Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 28, 2014 | |
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 | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,112,007 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $7,743 | $1,138 |
Restricted assets | 452 | 460 |
Accounts receivable, net | 111,449 | 111,285 |
Inventories, net | 104,868 | 91,303 |
Costs in excess of billings on uncompleted contracts | 8,928 | 7,921 |
Assets held for sale | 1,892 | 2,363 |
Prepaid expenses and other current assets | 8,812 | 9,332 |
Deferred income taxes | 4,420 | 3,332 |
Total current assets | 248,564 | 227,134 |
Property and equipment, net of accumulated depreciation | 60,781 | 56,039 |
Intangible assets, net of accumulated amortization | 24,226 | 24,789 |
Goodwill | 7,186 | 7,186 |
Restricted assets | 860 | 1,359 |
Other assets | 2,097 | 2,033 |
Total assets | 343,714 | 318,540 |
Current liabilities | ' | ' |
Accounts payable | 87,195 | 64,984 |
Accrued expenses and other liabilities | 31,808 | 30,528 |
Income taxes payable | 839 | 2,989 |
Current portion of restructuring reserve | 1,595 | 1,594 |
Current portion of capital lease obligation | 1,164 | 1,240 |
Billings in excess of costs on uncompleted contracts | 1,579 | 1,599 |
Total current liabilities | 124,180 | 102,934 |
Revolving line of credit | 66,619 | 59,072 |
Long-term portion of capital lease obligation | 5,736 | 6,011 |
Deferred income taxes | 14,991 | 15,496 |
Other long-term liabilities | 7,310 | 7,346 |
Total liabilities | 218,836 | 190,859 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding at March 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $0.01 par value, 300,000,000 shares authorized, 26,112,007 shares issued and outstanding at March 31, 2014 and December 31, 2013 | 261 | 261 |
Additional paid-in capital | 145,055 | 144,570 |
Retained deficit | -20,438 | -17,150 |
Total stockholders' equity | 124,878 | 127,681 |
Total liabilities and stockholders' equity | $343,714 | $318,540 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 26,112,007 | 26,112,007 |
Common stock, shares outstanding (in shares) | 26,112,007 | 26,112,007 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $279,983 | $248,726 |
Cost of goods sold | 214,741 | 194,936 |
Gross profit | 65,242 | 53,790 |
Selling, general and administrative expenses | 67,127 | 56,802 |
Depreciation expense | 1,468 | 1,639 |
Amortization expense | 563 | 547 |
Impairment of assets held for sale | 48 | 0 |
Public offering transaction-related costs | 448 | 0 |
Restructuring expense | 7 | 60 |
Total operating expenses | 69,661 | 59,048 |
Loss from operations | -4,419 | -5,258 |
Other income (expense) | ' | ' |
Interest expense | -631 | -1,025 |
Other income, net | 243 | 190 |
Loss from continuing operations before income taxes | -4,807 | -6,093 |
Income tax benefit | 1,498 | 1,879 |
Loss from continuing operations | -3,309 | -4,214 |
Income from discontinued operations, net of income tax expense of $14 and $109, respectively | 21 | 157 |
Net loss | -3,288 | -4,057 |
Redeemable Class B Senior Preferred stock deemed dividend | 0 | 729 |
Loss attributable to common stockholders | ($3,288) | ($4,786) |
Weighted average common shares, basic and diluted | ' | ' |
Weighted average common shares outstanding, basic and diluted (in shares) | 25,684,014 | 13,523,270 |
Basic and diluted (loss) income per share | ' | ' |
Loss from continuing operations (in dollars per share) | ($0.13) | ($0.36) |
Income from discontinued operations (in dollars per share) | $0 | $0.01 |
Net loss per share (in dollars per share) | ($0.13) | ($0.35) |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Discontinued operations, income tax expense (benefit) | $14 | $109 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($3,288) | ($4,057) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ' | ' |
Depreciation expense | 2,474 | 2,414 |
Amortization of intangible assets | 563 | 547 |
Amortization of debt issuance costs | 126 | 164 |
Deferred income taxes | -1,593 | -1,874 |
Non-cash stock compensation expense | 485 | 146 |
Impairment of assets held for sale | 96 | 0 |
(Gain) loss on sale of property, equipment and real estate | -1 | 2 |
Bad debt expense | 256 | 488 |
Change in assets and liabilities | ' | ' |
Accounts receivable | -420 | -14,802 |
Inventories, net | -13,565 | -21,642 |
Accounts payable | 24,544 | 15,119 |
Other assets and liabilities | -1,321 | 5,854 |
Net cash provided by (used in) operating activities | 8,356 | -17,641 |
Cash flows from investing activities | ' | ' |
Change in restricted assets | 507 | 1,833 |
Proceeds from sale of property, equipment and real estate | 380 | 7 |
Purchases of property and equipment | -8,449 | -374 |
Net cash (used in) provided by investing activities | -7,562 | 1,466 |
Cash flows from financing activities | ' | ' |
Proceeds from revolving line of credit | 307,095 | 273,050 |
Repayments of proceeds from revolving line of credit | -299,548 | -252,784 |
Other financing activities | -1,736 | -1,027 |
Net cash provided by financing activities | 5,811 | 19,239 |
Net increase in cash and cash equivalents | 6,605 | 3,064 |
Cash and cash equivalents | ' | ' |
Beginning of period | 1,138 | 2,691 |
End of period | $7,743 | $5,755 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Stock Building Supply Holdings, Inc. and its subsidiaries (the “Company,” “we,” “us” and “our” ) distributes lumber and building materials to new construction and repair and remodeling contractors. Additionally, we provide solution-based services to our customers, including component design, production specification and installation management services. | |
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. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
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, 2013 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 2013 Annual Report on Form 10-K. 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 loss | |
Comprehensive loss is equal to the net loss for all periods presented. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued operations | ' | ||||||||
Discontinued Operations | |||||||||
During certain prior years, 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 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. To determine if cash flows have been (or will be) eliminated from ongoing operations, we evaluate a number of qualitative and quantitative factors, including, but not limited to, proximity of a closing store to any remaining open stores and the potential sales migration from the closed store to any stores remaining open. | |||||||||
The operating results of the discontinued operations for the three months ended March 31, 2014 and 2013 are as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Net sales | $ | — | $ | — | |||||
Restructuring charges | (5 | ) | (9 | ) | |||||
Gain before income taxes | 35 | 266 | |||||||
Income tax expense | (14 | ) | (109 | ) | |||||
Net income | 21 | 157 | |||||||
The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at March 31, 2014 and December 31, 2013 are as follows: | |||||||||
(in thousands) | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Real estate held for sale | $ | 652 | $ | 700 | |||||
Prepaid expenses and other current assets | 26 | 8 | |||||||
Current assets of discontinued operations | 678 | 708 | |||||||
Accrued expenses and other liabilities | 76 | 37 | |||||||
Restructuring reserve | 300 | 295 | |||||||
Current liabilities of discontinued operations | 376 | 332 | |||||||
Long-term restructuring reserve | 12 | 89 | |||||||
Noncurrent liabilities of discontinued operations | $ | 12 | $ | 89 | |||||
Restructuring_Costs
Restructuring Costs | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring costs | ' | ||||||||||||
Restructuring Costs | |||||||||||||
In addition to discontinuing operations in certain markets, the Company instituted store closures and reductions in headcount in continuing markets (collectively, the “Restructurings”) in certain prior years 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 March 31, 2014: | |||||||||||||
(in thousands) | Work Force | Store | Total | ||||||||||
Reductions | Closures | ||||||||||||
Restructuring reserves, December 31, 2013 | $ | 190 | $ | 3,412 | $ | 3,602 | |||||||
Restructuring charges incurred | — | 12 | 12 | ||||||||||
Cash payments | (41 | ) | (359 | ) | (400 | ) | |||||||
Restructuring reserves, March 31, 2014 | $ | 149 | $ | 3,065 | $ | 3,214 | |||||||
The remaining accrual for work force reduction of $0.1 million is expected to be fully paid by January 2015. The remaining accrual for store closures of $3.1 million is expected to be fully paid by January 2017 as the related leases expire. | |||||||||||||
The restructuring reserve at March 31, 2014 consists of a current portion of $1.6 million and a long-term portion of $1.6 million. The long-term portion is included in other long-term liabilities on the consolidated balance sheets. |
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Accounts receivable consist of the following at March 31, 2014 and December 31, 2013: | |||||||||
(in thousands) | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Trade receivables | $ | 116,341 | $ | 115,876 | |||||
Allowance for doubtful accounts | (2,786 | ) | (2,707 | ) | |||||
Allowance for sales returns and discounts | (2,106 | ) | (1,884 | ) | |||||
$ | 111,449 | $ | 111,285 | ||||||
Secured_Credit_Agreement
Secured Credit Agreement | 3 Months Ended | |
Mar. 31, 2014 | ||
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 2013 and 2014 for changes in financial covenants, maximum availability, maturity date and interest rate. The following is a summary of the significant terms of the Revolver as of March 31, 2014: | ||
Maturity | December 31, 2017 | |
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 London Inter Bank Offered Rate ("LIBOR") plus a LIBOR Rate Margin (ranges from 1.50%–2.00% based on Revolver availability) | |
Maximum Availability | Lesser of $200 million 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 million plus (iii) the lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. 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 0.25%. 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 the sum of (i) availability under the Revolver and (ii) qualified cash ("Adjusted Liquidity") is less than $20 million, and remains in effect until the date on which Adjusted Liquidity has been greater than or equal to $20 million for a period of 30 consecutive days. The Company incurred operating losses for the three months ended March 31, 2014 and 2013 and used cash for operating activities for the three months ended March 31, 2013. 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 ending December 31, 2014. | ||
The Company had outstanding borrowings of $66.6 million and $59.1 million with net availability of $88.6 million and $71.0 million as of March 31, 2014 and December 31, 2013, respectively. The interest rate on outstanding LIBOR Rate borrowings of $61.0 million was 1.7% and the interest rate on outstanding Base Rate borrowings of $5.6 million was 3.8% as of March 31, 2014. The interest rate on outstanding LIBOR Rate borrowings of $52.0 million was 1.9% and the interest rate on outstanding Base Rate borrowings of $7.1 million was 4.0% as of December 31, 2013. The Company had $8.9 million in letters of credit outstanding under the Credit Agreement as of March 31, 2014 and December 31, 2013. The Revolver is collateralized by substantially all assets of the Company. The carrying value of the Revolver at March 31, 2014 and December 31, 2013 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. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
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 $2.0 million and $1.9 million against its deferred tax assets related to certain tax jurisdictions as of March 31, 2014 and December 31, 2013, respectively. | |
During the three months ended March 31, 2014 and 2013, the Company recorded additional valuation allowances of $0.1 million and $0.0 million, 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. The Company is not permitted to carry back any of its existing 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 months ended March 31, 2014, the Company’s effective income tax rate including discontinued operations and other discrete items was 31.1%, which varied from the federal statutory rate of 35% primarily due to the unfavorable impact of non-deductible secondary offering transaction costs and a reduction in the annual effective tax rate from a permanent domestic manufacturing deduction under Internal Revenue Code Section 199 (the "Manufacturing Deduction"). For the three months ended March 31, 2013, the Company’s effective income tax rate including discontinued operations and other discrete items was 30.4%, which varied from the federal statutory rate of 35% primarily due to state income tax expense and the Manufacturing Deduction. | |
The effective income tax rate on continuing operations for the three months ended March 31, 2014 was 31.2% compared to an effective income tax rate on continuing operations of 30.8% for the three months ended March 31, 2013. The increase in the tax rates for the comparative three-month periods is primarily due to a change in state income tax expense and offsetting differences related to the Manufacturing Deduction, the valuation allowance against the Company's deferred tax assets and the non-deductibility of the secondary offering transaction costs. | |
The Company has no material uncertain tax positions as of March 31, 2014 and December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
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, 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. |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Stock based compensation | ' | |||||||||||||||||||||
Based Compensation | ||||||||||||||||||||||
The following table highlights the expense related to stock based compensation for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||
Nonvested stock | $ | 201 | $ | 82 | ||||||||||||||||||
Stock options | 267 | 64 | ||||||||||||||||||||
Restricted stock units | 17 | — | ||||||||||||||||||||
Stock based compensation | $ | 485 | $ | 146 | ||||||||||||||||||
The following is a summary of nonvested stock, restricted stock unit and stock option activity for the three months ended March 31, 2014: | ||||||||||||||||||||||
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, 2013 | 427,993 | $ | 15.72 | 10,000 | $ | 13.96 | 714,484 | $ | 9.98 | |||||||||||||
Granted | — | — | — | — | 6,000 | 18.14 | ||||||||||||||||
Vested/exercised | — | — | — | — | — | — | ||||||||||||||||
Forfeited | — | — | — | — | (1,000 | ) | 14 | |||||||||||||||
March 31, 2014 | 427,993 | $ | 15.72 | 10,000 | $ | 13.96 | 719,484 | $ | 10.05 | |||||||||||||
Segments
Segments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segments | ' | ||||||||||||||||
Segments | |||||||||||||||||
ASC 280, Segment Reporting 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. | |||||||||||||||||
The Company's operating segments consist of the East 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, the Company has aggregated our East 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." Other reconciling items 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 ended March 31, 2014 and 2013. | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||
Geographic divisions | $ | 268,453 | $ | 63,118 | $ | 2,819 | $ | 8,806 | |||||||||
Coleman Floor | 11,530 | 2,124 | 24 | (415 | ) | ||||||||||||
Other reconciling items | — | — | 193 | (8,281 | ) | ||||||||||||
$ | 279,983 | $ | 65,242 | $ | 3,036 | ||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||
Geographic divisions | $ | 238,503 | $ | 51,517 | $ | 2,622 | $ | 4,584 | |||||||||
Coleman Floor | 10,223 | 2,273 | 32 | 427 | |||||||||||||
Other reconciling items | — | — | 305 | (6,232 | ) | ||||||||||||
$ | 248,726 | $ | 53,790 | $ | 2,959 | ||||||||||||
Reconciliation to consolidated financial statements: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Net loss, as reported | $ | (3,288 | ) | $ | (4,057 | ) | |||||||||||
Interest expense | 631 | 1,025 | |||||||||||||||
Income tax benefit | (1,498 | ) | (1,879 | ) | |||||||||||||
Depreciation and amortization | 3,036 | 2,959 | |||||||||||||||
Impairment of assets held for sale | 48 | — | |||||||||||||||
Public offering transaction-related costs | 448 | — | |||||||||||||||
Restructuring expense | 7 | 60 | |||||||||||||||
Discontinued operations, net of taxes | (21 | ) | (157 | ) | |||||||||||||
Management fees | 77 | 406 | |||||||||||||||
Non-cash compensation expense | 485 | 146 | |||||||||||||||
Acquisition costs | — | 103 | |||||||||||||||
Severance and other expense related to store closures | 185 | 173 | |||||||||||||||
Adjusted EBITDA of Coleman Floor | 415 | (427 | ) | ||||||||||||||
Adjusted EBITDA of other reconciling items | 8,281 | 6,232 | |||||||||||||||
Adjusted EBITDA of geographic divisions reportable segment | $ | 8,806 | $ | 4,584 | |||||||||||||
Income_Loss_Per_Common_Share
Income (Loss) Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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. 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 ended March 31, 2014 and 2013 are presented below: | |||||||||
Three Months Ended March 31, | |||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | |||||||
Loss from continuing operations | $ | (3,309 | ) | $ | (4,214 | ) | |||
Redeemable Class B Senior Preferred stock deemed dividend | — | (729 | ) | ||||||
Loss attributable to common stockholders, from continuing operations | (3,309 | ) | (4,943 | ) | |||||
Income from discontinued operations, net of tax | 21 | 157 | |||||||
Loss attributable to common stockholders | $ | (3,288 | ) | $ | (4,786 | ) | |||
Weighted average common shares outstanding, basic and diluted | 25,684,014 | 13,523,270 | |||||||
Basic and diluted EPS | |||||||||
Loss from continuing operations | $ | (0.13 | ) | $ | (0.36 | ) | |||
Income from discontinued operations | — | 0.01 | |||||||
Net loss per share | $ | (0.13 | ) | $ | (0.35 | ) | |||
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: | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Stock option awards | 719,484 | 772,851 | |||||||
Nonvested stock awards | 427,993 | 379,841 | |||||||
Restricted stock units | 10,000 | — | |||||||
Convertible Class C Preferred Stock (as converted basis) | — | 4,454,889 | |||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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, 2013 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 2013 Annual Report on Form 10-K. 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 loss | ' |
Comprehensive loss | |
Comprehensive loss is equal to the net loss for all periods presented. |
Income_Taxes_Income_Tax_Polici
Income Taxes Income Tax (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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, 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. |
Income_Loss_Per_Common_Share_I
Income (Loss) Per Common Share Income (Loss) Per Common Share (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings per 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. 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. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 months ended March 31, 2014 and 2013 are as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Net sales | $ | — | $ | — | |||||
Restructuring charges | (5 | ) | (9 | ) | |||||
Gain before income taxes | 35 | 266 | |||||||
Income tax expense | (14 | ) | (109 | ) | |||||
Net income | 21 | 157 | |||||||
The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at March 31, 2014 and December 31, 2013 are as follows: | |||||||||
(in thousands) | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Real estate held for sale | $ | 652 | $ | 700 | |||||
Prepaid expenses and other current assets | 26 | 8 | |||||||
Current assets of discontinued operations | 678 | 708 | |||||||
Accrued expenses and other liabilities | 76 | 37 | |||||||
Restructuring reserve | 300 | 295 | |||||||
Current liabilities of discontinued operations | 376 | 332 | |||||||
Long-term restructuring reserve | 12 | 89 | |||||||
Noncurrent liabilities of discontinued operations | $ | 12 | $ | 89 | |||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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 March 31, 2014: | |||||||||||||
(in thousands) | Work Force | Store | Total | ||||||||||
Reductions | Closures | ||||||||||||
Restructuring reserves, December 31, 2013 | $ | 190 | $ | 3,412 | $ | 3,602 | |||||||
Restructuring charges incurred | — | 12 | 12 | ||||||||||
Cash payments | (41 | ) | (359 | ) | (400 | ) | |||||||
Restructuring reserves, March 31, 2014 | $ | 149 | $ | 3,065 | $ | 3,214 | |||||||
Accounts_Receivable_Accounts_R1
Accounts Receivable Accounts Receivable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of accounts receivable | ' | ||||||||
Accounts receivable consist of the following at March 31, 2014 and December 31, 2013: | |||||||||
(in thousands) | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Trade receivables | $ | 116,341 | $ | 115,876 | |||||
Allowance for doubtful accounts | (2,786 | ) | (2,707 | ) | |||||
Allowance for sales returns and discounts | (2,106 | ) | (1,884 | ) | |||||
$ | 111,449 | $ | 111,285 | ||||||
Secured_Credit_Agreement_Table
Secured Credit Agreement (Tables) | 3 Months Ended | |
Mar. 31, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Schedule of secured credit agreement | ' | |
The following is a summary of the significant terms of the Revolver as of March 31, 2014: | ||
Maturity | December 31, 2017 | |
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 London Inter Bank Offered Rate ("LIBOR") plus a LIBOR Rate Margin (ranges from 1.50%–2.00% based on Revolver availability) | |
Maximum Availability | Lesser of $200 million 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 million plus (iii) the lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. The Company’s borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement. |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
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 stock based compensation for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||
Nonvested stock | $ | 201 | $ | 82 | ||||||||||||||||||
Stock options | 267 | 64 | ||||||||||||||||||||
Restricted stock units | 17 | — | ||||||||||||||||||||
Stock based compensation | $ | 485 | $ | 146 | ||||||||||||||||||
Schedule of nonvested stock awards, restricted stock units and stock option activity | ' | |||||||||||||||||||||
The following is a summary of nonvested stock, restricted stock unit and stock option activity for the three months ended March 31, 2014: | ||||||||||||||||||||||
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, 2013 | 427,993 | $ | 15.72 | 10,000 | $ | 13.96 | 714,484 | $ | 9.98 | |||||||||||||
Granted | — | — | — | — | 6,000 | 18.14 | ||||||||||||||||
Vested/exercised | — | — | — | — | — | — | ||||||||||||||||
Forfeited | — | — | — | — | (1,000 | ) | 14 | |||||||||||||||
March 31, 2014 | 427,993 | $ | 15.72 | 10,000 | $ | 13.96 | 719,484 | $ | 10.05 | |||||||||||||
Segments_Tables
Segments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 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 ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | (in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Geographic divisions | $ | 238,503 | $ | 51,517 | $ | 2,622 | $ | 4,584 | |||||||||||||||||||||
Geographic divisions | $ | 268,453 | $ | 63,118 | $ | 2,819 | $ | 8,806 | ||||||||||||||||||||||||||
Coleman Floor | 10,223 | 2,273 | 32 | 427 | ||||||||||||||||||||||||||||||
Coleman Floor | 11,530 | 2,124 | 24 | (415 | ) | |||||||||||||||||||||||||||||
Other reconciling items | — | — | 305 | (6,232 | ) | |||||||||||||||||||||||||||||
Other reconciling items | — | — | 193 | (8,281 | ) | |||||||||||||||||||||||||||||
$ | 248,726 | $ | 53,790 | $ | 2,959 | |||||||||||||||||||||||||||||
$ | 279,983 | $ | 65,242 | $ | 3,036 | |||||||||||||||||||||||||||||
Reconciliation to consolidated financial statements: | ' | ' | ||||||||||||||||||||||||||||||||
Reconciliation to consolidated financial statements: | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Net loss, as reported | $ | (3,288 | ) | $ | (4,057 | ) | ||||||||||||||||||||||||||||
Interest expense | 631 | 1,025 | ||||||||||||||||||||||||||||||||
Income tax benefit | (1,498 | ) | (1,879 | ) | ||||||||||||||||||||||||||||||
Depreciation and amortization | 3,036 | 2,959 | ||||||||||||||||||||||||||||||||
Impairment of assets held for sale | 48 | — | ||||||||||||||||||||||||||||||||
Public offering transaction-related costs | 448 | — | ||||||||||||||||||||||||||||||||
Restructuring expense | 7 | 60 | ||||||||||||||||||||||||||||||||
Discontinued operations, net of taxes | (21 | ) | (157 | ) | ||||||||||||||||||||||||||||||
Management fees | 77 | 406 | ||||||||||||||||||||||||||||||||
Non-cash compensation expense | 485 | 146 | ||||||||||||||||||||||||||||||||
Acquisition costs | — | 103 | ||||||||||||||||||||||||||||||||
Severance and other expense related to store closures | 185 | 173 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA of Coleman Floor | 415 | (427 | ) | |||||||||||||||||||||||||||||||
Adjusted EBITDA of other reconciling items | 8,281 | 6,232 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA of geographic divisions reportable segment | $ | 8,806 | $ | 4,584 | ||||||||||||||||||||||||||||||
Income_Loss_Per_Common_Share_T
Income (Loss) Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of basic and diluted EPS calculations | ' | ||||||||
The basic and diluted EPS calculations for the three months ended March 31, 2014 and 2013 are presented below: | |||||||||
Three Months Ended March 31, | |||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | |||||||
Loss from continuing operations | $ | (3,309 | ) | $ | (4,214 | ) | |||
Redeemable Class B Senior Preferred stock deemed dividend | — | (729 | ) | ||||||
Loss attributable to common stockholders, from continuing operations | (3,309 | ) | (4,943 | ) | |||||
Income from discontinued operations, net of tax | 21 | 157 | |||||||
Loss attributable to common stockholders | $ | (3,288 | ) | $ | (4,786 | ) | |||
Weighted average common shares outstanding, basic and diluted | 25,684,014 | 13,523,270 | |||||||
Basic and diluted EPS | |||||||||
Loss from continuing operations | $ | (0.13 | ) | $ | (0.36 | ) | |||
Income from discontinued operations | — | 0.01 | |||||||
Net loss per share | $ | (0.13 | ) | $ | (0.35 | ) | |||
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: | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Stock option awards | 719,484 | 772,851 | |||||||
Nonvested stock awards | 427,993 | 379,841 | |||||||
Restricted stock units | 10,000 | — | |||||||
Convertible Class C Preferred Stock (as converted basis) | — | 4,454,889 | |||||||
Discontinued_Operations_Income
Discontinued Operations (Income Statement) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' |
Net sales | $0 | $0 |
Restructuring charges | -5 | -9 |
Gain before income taxes | 35 | 266 |
Income tax expense | -14 | -109 |
Net income | $21 | $157 |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Balance Sheet) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' |
Real estate held for sale | $652 | $700 |
Prepaid expenses and other current assets | 26 | 8 |
Current assets of discontinued operations | 678 | 708 |
Accrued expenses and other liabilities | 76 | 37 |
Restructuring reserve | 300 | 295 |
Current liabilities of discontinued operations | 376 | 332 |
Long-term restructuring reserve | 12 | 89 |
Noncurrent liabilities of discontinued operations | $12 | $89 |
Restructuring_Costs_Schedule_o
Restructuring Costs (Schedule of restructuring expenses) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Restructuring reserves, December 31, 2013 | $3,602 |
Restructuring charges incurred | 12 |
Cash payments | -400 |
Restructuring reserves, March 31, 2014 | 3,214 |
Work force reductions [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring reserves, December 31, 2013 | 190 |
Restructuring charges incurred | 0 |
Cash payments | -41 |
Restructuring reserves, March 31, 2014 | 149 |
Store closures [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring reserves, December 31, 2013 | 3,412 |
Restructuring charges incurred | 12 |
Cash payments | -359 |
Restructuring reserves, March 31, 2014 | $3,065 |
Restructuring_Costs_Narrative_
Restructuring Costs (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | $3,214,000 | $3,602,000 |
Current portion of restructuring reserve | 1,595,000 | 1,594,000 |
Long-term restructuring reserve | 1,600,000 | ' |
Work force reductions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | 149,000 | 190,000 |
Restructuring reserve completion date | 31-Jan-15 | ' |
Store closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | $3,065,000 | $3,412,000 |
Restructuring reserve completion date | 31-Jan-17 | ' |
Accounts_Receivable_Accounts_R2
Accounts Receivable Accounts Receivable (Accounts Receivable) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Trade receivables | $116,341 | $115,876 |
Allowance for doubtful accounts | -2,786 | -2,707 |
Allowance for sales returns and discounts | -2,106 | -1,884 |
Accounts receivable, net | $111,449 | $111,285 |
Secured_Credit_Agreement_Detai
Secured Credit Agreement (Details) (Revolving Credit Facility [Member], Wells Fargo Capital Finance [Member], USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | ||
Line of Credit Facility [Line Items] | ' | ' | |
Maturity date | 31-Dec-17 | ' | |
Maximum borrowing capacity | $200,000,000 | [1] | ' |
Unused capacity, commitment fee percentage | 0.25% | ' | |
Minimum fixed charge coverage ratio | 1 | ' | |
Threshold for minimum adjusted liquidity | 20,000,000 | ' | |
Minimum adjusted liquidity for 30 consecutive days | 20,000,000 | ' | |
Credit facility, amount outstanding | 66,600,000 | 59,100,000 | |
Remaining borrowing capacity | 88,600,000 | 71,000,000 | |
Letters of credit, amount outstanding | 8,900,000 | 8,900,000 | |
85% of eligible accounts receivable [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Borrowing base, percentage of accounts receivable | 85.00% | ' | |
Lesser of 90% of eligible credit card receivables and $5 million [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Borrowing base, percentage of credit card receivables | 90.00% | ' | |
Portion of borrowing base | 5,000,000 | ' | |
Lesser of $125 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Borrowing base, percentage of eligible inventory | 65.00% | ' | |
Borrowing base, percentage of net liquidation value of eligible inventory | 85.00% | ' | |
Portion of borrowing base | 150,000,000 | ' | |
Lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Borrowing base, percentage of net liquidation value of eligible fixed assets | 85.00% | ' | |
Portion of borrowing base | 30,000,000 | ' | |
LIBOR [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Credit facility, amount outstanding | 61,000,000 | 52,000,000 | |
Interest rate at period end | 1.70% | 1.90% | |
Base Rate [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Credit facility, amount outstanding | $5,600,000 | $7,100,000 | |
Interest rate at period end | 3.80% | 4.00% | |
Base Rate Option [Member] | Federal Funds Rate [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 0.50% | ' | |
Base Rate Option [Member] | Base Rate [Member] | Minimum [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 0.50% | [2] | ' |
Base Rate Option [Member] | Base Rate [Member] | Maximum [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 1.00% | [2] | ' |
LIBOR Rate Option [Member] | LIBOR [Member] | Minimum [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 1.50% | [2] | ' |
LIBOR Rate Option [Member] | LIBOR [Member] | Maximum [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 2.00% | [2] | ' |
[1] | The Revolverbs borrowing base is calculated as the sum of (i) 85% of the Companybs eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5 million plus (iii) the lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. The Companybs borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement. | ||
[2] | Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Valuation allowance | $2 | ' | $1.90 |
Increase (decrease) in valuation allowance from continuing operations | $0.10 | $0 | ' |
Effective income tax rate reconciliation including discontinued operations | 31.10% | 30.40% | ' |
Income tax expense at statutory rate | 35.00% | 35.00% | ' |
Effective income tax rate on continuing operations | 31.20% | 30.80% | ' |
Stock_Based_Compensation_Stock
Stock Based Compensation (Stock based compensation expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock based compensation | $485 | $146 |
Nonvested stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock based compensation | 201 | 82 |
Stock options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock based compensation | 267 | 64 |
Restricted stock units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock based compensation | $17 | $0 |
Stock_Based_Compensation_Summa
Stock Based Compensation (Summary of non-vested stock and restricted stock units) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Nonvested stock [Member] | ' |
Number of shares outstanding (in shares): | ' |
December 31, 2013 (in shares) | 427,993 |
Granted (in shares) | 0 |
Vested/exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
March 31, 2014 (in shares) | 427,993 |
Weighted average grant date fair value (in dollars per share): | ' |
December 31, 2013 (in dollars per share) | $15.72 |
Granted (in dollars per share) | $0 |
Vested/exercised (in dollars per share) | $0 |
Forfeited (in dollars per share) | $0 |
March 31, 2014 (in dollars per share) | $15.72 |
Restricted stock units [Member] | ' |
Number of shares outstanding (in shares): | ' |
December 31, 2013 (in shares) | 10,000 |
Granted (in shares) | 0 |
Vested/exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
March 31, 2014 (in shares) | 10,000 |
Weighted average grant date fair value (in dollars per share): | ' |
December 31, 2013 (in dollars per share) | $13.96 |
Granted (in dollars per share) | $0 |
Vested/exercised (in dollars per share) | $0 |
Forfeited (in dollars per share) | $0 |
March 31, 2014 (in dollars per share) | $13.96 |
Stock_Based_Compensation_Stock1
Stock Based Compensation Stock Based Compensation (Summary of stock option awards) (Details) (Stock options [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Stock options [Member] | ' |
Stock Options, Number of options outstanding (in shares): | ' |
December 31, 2013 (in shares) | 714,484 |
Granted (in shares) | 6,000 |
Vested/exercised (in shares) | 0 |
Forfeited (in shares) | -1,000 |
March 31, 2014 (in shares) | 719,484 |
Stock Options, Weighted average exercise price (in dollars per share): | ' |
December 31, 2013 (in dollars per share) | $9.98 |
Granted (in dollars per share) | $18.14 |
Vested/exercised (in dollars per share) | $0 |
Forfeited (in dollars per share) | $14 |
March 31, 2014 (in dollars per share) | $10.05 |
Segments_Schedule_of_net_sales
Segments (Schedule of net sales, adjusted EBITDA and certain other measures by reportable segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | $279,983 | $248,726 |
Gross profit | 65,242 | 53,790 |
Depreciation & amortization | 3,036 | 2,959 |
Operating segments [Member] | Geographic divisions [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 268,453 | 238,503 |
Gross profit | 63,118 | 51,517 |
Depreciation & amortization | 2,819 | 2,622 |
Adjusted EBITDA | 8,806 | 4,584 |
Operating segments [Member] | Coleman Floor [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 11,530 | 10,223 |
Gross profit | 2,124 | 2,273 |
Depreciation & amortization | 24 | 32 |
Adjusted EBITDA | -415 | 427 |
Other reconciling items [Member] | Other reconciling items [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 0 | 0 |
Gross profit | 0 | 0 |
Depreciation & amortization | 193 | 305 |
Adjusted EBITDA | ($8,281) | ($6,232) |
Segments_Reconciliation_of_adj
Segments (Reconciliation of adjusted EBITDA to consolidated financial statements) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Net loss, as reported | ($3,288) | ($4,057) |
Interest expense | 631 | 1,025 |
Income tax benefit | -1,498 | -1,879 |
Depreciation and amortization | 3,036 | 2,959 |
Impairment of assets held for sale | 48 | 0 |
Public offering transaction-related costs | 448 | 0 |
Restructuring expense | 7 | 60 |
Discontinued operations, net of taxes | -21 | -157 |
Management fees | 77 | 406 |
Non-cash compensation expense | 485 | 146 |
Acquisition costs | 0 | 103 |
Severance and other expense related to store closures | 185 | 173 |
Other reconciling items [Member] | Other reconciling items [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization | 193 | 305 |
Adjusted EBITDA | -8,281 | -6,232 |
Operating segments [Member] | Coleman Floor [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization | 24 | 32 |
Adjusted EBITDA | -415 | 427 |
Operating segments [Member] | Geographic divisions [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization | 2,819 | 2,622 |
Adjusted EBITDA | $8,806 | $4,584 |
Segments_Narrative_Details
Segments (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 1 |
Income_Loss_Per_Common_Share_B
Income (Loss) Per Common Share (Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Loss from continuing operations | ($3,309) | ($4,214) |
Redeemable Class B Senior Preferred stock deemed dividend | 0 | -729 |
Loss attributable to common stockholders, from continuing operations | -3,309 | -4,943 |
Income from discontinued operations, net of tax | 21 | 157 |
Loss attributable to common stockholders | ($3,288) | ($4,786) |
Weighted average common shares outstanding, basic and diluted (in shares) | 25,684,014 | 13,523,270 |
Basic and Diluted EPS | ' | ' |
Loss from continuing operations (in dollars per share) | ($0.13) | ($0.36) |
Income from discontinued operations (in dollars per share) | $0 | $0.01 |
Net loss per share (in dollars per share) | ($0.13) | ($0.35) |
Income_Loss_Per_Common_Share_S
Income (Loss) Per Common Share (Schedule of anti-dilutive securities) (Details) | Mar. 31, 2014 | Mar. 31, 2013 |
Stock option awards [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 719,484 | 772,851 |
Nonvested stock awards [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 427,993 | 379,841 |
Restricted stock units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 10,000 | 0 |
Class C Convertible Preferred Stock (as converted basis) [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 4,454,889 |