Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Aug. 26, 2017 | Sep. 15, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | |
Entity Central Index Key | 10,329 | |
Trading Symbol | bset | |
Current Fiscal Year End Date | --11-25 | |
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) | 10,735,310 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 26, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Sales revenue: | ||||
Furniture and accessories | $ 100,152 | $ 91,465 | $ 294,144 | $ 276,857 |
Logistics | 14,109 | 13,247 | 40,134 | 41,395 |
Total sales revenue | 114,261 | 104,712 | 334,278 | 318,252 |
Cost of furniture and accessories sold | 45,320 | 40,091 | 132,199 | 124,496 |
Selling, general and administrative expenses excluding new store pre-opening costs | 61,373 | 56,800 | 180,972 | 173,845 |
New store pre-opening costs | 308 | 281 | 1,583 | 727 |
Income from operations | 7,260 | 7,540 | 19,524 | 19,184 |
Gain on sale of investment | 3,267 | |||
Impairment of investment in real estate | (1,084) | |||
Other loss, net | (583) | (647) | (1,994) | (1,904) |
Income before income taxes | 6,677 | 6,893 | 19,713 | 17,280 |
Income tax expense | 2,098 | 2,728 | 6,431 | 6,496 |
Net income | 4,579 | 4,165 | 13,282 | 10,784 |
Retained earnings-beginning of period | 135,947 | 125,563 | 129,388 | 120,904 |
Cash dividends | (1,181) | (1,093) | (3,325) | (3,053) |
Retained earnings-end of period | $ 139,345 | $ 128,635 | $ 139,345 | $ 128,635 |
Basic earnings per share (in dollars per share) | $ 0.43 | $ 0.39 | $ 1.25 | $ 1 |
Diluted earnings per share (in dollars per share) | 0.43 | 0.38 | 1.24 | 0.99 |
Dividends per share (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.31 | $ 0.28 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Net income | $ 4,579 | $ 4,165 | $ 13,282 | $ 10,784 |
Other comprehensive income: | ||||
Other comprehensive income, net of tax | 73 | 57 | (368) | 170 |
Total comprehensive income | 4,652 | 4,222 | 12,914 | 10,954 |
Pension Plan [Member] | ||||
Other comprehensive income: | ||||
Recognize prior service cost associated with Long Term Cash Awards (LTCA) | (932) | |||
Income taxes related to Retirement Plan | (9) | 341 | ||
Amortization associated with Retirement Plan | 24 | 49 | ||
Supplemental Employee Retirement Plan [Member] | ||||
Other comprehensive income: | ||||
Income taxes related to Retirement Plan | (36) | (35) | (107) | (105) |
Amortization associated with Retirement Plan | $ 94 | $ 92 | $ 281 | $ 275 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Current assets | ||
Cash and cash equivalents | $ 36,497 | $ 35,144 |
Short-term investments | 23,125 | 23,125 |
Accounts receivable, net | 19,514 | 18,358 |
Inventories | 57,748 | 53,215 |
Other current assets | 8,808 | 10,727 |
Total current assets | 145,692 | 140,569 |
Property and equipment, net | 101,988 | 104,655 |
Deferred income taxes | 8,235 | 8,071 |
Goodwill and other intangible assets | 17,431 | 17,360 |
Other | 6,410 | 7,612 |
Total long-term assets | 32,076 | 33,043 |
Total assets | 279,756 | 278,267 |
Current liabilities | ||
Accounts payable | 19,047 | 21,281 |
Accrued compensation and benefits | 13,584 | 13,602 |
Customer deposits | 20,757 | 25,181 |
Dividends payable | 3,218 | |
Current portion of long-term debt | 3,373 | 3,290 |
Other accrued liabilities | 13,554 | 10,441 |
Total current liabilities | 70,315 | 77,013 |
Long-term liabilities | ||
Post employment benefit obligations | 13,776 | 12,760 |
Notes payable | 527 | 3,821 |
Other long-term liabilities | 4,412 | 3,968 |
Total long-term liabilities | 18,715 | 20,549 |
Stockholders’ equity | ||
Common stock | 53,677 | 53,615 |
Retained earnings | 139,345 | 129,388 |
Additional paid-in capital | 626 | 255 |
Accumulated other comprehensive loss | (2,922) | (2,553) |
Total stockholders' equity | 190,726 | 180,705 |
Total liabilities and stockholders’ equity | $ 279,756 | $ 278,267 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 26, 2017 | Aug. 27, 2016 | |
Operating activities: | ||
Net income | $ 13,282 | $ 10,784 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 10,060 | 8,866 |
Provision for asset impairment charge | 1,084 | |
Gain on sale of property and equipment | (1,278) | (165) |
Gain on sale of investment | (3,267) | |
Tenant improvement allowance received from lessors | 1,165 | 590 |
Deferred income taxes | 195 | 4,360 |
Other, net | 516 | 421 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,018) | 2,334 |
Inventories | (4,190) | 6,483 |
Other current assets | 1,919 | (4,721) |
Customer deposits | (4,424) | (3,867) |
Accounts payable and accrued liabilities | 654 | (6,120) |
Net cash provided by operating activities | 14,698 | 18,965 |
Investing activities: | ||
Purchases of property and equipment | (10,817) | (18,955) |
Proceeds from sales of property and equipment | 4,474 | 632 |
Proceeds from sale of investment | 3,592 | |
Acquisition of retail licensee store | (655) | |
Other | 223 | |
Net cash used in investing activities | (3,183) | (18,323) |
Financing activities: | ||
Cash dividends | (6,544) | (5,238) |
Proceeds from the exercise of stock options | 310 | 114 |
Other issuance of common stock | 83 | 182 |
Repurchases of common stock | (83) | (3,989) |
Taxes paid related to net share settlement of equity awards | (641) | (77) |
Repayments of notes payable | (3,287) | (7,235) |
Proceeds from equipment loans | 7,384 | |
Net cash used in financing activities | (10,162) | (8,859) |
Change in cash and cash equivalents | 1,353 | (8,217) |
Cash and cash equivalents - beginning of period | 35,144 | 36,268 |
Cash and cash equivalents - end of period | $ 36,497 | $ 28,051 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Aug. 26, 2017 | |
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 not (“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 (“FASB”) 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. In accordance with ASC Topic 810, none 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. Revenues from logistical services are generated by our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”) which we acquired in fiscal 2015. |
Note 2 - Interim Financial Pres
Note 2 - Interim Financial Presentation | 9 Months Ended |
Aug. 26, 2017 | |
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 nine August 26, 2017 not 10 November 26, 2016. 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 three nine August 26, 2017 August 27, 2016, 199: three nine August 26, 2017 $227 $554, three nine August 27, 2016, $46 $87, |
Note 3 - Business Combination -
Note 3 - Business Combination - Licensee Store Acquisition | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combination – Licensee Store Acquisition During the nine August 26, 2017, $655. no The purchase price was allocated as follows: Inventory $ 343 Goodwill 312 Purchase price $ 655 The inputs into our valuation of the acquired assets reflect our market assumptions and are not 3 820, Fair Value Measurements and Disclosures 4. The pro forma impact of the acquisition and the results of operations for the Columbus store since acquisition are not nine August 26, 2017. |
Note 4 - Financial Instruments
Note 4 - Financial Instruments and Fair Value Measurements | 9 Months Ended |
Aug. 26, 2017 | |
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 Investments Our short-term investments of $23,125 August 26, 2017 November 26, 2016 nine 0.10% 1.50%. August 26, 2017, six 1.13%. August 26, 2017 November 26, 2016 Fair Value Measurement The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures 820’s 820 Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not Level 3 – Instruments with primarily unobservable value drivers. 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 8 3 3 2 3 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5 . Accounts Receivable Accounts receivable consists of the following: August 26, 2017 November 26, 2016 Gross accounts receivable $ 20,130 $ 19,157 Allowance for doubtful accounts (616 ) (799 ) Accounts receivable, net $ 19,514 $ 18,358 Activity in the allowance for doubtful accounts for the nine August 26, 2017 Balance at November 26, 2016 $ 799 Reductions to allowance (183 ) Balance at August 26, 2017 $ 616 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 3 820, Fair Value Measurements and Disclosures 4. |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Aug. 26, 2017 | |
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 first first Inventories were comprised of the following: August 26, 2017 November 26, 2016 Wholesale finished goods $ 27,693 $ 24,392 Work in process 395 369 Raw materials and supplies 11,961 11,343 Retail merchandise 27,002 26,265 Total inventories on first-in, first-out method 67,051 62,369 LIFO adjustment (8,005 ) (7,804 ) Reserve for excess and obsolete inventory (1,298 ) (1,350 ) $ 57,748 $ 53,215 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 not not not Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 26, 2016 $ 1,061 $ 289 $ 1,350 Additions charged to expense 816 362 1,178 Write-offs (854 ) (376 ) (1,230 ) Balance at August 26, 2017 $ 1,023 $ 275 $ 1,298 Our estimates and assumptions have been reasonably accurate in the past. We have not in 2017 not |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 9 Months Ended |
Aug. 26, 2017 | |
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: August 26, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (523 ) $ 2,515 Technology - customized applications 834 (308 ) 526 Total intangible assets subject to amortization 3,872 (831 ) 3,041 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,900 - 11,900 Total goodwill and other intangible assets $ 18,262 $ (831 ) $ 17,431 November 26, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (371 ) $ 2,667 Technology - customized applications 834 (219 ) 615 Total intangible assets subject to amortization 3,872 (590 ) 3,282 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (590 ) $ 17,360 Changes in t he carrying amounts of goodwill by reportable segment during the nine August 26, 2017 Wholesale Retail Logistics Total Balance as of November 26, 2016 $ 4,839 $ 1,820 $ 4,929 $ 11,588 Goodwill arising from store acquisition (Note 3) 206 106 - 312 Balance as of August 26, 2017 $ 5,045 $ 1,926 $ 4,929 $ 11,900 There were no August 26, 2017 November 26, 2016. Amortization expense associated with intangible assets during the three nine August 26, 2017 August 27, 2016 Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Intangible asset amortization expense $ 80 $ 80 $ 241 $ 241 |
Note 8 - Notes Payable and Bank
Note 8 - Notes Payable and Bank Credit Facility | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8 . Notes Payable and Bank Credit Facility Our notes payable consist of the following: August 26, 2017 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 3,000 $ (32 ) $ 2,968 Real estate notes payable 932 - 932 Total notes payable 3,932 (32 ) 3,900 Less current portion (3,405 ) 32 (3,373 ) Total long-term notes payable $ 527 $ - $ 527 November 26, 2016 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 6,000 $ (108 ) $ 5,892 Real estate notes payable 1,219 - 1,219 Total notes payable 7,219 (108 ) 7,111 Less current portion (3,385 ) 95 (3,290 ) Total long-term notes payable $ 3,834 $ (13 ) $ 3,821 The future maturities of our notes payable are as follows: Remainder of fiscal 2017 $ 99 Fiscal 2018 3,412 Fiscal 2019 421 Fiscal 2020 - Fiscal 2021 - Fiscal 2022 - Thereafter - $ 3,932 Zenith Acquisition Note Payable As part of the consideration given for our acquisition of Zenith on February 2, 2015, n unsecured note payable to the former owner in the amount of $9,000, three $3,000 one $19 $76 three nine August 26, 2017, $46 $158 three nine August 27, 2016, one $2,968 $2,904 August 26, 2017 November 26, 2016, Real Estate Notes Payable Certain of our retail real estate properties have been financed through commercial mortgages with outstanding principal totaling $932 $1,219 August 26, 2017 November 26, 2016, 6.73%. $5,759 $5,858 August 26, 2017 November 26, 2016, one $405 $385 August 26, 2017 November 26, 2016, Fair Value We believe that the carrying amount of our notes payable approximates fair value at both August 26, 2017 November 26, 2016. not 3 820, Fair Value Measurements and Disclosures 3. Bank Credit Facility Our credit facility with our bank provides for a line of credit of up to $15,000. December 2018, At August 26, 2017, $1,972 $13,028. $511. |
Note 9 - Post Employment Benefi
Note 9 - Post Employment Benefit Obligations | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 9 . Post Employment Benefit Obligations Management Savings Plan On May 1, 2017, our Board of Directors, upon the recommendation of the Organization, Compensation and Nominating Committee (the “Committee”), adopted the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Plan”).The Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees. The Plan is an account-based plan under which (i) participants may may annual awards to participants payable in future years (“Company contributions”). The Plan permits each participant to defer up to 75% 100% one may 1 15 2 3 five third 2017. 1 third 2 63 3 February 1, 2018. $14 $41 three nine August 26, 2017. On May 2, 2017, we made Long Term Cash Awards (“LTC Awards”) totaling $2,000 $400 first 63 63, not 10 second 2017 $932 August 26, 2017 $967, August 26, 2017, $543 $341. During the third 2017, $391 August 26, 2017, $14,998 are intended to provide a source of funds to meet the obligations arising from the deferred compensation and LTC Awards under the Plan, and serve as an economic hedge of the financial impact of changes in the liabilities. They are held in an irrevocable trust but are subject to claims of creditors in the event of the Company’s insolvency. Supplemental Retirement Income Plan We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one $11,887 $11,863 August 26, 2017 November 26, 2016, Aggregate Pension Liability and Aggregate Net Periodic Pension Costs The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: August 26, 2017 November 26, 2016 Accrued compensation and benefits $ 776 $ 776 Post employment benefit obligations 12,079 11,087 Total pension liability $ 12,855 $ 11,863 Components of net periodic pension costs are as follows: Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Service cost $ 49 $ 36 $ 136 $ 109 Interest cost 114 106 336 317 Amortization of prior service costs 24 - 49 - Amortization of transition obligation 11 11 32 32 Amortization of loss 83 81 249 243 Net periodic pension cost $ 281 $ 234 $ 802 $ 701 The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of income. Deferred Compensation Plan We have an unfunded Deferred Compensation Plan that covers one no $1,909 $1,969 August 26, 2017 November 26, 2016, Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets: August 26, 2017 November 26, 2016 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 1,697 1,673 Total deferred compensation liability $ 1,993 $ 1,969 We recognized expense under our deferred compensation arrangements during the three nine August 26, 2017 August 27, 2016 Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Deferred compensation expense $ 68 $ 57 $ 203 $ 171 |
Note 10 - Other Gains and Losse
Note 10 - Other Gains and Losses | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Investment [Text Block] | 1 0 . Other Gains and Losses Gain on Sale of Investment In 1985, $325. in other long-term assets in our condensed consolidated balance sheet. In April 2017 $3,592 $3,267 nine August 26, 2017. Gain on Sale of Retail Store Location Selling, general and administrative expenses for the three nine August 26, 2017 $1,220 ing from the sale of our retail store location in Las Vegas, Nevada for $4,335 August 2017 Income from Antitrust Litigation Settlement Cost of furniture and accessories sold for the three nine August 27, 2016 $1,428 2015 June 2016 $1,428 nine August 28, 2016. Impairment of Investment in Real Estate We own a building in Chesterfield County, Virginia that was formerly leased to a licensee for the operation of a BHF store. The building is subject to a ground lease that expires in 2020 , but which has additional renewal options. Since 2012, May 27, 2017 second 2020 $1,084 nine August 26, 2017 November 26, 2016 $1,108 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 1 1 . 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 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 15 five 15 two seven one August 26, 2017: Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2017 $ 5,375 $ 1,236 $ 902 $ 7,513 Fiscal 2018 22,029 3,961 2,751 28,741 Fiscal 2019 21,266 2,566 2,120 25,952 Fiscal 2020 19,947 1,794 1,876 23,617 Fiscal 2021 17,213 1,546 1,169 19,928 Fiscal 2022 14,758 1,520 963 17,241 Thereafter 45,128 1,776 254 47,158 Total future minimum lease payments $ 145,716 $ 14,399 $ 10,035 $ 170,150 We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one ten of $2,930 $1,868 August 26, 2017 November 26, 2016, 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 . The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at August 26, 2017 November 26, 2016 not |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 2 . 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 August 26, 2017: Basic earnings per share $ 4,579 10,661,433 $ 0.43 Add effect of dilutive securities: Options and restricted shares - 69,772 - Diluted earnings per share $ 4,579 10,731,205 $ 0.43 For the quarter ended August 27, 2016: Basic earnings per share $ 4,165 10,739,006 $ 0.39 Add effect of dilutive securities: Options and restricted shares - 139,661 (0.01 ) Diluted earnings per share $ 4,165 10,878,667 $ 0.38 For the nine months ended August 26, 2017: Basic earnings per share $ 13,282 10,641,035 $ 1.25 Add effect of dilutive securities: Options and restricted shares - 81,558 (0.01 ) Diluted earnings per share $ 13,282 10,722,593 $ 1.24 For the nine months ended Ausust 27, 2016: Basic earnings per share $ 10,784 10,762,106 $ 1.00 Add effect of dilutive securities: Options and restricted shares - 139,834 (0.01 ) Diluted earnings per share $ 10,784 10,901,940 $ 0.99 For the three nine August 26, 2017 August 27, 2016, Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Unvested shares - 2,000 6,538 7,814 |
Note 13 - Segment Information
Note 13 - Segment Information | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 3 . Segment Information We have strategically aligned our business into three 280, Segment Reporting ● Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores. Our wholesale segment also includes our holdings of short-term investments and retail real estate previously leased as licensee stores. The earnings and costs associated with these assets are included in other loss, net, in our condensed consolidated statements of income. ● Retail – Company-owned s tores. ● Logistical services . third $23,761 $70,149 three nine August 26, 2017, $22,317 $69,401 three nine August 27, 2016, 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 The following table presents our segment information: Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Sales Revenue Wholesale $ 61,757 $ 58,303 $ 186,025 $ 177,785 Retail - Company-owned stores 67,402 61,216 196,139 184,754 Logistical services 24,925 22,991 71,885 71,480 Inter-company eliminations: Furniture and accessories (29,007 ) (28,054 ) (88,020 ) (85,682 ) Logistical services (10,816 ) (9,744 ) (31,751 ) (30,085 ) Consolidated $ 114,261 $ 104,712 $ 334,278 $ 318,252 Income from Operations Wholesale $ 4,466 $ 5,648 $ 15,142 $ 14,380 Retail - Company-owned stores 1,353 768 1,377 1,465 Logistical services 1,164 674 1,736 2,079 Inter-company elimination 277 450 1,269 1,260 Consolidated $ 7,260 $ 7,540 $ 19,524 $ 19,184 Depreciation and Amortization Wholesale $ 668 $ 538 $ 1,976 $ 1,453 Retail - Company-owned stores 1,530 1,455 4,498 4,515 Logistical services 1,156 1,262 3,586 2,898 Consolidated $ 3,354 $ 3,255 $ 10,060 $ 8,866 Capital Expenditures Wholesale $ 304 $ 2,808 $ 4,149 $ 5,799 Retail - Company-owned stores 1,155 1,080 6,069 4,060 Logistical services 186 951 599 9,096 Consolidated $ 1,645 $ 4,839 $ 10,817 $ 18,955 As of As of Identifiable Assets August 26, 2017 November 26, 2016 Wholesale $ 138,323 $ 139,477 Retail - Company-owned stores 90,517 88,855 Logistical services 50,916 49,935 Consolidated $ 279,756 $ 278,267 |
Note 14 - Recent Accounting Pro
Note 14 - Recent Accounting Pronouncements | 9 Months Ended |
Aug. 26, 2017 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 1 4 . Recent Accounting Pronouncements In May 2014, No. 2014 09 2014 09 606, Revenue from Contracts with Customers 605, 2014 09 605 35, 340 40, 606 two 1 2 2016 2016 08, 2016 10 2016 12, 2014 09, 2016 11, 2014 09. 2014 09 December 15, 2017, not 2014 09 2019 In order to evaluate the impact that the adoption of ASU 2014 09 may 2014 09. not In July 2015, No. 2015 11, 330 Simplifying the Measurement of Inventory 2015 11 not first first first December 15, 2016. 2015 11 2018 not In January 2016, No. 2016 01, Financial Instruments - Overall (Subtopic 825 10 2016 01 may not 2016 01 2016 01 2019 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02 12 not 2016 02 2016 02 may 2016 02 2020 2016 02 not In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 2016 15 2016 15 2019 not In January 2017, No. 2017 01, Business Combinations (Topic 805 ): Clarifying the Definition of a Business 2017 01 not not not 2017 01 1 2 2017 01 2019 not In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment 2017 04 2 2, Instead, under the amendments in ASU 2017 04, not 2017 04 2021 Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. not In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 ): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost may 2017 07 one 2017 07 Early adoption is permitted, and we have elected to adopt the amendments in ASU 2017 07 2017 not In May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting 2017 09 1 2 718, Compensation—Stock Compensation 718. not 1 2 3 2017 09 2019 not |
Note 3 - Business Combination20
Note 3 - Business Combination - Licensee Store Acquisition (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Inventory $ 343 Goodwill 312 Purchase price $ 655 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | August 26, 2017 November 26, 2016 Gross accounts receivable $ 20,130 $ 19,157 Allowance for doubtful accounts (616 ) (799 ) Accounts receivable, net $ 19,514 $ 18,358 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | Balance at November 26, 2016 $ 799 Reductions to allowance (183 ) Balance at August 26, 2017 $ 616 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | August 26, 2017 November 26, 2016 Wholesale finished goods $ 27,693 $ 24,392 Work in process 395 369 Raw materials and supplies 11,961 11,343 Retail merchandise 27,002 26,265 Total inventories on first-in, first-out method 67,051 62,369 LIFO adjustment (8,005 ) (7,804 ) Reserve for excess and obsolete inventory (1,298 ) (1,350 ) $ 57,748 $ 53,215 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 26, 2016 $ 1,061 $ 289 $ 1,350 Additions charged to expense 816 362 1,178 Write-offs (854 ) (376 ) (1,230 ) Balance at August 26, 2017 $ 1,023 $ 275 $ 1,298 |
Note 7 - Goodwill and Other I23
Note 7 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | August 26, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (523 ) $ 2,515 Technology - customized applications 834 (308 ) 526 Total intangible assets subject to amortization 3,872 (831 ) 3,041 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,900 - 11,900 Total goodwill and other intangible assets $ 18,262 $ (831 ) $ 17,431 November 26, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (371 ) $ 2,667 Technology - customized applications 834 (219 ) 615 Total intangible assets subject to amortization 3,872 (590 ) 3,282 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (590 ) $ 17,360 |
Schedule of Goodwill [Table Text Block] | Wholesale Retail Logistics Total Balance as of November 26, 2016 $ 4,839 $ 1,820 $ 4,929 $ 11,588 Goodwill arising from store acquisition (Note 3) 206 106 - 312 Balance as of August 26, 2017 $ 5,045 $ 1,926 $ 4,929 $ 11,900 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Intangible asset amortization expense $ 80 $ 80 $ 241 $ 241 |
Note 8 - Notes Payable and Ba24
Note 8 - Notes Payable and Bank Credit Facility (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | August 26, 2017 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 3,000 $ (32 ) $ 2,968 Real estate notes payable 932 - 932 Total notes payable 3,932 (32 ) 3,900 Less current portion (3,405 ) 32 (3,373 ) Total long-term notes payable $ 527 $ - $ 527 November 26, 2016 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 6,000 $ (108 ) $ 5,892 Real estate notes payable 1,219 - 1,219 Total notes payable 7,219 (108 ) 7,111 Less current portion (3,385 ) 95 (3,290 ) Total long-term notes payable $ 3,834 $ (13 ) $ 3,821 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Remainder of fiscal 2017 $ 99 Fiscal 2018 3,412 Fiscal 2019 421 Fiscal 2020 - Fiscal 2021 - Fiscal 2022 - Thereafter - $ 3,932 |
Note 9 - Post Employment Bene25
Note 9 - Post Employment Benefit Obligations (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
Notes Tables | |
Schedule of Pension Liability [Table Text Block] | August 26, 2017 November 26, 2016 Accrued compensation and benefits $ 776 $ 776 Post employment benefit obligations 12,079 11,087 Total pension liability $ 12,855 $ 11,863 |
Schedule of Net Benefit Costs [Table Text Block] | Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Service cost $ 49 $ 36 $ 136 $ 109 Interest cost 114 106 336 317 Amortization of prior service costs 24 - 49 - Amortization of transition obligation 11 11 32 32 Amortization of loss 83 81 249 243 Net periodic pension cost $ 281 $ 234 $ 802 $ 701 |
Schedule of Deferred Compensation Liability [Table Text Block] | August 26, 2017 November 26, 2016 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 1,697 1,673 Total deferred compensation liability $ 1,993 $ 1,969 |
Recognized Deferred Compensation Expense [Table Text Block] | Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Deferred compensation expense $ 68 $ 57 $ 203 $ 171 |
Note 11 - Commitments and Con26
Note 11 - Commitments and Contingencies (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2017 $ 5,375 $ 1,236 $ 902 $ 7,513 Fiscal 2018 22,029 3,961 2,751 28,741 Fiscal 2019 21,266 2,566 2,120 25,952 Fiscal 2020 19,947 1,794 1,876 23,617 Fiscal 2021 17,213 1,546 1,169 19,928 Fiscal 2022 14,758 1,520 963 17,241 Thereafter 45,128 1,776 254 47,158 Total future minimum lease payments $ 145,716 $ 14,399 $ 10,035 $ 170,150 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
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 August 26, 2017: Basic earnings per share $ 4,579 10,661,433 $ 0.43 Add effect of dilutive securities: Options and restricted shares - 69,772 - Diluted earnings per share $ 4,579 10,731,205 $ 0.43 For the quarter ended August 27, 2016: Basic earnings per share $ 4,165 10,739,006 $ 0.39 Add effect of dilutive securities: Options and restricted shares - 139,661 (0.01 ) Diluted earnings per share $ 4,165 10,878,667 $ 0.38 For the nine months ended August 26, 2017: Basic earnings per share $ 13,282 10,641,035 $ 1.25 Add effect of dilutive securities: Options and restricted shares - 81,558 (0.01 ) Diluted earnings per share $ 13,282 10,722,593 $ 1.24 For the nine months ended Ausust 27, 2016: Basic earnings per share $ 10,784 10,762,106 $ 1.00 Add effect of dilutive securities: Options and restricted shares - 139,834 (0.01 ) Diluted earnings per share $ 10,784 10,901,940 $ 0.99 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Unvested shares - 2,000 6,538 7,814 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Aug. 26, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended Nine Months Ended August 26, 2017 August 27, 2016 August 26, 2017 August 27, 2016 Sales Revenue Wholesale $ 61,757 $ 58,303 $ 186,025 $ 177,785 Retail - Company-owned stores 67,402 61,216 196,139 184,754 Logistical services 24,925 22,991 71,885 71,480 Inter-company eliminations: Furniture and accessories (29,007 ) (28,054 ) (88,020 ) (85,682 ) Logistical services (10,816 ) (9,744 ) (31,751 ) (30,085 ) Consolidated $ 114,261 $ 104,712 $ 334,278 $ 318,252 Income from Operations Wholesale $ 4,466 $ 5,648 $ 15,142 $ 14,380 Retail - Company-owned stores 1,353 768 1,377 1,465 Logistical services 1,164 674 1,736 2,079 Inter-company elimination 277 450 1,269 1,260 Consolidated $ 7,260 $ 7,540 $ 19,524 $ 19,184 Depreciation and Amortization Wholesale $ 668 $ 538 $ 1,976 $ 1,453 Retail - Company-owned stores 1,530 1,455 4,498 4,515 Logistical services 1,156 1,262 3,586 2,898 Consolidated $ 3,354 $ 3,255 $ 10,060 $ 8,866 Capital Expenditures Wholesale $ 304 $ 2,808 $ 4,149 $ 5,799 Retail - Company-owned stores 1,155 1,080 6,069 4,060 Logistical services 186 951 599 9,096 Consolidated $ 1,645 $ 4,839 $ 10,817 $ 18,955 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | As of As of Identifiable Assets August 26, 2017 November 26, 2016 Wholesale $ 138,323 $ 139,477 Retail - Company-owned stores 90,517 88,855 Logistical services 50,916 49,935 Consolidated $ 279,756 $ 278,267 |
Note 2 - Interim Financial Pr29
Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Excess tax Benefits on Share-based Compensation | $ 227 | $ 46 | $ 554 | $ 87 |
Note 3 - Business Combination30
Note 3 - Business Combination - Licensee Store Acquisition (Details Textual) $ in Thousands | 9 Months Ended |
Aug. 26, 2017USD ($) | |
Bassett Home Furnishings, Columbus, Ohio [Member] | |
Business Combination, Consideration Transferred | $ 655 |
Note 3 - Business Combination31
Note 3 - Business Combination - Licensee Store Acquisition - Asset Assumed (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Goodwill | $ 11,900 | $ 11,588 |
Bassett Home Furnishings, Columbus, Ohio [Member] | ||
Inventory | 343 | |
Goodwill | 312 | |
Purchase price | $ 655 |
Note 4 - Financial Instrument32
Note 4 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 26, 2017 | Nov. 26, 2016 | |
Short-term Investments | $ 23,125 | $ 23,125 |
Maximum [Member] | ||
Interest Rate of Certificates of Deposit | 1.50% | |
Certificates of Deposit Terms | 270 days | |
Minimum [Member] | ||
Interest Rate of Certificates of Deposit | 0.10% | |
Weighted Average [Member] | ||
Interest Rate of Certificates of Deposit | 1.13% | |
Certificates of Deposit Terms | 180 days |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Gross accounts receivable | $ 20,130 | $ 19,157 |
Allowance for doubtful accounts | (616) | (799) |
Accounts receivable, net | $ 19,514 | $ 18,358 |
Note 5 - Accounts Receivable 34
Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands | 9 Months Ended |
Aug. 26, 2017USD ($) | |
Balance | $ 799 |
Reductions to allowance | (183) |
Balance | $ 616 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Wholesale finished goods | $ 27,693 | $ 24,392 |
Work in process | 395 | 369 |
Raw materials and supplies | 11,961 | 11,343 |
Retail merchandise | 27,002 | 26,265 |
Total inventories on first-in, first-out method | 67,051 | 62,369 |
LIFO adjustment | (8,005) | (7,804) |
Reserve for excess and obsolete inventory | (1,298) | (1,350) |
Inventory, net | $ 57,748 | $ 53,215 |
Note 6 - Inventories - Activity
Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands | 9 Months Ended |
Aug. 26, 2017USD ($) | |
Balance | $ 1,350 |
Additions charged to expense | 1,178 |
Write-offs | (1,230) |
Balance | 1,298 |
Operating Segments [Member] | Wholesale Segment [Member] | |
Balance | 1,061 |
Additions charged to expense | 816 |
Write-offs | (854) |
Balance | 1,023 |
Operating Segments [Member] | Retail Segment [Member] | |
Balance | 289 |
Additions charged to expense | 362 |
Write-offs | (376) |
Balance | $ 275 |
Note 7 - Goodwill and Other I37
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 |
Note 7 - Goodwill and Other I38
Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Goodwill | $ 11,900 | $ 11,588 |
Total goodwill and other intangible assets | 18,262 | 17,950 |
Total goodwill and other intangible assets | 17,431 | 17,360 |
Intangibles subject to amortization, Gross Carrying Amount | 3,872 | 3,872 |
Intangibles subject to amortization, Accumulated Amortization | (831) | (590) |
Intangibles subject to amortization, Intangible Assets, Net | 3,041 | 3,282 |
Trade names | 2,490 | 2,490 |
Customer Relationships [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 3,038 | 3,038 |
Intangibles subject to amortization, Accumulated Amortization | (523) | (371) |
Intangibles subject to amortization, Intangible Assets, Net | 2,515 | 2,667 |
Technology-Based Intangible Assets [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 834 | 834 |
Intangibles subject to amortization, Accumulated Amortization | (308) | (219) |
Intangibles subject to amortization, Intangible Assets, Net | $ 526 | $ 615 |
Note 7 - Goodwill and Other I39
Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands | 9 Months Ended |
Aug. 26, 2017USD ($) | |
Balance | $ 11,588 |
Goodwill arising from store acquisition (Note 3) | 312 |
Balance | 11,900 |
Wholesale Segment [Member] | |
Balance | 4,839 |
Goodwill arising from store acquisition (Note 3) | 206 |
Balance | 5,045 |
Retail Segment [Member] | |
Balance | 1,820 |
Goodwill arising from store acquisition (Note 3) | 106 |
Balance | 1,926 |
Logistical Services [Member] | |
Balance | 4,929 |
Goodwill arising from store acquisition (Note 3) | |
Balance | $ 4,929 |
Note 7 - Goodwill and Other I40
Note 7 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Intangible asset amortization expense | $ 80 | $ 80 | $ 241 | $ 241 |
Note 8 - Notes Payable and Ba41
Note 8 - Notes Payable and Bank Credit Facility (Details Textual) | Feb. 02, 2015USD ($) | Aug. 26, 2017USD ($) | Aug. 27, 2016USD ($) | Aug. 26, 2017USD ($) | Aug. 27, 2016USD ($) | May 27, 2017 | Nov. 26, 2016USD ($) |
Long-term Debt, Current Maturities | $ 3,373,000 | $ 3,373,000 | $ 3,290,000 | ||||
Long-term Debt | 3,900,000 | 3,900,000 | 7,111,000 | ||||
Bank One [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 13,028,000 | 13,028,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | 15,000,000 | |||||
Letters of Credit Outstanding, Amount | 1,972,000 | 1,972,000 | |||||
Bank Two [Member] | |||||||
Letters of Credit Outstanding, Amount | 511,000 | 511,000 | |||||
Real Estate Notes Payable Operated in Retail Segment [Member] | |||||||
Long-term Debt | 932,000 | 932,000 | 1,219,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.73% | ||||||
Secured Debt, Current | 405,000 | 405,000 | 385,000 | ||||
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member] | |||||||
Debt Instrument, Collateral Amount | 5,759,000 | 5,759,000 | 5,858,000 | ||||
Zenith Freight Lines [Member] | Unsecured Debt [Member] | |||||||
Debt Instrument, Face Amount | $ 9,000,000 | ||||||
Debt Instrument, Number of Annual Payments | 3 | ||||||
Debt Instrument, Periodic Payment | $ 3,000,000 | ||||||
Amortization of Debt Discount (Premium) | 19,000 | $ 46,000 | 76,000 | $ 158,000 | |||
Long-term Debt, Current Maturities | $ 2,968,000 | $ 2,968,000 | $ 2,904 |
Note 8 - Notes Payable and Ba42
Note 8 - Notes Payable and Bank Credit Facility - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Unamortized Discount | $ (32) | $ (108) |
Net Carrying Amount | 3,900 | 7,111 |
Principal Balance, less current portion | (3,405) | (3,385) |
Unamortized discount, current portion | 32 | 95 |
Net Carrying Amount, less current portion | (3,373) | (3,290) |
Principal Balance, excluding current portion | 527 | 3,834 |
Unamortized discount, noncurrent portion | (13) | |
Notes payable | 527 | 3,821 |
Principal Balance | 3,932 | 7,219 |
Net Carrying Amount, noncurrent | 3,821 | |
Zenith Note Payable [Member] | ||
Unamortized Discount | (32) | (108) |
Net Carrying Amount | 2,968 | 5,892 |
Principal Balance | 3,000 | 6,000 |
Real Estate Notes Payable [Member] | ||
Net Carrying Amount | 932 | 1,219 |
Principal Balance | $ 932 | $ 1,219 |
Note 8 - Notes Payable and Ba43
Note 8 - Notes Payable and Bank Credit Facility - Maturities of Notes Payable (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Remainder of fiscal 2017 | $ 99 | |
Fiscal 2,018 | 3,412 | |
Fiscal 2,019 | 421 | |
Total repayments of principal | $ 3,932 | $ 7,219 |
Note 9 - Post Employment Bene44
Note 9 - Post Employment Benefit Obligations (Details Textual) $ in Thousands | May 02, 2017USD ($) | May 01, 2017 | Aug. 26, 2017USD ($) | May 27, 2017USD ($) | Aug. 27, 2016USD ($) | Aug. 26, 2017USD ($) | Aug. 27, 2016USD ($) | Nov. 26, 2016USD ($) |
Payment to Acquire Life Insurance Policy, Operating Activities | $ 391 | |||||||
Current Net Death Benefit | 14,998 | $ 14,998 | ||||||
Postemployment Benefits Liability, Noncurrent | 13,776 | 13,776 | $ 12,760 | |||||
Unfunded Deferred Compensation Plan [Member] | ||||||||
Postemployment Benefits Liability, Noncurrent | 1,909 | 1,909 | 1,969 | |||||
Pension Plan [Member] | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 932 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | (9) | 341 | ||||||
Supplemental Employee Retirement Plan [Member] | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | (36) | $ (35) | (107) | $ (105) | ||||
Postemployment Benefits Liability | 11,887 | 11,887 | $ 11,863 | |||||
Management Savings Plan [member] | Pension Plan [Member] | ||||||||
Defined Benefit Plan, Fixed Future Benefit Award | $ 2,000 | |||||||
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants | $ 400 | |||||||
Defined Benefit Plan, Benefit Obligation, Number of Annual Installments | 10 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | $ 932 | |||||||
Defined Benefit Plan, Benefit Obligation | 967 | 967 | ||||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 543 | 543 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 341 | |||||||
Nonqualified Deferred Compensation Plan [Member] | Management Savings Plan [member] | ||||||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Base Salary | 75.00% | |||||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Discretionary, Annual Incentive or Other Bonus | 100.00% | |||||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Annual installment Payments, Maximum Number of Years | 15 years | |||||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years | 5 years | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 14 | $ 41 |
Note 9 - Post Employment Bene45
Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Post employment benefit obligations | $ 13,776 | $ 12,760 |
Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] | ||
Accrued compensation and benefits | 776 | 776 |
Post employment benefit obligations | 12,079 | 11,087 |
Total pension liability | $ 12,855 | $ 11,863 |
Note 9 - Post Employment Bene46
Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Service cost | $ 49 | $ 36 | $ 136 | $ 109 |
Interest cost | 114 | 106 | 336 | 317 |
Amortization of prior service costs | 24 | 49 | ||
Amortization of transition obligation | 11 | 11 | 32 | 32 |
Amortization of loss | 83 | 81 | 249 | 243 |
Net periodic pension cost | $ 281 | $ 234 | $ 802 | $ 701 |
Note 9 - Post Employment Bene47
Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Post employment benefit obligations | $ 13,776 | $ 12,760 |
Deferred Compensation Plans [Member] | ||
Accrued compensation and benefits | 296 | 296 |
Post employment benefit obligations | 1,697 | 1,673 |
Total deferred compensation liability | $ 1,993 | $ 1,969 |
Note 9 - Post Employment Bene48
Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Unfunded Deferred Compensation Plan [Member] | ||||
Deferred compensation expense | $ 68 | $ 57 | $ 203 | $ 171 |
Note 10 - Other Gains and Los49
Note 10 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017 | Jun. 30, 2016 | Aug. 26, 2017 | May 27, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | Dec. 31, 1985 | Nov. 26, 2016 | |
Litigation Settlement, Amount Awarded from Other Party | $ 1,428 | ||||||||
Impairment of Real Estate | $ 1,084 | ||||||||
Payments to Acquire Investments | $ 325 | ||||||||
Proceeds from Sale of Investment Projects | $ 3,592 | 3,592 | |||||||
Gain (Loss) on Sale of Investments | $ 3,267 | 3,267 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,278 | 165 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | 4,474 | 632 | |||||||
Other Noncurrent Assets [Member] | |||||||||
Real Estate Investment Property, Net | $ 1,108 | ||||||||
Antitrust Litigation Settlement [Member] | |||||||||
Proceeds from Legal Settlements | $ 1,428 | $ 1,428 | |||||||
Former Retail Store, Las Vegas, Nevada [Member] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 4,335 | 4,335 | |||||||
Selling, General and Administrative Expenses [Member] | Former Retail Store, Las Vegas, Nevada [Member] | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,220 | $ 1,220 |
Note 11 - Commitments and Con50
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 26, 2017 | Nov. 26, 2016 | |
Lease Obligations of Licensee Operators [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 2,930 | $ 1,868 |
Minimum [Member] | ||
Operating Lease, Lease Term | 1 year | |
Renewal Term On Operating Lease | 5 years | |
Lease Guarantees Term | 1 year | |
Minimum [Member] | Transportation Equipment [Member] | ||
Lessee, Operating Lease, Term of Contract | 2 years | |
Maximum [Member] | ||
Operating Lease, Lease Term | 15 years | |
Renewal Term On Operating Lease | 15 years | |
Lease Guarantees Term | 10 years | |
Maximum [Member] | Transportation Equipment [Member] | ||
Lessee, Operating Lease, Term of Contract | 7 years |
Note 11 - Commitments and Con51
Note 11 - Commitments and Contingencies - Future Minimum Lease Payments Under the Non-cancellable Operating Leases (Details) $ in Thousands | Aug. 26, 2017USD ($) |
Remainder of fiscal 2017 | $ 7,513 |
Fiscal 2,018 | 28,741 |
Fiscal 2,019 | 25,952 |
Fiscal 2,020 | 23,617 |
Fiscal 2,021 | 19,928 |
Fiscal 2,022 | 17,241 |
Thereafter | 47,158 |
Total future minimum lease payments | 170,150 |
Retail Stores [Member] | |
Remainder of fiscal 2017 | 5,375 |
Fiscal 2,018 | 22,029 |
Fiscal 2,019 | 21,266 |
Fiscal 2,020 | 19,947 |
Fiscal 2,021 | 17,213 |
Fiscal 2,022 | 14,758 |
Thereafter | 45,128 |
Total future minimum lease payments | 145,716 |
Distribution Centers [Member] | |
Remainder of fiscal 2017 | 1,236 |
Fiscal 2,018 | 3,961 |
Fiscal 2,019 | 2,566 |
Fiscal 2,020 | 1,794 |
Fiscal 2,021 | 1,546 |
Fiscal 2,022 | 1,520 |
Thereafter | 1,776 |
Total future minimum lease payments | 14,399 |
Transportation Equipment Leases [Member] | |
Remainder of fiscal 2017 | 902 |
Fiscal 2,018 | 2,751 |
Fiscal 2,019 | 2,120 |
Fiscal 2,020 | 1,876 |
Fiscal 2,021 | 1,169 |
Fiscal 2,022 | 963 |
Thereafter | 254 |
Total future minimum lease payments | $ 10,035 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Diluted earnings per share, Weighted Average Shares (in shares) | 10,731,205 | 10,878,667 | 10,722,593 | 10,901,940 |
Diluted earnings per share (in dollars per share) | $ 0.43 | $ 0.38 | $ 1.24 | $ 0.99 |
Basic earnings per share, Net Income | $ 4,579 | $ 4,165 | $ 13,282 | $ 10,784 |
Basic earnings per share, Weighted Average Shares (in shares) | 10,661,433 | 10,739,006 | 10,641,035 | 10,762,106 |
Basic earnings per share (in dollars per share) | $ 0.43 | $ 0.39 | $ 1.25 | $ 1 |
Options and restricted shares, Weighted Average Shares (in shares) | 69,772 | 139,661 | 81,558 | 139,834 |
Options and restricted shares, Net Income Per Share (in dollars per share) | $ (0.01) | |||
Diluted earnings per share, Net Income | $ 4,579 | $ 4,165 | $ 13,282 | $ 10,784 |
Note 12 - Earnings Per Share 53
Note 12 - Earnings Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Unvested shares (in shares) | 2,000 | 6,538 | 7,814 |
Note 13 - Segment Information54
Note 13 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 26, 2017USD ($) | Aug. 27, 2016USD ($) | Aug. 26, 2017USD ($) | Aug. 26, 2017 | Aug. 27, 2016USD ($) | |
Number of Reportable Segments | 3 | ||||
Zenith Operating Costs Included in Selling, General and Administrative Expenses | $ 23,761 | $ 22,317 | $ 70,149 | $ 69,401 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2017 | Aug. 27, 2016 | Aug. 26, 2017 | Aug. 27, 2016 | |
Sales revenue | $ 114,261 | $ 104,712 | $ 334,278 | $ 318,252 |
Income (loss) from Operations | 7,260 | 7,540 | 19,524 | 19,184 |
Depreciation and amortization | 3,354 | 3,255 | 10,060 | 8,866 |
Capital expenditures | 1,645 | 4,839 | 10,817 | 18,955 |
Operating Segments [Member] | Wholesale Segment [Member] | ||||
Sales revenue | 61,757 | 58,303 | 186,025 | 177,785 |
Income (loss) from Operations | 4,466 | 5,648 | 15,142 | 14,380 |
Depreciation and amortization | 668 | 538 | 1,976 | 1,453 |
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | ||||
Capital expenditures | 304 | 2,808 | 4,149 | 5,799 |
Operating Segments [Member] | Company-owned Retail Stores [Member] | ||||
Sales revenue | 67,402 | 61,216 | 196,139 | 184,754 |
Income (loss) from Operations | 1,353 | 768 | 1,377 | 1,465 |
Depreciation and amortization | 1,530 | 1,455 | 4,498 | 4,515 |
Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | ||||
Capital expenditures | 1,155 | 1,080 | 6,069 | 4,060 |
Operating Segments [Member] | Logistical Services [Member] | ||||
Sales revenue | 24,925 | 22,991 | 71,885 | 71,480 |
Income (loss) from Operations | 1,164 | 674 | 1,736 | 2,079 |
Depreciation and amortization | 1,156 | 1,262 | 3,586 | 2,898 |
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | ||||
Capital expenditures | 186 | 951 | 599 | 9,096 |
Intersegment Eliminations [Member] | ||||
Income (loss) from Operations | 277 | 450 | 1,269 | 1,260 |
Intersegment Eliminations [Member] | Logistical Services [Member] | ||||
Sales revenue | (10,816) | (9,744) | (31,751) | (30,085) |
Intersegment Eliminations [Member] | Furniture and Accessories [Member] | ||||
Sales revenue | $ (29,007) | $ (28,054) | $ (88,020) | $ (85,682) |
Note 13 - Segment Information56
Note 13 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Aug. 26, 2017 | Nov. 26, 2016 |
Identifiable assets | $ 279,756 | $ 278,267 |
Operating Segments [Member] | Wholesale Segment [Member] | ||
Identifiable assets | 138,323 | 139,477 |
Operating Segments [Member] | Company-owned Retail Stores [Member] | ||
Identifiable assets | 90,517 | 88,855 |
Operating Segments [Member] | Logistical Services [Member] | ||
Identifiable assets | $ 50,916 | $ 49,935 |