Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Entity Registrant Name | Natural Grocers by Vitamin Cottage, Inc. | |
Entity Central Index Key | 1,547,459 | |
Current Fiscal Year End Date | --09-30 | |
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) | 22,491,158 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 3,234 | $ 5,113 |
Accounts receivable, net | 2,671 | 2,146 |
Merchandise inventory | 69,763 | 58,381 |
Prepaid expenses and other current assets | 1,230 | 641 |
Deferred income tax assets | 845 | 832 |
Total current assets | 77,743 | 67,113 |
Property and equipment, net | 139,067 | 120,224 |
Other assets: | ||
Deposits and other assets | 736 | 712 |
Goodwill and other intangible assets, net | 5,632 | 900 |
Deferred financing costs, net | 25 | 36 |
Total other assets | 6,393 | 1,648 |
Total assets | 223,203 | 188,985 |
Current liabilities: | ||
Accounts payable | 44,970 | 33,835 |
Accrued expenses | 16,776 | 15,822 |
Capital and financing lease obligations, current portion | 321 | 229 |
Total current liabilities | 62,067 | 49,886 |
Long-term liabilities: | ||
Capital and financing lease obligations, net of current portion | 27,324 | 21,748 |
Deferred income tax liabilities | 6,382 | 5,409 |
Deferred rent | 6,502 | 5,842 |
Leasehold incentives | 8,191 | $ 7,246 |
Other long-term liabilities | 207 | |
Total long-term liabilities | 48,606 | $ 40,245 |
Total liabilities | $ 110,673 | $ 90,131 |
Commitments (Note 14) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value. Authorized 50,000,000 shares, 22,491,158 and 22,485,488 issued and outstanding, respectively | $ 22 | $ 22 |
Additional paid in capital | 54,916 | 54,552 |
Retained earnings | 57,592 | 44,280 |
Total stockholders’ equity | 112,530 | 98,854 |
Total liabilities and stockholders’ equity | $ 223,203 | $ 188,985 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2015 | Sep. 30, 2014 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 22,491,158 | 22,485,488 |
Common stock, shares outstanding (in shares) | 22,491,158 | 22,485,488 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 158,650 | $ 134,036 | $ 462,281 | $ 384,959 |
Cost of goods sold and occupancy costs | 112,508 | 95,424 | 326,975 | 272,213 |
Gross profit | 46,142 | 38,612 | 135,306 | 112,746 |
Store expenses | 33,508 | 28,213 | 97,018 | 80,263 |
Administrative expenses | 4,322 | 3,585 | 12,705 | 11,022 |
Pre-opening and relocation expenses | 1,078 | 729 | 2,525 | 2,829 |
Operating income | $ 7,234 | $ 6,085 | $ 23,058 | 18,632 |
Other (expense) income: | ||||
Dividends and interest income | 2 | |||
Interest expense | $ (768) | $ (706) | $ (2,217) | (2,117) |
Total other expense, net | (768) | (706) | (2,217) | (2,115) |
Income before income taxes | 6,466 | 5,379 | 20,841 | 16,517 |
Provision for income taxes | (2,121) | (2,015) | (7,529) | (6,232) |
Net income | $ 4,345 | $ 3,364 | $ 13,312 | $ 10,285 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.19 | $ 0.15 | $ 0.59 | $ 0.46 |
Diluted (in dollars per share) | $ 0.19 | $ 0.15 | $ 0.59 | $ 0.46 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 22,491,158 | 22,476,986 | 22,488,975 | 22,461,289 |
Diluted (in shares) | 22,500,454 | 22,482,352 | 22,499,732 | 22,478,980 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net income | $ 13,312 | $ 10,285 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,532 | $ 12,556 |
Loss on disposal of property and equipment | 53 | |
Share-based compensation | $ 398 | $ 402 |
Excess tax benefit from share-based compensation | (472) | |
Deferred income tax expense (benefit) | $ 958 | (714) |
Non-cash interest expense | $ 12 | 15 |
Interest accrued on investments and amortization of premium | 9 | |
Changes in operating assets and liabilities | ||
Accounts receivable, net | $ (525) | 695 |
Income tax receivable | 612 | |
Merchandise inventory | $ (10,656) | (10,545) |
Prepaid expenses and other assets | (613) | (923) |
Accounts payable | 8,028 | 6,820 |
Accrued expenses | 910 | 2,514 |
Deferred rent and leasehold incentives | 1,605 | $ 2,221 |
Other long-term liabilities | 207 | |
Net cash provided by operating activities | 29,221 | $ 23,475 |
Investing activities: | ||
Acquisition of property and equipment | (24,806) | $ (26,920) |
Proceeds from sale of property and equipment | 12 | |
Payment for acquisition | $ (5,601) | |
Proceeds from maturity of available-for-sale securities | $ 1,140 | |
Decrease in restricted cash | 500 | |
Net cash used in investing activities | $ (30,395) | (25,280) |
Financing activities: | ||
Borrowings under credit facility | 115,423 | 12,892 |
Repayments under credit facility | (115,423) | (12,892) |
Capital and financing lease obligations payments | (169) | $ (135) |
Contingent consideration payments for acquisition | $ (514) | |
Excess tax benefit from share-based compensation | $ 472 | |
Payments of withholding tax for restricted stock unit vesting | $ (22) | |
Credit facility fees paid | $ (30) | |
Net cash (used in) provided by financing activities | $ (705) | 307 |
Net decrease in cash and cash equivalents | (1,879) | (1,498) |
Cash and cash equivalents, beginning of period | 5,113 | 8,132 |
Cash and cash equivalents, end of period | 3,234 | 6,634 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 35 | 4 |
Cash paid for interest on capital and financing lease obligations | 2,316 | 2,090 |
Income taxes paid | 6,254 | 3,750 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Acquisition of property and equipment not yet paid | 6,367 | 3,525 |
Property acquired through capital and financing lease obligations | $ 5,827 | $ 14 |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization Nature of Business Natural Grocers by Vitamin Cottage, Inc. (Natural Grocers or the Holding Company) and its consolidated subsidiaries (collectively, the Company) operate retail stores that specialize in natural and organic groceries and dietary supplements. The Company typically operates its retail stores under its trademark Natural Grocers by Vitamin Cottage ® . As of June 30, 2015, the Company operated 99 stores in 17 states, including 34 stores in Colorado, 14 in Texas, eight each in Kansas and Oregon, six in Oklahoma, five in New Mexico, four each in Arizona and Montana, three each in Idaho and Nebraska, two each in Missouri, Utah and Wyoming and one each in Arkansas, Nevada, North Dakota and Washington. The Company also has a bulk food repackaging facility and distribution center in Colorado. The Company had 87 stores in 14 states as of September 30, 2014. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 2 . Basis of Presentation and Summary of Significant Accounting Policies Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended September 30, 2014. The accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial results. Interim results are not necessarily indicative of results for any other interim period or for a full fiscal year. The Company reports its results of operations on a fiscal year ending September 30. The Holding Company was incorporated in Delaware on April 9, 2012. The accompanying consolidated financial statements include all the accounts of the Holding Company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the Operating Company), Vitamin Cottage Two Ltd. Liability Company and Natural Systems, LLC. The Operating Company formed the Holding Company in order to facilitate the purchase of the remaining noncontrolling interest in Boulder Vitamin Cottage Group, LLC and the consummation of the Company’s initial public offering (IPO) during fiscal year 2012. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has one reporting segment, natural and organic retail stores. Sales from the Company’s natural and organic retail stores are derived from sales of the following products, which are presented as a percentage of sales for the three and nine months ended June 30, 2015 and 2014 as follows: Three months ended June 30 , Nine months ended June 30 , 201 5 201 4 201 5 201 4 Grocery 66.9 % 67.3 66.5 66.7 Dietary supplements 22.1 22.7 22.5 23.3 Other 11.0 10.0 11.0 10.0 100.0 % 100.0 100.0 100.0 Business Combination s Business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price paid for an acquisition be allocated to the assets and liabilities acquired based on their estimated fair values as of the effective date of the acquisition, with the excess of the purchase price over the fair value of net assets acquired being reported as goodwill. Acquisition-related costs are considered separate transactions and are expensed as incurred. 6 Table Of Contents Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including the fair value of assets acquired and liabilities assumed in a business combination), the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to allowances for self-insurance reserves, valuation of inventories, useful lives of property and equipment for depreciation and amortization, deferred tax liabilities, valuation allowances for deferred tax assets and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers.” The ASU provides guidance for revenue recognition and will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled for the transfer of those goods or services. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB approved the deferral of the ASU, by extending the new revenue recognition standard’s mandatory effective date by one year. The ASU permits public organizations to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. The Company has not yet selected a transition method and is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements and related disclosures. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3 . Earnings Per Share Basic earnings per share (EPS) excludes dilution and is computed by dividing net income by the weighted average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units (RSUs) were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company. Presented below are basic and diluted EPS for the three and nine months ended June 30, 2015 and 2014, dollars in thousands, except per share data: Three months ended June 30 , Nine months ended June 30 , 2015 2014 2015 2014 Net income $ 4,345 3,364 13,312 10,285 Weighted average common shares outstanding 22,491,158 22,476,986 22,488,975 22,461,289 Effect of dilutive securities 9,296 5,366 10,757 17,691 Weighted average common shares outstanding including effect of dilutive securities 22,500,454 22,482,352 22,499,732 22,478,980 Basic earnings per share $ 0.19 0.15 0.59 0.46 Diluted earnings per share $ 0.19 0.15 0.59 0.46 There were zero and 26,796 non-vested RSUs for the three and nine months ended June 30, 2015, respectively, excluded from the calculation as they are antidilutive. There were 3,558 antidilutive non-vested RSUs excluded from the calculation for the three and nine months ended June 30, 2014. The Company did not declare any dividends in the three or nine months ended June 30, 2015 or 2014. |
Note 4 - Debt
Note 4 - Debt | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 4 . Debt Credit Facility The Company has a secured revolving credit facility (the Credit Facility). The Operating Company is the borrower under the Credit Facility and its obligations under the Credit Facility are guaranteed by the Holding Company. 7 Table Of Contents On December 12, 2013, the Company amended and restated its then-existing $15.0 million credit agreement, as a result of which, among other things: (i) the maturity date of the Company’s Credit Facility was extended by three years to January 31, 2017; (ii) the Company has the right to request the issuance of letters of credit under the Credit Facility of up to $3.0 million; (iii) the Company is allowed to increase the amount available under the Credit Facility, by an additional amount that may not exceed $10.0 million, by obtaining an additional commitment or commitments; (iv) a requirement for a consolidated earnings before interest, taxes, depreciation and amortization to revenue ratio was eliminated; and (v) the unused commitment fee was changed from 0.20% to amounts ranging from 0.15% to 0.35% based on certain conditions. The Company may borrow, prepay and re-borrow amounts under the Credit Facility at any time prior to the maturity date. The Company had no amounts outstanding on the Credit Facility as of June 30, 2015 and September 30, 2014. As of June 30, 2015 and September 30, 2014, the Company had undrawn, issued and outstanding letters of credit of approximately $1.0 million and $0.7 million, respectively, which reduced, on a dollar-for-dollar basis, the amount available for borrowing under the terms of the Credit Facility. There was approximately $14.0 million and $14.3 million as of June 30, 2015 and September 30, 2014, respectively, available for borrowing under the Credit Facility. As of June 30, 2015 and September 30, 2014, the Company was in compliance with the debt covenants under the Credit Facility. Capital and Financing Lease Obligations From time to time, the Company enters into various leases that are included in capital and financing lease obligations. The Company does not record rent expense for these capitalized real estate leases, but rather rental payments under the capital leases are recognized as a reduction of the capital and financing lease obligation and as interest expense (see Note 5). Interest The Company incurred gross interest expense of approximately $0.8 million and approximately $0.7 million in the three months ended June 30, 2015 and 2014, respectively, and approximately $2.2 million and approximately $2.1 million in the nine months ended June 30, 2015 and 2014, respectively. Interest expense for the three and nine months ended June 30, 2015 and 2014 relates primarily to interest on capital and financing lease obligations. The Company capitalized $0.1 million and $0.2 million of interest for the three and nine months ended June 30, 2015, respectively, with no interest capitalized in the three and nine months ended June 30, 2014, and had insignificant amounts of amortization of deferred financing costs for the three and nine months ended June 30, 2015 and 2014. |
Note 5 - Lease Commitments
Note 5 - Lease Commitments | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 5. Lease Commitments Capital and financing lease obligations as of June 30, 2015 and September 30, 2014, are as follows, dollars in thousands: As of June 30, 2015 September 30, 201 4 Capital lease finance obligations, due in monthly installments through fiscal year 2028 $ 22,106 14,989 Capital lease obligations, due in monthly installments through fiscal year 2028 4,572 4,672 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2024 — 2,316 Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2040 967 — Total capital and financing lease obligations 27,645 21,977 Less current portion (321 ) (229 ) Total capital and financing lease obligations, net of current portion $ 27,324 21,748 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . Property and Equipment The Company had the following property and equipment balances as of June 30, 2015 and September 30, 2014, dollars in thousands: As of Useful lives (in years) June 30, 2015 September 30, 201 4 Construction in process n/a $ 9,507 6,867 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 24,774 17,107 Capitalized real estate leases 15 4,866 4,866 Land n/a 192 192 Buildings 40 4,980 3,985 Land improvements 5 - 15 1,015 1,000 Leasehold and building improvements 1 - 25 85,980 74,691 Fixtures and equipment 5 - 7 79,190 69,894 Computer hardware and software 3 - 5 13,153 10,740 223,657 189,342 Less accumulated depreciation and amortization (84,590 ) (69,118 ) Property and equipment, net $ 139,067 120,224 Capitalized real estate leases for build-to-suit stores includes the assets for the Company’s buildings under capital lease finance obligations, and capitalized real estate leases includes assets for the Company’s buildings under capital lease obligations (see Note 5 ) . Construction in process as of June 30, 2015 includes approximately $1.0 million related to a building under capital lease obligation that is not yet in service. Construction in process as of September 30, 2014 includes approximately $2.3 million related to construction costs for leases in process for which the Company was deemed the owner during the construction period. Depreciation and amortization expense for the three and nine months ended June 30, 2015 and 2014 is summarized as follows, dollars in thousands: Three months ended June 30 , Nine months ended June 30 , 2015 2014 2015 2014 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 200 195 597 572 Depreciation and amortization expense included in store expenses 4,968 4,143 14,316 11,585 Depreciation and amortization expense included in administrative expenses 234 164 619 399 Total depreciation and amortization expense $ 5,402 4,502 15,532 12,556 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Goodwill and Other Intangible Assets Goodwill and other intangible assets as of June 30, 2015 and September 30, 2014, are summarized as follows, dollars in thousands: As of Useful lives (in years) June 30, 201 5 September 30, 201 4 Amortizable intangible assets: Covenants not to compete 2 - 5 $ 353 293 Favorable operating lease 5 339 339 Other intangibles 0.5 - 1 27 22 Amortizable intangible assets 719 654 Less accumulated amortization (674 ) (654 ) Amortizable intangible assets, net 45 — Trademark Indefinite 389 389 Total other intangibles, net 434 389 Goodwill Indefinite 5,198 511 Total goodwill and other intangibles, net $ 5,632 900 Amortization expense was less than $0.1 million for each of the three and nine months ended June 30, 2015 and 2014. The increase in goodwill and intangible assets in the nine months ended June 30, 2015 was due to the acquisition which closed on December 7, 2014 (see Note 13). 9 Table Of Contents |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8 . Accrued Expenses The composition of accrued expenses as of June 30, 2015 and September 30, 2014 is summarized as follows, dollars in thousands: As of June 30, September 30, 2015 2014 Payroll and employee-related expenses $ 5,844 5,886 Accrued income taxes payable 5,217 4,868 Accrued property, sales and use tax payable 3,409 3,409 Accrued marketing expenses 862 421 Deferred revenue related to gift card sales 817 725 Other 627 513 Total accrued expenses $ 16,776 15,822 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9 . Fair Value Measurements The Company records its financial assets and liabilities in accordance with the framework for measuring fair value in authoritative guidance. The framework establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and market participant’s assumptions (unobservable inputs). Non-financial assets are tested for impairment on a non-recurring basis on the occurrence of a triggering event or, in the case of goodwill and trademarks, at least on an annual basis. If determined to be impaired, non-financial assets are accounted for at fair value. The carrying amounts of financial instruments including cash, accounts receivable, accounts payable and other accrued expenses, approximate fair value because of the short maturity of those instruments. |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10 . Share-based Compensation The Company adopted the 2012 Omnibus Incentive Plan (the Plan) on July 17, 2012. RSUs granted pursuant to the Plan, if they vest, will be settled in shares of the Company’s common stock. Changes in the number of non-vested RSUs outstanding under the Plan during the nine months ended June 30, 2015 were as follows: RSUs Weighted average grant date fair value Non-vested as of September 30, 2014 37,194 $ 34.77 Granted 22,990 20.65 Forfeited (15,283 ) 24.74 Vested (6,923 ) 30.18 Non-vested as of June 30, 2015 37,978 31.09 As of June 30, 2015, all outstanding RSUs have been granted either to independent members of the Company’s Board of Directors or to certain employees of the Company who are not named executive officers. The Company recorded total share-based compensation expense before income taxes of approximately $0.1 million and $0.4 million in the three and nine months ended June 30, 2015, respectively, and recorded $0.1 million and $0.4 million in the three and nine months ended June 30, 2014, respectively. The share-based compensation expense is included in cost of goods sold and occupancy expenses, store expenses or administrative expenses in the consolidated statements of income consistent with the manner in which the independent board member or employee’s compensation expense is presented. As of June 30, 2015, there was approximately $0.8 million in unrecognized share-based compensation expense related to non-vested RSUs net of estimated forfeitures, which the Company anticipates will be recognized over a weighted average period of approximately 2.0 years. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related Party Transactions The Company has ongoing relationships with the following related entities: Chalet Properties, LLC : Isely Family Land Trust LLC: |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes The Company had an effective tax rate of 32.8% and 37.5% in the three months ended June 30, 2015 and 2014, respectively, and 36.1% and 37.7% in the nine months ended June 30, 2015 and 2014, respectively. The change in the effective tax rate for the three and nine months ended June 30, 2015 compared to the three and nine months ended June 30, 2014 primarily relates to the favorable return to provision adjustments recognized in the three and nine months ended June 30, 2015. These favorable return to provision adjustments were due to lower federal taxable income resulting from the extension of the American Taxpayer Relief Act of 2012, which extended the 50% bonus depreciation on qualifying assets and the special 15 year life for qualified leasehold property and qualified retail improvement property acquired from January 1, 2014 through December 31, 2014. The lower taxable income reduced the Company's actual federal income tax rate for fiscal year 2014 to 34.4%, compared to 35.0% estimated in the Company's fiscal year 2014 tax provision. In addition, the Company's return to provision adjustments were also favorably impacted by extension of the Work Opportunity Tax Credit (WOTC) through December 31, 2014 and other state tax credits. |
Note 13 - Business Combination
Note 13 - Business Combination | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 1 3 . Business Combination On December 7, 2014, the Company purchased substantially all of the assets and assumed certain liabilities of natural foods retailer Nature’s Pantry, Inc. (the Store Acquisition), which operated one retail store in Independence, Missouri. Following the Store Acquisition, the store was rebranded as a Natural Grocers by Vitamin Cottage store. The transaction has been recorded in accordance with Accounting Standards Codification 805, “Business Combinations.” Assets acquired included, but were not limited to, inventory, property and equipment and certain intangible assets, including the Nature’s Pantry internet domain name and a covenant not to compete. The purchase price has been provisionally allocated to tangible and identifiable intangible assets totaling approximately $1.5 million based on their estimated fair values at the date of acquisition, summarized as follows, dollars in thousands: Inventory and supplies $ 726 Property and equipment 680 Other 65 Total provisionally allocated to tangible and identifiable intangible assets $ 1,471 During the nine months ended June 30, 2015, the Company adjusted the provisional fair value measurement as of the date of acquisition for property and equipment, resulting in an increase of $0.1 million in the purchase price allocated to property and equipment and a decrease of $0.1 million in goodwill. Total costs in excess of tangible and identifiable intangible assets acquired of approximately $4.7 million have been recorded as goodwill and reflect the value the Company sees in a similar long-term commitment to nutrition education and natural and organic products. A significant portion of the goodwill recognized is expected to be deductible for income tax purposes. During the nine months ended June 30, 2015, the Company paid cash of $6.1 million related to the Store Acquisition, which includes the payment during the three months ended March 31, 2015 of $0.5 million of contingent consideration, which had been accrued in the three months ended December 31, 2014. Results of these acquired operations are included in the Company’s unaudited Consolidated Statements of Income for the period beginning December 7, 2014 through June 30, 2015. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments and Contingencies The Company is periodically involved in various legal proceedings that are incidental to the conduct of its business, including but not limited to employment discrimination claims, customer injury claims and investigations. When the potential liability from a matter can be estimated and the loss is considered probable, the Company records the estimated loss. Due to uncertainties related to the resolution of lawsuits, investigations and claims, the ultimate outcome may differ from the estimates. Although the Company cannot predict with certainty the ultimate resolution of any lawsuits, investigations and claims asserted against it, management does not believe any currently pending legal proceeding to which the Company is a party will have a material adverse effect on its business, prospects, financial condition, cash flows or results of operations. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended September 30, 2014. The accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial results. Interim results are not necessarily indicative of results for any other interim period or for a full fiscal year. The Company reports its results of operations on a fiscal year ending September 30. The Holding Company was incorporated in Delaware on April 9, 2012. The accompanying consolidated financial statements include all the accounts of the Holding Company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the Operating Company), Vitamin Cottage Two Ltd. Liability Company and Natural Systems, LLC. The Operating Company formed the Holding Company in order to facilitate the purchase of the remaining noncontrolling interest in Boulder Vitamin Cottage Group, LLC and the consummation of the Company’s initial public offering (IPO) during fiscal year 2012. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has one reporting segment, natural and organic retail stores. Sales from the Company’s natural and organic retail stores are derived from sales of the following products, which are presented as a percentage of sales for the three and nine months ended June 30, 2015 and 2014 as follows: Three months ended June 30 , Nine months ended June 30 , 201 5 201 4 201 5 201 4 Grocery 66.9 % 67.3 66.5 66.7 Dietary supplements 22.1 22.7 22.5 23.3 Other 11.0 10.0 11.0 10.0 100.0 % 100.0 100.0 100.0 |
Business Combinations Policy [Policy Text Block] | Business Combination s Business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price paid for an acquisition be allocated to the assets and liabilities acquired based on their estimated fair values as of the effective date of the acquisition, with the excess of the purchase price over the fair value of net assets acquired being reported as goodwill. Acquisition-related costs are considered separate transactions and are expensed as incurred. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including the fair value of assets acquired and liabilities assumed in a business combination), the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to allowances for self-insurance reserves, valuation of inventories, useful lives of property and equipment for depreciation and amortization, deferred tax liabilities, valuation allowances for deferred tax assets and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers.” ASU No 2014-09 provides guidance for revenue recognition and will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled for the transfer of those goods or services. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB approved the deferral of the ASU, by extending the new revenue recognition standard’s mandatory effective date by one year. The ASU permits public organizations to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. The Company has not yet selected a transition method and is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements and related disclosures. |
Note 2 - Basis of Presentatio21
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Product Information [Table Text Block] | Three months ended June 30 , Nine months ended June 30 , 201 5 201 4 201 5 201 4 Grocery 66.9 % 67.3 66.5 66.7 Dietary supplements 22.1 22.7 22.5 23.3 Other 11.0 10.0 11.0 10.0 100.0 % 100.0 100.0 100.0 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30 , Nine months ended June 30 , 2015 2014 2015 2014 Net income $ 4,345 3,364 13,312 10,285 Weighted average common shares outstanding 22,491,158 22,476,986 22,488,975 22,461,289 Effect of dilutive securities 9,296 5,366 10,757 17,691 Weighted average common shares outstanding including effect of dilutive securities 22,500,454 22,482,352 22,499,732 22,478,980 Basic earnings per share $ 0.19 0.15 0.59 0.46 Diluted earnings per share $ 0.19 0.15 0.59 0.46 |
Note 5 - Lease Commitments (Tab
Note 5 - Lease Commitments (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of June 30, 2015 September 30, 201 4 Capital lease finance obligations, due in monthly installments through fiscal year 2028 $ 22,106 14,989 Capital lease obligations, due in monthly installments through fiscal year 2028 4,572 4,672 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2024 — 2,316 Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2040 967 — Total capital and financing lease obligations 27,645 21,977 Less current portion (321 ) (229 ) Total capital and financing lease obligations, net of current portion $ 27,324 21,748 |
Note 6 - Property and Equipme24
Note 6 - Property and Equipment (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Property Plant and Equipment Components [Table Text Block] | As of Useful lives (in years) June 30, 2015 September 30, 201 4 Construction in process n/a $ 9,507 6,867 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 24,774 17,107 Capitalized real estate leases 15 4,866 4,866 Land n/a 192 192 Buildings 40 4,980 3,985 Land improvements 5 - 15 1,015 1,000 Leasehold and building improvements 1 - 25 85,980 74,691 Fixtures and equipment 5 - 7 79,190 69,894 Computer hardware and software 3 - 5 13,153 10,740 223,657 189,342 Less accumulated depreciation and amortization (84,590 ) (69,118 ) Property and equipment, net $ 139,067 120,224 |
Depreciation and Amortization Expense [Table Text Block] | Three months ended June 30 , Nine months ended June 30 , 2015 2014 2015 2014 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 200 195 597 572 Depreciation and amortization expense included in store expenses 4,968 4,143 14,316 11,585 Depreciation and amortization expense included in administrative expenses 234 164 619 399 Total depreciation and amortization expense $ 5,402 4,502 15,532 12,556 |
Note 7 - Goodwill and Other I25
Note 7 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of Useful lives (in years) June 30, 201 5 September 30, 201 4 Amortizable intangible assets: Covenants not to compete 2 - 5 $ 353 293 Favorable operating lease 5 339 339 Other intangibles 0.5 - 1 27 22 Amortizable intangible assets 719 654 Less accumulated amortization (674 ) (654 ) Amortizable intangible assets, net 45 — Trademark Indefinite 389 389 Total other intangibles, net 434 389 Goodwill Indefinite 5,198 511 Total goodwill and other intangibles, net $ 5,632 900 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of June 30, September 30, 2015 2014 Payroll and employee-related expenses $ 5,844 5,886 Accrued income taxes payable 5,217 4,868 Accrued property, sales and use tax payable 3,409 3,409 Accrued marketing expenses 862 421 Deferred revenue related to gift card sales 817 725 Other 627 513 Total accrued expenses $ 16,776 15,822 |
Note 10 - Share-based Compens27
Note 10 - Share-based Compensation (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | RSUs Weighted average grant date fair value Non-vested as of September 30, 2014 37,194 $ 34.77 Granted 22,990 20.65 Forfeited (15,283 ) 24.74 Vested (6,923 ) 30.18 Non-vested as of June 30, 2015 37,978 31.09 |
Note 13 - Business Combination
Note 13 - Business Combination (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Inventory and supplies $ 726 Property and equipment 680 Other 65 Total provisionally allocated to tangible and identifiable intangible assets $ 1,471 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Jun. 30, 2015 | Sep. 30, 2014 |
Arizona [Member] | ||
Number of Stores | 4 | |
Kansas [Member] | ||
Number of Stores | 8 | |
Idaho [Member] | ||
Number of Stores | 3 | |
Utah [Member] | ||
Number of Stores | 2 | |
Wyoming [Member] | ||
Number of Stores | 2 | |
Arkansas [Member] | ||
Number of Stores | 1 | |
Nevada [Member] | ||
Number of Stores | 1 | |
North Dakota [Member] | ||
Number of Stores | 1 | |
Washington [Member] | ||
Number of Stores | 1 | |
Colorado [Member] | ||
Number of Stores | 34 | |
Texas [Member] | ||
Number of Stores | 14 | |
Oregon [Member] | ||
Number of Stores | 8 | |
Oklahoma [Member] | ||
Number of Stores | 6 | |
New Mexico [Member] | ||
Number of Stores | 5 | |
Montana [Member] | ||
Number of Stores | 4 | |
Nebraska [Member] | ||
Number of Stores | 3 | |
Missouri [Member] | ||
Number of Stores | 2 | |
Number of Stores | 99 | 87 |
Number of States in which Entity Operates | 17 | 14 |
Note 2 - Basis of Presentatio30
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended |
Jun. 30, 2015 | |
Number of Reportable Segments | 1 |
Note 2 - Sales from Natural and
Note 2 - Sales from Natural and Organic Retail Stores (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Grocery [Member] | ||||
Sales percentage | 66.90% | 67.30% | 66.50% | 66.70% |
Dietary Supplements [Member] | ||||
Sales percentage | 22.10% | 22.70% | 22.50% | 23.30% |
Other [Member] | ||||
Sales percentage | 11.00% | 10.00% | 11.00% | 10.00% |
Sales percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 3,558 | 26,796 | 3,558 |
Dividends | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Basic and Diluted Earn
Note 3 - Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 4,345 | $ 3,364 | $ 13,312 | $ 10,285 |
Weighted average common shares outstanding (in shares) | 22,491,158 | 22,476,986 | 22,488,975 | 22,461,289 |
Effect of dilutive securities (in shares) | 9,296 | 5,366 | 10,757 | 17,691 |
Weighted average common shares outstanding including effect of dilutive securities (in shares) | 22,500,454 | 22,482,352 | 22,499,732 | 22,478,980 |
Basic earnings per share (in dollars per share) | $ 0.19 | $ 0.15 | $ 0.59 | $ 0.46 |
Diluted earnings per share (in dollars per share) | $ 0.19 | $ 0.15 | $ 0.59 | $ 0.46 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - USD ($) | Dec. 12, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 |
Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |||||
Line of Credit Facility Period by Which Maturity Date Extended | 3 years | |||||
Line of Credit Facility Additional Maximum Borrowing Capacity | $ 10,000,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 14,000,000 | $ 14,000,000 | $ 14,300,000 | |||
Letter of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | |||||
Letters of Credit Outstanding, Amount | 1,000,000 | 1,000,000 | 700,000 | |||
Long-term Line of Credit | 0 | 0 | $ 0 | |||
Interest Costs Capitalized | 100,000 | $ 0 | 200,000 | $ 0 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||
Interest Expense, Debt, Excluding Amortization | $ 800,000 | $ 700,000 | $ 2,200,000 | $ 2,100,000 |
Note 5 - Capital and Financing
Note 5 - Capital and Financing Lease Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Due in Monthly Installments through Fiscal Year 2028 [Member] | ||
Capital lease finance obligations | $ 22,106 | $ 14,989 |
Capital lease obligations | $ 4,572 | 4,672 |
Due in Monthly Installments through Fiscal Year 2024 [Member] | ||
Capital lease finance obligations | $ 2,316 | |
Due in Monthly Installments through Fiscal Year 2040 [Member] | ||
Capital lease obligations | $ 967 | |
Total capital and financing lease obligations | 27,645 | $ 21,977 |
Less current portion | (321) | (229) |
Total capital and financing lease obligations, net of current portion | $ 27,324 | $ 21,748 |
Note 6 - Property and Equipme36
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Build to Suit Lease Not Yet in Service [Member] | ||
Property, Plant and Equipment, Gross | $ 1,000 | |
Build to Suit Lease in Process [Member] | ||
Property, Plant and Equipment, Gross | $ 2,300 | |
Property, Plant and Equipment, Gross | $ 223,657 | $ 189,342 |
Note 6 - Property and Equipme37
Note 6 - Property and Equipment Components (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2015 | Sep. 30, 2014 | |
Construction in Progress [Member] | ||
Useful life | ||
Property, Plant and Equipment, Gross | $ 9,507 | $ 6,867 |
Assets Held Under Real Estate Leases for Build to Suit Stores [Member] | Minimum [Member] | ||
Useful life | ||
Assets Held Under Real Estate Leases for Build to Suit Stores [Member] | Maximum [Member] | ||
Useful life | ||
Assets Held Under Real Estate Leases for Build to Suit Stores [Member] | ||
Useful life | 40 years | |
Property, Plant and Equipment, Gross | $ 24,774 | 17,107 |
Assets Held under Capital Leases [Member] | Minimum [Member] | ||
Useful life | ||
Assets Held under Capital Leases [Member] | Maximum [Member] | ||
Useful life | ||
Assets Held under Capital Leases [Member] | ||
Useful life | 15 years | |
Property, Plant and Equipment, Gross | $ 4,866 | 4,866 |
Land [Member] | ||
Useful life | ||
Property, Plant and Equipment, Gross | $ 192 | 192 |
Building [Member] | Minimum [Member] | ||
Useful life | ||
Building [Member] | Maximum [Member] | ||
Useful life | ||
Building [Member] | ||
Useful life | 40 years | |
Property, Plant and Equipment, Gross | $ 4,980 | 3,985 |
Land Improvements [Member] | Minimum [Member] | ||
Useful life | 5 years | |
Land Improvements [Member] | Maximum [Member] | ||
Useful life | 15 years | |
Land Improvements [Member] | ||
Useful life | ||
Property, Plant and Equipment, Gross | $ 1,015 | 1,000 |
Leasehold and Building Improvements [Member] | Minimum [Member] | ||
Useful life | 1 year | |
Leasehold and Building Improvements [Member] | Maximum [Member] | ||
Useful life | 25 years | |
Leasehold and Building Improvements [Member] | ||
Useful life | ||
Property, Plant and Equipment, Gross | $ 85,980 | 74,691 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Useful life | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Useful life | 7 years | |
Furniture and Fixtures [Member] | ||
Useful life | ||
Property, Plant and Equipment, Gross | $ 79,190 | 69,894 |
Computer Hardware and Software [Member] | Minimum [Member] | ||
Useful life | 3 years | |
Computer Hardware and Software [Member] | Maximum [Member] | ||
Useful life | 5 years | |
Computer Hardware and Software [Member] | ||
Useful life | ||
Property, Plant and Equipment, Gross | $ 13,153 | 10,740 |
Property, Plant and Equipment, Gross | 223,657 | 189,342 |
Less accumulated depreciation and amortization | (84,590) | (69,118) |
Property and equipment, net | $ 139,067 | $ 120,224 |
Note 6 - Depreciation and Amort
Note 6 - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cost of Sales [Member] | ||||
Depreciation and amortization | $ 200 | $ 195 | $ 597 | $ 572 |
Stores [Member] | ||||
Depreciation and amortization | 4,968 | 4,143 | 14,316 | 11,585 |
General and Administrative Expense [Member] | ||||
Depreciation and amortization | 234 | 164 | 619 | 399 |
Depreciation and amortization | $ 5,402 | $ 4,502 | $ 15,532 | $ 12,556 |
Note 7 - Goodwill and Other I39
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Amortization of Intangible Assets | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Note 7 - Summary of Goodwill an
Note 7 - Summary of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2015 | Sep. 30, 2014 | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Amortizable intangible assets: | ||
Useful life | 2 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Amortizable intangible assets: | ||
Useful life | 5 years | |
Noncompete Agreements [Member] | ||
Amortizable intangible assets: | ||
Finite-lived intangible assets, gross | $ 353 | $ 293 |
Favorable Operating Leases [Member] | ||
Amortizable intangible assets: | ||
Useful life | 5 years | |
Finite-lived intangible assets, gross | $ 339 | 339 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Amortizable intangible assets: | ||
Useful life | 182 days | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Amortizable intangible assets: | ||
Useful life | 1 year | |
Other Intangible Assets [Member] | ||
Amortizable intangible assets: | ||
Finite-lived intangible assets, gross | $ 27 | 22 |
Finite-lived intangible assets, gross | 719 | 654 |
Less accumulated amortization | (674) | $ (654) |
Amortizable intangible assets, net | 45 | |
Trademark | 389 | $ 389 |
Total other intangibles, net | 434 | 389 |
Goodwill | 5,198 | 511 |
Total goodwill and other intangibles, net | $ 5,632 | $ 900 |
Note 8 - Composition of Accrued
Note 8 - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Payroll and employee-related expenses | $ 5,844 | $ 5,886 |
Accrued income taxes payable | 5,217 | 4,868 |
Accrued property, sales and use tax payable | 3,409 | 3,409 |
Accrued marketing expenses | 862 | 421 |
Deferred revenue related to gift card sales | 817 | 725 |
Other | 627 | 513 |
Total accrued expenses | $ 16,776 | $ 15,822 |
Note 10 - Share-based Compens42
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 0.8 | $ 0.8 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.1 | $ 0.4 | $ 0.4 |
Note 10 - Changes in Non-Vested
Note 10 - Changes in Non-Vested RSUs Outstanding (Details) - 9 months ended Jun. 30, 2015 - Restricted Stock Units (RSUs) [Member] - $ / shares | Total |
Non-vested as of September 30, 2014 (in shares) | 37,194 |
Non-vested as of September 30, 2014 (in dollars per share) | $ 34.77 |
Granted (in shares) | 22,990 |
Granted (in dollars per share) | $ 20.65 |
Forfeited (in shares) | (15,283) |
Forfeited (in dollars per share) | $ 24.74 |
Vested (in shares) | (6,923) |
Vested (in dollars per share) | $ 30.18 |
Non-vested as of June 30, 2015 (in shares) | 37,978 |
Non-vested as of June 30, 2015 (in dollars per share) | $ 31.09 |
Note 11 - Related Party Trans44
Note 11 - Related Party Transactions (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Chalet [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.3 | $ 0.3 | $ 1 | $ 1 |
Number of Operating Leases | 5 | 5 | ||
Number of Capital Leases | 1 | 1 | ||
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity | 4 | |||
Isely Family Land Trust LLC [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Number of Operating Leases | 1 | 1 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | |
Scenario, Actual [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.40% | ||||
Scenario, Previously Reported [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Effective Income Tax Rate Reconciliation, Percent | 32.80% | 37.50% | 36.10% | 37.70% | |
Percentage Extension of Bonus Depreciation on Qualifying Assets | 50.00% | ||||
Period of Special Extension Depreciation Life | 15 years |
Note 13 - Business Combinatio46
Note 13 - Business Combination (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 07, 2014USD ($) | Sep. 30, 2014USD ($) | |
Nature's Pantry Inc. [Member] | ||||
Number of Stores | 1 | |||
Nature's Pantry Inc. [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 1,471 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Adjustment | $ 100 | |||
Goodwill, Period Increase (Decrease) | (100) | |||
Goodwill | $ 4,700 | 4,700 | ||
Payments to Acquire Businesses, Gross | $ 500 | $ 6,100 | ||
Number of Stores | 99 | 99 | 87 | |
Goodwill | $ 5,198 | $ 5,198 | $ 511 | |
Payments to Acquire Businesses, Gross | $ 5,601 |
Note 13 - Tangible and Intangib
Note 13 - Tangible and Intangible Assets Acquired (Details) - Nature's Pantry Inc. [Member] $ in Thousands | Dec. 07, 2014USD ($) |
Inventory and supplies | $ 726 |
Property and equipment | 680 |
Other | 65 |
Total provisionally allocated to tangible and identifiable intangible assets | $ 1,471 |