accounts attributable to licensees 32 % 58 % |
Schedule Of Aggregate Exposure From Receivables And Guarantees Related To Customers [Table Text Block] | 2015 2014 Accounts receivable, net of allowances (Note 5) $ 21,197 $ 15,228 Notes receivable, net of allowances 10 592 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17) 2,441 3,046 Total credit risk exposure related to customers $ 23,648 $ 18,866 |
Note 3 - Business Combination33
Note 3 - Business Combination - Acquisition of Zenith (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Fair value of consideration transferred in exchange for 51% of Zenith: Cash $ 9,000 Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share 1,675 Note payable 8,436 Total fair value of consideration transferred to seller 19,111 Less effective settlement of previous amounts payable to Zenith at acquisition (3,622 ) Total fair value of consideration net of effective settlement 15,489 Fair value of Bassett's previous 49% interest in Zenith 16,692 Total fair value of acquired business $ 32,181 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Identifiable assets acquired: Acquired cash and cash equivalents $ 1,677 Accounts receivable, net 3,399 Prepaid expenses and other current assets 496 Property and equipment 18,110 Other long-term assets 646 Intangible assets 6,362 Total identifiable assets acquired 30,690 Liabilities assumed: Accounts payable and accrued liabilities (4,038 ) Notes payable (4,329 ) Total liabilities assumed (8,367 ) Net identifiable assets acquired 22,323 Goodwill 9,858 Total net assets acquired $ 32,181 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Useful Life Description: In Years Fair Value Customer relationships 15 $ 3,038 Trade names Indefinite 2,490 Technology - customized applications 7 834 Total acquired intangible assets $ 6,362 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | November 28, 2015 November 29, 2014 Gross accounts receivable $ 22,372 $ 16,477 Allowance for doubtful accounts (1,175 ) (1,249 ) Net accounts receivable $ 21,197 $ 15,228 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | 2015 2014 Balance, beginning of the year $ 1,249 $ 1,607 Acquired allowance on accounts receivable (Note 3) 209 - Reductions to allowance, net (283 ) (358 ) Balance, end of the year $ 1,175 $ 1,249 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 28, 2015 November 29, 2014 Wholesale finished goods $ 31,253 $ 31,399 Work in process 318 298 Raw materials and supplies 9,793 8,109 Retail merchandise 27,680 26,428 Total inventories on first-in, first-out method 69,044 66,234 LIFO adjustment (7,751 ) (7,550 ) Reserve for excess and obsolete inventory (1,397 ) (1,412 ) $ 59,896 $ 57,272 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 30, 2013 $ 1,001 $ 292 $ 1,293 Additions charged to expense 1,666 331 1,997 Write-offs (1,607 ) (271 ) (1,878 ) Balance at November 29, 2014 1,060 352 1,412 Additions charged to expense 2,442 430 2,872 Write-offs (2,415 ) (472 ) (2,887 ) Balance at November 28, 2015 $ 1,087 $ 310 $ 1,397 |
Note 7 - Property and Equipme36
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Property, Plant and Equipment [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | November 28, 2015 November 29, 2014 Wholesale $ 17,763 $ 14,933 Retail - Company-owned stores 60,810 59,879 Logistical Services 17,531 - Total property and equipment, net $ 96,104 $ 74,812 |
Property, Plant and Equipment [Table Text Block] | November 28, 2015 November 29, 2014 Land $ 12,311 $ 11,371 Buildings and leasehold improvements 104,265 90,204 Machinery and equipment 85,490 70,184 Property and equipment at cost 202,066 171,759 Less accumulated depreciation (105,962 ) (96,947 ) Property and equipment, net $ 96,104 $ 74,812 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2015 2014 2013 Net Sales Wholesale $ 252,180 $ 223,993 $ 215,451 Retail 249,379 216,631 199,380 Logistical services 77,250 - - Inter-company eliminations: Furniture and accessories (114,154 ) (99,886 ) (93,545 ) Logistical services (33,728 ) - - Consolidated $ 430,927 $ 340,738 $ 321,286 Income (loss) from Operations Wholesale $ 15,618 $ 14,120 $ 10,883 Retail 6,170 (528 ) (1,452 ) Logistical services 3,528 - - Inter-company elimination 1,647 1,539 574 Lease exit costs (419 ) - - Asset impairment charges (106 ) - - Management restructuring costs (449 ) - - Consolidated income from operations $ 25,989 $ 15,131 $ 10,005 Depreciation and Amortization Wholesale $ 2,075 $ 1,972 $ 1,826 Retail 5,428 5,344 4,372 Logistical services 2,634 - - Consolidated $ 10,137 $ 7,316 $ 6,198 Capital Expenditures Wholesale $ 4,898 $ 4,527 $ 3,839 Retail 7,077 13,836 10,846 Logistical services 1,999 - - Consolidated $ 13,974 $ 18,363 $ 14,685 Identifiable Assets Wholesale $ 146,878 $ 154,319 $ 148,518 Retail 88,878 86,471 77,331 Logistical services 46,787 - - Consolidated $ 282,543 $ 240,746 $ 225,849 |
Schedule of Depreciation [Table Text Block] | 2015 2014 2013 Cost of goods sold (1) $ 599 $ 542 $ 595 Selling, general and adminstrative expenses (2) 9,627 6,814 5,279 Total depreciation expense included in income from operations $ 10,226 $ 7,356 $ 5,874 |
Note 8 - Goodwill and Other I37
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 3,038 $ (169 ) $ 2,869 Technology - customized applications 834 (99 ) 735 Total intangible assets subject to amortization 3,872 (268 ) 3,604 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (268 ) $ 17,682 |
Schedule of Goodwill [Table Text Block] | Wholesale Retail Logistics Total Balance as of November 29, 2014 $ 1,128 $ 602 $ - $ 1,730 Goodwill arising from acquisition of Zenith 3,711 1,218 4,929 9,858 Balance as of November 28, 2015 $ 4,839 $ 1,820 $ 4,929 $ 11,588 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal 2016 $ 322 Fiscal 2017 322 Fiscal 2018 322 Fiscal 2019 322 Fiscal 2020 322 Thereafter 1,994 Total $ 3,604 |
Note 9 - Unconsolidated Affil38
Note 9 - Unconsolidated Affiliated Companies (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Zenith Freight Lines [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | 2015 2014 2013 Earnings recognized $ 220 $ 661 $ 770 |
Note 10 - Notes Payable and B39
Note 10 - Notes Payable and Bank Credit Facility (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | November 28, 2015 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 9,000 $ (312 ) $ 8,688 Transportation equipment notes payable 2,152 - 2,152 Real estate notes payable 2,933 - 2,933 Total debt 14,085 (312 ) 13,773 Less current portion (5,477 ) 204 (5,273 ) Total long-term debt $ 8,608 $ (108 ) $ 8,500 November 29, 2014 Principal Balance Unamortized Discount Net Carrying Amount Real estate notes payable $ 2,218 $ - $ 2,218 Less current portion (316 ) - (316 ) Total long-term debt $ 1,902 $ - $ 1,902 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal 2016 $ 5,477 Fiscal 2017 4,112 Fiscal 2018 3,803 Fiscal 2019 543 Fiscal 2020 150 Thereafter - $ 14,085 |
Note 11 - Post Employment Ben40
Note 11 - Post Employment Benefit Obligations (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2015 2014 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 10,376 $ 9,775 Service cost 105 78 Interest cost 374 373 Actuarial losses 1,372 1,084 Benefits paid (549 ) (934 ) Projected benefit obligation at end of year $ 11,678 $ 10,376 Accumulated Benefit Obligation $ 10,967 $ 9,748 Discount rate used to value the ending benefit obligations: 3.75 % 3.75 % Amounts recognized in the consolidated balance sheet: Current liabilities $ 749 $ 724 Noncurrent liabilities 10,929 9,652 Total amounts recognized $ 11,678 $ 10,376 Amounts recognized in accumulated other comprehensive income: Transition obligation $ 127 $ 170 Actuarial loss 4,223 3,046 Net amount recognized $ 4,350 $ 3,216 Total recognized in net periodic benefit cost and accumulated other comprehensive income: $ 1,851 $ 1,535 |
Schedule of Net Benefit Costs [Table Text Block] | 2015 2014 2013 Components of Net Periodic Pension Cost: Service cost $ 105 $ 78 $ 71 Interest cost 374 373 350 Amortization of transition obligation 42 42 42 Amortization of other loss 195 123 81 Net periodic pension cost $ 716 $ 616 $ 544 |
Schedule of Assumptions Used [Table Text Block] | Assumptions used to determine net periodic pension cost: Discount rate 3.75 % 3.75 % 4.25 % Increase in future compensation levels 3.00 % 3.00 % 3.00 % |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments (with mortality): Fiscal 2016 749 Fiscal 2017 717 Fiscal 2018 684 Fiscal 2019 652 Fiscal 2020 619 Fiscal 2021 through 2024 4,442 |
Note 12 - Accumulated Other C41
Note 12 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance at November 30, 2013 $ (1,414 ) Actuarial losses (1,084 ) Net pension amortization reclassified from accumulated other comprehensive loss 166 Tax effects 358 Balance at November 29, 2014 (1,974 ) Actuarial losses (1,372 ) Net pension amortization reclassified from accumulated other comprehensive loss 237 Tax effects 431 Balance at November 28, 2015 $ (2,678 ) |
Note 13 - Capital Stock and S42
Note 13 - Capital Stock and Stock Compensation (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2015 2014 2013 Stock based compensation expense $ 894 $ 951 $ 728 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Per Share Outstanding at November 29, 2014 437,250 $ 11.94 Granted - - Exercised (351,000 ) 12.09 Forfeited/Expired (2,000 ) 8.02 Outstanding at November 28, 2015 84,250 11.42 Exercisable at November 28, 2015 84,250 $ 11.42 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested options outstanding at November 29, 2014 22,750 $ 8.04 Granted - - Vested (20,750 ) 8.05 Forfeited/Expired (2,000 ) 8.02 Non-vested options outstanding at November 28, 2015 - - Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested restricted shares outstanding at November 29, 2014 123,737 $ 15.28 Granted 54,354 21.81 Vested (26,337 ) 15.42 Forfeited (17,600 ) 17.00 Non-vested restricted shares outstanding at November 28, 2015 134,154 $ 17.68 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Shares Weighted Average Exercise Price $ 3.23 - $6.45 1,000 4.6 $ 4.38 1,000 $ 4.38 $ 6.45 - $9.67 22,750 5.6 8.02 22,750 8.02 $ 9.68 - $12.90 28,000 1.9 10.60 28,000 10.60 $ 12.91 - $16.13 32,500 1.4 14.73 32,500 14.73 84,250 84,250 Aggregate intrinsic value $ 1,714 $ 1,714 |
Schedule of Share-based Compensation, Activity [Table Text Block] | 2015 2014 2013 Total intrinsic value of options exercised $ 5,934 $ 236 $ 387 Total fair value of options vested 87 200 363 Total cash received from the exercise of options 4,031 382 413 Excess tax benefits recognized as additional paid-in capital upon the exercise of options 1,899 72 106 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | Remaining Restricted Share Value Restriction Grant Shares at Grant Date Period Date Outstanding Per Share (Years) July 17, 2013 37,800 $ 16.64 2.6 January 15, 2014 48,000 14.12 1.1 January 14, 2015 40,000 20.21 2.1 April 1, 2015 6,354 28.33 0.3 July 14, 2015 2,000 38.02 2.6 134,154 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Valuation Allowance of Deferred Tax Assets [Member] | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | 2015 2014 2013 Balance, beginning of the year $ 70 $ 1,044 $ 908 Additions charged to expense - 136 Deductions reducing expense (70 ) (974 ) - Balance, end of the year $ - $ 70 $ 1,044 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current: Federal $ 7,972 $ 4,168 $ 759 State 1,533 596 50 Deferred: Increase (decrease) in valuation allowance (70 ) (974 ) 136 Federal 1,520 221 1,970 State 480 1,297 176 Total $ 11,435 $ 5,308 $ 3,091 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 34.0 % Adjustments to state net operating loss carryforwards - 3.3 - Change in income tax valuation allowance (0.1 ) (3.7 ) 1.7 Change in income tax reserves 0.1 (1.7 ) 0.1 State income tax, net of federal benefit 4.4 4.9 3.7 Benefit of goodwill basis difference (3.2 ) - - Other (0.3 ) (1.5 ) (1.7 ) Effective income tax rate 35.9 % 36.3 % 37.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 28, 2015 November 29, 2014 Deferred income tax assets: Trade accounts receivable $ 506 $ 483 Inventories 2,420 2,384 Notes receivable 1,795 1,599 Retirement benefits 6,992 6,093 State net operating loss carryforwards 927 1,141 Unrealized loss from affiliates 356 595 Lease termination accruals 219 167 Net deferred rents 2,674 2,251 Other 1,946 1,699 Gross deferred income tax assets 17,835 16,412 Valuation allowance - (70 ) Total deferred income tax assets 17,835 16,342 Deferred income tax liabilities: Property and equipment 3,093 282 Intangible assets 860 - Unrealized gains from affiliates 8 963 Prepaid expenses and other 403 128 Total deferred income tax liabilities 4,364 1,373 Net deferred income tax assets $ 13,471 $ 14,969 |
Summary of Valuation Allowance [Table Text Block] | Balance Beginning of Period Additions Charged to Cost and Expenses Deductions (1) Other Balance End of Period For the Year Ended November 30, 2013: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,789 $ 361 $ (543 ) $ - $ 1,607 Notes receivable valuation reserves $ 4,139 $ - $ - $ - $ 4,139 Income tax valuation allowance $ 908 $ 136 $ - $ - $ 1,044 For the Year Ended November 29, 2014: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,607 $ 77 $ (435 ) $ - $ 1,249 Notes receivable valuation reserves $ 4,139 $ - $ - $ - $ 4,139 Income tax valuation allowance $ 1,044 $ - $ (974 ) $ - $ 70 For the Year Ended November 28, 2015: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,249 $ (216 ) $ (67 ) $ 209 (2) $ 1,175 Notes receivable valuation reserves $ 4,139 $ 582 $ (75 ) $ - $ 4,646 Income tax valuation allowance $ 70 $ - $ (70 ) $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 2013 Balance, beginning of the year $ 1,236 $ 1,497 $ 1,228 Gross increases 12 - 401 Gross decreases due to settlements (1,236 ) (221 ) - Gross decreases primarily due to the expiration of statutes - (40 ) (132 ) Balance, end of the year $ 12 $ 1,236 $ 1,497 |
Note 15 - Restructuring, asse44
Note 15 - Restructuring, asset impairment, and other changes (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule Of Activity Related To Accrued Lease Exit Costs [Table Text Block] | 2015 2014 Balance, beginning of the year $ 433 $ 907 Provisions associated with Company-owned retail stores 419 - Provisions made to adjust previous estimates 111 14 Payments on unexpired leases, net of sublease rent received (410 ) (510 ) Accretion of interest on obligations 13 22 Balance, end of the year $ 566 $ 433 Current portion included in other accrued liabilities $ 351 $ 117 Long-term portion included in other long-term liabilities 215 316 $ 566 $ 433 |
Note 17 - Leases and Lease Gu45
Note 17 - Leases and Lease Guarantees (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Retail Stores Distribution Centers Transportation Equipment Total Fiscal 2016 $ 18,490 $ 4,087 $ 2,779 $ 25,356 Fiscal 2017 16,651 3,946 1,979 22,576 Fiscal 2018 14,140 2,696 806 17,642 Fiscal 2019 12,251 1,731 755 14,737 Fiscal 2020 10,916 1,230 671 12,817 Thereafter 27,461 4,278 30 31,769 Total future minimum lease payments $ 99,909 $ 17,968 $ 7,020 $ 124,897 |
Schedule Of Future Rental Income [Table Text Block] | Fiscal 2016 $ 2,132 Fiscal 2017 2,119 Fiscal 2018 1,589 Fiscal 2019 1,247 Fiscal 2020 1,194 Thereafter 359 Total minimum future rental income $ 8,640 |
Note 19 - Earnings Per Share (T
Note 19 - Earnings Per Share (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Numerator: Net income $ 20,433 $ 9,299 $ 5,096 Denominator: Denominator for basic income per share - weighted average shares 10,701,829 10,552,462 10,721,652 Effect of dilutive securities 141,198 140,569 150,897 Denominator for diluted income per share — weighted average shares and assumed conversions 10,843,027 10,693,031 10,872,549 Basic income per share: Net income per share — basic $ 1.91 $ 0.88 $ 0.48 Diluted income per share: Net income per share — diluted $ 1.88 $ 0.87 $ 0.47 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2015 2014 2013 Stock options - 150,000 472,500 Unvested restricted shares 8,354 - 81,295 Total anti-dilutive securities 8,354 150,000 553,795 |
Note 20 - Segment Information (
Note 20 - Segment Information (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2015 2014 2013 Net Sales Wholesale $ 252,180 $ 223,993 $ 215,451 Retail 249,379 216,631 199,380 Logistical services 77,250 - - Inter-company eliminations: Furniture and accessories (114,154 ) (99,886 ) (93,545 ) Logistical services (33,728 ) - - Consolidated $ 430,927 $ 340,738 $ 321,286 Income (loss) from Operations Wholesale $ 15,618 $ 14,120 $ 10,883 Retail 6,170 (528 ) (1,452 ) Logistical services 3,528 - - Inter-company elimination 1,647 1,539 574 Lease exit costs (419 ) - - Asset impairment charges (106 ) - - Management restructuring costs (449 ) - - Consolidated income from operations $ 25,989 $ 15,131 $ 10,005 Depreciation and Amortization Wholesale $ 2,075 $ 1,972 $ 1,826 Retail 5,428 5,344 4,372 Logistical services 2,634 - - Consolidated $ 10,137 $ 7,316 $ 6,198 Capital Expenditures Wholesale $ 4,898 $ 4,527 $ 3,839 Retail 7,077 13,836 10,846 Logistical services 1,999 - - Consolidated $ 13,974 $ 18,363 $ 14,685 Identifiable Assets Wholesale $ 146,878 $ 154,319 $ 148,518 Retail 88,878 86,471 77,331 Logistical services 46,787 - - Consolidated $ 282,543 $ 240,746 $ 225,849 |
Schedule Of Breakdown Of Wholesale Sales By Product Category [Table Text Block] | 2015 2014 2013 Wood 37 % 39 % 41 % Upholstery 63 % 61 % 59 % 100 % 100 % 100 % |
Note 21 - Quarterly Results o48
Note 21 - Quarterly Results of Operations (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 First Quarter (1) Second Quarter (2) Third Quarter Fourth Quarter (3) Sales revenue: Furniture and accessories $ 89,548 $ 99,467 $ 97,107 $ 101,283 Logistics 3,259 12,086 13,904 14,273 Total sales revenue 92,807 111,553 111,011 115,556 Cost of furniture and accessories sold 41,930 46,921 44,824 45,616 Income from operations 2,877 6,714 7,692 8,706 Net income 5,956 4,529 4,266 5,682 Basic earnings per share 0.57 0.42 0.39 0.53 Diluted earnings per share 0.56 0.42 0.39 0.52 2014 First Quarter (4) Second Quarter Third Quarter Fourth Quarter Sales revenue: Furniture and accessories $ 75,647 $ 85,185 $ 85,186 $ 94,720 Logistics - - - - Total sales revenue 75,647 85,185 85,186 94,720 Cost of furniture and accessories sold 35,394 39,872 40,168 42,883 Income from operations 1,086 3,891 3,399 6,755 Net income 843 2,551 2,256 3,649 Basic earnings per share 0.08 0.24 0.22 0.35 Diluted earnings per share 0.08 0.24 0.21 0.35 |
Schedule II - Analysis of Val49
Schedule II - Analysis of Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Nov. 28, 2015 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance Beginning of Period Additions Charged to Cost and Expenses Deductions (1) Other Balance End of Period For the Year Ended November 30, 2013: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,789 $ 361 $ (543 ) $ - $ 1,607 Notes receivable valuation reserves $ 4,139 $ - $ - $ - $ 4,139 Income tax valuation allowance $ 908 $ 136 $ - $ - $ 1,044 For the Year Ended November 29, 2014: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,607 $ 77 $ (435 ) $ - $ 1,249 Notes receivable valuation reserves $ 4,139 $ - $ - $ - $ 4,139 Income tax valuation allowance $ 1,044 $ - $ (974 ) $ - $ 70 For the Year Ended November 28, 2015: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,249 $ (216 ) $ (67 ) $ 209 (2) $ 1,175 Notes receivable valuation reserves $ 4,139 $ 582 $ (75 ) $ - $ 4,646 Income tax valuation allowance $ 70 $ - $ (70 ) $ - $ - |
Note 1 - Description of Busin50
Note 1 - Description of Business (Details Textual) | Nov. 28, 2015 | Feb. 02, 2015 | Feb. 01, 2015 |
Company-owned Retail Stores [Member] | |||
Number of Stores | 60 | ||
Licensee Operated Retail Stores [Member] | |||
Number of Stores | 33 | ||
Zenith Freight Lines [Member] | |||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | ||
Number of States in which Entity Operates | 11 | ||
Number of Stores | 93 | ||
Percent Of Wholesale Products Sourced From Other Countries | 37.00% | ||
Number Of Domestic Manufacturing Facilities | 3 |
Note 2 - Significant Accounti51
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Nov. 28, 2015USD ($)shares | Nov. 29, 2014USD ($) | Nov. 30, 2013USD ($) | |
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Minimum [Member] | Retail Buildings And Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | |||
Payment Terms For Wholesale Customers | 30 days | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum [Member] | Retail Buildings And Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Maximum [Member] | |||
Payment Terms For Wholesale Customers | 60 days | ||
Export Sales [Member] | |||
Revenues | $ 4,516,000 | $ 4,774,000 | $ 4,603,000 |
Retail Real Estate [Member] | |||
Land | 990,000 | 1,990,000 | |
Buildings and Improvements, Gross | 6,178,000 | 8,831,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 4,631,000 | ||
Depreciation | 184,000 | 400,000 | 484,000 |
Asset Impairment Charges | 416,000 | ||
Sugarland Real Estate [Member] | |||
Proceeds from Sale of Real Estate | 2,835,000 | ||
Impairment of Real Estate | 182,000 | ||
Deliver Wholesale Merchandise to Customers [Member] | |||
Shipping, Handling and Transportation Costs | 18,624,000 | 16,162,000 | 15,685,000 |
Deliver Retail Merchandise to Customers [Member] | |||
Shipping, Handling and Transportation Costs | $ 15,383,000 | $ 12,844,000 | 10,855,000 |
Zenith Freight Lines [Member] | Common Stock [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 89,485 | ||
Zenith Freight Lines [Member] | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,675,000 | ||
Notes Issued | 8,436,000 | ||
Scenario, Previously Reported [Member] | |||
Prior Period Reclassification Adjustment | 5,268,000 | ||
Goodwill, Impairment Loss | $ 0 | ||
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Licensees | 26.00% | 24.00% | |
Number Of Major Licensees | 3 | 2 | |
Percentage of LIFO Inventory | 43.00% | 40.00% | |
Land | $ 12,311,000 | $ 11,371,000 | |
Buildings and Improvements, Gross | 104,265,000 | 90,204,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 105,962,000 | 96,947,000 | |
Proceeds from Sale of Real Estate | $ 5,157,000 | $ 1,407,000 | 3,750,000 |
Impairment of Real Estate | $ 416,000 | ||
Asset Impairment Charges | $ 106,000 | ||
Pre-Opening Costs | 623,000 | $ 1,217,000 | $ 671,000 |
Shipping, Handling and Transportation Costs | 6,863,000 | 31,308,000 | 29,313,000 |
Advertising Expense | $ 16,228,000 | $ 15,614,000 | $ 14,750,000 |
Note 2 - Percentages of Trade A
Note 2 - Percentages of Trade Accounts Receivable and Related Allowance for Doubtful Accounts Due from Licensees (Details) | Nov. 28, 2015 | Nov. 29, 2014 |
Portion of trade accounts receivable owed by licensees | 34.00% | 46.00% |
Portion of allowance for doubtful accounts attributable to licensees | 32.00% | 58.00% |
Note 2 - Aggregate Exposure fro
Note 2 - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Nov. 29, 2014 |
Accounts receivable, net of allowances (Note 5) | $ 21,197 | $ 15,228 |
Notes receivable, net of allowances | 10 | 592 |
Loss Contingency, Estimate of Possible Loss | 2,441 | 3,046 |
Total credit risk exposure related to customers | $ 23,648 | $ 18,866 |
Note 3 - Business Combination54
Note 3 - Business Combination - Acquisition of Zenith (Details Textual) $ / shares in Units, $ in Thousands | Feb. 02, 2015USD ($) | Feb. 01, 2015USD ($) | Aug. 29, 2015USD ($) | Nov. 28, 2015USD ($) | Nov. 28, 2015USD ($)$ / shares | Nov. 29, 2014USD ($) | Nov. 30, 2013USD ($) |
Zenith Freight Lines [Member] | Long-term Debt [Member] | |||||||
Debt Instrument, Periodic Payment | $ 3,000 | ||||||
Zenith Freight Lines [Member] | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | ||||||
Business Combination, Consideration Transferred | $ 19,111 | $ 19,111 | |||||
Debt Instrument, Periodic Payment, Number of Installments | 3 | ||||||
Equity Method Investments, Carrying Value Prior to Step Acquisition Remeasurement | $ 9,480 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 16,692 | 16,692 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 7,212 | ||||||
Diluted Earnings Per Share Adjustment | $ / shares | $ 0.41 | ||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 6,982 | $ 6,982 | |||||
Business Combination, Acquisition Related Costs | 209 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 43,522 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 2,078 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 7,212 |
Note 3 - Fair Value of Acquired
Note 3 - Fair Value of Acquired Business (Details) - Zenith Freight Lines [Member] | 12 Months Ended |
Nov. 28, 2015USD ($) | |
Cash | $ 9,000,000 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 1,675,000 |
Note payable | 8,436,000 |
Total fair value of consideration transferred to seller | 19,111,000 |
Less effective settlement of previous amounts payable to Zenith at acquisition | (3,622,000) |
Total fair value of consideration net of effective settlement | 15,489,000 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 16,692,000 |
Total fair value of acquired business | $ 32,181,000 |
Note 3 - Allocation of Fair Val
Note 3 - Allocation of Fair Value of the Acquired Business (Details) | Feb. 02, 2015USD ($) |
Zenith Freight Lines [Member] | |
Acquired cash and cash equivalents | $ 1,677,000 |
Accounts receivable, net | 3,399,000 |
Prepaid expenses and other current assets | 496,000 |
Property and equipment | 18,110,000 |
Other long-term assets | 646,000 |
Intangible assets | 6,362,000 |
Total identifiable assets acquired | 30,690,000 |
Accounts payable and accrued liabilities | (4,038,000) |
Notes payable | (4,329,000) |
Total liabilities assumed | (8,367,000) |
Net identifiable assets acquired | 22,323,000 |
Goodwill | 9,858,000 |
Total net assets acquired | $ 32,181,000 |
Note 3 - Acquired Identifiable
Note 3 - Acquired Identifiable Intangible Assets (Details) - Zenith Freight Lines [Member] $ in Thousands | 12 Months Ended |
Nov. 28, 2015USD ($) | |
Customer Relationships [Member] | |
Useful Life In Years | 15 years |
Fair Value | $ 3,038 |
Technology-Based Intangible Assets [Member] | |
Useful Life In Years | 7 years |
Fair Value | $ 834 |
Trade Names [Member] | |
Fair Value | 2,490 |
Fair Value | $ 6,362 |
Note 4 - Financial Instrument58
Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Maximum [Member] | ||
Certificates of Deposit Terms | 1 year | |
Interest Rate of Certificates of Deposit | 1.00% | |
Minimum [Member] | ||
Interest Rate of Certificates of Deposit | 0.28% | |
Weighted Average [Member] | ||
Certificates of Deposit Terms | 210 days | |
Interest Rate of Certificates of Deposit | 0.42% | |
Short-term Investments | $ 23,125 | $ 23,125 |
Note 5 - Accounts Receivable (D
Note 5 - Accounts Receivable (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Nov. 29, 2014 |
Gross accounts receivable | $ 22,372 | $ 16,477 |
Allowance for doubtful accounts | (1,175) | (1,249) |
Net accounts receivable | $ 21,197 | $ 15,228 |
Note 5 - Activity in Allowance
Note 5 - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Zenith Freight Lines [Member] | ||
Balance, beginning of the year | $ 1,249 | $ 1,607 |
Acquired allowance on accounts receivable (Note 3) | 209 | |
Reductions to allowance, net | (283) | $ (358) |
Balance, end of the year | 1,175 | 1,249 |
Balance, beginning of the year | 1,249 | |
Balance, end of the year | $ 1,175 | $ 1,249 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Purchases From Major Vendors | $ 25,190 | $ 26,707 | $ 24,217 |
Note 6 - Inventories (Details)
Note 6 - Inventories (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Nov. 29, 2014 |
Wholesale finished goods | $ 31,253 | $ 31,399 |
Work in process | 318 | 298 |
Raw materials and supplies | 9,793 | 8,109 |
Retail merchandise | 27,680 | 26,428 |
Total inventories on first-in, first-out method | 69,044 | 66,234 |
LIFO adjustment | (7,751) | (7,550) |
Reserve for excess and obsolete inventory | (1,397) | (1,412) |
Inventory, net | $ 59,896 | $ 57,272 |
Note 6 - Activity in Reserves f
Note 6 - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Operating Segments [Member] | Wholesale Segment [Member] | ||
Balance at November 30, 2013 | $ 1,060 | $ 1,001 |
Additions charged to expense | 2,442 | 1,666 |
Write-offs | (2,415) | (1,607) |
Balance at November 29, 2014 | 1,087 | 1,060 |
Operating Segments [Member] | Retail Segment [Member] | ||
Balance at November 30, 2013 | 352 | 292 |
Additions charged to expense | 430 | 331 |
Write-offs | (472) | (271) |
Balance at November 29, 2014 | 310 | 352 |
Balance at November 30, 2013 | 1,412 | 1,293 |
Additions charged to expense | 2,872 | 1,997 |
Write-offs | (2,887) | (1,878) |
Balance at November 29, 2014 | $ 1,397 | $ 1,412 |
Note 7 - Property and Equipme64
Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Retail Segment [Member] | |||
Depreciation | $ 5,970 | $ 5,782 | $ 4,531 |
Logistical Services [Member] | |||
Depreciation | $ 2,366 |
Note 7 - Property and Equipme65
Note 7 - Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Nov. 29, 2014 |
Land | $ 12,311 | $ 11,371 |
Buildings and Improvements, Gross | 104,265 | 90,204 |
Machinery and equipment | 85,490 | 70,184 |
Property and equipment at cost | 202,066 | 171,759 |
Less accumulated depreciation | (105,962) | (96,947) |
Property and equipment, net | $ 96,104 | $ 74,812 |
Note 7 - Summary of Reportable
Note 7 - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Nov. 29, 2014 |
Wholesale Segment [Member] | ||
Property and equipment, net | $ 17,763 | $ 14,933 |
Retail Segment [Member] | ||
Property and equipment, net | 60,810 | $ 59,879 |
Logistical Services [Member] | ||
Property and equipment, net | 17,531 | |
Property and equipment, net | $ 96,104 | $ 74,812 |
Note 7 - Depreciation Expense (
Note 7 - Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | ||
Cost of Sales [Member] | ||||
Depreciation expense | [1] | $ 599 | $ 542 | $ 595 |
Selling, General and Administrative Expenses [Member] | ||||
Depreciation expense | [2] | 9,627 | 6,814 | 5,279 |
Depreciation expense | $ 10,226 | $ 7,356 | $ 5,874 | |
[1] | All associated with our wholesale segment for fiscal 2015, 2014, and 2013. | |||
[2] | Includes depreciation associated with our retail segment of $5,970, $5,782 and $4,531 for fiscal 2015, 2014, 2013, respectively. Fiscal 2015 includes depreciation associated with our logistical services segment of $2,366. |
Note 8 - Goodwill and Other I68
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Amortization of Intangible Assets | $ 268,000 | $ 0 | $ 0 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | |
Goodwill | $ 11,588,000 | $ 1,730,000 |
Note 8 - Goodwill and Other I69
Note 8 - Goodwill and Other Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Nov. 28, 2015USD ($) | |
Customer Relationships [Member] | |
Intangibles subject to amortization, Gross Carrying Amount | $ 3,038 |
Intangibles subject to amortization, Accumulated Amortization | (169) |
Intangibles subject to amortization, Intangible Assets, Net | 2,869 |
Technology-Based Intangible Assets [Member] | |
Intangibles subject to amortization, Gross Carrying Amount | 834 |
Intangibles subject to amortization, Accumulated Amortization | (99) |
Intangibles subject to amortization, Intangible Assets, Net | 735 |
Intangibles subject to amortization, Gross Carrying Amount | 3,872 |
Intangibles subject to amortization, Accumulated Amortization | (268) |
Intangibles subject to amortization, Intangible Assets, Net | 3,604 |
Trade names | 2,490 |
Goodwill | 11,588 |
Total goodwill and other intangible assets | 17,950 |
Total goodwill and other intangible assets | $ 17,682 |
Note 8 - Changes in Carrying Am
Note 8 - Changes in Carrying Amount of Goodwill (Details) | 12 Months Ended |
Nov. 28, 2015USD ($) | |
Wholesale Segment [Member] | |
Balance as of November 29, 2014 | $ 1,128,000 |
Goodwill arising from acquisition of Zenith | 3,711,000 |
Balance as of November 28, 2015 | 4,839,000 |
Retail Segment [Member] | |
Balance as of November 29, 2014 | 602,000 |
Goodwill arising from acquisition of Zenith | 1,218,000 |
Balance as of November 28, 2015 | $ 1,820,000 |
Logistical Services [Member] | |
Balance as of November 29, 2014 | |
Goodwill arising from acquisition of Zenith | $ 4,929,000 |
Balance as of November 28, 2015 | 4,929,000 |
Balance as of November 29, 2014 | 1,730,000 |
Goodwill arising from acquisition of Zenith | 9,858,000 |
Balance as of November 28, 2015 | $ 11,588,000 |
Note 8 - Estimated Future Amort
Note 8 - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Nov. 28, 2015USD ($) |
Fiscal 2,016 | $ 322 |
Fiscal 2,017 | 322 |
Fiscal 2,018 | 322 |
Fiscal 2,019 | 322 |
Fiscal 2,020 | 322 |
Thereafter | 1,994 |
Total | $ 3,604 |
Note 9 - Unconsolidated Affil72
Note 9 - Unconsolidated Affiliated Companies (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||||
Feb. 01, 2015 | Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | Feb. 02, 2015 | May. 02, 2011 | |
IHFC [Member] | ||||||
Decrease in Restricted Cash | $ 2,348 | $ 2,348 | ||||
Indemnification Escrow Receivable | $ 6,106 | |||||
Zenith Freight Lines [Member] | ||||||
Equity Method Investment, Ownership Percentage | 49.00% | |||||
Equity Method Investments | 7,915 | $ 9,480 | ||||
Income (Loss) from Equity Method Investments | $ 220 | |||||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | 1,345 | |||||
Capital Contributions Made to Unconsolidated Affiliated Companies | $ 2,745 | |||||
Due to Affiliate | 2,628 | |||||
Income (Loss) from Equity Method Investments | $ 220 | 661 | 770 | |||
Shipping, Handling and Transportation Costs | $ 6,863 | $ 31,308 | $ 29,313 | |||
Cost Method Investments | $ 1,000 |
Note 9 - Income (Details)
Note 9 - Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Income (Loss) from Equity Method Investments | $ 220 | $ 661 | $ 770 |
Note 10 - Notes Payable and B74
Note 10 - Notes Payable and Bank Credit Facility (Details Textual) $ in Thousands | Feb. 02, 2015USD ($) | Nov. 28, 2015USD ($) | Nov. 29, 2014USD ($) | Nov. 30, 2013USD ($) |
Zenith Freight Lines [Member] | Unsecured Debt [Member] | ||||
Debt Instrument, Face Amount | $ 9,000 | |||
Debt Instrument, Number of Annual Payments | 3 | |||
Debt Instrument, Periodic Payment | $ 3,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.62% | |||
Amortization of Debt Discount (Premium) | $ 252 | |||
Debt Instrument, Carrying Amount, Current | $ 2,796 | |||
Transportation Equipment Notes Payable [Member] | Minimum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Debt Instrument, Term | 1 year 210 days | |||
Transportation Equipment Notes Payable [Member] | Maximum [Member] | ||||
Debt Instrument, Term | 3 years 120 days | |||
Transportation Equipment Notes Payable [Member] | ||||
Long-term Debt | $ 2,152 | |||
Secured Debt, Current | 901 | |||
Secured Debt | 3,796 | |||
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member] | ||||
Debt Instrument, Collateral Amount | $ 5,993 | $ 6,127 | ||
Real Estate Notes Payable Operated in Retail Segment [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.73% | |||
Long-term Debt | $ 1,709 | 2,218 | ||
Secured Debt, Current | 351 | 316 | ||
Real Estate Notes Payable Operated in Logistical Services Segment [Member] | Land and Building [Member] | ||||
Debt Instrument, Collateral Amount | $ 6,226 | |||
Real Estate Notes Payable Operated in Logistical Services Segment [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Secured Debt | $ 1,224 | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 1,004 | |||
Bank One [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | |||
Letters of Credit Outstanding, Amount | 1,970 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 13,030 | |||
Bank Two [Member] | ||||
Letters of Credit Outstanding, Amount | 356 | |||
Debt Instrument, Carrying Amount, Current | 5,477 | 316 | ||
Long-term Debt | 13,773 | |||
Interest Paid | $ 277 | $ 176 | $ 244 |
Note 10 - Real Estate Notes Pay
Note 10 - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Nov. 29, 2014 |
Zenith Note Payable [Member] | ||
Principal Balance | $ 9,000 | |
Unamortized Discount | (312) | |
Long-term Debt | 8,688 | |
Real Estate Notes Payable [Member] | ||
Principal Balance | 2,933 | $ 2,218 |
Long-term Debt | 2,933 | 2,218 |
Transportation Equipment Notes Payable [Member] | ||
Principal Balance | 2,152 | |
Long-term Debt | 2,152 | |
Principal Balance | 14,085 | |
Unamortized Discount | (312) | |
Long-term Debt | 13,773 | |
Principal Balance | (5,477) | (316) |
Unamortized Discount | 204 | |
Net Carrying Amount | (5,273) | (316) |
Principal Balance | 8,608 | 1,902 |
Unamortized Discount | (108) | |
Net Carrying Amount | $ 8,500 | $ 1,902 |
Note 10 - Maturities of Notes P
Note 10 - Maturities of Notes Payable (Details) $ in Thousands | Nov. 28, 2015USD ($) |
Fiscal 2,016 | $ 5,477 |
Fiscal 2,017 | 4,112 |
Fiscal 2,018 | 3,803 |
Fiscal 2,019 | 543 |
Fiscal 2,020 | 150 |
Total repayments of principal | $ 14,085 |
Note 11 - Post Employment Ben77
Note 11 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Payment over 120 Months [Member] | |||
Death Benefit Percent Of Final Average Annual Compensation | 50.00% | ||
A Single Payment [Member] | |||
Death Benefit Percent Of Final Average Annual Compensation | 200.00% | ||
Unfunded Deferred Compensation Plan [Member] | |||
Postemployment Benefits Liability, Noncurrent | $ 2,085 | $ 2,174 | |
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan | 65.00% | ||
Death Benefit Payment Term | 10 years | ||
Current Net Death Benefit | $ 3,087 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 4,350 | 3,216 | |
Defined Benefit Plan, Future Amortization of Transition Obligation (Asset) | 42 | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | (323) | ||
Pension Expense | 248 | 134 | $ 288 |
Increase (Decrease) in Deferred Compensation | 124 | ||
Postemployment Benefits Liability, Noncurrent | $ 12,694 | $ 11,498 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 20.00% | 15.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 8.00% | ||
Defined Contribution Plan, Cost Recognized | $ 662 | $ 397 | $ 340 |
Note 11 - Plan Summary (Details
Note 11 - Plan Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Change in Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 10,376 | $ 9,775 | |
Service cost | 105 | 78 | $ 71 |
Interest cost | 374 | 373 | 350 |
Actuarial losses | 1,372 | 1,084 | |
Benefits paid | (549) | (934) | |
Projected benefit obligation at end of year | 11,678 | 10,376 | $ 9,775 |
Accumulated Benefit Obligation | $ 10,967 | $ 9,748 | |
Discount rate used to value the ending benefit obligations: | 3.75% | 3.75% | |
Amounts recognized in the consolidated balance sheet: | |||
Current liabilities | $ 749 | $ 724 | |
Noncurrent liabilities | 10,929 | 9,652 | |
Total amounts recognized | 11,678 | 10,376 | |
Amounts recognized in accumulated other comprehensive income: | |||
Transition obligation | 127 | 170 | |
Actuarial loss | 4,223 | 3,046 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 4,350 | 3,216 | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income: | $ 1,851 | $ 1,535 |
Note 11 - Components of Net Per
Note 11 - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Components of Net Periodic Pension Cost: | |||
Service cost | $ 105 | $ 78 | $ 71 |
Interest cost | 374 | 373 | 350 |
Amortization of transition obligation | 42 | 42 | 42 |
Amortization of other loss | 195 | 123 | 81 |
Net periodic pension cost | $ 716 | $ 616 | $ 544 |
Note 11 - Assumptions Used to D
Note 11 - Assumptions Used to Determine Net Periodic Pension Cost (Details) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Assumptions used to determine net periodic pension cost: | |||
Discount rate | 3.75% | 3.75% | 4.25% |
Increase in future compensation levels | 3.00% | 3.00% | 3.00% |
Note 11 - Estimated Future Bene
Note 11 - Estimated Future Benefit Payments (Details) $ in Thousands | Nov. 28, 2015USD ($) |
Estimated Future Benefit Payments (with mortality): | |
Fiscal 2,016 | $ 749 |
Fiscal 2,017 | 717 |
Fiscal 2,018 | 684 |
Fiscal 2,019 | 652 |
Fiscal 2,020 | 619 |
Fiscal 2021 through 2024 | $ 4,442 |
Note 12 - Activity in Accumulat
Note 12 - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance at November 30, 2013 | $ (1,974) | $ (1,414) |
Actuarial losses | (1,372) | (1,084) |
Net pension amortization reclassified from accumulated other comprehensive loss | 237 | 166 |
Tax effects | 431 | 358 |
Balance at November 29, 2014 | (2,678) | (1,974) |
Balance at November 30, 2013 | (1,974) | |
Balance at November 29, 2014 | $ (2,678) | $ (1,974) |
Note 13 - Capital Stock and S83
Note 13 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ in Thousands | Apr. 14, 2010 | Dec. 31, 2000 | Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | Apr. 01, 2015 | Dec. 31, 1997 |
Restricted Stock [Member] | Non-Employee Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,354 | ||||||
Restricted Stock [Member] | Employee [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,000 | ||||||
Restricted Stock [Member] | Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 13,998 | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | 4,836 | 31,234 | 11,550 | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ 154 | $ 489 | $ 202 | ||||
Restricted Stock [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 12,339 | ||||||
Restricted Stock [Member] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 26,337 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 46,000 | ||||||
The 1997 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 950,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | ||||||
The 2010 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | ||||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 134,154 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 178 | $ 489 | $ 226 | ||||
Proceeds and Excess Tax Benefit from Share-based Compensation | 99 | $ 228 | $ 207 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 636 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 19,053 | 25,677 | 38,206 |
Note 13 - Compensation Expense
Note 13 - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Selling, General and Administrative Expenses [Member] | |||
Stock based compensation expense | $ 894 | $ 951 | $ 728 |
Note 13 - Changes in Outstandin
Note 13 - Changes in Outstanding Options (Details) | 12 Months Ended |
Nov. 28, 2015$ / sharesshares | |
Outstanding (in shares) | shares | 437,250 |
Outstanding (in dollars per share) | $ / shares | $ 11.94 |
Exercised (in shares) | shares | (351,000) |
Exercised (in dollars per share) | $ / shares | $ 12.09 |
Forfeited/Expired (in shares) | shares | (2,000) |
Forfeited/Expired (in dollars per share) | $ / shares | $ 8.02 |
Outstanding (in shares) | shares | 84,250 |
Outstanding (in dollars per share) | $ / shares | $ 11.42 |
Exercisable (in shares) | shares | 84,250 |
Exercisable (in dollars per share) | $ / shares | $ 11.42 |
Note 13 - Changes in Non-vested
Note 13 - Changes in Non-vested Options (Details) | 12 Months Ended |
Nov. 28, 2015$ / sharesshares | |
Restricted Stock [Member] | |
Non-vested options outstanding (in shares) | shares | 123,737 |
Non-vested options outstanding (in dollars per share) | $ / shares | $ 15.28 |
Granted (in shares) | shares | 54,354 |
Granted (in dollars per share) | $ / shares | $ 21.81 |
Vested (in shares) | shares | (26,337) |
Vested (in dollars per share) | $ / shares | $ 15.42 |
Forfeited/Expired (in shares) | shares | (17,600) |
Forfeited/Expired (in dollars per share) | $ / shares | $ 17 |
Non-vested options outstanding (in shares) | shares | 134,154 |
Non-vested options outstanding (in dollars per share) | $ / shares | $ 17.68 |
Vested (in shares) | shares | (26,337) |
Vested (in dollars per share) | $ / shares | $ 15.42 |
Non-vested options outstanding (in shares) | shares | 22,750 |
Non-vested options outstanding (in dollars per share) | $ / shares | $ 8.04 |
Granted (in shares) | shares | |
Granted (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (20,750) |
Vested (in dollars per share) | $ / shares | $ 8.05 |
Forfeited/Expired (in shares) | shares | (2,000) |
Forfeited/Expired (in dollars per share) | $ / shares | $ 8.02 |
Non-vested options outstanding (in shares) | shares | |
Non-vested options outstanding (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (20,750) |
Vested (in dollars per share) | $ / shares | $ 8.05 |
Note 13 - Additional Informatio
Note 13 - Additional Information Regarding Outstanding Stock Options (Details) $ in Thousands | 12 Months Ended |
Nov. 28, 2015USD ($)$ / sharesshares | |
Range of $3.23 - $6.45 [Member] | |
Lower Range of Exercise Prices (in dollars per share) | $ 3.23 |
Upper Range of Exercise Prices (in dollars per share) | $ 6.45 |
Options Outstanding Shares (in shares) | shares | 1,000 |
Options Outstanding Weighted Average Remaining Contractual Life | 4 years 219 days |
Weighted Average Exercise Price (in dollars per share) | $ 4.38 |
Options Exercisable Shares (in shares) | shares | 1,000 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 4.38 |
Range of $6.45 - $9.67 [Member] | |
Lower Range of Exercise Prices (in dollars per share) | 6.45 |
Upper Range of Exercise Prices (in dollars per share) | $ 9.67 |
Options Outstanding Shares (in shares) | shares | 22,750 |
Options Outstanding Weighted Average Remaining Contractual Life | 5 years 219 days |
Weighted Average Exercise Price (in dollars per share) | $ 8.02 |
Options Exercisable Shares (in shares) | shares | 22,750 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 8.02 |
Range of $9.68 - $12.90 [Member] | |
Lower Range of Exercise Prices (in dollars per share) | 9.68 |
Upper Range of Exercise Prices (in dollars per share) | $ 12.90 |
Options Outstanding Shares (in shares) | shares | 28,000 |
Options Outstanding Weighted Average Remaining Contractual Life | 1 year 328 days |
Weighted Average Exercise Price (in dollars per share) | $ 10.60 |
Options Exercisable Shares (in shares) | shares | 28,000 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 10.60 |
Range of $12.91 - $16.13 [Member] | |
Lower Range of Exercise Prices (in dollars per share) | 12.91 |
Upper Range of Exercise Prices (in dollars per share) | $ 16.13 |
Options Outstanding Shares (in shares) | shares | 32,500 |
Options Outstanding Weighted Average Remaining Contractual Life | 1 year 146 days |
Weighted Average Exercise Price (in dollars per share) | $ 14.73 |
Options Exercisable Shares (in shares) | shares | 32,500 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 14.73 |
Options Outstanding Shares (in shares) | shares | 84,250 |
Options Exercisable Shares (in shares) | shares | 84,250 |
Aggregate Intrinsic Value | $ | $ 1,714 |
Aggregate Intrinsic Value | $ | $ 1,714 |
Note 13 - Additional Informat88
Note 13 - Additional Information Regarding Activity in Stock Options (Details) - USD ($) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Employee Stock Option [Member] | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 1,899,000 | $ 72,000 | $ 106,000 |
Total intrinsic value of options exercised | 5,934,000 | 236,000 | 387,000 |
Total fair value of options vested | 87,000 | 200,000 | 363,000 |
Total cash received from the exercise of options | 4,031,000 | 297,000 | 313,000 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 1,998,000 | $ 300,000 | $ 313,000 |
Note 13 - Restricted Stock Awar
Note 13 - Restricted Stock Awards (Details) | 12 Months Ended |
Nov. 28, 2015$ / sharesshares | |
July 17, 2013 [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 37,800 |
(in dollars per share) | $ / shares | $ 16.64 |
2 years 219 days | |
January 15, 2014 [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 48,000 |
(in dollars per share) | $ / shares | $ 14.12 |
1 year 36 days | |
January 14, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,000 |
(in dollars per share) | $ / shares | $ 20.21 |
2 years 36 days | |
April 1, 2015 [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,354 |
(in dollars per share) | $ / shares | $ 28.33 |
109 days | |
July 14, 2015 [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,000 |
(in dollars per share) | $ / shares | $ 38.02 |
2 years 219 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 134,154 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 12,715,000 | ||
Other Current Assets [Member] | |||
Liability for Uncertain Tax Positions, Current | $ 1,370,000 | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 1,998,000 | 300,000 | $ 313,000 |
Deferred Tax Assets, Valuation Allowance | 0 | 70,000 | 1,044,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 70,000 | $ 974,000 | (136,000) |
Effect Of Change In Deferred Tax Assets Valuation Allowance On Basic Earnings Per Share | $ 0.09 | ||
Income Taxes Paid, Net | 5,906,000 | $ 2,367,000 | 2,723,000 |
Unrecognized Tax Benefits Excluding Interest And Penalties | 1,236,000 | ||
Unrecognized Tax Benefits Interest Expense Recovery | (144,000) | 7,000 | 23,000 |
Unrecognized Tax Benefits Income Tax Penalties Expense Recovery | $ 3,000 | $ 10,000 | $ 31,000 |
Note 14 - Components of Income
Note 14 - Components of Income Tax Provision (Benefit) (Details) - USD ($) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Current: | |||
Federal | $ 7,972,000 | $ 4,168,000 | $ 759,000 |
State | 1,533,000 | 596,000 | 50,000 |
Deferred: | |||
Increase (decrease) in valuation allowance | (70,000) | (974,000) | 136,000 |
Federal | 1,520,000 | 221,000 | 1,970,000 |
State | 480,000 | 1,297,000 | 176,000 |
Total | $ 11,435,000 | $ 5,308,000 | $ 3,091,000 |
Note 14 - Reconciliation of Sta
Note 14 - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Statutory federal income tax rate | 35.00% | 35.00% | 34.00% |
Adjustments to state net operating loss carryforwards | 3.30% | ||
Change in income tax valuation allowance | (0.10%) | (3.70%) | 1.70% |
Change in income tax reserves | 0.10% | (1.70%) | 0.10% |
State income tax, net of federal benefit | 4.40% | 4.90% | 3.70% |
Benefit of goodwill basis difference | (3.20%) | ||
Other | (0.30%) | (1.50%) | (1.70%) |
Effective income tax rate | 35.90% | 36.30% | 37.80% |
Note 14 - Income Tax Effects Of
Note 14 - Income Tax Effects Of Temporary Differences And Carryforwards (Details) - USD ($) | Nov. 28, 2015 | Nov. 29, 2014 |
Deferred income tax assets: | ||
Trade accounts receivable | $ 506,000 | $ 483,000 |
Inventories | 2,420,000 | 2,384,000 |
Notes receivable | 1,795,000 | 1,599,000 |
Retirement benefits | 6,992,000 | 6,093,000 |
State net operating loss carryforwards | 927,000 | 1,141,000 |
Unrealized loss from affiliates | 356,000 | 595,000 |
Lease termination accruals | 219,000 | 167,000 |
Net deferred rents | 2,674,000 | 2,251,000 |
Other | 1,946,000 | 1,699,000 |
Gross deferred income tax assets | 17,835,000 | 16,412,000 |
Valuation allowance | 0 | (70,000) |
Total deferred income tax assets | 17,835,000 | 16,342,000 |
Deferred income tax liabilities: | ||
Property and equipment | 3,093,000 | $ 282,000 |
Intangible assets | 860,000 | |
Unrealized gains from affiliates | 8,000 | $ 963,000 |
Prepaid expenses and other | 403,000 | 128,000 |
Total deferred income tax liabilities | 4,364,000 | 1,373,000 |
Net deferred income tax assets | $ 13,471,000 | $ 14,969,000 |
Note 14 - Summary of Valuation
Note 14 - Summary of Valuation Allowances Against Deferred Tax Assets (Valuation Allowance of Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Balance | $ 70 | $ 1,044 | $ 908 |
Additions charged to expense | $ 136 | ||
Deductions reducing expense | $ (70) | $ (974) | |
Balance | $ 70 | $ 1,044 |
Note 14 - Activity Related to G
Note 14 - Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Balance, beginning of the year | $ 1,236 | $ 1,497 | $ 1,228 |
Gross increases | 12 | $ 401 | |
Gross decreases due to settlements | $ (1,236) | $ (221) | |
Gross decreases primarily due to the expiration of statutes | (40) | $ (132) | |
Balance, end of the year | $ 12 | $ 1,236 | $ 1,497 |
Note 15 - Restructuring, asse96
Note 15 - Restructuring, asset impairment, and other changes (Details Textual) - USD ($) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Employee Severance [Member] | |||
Restructuring Charges | $ 449,000 | $ 0 | $ 0 |
Leasehold Improvements [Member] | |||
Asset Impairment Charges | 106,000 | ||
Restructuring, Settlement and Impairment Provisions | (449,000) | 0 | 0 |
Gain (Loss) on Contract Termination | (419,000) | $ 0 | $ 0 |
Restructuring Charges | 449,000 | ||
Asset Impairment Charges | $ 106,000 |
Note 15 - Activity Related to A
Note 15 - Activity Related to Accrued Lease Exit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 28, 2015 | Nov. 29, 2014 | |
Balance, beginning of the year | $ 433 | $ 907 | ||
Provisions associated with Company-owned retail stores | 419 | |||
Provisions made to adjust previous estimates | 111 | $ 14 | ||
Payments on unexpired leases, net of sublease rent received | (410) | (510) | ||
Accretion of interest on obligations | 13 | 22 | ||
Balance, end of the year | 566 | 433 | ||
Current portion included in other accrued liabilities | $ 351 | $ 117 | ||
Long-term portion included in other long-term liabilities | 215 | 316 | ||
$ 433 | $ 433 | $ 566 | $ 433 |
Note 16 - Income from the Con98
Note 16 - Income from the Continued Dumping and Subsidy Offset Act (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Income from Continued Dumping and Subsidy Offset Act | $ 1,156 |
Note 17 - Leases and Lease Gu99
Note 17 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Minimum [Member] | Retail Stores [Member] | |||
Operating Lease, Lease Term | 1 year | ||
Renewal Term On Operating Lease | 5 years | ||
Minimum [Member] | Transportation Equipment Leases [Member] | |||
Operating Lease, Lease Term | 2 years | ||
Minimum [Member] | |||
Lease Guarantees Term | 1 year | ||
Maximum [Member] | Retail Stores [Member] | |||
Operating Lease, Lease Term | 15 years | ||
Renewal Term On Operating Lease | 15 years | ||
Maximum [Member] | Transportation Equipment Leases [Member] | |||
Operating Lease, Lease Term | 7 years | ||
Maximum [Member] | |||
Lease Guarantees Term | 10 years | ||
Lease Obligations of Licensee Operators [Member] | |||
Loss Contingency, Estimate of Possible Loss | $ 2,494 | $ 3,164 | |
Operating Leases, Rent Expense | 26,382 | 19,903 | $ 18,403 |
Real Estate Rental Income (Loss), Net of Expense | (181) | (248) | $ (594) |
Loss Contingency, Estimate of Possible Loss | $ 2,441 | $ 3,046 |
Note 17 - Future Minimum Lease
Note 17 - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) $ in Thousands | Nov. 28, 2015USD ($) |
Retail Segment [Member] | |
Fiscal 2,016 | $ 18,490 |
Fiscal 2,017 | 16,651 |
Fiscal 2,018 | 14,140 |
Fiscal 2,019 | 12,251 |
Fiscal 2,020 | 10,916 |
Thereafter | 27,461 |
Total future minimum lease payments | 99,909 |
Distribution Centers [Member] | |
Fiscal 2,016 | 4,087 |
Fiscal 2,017 | 3,946 |
Fiscal 2,018 | 2,696 |
Fiscal 2,019 | 1,731 |
Fiscal 2,020 | 1,230 |
Thereafter | 4,278 |
Total future minimum lease payments | 17,968 |
Transportation Equipment Leases [Member] | |
Fiscal 2,016 | 2,779 |
Fiscal 2,017 | 1,979 |
Fiscal 2,018 | 806 |
Fiscal 2,019 | 755 |
Fiscal 2,020 | 671 |
Thereafter | 30 |
Total future minimum lease payments | 7,020 |
Fiscal 2,016 | 25,356 |
Fiscal 2,017 | 22,576 |
Fiscal 2,018 | 17,642 |
Fiscal 2,019 | 14,737 |
Fiscal 2,020 | 12,817 |
Thereafter | 31,769 |
Total future minimum lease payments | $ 124,897 |
Note 17 - Minimum Future Rental
Note 17 - Minimum Future Rental Income (Details) $ in Thousands | Nov. 28, 2015USD ($) |
Fiscal 2,016 | $ 2,132 |
Fiscal 2,017 | 2,119 |
Fiscal 2,018 | 1,589 |
Fiscal 2,019 | 1,247 |
Fiscal 2,020 | 1,194 |
Thereafter | 359 |
Total minimum future rental income | $ 8,640 |
Note 19 - Reconciliation of Bas
Note 19 - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Numerator: | |||
Net income | $ 20,433 | $ 9,299 | $ 5,096 |
Denominator: | |||
Denominator for basic income per share - weighted average shares (in shares) | 10,701,829 | 10,552,462 | 10,721,652 |
Effect of dilutive securities (in shares) | 141,198 | 140,569 | 150,897 |
Denominator for diluted income per share — weighted average shares and assumed conversions (in shares) | 10,843,027 | 10,693,031 | 10,872,549 |
Basic income per share: | |||
Net income per share — basic (in dollars per share) | $ 1.91 | $ 0.88 | $ 0.48 |
Diluted income per share: | |||
Net income per share — diluted (in dollars per share) | $ 1.88 | $ 0.87 | $ 0.47 |
Note 19 - Antidilutive Securiti
Note 19 - Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Employee Stock Option [Member] | |||
Antidilutive securities (in shares) | 150,000 | 472,500 | |
Restricted Stock [Member] | |||
Antidilutive securities (in shares) | 8,354 | 81,295 | |
Antidilutive securities (in shares) | 8,354 | 150,000 | 553,795 |
Note 20 - Segment Informatio104
Note 20 - Segment Information (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Aug. 29, 2015USD ($) | Nov. 28, 2015USD ($) | Nov. 29, 2014USD ($) | Nov. 30, 2013USD ($) | |
Zenith Freight Lines [Member] | ||||
SGA Expenses Excluding New Store Pre-opening Costs | $ 73,722 | |||
Number of Reportable Segments | 3 | |||
SGA Expenses Excluding New Store Pre-opening Costs | $ 224,050 | $ 166,073 | $ 155,318 |
Note 20 - Segment Information,
Note 20 - Segment Information, by Segment (Details) | 12 Months Ended | ||
Nov. 28, 2015USD ($) | Nov. 29, 2014USD ($) | Nov. 30, 2013USD ($) | |
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||
Capital Expenditures | |||
Capital expenditures | $ 4,898 | $ 4,527 | $ 3,839 |
Operating Segments [Member] | Wholesale Segment [Member] | |||
Net Sales | |||
Net Sales | 252,180,000 | 223,993,000 | 215,451,000 |
Income (loss) from Operations | |||
Income (loss) from Operations | 15,618,000 | 14,120,000 | 10,883,000 |
Depreciation and Amortization | |||
Depreciation and amortization | 2,075,000 | 1,972,000 | 1,826,000 |
Identifiable Assets | |||
Identifiable Assets | 146,878,000 | 154,319,000 | 148,518,000 |
Operating Segments [Member] | Retail Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||
Capital Expenditures | |||
Capital expenditures | 7,077 | 13,836 | 10,846 |
Operating Segments [Member] | Retail Segment [Member] | |||
Net Sales | |||
Net Sales | 249,379,000 | 216,631,000 | 199,380,000 |
Income (loss) from Operations | |||
Income (loss) from Operations | 6,170,000 | (528,000) | (1,452,000) |
Depreciation and Amortization | |||
Depreciation and amortization | 5,428,000 | 5,344,000 | 4,372,000 |
Identifiable Assets | |||
Identifiable Assets | 88,878,000 | $ 86,471,000 | $ 77,331,000 |
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||
Capital Expenditures | |||
Capital expenditures | 1,999 | ||
Operating Segments [Member] | Logistical Services [Member] | |||
Net Sales | |||
Net Sales | 77,250,000 | ||
Income (loss) from Operations | |||
Income (loss) from Operations | 3,528,000 | ||
Depreciation and Amortization | |||
Depreciation and amortization | 2,634,000 | ||
Identifiable Assets | |||
Identifiable Assets | 46,787,000 | ||
Intersegment Eliminations [Member] | Logistical Services [Member] | |||
Net Sales | |||
Net Sales | (33,728,000) | ||
Intersegment Eliminations [Member] | Furniture and Accessories [Member] | |||
Net Sales | |||
Net Sales | (114,154,000) | $ (99,886,000) | $ (93,545,000) |
Intersegment Eliminations [Member] | |||
Income (loss) from Operations | |||
Income (loss) from Operations | 1,647,000 | 1,539,000 | 574,000 |
Net Sales | 430,927,000 | 340,738,000 | 321,286,000 |
Income (loss) from Operations | 25,989,000 | 15,131,000 | 10,005,000 |
Lease exit costs | (419,000) | $ 0 | $ 0 |
Asset impairment charges | (106,000) | ||
Management restructuring costs | (449,000) | $ 0 | $ 0 |
Depreciation and Amortization | |||
Depreciation and amortization | 10,137,000 | 7,316,000 | 6,198,000 |
Capital Expenditures | |||
Capital expenditures | 13,974 | 18,363 | 14,685 |
Identifiable Assets | |||
Identifiable Assets | $ 282,543,000 | $ 240,746,000 | $ 225,849,000 |
Note 20 - Breakdown of Wholesal
Note 20 - Breakdown of Wholesale Sales by Product Category (Details) | 12 Months Ended | ||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Wood [Member] | |||
Percent of wholesale sales | 37.00% | 39.00% | 41.00% |
Upholstery [Member] | |||
Percent of wholesale sales | 63.00% | 61.00% | 59.00% |
Percent of wholesale sales | 100.00% | 100.00% | 100.00% |
Note 21 - Quarterly Results 107
Note 21 - Quarterly Results of Operations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | Feb. 01, 2015 | |
Zenith Freight Lines [Member] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 7,212 | |||
Income Tax Expense (Benefit) | 2,777 | |||
Continued Dumping & Subsidy Offset Act [Member] | ||||
Income Tax Expense (Benefit) | 410 | |||
Goodwill [Member] | ||||
Income Tax Expense (Benefit) | 1,111 | |||
Former Executive [Member] | ||||
Proceeds from Life Insurance Policies | 662 | |||
Total Lease Exit Costs | 525 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 7,212 | |||
Income Tax Expense (Benefit) | 11,435 | $ 5,308 | $ 3,091 | |
Restructuring Charges | 449 | |||
Income from Continued Dumping and Subsidy Offset Act, Net | $ 1,066 |
Note 21 - Quarterly Results 108
Note 21 - Quarterly Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Nov. 28, 2015 | [1] | Aug. 29, 2015 | May. 30, 2015 | [2] | Feb. 28, 2015 | [3] | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Mar. 01, 2014 | [4] | Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |
Net Sales | |||||||||||||||
Furniture and accessories | $ 101,283 | $ 97,107 | $ 99,467 | $ 89,548 | $ 94,720 | $ 85,186 | $ 85,185 | $ 75,647 | $ 387,405 | $ 340,738 | $ 321,286 | ||||
Logistics | 14,273 | 13,904 | 12,086 | 3,259 | 43,522 | ||||||||||
Total sales revenue | 115,556 | 111,011 | 111,553 | 92,807 | $ 94,720 | $ 85,186 | $ 85,185 | $ 75,647 | 430,927 | $ 340,738 | $ 321,286 | ||||
Cost of furniture and accessories sold | 45,616 | 44,824 | 46,921 | 41,930 | 42,883 | 40,168 | 39,872 | 35,394 | 179,291 | 158,317 | 155,292 | ||||
Income from operations | 8,706 | 7,692 | 6,714 | 2,877 | 6,755 | 3,399 | 3,891 | 1,086 | 25,989 | 15,131 | 10,005 | ||||
Net income | $ 5,682 | $ 4,266 | $ 4,529 | $ 5,956 | $ 3,649 | $ 2,256 | $ 2,551 | $ 843 | $ 20,433 | $ 9,299 | $ 5,096 | ||||
Net income per share — basic (in dollars per share) | $ 0.53 | $ 0.39 | $ 0.42 | $ 0.57 | $ 0.35 | $ 0.22 | $ 0.24 | $ 0.08 | $ 1.91 | $ 0.88 | $ 0.48 | ||||
Net income per share — diluted (in dollars per share) | $ 0.52 | $ 0.39 | $ 0.42 | $ 0.56 | $ 0.35 | $ 0.21 | $ 0.24 | $ 0.08 | $ 1.88 | $ 0.87 | $ 0.47 | ||||
[1] | Net income includes the effect of a $1,111 tax benefit arising from purchase accounting adjustments affecting the deductible basis of goodwill (see Note 14). | ||||||||||||||
[2] | Income from operations includes management restructuring charges of $449 (see Note 15). Net income includes income of $1,066 from the CDSOA, net of related income tax effects of approximately $410 (see Note 16). | ||||||||||||||
[3] | Income from operations includes asset impairment charges and lease exit costs totaling $525 (see Note 15). Net income includes a gain of $7,212, net of income tax effects of approximately $2,777, resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note 3). | ||||||||||||||
[4] | Net income includes $662 of income from death benefits from life insurance policies covering a former executive. |
Schedule II - Analysis of Va109
Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Nov. 28, 2015 | Nov. 29, 2014 | Nov. 30, 2013 | |||
Allowance for Doubtful Accounts [Member] | |||||
Balance | $ 1,249 | $ 1,607 | $ 1,789 | ||
Additions Charged to Cost and Expenses | 216 | 77 | 361 | ||
Deductions reducing expense | [1] | (67) | $ (435) | $ (543) | |
Other | 209 | [2] | |||
Balance | 1,175 | $ 1,249 | $ 1,607 | ||
Allowance for Notes Receivable [Member] | |||||
Balance | 4,139 | $ 4,139 | $ 4,139 | ||
Additions Charged to Cost and Expenses | 582 | ||||
Deductions reducing expense | [1] | $ (75) | |||
Other | |||||
Balance | $ 4,646 | $ 4,139 | $ 4,139 | ||
Income Tax Valuation Allowance [Member] | |||||
Balance | $ 70 | $ 1,044 | 908 | ||
Additions Charged to Cost and Expenses | $ 136 | ||||
Deductions reducing expense | [1] | $ (70) | $ (974) | ||
Other | |||||
Balance | $ 70 | $ 1,044 | |||
Balance | $ 70 | $ 1,044 | 908 | ||
Additions Charged to Cost and Expenses | $ 136 | ||||
Deductions reducing expense | $ (70) | $ (974) | |||
Balance | $ 70 | $ 1,044 | |||
[1] | Deductions are for the purpose for which the reserve was created. Deductions from the income tax valuation allowance for the years ended November 30, 2013 were due to the removal of the majority of our valuation allowance. | ||||
[2] | Represents reserves of acquired company at date of acquisition. |