Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Nov. 03, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'BUILD A BEAR WORKSHOP INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 17,395,493 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001113809 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $40,451 | $44,665 | $13,802 |
Inventories | 45,712 | 50,248 | 56,671 |
Receivables | 10,144 | 14,542 | 10,515 |
Prepaid expenses and other current assets | 12,188 | 11,547 | 14,602 |
Deferred tax assets | 998 | 81 | 269 |
Total current assets | 109,493 | 121,083 | 95,859 |
Property and equipment, net of accumulated depreciation of $183,841; $177,512 and $179,915, respectively | 61,031 | 70,163 | 69,562 |
Other intangible assets, net | 365 | 518 | 571 |
Other assets, net | 3,976 | 3,847 | 3,025 |
Total Assets | 174,865 | 195,611 | 169,017 |
Current liabilities: | ' | ' | ' |
Accounts payable | 28,369 | 34,977 | 33,517 |
Accrued expenses | 13,145 | 16,380 | 9,162 |
Gift cards and customer deposits | 25,869 | 33,786 | 23,092 |
Deferred revenue | 4,173 | 4,687 | 4,935 |
Deferred tax liability | 856 | 900 | ' |
Total current liabilities | 72,412 | 90,730 | 70,706 |
Deferred franchise revenue | 1,004 | 905 | 1,000 |
Deferred rent | 13,716 | 19,357 | 19,050 |
Other liabilities | 1,367 | 229 | 492 |
Stockholders' equity: | ' | ' | ' |
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at September 27, 2014, December 28, 2013 and September 28, 2013 | 0 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 17,383,428; 17,386,920 and 17,364,772 shares, respectively | 174 | 174 | 174 |
Additional paid-in capital | 68,749 | 69,094 | 68,460 |
Accumulated other comprehensive loss | -7,524 | -7,303 | -7,843 |
Retained earnings | 24,967 | 22,425 | 16,978 |
Total stockholders' equity | 86,366 | 84,390 | 77,769 |
Total Liabilities and Stockholders' Equity | $174,865 | $195,611 | $169,017 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Property and equipment, accumulated depreciation (in Dollars) | $183,841 | $177,512 | $179,915 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 17,383,428 | 17,386,920 | 17,364,772 |
Common stock, shares outstanding | 17,383,428 | 17,386,920 | 17,364,772 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Revenues: | ' | ' | ' | ' |
Net retail sales | $85,561 | $83,580 | $257,752 | $266,906 |
Franchise fees | 558 | 781 | 1,716 | 2,399 |
Commercial revenue | 542 | 451 | 1,384 | 1,674 |
Total revenues | 86,661 | 84,812 | 260,852 | 270,979 |
Costs and expenses: | ' | ' | ' | ' |
Cost of merchandise sold | 48,424 | 50,197 | 149,422 | 161,837 |
Selling, general and administrative | 36,217 | 35,819 | 108,062 | 116,455 |
Interest expense (income), net | -38 | -60 | -36 | -166 |
Total costs and expenses | 84,603 | 85,956 | 257,448 | 278,126 |
Income (loss) before income taxes | 2,058 | -1,144 | 3,404 | -7,147 |
Income tax expense | 238 | 210 | 862 | 412 |
Net income (loss) | 1,820 | -1,354 | 2,542 | -7,559 |
Foreign currency translation adjustment | -1,009 | 1,106 | -221 | -160 |
Comprehensive income (loss) | $811 | ($248) | $2,321 | ($7,719) |
Earnings (loss) per common share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.10 | ($0.08) | $0.15 | ($0.46) |
Diluted (in Dollars per share) | $0.10 | ($0.08) | $0.14 | ($0.46) |
Shares used in computing common per share amounts: | ' | ' | ' | ' |
Basic (in Shares) | 16,971,416 | 16,531,240 | 16,899,245 | 16,407,668 |
Diluted (in Shares) | 17,132,206 | 16,531,240 | 17,108,910 | 16,407,668 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $2,542 | ($7,559) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 13,385 | 14,399 |
Stock-based compensation | 1,619 | 2,308 |
Deferred taxes | -924 | -26 |
Impairment of store assets | 433 | 649 |
Trade credit utilization | 460 | 354 |
Loss on disposal of property and equipment | 64 | 499 |
Change in assets and liabilities: | ' | ' |
Inventories | 4,397 | -9,656 |
Receivables | 4,355 | -781 |
Prepaid expenses and other assets | 180 | -197 |
Accounts payable and accrued expenses | -8,162 | -7,165 |
Lease related liabilities | -5,653 | -1,870 |
Gift cards and customer deposits | -7,904 | -7,705 |
Deferred revenue | -407 | -41 |
Net cash provided by (used in) operating activities | 4,385 | -16,791 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -5,604 | -14,490 |
Purchases of other assets and other intangible assets | -77 | -203 |
Purchases of short term investments | -899 | ' |
Cash used in investing activities | -6,580 | -14,693 |
Cash flows from financing activities: | ' | ' |
Proceeds from the exercise of employee stock options, net of withholding tax payments | 1,253 | 655 |
Purchases of Company's common stock | -3,220 | ' |
Net cash (used in) provided by financing activities | -1,967 | 655 |
Effect of exchange rates on cash | -52 | -540 |
Net decrease in cash and cash equivalents | -4,214 | -31,369 |
Cash and cash equivalents, beginning of period | 44,665 | 45,171 |
Cash and cash equivalents, end of period | $40,451 | $13,802 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 27, 2014 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
1. Basis of Presentation | |
The condensed consolidated financial statements included herein are unaudited and have been prepared by Build-A-Bear Workshop, Inc. and its subsidiaries (collectively, the Company) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ( the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet of the Company as of December 28, 2013 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly the financial position of the Company and the results of the Company’s operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Because of the seasonal nature of the Company’s operations, results of operations of any single reporting period should not be considered as indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended December 28, 2013, which were included in the Company’s annual report on Form 10-K filed with the SEC on March 13, 2014. | |
In the first quarter of fiscal 2014, the Company adopted new accounting guidance with regard to the presentation and disclosure of unrecognized tax benefits, according to the provisions of Accounting Standards Update (ASU) 2013-11. The adoption of this guidance did not have a material impact on the financial statements. |
Note_2_Prepaid_Expenses_and_Ot
Note 2 - Prepaid Expenses and Other Current Assets | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Prepaid Expenses And Other Assets [Abstract] | ' | ||||||||||||
Prepaid Expenses And Other Assets [Text Block] | ' | ||||||||||||
2. Prepaid Expenses and Other Current Assets | |||||||||||||
Prepaid expenses and other current assets consist of the following (in thousands): | |||||||||||||
September 27, | December 28, | September 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Prepaid rent | $ | 4,044 | $ | 4,608 | $ | 8,347 | |||||||
Other | 8,144 | 6,939 | 6,255 | ||||||||||
$ | 12,188 | $ | 11,547 | $ | 14,602 | ||||||||
Note_3_Property_and_Equipment
Note 3 - Property and Equipment | 9 Months Ended |
Sep. 27, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Property, Plant and Equipment Disclosure [Text Block] | ' |
3. Property and Equipment | |
In 2012, the Company initiated a turnaround plan that includes the closure of a number of stores. The Company considers a more likely than not assessment that an individual location will close as a triggering event to review the store asset group for recoverability. As a result of this review for the first and second quarters of fiscal 2014, it was determined that certain stores would not be able to recover the carrying value of store leasehold improvements through expected undiscounted cash flows over the shortened remaining life of the related assets. Accordingly, the carrying value of the assets was reduced to fair value, calculated as the estimated future cash flows for each asset group, and asset impairment charges of $0.4 million were recorded in the thirty-nine weeks ended September 27, 2014, which are included in selling, general and administrative expenses as a component of income (loss) before income taxes in the Retail segment. The inputs used to determine the fair value of the assets are Level 3 inputs as defined by ASC section 820-10. Any remaining net book value is depreciated over the shortened expected life. The thirty-nine weeks ended September 28, 2013, included similar impairment charges of $0.6 million. There were no such charges in the thirteen weeks ended September 27, 2014 or September 28, 2013. |
Note_4_Accrued_Expenses
Note 4 - Accrued Expenses | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Payables and Accruals [Abstract] | ' | ||||||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||||||
4. Accrued Expenses | |||||||||||||
Accrued expenses consist of the following (in thousands): | |||||||||||||
September 27, | December 28, | September 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Accrued wages, bonuses and related expenses | $ | 6,511 | $ | 9,745 | $ | 6,422 | |||||||
Sales tax payable | 3,149 | 5,979 | 2,212 | ||||||||||
Accrued rent and related expenses | 3,294 | 429 | 328 | ||||||||||
Current income taxes payable | 191 | 227 | 200 | ||||||||||
$ | 13,145 | $ | 16,380 | $ | 9,162 | ||||||||
Note_5_Stockbased_Compensation
Note 5 - Stock-based Compensation | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
5. Stock-based Compensation | |||||||||
The following table is a summary of the balances and activity for restricted stock and stock options for the thirty-nine weeks ended September 27, 2014: | |||||||||
Restricted | |||||||||
Stock | Options | ||||||||
Outstanding, December 28, 2013 | 720,198 | 1,065,012 | |||||||
Granted | 201,458 | 103,776 | |||||||
Vested | 343,473 | — | |||||||
Exercised | — | 322,427 | |||||||
Forfeited | 116,763 | 6,750 | |||||||
Canceled or expired | — | 80,862 | |||||||
Outstanding, September 27, 2014 | 461,420 | 758,749 | |||||||
For the thirteen and thirty-nine weeks ended September 27, 2014 selling, general and administrative expenses includes $0.4 million and $1.6 million, respectively, of stock-based compensation expense. For the thirteen and thirty-nine weeks ended September 28, 2013, selling, general and administrative expenses includes $0.7 million and $2.3 million, respectively, of stock-based compensation expense. As of September 27, 2014, there was $3.8 million of total unrecognized compensation expense related to nonvested restricted stock and option awards which is expected to be recognized over a weighted-average period of 1.5 years. | |||||||||
The total fair value of shares vested during the thirty-nine weeks ended September 27, 2014 and September 28, 2013 was $3.6 million and $2.2 million, respectively. |
Note_6_Income_Taxes
Note 6 - Income Taxes | 9 Months Ended |
Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
6. Income Taxes | |
In prior years, the Company recorded a valuation allowance on substantially all of its deferred tax assets. The effective tax rate was 11.6% and 25.3% for the thirteen and thirty-nine weeks ended September 27, 2014, respectively compared to (18.4)% and (5.8)% for the thirteen and thirty-nine weeks ended September 28, 2013, respectively. The income tax expense recorded in the thirteen weeks ended September 27, 2014 represents state and withholding taxes, return-to-provision adjustments, adjustments to uncertain tax position reserves, and tax expense recorded in foreign jurisdictions. The income tax expense recorded in the thirty-nine weeks ended September 27, 2014 represents state and withholding taxes, return-to-provision adjustments and adjustments to uncertain tax position reserves, partially offset by tax benefits recorded in foreign jurisdictions. |
Note_7_Net_Income_Loss_per_Sha
Note 7 - Net Income (Loss) per Share | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
7. Net Income (Loss) per Share | |||||||||||||||||
The Company uses the two-class method to compute basic and diluted net income or loss per common share. In periods of net loss, no effect is given to the Company’s participating securities as they do not contractually participate in the losses of the Company. The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): | |||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
NUMERATOR: | |||||||||||||||||
Net income (loss) before allocation of earnings to participating securities | $ | 1,820 | $ | (1,354 | ) | $ | 2,542 | $ | (7,559 | ) | |||||||
Less: Earnings allocated to participating securities | 49 | - | 82 | - | |||||||||||||
Net income (loss) after allocation of earnings to participating securities | $ | 1,771 | $ | (1,354 | ) | $ | 2,460 | $ | (7,559 | ) | |||||||
DENOMINATOR: | |||||||||||||||||
Weighted average number of common shares outstanding - basic | 16,971,416 | 16,531,240 | 16,899,245 | 16,407,668 | |||||||||||||
Dilutive effect of share-based awards | 160,790 | - | 209,665 | - | |||||||||||||
Weighted average number of common shares outstanding - dilutive | 17,132,206 | 16,531,240 | 17,108,910 | 16,407,668 | |||||||||||||
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders | $ | 0.1 | $ | (0.08 | ) | $ | 0.15 | $ | (0.46 | ) | |||||||
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders | $ | 0.1 | $ | (0.08 | ) | $ | 0.14 | $ | (0.46 | ) | |||||||
For the thirteen and thirty-nine weeks ended September 27, 2014, options to purchase 136,168 shares of common stock were excluded from the denominator for diluted loss per common share because of their anti-dilutive effect. For the thirteen and thirty-nine weeks ended September 28, 2013, options to purchase 1,152,800 shares of common stock were excluded from the denominator for diluted loss per common share because of their anti-dilutive effect. | |||||||||||||||||
Due to the net loss for thirteen and thirty-nine weeks ended September 28, 2013, the denominator for diluted loss per common share is the same as the denominator for basic loss per common share for those periods because the inclusion of stock options and unvested restricted shares would be anti-dilutive. |
Note_8_Comprehensive_Income_Lo
Note 8 - Comprehensive Income (Loss) | 9 Months Ended |
Sep. 27, 2014 | |
Disclosure Text Block [Abstract] | ' |
Comprehensive Income (Loss) Note [Text Block] | ' |
8. Comprehensive Income (Loss) | |
The difference between comprehensive income or loss and net income or loss results from foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not the US Dollar. The accumulated other comprehensive loss balance at September 27, 2014, December 28, 2013 and September 28, 2013 is comprised entirely of foreign currency translation. For the thirteen and thirty-nine weeks ended September 27, 2014 and September 28, 2013, there were no reclassifications out of accumulated other comprehensive loss. |
Note_9_Segment_Information
Note 9 - Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
9. Segment Information | |||||||||||||||||
The Company’s operations are conducted through three operating segments consisting of retail, international franchising and commercial. The retail segment includes the operating activities of company-owned stores in the United States, Canada, the United Kingdom and Ireland and other retail delivery operations, including the Company’s store-commerce sites, pop-up stores and non-traditional store locations such as a baseball park. The international franchising segment includes the licensing activities of the Company’s franchise agreements with store locations in Europe, outside of the United Kingdom and Ireland, Asia, Australia, the Middle East, Africa and Mexico. The commercial segment includes the Company’s transactions with other businesses, mainly comprised of licensing the Company’s intellectual properties for third party use and wholesale activities. The operating segments have discrete sources of revenue, different capital structures and different cost structures. These operating segments represent the basis on which the Company’s chief operating decision maker regularly evaluates the business in assessing performance, determining the allocation of resources and the pursuit of future growth opportunities. Accordingly, the Company has determined that each of its operating segments represent one reportable segment. The reportable segments follow the same accounting policies used for the Company’s consolidated financial statements. | |||||||||||||||||
Following is a summary of the financial information for the Company’s reportable segments (in thousands): | |||||||||||||||||
International | |||||||||||||||||
Retail | Franchising | Commercial | Total | ||||||||||||||
Thirteen weeks ended September 27, 2014 | |||||||||||||||||
Net sales to external customers | $ | 85,561 | $ | 558 | $ | 542 | $ | 86,661 | |||||||||
Income before income taxes | 1,584 | 216 | 258 | 2,058 | |||||||||||||
Capital expenditures, net | 2,494 | 17 | - | 2,511 | |||||||||||||
Depreciation and amortization | 4,386 | 36 | - | 4,422 | |||||||||||||
Thirteen weeks ended September 28, 2013 | |||||||||||||||||
Net sales to external customers | $ | 83,580 | $ | 781 | $ | 451 | $ | 84,812 | |||||||||
Income (loss) before income taxes | (1,817 | ) | 396 | 277 | (1,144 | ) | |||||||||||
Capital expenditures, net | 5,657 | 20 | - | 5,677 | |||||||||||||
Depreciation and amortization | 4,677 | 45 | - | 4,722 | |||||||||||||
Thirty-nine weeks ended September 27, 2014 | |||||||||||||||||
Net sales to external customers | $ | 257,752 | $ | 1,716 | $ | 1,384 | $ | 260,852 | |||||||||
Income (loss) before income taxes | 2,782 | (62 | ) | 684 | 3,404 | ||||||||||||
Capital expenditures, net | 5,655 | 26 | - | 5,681 | |||||||||||||
Depreciation and amortization | 13,274 | 111 | - | 13,385 | |||||||||||||
Thirty-nine weeks ended September 28, 2013 | |||||||||||||||||
Net sales to external customers | $ | 266,906 | $ | 2,399 | $ | 1,674 | $ | 270,979 | |||||||||
Income (loss) before income taxes | (8,695 | ) | 646 | 902 | (7,147 | ) | |||||||||||
Capital expenditures, net | 14,600 | 93 | - | 14,693 | |||||||||||||
Depreciation and amortization | 14,263 | 136 | - | 14,399 | |||||||||||||
Total Assets as of: | |||||||||||||||||
27-Sep-14 | $ | 166,403 | $ | 2,849 | $ | 5,613 | $ | 174,865 | |||||||||
28-Sep-13 | $ | 159,529 | $ | 3,118 | $ | 6,370 | $ | 169,017 | |||||||||
The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may operate in many geographic areas. The Company allocates revenues to geographic areas based on the location of the customer or franchisee. The following schedule is a summary of the Company’s sales to external customers and long-lived assets by geographic area (in thousands): | |||||||||||||||||
North | |||||||||||||||||
America (1) | Europe (2) | Other (3) | Total | ||||||||||||||
Thirteen weeks ended September 27, 2014 | |||||||||||||||||
Net sales to external customers | $ | 68,067 | $ | 18,247 | $ | 347 | $ | 86,661 | |||||||||
Property and equipment, net | 54,284 | 6,747 | - | 61,031 | |||||||||||||
Thirteen weeks ended September 28, 2013 | |||||||||||||||||
Net sales to external customers | $ | 66,870 | $ | 17,484 | $ | 458 | $ | 84,812 | |||||||||
Property and equipment, net | 61,341 | 8,221 | - | 69,562 | |||||||||||||
Thirty-nine weeks ended September 27, 2014 | |||||||||||||||||
Net sales to external customers | $ | 209,400 | $ | 50,422 | $ | 1,030 | 260,852 | ||||||||||
Property and equipment, net | 54,284 | 6,747 | - | 61,031 | |||||||||||||
Thirty-nine weeks ended September 28, 2013 | |||||||||||||||||
Net sales to external customers | $ | 219,776 | $ | 49,820 | $ | 1,383 | $ | 270,979 | |||||||||
Property and equipment, net | 61,341 | 8,221 | - | 69,562 | |||||||||||||
For purposes of this table only: | |||||||||||||||||
(1) North America includes the United States, Canada, Puerto Rico and franchise business in Mexico | |||||||||||||||||
(2) Europe includes the United Kingdom, Ireland and franchise businesses in Europe | |||||||||||||||||
(3) Other includes franchise businesses outside of North America and Europe |
Note_10_Contingencies
Note 10 - Contingencies | 9 Months Ended |
Sep. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
10.Contingencies | |
In the normal course of business, the Company is subject to regular examination by various taxing authorities for years not closed by the statute of limitations, including an ongoing customs audit in the United Kingdom in which the Company is contesting audit findings. The Company accrues a liability for this type of contingency when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. In 2012, the Company received notification from the customs authority that it intended to make an assessment for unpaid duty, penalties and interest. The assessment was made in 2013. The Company has appealed this determination and continues to believe that the ultimate outcome of these matters will not have a material adverse impact on the results of operations, liquidity or financial position of the Company. However, if one or more of these examinations has an unfavorable resolution, it is possible that the results of operation, liquidity or financial position of the Company could be materially affected in any particular period. Since the date of the notification in the third quarter of fiscal 2012, the Company has been required to pay the disputed duty, pending resolution of the appeal. As of September 27, 2014, $3.2 million had been paid in respect of the disputed duty and is included in receivables in the Retail segment. |
Note_11_Recently_Issued_Accoun
Note 11 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 27, 2014 | |
Disclosure Text Block [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
11. Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued ASU 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU will be effective for the Company beginning January 1, 2017, and allows for both retrospective and modified retrospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its consolidated financial statements. |
Note_12_Subsequent_Event
Note 12 - Subsequent Event | 9 Months Ended |
Sep. 27, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
12. Subsequent Event | |
In the period from September 27, 2014 through November 3, 2014, the Company repurchased approximately 12,000 shares of its common stock for an aggregate amount of $145,000, leaving $3.8 million of availability under the Board approved share repurchase program. |
Note_2_Prepaid_Expenses_and_Ot1
Note 2 - Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Prepaid Expenses And Other Assets [Abstract] | ' | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | ||||||||||||
September 27, | December 28, | September 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Prepaid rent | $ | 4,044 | $ | 4,608 | $ | 8,347 | |||||||
Other | 8,144 | 6,939 | 6,255 | ||||||||||
$ | 12,188 | $ | 11,547 | $ | 14,602 |
Note_4_Accrued_Expenses_Tables
Note 4 - Accrued Expenses (Tables) | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Payables and Accruals [Abstract] | ' | ||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||||||
September 27, | December 28, | September 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Accrued wages, bonuses and related expenses | $ | 6,511 | $ | 9,745 | $ | 6,422 | |||||||
Sales tax payable | 3,149 | 5,979 | 2,212 | ||||||||||
Accrued rent and related expenses | 3,294 | 429 | 328 | ||||||||||
Current income taxes payable | 191 | 227 | 200 | ||||||||||
$ | 13,145 | $ | 16,380 | $ | 9,162 |
Note_5_Stockbased_Compensation1
Note 5 - Stock-based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||
Restricted | |||||||||
Stock | Options | ||||||||
Outstanding, December 28, 2013 | 720,198 | 1,065,012 | |||||||
Granted | 201,458 | 103,776 | |||||||
Vested | 343,473 | — | |||||||
Exercised | — | 322,427 | |||||||
Forfeited | 116,763 | 6,750 | |||||||
Canceled or expired | — | 80,862 | |||||||
Outstanding, September 27, 2014 | 461,420 | 758,749 |
Note_7_Net_Income_Loss_per_Sha1
Note 7 - Net Income (Loss) per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
NUMERATOR: | |||||||||||||||||
Net income (loss) before allocation of earnings to participating securities | $ | 1,820 | $ | (1,354 | ) | $ | 2,542 | $ | (7,559 | ) | |||||||
Less: Earnings allocated to participating securities | 49 | - | 82 | - | |||||||||||||
Net income (loss) after allocation of earnings to participating securities | $ | 1,771 | $ | (1,354 | ) | $ | 2,460 | $ | (7,559 | ) | |||||||
DENOMINATOR: | |||||||||||||||||
Weighted average number of common shares outstanding - basic | 16,971,416 | 16,531,240 | 16,899,245 | 16,407,668 | |||||||||||||
Dilutive effect of share-based awards | 160,790 | - | 209,665 | - | |||||||||||||
Weighted average number of common shares outstanding - dilutive | 17,132,206 | 16,531,240 | 17,108,910 | 16,407,668 | |||||||||||||
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders | $ | 0.1 | $ | (0.08 | ) | $ | 0.15 | $ | (0.46 | ) | |||||||
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders | $ | 0.1 | $ | (0.08 | ) | $ | 0.14 | $ | (0.46 | ) |
Note_9_Segment_Information_Tab
Note 9 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
International | |||||||||||||||||
Retail | Franchising | Commercial | Total | ||||||||||||||
Thirteen weeks ended September 27, 2014 | |||||||||||||||||
Net sales to external customers | $ | 85,561 | $ | 558 | $ | 542 | $ | 86,661 | |||||||||
Income before income taxes | 1,584 | 216 | 258 | 2,058 | |||||||||||||
Capital expenditures, net | 2,494 | 17 | - | 2,511 | |||||||||||||
Depreciation and amortization | 4,386 | 36 | - | 4,422 | |||||||||||||
Thirteen weeks ended September 28, 2013 | |||||||||||||||||
Net sales to external customers | $ | 83,580 | $ | 781 | $ | 451 | $ | 84,812 | |||||||||
Income (loss) before income taxes | (1,817 | ) | 396 | 277 | (1,144 | ) | |||||||||||
Capital expenditures, net | 5,657 | 20 | - | 5,677 | |||||||||||||
Depreciation and amortization | 4,677 | 45 | - | 4,722 | |||||||||||||
Thirty-nine weeks ended September 27, 2014 | |||||||||||||||||
Net sales to external customers | $ | 257,752 | $ | 1,716 | $ | 1,384 | $ | 260,852 | |||||||||
Income (loss) before income taxes | 2,782 | (62 | ) | 684 | 3,404 | ||||||||||||
Capital expenditures, net | 5,655 | 26 | - | 5,681 | |||||||||||||
Depreciation and amortization | 13,274 | 111 | - | 13,385 | |||||||||||||
Thirty-nine weeks ended September 28, 2013 | |||||||||||||||||
Net sales to external customers | $ | 266,906 | $ | 2,399 | $ | 1,674 | $ | 270,979 | |||||||||
Income (loss) before income taxes | (8,695 | ) | 646 | 902 | (7,147 | ) | |||||||||||
Capital expenditures, net | 14,600 | 93 | - | 14,693 | |||||||||||||
Depreciation and amortization | 14,263 | 136 | - | 14,399 | |||||||||||||
Total Assets as of: | |||||||||||||||||
27-Sep-14 | $ | 166,403 | $ | 2,849 | $ | 5,613 | $ | 174,865 | |||||||||
28-Sep-13 | $ | 159,529 | $ | 3,118 | $ | 6,370 | $ | 169,017 | |||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||
North | |||||||||||||||||
America (1) | Europe (2) | Other (3) | Total | ||||||||||||||
Thirteen weeks ended September 27, 2014 | |||||||||||||||||
Net sales to external customers | $ | 68,067 | $ | 18,247 | $ | 347 | $ | 86,661 | |||||||||
Property and equipment, net | 54,284 | 6,747 | - | 61,031 | |||||||||||||
Thirteen weeks ended September 28, 2013 | |||||||||||||||||
Net sales to external customers | $ | 66,870 | $ | 17,484 | $ | 458 | $ | 84,812 | |||||||||
Property and equipment, net | 61,341 | 8,221 | - | 69,562 | |||||||||||||
Thirty-nine weeks ended September 27, 2014 | |||||||||||||||||
Net sales to external customers | $ | 209,400 | $ | 50,422 | $ | 1,030 | 260,852 | ||||||||||
Property and equipment, net | 54,284 | 6,747 | - | 61,031 | |||||||||||||
Thirty-nine weeks ended September 28, 2013 | |||||||||||||||||
Net sales to external customers | $ | 219,776 | $ | 49,820 | $ | 1,383 | $ | 270,979 | |||||||||
Property and equipment, net | 61,341 | 8,221 | - | 69,562 | |||||||||||||
(1) North America includes the United States, Canada, Puerto Rico and franchise business in Mexico | |||||||||||||||||
(2) Europe includes the United Kingdom, Ireland and franchise businesses in Europe | |||||||||||||||||
(3) Other includes franchise businesses outside of North America and Europe |
Note_2_Prepaid_Expenses_and_Ot2
Note 2 - Prepaid Expenses and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets (USD $) | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ' | ' |
Prepaid rent | $4,044 | $4,608 | $8,347 |
Other | 8,144 | 6,939 | 6,255 |
$12,188 | $11,547 | $14,602 |
Note_3_Property_and_Equipment_
Note 3 - Property and Equipment (Details) (Selling, General and Administrative Expenses [Member], Property and Equipment [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Selling, General and Administrative Expenses [Member] | Property and Equipment [Member] | ' | ' | ' | ' |
Note 3 - Property and Equipment (Details) [Line Items] | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | $0 | $0 | $0.40 | $0.60 |
Note_4_Accrued_Expenses_Detail
Note 4 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |||
Accrued Expenses [Abstract] | ' | ' | ' |
Accrued wages, bonuses and related expenses | $6,511 | $9,745 | $6,422 |
Sales tax payable | 3,149 | 5,979 | 2,212 |
Accrued rent and related expenses | 3,294 | 429 | 328 |
Current income taxes payable | 191 | 227 | 200 |
$13,145 | $16,380 | $9,162 |
Note_5_Stockbased_Compensation2
Note 5 - Stock-based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Note 5 - Stock-based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0.40 | $0.70 | $1.60 | $2.30 |
Options and Restricted Stock [Member] | ' | ' | ' | ' |
Note 5 - Stock-based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3.8 | ' | 3.8 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year 6 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | $3.60 | $2.20 |
Note_5_Stockbased_Compensation3
Note 5 - Stock-based Compensation (Details) - Summary of the Balance and Activity for the Plans Related to Stock Options | 9 Months Ended |
Sep. 27, 2014 | |
Restricted Stock [Member] | ' |
Note 5 - Stock-based Compensation (Details) - Summary of the Balance and Activity for the Plans Related to Stock Options [Line Items] | ' |
Outstanding, December 28, 2013 | 720,198 |
Granted | 201,458 |
Vested | 343,473 |
Forfeited | 116,763 |
Outstanding, September 27, 2014 | 461,420 |
Employee Stock Option [Member] | ' |
Note 5 - Stock-based Compensation (Details) - Summary of the Balance and Activity for the Plans Related to Stock Options [Line Items] | ' |
Outstanding, December 28, 2013 | 1,065,012 |
Granted | 103,776 |
Exercised | 322,427 |
Forfeited | 6,750 |
Canceled or expired | 80,862 |
Outstanding, September 27, 2014 | 758,749 |
Note_6_Income_Taxes_Details
Note 6 - Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 11.60% | -18.40% | 25.30% | -5.80% |
Note_7_Net_Income_Loss_per_Sha2
Note 7 - Net Income (Loss) per Share (Details) (Equity Option [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Equity Option [Member] | ' | ' | ' | ' |
Note 7 - Net Income (Loss) per Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 136,168 | 1,152,800 | 136,168 | 1,152,800 |
Note_7_Net_Income_Loss_per_Sha3
Note 7 - Net Income (Loss) per Share (Details) - Computation Basic and Diluted Earnings per Common Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
NUMERATOR: | ' | ' | ' | ' |
Net income (loss) before allocation of earnings to participating securities | $1,820 | ($1,354) | $2,542 | ($7,559) |
Less: Earnings allocated to participating securities | 49 | ' | 82 | ' |
Net income (loss) after allocation of earnings to participating securities | $1,771 | ($1,354) | $2,460 | ($7,559) |
DENOMINATOR: | ' | ' | ' | ' |
Weighted average number of common shares outstanding - basic | 16,971,416 | 16,531,240 | 16,899,245 | 16,407,668 |
Dilutive effect of share-based awards | 160,790 | ' | 209,665 | ' |
Weighted average number of common shares outstanding - dilutive | 17,132,206 | 16,531,240 | 17,108,910 | 16,407,668 |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders | $0.10 | ($0.08) | $0.15 | ($0.46) |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders | $0.10 | ($0.08) | $0.14 | ($0.46) |
Note_8_Comprehensive_Income_Lo1
Note 8 - Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' |
Translation Adjustment Functional to Reporting Currency, Loss (Gain), Reclassified to Earnings, Net of Tax | $0 | $0 | $0 | $0 |
Note_9_Segment_Information_Det
Note 9 - Segment Information (Details) | 9 Months Ended |
Sep. 27, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note_9_Segment_Information_Det1
Note 9 - Segment Information (Details) - Financial Information for the Companybs Reportable Segments (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales to external customers | $86,661 | $84,812 | $260,852 | $270,979 | ' |
Income (loss) before income taxes | 2,058 | -1,144 | 3,404 | -7,147 | ' |
Capital expenditures, net | 2,511 | 5,677 | 5,681 | 14,693 | ' |
Depreciation and amortization | 4,422 | 4,722 | 13,385 | 14,399 | ' |
Total Assets as of: | ' | ' | ' | ' | ' |
Total Assets, by segments | 174,865 | 169,017 | 174,865 | 169,017 | 195,611 |
Retail [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales to external customers | 85,561 | 83,580 | 257,752 | 266,906 | ' |
Income (loss) before income taxes | 1,584 | -1,817 | 2,782 | -8,695 | ' |
Capital expenditures, net | 2,494 | 5,657 | 5,655 | 14,600 | ' |
Depreciation and amortization | 4,386 | 4,677 | 13,274 | 14,263 | ' |
Total Assets as of: | ' | ' | ' | ' | ' |
Total Assets, by segments | 166,403 | 159,529 | 166,403 | 159,529 | ' |
International Franchising [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales to external customers | 558 | 781 | 1,716 | 2,399 | ' |
Income (loss) before income taxes | 216 | 396 | -62 | 646 | ' |
Capital expenditures, net | 17 | 20 | 26 | 93 | ' |
Depreciation and amortization | 36 | 45 | 111 | 136 | ' |
Total Assets as of: | ' | ' | ' | ' | ' |
Total Assets, by segments | 2,849 | 3,118 | 2,849 | 3,118 | ' |
Commercial [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales to external customers | 542 | 451 | 1,384 | 1,674 | ' |
Income (loss) before income taxes | 258 | 277 | 684 | 902 | ' |
Total Assets as of: | ' | ' | ' | ' | ' |
Total Assets, by segments | $5,613 | $6,370 | $5,613 | $6,370 | ' |
Note_9_Segment_Information_Det2
Note 9 - Segment Information (Details) - Sales to External Customers and Long-lived Assets by Geographic Area (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales to external customers | $86,661 | $84,812 | $260,852 | $270,979 | ' | ||||
Property and equipment, net | 61,031 | 69,562 | 61,031 | 69,562 | 70,163 | ||||
North America [Member] | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales to external customers | 68,067 | [1] | 66,870 | [1] | 209,400 | [1] | 219,776 | [1] | ' |
Property and equipment, net | 54,284 | [1] | 61,341 | [1] | 54,284 | [1] | 61,341 | [1] | ' |
Europe [Member] | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales to external customers | 18,247 | [2] | 17,484 | [2] | 50,422 | [2] | 49,820 | [2] | ' |
Property and equipment, net | 6,747 | [2] | 8,221 | [2] | 6,747 | [2] | 8,221 | [2] | ' |
Other Geographic Region [Member] | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales to external customers | 347 | [3] | 458 | [3] | 1,030 | [3] | 1,383 | [3] | ' |
Property and equipment, net | ' | [3] | ' | [3] | ' | [3] | ' | [3] | ' |
[1] | North America includes the United States, Canada, Puerto Rico and franchise business in Mexico | ||||||||
[2] | Europe includes the United Kingdom, Ireland and franchise businesses in Europe | ||||||||
[3] | Other includes franchise businesses outside of North America and Europe |
Note_10_Contingencies_Details
Note 10 - Contingencies (Details) (USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Receivable Disputed Duty Paid | $3.20 |
Note_12_Subsequent_Event_Detai
Note 12 - Subsequent Event (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
Nov. 03, 2014 | |
Subsequent Event [Member] | ' |
Note 12 - Subsequent Event (Details) [Line Items] | ' |
Treasury Stock, Shares, Acquired (in Shares) | 12,000 |
Treasury Stock, Value, Acquired, Cost Method | $145,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $3,800,000 |