Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 27, 2016 | Mar. 18, 2016 | |
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | |
Entity Central Index Key | 10,329 | |
Trading Symbol | bset | |
Current Fiscal Year End Date | --11-26 | |
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) | 10,892,609 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 27, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Sales revenue: | ||
Furniture and accessories | $ 92,402 | $ 89,548 |
Logistics | 14,471 | 3,259 |
Total sales revenue | 106,873 | 92,807 |
Cost of furniture and accessories sold | 41,986 | 41,930 |
Selling, general and administrative expenses excluding new store pre-opening costs | 58,957 | $ 47,475 |
New store pre-opening costs | $ 139 | |
Lease exit costs | $ 419 | |
Asset impairment charges | 106 | |
Income from operations | $ 5,791 | 2,877 |
Remeasurement gain on acquisition of affiliate | 7,212 | |
Other loss, net | $ (657) | (622) |
Income before income taxes | 5,134 | 9,467 |
Income tax expense | 1,900 | 3,511 |
Net income | 3,234 | 5,956 |
Retained earnings-beginning of period | 120,904 | 106,339 |
Cash dividends | (962) | (821) |
Retained earnings-end of period | $ 123,176 | $ 111,474 |
Basic earnings per share (in dollars per share) | $ 0.30 | $ 0.57 |
Diluted earnings per share (in dollars per share) | 0.30 | 0.56 |
Dividends per share (in dollars per share) | $ 0.09 | $ 0.08 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Net income | $ 3,234 | $ 5,956 |
Other comprehensive income: | ||
Amortization associated with supplemental executive retirement defined benefit plan (SERP) | 91 | 59 |
Income taxes related to SERP | (34) | (22) |
Other comprehensive income, net of tax | 57 | 37 |
Total comprehensive income | $ 3,291 | $ 5,993 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Current assets | ||
Cash and cash equivalents | $ 25,113 | $ 36,268 |
Short-term investments | 23,125 | 23,125 |
Accounts receivable, net | 19,741 | 21,197 |
Inventories | 57,539 | 59,896 |
Other current assets | 8,124 | 6,798 |
Total current assets | 133,642 | 147,284 |
Property and equipment, net | 101,810 | 96,104 |
Deferred income taxes | 12,634 | 13,471 |
Goodwill and other intangible assets | 17,601 | 17,682 |
Other | 7,967 | 8,002 |
Total long-term assets | 38,202 | 39,155 |
Total assets | 273,654 | 282,543 |
Current liabilities | ||
Accounts payable | 20,234 | 20,916 |
Accrued compensation and benefits | 11,472 | 14,345 |
Customer deposits | $ 23,284 | 23,999 |
Dividends payable | 2,184 | |
Current portion of long-term debt | $ 5,855 | 5,273 |
Other accrued liabilities | 10,191 | 13,133 |
Total current liabilities | 71,036 | 79,850 |
Long-term liabilities | ||
Post employment benefit obligations | 12,674 | 12,694 |
Notes payable | 7,793 | 8,500 |
Other long-term liabilities | 3,918 | 4,133 |
Total long-term liabilities | 24,385 | 25,327 |
Stockholders’ equity | ||
Common stock | 54,463 | 54,580 |
Retained earnings | 123,176 | 120,904 |
Additional paid-in capital | 3,215 | 4,560 |
Accumulated other comprehensive loss | (2,621) | (2,678) |
Total stockholders' equity | 178,233 | 177,366 |
Total liabilities and stockholders’ equity | $ 273,654 | $ 282,543 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Operating activities: | ||
Net income | $ 3,234 | $ 5,956 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | $ 2,817 | 2,146 |
Equity in undistributed income of investments and unconsolidated affiliated companies | (220) | |
Provision for restructuring and asset impairment charges | 106 | |
Non-cash portion of lease exit costs | 419 | |
Remeasurement gain on acquisition of affiliate | (7,212) | |
Deferred income taxes | $ 803 | 4,278 |
Other, net | 294 | 549 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,509 | 1,021 |
Inventories | 2,357 | (4,404) |
Other current assets | (1,326) | (2,325) |
Customer deposits | (715) | 3,122 |
Accounts payable and accrued liabilities | (6,553) | (4,341) |
Net cash provided by (used in) operating activities | 2,420 | (905) |
Investing activities: | ||
Purchases of property and equipment | (8,568) | $ (3,918) |
Proceeds from sales of property and equipment | $ 20 | |
Cash paid for business acquisition, net of cash acquired | $ (7,374) | |
Capital contribution to affiliate | (1,345) | |
Net cash used in investing activities | $ (8,548) | (12,637) |
Financing activities: | ||
Cash dividends | $ (3,146) | (2,923) |
Proceeds from the exercise of stock options | 1,410 | |
Other issuance of common stock | $ 84 | 85 |
Repurchases of common stock | $ (1,774) | (191) |
Excess tax benefits from stock-based compensation | 456 | |
Repayments of notes payable | $ (4,395) | (372) |
Proceeds from equipment loans | 4,204 | 660 |
Net cash used in financing activities | (5,027) | (875) |
Change in cash and cash equivalents | (11,155) | (14,417) |
Cash and cash equivalents - beginning of period | 36,268 | 26,673 |
Cash and cash equivalents - end of period | $ 25,113 | $ 12,256 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP. The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. The equity method of accounting was used for our investment in an affiliated company in which we exercised significant influence but did not maintain a controlling interest prior to the Zenith acquisition mentioned below. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees nor any other of our counterparties represent VIEs. Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net of estimates for returns and allowances. 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). 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 income. Our equity in the earnings of Zenith prior to the date of the acquisition is included in other loss, net, in the accompanying condensed consolidated statements of income. |
Note 2 - Interim Financial Pres
Note 2 - Interim Financial Presentation | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 2. Interim Financial Presentation All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three months ended February 27, 2016 are not necessarily indicative of results for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended November 28, 2015. We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income could have a significant impact on our effective tax rate for the respective quarter. Our effective tax rates for the quarters ended February 27, 2016 and February 28, 2015 differ from the federal statutory rate primarily due to the effects of state income taxes and various permanent differences. |
Note 3 - Business Combination -
Note 3 - Business Combination - Acquisition of Zenith | 3 Months Ended |
Feb. 27, 2016 | |
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 expired 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 8, 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 quarter ended February 28, 2015. The impact of this gain upon our basic and diluted earnings per share was approximately $0.42, 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 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 was 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 $121 during the quarter ended February 28, 2015 and are included in selling, general and administrative expenses in the condensed consolidated statements of income. The acquisition costs are primarily related to legal, accounting and valuation services. The revenue of Zenith since February 2, 2015 that is included in our condensed consolidated statements of income for the quarters ended February 27, 2016 and February 28, 2015 is $14,471 and $3,259, respectively after the elimination of intercompany transactions. Pre-tax income (loss) of Zenith that is included in our condensed consolidated statements of income for the quarters ended February 27, 2016 and February 28, 2015 is $695 and $(20), respectively. 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 | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Financial Instruments 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 notes payable/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 February 27, 2016 and November 28, 2015 consisted of certificates of deposit (CDs) with original terms of twelve months, bearing interest at rates ranging from 0.28% to 1.00%. At February 27, 2016, the weighted average remaining time to maturity of the CDs was approximately four 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. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at February 27, 2016 and November 28, 2015 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 9) 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 11) which utilize Level 3 inputs. |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Accounts Receivable Accounts receivable consists of the following: February 27, 2016 November 28, 2015 Gross accounts receivable $ 20,863 $ 22,372 Allowance for doubtful accounts (1,122 ) (1,175 ) Accounts receivable, net $ 19,741 $ 21,197 At February 27, 2015 and November 28, 2015 approximately 35% and 34%, respectively, of gross accounts receivable, and approximately 33% and 32%, respectively, of the allowance for doubtful accounts were attributable to amounts owed to us by our licensees. Our remaining receivables are primarily due from national account customers, traditional distribution channel customers and logistical services customers. Activity in the allowance for doubtful accounts for the three months ended February 27, 2016 was as follows: 2016 Balance at November 28, 2015 $ 1,175 Reductions credited to income (50 ) Write-offs and other reductions (3 ) Balance at February 27, 2016 $ 1,122 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 | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6 . Inventories Inventories are valued at the lower of cost or market. Cost is determined for domestic furniture inventories using the last-in, first-out (LIFO) method. The costs for imported inventories are determined using the first-in, first-out (FIFO) method. Inventories were comprised of the following: February 27, 2016 November 28, 2015 Wholesale finished goods $ 28,555 $ 31,253 Work in process 346 318 Raw materials and supplies 10,637 9,793 Retail merchandise 27,576 27,680 Total inventories on first-in, first-out method 67,114 69,044 LIFO adjustment (7,864 ) (7,751 ) Reserve for excess and obsolete inventory (1,711 ) (1,397 ) $ 57,539 $ 59,896 We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and/or style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses. Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 28, 2015 $ 1,087 $ 310 $ 1,397 Additions charged to expense 712 140 852 Write-offs (429 ) (109 ) (538 ) Balance at February 27, 2016 $ 1,370 $ 341 $ 1,711 Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2016 and do not anticipate that our methodology is likely to change in the future. |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: February 27, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (220 ) $ 2,818 Technology - customized applications 834 (129 ) 705 Total intangible assets subject to amortization 3,872 (349 ) 3,523 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (349 ) $ 17,601 November 28, 2015 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 The carrying amounts of goodwill by reportable segment at both February 27, 2016 and November 28, 2015 were as follows: Wholesale $ 4,839 Retail 1,820 Logistical services 4,929 Total goodwill $ 11,588 There were no accumulated impairment losses on goodwill as of February 27, 2016 or November 28, 2015. Amortization expense associated with intangible assets during the quarters ended February 27, 2016 and February 28, 2015 was $81 and $42, respectively. |
Note 8 - Unconsolidated Affilia
Note 8 - Unconsolidated Affiliated Companies | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Unconsolidated Affiliate Prior to February 2, 2015 we owned 49% of Zenith and accounted for our investment under the equity method. The balance of our investment in Zenith was adjusted for our equity in the earnings of Zenith through February 2, 2015 of $220 (included in other loss, net in our condensed consolidated statement of income for the quarter ended February 28, 2015), 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 remeasurement gain of $7,212. |
Note 9 - Notes Payable and Bank
Note 9 - Notes Payable and Bank Credit Facility | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9 . Notes Payable and Bank Credit Facility Our notes payable consist of the following: February 27, 2016 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 6,000 $ (246 ) $ 5,754 Transportation equipment notes payable 5,112 - 5,112 Real estate notes payable 2,782 - 2,782 Total Debt 13,894 (246 ) 13,648 Less current portion (6,030 ) 175 (5,855 ) Total long-term debt $ 7,864 $ (71 ) $ 7,793 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 The future maturities of our notes payable are as follows: Remainder of fiscal 2016 $ 2,534 Fiscal 2017 4,809 Fiscal 2018 4,515 Fiscal 2019 1,509 Fiscal 2020 527 Fiscal 2021 - Thereafter - $ 13,894 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, payable in three annual installments of $3,000 due on each anniversary of the note, the first installment having been paid on 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, having reset to the current rate of 1.14% on February 2, 2016. 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 quarters ended February 27, 2016 and February 28, 2015 was $66 and $24, respectively. The current portion of the note due within one year, including unamortized discount, was $2,825 and $2,796 at February 27, 2016 and November 28, 2015, respectively. Transportation Equipment Notes Payable Certain of the transportation equipment operated in our logistical services segment is financed by notes payable in the amount of $5,112 and $2,152 at February 27, 2016 and November 28, 2015, respectively. These notes are payable in fixed monthly payments of principal and interest at fixed and variable rates ranging from 2.60% to 3.75% at February 27, 2016, with remaining terms of fifteen to forty-five months. The current portion of these notes due within one year was $1,514 and $901 at February 27, 2016 and November 28, 2015, respectively. The notes are secured by tractors, trailers and local delivery trucks with a total net book value of $6,552 and $3,796 at February 27, 2016 and November 28, 2015, respectively. Real Estate Notes Payable Certain of our retail real estate properties have been financed through commercial mortgages with outstanding principal totaling $1,623 and $1,709 at February 27, 2016 and November 28, 2015, respectively. The mortages bear interest at fixed rates of 6.73%. They are collateralized by the respective properties with net book values totaling approximately $5,959 and $5,993 at February 27, 2016 and November 28, 2015, respectively. The current portion of these mortgages due within one year was $357 and $351 as of February 27, 2016 and November 28, 2015, 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 $1,159 and $1,224 at February 27, 2016 and November 28, 2015, respectively. 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 of this note is included in the current portion of our long-term debt at February 27, 2016 and November 28, 2015. The note is secured by land and buildings with a total net book value of $6,191 and $6,226 at February 27, 2016 and November 28, 2015, respectively. Fair Value We believe that the carrying amount of our notes payable approximates fair value at both February 27, 2016 and November 28, 2015. 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 Effective December 5, 2015, we entered into a new credit facility with our bank which provides for a line of credit of up to $15,000. This credit facility, which matures in December of 2018, is unsecured and 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. At February 27, 2016, we had $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. |
Note 10 - Post Employment Benef
Note 10 - Post Employment Benefit Obligations | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 10. Post Employment Benefit Obligations We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for this plan was $11,683 and $11,678 as of February 27, 2016 and November 28, 2015, respectively, and is recorded as follows in the condensed consolidated balance sheets: February 27, 2016 November 28, 2015 Accrued compensation and benefits $ 749 $ 749 Post employment benefit obligations 10,934 10,929 Total pension liability $ 11,683 $ 11,678 Components of net periodic pension costs are as follows: Quarter Ended February 27, 2016 February 28, 2015 Service cost $ 36 $ 26 Interest cost 106 94 Amortization of transition obligation 11 11 Amortization of loss 81 48 Net periodic pension cost $ 234 $ 179 We have an unfunded Deferred Compensation Plan that covers one current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. We recognized expense of $57 and $54 for the quarters ended February 27, 2016 and February 28, 2015, respectively. Our liability under this plan was $2,060 and $2,085 as of February 27, 2016 and November 28, 2015, respectively, and is recorded as follows in the condensed consolidated balance sheets: February 27, 2016 November 28, 2015 Accrued compensation and benefits $ 320 $ 320 Post employment benefit obligations 1,740 1,765 Total deferred compensation liability $ 2,060 $ 2,085 |
Note 11 - Impairment Charges an
Note 11 - Impairment Charges and Accrued Lease Exit Costs | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 11 . Impairment Charges and Accrued Lease Exit Costs During the quarter ended February 28, 2015 we announced the closing of our Company-owned retail store location in Memphis, Tennessee. In connection with this closing, we recognized non-cash charges of $419 for the accrual of lease exit costs and $106 for the write off of abandoned leasehold improvements and other store assets. The following table summarized the activity related to our accrued lease exit costs: Balance at November 28, 2015 $ 566 Provisions made to adjust previous estimates 27 Payments and other (130 ) Accretion of interest on obligations and other 3 Balance at February 27, 2016 $ 466 Current portion included in other accrued liabilities $ 277 Long-term portion included in other long-term liabilities 189 $ 466 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 1 2 . Commitments and Contingencies We are involved in various legal and environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations. 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 February 27, 2016: Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2016 $ 13,755 $ 3,041 $ 2,543 $ 19,339 Fiscal 2017 17,167 3,984 2,672 23,823 Fiscal 2018 14,787 2,736 1,447 18,970 Fiscal 2019 12,906 1,745 1,420 16,071 Fiscal 2020 11,578 1,230 1,355 14,163 Fiscal 2021 8,920 1,254 781 10,955 Thereafter 19,347 3,023 668 23,038 Total future minimum lease payments $ 98,460 $ 17,013 $ 10,886 $ 126,359 We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to ten years. We were contingently liable under licensee lease obligation guarantees in the amount of $2,386 and $2,494 at February 27, 2016 and November 28, 2015, respectively. In the event of default by an independent dealer under the guaranteed lease, we believe that the risk of loss is mitigated through a combination of options that include, but are not limited to, arranging for a replacement dealer, liquidating the collateral (primarily inventory), and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at February 27, 2016 and November 28, 2015 was not material. |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 3 . Earnings Per Share The following reconciles basic and diluted earnings per share: Net Income Weighted Average Shares Net Income Per Share For the quarter ended February 27, 2016: Basic earnings per share $ 3,234 10,780,229 $ 0.30 Add effect of dilutive securities: Options and restricted shares - 104,327 - Diluted earnings per share $ 3,234 10,884,556 $ 0.30 For the quarter ended February 28, 2015: Basic earnings per share $ 5,956 10,480,656 $ 0.57 Add effect of dilutive securities: Options and restricted shares - 175,856 (0.01 ) Diluted earnings per share $ 5,956 10,656,512 $ 0.56 For the three months ended February 27, 2016 and February 28, 2015, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive: Quarter Ended February 27, 2016 February 28, 2015 Unvested shares 2,000 46,000 |
Note 14 - Segment Information
Note 14 - Segment Information | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. 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 net 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. The following table presents our segment information: Quarter Ended February 27, 2016 February 28, 2015 Sales Revenue Wholesale $ 59,576 $ 58,805 Retail - Company-owned stores 61,595 57,183 Logistical services 24,679 5,999 Inter-company eliminations: Furniture and accessories (28,769 ) (26,440 ) Logistical services (10,208 ) (2,740 ) Consolidated $ 106,873 $ 92,807 Income (loss) from Operations Wholesale $ 4,398 $ 2,927 Retail - Company-owned stores 316 (42 ) Logistical services 744 (8 ) Inter-company elimination 333 525 Lease exit costs - (419 ) Asset impairment charges - (106 ) Consolidated $ 5,791 $ 2,877 Depreciation and Amortization Wholesale $ 456 $ 534 Retail - Company-owned stores 1,531 1,355 Logistical services 830 257 Consolidated $ 2,817 $ 2,146 Capital Expenditures Wholesale $ 1,537 $ 961 Retail - Company-owned stores 2,021 2,111 Logistical services 5,010 846 Consolidated $ 8,568 $ 3,918 Identifiable Assets As of February 27, 2016 As of November 28, 2015 Wholesale $ 132,623 $ 146,878 Retail - Company-owned stores 91,548 88,878 Logistical services 49,483 46,787 Consolidated $ 273,654 $ 282,543 |
Note 15 - Recent Accounting Pro
Note 15 - Recent Accounting Pronouncements | 3 Months Ended |
Feb. 27, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 1 5 . Recent Accounting Pronouncements 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 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 January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires that equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Furthermore, equity investments without readily determinable fair values are to be assessed for impairment using a quantitative approach. The amendments in ASU 2016-01 should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. The amendments in ASU 2016-01 will become effective for us as of the beginning of our 2019 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. As with previous guidance, there continues to be a differentiation between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. Lease assets and liabilities arising from both finance and operating leases will be recognized in the statement of financial position. ASU 2016-02 leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU 2016-02 calls for a modified retrospective approach that includes a number of optional practical expedients that entities may elect to apply. The guidance in ASU 2016-02 will become effective for us as of the beginning of our 2020 fiscal year. We are currently evaluating the impact that the adoption of ASU 2016-02 will have on our consolidated financial statements, which we expect will have a material effect on our statement of financial position, and have not made any decision on the method of adoption with respect to the optional practical expedients. |
Note 3 - Business Combination21
Note 3 - Business Combination - Acquisition of Zenith (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
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) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | February 27, 2016 November 28, 2015 Gross accounts receivable $ 20,863 $ 22,372 Allowance for doubtful accounts (1,122 ) (1,175 ) Accounts receivable, net $ 19,741 $ 21,197 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | 2016 Balance at November 28, 2015 $ 1,175 Reductions credited to income (50 ) Write-offs and other reductions (3 ) Balance at February 27, 2016 $ 1,122 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | February 27, 2016 November 28, 2015 Wholesale finished goods $ 28,555 $ 31,253 Work in process 346 318 Raw materials and supplies 10,637 9,793 Retail merchandise 27,576 27,680 Total inventories on first-in, first-out method 67,114 69,044 LIFO adjustment (7,864 ) (7,751 ) Reserve for excess and obsolete inventory (1,711 ) (1,397 ) $ 57,539 $ 59,896 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 28, 2015 $ 1,087 $ 310 $ 1,397 Additions charged to expense 712 140 852 Write-offs (429 ) (109 ) (538 ) Balance at February 27, 2016 $ 1,370 $ 341 $ 1,711 |
Note 7 - Goodwill and Other I24
Note 7 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | February 27, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (220 ) $ 2,818 Technology - customized applications 834 (129 ) 705 Total intangible assets subject to amortization 3,872 (349 ) 3,523 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (349 ) $ 17,601 November 28, 2015 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 $ 4,839 Retail 1,820 Logistical services 4,929 Total goodwill $ 11,588 |
Note 9 - Notes Payable and Ba25
Note 9 - Notes Payable and Bank Credit Facility (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | February 27, 2016 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 6,000 $ (246 ) $ 5,754 Transportation equipment notes payable 5,112 - 5,112 Real estate notes payable 2,782 - 2,782 Total Debt 13,894 (246 ) 13,648 Less current portion (6,030 ) 175 (5,855 ) Total long-term debt $ 7,864 $ (71 ) $ 7,793 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 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Remainder of fiscal 2016 $ 2,534 Fiscal 2017 4,809 Fiscal 2018 4,515 Fiscal 2019 1,509 Fiscal 2020 527 Fiscal 2021 - Thereafter - $ 13,894 |
Note 10 - Post Employment Ben26
Note 10 - Post Employment Benefit Obligations (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule of Pension Liability [Table Text Block] | February 27, 2016 November 28, 2015 Accrued compensation and benefits $ 749 $ 749 Post employment benefit obligations 10,934 10,929 Total pension liability $ 11,683 $ 11,678 February 27, 2016 November 28, 2015 Accrued compensation and benefits $ 320 $ 320 Post employment benefit obligations 1,740 1,765 Total deferred compensation liability $ 2,060 $ 2,085 |
Schedule of Net Benefit Costs [Table Text Block] | Quarter Ended February 27, 2016 February 28, 2015 Service cost $ 36 $ 26 Interest cost 106 94 Amortization of transition obligation 11 11 Amortization of loss 81 48 Net periodic pension cost $ 234 $ 179 |
Note 11 - Impairment Charges 27
Note 11 - Impairment Charges and Accrued Lease Exit Costs (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule Of Activity Related To Accrued Lease Exit Costs [Table Text Block] | Balance at November 28, 2015 $ 566 Provisions made to adjust previous estimates 27 Payments and other (130 ) Accretion of interest on obligations and other 3 Balance at February 27, 2016 $ 466 Current portion included in other accrued liabilities $ 277 Long-term portion included in other long-term liabilities 189 $ 466 |
Note 12 - Commitments and Con28
Note 12 - Commitments and Contingencies (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2016 $ 13,755 $ 3,041 $ 2,543 $ 19,339 Fiscal 2017 17,167 3,984 2,672 23,823 Fiscal 2018 14,787 2,736 1,447 18,970 Fiscal 2019 12,906 1,745 1,420 16,071 Fiscal 2020 11,578 1,230 1,355 14,163 Fiscal 2021 8,920 1,254 781 10,955 Thereafter 19,347 3,023 668 23,038 Total future minimum lease payments $ 98,460 $ 17,013 $ 10,886 $ 126,359 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income Weighted Average Shares Net Income Per Share For the quarter ended February 27, 2016: Basic earnings per share $ 3,234 10,780,229 $ 0.30 Add effect of dilutive securities: Options and restricted shares - 104,327 - Diluted earnings per share $ 3,234 10,884,556 $ 0.30 For the quarter ended February 28, 2015: Basic earnings per share $ 5,956 10,480,656 $ 0.57 Add effect of dilutive securities: Options and restricted shares - 175,856 (0.01 ) Diluted earnings per share $ 5,956 10,656,512 $ 0.56 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended February 27, 2016 February 28, 2015 Unvested shares 2,000 46,000 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended February 27, 2016 February 28, 2015 Sales Revenue Wholesale $ 59,576 $ 58,805 Retail - Company-owned stores 61,595 57,183 Logistical services 24,679 5,999 Inter-company eliminations: Furniture and accessories (28,769 ) (26,440 ) Logistical services (10,208 ) (2,740 ) Consolidated $ 106,873 $ 92,807 Income (loss) from Operations Wholesale $ 4,398 $ 2,927 Retail - Company-owned stores 316 (42 ) Logistical services 744 (8 ) Inter-company elimination 333 525 Lease exit costs - (419 ) Asset impairment charges - (106 ) Consolidated $ 5,791 $ 2,877 Depreciation and Amortization Wholesale $ 456 $ 534 Retail - Company-owned stores 1,531 1,355 Logistical services 830 257 Consolidated $ 2,817 $ 2,146 Capital Expenditures Wholesale $ 1,537 $ 961 Retail - Company-owned stores 2,021 2,111 Logistical services 5,010 846 Consolidated $ 8,568 $ 3,918 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Identifiable Assets As of February 27, 2016 As of November 28, 2015 Wholesale $ 132,623 $ 146,878 Retail - Company-owned stores 91,548 88,878 Logistical services 49,483 46,787 Consolidated $ 273,654 $ 282,543 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - Zenith Freight Lines [Member] | Feb. 02, 2015 | Feb. 01, 2015 |
Equity Method Investment, Ownership Percentage | 49.00% | |
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% |
Note 3 - Business Combination32
Note 3 - Business Combination - Acquisition of Zenith (Details Textual) $ / shares in Units, $ in Thousands | Feb. 02, 2015USD ($) | Feb. 01, 2015USD ($) | Feb. 27, 2016USD ($) | Feb. 28, 2015USD ($)$ / shares | Nov. 28, 2015USD ($) |
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 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 7,212 | ||||
Basic Earnings Per Share Adjustment | $ / shares | $ 0.42 | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 6,982 | ||||
Business Combination, Acquisition Related Costs | $ 121 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 14,471 | 3,259 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 695 | (20) | |||
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] $ in Thousands | 3 Months Ended |
Feb. 28, 2015USD ($) | |
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 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 16,692 |
Total fair value of acquired business | $ 32,181 |
Note 3 - Allocation of Fair Val
Note 3 - Allocation of Fair Value of the Acquired Business (Details) $ in Thousands | Feb. 02, 2015USD ($) |
Zenith Freight Lines [Member] | |
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 |
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 |
Note 3 - Acquired Identifiable
Note 3 - Acquired Identifiable Intangible Assets (Details) - Zenith Freight Lines [Member] $ in Thousands | 3 Months Ended |
Feb. 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 Instrument36
Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Nov. 28, 2015 | |
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] | ||
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 Textual) - Licensees [Member] | 3 Months Ended | 12 Months Ended |
Feb. 27, 2015 | Nov. 28, 2015 | |
Accounts Receivable [Member] | ||
Concentration Risk, Percentage | 35.00% | 34.00% |
Allowance for Doubtful Accounts Receivable [Member] | ||
Concentration Risk, Percentage | 33.00% | 32.00% |
Note 5 - Accounts Receivable 38
Note 5 - Accounts Receivable (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Gross accounts receivable | $ 20,863 | $ 22,372 |
Allowance for doubtful accounts | (1,122) | (1,175) |
Accounts receivable, net | $ 19,741 | $ 21,197 |
Note 5 - Activity in Allowance
Note 5 - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands | 3 Months Ended |
Feb. 27, 2016USD ($) | |
Balance at November 28, 2015 | $ 1,175 |
Reductions credited to income | (50) |
Write-offs and other reductions | (3) |
Balance at February 27, 2016 | $ 1,122 |
Note 6 - Inventories (Details)
Note 6 - Inventories (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Wholesale finished goods | $ 28,555 | $ 31,253 |
Work in process | 346 | 318 |
Raw materials and supplies | 10,637 | 9,793 |
Retail merchandise | 27,576 | 27,680 |
Total inventories on first-in, first-out method | 67,114 | 69,044 |
LIFO adjustment | (7,864) | (7,751) |
Reserve for excess and obsolete inventory | (1,711) | (1,397) |
Inventory, net | $ 57,539 | $ 59,896 |
Note 6 - Activity in Reserves f
Note 6 - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands | 3 Months Ended |
Feb. 27, 2016USD ($) | |
Operating Segments [Member] | Wholesale Segment [Member] | |
Balance at November 28, 2015 | $ 1,087 |
Additions charged to expense | 712 |
Write-offs | (429) |
Balance at February 27, 2016 | 1,370 |
Operating Segments [Member] | Retail Segment [Member] | |
Balance at November 28, 2015 | 310 |
Additions charged to expense | 140 |
Write-offs | (109) |
Balance at February 27, 2016 | 341 |
Balance at November 28, 2015 | 1,397 |
Additions charged to expense | 852 |
Write-offs | (538) |
Balance at February 27, 2016 | $ 1,711 |
Note 7 - Goodwill and Other I42
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Nov. 28, 2015 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 | |
Amortization of Intangible Assets | $ 81,000 | $ 42,000 |
Note 7 - Goodwill and Other I43
Note 7 - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Feb. 27, 2016 | Nov. 28, 2015 | |
Customer Relationships [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | $ 3,038 | $ 3,038 |
Intangibles subject to amortization, Accumulated Amortization | (220) | (169) |
Intangibles subject to amortization, Intangible Assets, Net | 2,818 | 2,869 |
Technology-Based Intangible Assets [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 834 | 834 |
Intangibles subject to amortization, Accumulated Amortization | (129) | (99) |
Intangibles subject to amortization, Intangible Assets, Net | 705 | 735 |
Intangibles subject to amortization, Gross Carrying Amount | 3,872 | 3,872 |
Intangibles subject to amortization, Accumulated Amortization | (349) | (268) |
Intangibles subject to amortization, Intangible Assets, Net | 3,523 | 3,604 |
Trade names | 2,490 | 2,490 |
Goodwill | 11,588 | 11,588 |
Total goodwill and other intangible assets | 17,950 | 17,950 |
Total goodwill and other intangible assets | $ 17,601 | $ 17,682 |
Note 7 - Carrying Amount of Goo
Note 7 - Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands | Feb. 27, 2016USD ($) |
Wholesale Segment [Member] | |
Goodwill | $ 4,839 |
Retail Segment [Member] | |
Goodwill | 1,820 |
Logistical Services [Member] | |
Goodwill | 4,929 |
Goodwill | $ 11,588 |
Note 8 - Unconsolidated Affil45
Note 8 - Unconsolidated Affiliated Companies (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | ||
Feb. 02, 2015 | Feb. 27, 2016 | Feb. 28, 2015 | Feb. 01, 2015 | |
Zenith Freight Lines [Member] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | |||
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 | |||
Equity Method Investments | 9,480 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 7,212 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 7,212 |
Note 9 - Notes Payable and Ba46
Note 9 - Notes Payable and Bank Credit Facility (Details Textual) $ in Thousands | Feb. 02, 2015USD ($) | Feb. 27, 2016USD ($) | Feb. 28, 2015USD ($) | Feb. 02, 2016 | Dec. 05, 2015USD ($) | Nov. 28, 2015USD ($) |
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% | 1.14% | ||||
Amortization of Debt Discount (Premium) | $ 66 | $ 24 | ||||
Debt Instrument, Carrying Amount, Current | $ 2,825 | $ 2,796 | ||||
Transportation Equipment Notes Payable [Member] | Minimum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | |||||
Debt Instrument, Term | 1 year 90 days | |||||
Transportation Equipment Notes Payable [Member] | Maximum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||
Debt Instrument, Term | 3 years 270 days | |||||
Transportation Equipment Notes Payable [Member] | ||||||
Long-term Debt | $ 5,112 | 2,152 | ||||
Secured Debt, Current | 1,514 | 901 | ||||
Debt Instrument, Collateral Amount | 6,552 | 3,796 | ||||
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member] | ||||||
Debt Instrument, Collateral Amount | 5,959 | $ 5,993 | ||||
Real Estate Notes Payable Operated in Retail Segment [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.73% | |||||
Long-term Debt | 1,623 | $ 1,709 | ||||
Secured Debt, Current | $ 357 | 351 | ||||
Real Estate Notes Payable Operated in Logistical Services Segment [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||
Debt Instrument, Collateral Amount | $ 6,191 | 6,226 | ||||
Secured Debt | 1,159 | 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 | 6,030 | 5,477 | ||||
Long-term Debt | $ 13,648 | $ 13,773 |
Note 9 - Real Estate Notes Paya
Note 9 - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Zenith Note Payable [Member] | ||
Principal Balance | $ 6,000 | $ 9,000 |
Unamortized Discount | (246) | (312) |
Long-term Debt | 5,754 | 8,688 |
Transportation Equipment Notes Payable [Member] | ||
Principal Balance | 5,112 | 2,152 |
Long-term Debt | 5,112 | 2,152 |
Real Estate Notes Payable [Member] | ||
Principal Balance | 2,782 | 2,933 |
Long-term Debt | 2,782 | 2,933 |
Principal Balance | 13,894 | 14,085 |
Unamortized Discount | (246) | (312) |
Long-term Debt | 13,648 | 13,773 |
Principal Balance, less current portion | (6,030) | (5,477) |
Unamortized discount, less current portion | 175 | 204 |
Net Carrying Amount, less current portion | (5,855) | (5,273) |
Long-term Debt | 7,864 | 8,608 |
Long-term Debt | (71) | (108) |
Long-term Debt | $ 7,793 | $ 8,500 |
Note 9 - Maturities of Notes Pa
Note 9 - Maturities of Notes Payable (Details) $ in Thousands | Feb. 27, 2016USD ($) |
Remainder of fiscal 2016 | $ 2,534 |
Fiscal 2,017 | 4,809 |
Fiscal 2,018 | 4,515 |
Fiscal 2,019 | 1,509 |
Fiscal 2,020 | 527 |
Total repayments of principal | $ 13,894 |
Note 10 - Post Employment Ben49
Note 10 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Nov. 28, 2015 | |
Supplemental Employee Retirement Plan [Member] | |||
Postemployment Benefits Liability | $ 11,683 | $ 11,678 | |
Postemployment Benefits Liability, Noncurrent | 10,934 | 10,929 | |
Unfunded Deferred Compensation Plan [Member] | |||
Pension Expense | 57 | $ 54 | |
Postemployment Benefits Liability, Noncurrent | 2,060 | 2,085 | |
Postemployment Benefits Liability, Noncurrent | $ 12,674 | $ 12,694 |
Note 10 - Pension Liability (De
Note 10 - Pension Liability (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Supplemental Employee Retirement Plan [Member] | ||
Accrued compensation and benefits | $ 749 | $ 749 |
Postemployment Benefits Liability, Noncurrent | 10,934 | 10,929 |
Postemployment Benefits Liability | 11,683 | 11,678 |
Unfunded Deferred Compensation Plan [Member] | ||
Accrued compensation and benefits | 320 | 320 |
Postemployment Benefits Liability, Noncurrent | 1,740 | 1,765 |
Postemployment Benefits Liability | 2,060 | 2,085 |
Postemployment Benefits Liability, Noncurrent | $ 12,674 | $ 12,694 |
Note 10 - Components of Net Per
Note 10 - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Service cost | $ 36 | $ 26 |
Interest cost | 106 | 94 |
Amortization of transition obligation | 11 | 11 |
Amortization of loss | 81 | 48 |
Net periodic pension cost | $ 234 | $ 179 |
Note 11 - Impairment Charges 52
Note 11 - Impairment Charges and Accrued Lease Exit Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Leasehold Improvements [Member] | ||
Gain (Loss) on Contract Termination | $ 419 | |
Asset Impairment Charges | 106 | |
Gain (Loss) on Contract Termination | (419) | |
Asset Impairment Charges | $ 106 |
Note 11 - Activity Related to A
Note 11 - Activity Related to Accrued Lease Exit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 27, 2016 | |
Balance at November 28, 2015 | $ 566 | |
Provisions made to adjust previous estimates | 27 | |
Payments and other | (130) | |
Accretion of interest on obligations and other | 3 | |
Balance at February 27, 2016 | 466 | |
Current portion included in other accrued liabilities | $ 277 | |
Long-term portion included in other long-term liabilities | 189 | |
$ 566 | $ 466 |
Note 12 - Commitments and Con54
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Nov. 28, 2015 | |
Minimum [Member] | Transportation Equipment [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 2 years | |
Minimum [Member] | ||
Operating Lease, Lease Term | 1 year | |
Renewal Term On Operating Lease | 5 years | |
Lease Guarantees Term | 1 year | |
Maximum [Member] | Transportation Equipment [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 7 years | |
Maximum [Member] | ||
Operating Lease, Lease Term | 15 years | |
Renewal Term On Operating Lease | 15 years | |
Lease Guarantees Term | 10 years | |
Lease Obligations of Licensee Operators [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 2,386 | $ 2,494 |
Note 12 - Future Minimum Lease
Note 12 - Future Minimum Lease Payments under the Non-Cancellable Operating Leases (Details) $ in Thousands | Feb. 27, 2016USD ($) |
Retail Stores [Member] | |
Remainder of fiscal 2016 | $ 13,755 |
Fiscal 2,017 | 17,167 |
Fiscal 2,018 | 14,787 |
Fiscal 2,019 | 12,906 |
Fiscal 2,020 | 11,578 |
Fiscal 2,021 | 8,920 |
Thereafter | 19,347 |
Total future minimum lease payments | 98,460 |
Distribution Centers [Member] | |
Remainder of fiscal 2016 | 3,041 |
Fiscal 2,017 | 3,984 |
Fiscal 2,018 | 2,736 |
Fiscal 2,019 | 1,745 |
Fiscal 2,020 | 1,230 |
Fiscal 2,021 | 1,254 |
Thereafter | 3,023 |
Total future minimum lease payments | 17,013 |
Transportation Equipment Leases [Member] | |
Remainder of fiscal 2016 | 2,543 |
Fiscal 2,017 | 2,672 |
Fiscal 2,018 | 1,447 |
Fiscal 2,019 | 1,420 |
Fiscal 2,020 | 1,355 |
Fiscal 2,021 | 781 |
Thereafter | 668 |
Total future minimum lease payments | 10,886 |
Remainder of fiscal 2016 | 19,339 |
Fiscal 2,017 | 23,823 |
Fiscal 2,018 | 18,970 |
Fiscal 2,019 | 16,071 |
Fiscal 2,020 | 14,163 |
Fiscal 2,021 | 10,955 |
Thereafter | 23,038 |
Total future minimum lease payments | $ 126,359 |
Note 13 - Reconciliation of Bas
Note 13 - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Basic earnings per share | $ 3,234 | $ 5,956 |
Basic earnings per share (in shares) | 10,780,229 | 10,480,656 |
Basic earnings per share (in dollars per share) | $ 0.30 | $ 0.57 |
Add effect of dilutive securities: Options and restricted shares (in shares) | 104,327 | 175,856 |
Diluted earnings per share | $ 3,234 | $ 5,956 |
Diluted earnings per share (in shares) | 10,884,556 | 10,656,512 |
Diluted earnings per share (in dollars per share) | $ 0.30 | $ 0.56 |
Add effect of dilutive securities: Options and restricted shares (in dollars per share) | $ (0.01) |
Note 13 - Antidilutive Securiti
Note 13 - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Restricted Stock [Member] | ||
Unvested shares (in shares) | 2,000 | 46,000 |
Note 14 - Segment Information58
Note 14 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016USD ($) | Feb. 28, 2015USD ($) | |
Zenith Freight Lines [Member] | ||
Business Combination, Pro Forma Information Operating Costs of Acquiree Since Acquisition Date, Actual | $ 23,934 | $ 6,007 |
Number of Reportable Segments | 3 |
Note 14 - Segment Information b
Note 14 - Segment Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | ||
Capital expenditures | $ 1,537 | $ 961 |
Operating Segments [Member] | Wholesale Segment [Member] | ||
Sales revenue | 59,576 | 58,805 |
Income (loss) from Operations | 4,398 | 2,927 |
Depreciation and amortization | 456 | 534 |
Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | ||
Capital expenditures | 2,021 | 2,111 |
Operating Segments [Member] | Company-owned Retail Stores [Member] | ||
Sales revenue | 61,595 | 57,183 |
Income (loss) from Operations | 316 | (42) |
Depreciation and amortization | 1,531 | 1,355 |
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | ||
Capital expenditures | 5,010 | 846 |
Operating Segments [Member] | Logistical Services [Member] | ||
Sales revenue | 24,679 | 5,999 |
Income (loss) from Operations | 744 | (8) |
Depreciation and amortization | 830 | 257 |
Intersegment Eliminations [Member] | Logistical Services [Member] | ||
Sales revenue | (10,208) | (2,740) |
Intersegment Eliminations [Member] | Furniture and Accessories [Member] | ||
Sales revenue | (28,769) | (26,440) |
Intersegment Eliminations [Member] | ||
Income (loss) from Operations | 333 | 525 |
Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | ||
Capital expenditures | 8,568 | 3,918 |
Sales revenue | 106,873 | 92,807 |
Income (loss) from Operations | $ 5,791 | 2,877 |
Lease exit costs | (419) | |
Asset impairment charges | (106) | |
Depreciation and amortization | $ 2,817 | $ 2,146 |
Note 14 - Segment Information -
Note 14 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Operating Segments [Member] | Wholesale Segment [Member] | ||
Identifiable assets | $ 132,623 | $ 146,878 |
Operating Segments [Member] | Company-owned Retail Stores [Member] | ||
Identifiable assets | 91,548 | 88,878 |
Operating Segments [Member] | Logistical Services [Member] | ||
Identifiable assets | 49,483 | 46,787 |
Identifiable assets | $ 273,654 | $ 282,543 |