Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 05, 2018 | Jun. 07, 2018 | |
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 | --02-02 | |
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) | 15,022,680 | |
Document Type | 10-Q | |
Document Period End Date | May 5, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 05, 2018 | Dec. 30, 2017 | Apr. 29, 2017 | ||
Current assets: | |||||
Cash and cash equivalents | $ 18,881 | $ 30,445 | $ 30,189 | ||
Inventories | 49,423 | 53,136 | 55,202 | ||
Receivables | 8,968 | 13,302 | 6,465 | ||
Prepaid expenses and other current assets | 11,493 | 13,346 | 11,575 | ||
Total current assets | 88,765 | 110,229 | 103,431 | ||
Property and equipment, net | 76,410 | 77,751 | 73,937 | ||
Deferred tax assets | 4,102 | 6,381 | 10,090 | ||
Other intangible assets, net | 950 | 995 | 1,512 | ||
Other assets, net | 2,427 | 2,633 | 2,407 | ||
Total Assets | 172,654 | 197,989 | 191,377 | ||
Current liabilities: | |||||
Accounts payable | 12,965 | 18,942 | 23,442 | ||
Accrued expenses | 8,739 | [1] | 15,189 | [2] | 12,099 |
Gift cards and customer deposits | 17,007 | [1] | 33,926 | 31,596 | |
Deferred revenue and other | 1,893 | 1,806 | 1,943 | ||
Total current liabilities | 40,604 | 69,863 | 69,080 | ||
Deferred rent | 17,697 | 17,906 | 16,458 | ||
Deferred franchise revenue | 1,142 | 1,208 | 516 | ||
Other liabilities | 1,794 | 1,697 | 1,911 | ||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at May 5, 2018, December 30, 2017 and April 29, 2017 | |||||
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 14,997,791, 15,515,960 and 16,002,021 shares, respectively | 151 | 155 | 160 | ||
Additional paid-in capital | 66,908 | 68,962 | 69,187 | ||
Accumulated other comprehensive loss | (11,546) | (11,562) | (12,061) | ||
Retained earnings | 55,904 | [1] | 49,760 | 46,126 | |
Total stockholders' equity | 111,417 | 107,315 | 103,412 | ||
Total Liabilities and Stockholders' Equity | $ 172,654 | $ 197,989 | $ 191,377 | ||
[1] | The impact on the balances without adoption of ASC 606 includes the activity for the thirteen weeks ended May 5, 2018 and the December 31, 2017 adjustment. | ||||
[2] | The impact on the balances due to the adoption of ASC 606 includes income tax payable. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | May 05, 2018 | Dec. 30, 2017 | Apr. 29, 2017 |
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) | 14,997,791 | 15,515,960 | 16,002,021 |
Common stock, shares outstanding (in shares) | 14,997,791 | 15,515,960 | 16,002,021 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 03, 2018 | May 05, 2018 | Apr. 29, 2017 | |
Revenues: | |||
Revenue | $ 30,223 | $ 83,184 | $ 91,203 |
Costs and expenses: | |||
Cost of merchandise sold | 16,321 | 46,196 | 47,557 |
Consolidated gross profit | 13,902 | 36,988 | 43,646 |
Selling, general and administrative expense | 14,920 | 36,337 | 39,228 |
Interest expense (income), net | 10 | 5 | (6) |
Income (loss) before income taxes | (1,028) | 646 | 4,424 |
Income tax expense (benefit) | (183) | 292 | 1,795 |
Net income (loss) | (845) | 354 | 2,629 |
Foreign currency translation adjustment | 762 | (747) | 436 |
Comprehensive (loss) income | $ (83) | $ (393) | $ 3,065 |
Income (loss) per common share: | |||
Basic (in dollars per share) | $ (0.06) | $ 0.02 | $ 0.17 |
Diluted (in dollars per share) | $ (0.06) | $ 0.02 | $ 0.16 |
Shares used in computing common per share amounts: | |||
Basic (in shares) | 14,860,511 | 14,582,573 | 15,561,804 |
Diluted (in shares) | 14,860,511 | 14,722,989 | 15,695,322 |
Retail [Member] | |||
Revenues: | |||
Revenue | $ 29,586 | $ 81,425 | $ 88,743 |
Costs and expenses: | |||
Cost of merchandise sold | 16,062 | 45,385 | 46,456 |
Commercial Product and Service [Member] | |||
Revenues: | |||
Revenue | 358 | 1,019 | 2,038 |
Costs and expenses: | |||
Cost of merchandise sold | 259 | 479 | 1,101 |
Franchise [Member] | |||
Revenues: | |||
Revenue | 279 | 740 | 422 |
Costs and expenses: | |||
Cost of merchandise sold | $ 332 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 03, 2018 | May 05, 2018 | Apr. 29, 2017 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (845) | $ 354 | $ 2,629 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,507 | 4,115 | 3,907 |
Stock-based compensation | 214 | 841 | 1,192 |
Asset impairment | 69 | ||
Deferred taxes | 1,059 | (433) | 878 |
Provision for doubtful accounts | 16 | 56 | |
(Gain) loss on disposal of property and equipment | 50 | (29) | 20 |
Change in assets and liabilities: | |||
Inventories | (4,435) | 8,233 | 1,836 |
Receivables | 5,045 | (723) | 4,192 |
Prepaid expenses and other assets | 220 | 1,671 | (4,215) |
Accounts payable and accrued expenses | (2,804) | (10,643) | (1,817) |
Lease related liabilities | 429 | 127 | 852 |
Gift cards and customer deposits | (2,467) | (2,235) | (2,611) |
Deferred revenue | (841) | 105 | (216) |
Net cash provided by (used in) operating activities | (2,852) | 1,383 | 6,772 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,270) | (3,030) | (3,696) |
Purchases of other assets and other intangible assets | (112) | ||
Proceeds from property insurance | 85 | ||
Cash flow used in investing activities | (1,270) | (2,945) | (3,808) |
Cash flows from financing activities: | |||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (406) | (359) | |
Payments made under capital leases | (7) | (19) | (18) |
Purchases of Company's common stock | (4,720) | (732) | |
Cash flow used in financing activities | (4,727) | (1,157) | (377) |
Effect of exchange rates on cash | (97) | 101 | (94) |
Net decrease in cash and cash equivalents | (8,946) | (2,618) | 2,493 |
Cash and cash equivalents, beginning of period | 30,445 | 21,499 | 27,696 |
Cash and cash equivalents, end of period | 21,499 | 18,881 | 30,189 |
Supplemental disclosure of cash flow information: | |||
Net cash (received) paid during the period for income taxes | $ (26) | $ (168) | $ 29 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
May 05, 2018 | |
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 Commission (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 30, 2017 not December 30, 2017, 10 March 15, 2018. Change in Fiscal Year In January 2018, December 31, January 31. 2017 first 12 February 4, 2018 February 2, 2019. one December 31, 2017 February 3, 2018. 10 February 2, 2019. Recent Accounting Pronouncements – Adopted in the current year Effective December 31, 2017, 606, 606 The Company's most significant ASC 606 Using the modified retrospective method, the Company recognized the cumulative effect of initially applying the revenue standard as a $12.3 $3.0 December 31, 2017 $3.9 2018 2019 2020. not December 31, 2017. not 606, December 31, 2017 ( Balance Sheet Balance as of December 30, 2017 Adjustments due to Balance as of December 31, 2017 Assets Prepaid expenses and other current assets $ 13,346 $ (13 ) $ 13,333 Deferred tax assets 6,381 (2,880 ) 3,501 Adjustment: assets (2,893 ) Liabilities Accrued expenses (1) 15,189 151 15,340 Gift cards and customer deposits 33,926 (12,297 ) 21,629 Equity Retained Earnings 49,760 9,253 59,013 Adjustment: liabilities and stockholders' equity $ (2,893 ) ( 1 606 The following tables reflect the impact of adoption of ASC 606 thirteen May 5, 2018 May 5, 2018 ASC606" For the thirteen weeks ended Ma y 5 , 2018 As Reported Without Adoption of ASC 606 Effect of Change Income statement Revenues Net retail sales $ 81,425 $ 82,024 $ (599) Commercial revenue 1,019 1,019 – International franchising 740 740 – Total revenues 83,184 83,783 (599) Total costs and expenses – – – Income tax expense 292 450 (158) Net income $ 354 $ 795 $ (441) May 5, 2018 As Reported Without Adoption of ASC 606 Effect of Change Balance Sheet Liabilities Accrued expenses (1) $ 8,739 $ 8,746 $ 7 Gift cards and customer deposits (1) 17,007 28,705 11,698 Equity Retained earnings (1) 55,904 47,092 (8,812) 2,893 ( 1 606 thirteen May 5, 2018 December 31, 2017 The impact of adoption of ASC 606 thirteen May 5, 2018 not Recently Issued Accounting Pronouncements In February 2016, No. 2016 02, 2016 02 2016 02 2016 02 2019 2016 02 2017, |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Nearly all of the Company’s revenue is derived from retail sales (including ecommerce sites) and is recognized when control of the merchandise is transferred to the customer. The Company accounts for revenue in accordance with ASC 606 December 31, 2017 1— 7 10 95% The following is a description of principal activities from which the Company generates its revenue, by reportable segment. The Company’s direct-to-consumer segment includes the operating activities of corporately-managed stores, other retail-delivered operations and online sales. Direct-to-consumer revenue is recognized when control of the merchandise is transferred to the customer. For the Company's online sales, revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon delivery to the customer. Revenue is measured as the amount of consideration, including any discounts or incentives, the Company expects to receive in exchange for transferring the merchandise. Product returns have historically averaged less than one tenth one For the Company’s gift cards, revenue is deferred for single transactions until redemption including any related discounts. Historically, gift card redemptions occur within three 75% first twelve The Company’s commercial segment includes transactions with other businesses and are mainly comprised of licensing the Company’s intellectual properties for third not The Company’s international franchising segment includes the licensing activities with franchisees who operate store locations in certain countries and includes development fees, sales-based royalties and merchandise, including supplies and fixture sales. The Company's obligations under the franchise agreement are ongoing and include operations and product development support and training, generally concentrated around new store openings. These obligations are highly interrelated rights that are not one may 25 The Company also incurs expenses directly related to the startup of new franchises, including finder’s fees, legal and travel costs as well as expenses related to its ongoing support of the franchisees, predominantly travel and employee compensation. Accordingly, the Company’s policy is to capitalize the finder’s fee, an incremental cost, and expense all other costs as incurred. Additionally, the Company amortizes these capitalized costs into expense in the same pattern as the development fee's recording of income as described previously. Contract liabilities Contract liabilities for gift cards are classified as gift cards and customer deposits on the consolidated balance sheet. In addition, contract liabilities consist of deferred revenue resulting from initial, one |
Note 3 - Prepaid Expenses and O
Note 3 - Prepaid Expenses and Other Current Assets | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 3 . Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): May 5, December 30, April 29, 2018 2017 2017 Prepaid occupancy $ 6,510 $ 7,688 $ 6,624 Other 4,983 5,658 4,951 Total $ 11,493 $ 13,346 $ 11,575 |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4 . Accrued Expenses Accrued expenses consist of the following (in thousands): May 5, December 30, April 29, 2018 2017 2017 Accrued wages, bonuses and related expenses $ 2,850 $ 5,863 $ 6,173 Sales and cross-border taxes payable 1,198 4,858 1,756 Accrued rent and related expenses 3,352 3,679 3,962 Current income taxes payable 1,339 789 208 Total $ 8,739 $ 15,189 $ 12,099 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5 . Stock-based Compensation On March 14, 2017, 2017 May 11, 2017, 2017 may may March 14, 2027, 1,000,000, 2004 March 21, 2017 may For the thirteen May 5, 2018 April 29, 2017, $0.8 $1.2 May 5, 2018, $5.0 1.7 The following table is a summary of the balances and activity for stock options for the five February 3, 2018 thirteen May 5, 2018: Options Shares Weighted Average Exercise Price Outstanding, December 30, 2017 791,567 $ 9.67 Granted (1) 213,687 8.60 Exercised (1) (2,484) 5.11 Forfeited — - Canceled or expired — - Outstanding, May 5, 2018 1,002,770 $ 9.45 ( 1 No five February 3, 2018. The following table is a summary of the balances and activity for the plan related to time-based and performance-based restricted stock for the thirteen May 5, 2018 five February 3, 2018: Restricted Stock Performance Shares Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, December 30, 2017 361,539 $ 10.97 289,615 $ 13.66 Granted (1) 148,319 8.61 83.256 8.60 Vested (1) (132,076) 12.25 (6,323) 20.58 Forfeited (1) (7,693) 10.72 (1,280) 13.69 Canceled or expired — — (50,000) 20.80 Outstanding, May 5, 2018 370,089 $ 9.58 315,268 $ 11.05 ( 1 five February 3, 2018 3,479 $9.25, 129 $11.65 7,477 $10.70. No five February 3, 2018. The total fair value of shares vested during the thirteen May 5, 2018 April 29, 2017 $1.7 $1.5 five February 3, 2018. In March 2018, three 2018, 2019 2020. three 2018, 2019 2020. 25% 200% 2017, three 2017, 2018 2019. 2016, three 2016, 2017 2018. The outstanding performance shares as of May 5, 2018 February 3, 2018 May 5 ,2018 February 3, 2018 Earned shares subject to time-based restrictions at actual - 6,325 Unearned shares subject to performance-based restrictions at target: 2015 - 2017 consolidated total revenues - 50,000 2016 - 2018 consolidated cumulative total revenues 148,115 149,393 2017 - 2019 consolidated pre-tax income growth objectives 83,897 83,897 2018 - 2020 consolidated total revenues growth objectives 20,756 - 2018 - 2020 consolidated pre-tax income growth objectives 62,500 - Performance shares outstanding, May 5, 2018 315,268 289,615 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6 . Income Taxes For the thirteen May 5, 2018, 45.2% 40.6% thirteen April 29, 2017. 2018 21% $0.1 2017 34% $0.2 five February 3, 2018, $0.2 17.8% $0.4 35.8% four January 28, 2017 ( 12 On December 22, 2017, 35% 21%, January 1, 2018. $1.4 Q4 fiscal 2017 not one not 118 fourth 2018. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . Stockholders’ Equity The following table sets forth the changes in stockholders’ equity (in thousands) for the periods ended May 5, 2018, April 29, 2017 February 3, 2018: Thirteen week periods Four or five week periods February 3, 2018 to January 28, 2017 to December 30, 2017 to December 31, 2016 to May 5, 2018 April 29, 2017 February 3, 2018 January 28, 2017 Beginning balance $ 112,102 $ 99,514 $ 107,315 $ 99,112 Stock-based compensation 841 1,192 214 110 Shares issued under employee stock plans (406 ) (359 ) - - Adoption of new accounting standards - - 9,253 822 Share repurchase and retirement (732 ) - (4,597 ) - Other comprehensive income (loss) (747 ) 436 762 230 Net (loss) income 354 2,629 (845 ) (760) Other 5 - - - Ending balance $ 111,417 $ 103,412 $ 112,102 $ 99,514 In August 2017, $20 May 5, 2018, 1.1 $8.86 $10.0 |
Note 8 - Income Per Share
Note 8 - Income Per Share | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8 . Income per Share The Company uses the two no not Thirteen weeks ended 5 weeks ended May 5, April 29, February 3, 2018 2017 2018 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ 354 $ 2,629 $ (845 ) Less: Earnings allocated to participating securities 2 60 - Net income (loss) $ 352 $ 2,569 $ (845 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,582,573 15,561,804 14,860,511 Dilutive effect of share-based awards: 140,416 133,518 - Weighted average number of common shares outstanding - dilutive 14,722,989 15,695,322 14,860,511 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.02 $ 0.17 $ (0.06 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.02 $ 0.16 $ (0.06 ) In calculating diluted income per share for the thirteen May 5, 2018, 478,996 not thirteen April 29, 2017, 353,328 |
Note 9 - Comprehensive Income (
Note 9 - Comprehensive Income (Loss) | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 9 . 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 May 5, 2018 April 29, 2017 thirteen May 5, 2018 April 29, 2017, five February 3, 2018, no |
Note 10 - Segment Information
Note 10 - Segment Information | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10 . Segment Information The Company’s operations are conducted through three 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 May 5, 2018 Net sales to external customers $ 81,425 $ 1,019 $ 740 $ 83,184 (Loss) income before income taxes (23) 362 307 646 Capital expenditures 3,030 - - 3,030 Depreciation and amortization 4,116 1 (2) 4,115 Thirteen weeks ended April 29, 2017 Net sales to external customers $ 88,743 $ 2,038 $ 422 $ 91,203 Income before income taxes 3,478 792 154 4,424 Capital expenditures 3,808 - - 3,808 Depreciation and amortization 3,889 1 17 3,907 Five weeks ended February 3, 2018 Net sales to external customers $ 29,586 $ 358 $ 279 $ 30,223 (Loss) income before income taxes (1,269 ) 95 146 (1,028 ) Capital expenditures 1,270 - - 1,270 Depreciation and amortization 1,505 - 2 1,507 Total Assets as of: May 5, 2018 $ 161,497 $ 6,267 $ 4,890 $ 172,654 April 29, 2017 183,278 5,734 2,365 191,377 The Company’s reportable segments are primarily determined by the types of products and services that each offers. Each reportable segment may North America (1) Europe (2) Other (3) Total Thirteen weeks ended May 5, 2018 Net sales to external customers $ 69,968 $ 12,826 $ 390 $ 83,184 Property and equipment, net 66,664 9,722 24 76,410 Thirteen weeks ended April 29, 2017 Net sales to external customers $ 76,743 $ 14,036 $ 424 $ 91,203 Property and equipment, net 64,641 9,261 35 73,937 Five weeks ended February 3, 2018 Net sales to external customers $ 24,575 $ 5,471 $ 177 $ 30,223 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 11 - Contingencies
Note 11 - Contingencies | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 1 . Contingencies In the normal course of business, the Company is subject to regular examination by various taxing authorities for years not one 2012 May 5, 2018, $3.8 $3.0 $0.8 not |
Note 12 - Transition Period Fin
Note 12 - Transition Period Financial Information | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Transition Period Financial Information [Text Block] | 1 2 . Transition Period Financial Information In January 2018, December 31, January 31. one December 31, 2017 February 3, 2018. 5 Weeks 4 Weeks Ended Ended February 3, January 28, 2018 2017 (unaudited) (unaudited) Consolidated statements of income Total revenues $ 30,223 $ 24,130 Consolidated gross profit 13,902 10,045 Selling, general and administrative expense 14,920 11,231 Interest expense, net 10 (2 ) Loss before income taxes (1,028 ) (1,184 ) Income benefit expense (183 ) (424 ) Net loss $ (845 ) $ (760 ) Loss per common share Basic and diluted $ (0.06 ) $ (0.05 ) Shares used in computing per share amounts - basic and diluted 14,860,511 15,526,642 |
Note 13 - Subsequent Event
Note 13 - Subsequent Event | 3 Months Ended |
May 05, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13 . Subsequent Event In the period from May 5, 2018 June 11, 2018, 41,000 $0.3 2017. June 11, 2018, $9.7 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
May 05, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Balance Sheet Balance as of December 30, 2017 Adjustments due to Balance as of December 31, 2017 Assets Prepaid expenses and other current assets $ 13,346 $ (13 ) $ 13,333 Deferred tax assets 6,381 (2,880 ) 3,501 Adjustment: assets (2,893 ) Liabilities Accrued expenses (1) 15,189 151 15,340 Gift cards and customer deposits 33,926 (12,297 ) 21,629 Equity Retained Earnings 49,760 9,253 59,013 Adjustment: liabilities and stockholders' equity $ (2,893 ) For the thirteen weeks ended Ma y 5 , 2018 As Reported Without Adoption of ASC 606 Effect of Change Income statement Revenues Net retail sales $ 81,425 $ 82,024 $ (599) Commercial revenue 1,019 1,019 – International franchising 740 740 – Total revenues 83,184 83,783 (599) Total costs and expenses – – – Income tax expense 292 450 (158) Net income $ 354 $ 795 $ (441) May 5, 2018 As Reported Without Adoption of ASC 606 Effect of Change Balance Sheet Liabilities Accrued expenses (1) $ 8,739 $ 8,746 $ 7 Gift cards and customer deposits (1) 17,007 28,705 11,698 Equity Retained earnings (1) 55,904 47,092 (8,812) 2,893 |
Note 3 - Prepaid Expenses and20
Note 3 - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
May 05, 2018 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | May 5, December 30, April 29, 2018 2017 2017 Prepaid occupancy $ 6,510 $ 7,688 $ 6,624 Other 4,983 5,658 4,951 Total $ 11,493 $ 13,346 $ 11,575 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 3 Months Ended |
May 05, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | May 5, December 30, April 29, 2018 2017 2017 Accrued wages, bonuses and related expenses $ 2,850 $ 5,863 $ 6,173 Sales and cross-border taxes payable 1,198 4,858 1,756 Accrued rent and related expenses 3,352 3,679 3,962 Current income taxes payable 1,339 789 208 Total $ 8,739 $ 15,189 $ 12,099 |
Note 5 - Stock-based Compensa22
Note 5 - Stock-based Compensation (Tables) | 3 Months Ended |
May 05, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Outstanding, December 30, 2017 791,567 $ 9.67 Granted (1) 213,687 8.60 Exercised (1) (2,484) 5.11 Forfeited — - Canceled or expired — - Outstanding, May 5, 2018 1,002,770 $ 9.45 |
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 30, 2017 361,539 $ 10.97 289,615 $ 13.66 Granted (1) 148,319 8.61 83.256 8.60 Vested (1) (132,076) 12.25 (6,323) 20.58 Forfeited (1) (7,693) 10.72 (1,280) 13.69 Canceled or expired — — (50,000) 20.80 Outstanding, May 5, 2018 370,089 $ 9.58 315,268 $ 11.05 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | May 5 ,2018 February 3, 2018 Earned shares subject to time-based restrictions at actual - 6,325 Unearned shares subject to performance-based restrictions at target: 2015 - 2017 consolidated total revenues - 50,000 2016 - 2018 consolidated cumulative total revenues 148,115 149,393 2017 - 2019 consolidated pre-tax income growth objectives 83,897 83,897 2018 - 2020 consolidated total revenues growth objectives 20,756 - 2018 - 2020 consolidated pre-tax income growth objectives 62,500 - Performance shares outstanding, May 5, 2018 315,268 289,615 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 3 Months Ended |
May 05, 2018 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Thirteen week periods Four or five week periods February 3, 2018 to January 28, 2017 to December 30, 2017 to December 31, 2016 to May 5, 2018 April 29, 2017 February 3, 2018 January 28, 2017 Beginning balance $ 112,102 $ 99,514 $ 107,315 $ 99,112 Stock-based compensation 841 1,192 214 110 Shares issued under employee stock plans (406 ) (359 ) - - Adoption of new accounting standards - - 9,253 822 Share repurchase and retirement (732 ) - (4,597 ) - Other comprehensive income (loss) (747 ) 436 762 230 Net (loss) income 354 2,629 (845 ) (760) Other 5 - - - Ending balance $ 111,417 $ 103,412 $ 112,102 $ 99,514 |
Note 8 - Income Per Share (Tabl
Note 8 - Income Per Share (Tables) | 3 Months Ended |
May 05, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended 5 weeks ended May 5, April 29, February 3, 2018 2017 2018 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ 354 $ 2,629 $ (845 ) Less: Earnings allocated to participating securities 2 60 - Net income (loss) $ 352 $ 2,569 $ (845 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,582,573 15,561,804 14,860,511 Dilutive effect of share-based awards: 140,416 133,518 - Weighted average number of common shares outstanding - dilutive 14,722,989 15,695,322 14,860,511 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.02 $ 0.17 $ (0.06 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.02 $ 0.16 $ (0.06 ) |
Note 10 - Segment Information (
Note 10 - Segment Information (Tables) | 3 Months Ended |
May 05, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended May 5, 2018 Net sales to external customers $ 81,425 $ 1,019 $ 740 $ 83,184 (Loss) income before income taxes (23) 362 307 646 Capital expenditures 3,030 - - 3,030 Depreciation and amortization 4,116 1 (2) 4,115 Thirteen weeks ended April 29, 2017 Net sales to external customers $ 88,743 $ 2,038 $ 422 $ 91,203 Income before income taxes 3,478 792 154 4,424 Capital expenditures 3,808 - - 3,808 Depreciation and amortization 3,889 1 17 3,907 Five weeks ended February 3, 2018 Net sales to external customers $ 29,586 $ 358 $ 279 $ 30,223 (Loss) income before income taxes (1,269 ) 95 146 (1,028 ) Capital expenditures 1,270 - - 1,270 Depreciation and amortization 1,505 - 2 1,507 Total Assets as of: May 5, 2018 $ 161,497 $ 6,267 $ 4,890 $ 172,654 April 29, 2017 183,278 5,734 2,365 191,377 |
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 May 5, 2018 Net sales to external customers $ 69,968 $ 12,826 $ 390 $ 83,184 Property and equipment, net 66,664 9,722 24 76,410 Thirteen weeks ended April 29, 2017 Net sales to external customers $ 76,743 $ 14,036 $ 424 $ 91,203 Property and equipment, net 64,641 9,261 35 73,937 Five weeks ended February 3, 2018 Net sales to external customers $ 24,575 $ 5,471 $ 177 $ 30,223 |
Note 12 - Transition Period F26
Note 12 - Transition Period Financial Information (Tables) | 3 Months Ended |
May 05, 2018 | |
Notes Tables | |
Schedule of Transition Period Financial Information [Table Text Block] | 5 Weeks 4 Weeks Ended Ended February 3, January 28, 2018 2017 (unaudited) (unaudited) Consolidated statements of income Total revenues $ 30,223 $ 24,130 Consolidated gross profit 13,902 10,045 Selling, general and administrative expense 14,920 11,231 Interest expense, net 10 (2 ) Loss before income taxes (1,028 ) (1,184 ) Income benefit expense (183 ) (424 ) Net loss $ (845 ) $ (760 ) Loss per common share Basic and diluted $ (0.06 ) $ (0.05 ) Shares used in computing per share amounts - basic and diluted 14,860,511 15,526,642 |
Note 1 - Basis of Presentatio27
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | Feb. 02, 2019 |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 30,223 | $ 24,130 | $ 83,184 | $ 91,203 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ (1,028) | $ (1,184) | 646 | $ 4,424 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ (599) | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Cumulative Effect on Retained Earnings, before Tax | $ 12,300 | |||||
Cumulative Effect on Retained Earnings, Tax | $ 3,000 | |||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Scenario, Forecast [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ (3,900) | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ (3,900) |
Note 1 - Basis of Presentatio28
Note 1 - Basis of Presentation - Adoption of ASC 606 (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||||
Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | Dec. 31, 2017 | Dec. 30, 2017 | |||||
Prepaid expenses and other current assets | $ 11,493 | $ 11,575 | $ 13,333 | $ 13,346 | ||||||
Deferred tax assets | 4,102 | 10,090 | 3,501 | 6,381 | ||||||
Adjustment: assets | 172,654 | 191,377 | 197,989 | |||||||
Accrued expenses | 8,739 | [1] | 12,099 | 15,340 | [2] | 15,189 | [2] | |||
Gift cards and customer deposits | 17,007 | [1] | 31,596 | 21,629 | 33,926 | |||||
Retained Earnings | 55,904 | [1] | 46,126 | 59,013 | 49,760 | |||||
Adjustment: liabilities and stockholders' equity | 172,654 | 191,377 | $ 197,989 | |||||||
Revenue | $ 30,223 | $ 24,130 | 83,184 | 91,203 | ||||||
Total costs and expenses | ||||||||||
Income tax expense | (183) | (424) | 292 | 1,795 | ||||||
Net (loss) income | (845) | $ (760) | 354 | 2,629 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||
Accrued expenses | [1] | 8,746 | ||||||||
Gift cards and customer deposits | [1] | 28,705 | ||||||||
Retained Earnings | [1] | 47,092 | ||||||||
Revenue | 83,783 | |||||||||
Total costs and expenses | ||||||||||
Income tax expense | 450 | |||||||||
Net (loss) income | 795 | |||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||
Revenue | (599) | |||||||||
Total costs and expenses | ||||||||||
Income tax expense | (158) | |||||||||
Net (loss) income | (441) | |||||||||
Retail [Member] | ||||||||||
Revenue | 29,586 | 81,425 | 88,743 | |||||||
Retail [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||
Revenue | 82,024 | |||||||||
Retail [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||
Revenue | (599) | |||||||||
Commercial Product and Service [Member] | ||||||||||
Revenue | 358 | 1,019 | 2,038 | |||||||
Commercial Product and Service [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||
Revenue | 1,019 | |||||||||
Commercial Product and Service [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||
Revenue | ||||||||||
Franchise [Member] | ||||||||||
Revenue | $ 279 | 740 | $ 422 | |||||||
Franchise [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||
Revenue | 740 | |||||||||
Franchise [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||
Revenue | ||||||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||
Prepaid expenses and other current assets | (13) | |||||||||
Deferred tax assets | (2,880) | |||||||||
Adjustment: assets | (2,893) | |||||||||
Accrued expenses | [2] | 151 | ||||||||
Gift cards and customer deposits | (12,297) | |||||||||
Retained Earnings | 9,253 | |||||||||
Adjustment: liabilities and stockholders' equity | $ (2,893) | |||||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||
Accrued expenses | [1] | 7 | ||||||||
Gift cards and customer deposits | [1] | 11,698 | ||||||||
Retained Earnings | [1] | (8,812) | ||||||||
Adjustment: liabilities and stockholders' equity | $ 2,893 | |||||||||
[1] | The impact on the balances without adoption of ASC 606 includes the activity for the thirteen weeks ended May 5, 2018 and the December 31, 2017 adjustment. | |||||||||
[2] | The impact on the balances due to the adoption of ASC 606 includes income tax payable. |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 3 Months Ended |
May 05, 2018 | |
Gift Card Redemption Period | 3 years |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 75.00% |
Direct to Consumer [Member] | |
Segment Revenue of Consolidated Revenue, Percentage | 95.00% |
International Franchising [Member] | |
Capitalized Contract Cost, Amortization Period | 25 years |
Note 3 - Prepaid Expenses and30
Note 3 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | May 05, 2018 | Dec. 31, 2017 | Dec. 30, 2017 | Apr. 29, 2017 |
Prepaid occupancy | $ 6,510 | $ 7,688 | $ 6,624 | |
Other | 4,983 | 5,658 | 4,951 | |
Total | $ 11,493 | $ 13,333 | $ 13,346 | $ 11,575 |
Note 4 - Accrued Expenses - Sum
Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | May 05, 2018 | Dec. 31, 2017 | [2] | Dec. 30, 2017 | Apr. 29, 2017 | ||
Accrued wages, bonuses and related expenses | $ 2,850 | $ 5,863 | $ 6,173 | ||||
Sales and cross-border taxes payable | 1,198 | 4,858 | 1,756 | ||||
Accrued rent and related expenses | 3,352 | 3,679 | 3,962 | ||||
Current income taxes payable | 1,339 | 789 | 208 | ||||
Total | $ 8,739 | [1] | $ 15,340 | $ 15,189 | [2] | $ 12,099 | |
[1] | The impact on the balances without adoption of ASC 606 includes the activity for the thirteen weeks ended May 5, 2018 and the December 31, 2017 adjustment. | ||||||
[2] | The impact on the balances due to the adoption of ASC 606 includes income tax payable. |
Note 5 - Stock-based Compensa32
Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended | |||||
Feb. 03, 2018 | Mar. 31, 2017 | May 05, 2018 | Apr. 29, 2017 | May 05, 2018 | May 11, 2017 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 213,687 | [1] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 2,484 | [1] | |||||
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] | ||||||||
Allocated Share-based Compensation Expense, Total | $ 0.8 | $ 1.2 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 5 | $ 5 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,479 | 148,319 | [2] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9.25 | $ 8.61 | [2] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 129 | 132,076 | [2] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 11.65 | $ 12.25 | [2] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 7,477 | 7,693 | [2] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 10.70 | $ 10.72 | [2] | |||||
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 | $ 1.7 | $ 1.5 | ||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | [2] | 83.256 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [2] | $ 8.60 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | [2] | 6,323 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | [2] | $ 20.58 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | [2] | 1,280 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | [2] | $ 13.69 | ||||||
Performance Shares [Member] | Vesting at End of Three-year Performance Period [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period | 3 years | |||||||
The 2017 Omnibus Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | |||||||
[1] | No options were granted or exercised for the five weeks ended February 3, 2018. | |||||||
[2] | Restricted stock for the five weeks ended February 3, 2018 included the following activity: granted 3,479 shares with a weighted average grant date fair value of $9.25, vested 129 shares with a weighted average grant date fair value of $11.65 and forfeited 7,477 shares with a weighted average grant date fair value of $10.70. No performance shares activity occurred for the five weeks ended February 3, 2018. |
Note 5 - Stock-based Compensa33
Note 5 - Stock-based Compensation - Activity for Stock Options (Details) - $ / shares | 1 Months Ended | 4 Months Ended | ||
Feb. 03, 2018 | May 05, 2018 | |||
Outstanding (in shares) | 791,567 | 791,567 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 9.67 | $ 9.67 | ||
Granted (1) (in shares) | 0 | 213,687 | [1] | |
Granted, weighted average exercise price (in dollars per share) | [1] | $ 8.60 | ||
Exercised (1) (in shares) | 0 | (2,484) | [1] | |
Exercised, weighted average exercise price (in dollars per share) | [1] | $ 5.11 | ||
Forfeited (in shares) | ||||
Forfeited, weighted average exercise price (in dollars per share) | ||||
Canceled or expired (in shares) | ||||
Canceled or expired, weighted average exercise price (in dollars per share) | ||||
Outstanding (in shares) | 1,002,770 | |||
Outstanding, weighted average exercise price (in dollars per share) | $ 9.45 | |||
[1] | No options were granted or exercised for the five weeks ended February 3, 2018. |
Note 5 - Stock-based Compensa34
Note 5 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) - $ / shares | 1 Months Ended | 4 Months Ended | ||
Feb. 03, 2018 | May 05, 2018 | |||
Restricted Stock [Member] | ||||
Outstanding (in shares) | 361,539 | 361,539 | ||
Outstanding (in dollars per share) | $ 10.97 | $ 10.97 | ||
Granted (1) (in shares) | 3,479 | 148,319 | [1] | |
Granted (1) (in dollars per share) | $ 9.25 | $ 8.61 | [1] | |
Vested (1) (in shares) | (129) | (132,076) | [1] | |
Vested (1) (in dollars per share) | $ 11.65 | $ 12.25 | [1] | |
Forfeited (1) (in shares) | (7,477) | (7,693) | [1] | |
Forfeited (1) (in dollars per share) | $ 10.70 | $ 10.72 | [1] | |
Canceled or expired (in shares) | ||||
Canceled or expired (in dollars per share) | ||||
Outstanding (in shares) | 370,089 | |||
Outstanding (in dollars per share) | $ 9.58 | |||
Performance Shares [Member] | ||||
Outstanding (in shares) | 289,615 | 289,615 | ||
Outstanding (in dollars per share) | $ 13.66 | $ 13.66 | ||
Granted (1) (in shares) | [1] | 83.256 | ||
Granted (1) (in dollars per share) | [1] | $ 8.60 | ||
Vested (1) (in shares) | [1] | (6,323) | ||
Vested (1) (in dollars per share) | [1] | $ 20.58 | ||
Forfeited (1) (in shares) | [1] | (1,280) | ||
Forfeited (1) (in dollars per share) | [1] | $ 13.69 | ||
Canceled or expired (in shares) | (50,000) | |||
Canceled or expired (in dollars per share) | $ 20.80 | |||
Outstanding (in shares) | 289,615 | 315,268 | ||
Outstanding (in dollars per share) | $ 11.05 | |||
[1] | Restricted stock for the five weeks ended February 3, 2018 included the following activity: granted 3,479 shares with a weighted average grant date fair value of $9.25, vested 129 shares with a weighted average grant date fair value of $11.65 and forfeited 7,477 shares with a weighted average grant date fair value of $10.70. No performance shares activity occurred for the five weeks ended February 3, 2018. |
Note 5 - Share-based Compensati
Note 5 - Share-based Compensation - Outstanding Performance Shares (Details) - Performance Shares [Member] - shares | May 05, 2018 | Feb. 03, 2018 | Dec. 30, 2017 |
Performance shares (in shares) | 315,268 | 289,615 | 289,615 |
Vesting Subject to Time-based Restrictions [Member] | |||
Performance shares (in shares) | 6,325 | ||
Vesting Upon Achievement of 2015-2017 Consolidated Revenues Target [Member] | |||
Performance shares (in shares) | 50,000 | ||
Vesting Upon Achievement of 2016-2018 Consolidated Revenues Target [Member] | |||
Performance shares (in shares) | 148,115 | 149,393 | |
Vesting Upon Achievement of 2017-2019 Consolidated Pre-tax Income Target [Member] | |||
Performance shares (in shares) | 83,897 | 83,897 | |
Vesting Upon Achievement of 2018-2020 Consolidated Total Revenues Growth Objectives [Member] | |||
Performance shares (in shares) | 20,756 | ||
Vesting Upon Achievement of 2018-2020 Consolidated Pre-tax Income Growth Objectives [Member] | |||
Performance shares (in shares) | 62,500 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Dec. 30, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Dec. 30, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 17.80% | 35.80% | 45.20% | 40.60% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | $ 100 | $ 200 | |||||
Income Tax Expense (Benefit), Total | $ (183) | $ (424) | $ 292 | $ 1,795 | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 1,400 | ||||||
Scenario, Forecast [Member] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 7 - Stockholders' Equity37
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | May 05, 2018 | Aug. 31, 2017 | |
Stock Repurchased and Retired During Period, Value | $ 4,597 | $ 732 | ||||
The August 2017 Share Repurchase Program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 20,000 | |||||
Stock Repurchased and Retired During Period, Shares | 1.1 | |||||
Share Price | $ 8.86 | $ 8.86 | ||||
Stock Repurchased and Retired During Period, Value | $ 10,000 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | |
Beginning balance | $ 107,315 | $ 99,112 | $ 112,102 | $ 99,514 |
Stock-based compensation | 214 | 110 | 841 | 1,192 |
Shares issued under employee stock plans | (406) | (359) | ||
Adoption of new accounting standards | 9,253 | 822 | ||
Share repurchase and retirement | (4,597) | (732) | ||
Other comprehensive income (loss) | 762 | 230 | (747) | 436 |
Net (loss) income | (845) | (760) | 354 | 2,629 |
Other | 5 | |||
Ending balance | $ 112,102 | $ 99,514 | $ 111,417 | $ 103,412 |
Note 8 - Income Per Share (Deta
Note 8 - Income Per Share (Details Textual) - shares | 3 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 478,996 | 353,328 |
Note 8 - Income Per Share - Com
Note 8 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | |
Net income (loss) before allocation of earnings to participating securities | $ (845) | $ (760) | $ 354 | $ 2,629 |
Less: Earnings allocated to participating securities | 2 | 60 | ||
Net income (loss) | $ (845) | $ 352 | $ 2,569 | |
Weighted average number of common shares outstanding - basic (in shares) | 14,860,511 | 14,582,573 | 15,561,804 | |
Dilutive effect of share-based awards: (in shares) | 140,416 | 133,518 | ||
Weighted average number of common shares outstanding - dilutive (in shares) | 14,860,511 | 14,722,989 | 15,695,322 | |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (0.06) | $ 0.02 | $ 0.17 | |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (0.06) | $ 0.02 | $ 0.16 |
Note 9 - Comprehensive Income41
Note 9 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 03, 2018 | May 05, 2018 | Apr. 29, 2017 | |
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 | $ 0 |
Note 10 - Segment Information42
Note 10 - Segment Information (Details Textual) | 3 Months Ended |
May 05, 2018 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 10 - Segment Information -
Note 10 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | Dec. 30, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 30,223 | $ 24,130 | $ 83,184 | $ 91,203 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | (1,028) | $ (1,184) | 646 | 4,424 | |
Capital expenditures, net | 1,270 | 3,030 | 3,808 | ||
Depreciation and amortization | 1,507 | 4,115 | 3,907 | ||
May 5, 2018 | 172,654 | 191,377 | $ 197,989 | ||
Direct to Consumer [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 29,586 | 81,425 | 88,743 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | (1,269) | (23) | 3,478 | ||
Capital expenditures, net | 1,270 | 3,030 | 3,808 | ||
Depreciation and amortization | 1,505 | 4,116 | 3,889 | ||
May 5, 2018 | 161,497 | 183,278 | |||
Commercial [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 358 | 1,019 | 2,038 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 95 | 362 | 792 | ||
Capital expenditures, net | |||||
Depreciation and amortization | 1 | 1 | |||
May 5, 2018 | 6,267 | 5,734 | |||
International Franchising [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 279 | 740 | 422 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 146 | 307 | 154 | ||
Capital expenditures, net | |||||
Depreciation and amortization | $ 2 | (2) | 17 | ||
May 5, 2018 | $ 4,890 | $ 2,365 |
Note 10 - Segment Information44
Note 10 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | Dec. 30, 2017 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 30,223 | $ 24,130 | $ 83,184 | $ 91,203 | ||
Property and equipment, net | 76,410 | 73,937 | $ 77,751 | |||
North America [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | 24,575 | 69,968 | 76,743 | ||
Property and equipment, net | [1] | 66,664 | 64,641 | |||
Europe [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [2] | 5,471 | 12,826 | 14,036 | ||
Property and equipment, net | [2] | 9,722 | 9,261 | |||
Other Geographic Region [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [3] | $ 177 | 390 | 424 | ||
Property and equipment, net | [3] | $ 24 | $ 35 | |||
[1] | North America includes the United States, Canada, Puerto Rico and international franchising revenue in Mexico | |||||
[2] | Europe includes the United Kingdom, Ireland, Denmark and international franchising revenue in Europe | |||||
[3] | Other includes international franchising revenue outside of North America and Europe and a corporately-managed store in China |
Note 11 - Contingencies (Detail
Note 11 - Contingencies (Details Textual) $ in Millions | May 05, 2018USD ($) |
Litigation Receivable, Gross | $ 3.8 |
Litigation Receivables, Reserve | 3 |
Litigation Receivables, Net | $ 0.8 |
Note 12 - Transition Period F46
Note 12 - Transition Period Financial Information - Unaudited Comparative Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | |
Total revenues | $ 30,223 | $ 24,130 | $ 83,184 | $ 91,203 |
Consolidated gross profit | 13,902 | 10,045 | 36,988 | 43,646 |
Selling, general and administrative expense | 14,920 | 11,231 | 36,337 | 39,228 |
Interest expense (income), net | 10 | (2) | 5 | (6) |
Loss before income taxes | (1,028) | (1,184) | 646 | 4,424 |
Income tax expense | (183) | (424) | 292 | 1,795 |
Net loss | $ (845) | $ (760) | $ 354 | $ 2,629 |
Basic and diluted (in dollars per share) | $ (0.06) | $ (0.05) | ||
Shares used in computing per share amounts - basic and diluted (in shares) | 14,860,511 | 15,526,642 |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 11, 2018 | Feb. 03, 2018 | Jan. 28, 2017 | May 05, 2018 | Apr. 29, 2017 | May 05, 2018 | |
Stock Repurchased and Retired During Period, Value | $ 4,597 | $ 732 | ||||
The August 2017 Share Repurchase Program [Member] | ||||||
Stock Repurchased and Retired During Period, Shares | 1.1 | |||||
Stock Repurchased and Retired During Period, Value | $ 10,000 | |||||
The August 2017 Share Repurchase Program [Member] | Subsequent Event [Member] | ||||||
Stock Repurchased and Retired During Period, Shares | 41,000 | |||||
Stock Repurchased and Retired During Period, Value | $ 300 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 9,700 |