Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Stock Building Supply Holdings, Inc. | ' |
Entity Central Index Key | '0001574815 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,107,231 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets [Abstract] | ' | ' |
Cash and cash equivalents | $10,526 | $2,691 |
Restricted assets | 567 | 3,821 |
Accounts receivable, net | 125,413 | 90,297 |
Inventories, net | 95,043 | 73,918 |
Costs in excess of billings on uncompleted contracts | 9,059 | 5,176 |
Assets held for sale | 2,795 | 6,198 |
Prepaid expenses and other current assets | 8,902 | 8,682 |
Deferred income taxes | 5,952 | 3,562 |
Total current assets | 258,257 | 194,345 |
Property and equipment, net of accumulated depreciation | 52,880 | 55,076 |
Intangible assets, net of accumulated amortization | 25,353 | 25,865 |
Goodwill | 7,186 | 6,511 |
Restricted assets | 2,233 | 2,202 |
Other assets | 2,160 | 2,013 |
Total assets | 348,069 | 286,012 |
Current liabilities [Abstract] | ' | ' |
Accounts payable | 87,954 | 74,231 |
Accrued expenses and other liabilities | 34,459 | 25,277 |
Revolving line of credit | 0 | 72,218 |
Income taxes payable | 6,100 | 2,939 |
Current portion of restructuring reserve | 1,572 | 1,513 |
Current portion of capital lease obligation | 1,343 | 1,329 |
Billings in excess of costs on uncompleted contracts | 2,877 | 1,239 |
Total current liabilities | 134,305 | 178,746 |
Revolving line of credit | 60,073 | 0 |
Long-term portion of capital lease obligation | 6,265 | 5,635 |
Deferred income taxes | 15,650 | 16,983 |
Other long-term liabilities | 7,528 | 9,007 |
Total liabilities | 223,821 | 210,371 |
Commitments and contingencies (Note 12) | ' | ' |
Stockholders' equity | ' | ' |
Common stock | 261 | 0 |
Additional paid-in capital | 144,094 | 46,534 |
Retained deficit | -20,107 | -12,515 |
Total stockholders' equity | 124,248 | 34,164 |
Total liabilities and stockholders' equity | 348,069 | 286,012 |
Redeemable Class A Junior Preferred Stock [Member] | ' | ' |
Current liabilities [Abstract] | ' | ' |
Preferred stock | 0 | 0 |
Redeemable Class B Senior Preferred Stock [Member] | ' | ' |
Current liabilities [Abstract] | ' | ' |
Preferred stock | 0 | 36,477 |
Convertible Class C Preferred Stock [Member] | ' | ' |
Current liabilities [Abstract] | ' | ' |
Preferred stock | 0 | 5,000 |
Class A Common Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Common stock | 0 | 116 |
Class B Common Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Common stock | $0 | $29 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common Stock: | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares, issued | 26,107,231 | 0 |
Common stock, shares, outstanding | 26,107,231 | 0 |
Redeemable Class A Junior Preferred Stock [Member] | ' | ' |
Temporary Equity: | ' | ' |
Temporary equity, par value | $0.01 | $0.01 |
Temporary equity, shares authorized | 10,000 | 10,000 |
Temporary equity, shares issued | 10,000 | 10,000 |
Temporary equity, shares outstanding | 0 | 5,100 |
Redeemable Class B Senior Preferred Stock [Member] | ' | ' |
Temporary Equity: | ' | ' |
Temporary equity, par value | $0.01 | $0.01 |
Temporary equity, shares authorized | 500,000 | 500,000 |
Temporary equity, shares issued | 75,000 | 75,000 |
Temporary equity, shares outstanding | 0 | 36,388 |
Convertible Class C Preferred Stock [Member] | ' | ' |
Temporary Equity: | ' | ' |
Temporary equity, par value | $0.01 | $0.01 |
Temporary equity, shares authorized | 5,000 | 5,000 |
Temporary equity, shares issued | 5,000 | 5,000 |
Temporary equity, shares outstanding | 0 | 5,000 |
Class A Common Stock [Member] | ' | ' |
Common Stock: | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 22,725,500 | 22,725,500 |
Common stock, shares, issued | 22,725,500 | 22,725,500 |
Common stock, shares, outstanding | 0 | 11,590,005 |
Class B Common Stock [Member] | ' | ' |
Common Stock: | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 3,246,500 | 3,246,500 |
Common stock, shares, issued | 2,870,712 | 2,870,712 |
Common stock, shares, outstanding | 0 | 2,870,712 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $328,468 | $255,833 | $891,847 | $690,264 |
Cost of goods sold | 253,087 | 197,317 | 691,166 | 533,263 |
Gross profit | 75,381 | 58,516 | 200,681 | 157,001 |
Selling, general and administrative expenses | 66,931 | 55,962 | 188,458 | 163,567 |
Depreciation expense | 1,456 | 1,803 | 4,716 | 5,902 |
Amortization expense | 563 | 364 | 1,672 | 1,093 |
IPO transaction-related costs | 9,322 | 0 | 10,008 | 0 |
Restructuring expense | 31 | 145 | 130 | 166 |
Total operating expenses | 78,303 | 58,274 | 204,984 | 170,728 |
Income (loss) from operations | -2,922 | 242 | -4,303 | -13,727 |
Other income, net | ' | ' | ' | ' |
Interest expense | -892 | -1,022 | -3,150 | -3,070 |
Other income, net | 200 | 137 | 596 | 36 |
Loss from continuing operations before income taxes | -3,614 | -643 | -6,857 | -16,761 |
Income tax benefit (expense) | -1,989 | 394 | -1,076 | 5,950 |
Loss from continuing operations | -5,603 | -249 | -7,933 | -10,811 |
Income from discontinued operations, net of tax provision of ($54), ($168), ($237) and ($25), respectively | 90 | 289 | 341 | 48 |
Net income (loss) | -5,513 | 40 | -7,592 | -10,763 |
Redeemable Class B Senior Preferred stock deemed dividend | -363 | -1,144 | -1,836 | -3,366 |
Accretion of beneficial conversion feature on Convertible Class C Preferred stock | 0 | 0 | 0 | -5,000 |
Income (loss) available to common stockholders | ($5,876) | ($1,104) | ($9,428) | ($19,129) |
Weighted average common shares outstanding, basic and diluted | ' | ' | ' | ' |
Weighted average common shares outstanding, basic and diluted (in shares) | 19,813,209 | 13,361,512 | 15,718,667 | 13,079,851 |
Basic and diluted income (loss) per share | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | ($0.30) | ($0.10) | ($0.62) | ($1.46) |
Income (loss) from discontinued operations (in dollars per share) | $0 | $0.02 | $0.02 | $0 |
Net income (loss) per share (in dollars per share) | ($0.30) | ($0.08) | ($0.60) | ($1.46) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Discontinued operations, income tax provision | $54 | $168 | $237 | $25 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net loss | ($7,592) | ($10,763) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Depreciation expense | 7,389 | 7,865 |
Amortization of intangible assets | 1,672 | 1,093 |
Amortization of debt issuance costs | 465 | 685 |
Change in deferred income taxes | -3,723 | -3,196 |
Noncash stock compensation expense | 573 | 1,069 |
Impairment of assets held for sale | 0 | 101 |
Gain on sale of property, equipment and real estate held for sale | -270 | -567 |
Bad debt expense | 1,316 | 1,435 |
Change in assets and liabilities | ' | ' |
Accounts receivable | -35,401 | -34,319 |
Inventories, net | -20,598 | -30,622 |
Accounts payable | 14,735 | 25,761 |
Other assets and liabilities | -6,904 | -16,774 |
Net cash used in operating activities | -34,530 | -24,684 |
Cash flows from investing activities | ' | ' |
Change in restricted assets | 3,223 | 3,458 |
Purchase of business | -2,373 | 0 |
Proceeds from sale of property, equipment and real estate held for sale | 3,070 | 922 |
Purchases of property and equipment | -2,574 | -2,382 |
Net cash provided by investing activities | 1,346 | 1,998 |
Cash flows from financing activities | ' | ' |
Proceeds from revolving line of credit | 961,160 | 753,580 |
Repayments of proceeds from revolving line of credit | -973,305 | -726,120 |
Proceeds from Issuance Initial Public Offering | 55,821 | 0 |
Other financing activities | -2,657 | -1,277 |
Net cash provided by financing activities | 41,019 | 26,183 |
Net increase in cash and cash equivalents | 7,835 | 3,497 |
Cash and cash equivalents | ' | ' |
Cash and cash equivalents, beginning of period | 2,691 | 4,957 |
Cash and cash equivalents, end of period | $10,526 | $8,454 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Stock Building Supply Holdings, Inc., formerly known as Saturn Acquisition Holdings, LLC ("Saturn"), and its subsidiaries (the “Company,” “we,” “us,” “our,” and “management”) distributes lumber and building materials to new construction and repair and remodel contractors. Additionally, we provide solution-based services to our customers, including component design, production specification and installation management services. | |
On May 2, 2013, Saturn filed a Certificate of Conversion with the Secretary of State of the State of Delaware to effect a conversion from a Delaware limited liability company to a Delaware corporation and change the name of Saturn to Stock Building Supply Holdings, Inc. In connection with the conversion to a corporation, each one share of Class A common stock, Class B common stock, Redeemable Class A Junior Preferred stock and Convertible Class C Preferred stock converted into one share of the same class of the converted entity. Each share of Redeemable Class B Senior Preferred stock converted into 1.02966258 shares of the same class of the converted entity (with the additional shares representing the accumulated dividends thereon to the date of the conversion). | |
On July 29, 2013, the Company filed an amendment to its Certificate of Incorporation effecting a 25.972-for-1 stock split of the Company’s common stock. The consolidated financial statements give retroactive effect to the stock split. | |
Due to the seasonal nature of our industry, sales are usually lower in the first and fourth quarters than in the second and third quarters. |
Initial_Public_Offering
Initial Public Offering | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Initial Public Offering | ' | ||||||||
Initial Public Offering | |||||||||
On August 14, 2013, the Company completed its Initial Public Offering ("IPO") of 7,000,000 shares of common stock at a price of $14.00 per share. A total of 4,411,765 shares were offered by the Company and a total of 2,588,235 shares were sold by Gores Building Holdings, LLC and other selling stockholders of the Company. In connection with the IPO, the underwriters exercised in full their option to purchase an additional 1,050,000 shares of common stock from certain selling stockholders. As a result, the total IPO size was 8,050,000 shares. The Company received net proceeds of $55,821 after deducting underwriting discounts of $4,324 and other expenses directly associated with the IPO of $1,620, including legal, accounting, printing and roadshow expenses. The Company incurred an additional $596 of expenses directly associated with the IPO that were not paid as of September 30, 2013, of which $347 and $249 are included in accounts payable and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. The underwriting discounts and other expenses directly associated with the IPO have been recorded in additional paid-in-capital as a reduction of the IPO proceeds on the condensed consolidated balance sheets as of September 30, 2013. The Company used $46,821 of the net proceeds to pay down outstanding balances under the Revolver and $9,000 was paid to The Gores Group, LLC ("Gores") to terminate our management services agreement with Gores. | |||||||||
Upon the closing of the IPO, all outstanding shares of the Company’s Class A common stock and Class B common stock were reclassified and converted into an equal number of shares of a single class of common stock, all outstanding options to purchase Class B common stock held by certain members of management were reclassified and converted into options to purchase an equal number of shares of common stock and all outstanding Redeemable Class A Junior Preferred stock, Redeemable Class B Senior Preferred stock and Convertible Class C Preferred stock were reclassified and converted into an aggregate of 7,191,891 shares of the Company’s common stock. See Note 14 for a discussion of equity awards issued in connection with the IPO. | |||||||||
As a result of the IPO, the Company expensed certain costs associated with the offering that were not directly attributable to the securities offered. The following table summarizes these costs for the three and nine months ended September 30, 2013: | |||||||||
Three months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||
Management services agreement termination fee paid to Gores | $ | 9,000 | $ | 9,000 | |||||
Other IPO transaction-related costs | 322 | 1,008 | |||||||
$ | 9,322 | $ | 10,008 | ||||||
Restatement_of_previously_issu
Restatement of previously issued consolidated financial statements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Restatement of previously issued consolidated financial statements | ' |
Restatement of previously issued consolidated financial statements | |
In connection with the IPO, the Company restated its previously issued consolidated financial statements and related footnotes as of December 31, 2012 as set forth in these consolidated financial statements. The Company updated the methodology utilized in the January 1, 2012 valuation of its Class A and Class B common stock, as well as placed additional weighting on value indicated by the purchase by the Company of Wolseley plc's stockholder interests in November 2011. The updated valuation of the Company’s Class A and Class B common stock resulted in the following: (i) correction of compensation expense related to a modification of the exercise price of the Company’s outstanding stock options, the issuance of new stock options and the purchase by management of shares of Class B common stock in 2012 and (ii) recognition of a beneficial conversion feature for the Convertible Class C Preferred stock. | |
The Company recorded additional compensation expense related to the modification of the exercise price of outstanding stock options, the issuance of new options and the purchase of shares of Class B Common stock by management. The Company determined that the increase in the estimated fair value of the Class B Common stock increased the Company’s total compensation expense recognized as a result of these transactions. Accordingly, in the restated consolidated financial statements as of December 31, 2012, the Company decreased income tax payable by $177 and increased additional paid-in capital by $506. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The condensed consolidated balance sheet as of December 31, 2012 was derived from audited financial statements, but does not include all necessary disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The unaudited condensed consolidated financial statements include all accounts of the Company and its subsidiaries and, in the opinion of management, include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. These unaudited financial statements should be read in conjunction with the Company’s most recent audited annual financial statements. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Comprehensive income (loss) | |
Comprehensive income (loss) is equal to the net income (loss) for all periods presented. | |
Reclassification | |
The condensed consolidated statement of operations for the nine months ended September 30, 2013 includes $686 within the line item "IPO transaction-related costs" that had been included in "selling, general and administrative expenses" on the condensed consolidated statements of operations for the three and six months ended June 30, 2013, included in the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2013. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisition | |
For all acquisitions, the Company allocates the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of the date of the acquisition. The market approach, which indicates value based on available market pricing for comparable assets, is utilized to estimate the fair value of inventory, property and equipment. The income approach, which indicates value based on the present value of future cash flows, is primarily used to value intangible assets. The cost approach, which estimates values by determining the current cost of replacing an asset with another of equivalent utility, is used, as appropriate, for certain assets for which the market and income approaches could not be applied due to the nature of the asset. | |
Chesapeake Structural Systems | |
On April 8, 2013, Commonwealth Acquisition Holdings, LLC, a wholly-owned subsidiary of the Company, purchased certain assets and assumed certain liabilities of Chesapeake Structural Systems, Inc., Creative Wood Products, LLC and Chestruc, LLC (collectively “Chesapeake”) for an adjusted purchase price of $2,623. This amount includes an initial holdback amount of $250 due to the sellers on April 8, 2014. The holdback amount may be reduced under certain circumstances, including the Company’s inability to collect upon acquired accounts receivable. The acquisition provides the Company with component manufacturing capability to serve customers in the Central and Northern Virginia markets. The Company incurred transaction costs of $0 and $151 during the three months and nine months ended September 30, 2013, respectively, which are included in selling, general and administrative expenses on the consolidated statements of operations. Net sales of Chesapeake for the period from April 8, 2013 through September 30, 2013 were $5,347. The impact of this acquisition on our operating results was not considered material for the reporting of pro forma financial information. | |
Intangible assets of $1,160 acquired from Chesapeake consist of customer relationships and have an amortization period of 13 years. | |
Goodwill of $675 arising from the acquisition consists of expected synergies and cost savings from excess purchase price over identifiable intangible net assets, as well as intangible assets that do not qualify for separate recognition, such as assembled workforce. All of the goodwill from this transaction is expected to be deductible for income tax purposes. |
Discontinued_operations
Discontinued operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued operations | ' | ||||||||||||||||
Discontinued operations | |||||||||||||||||
During 2012, the Company ceased operations in certain geographic markets due to declines in residential home building throughout the U.S. and other strategic reasons. The Company will have no further significant continuing involvement in the sold operations and exited geographic markets. The cessation of operations in these markets has been treated as discontinued operations as the markets had distinguishable cash flows and operations that have been eliminated from ongoing operations. | |||||||||||||||||
The operating results of the discontinued operations for the three and nine months ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales | $ | — | $ | 242 | $ | — | $ | 826 | |||||||||
Restructuring charges | (7 | ) | (4 | ) | (25 | ) | 35 | ||||||||||
Gain (loss) before income taxes | 144 | 457 | 578 | 73 | |||||||||||||
Income tax benefit | (54 | ) | (168 | ) | (237 | ) | (25 | ) | |||||||||
Net income (loss) | 90 | 289 | 341 | 48 | |||||||||||||
The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Inventories, net | $ | — | $ | 20 | |||||||||||||
Real estate held for sale | 700 | 700 | |||||||||||||||
Prepaid expenses and other current assets | 13 | 35 | |||||||||||||||
Current assets of discontinued operations | 713 | 755 | |||||||||||||||
Property and equipment, net of accumulated depreciation | — | 28 | |||||||||||||||
Noncurrent assets of discontinued operations | — | 28 | |||||||||||||||
Accounts payable | — | 2 | |||||||||||||||
Accrued expenses and other liabilities | 80 | 167 | |||||||||||||||
Restructuring reserve | 290 | 277 | |||||||||||||||
Current liabilities of discontinued operations | 370 | 446 | |||||||||||||||
Long-term restructuring reserve | 164 | 384 | |||||||||||||||
Other long-term liabilities | — | 4 | |||||||||||||||
Noncurrent liabilities of discontinued operations | $ | 164 | $ | 388 | |||||||||||||
Restructuring_costs
Restructuring costs | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring costs | ' | ||||||||||||
Restructuring costs | |||||||||||||
In addition to discontinuing operations in certain markets, the Company has instituted store closures and reductions in headcount in continuing markets (the “Restructurings”) in an effort to: (i) strengthen the Company’s competitive position; (ii) reduce costs and (iii) improve operating margins within existing markets that management believes have favorable long-term growth demographics. | |||||||||||||
No additional costs, other than interest accretion, are expected to be incurred related to the Restructurings. | |||||||||||||
The following table summarizes the restructuring expenses incurred in connection with the Restructurings and the remaining reserves as of September 30, 2013: | |||||||||||||
Work force | Store | Total | |||||||||||
reductions | closures | ||||||||||||
Restructuring reserves, December 31, 2012 | $ | 353 | $ | 4,772 | $ | 5,125 | |||||||
Restructuring charges incurred | — | 155 | 155 | ||||||||||
Cash payments | (116 | ) | (1,172 | ) | (1,288 | ) | |||||||
Restructuring reserves, September 30, 2013 | $ | 237 | $ | 3,755 | $ | 3,992 | |||||||
The remaining accrual for work force reduction of $237 is expected to be fully paid by December 2014. The remaining accrual for store closures of $3,755 is expected to be fully paid by January 2017 as the related leases expire. | |||||||||||||
The restructuring reserve at September 30, 2013 consists of a current portion of $1,572 and a long-term portion of $2,420, which is included in other long-term liabilities on the consolidated balance sheets. |
Goodwill
Goodwill | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill | ' | ||||
Goodwill | |||||
The following table shows changes in goodwill for the nine months ended September 30, 2013. All of the Company's goodwill as of September 30, 2013 is recorded in the geographic divisions reportable segment (Note 15): | |||||
31-Dec-12 | $ | 6,511 | |||
Acquisition of Chesapeake (Note 5) | 675 | ||||
30-Sep-13 | $ | 7,186 | |||
The Company performs its annual impairment assessment of goodwill during the third quarter of each year, or at any other time when impairment indicators exist. To the extent that the carrying value of the net assets of any of the reporting units having goodwill is greater than their estimated fair value, the Company may be required to take goodwill impairment charges. The Company’s reporting units are its East, South and West geographic divisions and Coleman Floor. | |||||
For purposes of testing goodwill, the Company estimates fair value using the income approach. The income approach uses a reporting unit’s projection of estimated future cash flows that is discounted at a market derived weighted average cost of capital. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. | |||||
The annual impairment assessment performed by the Company during the third quarter of 2013 and 2012 did not indicate that an impairment existed. During each assessment, the Company determined that the fair value of its reporting units containing goodwill exceeded their carrying value. |
Secured_Credit_Agreement
Secured Credit Agreement | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Secured Credit Agreement | ' | |
Secured Credit Agreement | ||
On June 30, 2009, the Company entered into a Secured Credit Agreement (the “Credit Agreement”) with Wells Fargo Capital Finance (“WFCF”), which includes a revolving line of credit (the “Revolver”). The Revolver was amended during 2012 and 2013 for changes in financial covenants, maximum availability, maturity date and interest rate. The following is a summary of the significant terms of the Revolver: | ||
Maturity | 31-Dec-16 | |
Interest/Usage Rate | Company’s option of Base Rate(a) plus a Base Rate Margin (ranges from 0.50%–1.00% based on Revolver availability) or LIBOR plus a LIBOR Rate Margin (ranges from 1.50%–2.00% based on Revolver availability) | |
Maximum Availability | Lesser of $150,000 or the borrowing base(b) | |
Periodic Principal Payments | None | |
(a) | Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate. | |
(b) | The Revolver’s borrowing base is calculated as the sum of (i) 85% of the Company’s eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5,000, plus (iii) the lesser of $125,000, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement minus (iv) reserves from time to time set by the administrative agent. The eligible accounts receivable and inventories are further adjusted as specified in the Credit Agreement. The Company’s borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement. | |
The Credit Agreement provides that the Company can use the Revolver availability to issue letters of credit. The fees on any outstanding letters of credit issued under the Revolver include a participation fee equal to the LIBOR Rate Margin. The fee on the unused portion of the Revolver is 0.375% if the average daily usage is $75,000 or below, and 0.25% if the average daily usage is above $75,000. The Revolver includes a financial covenant that requires the Company to maintain a minimum Fixed Charge Coverage Ratio of 1.00:1.00 as defined by the Credit Agreement. The Fixed Charge Coverage Ratio requirement is only applicable if adjusted liquidity is less than $15,000, and remains in effect until the date on which adjusted liquidity has been greater than or equal to $15,000 for a period of 30 consecutive days. Adjusted liquidity is defined as the sum of (i) availability under the Revolver and (ii) qualified cash. The Company has incurred operating losses and has used cash for operating activities for the nine months ended September 30, 2013 and 2012. While there can be no assurances, based upon the Company’s forecast, the Company does not expect the financial covenants to become applicable during the year ended December 31, 2013. | ||
The Company had outstanding borrowings of $60,073 and $72,218 with net availability of $81,527 and $31,344 as of September 30, 2013 and December 31, 2012, respectively. The interest rate on outstanding LIBOR Rate borrowings of $51,000 was 2.3% and the interest rate on outstanding Base Rate borrowings of $9,073 was 4.25% as of September 30, 2013. The interest rate on outstanding LIBOR Rate borrowings of $65,000 ranged from 3.1%-3.3% and the interest rate on outstanding Base Rate borrowings of $7,218 was 5.0% as of December 31, 2012. The Company had $8,400 and $7,550 in letters of credit outstanding under the Credit Agreement as of September 30, 2013 and December 31, 2012, respectively. The Revolver is collateralized by substantially all assets of the Company. The carrying value of the Revolver at September 30, 2013 and December 31, 2012 approximates fair value as the Revolver contains a variable interest rate. As such, the fair value of the Revolver was classified as a Level 2 measurement in accordance with ASC 820. | ||
The Revolver is classified as a long-term liability as of September 30, 2013 as the Company is no longer required to maintain a lockbox sweep arrangement with WFCF, due to net availability exceeding a minimum threshold defined in the Credit Agreement. |
Related_party_transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related party transactions | ' |
Related party transactions | |
On February 22, 2010, the Company entered into a Software, Services, License and Maintenance Services Agreement with United Road Services Inc. and its subsidiary Vehix Transvision, LLC (collectively “URS”) for the development, implementation, maintenance and support of customized software related to our Stock Logistics Solutions capability. The agreement with URS was subsequently amended and restated on March 3, 2013 to update certain services and deliverables. When we entered into the original agreement in 2010, URS was also owned by Gores as one of its portfolio companies. Gores divested its ownership interest in URS on December 14, 2012 and URS is no longer under common ownership with the Company. Accordingly, the Company does not consider URS a related party subsequent to December 14, 2012. The Company paid URS $194 and $578 during the three and nine months ended September 30, 2012, respectively. | |
During the three and nine months ended September 30, 2013 and 2012, the Company incurred expenses related to management services provided by Gores and Glendon Saturn Holdings, LLC, an affiliate of Gores. For the three months ended September 30, 2013 and 2012 and nine months ended September 30, 2013 and 2012, these expenses were $239, $330, $1,205 and $1,097, respectively, and are included in selling, general and administrative expenses on the consolidated statements of operations. The management services agreement with Gores was terminated on August 14, 2013 in connection with the IPO, and the Company paid Gores a $9,000 termination fee on that date (Note 2). | |
Prior to July 1, 2013, the Company was part of a group health care plan with Gores. As of September 30, 2013 and December 31, 2012, the Company had $83 and $750, respectively, on deposit with Gores as a reserve for the payment of run-off health care claims in the event of a Plan termination, which is included in restricted assets on the consolidated balance sheets. As of July 1, 2013, the Company is no longer part of the group health care plan with Gores and maintains an independent health care plan. |
Income_taxes
Income taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income taxes | ' |
Income taxes | |
The Company evaluates its deferred tax assets quarterly to determine if valuation allowances are required. In assessing the realizability of deferred tax assets, the Company considers both positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognized valuation allowances of $2,147 and $1,946 against its deferred tax assets related to certain tax jurisdictions as of September 30, 2013 and December 31, 2012, respectively. | |
During the three and nine months ended September 30, 2013, the Company recorded additional valuation allowances of $185 and $201, respectively, against deferred tax assets related to our continuing operations. During the three and nine months ended September 30, 2012, the Company recorded additional valuation allowances of $163 and $543, respectively, against deferred tax assets related to our continuing operations. To the extent the Company generates sufficient taxable income in the future to utilize the tax benefits of the net deferred tax assets on which a valuation allowance is recorded, the effective tax rate may decrease as the valuation allowance is reversed. As of September 30, 2013, the Company is no longer able to carry back its tax net operating losses; therefore, to the extent the Company generates future tax net operating losses, the Company may be required to increase the valuation allowance on net deferred tax assets and income tax benefit would be adversely affected. | |
For the three and nine months ended September 30, 2013, the Company’s effective income tax rate including discontinued operations and other discrete items was (58.9)% and (20.9)%, respectively, which varied from the federal statutory rate of 35% primarily due to non-deductibility of the termination fee of $9,000 related to our management services agreement with Gores and certain capitalized costs. For the three and nine months ended September 30, 2012, the Company’s effective income tax rate including discontinued operations and other discrete items was 121.5% and 35.5%, respectively, which varied from the federal statutory rate of 35% primarily due to state income tax expense and valuation allowance. | |
The effective income tax rate on continuing operations for the three months ended September 30, 2013 was (55.0)% compared to an effective income tax rate on continuing operations of 61.3% for the three months ended September 30, 2012. The effective income tax rate on continuing operations for the nine months ended September 30, 2013 was (15.7)% compared to an effective income tax rate on continuing operations of 35.5% for the nine months ended September 30, 2012. The decrease in the tax rates for the comparative three-month and nine-month periods is primarily due to the domestic manufacturing deduction tax benefit, which was not available in the prior year due to the Company’s tax operating loss position, changes to the valuation allowance against the Company’s deferred tax assets, the non-deductibility of the termination fee related to our management services agreement with Gores and the capitalization of certain costs. | |
The Company has no material uncertain tax positions as of September 30, 2013 and December 31, 2012. |
Commitments_and_contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and contingencies | ' |
Commitments and contingencies | |
From time to time, various claims, legal proceedings and litigation are asserted or commenced against the Company principally arising from alleged product liability, product warranty, casualty, construction defect, contract, tort, employment and other disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. It is not certain that the Company will prevail in these matters. However, the Company does not believe that the ultimate outcome of any pending matters will have a material adverse effect on its consolidated financial position, results of operations or cash flows. |
Equity_and_redeemable_securiti
Equity and redeemable securities | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||
Equity and Temporary Equity Disclsoure [Abstract] | ' | |||||||||||||||||||||||||||||||||
Equity and redeemable securities | ' | |||||||||||||||||||||||||||||||||
Equity and redeemable securities | ||||||||||||||||||||||||||||||||||
Upon the consummation of the IPO and the filing of its Amended and Restated Certificate of Incorporation on August 14, 2013, and as of September 30, 2013, the Company’s classes of stockholders’ equity consisted of (i) preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares issued or outstanding and (ii) common stock, $0.01 par value, 300,000,000 shares authorized and 26,107,231 shares issued and outstanding, inclusive of 42,858 shares of nonvested stock issued upon consummation of the IPO (Note 14). | ||||||||||||||||||||||||||||||||||
The following table shows the changes in equity: | ||||||||||||||||||||||||||||||||||
Class A common stock | Class B common stock | Common stock | Additional paid-in capital | Retained earnings (deficit) | Total | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Stockholders' equity as of December 31, 2012 (as restated, Note 3) | 11,590,005 | $ | 116 | 2,870,712 | $ | 29 | — | $ | — | $ | 46,534 | $ | (12,515 | ) | $ | 34,164 | ||||||||||||||||||
Dividends accrued on Class B Preferred stock | — | — | — | — | — | — | (1,836 | ) | — | (1,836 | ) | |||||||||||||||||||||||
Issuance of common stock, net of offering costs | — | — | — | — | 4,411,765 | 44 | 55,181 | — | 55,225 | |||||||||||||||||||||||||
Conversion of Class A common stock to common stock | (11,590,005 | ) | (116 | ) | — | — | 11,590,005 | 116 | — | — | — | |||||||||||||||||||||||
Conversion of Class B common stock to common stock | — | — | (2,870,712 | ) | (29 | ) | 2,870,712 | 29 | — | — | — | |||||||||||||||||||||||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) | — | — | — | — | 7,191,891 | 72 | 43,241 | — | 43,313 | |||||||||||||||||||||||||
Issuance of nonvested stock awards, net of forfeitures | — | — | — | — | 42,858 | — | — | — | — | |||||||||||||||||||||||||
Repayment of stockholder loans | — | — | — | — | — | — | 401 | — | 401 | |||||||||||||||||||||||||
Stock compensation expense | — | — | — | — | — | — | 573 | — | 573 | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (7,592 | ) | (7,592 | ) | |||||||||||||||||||||||
Stockholders' equity as of September 30, 2013 | — | $ | — | — | $ | — | 26,107,231 | $ | 261 | $ | 144,094 | $ | (20,107 | ) | $ | 124,248 | ||||||||||||||||||
The following table shows the changes in preferred stock: | ||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
31-Dec-12 | 5,100 | — | 36,388 | 36,477 | 5,000 | 5,000 | ||||||||||||||||||||||||||||
Conversion of Saturn Acquisition Holdings, LLC preferred stock to Stock Building Supply Holdings, Inc. preferred stock (Note 1) | — | — | 1,079 | — | — | — | ||||||||||||||||||||||||||||
Dividends accrued on Class B preferred stock | — | — | — | 1,836 | — | — | ||||||||||||||||||||||||||||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) | (5,100 | ) | — | (37,467 | ) | (38,313 | ) | (5,000 | ) | (5,000 | ) | |||||||||||||||||||||||
September 30, 2013 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||||||
Equity_based_compensation
Equity based compensation | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Equity based compensation | ' | |||||||||||||||||||||
Equity based compensation | ||||||||||||||||||||||
Upon the consummation of the IPO, the Company granted the following equity based compensation awards: | ||||||||||||||||||||||
•42,858 shares of nonvested stock were granted to certain officers of the Company. 19,048 shares will vest 1/3 each on the first, second and third anniversary of the grant and 23,810 shares will vest 1/3 each on the second, third and fourth anniversary of the grant. These nonvested shares have a grant date fair value of $13.96 per share. | ||||||||||||||||||||||
•463,106 options to purchase shares of common stock were granted to certain employees and officers of the Company at an exercise price of $14.00 per share. 370,604 options will vest 1/3 each on the first, second and third anniversary of the grant and have a grant date fair value of $6.92 per option, and 92,502 options will vest 1/3 each on the second, third and fourth anniversary of the grant and have a grant date fair value of $7.10 per option. | ||||||||||||||||||||||
•10,000 restricted stock units were granted to two directors of the Company. These units vest 50% on the first anniversary of the grant and 50% on the second anniversary of the grant, and have a grant date fair value of $13.96 per unit. | ||||||||||||||||||||||
The following table highlights the expense related to share-based payments for the three months and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Nonvested stock | $ | 171 | $ | 334 | $ | 307 | $ | 442 | ||||||||||||||
Stock options | 129 | 55 | 257 | 285 | ||||||||||||||||||
Restricted stock units | 9 | — | 9 | — | ||||||||||||||||||
Stock purchases | — | — | — | 342 | ||||||||||||||||||
Stock based compensation | $ | 309 | $ | 389 | $ | 573 | $ | 1,069 | ||||||||||||||
The following is a summary of nonvested stock, restricted stock unit and stock option awards: | ||||||||||||||||||||||
Nonvested Stock | Restricted Stock Units | Stock Options | ||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | |||||||||||||||||
shares | average | units | average | options | average | |||||||||||||||||
outstanding | grant date | outstanding | grant date | outstanding | exercise | |||||||||||||||||
fair value | fair value | price | ||||||||||||||||||||
December 31, 2012 | 396,073 | $ | 1.06 | — | $ | — | 772,851 | $ | 0.97 | |||||||||||||
Granted | 589,102 | 16.78 | 10,000 | 13.96 | 463,106 | 14 | ||||||||||||||||
Vested/exercised | (366,856 | ) | 0.93 | — | — | (546,244 | ) | 0.97 | ||||||||||||||
September 30, 2013 | 618,319 | $ | 16.11 | 10,000 | $ | 13.96 | 689,713 | $ | 9.72 | |||||||||||||
Segments
Segments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segments | ' | ||||||||||||||||||||
Segments | |||||||||||||||||||||
ASC 280, Segment Reporting (“ASC 280”) defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. | |||||||||||||||||||||
Our operating segments consist of the East, South, and West divisions along with Coleman Floor, which offers professional flooring installation services. Due to the similar economic characteristics, nature of products, distribution methods and customers, we have aggregated our East, South and West operating segments into one reportable segment, "Geographic divisions." | |||||||||||||||||||||
In addition to our reportable segment, the Company's consolidated results include "Coleman Floor" and "Other reconciling items," which is comprised of our corporate activities. | |||||||||||||||||||||
The following tables present Net Sales, Adjusted EBITDA and certain other measures for the reportable segment and total continuing operations for the three months and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||
Three Months Ended September 30, 2013 | 30-Sep-13 | ||||||||||||||||||||
Net sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | |||||||||||||||||
Geographic divisions | $ | 315,918 | $ | 72,908 | $ | 2,829 | $ | 16,757 | $ | 307,129 | |||||||||||
Coleman Floor | 12,550 | 2,473 | 28 | 581 | 8,664 | ||||||||||||||||
Other reconciling items | — | — | 175 | (6,898 | ) | 32,276 | |||||||||||||||
$ | 328,468 | $ | 75,381 | $ | 3,032 | $ | 348,069 | ||||||||||||||
Three Months Ended September 30, 2012 | 30-Sep-12 | ||||||||||||||||||||
Net sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | |||||||||||||||||
Geographic divisions | $ | 245,836 | $ | 56,233 | $ | 2,326 | $ | 9,419 | $ | 257,516 | |||||||||||
Coleman Floor | 9,997 | 2,283 | 27 | 662 | 6,377 | ||||||||||||||||
Other reconciling items | — | — | 425 | (5,829 | ) | 35,718 | |||||||||||||||
$ | 255,833 | $ | 58,516 | $ | 2,778 | $ | 299,611 | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Net sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | ||||||||||||||||||
Geographic divisions | $ | 857,101 | $ | 193,526 | $ | 8,377 | $ | 36,129 | |||||||||||||
Coleman Floor | 34,746 | 7,155 | 93 | 1,405 | |||||||||||||||||
Other reconciling items | — | — | 588 | (19,289 | ) | ||||||||||||||||
$ | 891,847 | $ | 200,681 | $ | 9,058 | ||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Net sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | ||||||||||||||||||
Geographic divisions | $ | 663,856 | $ | 151,105 | $ | 7,474 | $ | 16,087 | |||||||||||||
Coleman Floor | 26,408 | 5,896 | 92 | 1,035 | |||||||||||||||||
Other reconciling items | — | — | 1,273 | (18,214 | ) | ||||||||||||||||
$ | 690,264 | $ | 157,001 | $ | 8,839 | ||||||||||||||||
Reconciliation to consolidated financial statements: | |||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net income (loss), as reported | $ | (5,513 | ) | $ | 40 | $ | (7,592 | ) | $ | (10,763 | ) | ||||||||||
Interest expense | 892 | 1,022 | 3,150 | 3,070 | |||||||||||||||||
Income tax expense (benefit) | 1,989 | (394 | ) | 1,076 | (5,950 | ) | |||||||||||||||
Depreciation and amortization | 3,032 | 2,778 | 9,058 | 8,839 | |||||||||||||||||
Discontinued operations, net of taxes | (90 | ) | (289 | ) | (341 | ) | (48 | ) | |||||||||||||
Restructuring expense | 31 | 145 | 130 | 166 | |||||||||||||||||
Management fees | 239 | 330 | 1,205 | 1,097 | |||||||||||||||||
Non-cash stock compensation expense | 309 | 389 | 573 | 1,069 | |||||||||||||||||
Acquisition costs | — | — | 257 | 46 | |||||||||||||||||
Severance and other expense related to store closures and business optimization | 229 | 231 | 721 | 1,035 | |||||||||||||||||
Reduction of tax indemnification asset | — | — | — | 347 | |||||||||||||||||
IPO transaction-related costs | 9,322 | — | 10,008 | — | |||||||||||||||||
Adjusted EBITDA of Coleman Floor | (581 | ) | (662 | ) | (1,405 | ) | (1,035 | ) | |||||||||||||
Adjusted EBITDA of other reconciling items | 6,898 | 5,829 | 19,289 | 18,214 | |||||||||||||||||
Adjusted EBITDA of geographic divisions reportable segment | $ | 16,757 | $ | 9,419 | $ | 36,129 | $ | 16,087 | |||||||||||||
Income_loss_per_common_share
Income (loss) per common share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income (loss) per common share | ' | ||||||||||||||||
Income (loss) per common share | |||||||||||||||||
Basic net income (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average shares outstanding during the period. Diluted EPS is calculated by adjusting weighted average shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted EPS calculation, stock options and nonvested stock awards are considered to be common stock equivalents. Convertible Class C Preferred shares are considered to be participating securities. During periods of net income, participating securities are allocated a proportional share of net income determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities (“the two-class method”). During periods of net loss, no effect is given to participating securities since they do not share in the losses of the Company. | |||||||||||||||||
The basic and diluted EPS calculations for the three months and nine months ended September 30, 2013 and 2012 are presented below: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Loss from continuing operations | (5,603 | ) | (249 | ) | $ | (7,933 | ) | $ | (10,811 | ) | |||||||
Redeemable Class B Senior Preferred stock deemed dividend | (363 | ) | (1,144 | ) | (1,836 | ) | (3,366 | ) | |||||||||
Accretion of beneficial conversion feature on Convertible Class C Preferred stock | — | — | — | (5,000 | ) | ||||||||||||
Loss attributable to common stockholders, from continuing operations | (5,966 | ) | (1,393 | ) | (9,769 | ) | (19,177 | ) | |||||||||
Income from discontinued operations, net of tax | 90 | 289 | 341 | 48 | |||||||||||||
Loss attributable to common stockholders | $ | (5,876 | ) | $ | (1,104 | ) | $ | (9,428 | ) | $ | (19,129 | ) | |||||
Weighted average common shares outstanding, basic and diluted | 19,813,209 | 13,361,512 | 15,718,667 | 13,079,851 | |||||||||||||
Basic and diluted EPS | |||||||||||||||||
Loss from continuing operations | $ | (0.30 | ) | $ | (0.10 | ) | $ | (0.62 | ) | $ | (1.46 | ) | |||||
Income from discontinued operations | — | 0.02 | 0.02 | — | |||||||||||||
Net loss per share | $ | (0.30 | ) | $ | (0.08 | ) | $ | (0.60 | ) | $ | (1.46 | ) | |||||
The following table provides the securities that could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock option awards | 689,713 | 772,851 | 689,713 | 772,851 | |||||||||||||
Nonvested stock awards | 618,319 | 610,550 | 618,319 | 610,550 | |||||||||||||
Restricted stock units | 10,000 | — | 10,000 | — | |||||||||||||
Convertible Class C Preferred Stock (as converted basis) | — | 4,454,889 | — | 4,454,889 | |||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The condensed consolidated balance sheet as of December 31, 2012 was derived from audited financial statements, but does not include all necessary disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The unaudited condensed consolidated financial statements include all accounts of the Company and its subsidiaries and, in the opinion of management, include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. These unaudited financial statements should be read in conjunction with the Company’s most recent audited annual financial statements. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. All material intercompany accounts and transactions have been eliminated in consolidation. |
Discontinued_operations_Tables
Discontinued operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of discontinued operations, income statement and balance sheet | ' | ||||||||||||||||
The operating results of the discontinued operations for the three and nine months ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales | $ | — | $ | 242 | $ | — | $ | 826 | |||||||||
Restructuring charges | (7 | ) | (4 | ) | (25 | ) | 35 | ||||||||||
Gain (loss) before income taxes | 144 | 457 | 578 | 73 | |||||||||||||
Income tax benefit | (54 | ) | (168 | ) | (237 | ) | (25 | ) | |||||||||
Net income (loss) | 90 | 289 | 341 | 48 | |||||||||||||
The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Inventories, net | $ | — | $ | 20 | |||||||||||||
Real estate held for sale | 700 | 700 | |||||||||||||||
Prepaid expenses and other current assets | 13 | 35 | |||||||||||||||
Current assets of discontinued operations | 713 | 755 | |||||||||||||||
Property and equipment, net of accumulated depreciation | — | 28 | |||||||||||||||
Noncurrent assets of discontinued operations | — | 28 | |||||||||||||||
Accounts payable | — | 2 | |||||||||||||||
Accrued expenses and other liabilities | 80 | 167 | |||||||||||||||
Restructuring reserve | 290 | 277 | |||||||||||||||
Current liabilities of discontinued operations | 370 | 446 | |||||||||||||||
Long-term restructuring reserve | 164 | 384 | |||||||||||||||
Other long-term liabilities | — | 4 | |||||||||||||||
Noncurrent liabilities of discontinued operations | $ | 164 | $ | 388 | |||||||||||||
Restructuring_costs_Tables
Restructuring costs (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Schedule of restructuring expenses | ' | ||||||||||||
The following table summarizes the restructuring expenses incurred in connection with the Restructurings and the remaining reserves as of September 30, 2013: | |||||||||||||
Work force | Store | Total | |||||||||||
reductions | closures | ||||||||||||
Restructuring reserves, December 31, 2012 | $ | 353 | $ | 4,772 | $ | 5,125 | |||||||
Restructuring charges incurred | — | 155 | 155 | ||||||||||
Cash payments | (116 | ) | (1,172 | ) | (1,288 | ) | |||||||
Restructuring reserves, September 30, 2013 | $ | 237 | $ | 3,755 | $ | 3,992 | |||||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Changes in goodwill | ' | ||||
The following table shows changes in goodwill for the nine months ended September 30, 2013. All of the Company's goodwill as of September 30, 2013 is recorded in the geographic divisions reportable segment (Note 15): | |||||
31-Dec-12 | $ | 6,511 | |||
Acquisition of Chesapeake (Note 5) | 675 | ||||
30-Sep-13 | $ | 7,186 | |||
Secured_Credit_Agreement_Table
Secured Credit Agreement (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Schedule of secured credit agreement | ' | |
The following is a summary of the significant terms of the Revolver: | ||
Maturity | 31-Dec-16 | |
Interest/Usage Rate | Company’s option of Base Rate(a) plus a Base Rate Margin (ranges from 0.50%–1.00% based on Revolver availability) or LIBOR plus a LIBOR Rate Margin (ranges from 1.50%–2.00% based on Revolver availability) | |
Maximum Availability | Lesser of $150,000 or the borrowing base(b) | |
Periodic Principal Payments | None | |
(a) | Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate. | |
(b) | The Revolver’s borrowing base is calculated as the sum of (i) 85% of the Company’s eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5,000, plus (iii) the lesser of $125,000, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement minus (iv) reserves from time to time set by the administrative agent. The eligible accounts receivable and inventories are further adjusted as specified in the Credit Agreement. The Company’s borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement. |
Equity_and_redeemable_securiti1
Equity and redeemable securities (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Equity and Temporary Equity Disclsoure [Abstract] | ' | |||||||||||||||||||||
Schedule of temporary equity | ' | |||||||||||||||||||||
The following table shows the changes in preferred stock: | ||||||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
31-Dec-12 | 5,100 | — | 36,388 | 36,477 | 5,000 | 5,000 | ||||||||||||||||
Conversion of Saturn Acquisition Holdings, LLC preferred stock to Stock Building Supply Holdings, Inc. preferred stock (Note 1) | — | — | 1,079 | — | — | — | ||||||||||||||||
Dividends accrued on Class B preferred stock | — | — | — | 1,836 | — | — | ||||||||||||||||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) | (5,100 | ) | — | (37,467 | ) | (38,313 | ) | (5,000 | ) | (5,000 | ) | |||||||||||
September 30, 2013 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Equity_based_compensation_Tabl
Equity based compensation (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Schedule of expenses related to share-based payments | ' | |||||||||||||||||||||
The following table highlights the expense related to share-based payments for the three months and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Nonvested stock | $ | 171 | $ | 334 | $ | 307 | $ | 442 | ||||||||||||||
Stock options | 129 | 55 | 257 | 285 | ||||||||||||||||||
Restricted stock units | 9 | — | 9 | — | ||||||||||||||||||
Stock purchases | — | — | — | 342 | ||||||||||||||||||
Stock based compensation | $ | 309 | $ | 389 | $ | 573 | $ | 1,069 | ||||||||||||||
Schedule of nonvested stock awards and stock option awards | ' | |||||||||||||||||||||
The following is a summary of nonvested stock, restricted stock unit and stock option awards: | ||||||||||||||||||||||
Nonvested Stock | Restricted Stock Units | Stock Options | ||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | |||||||||||||||||
shares | average | units | average | options | average | |||||||||||||||||
outstanding | grant date | outstanding | grant date | outstanding | exercise | |||||||||||||||||
fair value | fair value | price | ||||||||||||||||||||
December 31, 2012 | 396,073 | $ | 1.06 | — | $ | — | 772,851 | $ | 0.97 | |||||||||||||
Granted | 589,102 | 16.78 | 10,000 | 13.96 | 463,106 | 14 | ||||||||||||||||
Vested/exercised | (366,856 | ) | 0.93 | — | — | (546,244 | ) | 0.97 | ||||||||||||||
September 30, 2013 | 618,319 | $ | 16.11 | 10,000 | $ | 13.96 | 689,713 | $ | 9.72 | |||||||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of net sales, adjusted EBITDA and certain other measures by reportable segment | ' | ||||||||||||||||||||
The following tables present Net Sales, Adjusted EBITDA and certain other measures for the reportable segment and total continuing operations for the three months and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||
Three Months Ended September 30, 2013 | 30-Sep-13 | ||||||||||||||||||||
Net sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | |||||||||||||||||
Geographic divisions | $ | 315,918 | $ | 72,908 | $ | 2,829 | $ | 16,757 | $ | 307,129 | |||||||||||
Coleman Floor | 12,550 | 2,473 | 28 | 581 | 8,664 | ||||||||||||||||
Other reconciling items | — | — | 175 | (6,898 | ) | 32,276 | |||||||||||||||
$ | 328,468 | $ | 75,381 | $ | 3,032 | $ | 348,069 | ||||||||||||||
Three Months Ended September 30, 2012 | 30-Sep-12 | ||||||||||||||||||||
Net sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | |||||||||||||||||
Geographic divisions | $ | 245,836 | $ | 56,233 | $ | 2,326 | $ | 9,419 | $ | 257,516 | |||||||||||
Coleman Floor | 9,997 | 2,283 | 27 | 662 | 6,377 | ||||||||||||||||
Other reconciling items | — | — | 425 | (5,829 | ) | 35,718 | |||||||||||||||
$ | 255,833 | $ | 58,516 | $ | 2,778 | $ | 299,611 | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Net sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | ||||||||||||||||||
Geographic divisions | $ | 857,101 | $ | 193,526 | $ | 8,377 | $ | 36,129 | |||||||||||||
Coleman Floor | 34,746 | 7,155 | 93 | 1,405 | |||||||||||||||||
Other reconciling items | — | — | 588 | (19,289 | ) | ||||||||||||||||
$ | 891,847 | $ | 200,681 | $ | 9,058 | ||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Net sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | ||||||||||||||||||
Geographic divisions | $ | 663,856 | $ | 151,105 | $ | 7,474 | $ | 16,087 | |||||||||||||
Coleman Floor | 26,408 | 5,896 | 92 | 1,035 | |||||||||||||||||
Other reconciling items | — | — | 1,273 | (18,214 | ) | ||||||||||||||||
$ | 690,264 | $ | 157,001 | $ | 8,839 | ||||||||||||||||
Reconciliation to consolidated financial statements: | ' | ||||||||||||||||||||
Reconciliation to consolidated financial statements: | |||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net income (loss), as reported | $ | (5,513 | ) | $ | 40 | $ | (7,592 | ) | $ | (10,763 | ) | ||||||||||
Interest expense | 892 | 1,022 | 3,150 | 3,070 | |||||||||||||||||
Income tax expense (benefit) | 1,989 | (394 | ) | 1,076 | (5,950 | ) | |||||||||||||||
Depreciation and amortization | 3,032 | 2,778 | 9,058 | 8,839 | |||||||||||||||||
Discontinued operations, net of taxes | (90 | ) | (289 | ) | (341 | ) | (48 | ) | |||||||||||||
Restructuring expense | 31 | 145 | 130 | 166 | |||||||||||||||||
Management fees | 239 | 330 | 1,205 | 1,097 | |||||||||||||||||
Non-cash stock compensation expense | 309 | 389 | 573 | 1,069 | |||||||||||||||||
Acquisition costs | — | — | 257 | 46 | |||||||||||||||||
Severance and other expense related to store closures and business optimization | 229 | 231 | 721 | 1,035 | |||||||||||||||||
Reduction of tax indemnification asset | — | — | — | 347 | |||||||||||||||||
IPO transaction-related costs | 9,322 | — | 10,008 | — | |||||||||||||||||
Adjusted EBITDA of Coleman Floor | (581 | ) | (662 | ) | (1,405 | ) | (1,035 | ) | |||||||||||||
Adjusted EBITDA of other reconciling items | 6,898 | 5,829 | 19,289 | 18,214 | |||||||||||||||||
Adjusted EBITDA of geographic divisions reportable segment | $ | 16,757 | $ | 9,419 | $ | 36,129 | $ | 16,087 | |||||||||||||
Income_loss_per_common_share_T
Income (loss) per common share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of basic and diluted EPS calculations | ' | ||||||||||||||||
The basic and diluted EPS calculations for the three months and nine months ended September 30, 2013 and 2012 are presented below: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Loss from continuing operations | (5,603 | ) | (249 | ) | $ | (7,933 | ) | $ | (10,811 | ) | |||||||
Redeemable Class B Senior Preferred stock deemed dividend | (363 | ) | (1,144 | ) | (1,836 | ) | (3,366 | ) | |||||||||
Accretion of beneficial conversion feature on Convertible Class C Preferred stock | — | — | — | (5,000 | ) | ||||||||||||
Loss attributable to common stockholders, from continuing operations | (5,966 | ) | (1,393 | ) | (9,769 | ) | (19,177 | ) | |||||||||
Income from discontinued operations, net of tax | 90 | 289 | 341 | 48 | |||||||||||||
Loss attributable to common stockholders | $ | (5,876 | ) | $ | (1,104 | ) | $ | (9,428 | ) | $ | (19,129 | ) | |||||
Weighted average common shares outstanding, basic and diluted | 19,813,209 | 13,361,512 | 15,718,667 | 13,079,851 | |||||||||||||
Basic and diluted EPS | |||||||||||||||||
Loss from continuing operations | $ | (0.30 | ) | $ | (0.10 | ) | $ | (0.62 | ) | $ | (1.46 | ) | |||||
Income from discontinued operations | — | 0.02 | 0.02 | — | |||||||||||||
Net loss per share | $ | (0.30 | ) | $ | (0.08 | ) | $ | (0.60 | ) | $ | (1.46 | ) | |||||
Schedule of anti-dilutive securities excluded from computation of earnings per share | ' | ||||||||||||||||
The following table provides the securities that could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock option awards | 689,713 | 772,851 | 689,713 | 772,851 | |||||||||||||
Nonvested stock awards | 618,319 | 610,550 | 618,319 | 610,550 | |||||||||||||
Restricted stock units | 10,000 | — | 10,000 | — | |||||||||||||
Convertible Class C Preferred Stock (as converted basis) | — | 4,454,889 | — | 4,454,889 | |||||||||||||
Organization_Details
Organization (Details) | 0 Months Ended | ||||||
Aug. 14, 2013 | Jul. 29, 2013 | 2-May-13 | 2-May-13 | 2-May-13 | 2-May-13 | 2-May-13 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | Class A Junior Preferred Stock [Member] | Convertible Class C Preferred Stock [Member] | Redeemable Class B Senior Preferred Stock [Member] | |||
Schedule of Business Organization [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Conversion of stock, shares issued per share converted | ' | ' | 1 | 1 | 1 | 1 | 1.02966258 |
Stock issued (shares) | 7,000,000 | ' | ' | ' | ' | ' | ' |
Stock split ratio | ' | 25.972 | ' | ' | ' | ' | ' |
Initial_Public_Offering_Detail
Initial Public Offering (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Stock issued (shares) | 7,000,000 | ' | ' | ' | ' |
Share price (dollars per share) | $14 | ' | ' | ' | ' |
Proceeds from IPO | $55,821 | ' | ' | $55,821 | $0 |
Underwriting fees | 4,324 | ' | ' | ' | ' |
IPO expenses incurred, but not yet paid | ' | 596 | ' | 596 | ' |
Conversion of preferred stock (shares) | 7,191,891 | ' | ' | ' | ' |
Management services agreement termination fee paid to Gores | ' | 9,000 | ' | 9,000 | ' |
Other IPO transaction-related costs | ' | 322 | ' | 1,008 | ' |
IPO expenses | 1,620 | 9,322 | 0 | 10,008 | 0 |
Debt repayment [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Proceeds from IPO | 46,821 | ' | ' | ' | ' |
Termination of management services agreement [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Proceeds from IPO | 9,000 | ' | ' | ' | ' |
Accounts Payable [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
IPO expenses incurred, but not yet paid | ' | 347 | ' | 347 | ' |
Accrued Expenses and Other Liabilities [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
IPO expenses incurred, but not yet paid | ' | $249 | ' | $249 | ' |
Shares Offered By Company [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Stock issued (shares) | 4,411,765 | ' | ' | ' | ' |
Shares sold by Gores Building Holdings, LLC and other selling stockholders [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Stock issued (shares) | 2,588,235 | ' | ' | ' | ' |
Shares purchased by underwriters [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Stock issued (shares) | 1,050,000 | ' | ' | ' | ' |
Aggregate shares sold [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Stock issued (shares) | 8,050,000 | ' | ' | ' | ' |
Restatement_of_previously_issu1
Restatement of previously issued consolidated financial statements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income taxes payable | $6,100 | $2,939 |
Additional paid-in capital | 144,094 | 46,534 |
Restatement Adjustment [Member] | ' | ' |
Income taxes payable | ' | -177 |
Additional paid-in capital | ' | $506 |
Basis_of_Presentation_Details
Basis of Presentation (Details) (IPO Transaction Related Costs [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
IPO Transaction Related Costs [Member] | ' |
Amount reclassified | $686 |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 08, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Commonwealth Acquisition Holdings, LLC [Member] | Commonwealth Acquisition Holdings, LLC [Member] | Commonwealth Acquisition Holdings, LLC [Member] | Commonwealth Acquisition Holdings, LLC [Member] | ||||||
Chesapeake [Member] | Chesapeake [Member] | Chesapeake [Member] | Chesapeake [Member] | ||||||
Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, adjusted purchase price | ' | ' | ' | ' | ' | $2,623 | ' | ' | ' |
Business combination, holdback incurred | ' | ' | ' | ' | ' | 250 | ' | ' | ' |
Business combination, transaction costs | 0 | 0 | 257 | 46 | ' | ' | ' | 0 | 151 |
Business combination, net sales of acquiree since acquisition date, actual | ' | ' | ' | ' | ' | ' | 5,347 | ' | ' |
Intangible assets acquired | ' | ' | ' | ' | ' | 1,160 | ' | ' | ' |
Intangible assets acquired, weighted average useful life | ' | ' | ' | ' | ' | '13 years | ' | ' | ' |
Goodwill | $7,186 | ' | $7,186 | ' | $6,511 | $675 | ' | ' | ' |
Discontinued_operations_Income
Discontinued operations (Income statement disclosures) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' |
Net sales | $0 | $242 | $0 | $826 |
Restructuring charges | -7 | -4 | -25 | 35 |
Gain (loss) before income taxes | 144 | 457 | 578 | 73 |
Income tax benefit | -54 | -168 | -237 | -25 |
Net income (loss) | $90 | $289 | $341 | $48 |
Discontinued_operations_Balanc
Discontinued operations (Balance sheet disclosures) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ' | ' |
Inventories, net | $0 | $20 |
Real estate held for sale | 700 | 700 |
Prepaid expenses and other current assets | 13 | 35 |
Current assets of discontinued operations | 713 | 755 |
Property and equipment, net of accumulated depreciation | 0 | 28 |
Noncurrent assets of discontinued operations | 0 | 28 |
Accounts payable | 0 | 2 |
Accrued expenses and other liabilities | 80 | 167 |
Restructuring reserve | 290 | 277 |
Current liabilities of discontinued operations | 370 | 446 |
Long-term restructuring reserve | 164 | 384 |
Other long-term liabilities | 0 | 4 |
Noncurrent liabilities of discontinued operations | $164 | $388 |
Restructuring_costs_Schedule_o
Restructuring costs (Schedule of restructuring expenses) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Restructuring Reserve [Roll Forward] | ' |
Beginning balance | $5,125 |
Restructuring charges incurred | 155 |
Cash payments | -1,288 |
Ending balance | 3,992 |
Workforce reductions [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning balance | 353 |
Restructuring charges incurred | 0 |
Cash payments | -116 |
Ending balance | 237 |
Store closures [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning balance | 4,772 |
Restructuring charges incurred | 155 |
Cash payments | -1,172 |
Ending balance | $3,755 |
Restructuring_costs_Narrative_
Restructuring costs (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | $3,992 | $5,125 |
Current portion of restructuring reserve | 1,572 | 1,513 |
Noncurrent portion of restructuring reserve | 2,420 | ' |
Workforce reductions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | 237 | 353 |
Store closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | $3,755 | $4,772 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Roll Forward] | ' |
Goodwill at beginning of period | $6,511 |
Acquisition of Chesapeake (Note 5) | 675 |
Goodwill at end of period | $7,186 |
Secured_Credit_Agreement_Detai
Secured Credit Agreement (Details) (Revolving Credit Facility [Member], Wells Fargo Capital Finance [Member], USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Minimum [Member] | Maximum [Member] | 85% of eligible accounts receivable [Member] | Lesser of 90% of eligible credit card receivables and $5,000 [Member] | Lesser of $125,000, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory [Member] | Base Rate [Member] | Base Rate [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | Base Rate Option [Member] | Base Rate Option [Member] | Base Rate Option [Member] | LIBOR Rate Option [Member] | LIBOR Rate Option [Member] | |||
Minimum [Member] | Maximum [Member] | Federal Funds Rate [Member] | Base Rate [Member] | Base Rate [Member] | LIBOR [Member] | LIBOR [Member] | ||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | 1.00% | 1.50% | 2.00% |
Borrowing base, percentage of accounts receivable | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, percentage of credit card receivables | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, percentage of eligible inventory | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, percentage of net liquidation value of eligible inventory | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of borrowing base | ' | ' | ' | ' | ' | 5,000,000 | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused capacity, commitment fee percentage | ' | ' | 0.25% | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused capacity, average daily usage, basis used to calculate commitment fee | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge coverage ratio | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold for minimum adjusted liquidity | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum adjusted liquidity for 30 consecutive days | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, amount outstanding | 60,073,000 | 72,218,000 | ' | ' | ' | ' | ' | 9,073,000 | 7,218,000 | 51,000,000 | 65,000,000 | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | 81,527,000 | 31,344,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, amount outstanding | $8,400,000 | $7,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | ' | ' | 4.25% | 5.00% | 2.30% | ' | 3.10% | 3.30% | ' | ' | ' | ' | ' |
Related_party_transactions_Det
Related party transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
URS [Member] | URS [Member] | Gores and Glendon [Member] | Gores and Glendon [Member] | Gores and Glendon [Member] | Gores and Glendon [Member] | Gores Group LLC [Member] | Gores Group LLC [Member] | Gores Group LLC [Member] | |||||
Software, Services, License And Maintenance Services Agreement [Member] | Software, Services, License And Maintenance Services Agreement [Member] | Management Services [Member] | Management Services [Member] | Management Services [Member] | Management Services [Member] | Restricted Assets [Member] | Restricted Assets [Member] | ||||||
Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses from transactions with related party | $239 | $330 | $1,205 | $1,097 | $194 | $578 | $239 | $330 | $1,205 | $1,097 | ' | ' | ' |
Management services agreement termination fee paid to Gores | 9,000 | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' | 9,000 | ' | ' |
Group health care plan deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $83 | $750 |
Income_taxes_Details
Income taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Valuation allowance | $2,147 | ' | $2,147 | ' | $1,946 |
Increase (decrease) in valuation allowance from continuing operations | 185 | 163 | 201 | 543 | ' |
Effective income tax rate reconciliation including discontinued operations | -58.90% | 121.50% | -20.90% | 35.50% | ' |
Effective income tax rate | -55.00% | 61.30% | -15.70% | 35.50% | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | ' |
Management services agreement termination fee paid to Gores | $9,000 | ' | $9,000 | ' | ' |
Equity_and_redeemable_securiti2
Equity and redeemable securities (Narrative) (Details) (USD $) | Sep. 30, 2013 | Aug. 14, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock par value (dollars per share) | ' | $0.01 | ' |
Preferred stock shares authorized (shares) | 50,000,000 | 50,000,000 | ' |
Preferred stock shares issued (shares) | 0 | 0 | ' |
Common stock, par value (dollars per share) | $0.01 | ' | $0.01 |
Common stock, shares authorized (shares) | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock shares issued (shares) | 26,107,231 | 26,107,231 | 0 |
Common stock, shares, outstanding (shares) | 26,107,231 | 26,107,231 | 0 |
Redeemable Class A Junior Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock, shares outstanding (shares) | 0 | 0 | ' |
Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, par value (dollars per share) | $0.01 | ' | $0.01 |
Common stock, shares authorized (shares) | 22,725,500 | ' | 22,725,500 |
Common stock shares issued (shares) | 22,725,500 | ' | 22,725,500 |
Common stock, shares, outstanding (shares) | 0 | ' | 11,590,005 |
Class B Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, par value (dollars per share) | $0.01 | ' | $0.01 |
Common stock, shares authorized (shares) | 3,246,500 | ' | 3,246,500 |
Common stock shares issued (shares) | 2,870,712 | ' | 2,870,712 |
Common stock, shares, outstanding (shares) | 0 | ' | 2,870,712 |
Nonvested Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock shares issued (shares) | 42,858 | 42,858 | ' |
Equity_and_redeemable_securiti3
Equity and redeemable securities (Schedule of equity) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Aug. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Convertible Class C Preferred Stock [Member] | Class B Preferred [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | ||||||
Class A Common Stock [Member] | Class B Common Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares, outstanding | ' | ' | ' | 0 | ' | ' | ' | 0 | 11,590,005 | 0 | 2,870,712 | 0 | 11,590,005 | ' | 0 | 2,870,712 | ' | 0 | ' | ' | ' | ' |
Total stockholders' equity | ' | ' | ' | $34,164 | ' | ' | ' | ' | ' | ' | ' | $0 | $116 | ' | $0 | $29 | ' | $0 | ' | ' | $46,534 | ($12,515) |
Dividends | ' | ' | ' | -1,836 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,836 | ' |
Stock issued, shares | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,411,765 | ' | ' | ' | ' |
Stock issued, value | ' | ' | ' | 55,225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' | 55,181 | ' |
Conversion of stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,590,005 | ' | ' | -2,870,712 | ' | 11,590,005 | 2,870,712 | ' | ' |
Conversion of stock, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -116 | ' | ' | -29 | ' | 116 | 29 | ' | ' |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), shares | ' | ' | ' | ' | ' | -5,000 | -37,467 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,191,891 | ' | ' | ' | ' |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), value | ' | ' | ' | 43,313 | ' | -5,000 | -38,313 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72 | ' | ' | 43,241 | ' |
Issuance of nonvested stock awards, net of forfeitures, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,858 | ' | ' | ' | ' |
Stockholder loans related to tax withholding on stock issuance | ' | ' | ' | 401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 401 | ' |
Stock compensation expense | ' | ' | ' | 573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 573 | ' |
Net loss | ' | -5,513 | 40 | -7,592 | -10,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,592 |
Common stock, shares, outstanding | 26,107,231 | 26,107,231 | ' | 26,107,231 | ' | ' | ' | 0 | 11,590,005 | 0 | 2,870,712 | 0 | 11,590,005 | ' | 0 | 2,870,712 | ' | 26,107,231 | ' | ' | ' | ' |
Total stockholders' equity | ' | $124,248 | ' | $124,248 | ' | ' | ' | ' | ' | ' | ' | $0 | $116 | ' | $0 | $29 | ' | $261 | ' | ' | $144,094 | ($20,107) |
Equity_and_redeemable_securiti4
Equity and redeemable securities (Schedule of temporary equity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Temporary Equity [Line Items] | ' |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), value | $43,313 |
Redeemable Class A Junior Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Beginning balance | 0 |
Beginning balance (in shares) | 5,100 |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), shares | -5,100 |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), value | 0 |
Ending balance (in shares) | 0 |
Ending balance | 0 |
Redeemable Class B Senior Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Beginning balance | 36,477 |
Beginning balance (in shares) | 36,388 |
Dividends accrued on Class B Preferred stock | 1,836 |
Conversion of Saturn Acquisition Holdings, LLC preferred stock to Stock Building Supply Holdings, Inc. preferred stock (Note 1) | 1,079 |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), shares | -37,467 |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), value | -38,313 |
Ending balance (in shares) | 0 |
Ending balance | 0 |
Convertible Class C Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Beginning balance | 5,000 |
Beginning balance (in shares) | 5,000 |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), shares | -5,000 |
Conversion of preferred stock to common stock in connection with the IPO (Note 2), value | -5,000 |
Ending balance (in shares) | 0 |
Ending balance | $0 |
Equity_based_compensation_Stoc
Equity based compensation (Stock based compensation expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | $309 | $389 | $573 | $1,069 |
Nonvested stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | 171 | 334 | 307 | 442 |
Stock options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | 129 | 55 | 257 | 285 |
Restricted stock units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | 9 | 0 | 9 | 0 |
Stock purchases [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | $0 | $0 | $0 | $342 |
Equity_based_compensation_Summ
Equity based compensation (Summary of non-vested stock awards and stock option awards) (Details) (USD $) | 0 Months Ended | 9 Months Ended |
Aug. 14, 2013 | Sep. 30, 2013 | |
Nonvested Stock [Member] | ' | ' |
Nonvested Stock and Restricted Stock Units, Number of shares outstanding (in shares): | ' | ' |
Beginning balance | ' | 396,073 |
Granted | 42,858 | 589,102 |
Vested | ' | -366,856 |
Ending balance | ' | 618,319 |
Nonvested Stock and Restricted Stock Units, Weighted average grant date fair value (in dollars per share): | ' | ' |
Beginning balance | ' | $1.06 |
Granted | ' | $16.78 |
Vested | ' | $0.93 |
Ending balance | ' | $16.11 |
Restricted Stock Units [Member] | ' | ' |
Nonvested Stock and Restricted Stock Units, Number of shares outstanding (in shares): | ' | ' |
Beginning balance | ' | 0 |
Granted | 10,000 | 10,000 |
Vested | ' | 0 |
Ending balance | ' | 10,000 |
Nonvested Stock and Restricted Stock Units, Weighted average grant date fair value (in dollars per share): | ' | ' |
Beginning balance | ' | $0 |
Granted | ' | $13.96 |
Vested | ' | $0 |
Ending balance | ' | $13.96 |
Stock Option [Member] | ' | ' |
Nonvested Stock and Restricted Stock Units, Number of shares outstanding (in shares): | ' | ' |
Granted | 463,106 | ' |
Stock Options, Number of options outstanding (in shares): | ' | ' |
Beginning balance | ' | 772,851 |
Granted | ' | 463,106 |
Exercised | ' | -546,244 |
Ending balance | ' | 689,713 |
Stock Options, Weighted average exercise price (in dollars per share): | ' | ' |
Beginning balance | ' | $0.97 |
Granted | ' | $14 |
Exercised | ' | $0.97 |
Ending balance | 14 | $9.72 |
Equity_based_compensation_Narr
Equity based compensation (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||
Aug. 14, 2013 | Sep. 30, 2013 | Aug. 14, 2013 | Aug. 14, 2013 | Aug. 14, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 14, 2013 | Aug. 14, 2013 | Aug. 14, 2013 | Aug. 14, 2013 | Aug. 14, 2013 | Sep. 30, 2013 | Aug. 14, 2013 | Aug. 14, 2013 | |
Nonvested Stock [Member] | Nonvested Stock [Member] | Nonvested Stock [Member] | Nonvested Stock [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | |
Initial Three Year Vesting Period [Member] | Year Two Through Four Vesting Period [Member] | $6.92 [Member] | $7.10 [Member] | Initial Three Year Vesting Period [Member] | Year Two Through Four Vesting Period [Member] | director | One Year Vesting Period [Member] | Two Year Vesting Period [Member] | |||||||
$6.92 [Member] | $7.10 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted | 42,858 | 589,102 | ' | ' | 463,106 | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 | ' | ' |
Number of shares vesting | ' | ' | 19,048 | 23,810 | ' | ' | ' | ' | ' | 370,604 | 92,502 | ' | ' | ' | ' |
Grant date fair value (usd per share) | $13.96 | ' | ' | ' | ' | ' | ' | $6.92 | $7.10 | ' | ' | $13.96 | ' | ' | ' |
Exercise price (usd per share) | ' | ' | ' | ' | $14 | $9.72 | $0.97 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors receiving RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Percentage of award vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% |
Segments_Narrative_Details
Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 1 |
Segments_Schedule_of_net_sales
Segments (Schedule of net sales, adjusted EBITDA and certain other measures by reportable segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $328,468 | $255,833 | $891,847 | $690,264 | ' |
Gross profit | 75,381 | 58,516 | 200,681 | 157,001 | ' |
Depreciation & Amortization | 3,032 | 2,778 | 9,058 | 8,839 | ' |
Total Assets | 348,069 | 299,611 | 348,069 | 299,611 | 286,012 |
Operating Segments [Member] | Geographic divisions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 315,918 | 245,836 | 857,101 | 663,856 | ' |
Gross profit | 72,908 | 56,233 | 193,526 | 151,105 | ' |
Depreciation & Amortization | 2,829 | 2,326 | 8,377 | 7,474 | ' |
Adjusted EBITDA | 16,757 | 9,419 | 36,129 | 16,087 | ' |
Total Assets | 307,129 | 257,516 | 307,129 | 257,516 | ' |
Operating Segments [Member] | Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 12,550 | 9,997 | 34,746 | 26,408 | ' |
Gross profit | 2,473 | 2,283 | 7,155 | 5,896 | ' |
Depreciation & Amortization | 28 | 27 | 93 | 92 | ' |
Adjusted EBITDA | 581 | 662 | 1,405 | 1,035 | ' |
Total Assets | 8,664 | 6,377 | 8,664 | 6,377 | ' |
Other reconciling items [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' |
Gross profit | 0 | 0 | 0 | 0 | ' |
Depreciation & Amortization | 175 | 425 | 588 | 1,273 | ' |
Adjusted EBITDA | 6,898 | 5,829 | 19,289 | 18,214 | ' |
Total Assets | $32,276 | $35,718 | $32,276 | $35,718 | ' |
Segments_Reconciliation_of_adj
Segments (Reconciliation of adjusted EBITDA to consolidated financial statements) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Net income (loss), as reported | ' | ($5,513) | $40 | ($7,592) | ($10,763) |
Interest expense | ' | 892 | 1,022 | 3,150 | 3,070 |
Income tax expense (benefit) | ' | 1,989 | -394 | 1,076 | -5,950 |
Depreciation and amortization | ' | 3,032 | 2,778 | 9,058 | 8,839 |
Income (loss) from discontinued operations, net of tax | ' | -90 | -289 | -341 | -48 |
Restructuring expense | ' | 31 | 145 | 130 | 166 |
Management fees | ' | 239 | 330 | 1,205 | 1,097 |
Noncash stock compensation expense | ' | 309 | 389 | 573 | 1,069 |
Acquisition costs | ' | 0 | 0 | 257 | 46 |
Severance and other expense related to store closures and business optimization | ' | 229 | 231 | 721 | 1,035 |
Reduction of tax indemnification asset | ' | 0 | 0 | 0 | -347 |
IPO transaction-related costs | 1,620 | 9,322 | 0 | 10,008 | 0 |
Other reconciling items [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | 6,898 | 5,829 | 19,289 | 18,214 |
Operating Segments [Member] | Geographic divisions [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | 2,829 | 2,326 | 8,377 | 7,474 |
Adjusted EBITDA | ' | 16,757 | 9,419 | 36,129 | 16,087 |
Operating Segments [Member] | Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | 28 | 27 | 93 | 92 |
Adjusted EBITDA | ' | $581 | $662 | $1,405 | $1,035 |
Income_loss_per_common_share_B
Income (loss) per common share (Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations | ($5,603) | ($249) | ($7,933) | ($10,811) |
Redeemable Class B Senior Preferred stock deemed dividend | -363 | -1,144 | -1,836 | -3,366 |
Accretion of beneficial conversion feature on Convertible Class C Preferred stock | 0 | 0 | 0 | -5,000 |
Loss attributable to common stockholders, from continuing operations | -5,966 | -1,393 | -9,769 | -19,177 |
Income (loss) from discontinued operations, net of tax | 90 | 289 | 341 | 48 |
Income (loss) available to common stockholders | ($5,876) | ($1,104) | ($9,428) | ($19,129) |
Weighted average common shares outstanding, basic and diluted (in shares) | 19,813,209 | 13,361,512 | 15,718,667 | 13,079,851 |
Loss from continuing operations (dollars per share) | ($0.30) | ($0.10) | ($0.62) | ($1.46) |
Income (loss) from discontinued operations (dollars per share) | $0 | $0.02 | $0.02 | $0 |
Net income (loss) per share (in dollars per share) | ($0.30) | ($0.08) | ($0.60) | ($1.46) |
Income_loss_per_common_share_S
Income (loss) per common share (Schedule of anti-dilutive securities) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock option awards [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (shares) | 689,713 | 772,851 | 689,713 | 772,851 |
Nonvested Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (shares) | 618,319 | 610,550 | 618,319 | 610,550 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (shares) | 10,000 | 0 | 10,000 | 0 |
Convertible Class C Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (shares) | 0 | 4,454,889 | 0 | 4,454,889 |