Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 01, 2017 | May 05, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | BUILD A BEAR WORKSHOP INC | |
Entity Central Index Key | 1,113,809 | |
Trading Symbol | bbw | |
Current Fiscal Year End Date | --12-30 | |
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) | 16,002,021 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 1, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 | Apr. 02, 2016 |
ASSETS | |||
Cash and cash equivalents | $ 35,627 | $ 32,483 | $ 30,778 |
Inventories | 53,315 | 51,885 | 53,982 |
Receivables | 6,395 | 12,939 | 10,440 |
Prepaid expenses and other current assets | 10,158 | 12,737 | 15,070 |
Total current assets | 105,495 | 110,044 | 110,270 |
Property and equipment, net of accumulated depreciation of $173,804; $172,333 and $185,915, respectively | 73,246 | 74,924 | 68,886 |
Deferred tax assets | 9,543 | 8,256 | 10,863 |
Other intangible assets, net | 1,588 | 1,721 | 1,557 |
Other assets, net | 2,384 | 4,650 | 4,439 |
Total Assets | 192,256 | 199,595 | 196,015 |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Accounts payable | 21,921 | 27,861 | 27,812 |
Accrued expenses | 14,141 | 15,897 | 17,960 |
Gift cards and customer deposits | 31,841 | 37,070 | 31,617 |
Deferred revenue | 1,838 | 2,029 | 2,485 |
Other current liabilities | 69 | ||
Total current liabilities | 69,810 | 82,857 | 79,874 |
Deferred rent | 16,460 | 15,438 | 13,167 |
Deferred franchise revenue | 528 | 565 | 681 |
Other liabilities | 1,879 | 1,623 | 1,213 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at April 1, 2017, December 31, 2016 and April 2, 2016 | |||
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 16,002,935; 15,856,927 and 15,815,211 shares, respectively | 160 | 159 | 158 |
Additional paid-in capital | 68,902 | 68,001 | 65,713 |
Accumulated other comprehensive loss | (12,505) | (12,727) | (10,614) |
Retained earnings | 47,022 | 43,679 | 45,823 |
Total stockholders' equity | 103,579 | 99,112 | 101,080 |
Total Liabilities and Stockholders' Equity | $ 192,256 | $ 199,595 | $ 196,015 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 | Apr. 02, 2016 |
Property and equipment, accumulated depreciation | $ 173,804 | $ 172,333 | $ 185,915 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 | 15,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 16,002,935 | 15,856,927 | 15,815,211 |
Common stock, shares outstanding (in shares) | 16,002,935 | 15,856,927 | 15,815,211 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements and Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Revenues: | ||
Net retail sales | $ 88,586 | $ 94,056 |
Commercial revenue | 1,607 | 481 |
Franchise fees | 439 | 439 |
Total revenues | 90,632 | 94,976 |
Costs and expenses: | ||
Selling, general and administrative | 37,649 | 39,681 |
Store preopening | 639 | 1,244 |
Interest (income) expense, net | (10) | (27) |
Total costs and expenses | 86,037 | 89,704 |
Income before income taxes | 4,595 | 5,272 |
Income tax expense | 1,830 | 1,754 |
Net income | 2,765 | 3,518 |
Foreign currency translation adjustment | 222 | (643) |
Comprehensive income | $ 2,987 | $ 2,875 |
Income per common share: | ||
Basic (in dollars per share) | $ 0.17 | $ 0.22 |
Diluted (in dollars per share) | $ 0.17 | $ 0.22 |
Shares used in computing common per share amounts: | ||
Basic (in shares) | 15,539,939 | 15,410,699 |
Diluted (in shares) | 15,709,591 | 15,592,347 |
Retail [Member] | ||
Costs and expenses: | ||
Cost of merchandise sold | $ 46,868 | $ 48,557 |
Commercial [Member] | ||
Costs and expenses: | ||
Cost of merchandise sold | $ 891 | $ 249 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 2,765 | $ 3,518 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 3,926 | 3,811 |
Deferred taxes | 1,905 | 4 |
Stock-based compensation | 1,016 | 671 |
Store asset impairment | 82 | 50 |
Provision for doubtful accounts | 56 | |
Loss on disposal of property and equipment | 111 | |
Change in assets and liabilities: | ||
Inventories | (1,263) | 146 |
Receivables | 6,511 | 2,748 |
Prepaid expenses and other assets | 2,628 | (562) |
Accounts payable and accrued expenses | (7,265) | (14,691) |
Lease related liabilities | 999 | 1,023 |
Gift cards and customer deposits | (5,273) | (3,654) |
Deferred revenue | (232) | (180) |
Net cash provided by (used in) operating activities | 5,855 | (7,005) |
Cash flows from investing activities: | ||
Purchases of property and equipment, net | (2,178) | (6,185) |
Purchases of other assets and other intangible assets | (112) | |
Proceeds from maturity of short-term investments | 1,461 | |
Net cash used in investing activities | (2,290) | (4,724) |
Cash flows from financing activities: | ||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (358) | (410) |
Payments made under capital leases | (16) | |
Purchases of Company's common stock | (1,469) | |
Net cash used in financing activities | (374) | (1,879) |
Effect of exchange rates on cash | (47) | (810) |
Net decrease in cash and cash equivalents | 3,144 | (14,418) |
Cash and cash equivalents, beginning of period | 32,483 | 45,196 |
Cash and cash equivalents, end of period | $ 35,627 | $ 30,778 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. 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 Com mission (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 31, 2016 December 31, 2016, 10 March 16, 2017. T he Company adopted Accounting Standards Update (ASU) No. 2016 09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting , January 1, 2017. first 2017, $1.6 $0.3 $1.9 $0.6 Additionally , the Company early adopted ASU No. 2016 16, Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory , January 1, 2017. first 2017 $1.0 $2.3 $1.3 |
Note 2 - Prepaid Expenses and O
Note 2 - Prepaid Expenses and Other Assets | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 2. Prepaid expenses and other current assets consist of the following (in thousands): April 1, December 31, April 2, 2017 2016 2016 Prepaid rent $ 5,132 $ 7,191 $ 7,833 Other 5,026 5,546 7,237 Total $ 10,158 $ 12,737 $ 15,070 |
Note 3 - Accrued Expenses
Note 3 - Accrued Expenses | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 3 . Accrued Expenses Accrued expenses consist of the following (in thousands): April 1, December 31, April 2, 2017 2016 2016 Accrued wages, bonuses and related expenses $ 7,512 $ 5,596 $ 9,373 Sales tax payable 2,354 5,075 2,049 Accrued rent and related expenses 3,996 4,615 4,579 Current income taxes payable 279 611 1,959 Total $ 14,141 $ 15,897 $ 17,960 |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4 . Stock-based Compensation For the thirteen April 1, 2017 April 2, 2016, $1.0 $0.7 April 1, 2017, $5.9 1.8 The following table is a summary of the balances and activity related to stock options for the thirteen April 1, 2017: Options Shares Weighted Average Exercise Price Outstanding, December 31, 2016 757,784 $ 9.91 Granted 72,051 8.85 Exercised 769 6.21 Forfeited 23,549 13.49 Canceled or expired — — Outstanding, April 1, 2017 805,517 $ 9.71 The following table is a summary of the balances and activity for time-based and performance-based restricted stock for the thirteen April 1, 2017: Restricted Stock Performance Shares Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, December 31, 2016 316,116 $ 13.30 241,141 $ 15.39 Granted 205,878 8.85 83,897 8.85 Vested 104,795 13.01 6,473 20.54 Forfeited 18,337 13.42 15,098 14.21 Canceled or expired — — 13,704 13.68 Outstanding, April 1, 2017 398,862 $ 11.07 289,763 $ 13.66 The total fair value of shares of time-based and performance-based restricted stock vested during the thirteen April 1, 2017 April 2, 2016 $1.5 $1.2 In March 2017, three pre-tax income goals for fiscal 2017, 2018 2019. 25% 200% 2017, 13,704 2016 2016 The outstanding performance shares as of April 1, 2017 Performance Shares Earned shares subject to time-based restrictions at actual 6,473 Unearned shares subject to performance-based restrictions at target: 2015 - 2017 consolidated total revenues 50,000 2016 - 2018 consolidated total revenues 149,393 2017 - 2019 consolidated pre-tax income 83,897 Performance shares outstanding, April 1, 2017 289,763 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. The effective tax rate was 39.8% thirteen April 1, 2017, compared to 33.3% thirteen April 2, 2016 . In the first 2017, 34% |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. ’ Equity The following table sets forth the changes in stockholders’ equity for the thirteen April 1, 2017 April 2 2016: Thirteen weeks ended April 1, 2017 April 2, 2016 Beginning balance $ 99,112 $ 99,414 Stock-based compensation 1,016 671 Shares issued under employee stock plans (358 ) (411 ) Adoption of new accounting standards 822 - Share repurchase and retirement - (1,469 ) Other comprehensive income (loss) 222 (643 ) Net income 2,765 3,518 Ending balance $ 103,579 $ 101,080 |
Note 7 - Income Per Share
Note 7 - Income Per Share | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7 . Income per Share The Company uses the two income per common share. The following table sets forth the computation of basic and diluted income per share (in thousands, except share and per share data): Thirteen weeks ended April 1, 2017 April 2, 2016 NUMERATOR: Net income before allocation of earnings to participating securities $ 2,765 $ 3,518 Less: Earnings allocated to participating securities 59 73 Net income after allocation of earnings to participating securities $ 2,706 $ 3,445 DENOMINATOR: Weighted average number of common shares outstanding - basic 15,539,939 15,410,699 Dilutive effect of share-based awards 169,652 181,648 Weighted average number of common shares outstanding - dilutive 15,709,591 15,592,347 Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders: $ 0.17 $ 0.22 Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.17 $ 0.22 In calculating diluted earnings per share for the thirteen April 1, 2017 April 2, 2016, 287,385 154,655 |
Note 8 - Comprehensive Income
Note 8 - Comprehensive Income | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 8 . Comprehensive Income The difference between comprehensive income and net income results from foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not the U .S. Dollar. The accumulated other comprehensive loss balance at April 1, 2017, December 31, 2016 April 2, 2016 thirteen April 1, 2017 April 2, 2016, |
Note 9 - Segment Information
Note 9 - Segment Information | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9 . Segment Information The Company ’s operations are conducted through three The international franchising segment includes the licensing activities of the Company’s franchise agreements with store locations in Europe (outside of the United Kingdom, Ireland and Denmark), 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 three Following is a summary of the financial information for the Company ’s reportable segments (in thousands): Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended April 1, 2017 Net sales to external customers $ 88,586 $ 1,607 $ 439 $ 90,632 Income before income taxes 3,817 603 175 4,595 Capital expenditures, net 2,290 - - 2,290 Depreciation and amortization 3,908 1 17 3,926 Thirteen weeks ended April 2, 2016 Net sales to external customers 94,056 481 439 94,976 Income before income taxes 5,196 143 (67 ) 5,272 Capital expenditures, net 6,179 - 6 6,185 Depreciation and amortization 3,769 1 41 3,811 Total Assets as of: April 1, 2017 $ 184,021 $ 5,585 $ 2,650 $ 192,256 April 2, 2016 $ 188,999 $ 5,305 $ 1,711 $ 196,015 The Company ’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may North America (1) Europe (2) Other (3) Total Thirteen weeks ended April 1, 2017 Net sales to external customers $ 76,725 $ 13,440 $ 467 $ 90,632 Property and equipment, net 64,554 8,656 36 73,246 Thirteen weeks ended April 2, 2016 Net sales to external customers $ 79,507 $ 15,208 $ 261 $ 94,976 Property and equipment, net 61,164 7,313 409 68,886 For purposes of this table only: (1) (2) (3) 2016, |
Note 10 - Contingencies
Note 10 - Contingencies | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. 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. If one 2012 based on a current evaluation of collectability, using the latest facts available in the dispute. As of April 1, 2017, $3.1 $2.5 $0.6 |
Note 11 - Recently Issued Accou
Note 11 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 1 1. Recently Issued Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09), 2014 09 2014 09 2018, 2017 2016, 98% 2016. 2014 09 first 2018 In February 2016, 2016 02, Leases 2016 02), 2016 02 2016 02 2019, 2016 02 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Apr. 01, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 2 . Subsequent Events In May 2016, December 31, 2018 $100,000 $1 |
Note 2 - Prepaid Expenses and18
Note 2 - Prepaid Expenses and Other Assets (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | April 1, December 31, April 2, 2017 2016 2016 Prepaid rent $ 5,132 $ 7,191 $ 7,833 Other 5,026 5,546 7,237 Total $ 10,158 $ 12,737 $ 15,070 |
Note 3 - Accrued Expenses (Tabl
Note 3 - Accrued Expenses (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | April 1, December 31, April 2, 2017 2016 2016 Accrued wages, bonuses and related expenses $ 7,512 $ 5,596 $ 9,373 Sales tax payable 2,354 5,075 2,049 Accrued rent and related expenses 3,996 4,615 4,579 Current income taxes payable 279 611 1,959 Total $ 14,141 $ 15,897 $ 17,960 |
Note 4 - Stock-based Compensa20
Note 4 - Stock-based Compensation (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Outstanding, December 31, 2016 757,784 $ 9.91 Granted 72,051 8.85 Exercised 769 6.21 Forfeited 23,549 13.49 Canceled or expired — — Outstanding, April 1, 2017 805,517 $ 9.71 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Performance Shares Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, December 31, 2016 316,116 $ 13.30 241,141 $ 15.39 Granted 205,878 8.85 83,897 8.85 Vested 104,795 13.01 6,473 20.54 Forfeited 18,337 13.42 15,098 14.21 Canceled or expired — — 13,704 13.68 Outstanding, April 1, 2017 398,862 $ 11.07 289,763 $ 13.66 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | Performance Shares Earned shares subject to time-based restrictions at actual 6,473 Unearned shares subject to performance-based restrictions at target: 2015 - 2017 consolidated total revenues 50,000 2016 - 2018 consolidated total revenues 149,393 2017 - 2019 consolidated pre-tax income 83,897 Performance shares outstanding, April 1, 2017 289,763 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Thirteen weeks ended April 1, 2017 April 2, 2016 Beginning balance $ 99,112 $ 99,414 Stock-based compensation 1,016 671 Shares issued under employee stock plans (358 ) (411 ) Adoption of new accounting standards 822 - Share repurchase and retirement - (1,469 ) Other comprehensive income (loss) 222 (643 ) Net income 2,765 3,518 Ending balance $ 103,579 $ 101,080 |
Note 7 - Income Per Share (Tabl
Note 7 - Income Per Share (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended April 1, 2017 April 2, 2016 NUMERATOR: Net income before allocation of earnings to participating securities $ 2,765 $ 3,518 Less: Earnings allocated to participating securities 59 73 Net income after allocation of earnings to participating securities $ 2,706 $ 3,445 DENOMINATOR: Weighted average number of common shares outstanding - basic 15,539,939 15,410,699 Dilutive effect of share-based awards 169,652 181,648 Weighted average number of common shares outstanding - dilutive 15,709,591 15,592,347 Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders: $ 0.17 $ 0.22 Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.17 $ 0.22 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended April 1, 2017 Net sales to external customers $ 88,586 $ 1,607 $ 439 $ 90,632 Income before income taxes 3,817 603 175 4,595 Capital expenditures, net 2,290 - - 2,290 Depreciation and amortization 3,908 1 17 3,926 Thirteen weeks ended April 2, 2016 Net sales to external customers 94,056 481 439 94,976 Income before income taxes 5,196 143 (67 ) 5,272 Capital expenditures, net 6,179 - 6 6,185 Depreciation and amortization 3,769 1 41 3,811 Total Assets as of: April 1, 2017 $ 184,021 $ 5,585 $ 2,650 $ 192,256 April 2, 2016 $ 188,999 $ 5,305 $ 1,711 $ 196,015 |
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 April 1, 2017 Net sales to external customers $ 76,725 $ 13,440 $ 467 $ 90,632 Property and equipment, net 64,554 8,656 36 73,246 Thirteen weeks ended April 2, 2016 Net sales to external customers $ 79,507 $ 15,208 $ 261 $ 94,976 Property and equipment, net 61,164 7,313 409 68,886 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Millions | 3 Months Ended |
Apr. 01, 2017USD ($) | |
Increase Deferred Tax Assets [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1 |
Decrease Other Assets [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 2.3 |
Decrease Retained Earnings [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1.3 |
Increase Deferred Tax Assets [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1.6 |
Increase Additional Paid-in Capital [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0.3 |
Increase Retained Earning [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1.9 |
Decreases Taxes Payable [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0.6 |
Note 2 - Prepaid Expenses and25
Note 2 - Prepaid Expenses and Other Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 | Apr. 02, 2016 |
Prepaid rent | $ 5,132 | $ 7,191 | $ 7,833 |
Other | 5,026 | 5,546 | 7,237 |
Total | $ 10,158 | $ 12,737 | $ 15,070 |
Note 3 - Accrued Expenses - Sum
Note 3 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 | Apr. 02, 2016 |
Accrued wages, bonuses and related expenses | $ 7,512 | $ 5,596 | $ 9,373 |
Sales tax payable | 2,354 | 5,075 | 2,049 |
Accrued rent and related expenses | 3,996 | 4,615 | 4,579 |
Current income taxes payable | 279 | 611 | 1,959 |
Total | $ 14,141 | $ 15,897 | $ 17,960 |
Note 4 - Stock-based Compensa27
Note 4 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2017 | Apr. 01, 2017 | Apr. 02, 2016 | |
Minimum [Member] | |||
Performance-based Shares, Payout Opportunity, Percentage | 25.00% | ||
Maximum [Member] | |||
Performance-based Shares, Payout Opportunity, Percentage | 200.00% | ||
Options and Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5.9 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | ||
Time-based and Performance-based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1.5 | $ 1.2 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Shares Earned | 13,704 | ||
Selling, General and Administrative Expenses [Member] | |||
Allocated Share-based Compensation Expense | $ 1 | $ 0.7 |
Note 4 - Stock-based Compensa28
Note 4 - Stock-based Compensation - Summary of Stock Option Plan (Details) | 3 Months Ended |
Apr. 01, 2017$ / sharesshares | |
Outstanding, number of shares (in shares) | shares | 757,784 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.91 |
Granted, number of shares (in shares) | shares | 72,051 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 8.85 |
Exercised, number of shares (in shares) | shares | 769 |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 6.21 |
Forfeited, number of shares (in shares) | shares | 23,549 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 13.49 |
Canceled or expired, number of shares (in shares) | shares | |
Canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | |
Outstanding, number of shares (in shares) | shares | 805,517 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.71 |
Note 4 - Stock-based Compensa29
Note 4 - Stock-based Compensation - Summary of Plans Related to Unvested Restricted Stock (Details) | 3 Months Ended |
Apr. 01, 2017$ / sharesshares | |
Restricted Stock [Member] | |
Outstanding (in shares) | shares | 316,116 |
Outstanding (in dollars per share) | $ / shares | $ 13.30 |
Granted (in shares) | shares | 205,878 |
Granted (in dollars per share) | $ / shares | $ 8.85 |
Vested (in shares) | shares | 104,795 |
Vested (in dollars per share) | $ / shares | $ 13.01 |
Forfeited (in shares) | shares | 18,337 |
Forfeited (in dollars per share) | $ / shares | $ 13.42 |
Canceled or expired (in shares) | shares | |
Canceled or expired (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 398,862 |
Outstanding (in dollars per share) | $ / shares | $ 11.07 |
Performance Shares [Member] | |
Outstanding (in shares) | shares | 241,141 |
Outstanding (in dollars per share) | $ / shares | $ 15.39 |
Granted (in shares) | shares | 83,897 |
Granted (in dollars per share) | $ / shares | $ 8.85 |
Vested (in shares) | shares | 6,473 |
Vested (in dollars per share) | $ / shares | $ 20.54 |
Forfeited (in shares) | shares | 15,098 |
Forfeited (in dollars per share) | $ / shares | $ 14.21 |
Canceled or expired (in shares) | shares | 13,704 |
Canceled or expired (in dollars per share) | $ / shares | $ 13.68 |
Outstanding (in shares) | shares | 289,763 |
Outstanding (in dollars per share) | $ / shares | $ 13.66 |
Note 4 - Share-based Compensati
Note 4 - Share-based Compensation - Summary of Performance Shares (Details) - Performance Shares [Member] - shares | Apr. 01, 2017 | Dec. 31, 2016 |
Performance shares (in shares) | 289,763 | 241,141 |
Vesting Subject to Time-based Restrictions [Member] | ||
Performance shares (in shares) | 6,473 | |
Vesting Upon Achievement of 2015-2017 Consolidated Revenues Target [Member] | ||
Performance shares (in shares) | 50,000 | |
Vesting Upon Achievement of 2016-2018 Consolidated Revenues Target [Member] | ||
Performance shares (in shares) | 149,393 | |
Vesting Upon Achievement of 2017-2019 Consolidated Pre-tax Income Target [Member] | ||
Performance shares (in shares) | 83,897 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 39.80% | 33.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Beginning balance | $ 99,112 | $ 99,414 |
Stock-based compensation | 1,016 | 671 |
Shares issued under employee stock plans | (358) | (411) |
Adoption of new accounting standards | 822 | |
Share repurchase and retirement | (1,469) | |
Other comprehensive income (loss) | 222 | (643) |
Net income | 2,765 | 3,518 |
Ending balance | $ 103,579 | $ 101,080 |
Note 7 - Income Per Share (Deta
Note 7 - Income Per Share (Details Textual) - shares | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 287,385 | 154,655 |
Note 7 - Income Per Share - Com
Note 7 - Income Per Share - Computation Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Net income before allocation of earnings to participating securities | $ 2,765 | $ 3,518 |
Less: Earnings allocated to participating securities | 59 | 73 |
Net income after allocation of earnings to participating securities | $ 2,706 | $ 3,445 |
Weighted average number of common shares outstanding - basic (in shares) | 15,539,939 | 15,410,699 |
Dilutive effect of share-based awards (in shares) | 169,652 | 181,648 |
Weighted average number of common shares outstanding - dilutive (in shares) | 15,709,591 | 15,592,347 |
Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders: (in dollars per share) | $ 0.17 | $ 0.22 |
Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.17 | $ 0.22 |
Note 8 - Comprehensive Income (
Note 8 - Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 3 Months Ended |
Apr. 01, 2017 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 9 - Segment Information -
Note 9 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | |
Net sales to external customers | $ 90,632 | $ 94,976 | |
Income before income taxes | 4,595 | 5,272 | |
Capital expenditures, net | 2,290 | 6,185 | |
Depreciation and amortization | 3,926 | 3,811 | |
Total assets | 192,256 | 196,015 | $ 199,595 |
Retail [Member] | |||
Net sales to external customers | 88,586 | 94,056 | |
Income before income taxes | 3,817 | 5,196 | |
Capital expenditures, net | 2,290 | 6,179 | |
Depreciation and amortization | 3,908 | 3,769 | |
Total assets | 184,021 | 188,999 | |
Commercial [Member] | |||
Net sales to external customers | 1,607 | 481 | |
Income before income taxes | 603 | 143 | |
Capital expenditures, net | |||
Depreciation and amortization | 1 | 1 | |
Total assets | 5,585 | 5,305 | |
International Franchising [Member] | |||
Net sales to external customers | 439 | 439 | |
Income before income taxes | 175 | (67) | |
Capital expenditures, net | 6 | ||
Depreciation and amortization | 17 | 41 | |
Total assets | $ 2,650 | $ 1,711 |
Note 9 - Segment Information 38
Note 9 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | ||
Net sales to external customers | $ 90,632 | $ 94,976 | ||
Property and equipment, net | 73,246 | 68,886 | $ 74,924 | |
North America [Member] | ||||
Net sales to external customers | [1] | 76,725 | 79,507 | |
Property and equipment, net | [1] | 64,554 | 61,164 | |
Europe [Member] | ||||
Net sales to external customers | [2] | 13,440 | 15,208 | |
Property and equipment, net | [2] | 8,656 | 7,313 | |
Other Geographic Region [Member] | ||||
Net sales to external customers | [3] | 467 | 261 | |
Property and equipment, net | [3] | $ 36 | $ 409 | |
[1] | North America includes the United States, Canada, Puerto Rico and franchise business in Mexico | |||
[2] | Europe includes the United Kingdom, Ireland, Denmark and franchise businesses in Europe | |||
[3] | Other includes franchise businesses outside of North America and Europe and, beginning in 2016, a company-owned store in China |
Note 10 - Contingencies (Detail
Note 10 - Contingencies (Details Textual) $ in Millions | Apr. 01, 2017USD ($) |
Litigation Receivable, Gross | $ 3.1 |
Litigation Receivables, Reserve | 2.5 |
Litigation Receivables, Net | $ 0.6 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) | May 04, 2017 | Apr. 01, 2017 |
Maximum Lease Payments for Personal Property | $ 100,000 | |
Subsequent Event [Member] | ||
Maximum Lease Payments for Personal Property | $ 1,000,000 |