Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 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 | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,171,056 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $9,116 | $1,138 |
Restricted assets | 460 | 460 |
Accounts receivable, net | 130,999 | 111,285 |
Inventories, net | 117,563 | 91,303 |
Costs in excess of billings on uncompleted contracts | 9,877 | 7,921 |
Assets held for sale | 300 | 2,363 |
Prepaid expenses and other current assets | 10,654 | 9,332 |
Deferred income taxes | 5,027 | 3,332 |
Total current assets | 283,996 | 227,134 |
Property and equipment, net of accumulated depreciation | 64,137 | 56,039 |
Intangible assets, net of accumulated amortization | 23,662 | 24,789 |
Goodwill | 7,186 | 7,186 |
Restricted assets | 856 | 1,359 |
Other assets | 1,987 | 2,033 |
Total assets | 381,824 | 318,540 |
Current liabilities | ' | ' |
Accounts payable | 91,422 | 64,984 |
Accrued expenses and other liabilities | 30,923 | 30,528 |
Income taxes payable | 4,736 | 2,989 |
Current portion of restructuring reserve | 1,439 | 1,594 |
Current portion of capital lease obligation | 1,431 | 1,240 |
Billings in excess of costs on uncompleted contracts | 2,270 | 1,599 |
Total current liabilities | 132,221 | 102,934 |
Revolving line of credit | 90,834 | 59,072 |
Long-term portion of capital lease obligation | 6,023 | 6,011 |
Deferred income taxes | 14,186 | 15,496 |
Other long-term liabilities | 7,458 | 7,346 |
Total liabilities | 250,722 | 190,859 |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding at June 30, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $0.01 par value, 300,000,000 shares authorized, 26,126,811 and 26,112,007 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 261 | 261 |
Additional paid-in capital | 145,652 | 144,570 |
Retained deficit | -14,811 | -17,150 |
Total stockholders' equity | 131,102 | 127,681 |
Total liabilities and stockholders' equity | $381,824 | $318,540 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 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) | 26,126,811 | 26,112,007 |
Common stock, shares outstanding (in shares) | 26,126,811 | 26,112,007 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $344,586 | $314,653 | $624,569 | $563,379 |
Cost of goods sold | 262,372 | 243,143 | 477,113 | 438,079 |
Gross profit | 82,214 | 71,510 | 147,456 | 125,300 |
Selling, general and administrative expenses | 71,086 | 64,725 | 138,213 | 121,527 |
Depreciation expense | 1,641 | 1,621 | 3,109 | 3,260 |
Amortization expense | 564 | 562 | 1,127 | 1,109 |
Impairment of assets held for sale | 0 | 0 | 48 | 0 |
Public offering transaction-related costs | 0 | 686 | 448 | 686 |
Restructuring expense | 2 | 39 | 9 | 99 |
Total operating expenses | 73,293 | 67,633 | 142,954 | 126,681 |
Income (loss) from operations | 8,921 | 3,877 | 4,502 | -1,381 |
Other income (expense) | ' | ' | ' | ' |
Interest expense | -668 | -1,233 | -1,299 | -2,258 |
Other income, net | 170 | 206 | 413 | 396 |
Income (loss) from continuing operations before income taxes | 8,423 | 2,850 | 3,616 | -3,243 |
Income tax (expense) benefit | -2,943 | -966 | -1,445 | 913 |
Income (loss) from continuing operations | 5,480 | 1,884 | 2,171 | -2,330 |
Income from discontinued operations, net of income tax expense of $94, $74, $108 and $183, respectively | 147 | 94 | 168 | 251 |
Net income (loss) | 5,627 | 1,978 | 2,339 | -2,079 |
Redeemable Class B Senior Preferred stock deemed dividend | 0 | -744 | 0 | -1,473 |
Income (loss) attributable to common stockholders | $5,627 | $1,234 | $2,339 | ($3,552) |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic (in shares) | 25,722,671 | 13,750,400 | 25,703,449 | 13,637,462 |
Diluted (in shares) | 26,224,550 | 18,887,677 | 26,212,787 | 13,637,462 |
Basic income (loss) per share | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.21 | $0.06 | $0.08 | ($0.28) |
Income from discontinued operations (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.02 |
Net income (loss) per share (in dollars per share) | $0.22 | $0.07 | $0.09 | ($0.26) |
Diluted income (loss) per share | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.21 | $0.06 | $0.08 | ($0.28) |
Income from discontinued operations (in dollars per share) | $0 | $0.01 | $0.01 | $0.02 |
Net income (loss) per share (in dollars per share) | $0.21 | $0.07 | $0.09 | ($0.26) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Discontinued operations, income tax expense (benefit) | $94 | $74 | $108 | $183 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income (loss) | $2,339 | ($2,079) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ' | ' |
Depreciation expense | 5,319 | 4,920 |
Amortization of intangible assets | 1,127 | 1,109 |
Amortization of debt issuance costs | 239 | 323 |
Deferred income taxes | -3,005 | -2,589 |
Non-cash stock compensation expense | 980 | 264 |
Impairment of assets held for sale | 96 | 0 |
Gain on sale of property, equipment and real estate | -684 | -11 |
Bad debt expense | 259 | 795 |
Change in assets and liabilities | ' | ' |
Accounts receivable | -19,973 | -31,095 |
Inventories, net | -26,260 | -27,061 |
Accounts payable | 28,609 | 15,448 |
Other assets and liabilities | -927 | 1,294 |
Net cash used in operating activities | -11,881 | -38,682 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment | -12,837 | -1,335 |
Proceeds from sale of property, equipment and real estate | 2,603 | 2,539 |
Change in restricted assets | 503 | 1,684 |
Purchase of business | 0 | -2,373 |
Net cash (used in) provided by investing activities | -9,731 | 515 |
Cash flows from financing activities | ' | ' |
Proceeds from revolving line of credit | 681,675 | 618,455 |
Repayments of proceeds from revolving line of credit | -649,913 | -572,974 |
Other financing activities | -2,172 | -948 |
Net cash provided by financing activities | 29,590 | 44,533 |
Net increase in cash and cash equivalents | 7,978 | 6,366 |
Cash and cash equivalents | ' | ' |
Beginning of period | 1,138 | 2,691 |
End of period | $9,116 | $9,057 |
Organization
Organization | 6 Months Ended |
Jun. 30, 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, product 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 | 6 Months Ended |
Jun. 30, 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 income (loss) | |
Comprehensive income (loss) is equal to the net income (loss) for all periods presented. | |
Reclassification | |
The condensed consolidated statements of operations for the three and six months ended June 30, 2013 included herein reflect $0.7 million within the line item "Public offering 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. | |
Recently issued accounting pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 provides a comprehensive revenue recognition model requiring companies to recognize revenue for the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early application is not permitted. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the standard on our financial position and results of operations. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
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 $2.6 million. This amount included an initial holdback amount of $0.2 million, which was paid to the sellers during the three months ended June 30, 2014. 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 $0.2 million during the three and six months ended June 30, 2013, which are included in selling, general and administrative expenses on the consolidated statements of operations. The impact of this acquisition on our operating results was not considered material for the reporting of pro forma financial information. | |
The Company acquired total assets of $3.1 million and assumed liabilities of $1.4 million. The assets acquired include a customer relationship intangible asset of $1.2 million. Goodwill of $0.7 million 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued operations | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
During certain prior years, the Company ceased operations in certain geographic markets. 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 and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | |||||||||
Restructuring charges | (11 | ) | (9 | ) | (16 | ) | (18 | ) | |||||||||
Gain before income taxes | 241 | 168 | 276 | 434 | |||||||||||||
Income tax expense | (94 | ) | (74 | ) | (108 | ) | (183 | ) | |||||||||
Net income | 147 | 94 | 168 | 251 | |||||||||||||
The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
(in thousands) | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Real estate held for sale | $ | — | $ | 700 | |||||||||||||
Prepaid expenses and other current assets | 7 | 8 | |||||||||||||||
Current assets of discontinued operations | 7 | 708 | |||||||||||||||
Accrued expenses and other liabilities | 52 | 37 | |||||||||||||||
Current portion of restructuring reserve | 206 | 295 | |||||||||||||||
Current liabilities of discontinued operations | 258 | 332 | |||||||||||||||
Long-term portion of restructuring reserve | — | 89 | |||||||||||||||
Long-term liabilities of discontinued operations | $ | — | $ | 89 | |||||||||||||
Restructuring_Costs
Restructuring Costs | 6 Months Ended | ||||||||||||
Jun. 30, 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 June 30, 2014: | |||||||||||||
(in thousands) | Work Force | Store | Total | ||||||||||
Reductions | Closures | ||||||||||||
Restructuring reserves, December 31, 2013 | $ | 190 | $ | 3,412 | $ | 3,602 | |||||||
Restructuring charges incurred | — | 25 | 25 | ||||||||||
Cash payments | (88 | ) | (758 | ) | (846 | ) | |||||||
Restructuring reserves, June 30, 2014 | $ | 102 | $ | 2,679 | $ | 2,781 | |||||||
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 $2.7 million is expected to be fully paid by January 2017 as the related leases expire. | |||||||||||||
The restructuring reserve at June 30, 2014 consists of a current portion of $1.4 million and a long-term portion of $1.4 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 | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Accounts receivable consist of the following at June 30, 2014 and December 31, 2013: | |||||||||
(in thousands) | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Trade receivables | $ | 135,774 | $ | 115,876 | |||||
Allowance for doubtful accounts | (2,433 | ) | (2,707 | ) | |||||
Allowance for sales returns and discounts | (2,342 | ) | (1,884 | ) | |||||
$ | 130,999 | $ | 111,285 | ||||||
Secured_Credit_Agreement
Secured Credit Agreement | 6 Months Ended | |
Jun. 30, 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 June 30, 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 used cash for operating activities for the six months ended June 30, 2014. 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 $90.8 million and $59.1 million with net availability of $90.2 million and $71.0 million as of June 30, 2014 and December 31, 2013, respectively. The interest rate on outstanding LIBOR Rate borrowings of $81.0 million was 1.7% and the interest rate on outstanding Base Rate borrowings of $9.8 million was 3.8% as of June 30, 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 $9.2 million and $8.9 million in letters of credit outstanding under the Credit Agreement as of June 30, 2014 and December 31, 2013, respectively. The Revolver is collateralized by substantially all assets of the Company. The carrying value of the Revolver at June 30, 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 | 6 Months Ended |
Jun. 30, 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 $1.9 million against its deferred tax assets related to certain tax jurisdictions as of June 30, 2014 and December 31, 2013. | |
During the three and six months ended June 30, 2014 and 2013, the Company did not recognize material changes to its valuation allowances against deferred tax assets related to 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 and six months ended June 30, 2014, the Company’s effective income tax rate including discontinued operations and other discrete items was 35.1% and 39.9%, respectively, which varied from the federal statutory rate of 35% primarily due to the unfavorable impact of certain non-deductible secondary offering transaction-related 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 and six months ended June 30, 2013, the Company’s effective income tax rate including discontinued operations and other discrete items was 34.5% and 26.0%, respectively, which varied from the federal statutory rate of 35% primarily due to the unfavorable impact of certain non-deductible initial public offering transaction-related costs and the reduction in the annual effective tax rate from the Manufacturing Deduction. | |
The effective income tax rate on continuing operations for the three months ended June 30, 2014 was 34.9% compared to an effective income tax rate on continuing operations of 33.9% for the three months ended June 30, 2013. The effective income tax rate on continuing operations for the six months ended June 30, 2014 was 40.0% compared to an effective income tax rate on continuing operations of 28.2% for the six months ended June 30, 2013. The increase in the tax rates for the comparative three-month and six-month periods is primarily due to a change in the Manufacturing Deduction tax benefits and the non-deductibility of certain public offering transaction-related costs. | |
The Company has no material uncertain tax positions as of June 30, 2014 and December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Stock based compensation | ' | |||||||||||||||||||||
Stock Based Compensation | ||||||||||||||||||||||
The following table highlights the expense related to stock based compensation for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Nonvested stock | $ | 187 | $ | 54 | $ | 388 | $ | 136 | ||||||||||||||
Stock options | 268 | 64 | 535 | 128 | ||||||||||||||||||
Restricted stock units | 40 | — | 57 | — | ||||||||||||||||||
Stock based compensation | $ | 495 | $ | 118 | $ | 980 | $ | 264 | ||||||||||||||
The following is a summary of nonvested stock, restricted stock unit and stock option activity for the six months ended June 30, 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 | — | — | 11,124 | 18.39 | 9,000 | 18.22 | ||||||||||||||||
Vested/exercised | (29,218 | ) | 2.6 | — | — | (14,804 | ) | 0.97 | ||||||||||||||
Forfeited | — | — | — | — | (26,250 | ) | 14 | |||||||||||||||
June 30, 2014 | 398,775 | $ | 16.68 | 21,124 | $ | 16.29 | 682,430 | $ | 10.14 | |||||||||||||
Segments
Segments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 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 and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||
Three Months Ended June 30, 2014 | June 30, | ||||||||||||||||||||
2014 | |||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | ||||||||||||||||
Geographic divisions | $ | 331,390 | $ | 80,002 | $ | 3,144 | $ | 21,382 | $ | 346,486 | |||||||||||
Coleman Floor | 13,196 | 2,212 | 29 | (182 | ) | 10,519 | |||||||||||||||
Other reconciling items | — | — | 237 | (8,260 | ) | 24,819 | |||||||||||||||
$ | 344,586 | $ | 82,214 | $ | 3,410 | $ | 381,824 | ||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||||||
Geographic divisions | $ | 302,666 | $ | 69,085 | $ | 2,925 | $ | 14,788 | |||||||||||||
Coleman Floor | 11,987 | 2,425 | 33 | 397 | |||||||||||||||||
Other reconciling items | — | — | 109 | (6,159 | ) | ||||||||||||||||
$ | 314,653 | $ | 71,510 | $ | 3,067 | ||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||||||
Geographic divisions | $ | 599,843 | $ | 143,120 | $ | 5,963 | $ | 30,188 | |||||||||||||
Coleman Floor | 24,726 | 4,336 | 53 | (597 | ) | ||||||||||||||||
Other reconciling items | — | — | 430 | (16,541 | ) | ||||||||||||||||
$ | 624,569 | $ | 147,456 | $ | 6,446 | ||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||||||
Geographic divisions | $ | 541,183 | $ | 120,618 | $ | 5,548 | $ | 19,372 | |||||||||||||
Coleman Floor | 22,196 | 4,682 | 65 | 824 | |||||||||||||||||
Other reconciling items | — | — | 413 | (12,391 | ) | ||||||||||||||||
$ | 563,379 | $ | 125,300 | $ | 6,026 | ||||||||||||||||
Reconciliation to consolidated financial statements: | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Net income (loss), as reported | $ | 5,627 | $ | 1,978 | $ | 2,339 | $ | (2,079 | ) | ||||||||||||
Interest expense | 668 | 1,233 | 1,299 | 2,258 | |||||||||||||||||
Income tax expense (benefit) | 2,943 | 966 | 1,445 | (913 | ) | ||||||||||||||||
Depreciation and amortization | 3,410 | 3,067 | 6,446 | 6,026 | |||||||||||||||||
Impairment of assets held for sale | — | — | 48 | — | |||||||||||||||||
Public offering transaction-related costs | — | 686 | 448 | 686 | |||||||||||||||||
Restructuring expense | 2 | 39 | 9 | 99 | |||||||||||||||||
Discontinued operations, net of taxes | (147 | ) | (94 | ) | (168 | ) | (251 | ) | |||||||||||||
Management fees | 12 | 560 | 89 | 966 | |||||||||||||||||
Non-cash compensation expense | 495 | 118 | 980 | 264 | |||||||||||||||||
Acquisition costs | — | 154 | — | 257 | |||||||||||||||||
Severance and other items related to store closures | (70 | ) | 319 | 115 | 492 | ||||||||||||||||
Adjusted EBITDA of Coleman Floor | 182 | (397 | ) | 597 | (824 | ) | |||||||||||||||
Adjusted EBITDA of other reconciling items | 8,260 | 6,159 | 16,541 | 12,391 | |||||||||||||||||
Adjusted EBITDA of geographic divisions reportable segment | $ | 21,382 | $ | 14,788 | $ | 30,188 | $ | 19,372 | |||||||||||||
Income_Loss_Per_Common_Share
Income (Loss) Per Common Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 potential common shares, determined using the treasury-stock method. For purposes of the diluted EPS calculation, stock options, nonvested stock and restricted stock unit awards are considered to be potential common shares. 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 and six months ended June 30, 2014 and 2013 are presented below: | |||||||||||||||||
Basic EPS | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from continuing operations | $ | 5,480 | $ | 1,884 | $ | 2,171 | $ | (2,330 | ) | ||||||||
Redeemable Class B Senior Preferred stock deemed dividend | — | (744 | ) | — | (1,473 | ) | |||||||||||
Income from continuing operations allocated to participating securities | — | (279 | ) | — | — | ||||||||||||
Income (loss) attributable to common stockholders, from continuing operations | 5,480 | 861 | 2,171 | (3,803 | ) | ||||||||||||
Income from discontinued operations, net of tax | 147 | 94 | 168 | 251 | |||||||||||||
Income from discontinued operations allocated to participating securities | — | (23 | ) | — | — | ||||||||||||
Income attributable to common stockholders from discontinued operations | 147 | 71 | 168 | 251 | |||||||||||||
Income (loss) attributable to common stockholders | $ | 5,627 | $ | 932 | $ | 2,339 | $ | (3,552 | ) | ||||||||
Weighted average outstanding shares of common stock | 25,722,671 | 13,750,400 | 25,703,449 | 13,637,462 | |||||||||||||
Basic EPS | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.21 | $ | 0.06 | $ | 0.08 | $ | (0.28 | ) | ||||||||
Income from discontinued operations | 0.01 | 0.01 | 0.01 | 0.02 | |||||||||||||
Net income (loss) per share | $ | 0.22 | $ | 0.07 | $ | 0.09 | $ | (0.26 | ) | ||||||||
Diluted EPS | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from continuing operations | $ | 5,480 | $ | 1,884 | $ | 2,171 | $ | (2,330 | ) | ||||||||
Redeemable Class B Senior Preferred stock deemed dividend | — | (744 | ) | — | (1,473 | ) | |||||||||||
Income (loss) attributable to common stockholders, from continuing operations | 5,480 | 1,140 | 2,171 | (3,803 | ) | ||||||||||||
Income from discontinued operations, net of tax | 147 | 94 | 168 | 251 | |||||||||||||
Income (loss) attributable to common stockholders | $ | 5,627 | $ | 1,234 | $ | 2,339 | $ | (3,552 | ) | ||||||||
Weighted average outstanding shares of common stock | 25,722,671 | 13,750,400 | 25,703,449 | 13,637,462 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Redeemable Class C Convertible Preferred stock (as converted basis) | — | 4,454,889 | — | — | |||||||||||||
Nonvested stock | 351,741 | 565,241 | 361,322 | — | |||||||||||||
Stock options | 145,290 | 117,147 | 143,791 | — | |||||||||||||
Restricted stock units | 4,848 | — | 4,225 | — | |||||||||||||
Weighted average shares and dilutive shares | 26,224,550 | 18,887,677 | 26,212,787 | 13,637,462 | |||||||||||||
Diluted EPS | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.21 | $ | 0.06 | $ | 0.08 | $ | (0.28 | ) | ||||||||
Income from discontinued operations | — | 0.01 | 0.01 | 0.02 | |||||||||||||
Net income (loss) per share | $ | 0.21 | $ | 0.07 | $ | 0.09 | $ | (0.26 | ) | ||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 127,773 | — | 127,773 | 575,463 | |||||||||||||
Nonvested stock | — | — | — | 226,607 | |||||||||||||
Redeemable Class C Convertible Preferred Stock (as converted basis) | — | — | — | 4,454,889 | |||||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 income (loss) | ' |
Comprehensive income (loss) | |
Comprehensive income (loss) is equal to the net income (loss) for all periods presented. | |
Reclassification | ' |
Reclassification | |
The condensed consolidated statements of operations for the three and six months ended June 30, 2013 included herein reflect $0.7 million within the line item "Public offering 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. | |
Recently issued accounting pronouncements | ' |
Recently issued accounting pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 provides a comprehensive revenue recognition model requiring companies to recognize revenue for the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early application is not permitted. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the standard on our financial position and results of operations. |
Acquisitions_Acquisitions_Poli
Acquisitions Acquisitions (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
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. |
Income_Taxes_Income_Tax_Polici
Income Taxes Income Tax (Policies) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 potential common shares, determined using the treasury-stock method. For purposes of the diluted EPS calculation, stock options, nonvested stock and restricted stock unit awards are considered to be potential common shares. 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) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | |||||||||
Restructuring charges | (11 | ) | (9 | ) | (16 | ) | (18 | ) | |||||||||
Gain before income taxes | 241 | 168 | 276 | 434 | |||||||||||||
Income tax expense | (94 | ) | (74 | ) | (108 | ) | (183 | ) | |||||||||
Net income | 147 | 94 | 168 | 251 | |||||||||||||
The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
(in thousands) | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Real estate held for sale | $ | — | $ | 700 | |||||||||||||
Prepaid expenses and other current assets | 7 | 8 | |||||||||||||||
Current assets of discontinued operations | 7 | 708 | |||||||||||||||
Accrued expenses and other liabilities | 52 | 37 | |||||||||||||||
Current portion of restructuring reserve | 206 | 295 | |||||||||||||||
Current liabilities of discontinued operations | 258 | 332 | |||||||||||||||
Long-term portion of restructuring reserve | — | 89 | |||||||||||||||
Long-term liabilities of discontinued operations | $ | — | $ | 89 | |||||||||||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 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 June 30, 2014: | |||||||||||||
(in thousands) | Work Force | Store | Total | ||||||||||
Reductions | Closures | ||||||||||||
Restructuring reserves, December 31, 2013 | $ | 190 | $ | 3,412 | $ | 3,602 | |||||||
Restructuring charges incurred | — | 25 | 25 | ||||||||||
Cash payments | (88 | ) | (758 | ) | (846 | ) | |||||||
Restructuring reserves, June 30, 2014 | $ | 102 | $ | 2,679 | $ | 2,781 | |||||||
Accounts_Receivable_Accounts_R1
Accounts Receivable Accounts Receivable (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of accounts receivable | ' | ||||||||
Accounts receivable consist of the following at June 30, 2014 and December 31, 2013: | |||||||||
(in thousands) | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Trade receivables | $ | 135,774 | $ | 115,876 | |||||
Allowance for doubtful accounts | (2,433 | ) | (2,707 | ) | |||||
Allowance for sales returns and discounts | (2,342 | ) | (1,884 | ) | |||||
$ | 130,999 | $ | 111,285 | ||||||
Secured_Credit_Agreement_Table
Secured Credit Agreement (Tables) | 6 Months Ended | |
Jun. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Schedule of secured credit agreement | ' | |
The following is a summary of the significant terms of the Revolver as of June 30, 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) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 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 and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Nonvested stock | $ | 187 | $ | 54 | $ | 388 | $ | 136 | ||||||||||||||
Stock options | 268 | 64 | 535 | 128 | ||||||||||||||||||
Restricted stock units | 40 | — | 57 | — | ||||||||||||||||||
Stock based compensation | $ | 495 | $ | 118 | $ | 980 | $ | 264 | ||||||||||||||
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 six months ended June 30, 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 | — | — | 11,124 | 18.39 | 9,000 | 18.22 | ||||||||||||||||
Vested/exercised | (29,218 | ) | 2.6 | — | — | (14,804 | ) | 0.97 | ||||||||||||||
Forfeited | — | — | — | — | (26,250 | ) | 14 | |||||||||||||||
June 30, 2014 | 398,775 | $ | 16.68 | 21,124 | $ | 16.29 | 682,430 | $ | 10.14 | |||||||||||||
Segments_Tables
Segments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||
Three Months Ended June 30, 2014 | June 30, | ||||||||||||||||||||
2014 | |||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | ||||||||||||||||
Geographic divisions | $ | 331,390 | $ | 80,002 | $ | 3,144 | $ | 21,382 | $ | 346,486 | |||||||||||
Coleman Floor | 13,196 | 2,212 | 29 | (182 | ) | 10,519 | |||||||||||||||
Other reconciling items | — | — | 237 | (8,260 | ) | 24,819 | |||||||||||||||
$ | 344,586 | $ | 82,214 | $ | 3,410 | $ | 381,824 | ||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||||||
Geographic divisions | $ | 302,666 | $ | 69,085 | $ | 2,925 | $ | 14,788 | |||||||||||||
Coleman Floor | 11,987 | 2,425 | 33 | 397 | |||||||||||||||||
Other reconciling items | — | — | 109 | (6,159 | ) | ||||||||||||||||
$ | 314,653 | $ | 71,510 | $ | 3,067 | ||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||||||
Geographic divisions | $ | 599,843 | $ | 143,120 | $ | 5,963 | $ | 30,188 | |||||||||||||
Coleman Floor | 24,726 | 4,336 | 53 | (597 | ) | ||||||||||||||||
Other reconciling items | — | — | 430 | (16,541 | ) | ||||||||||||||||
$ | 624,569 | $ | 147,456 | $ | 6,446 | ||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | |||||||||||||||||
Geographic divisions | $ | 541,183 | $ | 120,618 | $ | 5,548 | $ | 19,372 | |||||||||||||
Coleman Floor | 22,196 | 4,682 | 65 | 824 | |||||||||||||||||
Other reconciling items | — | — | 413 | (12,391 | ) | ||||||||||||||||
$ | 563,379 | $ | 125,300 | $ | 6,026 | ||||||||||||||||
Reconciliation to consolidated financial statements: | ' | ||||||||||||||||||||
Reconciliation to consolidated financial statements: | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Net income (loss), as reported | $ | 5,627 | $ | 1,978 | $ | 2,339 | $ | (2,079 | ) | ||||||||||||
Interest expense | 668 | 1,233 | 1,299 | 2,258 | |||||||||||||||||
Income tax expense (benefit) | 2,943 | 966 | 1,445 | (913 | ) | ||||||||||||||||
Depreciation and amortization | 3,410 | 3,067 | 6,446 | 6,026 | |||||||||||||||||
Impairment of assets held for sale | — | — | 48 | — | |||||||||||||||||
Public offering transaction-related costs | — | 686 | 448 | 686 | |||||||||||||||||
Restructuring expense | 2 | 39 | 9 | 99 | |||||||||||||||||
Discontinued operations, net of taxes | (147 | ) | (94 | ) | (168 | ) | (251 | ) | |||||||||||||
Management fees | 12 | 560 | 89 | 966 | |||||||||||||||||
Non-cash compensation expense | 495 | 118 | 980 | 264 | |||||||||||||||||
Acquisition costs | — | 154 | — | 257 | |||||||||||||||||
Severance and other items related to store closures | (70 | ) | 319 | 115 | 492 | ||||||||||||||||
Adjusted EBITDA of Coleman Floor | 182 | (397 | ) | 597 | (824 | ) | |||||||||||||||
Adjusted EBITDA of other reconciling items | 8,260 | 6,159 | 16,541 | 12,391 | |||||||||||||||||
Adjusted EBITDA of geographic divisions reportable segment | $ | 21,382 | $ | 14,788 | $ | 30,188 | $ | 19,372 | |||||||||||||
Income_Loss_Per_Common_Share_T
Income (Loss) Per Common Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of basic and diluted EPS calculations | ' | ||||||||||||||||
Basic EPS | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from continuing operations | $ | 5,480 | $ | 1,884 | $ | 2,171 | $ | (2,330 | ) | ||||||||
Redeemable Class B Senior Preferred stock deemed dividend | — | (744 | ) | — | (1,473 | ) | |||||||||||
Income from continuing operations allocated to participating securities | — | (279 | ) | — | — | ||||||||||||
Income (loss) attributable to common stockholders, from continuing operations | 5,480 | 861 | 2,171 | (3,803 | ) | ||||||||||||
Income from discontinued operations, net of tax | 147 | 94 | 168 | 251 | |||||||||||||
Income from discontinued operations allocated to participating securities | — | (23 | ) | — | — | ||||||||||||
Income attributable to common stockholders from discontinued operations | 147 | 71 | 168 | 251 | |||||||||||||
Income (loss) attributable to common stockholders | $ | 5,627 | $ | 932 | $ | 2,339 | $ | (3,552 | ) | ||||||||
Weighted average outstanding shares of common stock | 25,722,671 | 13,750,400 | 25,703,449 | 13,637,462 | |||||||||||||
Basic EPS | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.21 | $ | 0.06 | $ | 0.08 | $ | (0.28 | ) | ||||||||
Income from discontinued operations | 0.01 | 0.01 | 0.01 | 0.02 | |||||||||||||
Net income (loss) per share | $ | 0.22 | $ | 0.07 | $ | 0.09 | $ | (0.26 | ) | ||||||||
Diluted EPS | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from continuing operations | $ | 5,480 | $ | 1,884 | $ | 2,171 | $ | (2,330 | ) | ||||||||
Redeemable Class B Senior Preferred stock deemed dividend | — | (744 | ) | — | (1,473 | ) | |||||||||||
Income (loss) attributable to common stockholders, from continuing operations | 5,480 | 1,140 | 2,171 | (3,803 | ) | ||||||||||||
Income from discontinued operations, net of tax | 147 | 94 | 168 | 251 | |||||||||||||
Income (loss) attributable to common stockholders | $ | 5,627 | $ | 1,234 | $ | 2,339 | $ | (3,552 | ) | ||||||||
Weighted average outstanding shares of common stock | 25,722,671 | 13,750,400 | 25,703,449 | 13,637,462 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Redeemable Class C Convertible Preferred stock (as converted basis) | — | 4,454,889 | — | — | |||||||||||||
Nonvested stock | 351,741 | 565,241 | 361,322 | — | |||||||||||||
Stock options | 145,290 | 117,147 | 143,791 | — | |||||||||||||
Restricted stock units | 4,848 | — | 4,225 | — | |||||||||||||
Weighted average shares and dilutive shares | 26,224,550 | 18,887,677 | 26,212,787 | 13,637,462 | |||||||||||||
Diluted EPS | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.21 | $ | 0.06 | $ | 0.08 | $ | (0.28 | ) | ||||||||
Income from discontinued operations | — | 0.01 | 0.01 | 0.02 | |||||||||||||
Net income (loss) per share | $ | 0.21 | $ | 0.07 | $ | 0.09 | $ | (0.26 | ) | ||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 127,773 | — | 127,773 | 575,463 | |||||||||||||
Nonvested stock | — | — | — | 226,607 | |||||||||||||
Redeemable Class C Convertible Preferred Stock (as converted basis) | — | — | — | 4,454,889 | |||||||||||||
Basis_of_Presentation_Summary_
Basis of Presentation Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Public offering transaction-related costs | $0 | $686 | $448 | $686 |
Restatement Adjustment [Member] | ' | ' | ' | ' |
Public offering transaction-related costs | ' | $686 | ' | $686 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Apr. 08, 2013 | |
Chesapeake [Member] | Chesapeake [Member] | Chesapeake [Member] | Chesapeake [Member] | Customer relationships [Member] | |||||
Selling, general and administrative expenses [Member] | Selling, general and administrative expenses [Member] | Chesapeake [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | 8-Apr-13 | ' | ' | ' | ' |
Acquisition purchase price, including holdback | ' | ' | ' | ' | $2,600,000 | ' | ' | ' | ' |
Initial holdback amount | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Payment of holdback amount | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Acquisition costs | 0 | 154,000 | 0 | 257,000 | ' | ' | 200,000 | 200,000 | ' |
Total assets acquired | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' |
Intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 |
Goodwill | ' | ' | ' | ' | $700,000 | ' | ' | ' | ' |
Discontinued_Operations_Income
Discontinued Operations (Income Statement) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income tax expense | ($94) | ($74) | ($108) | ($183) |
Income from discontinued operations, net of tax | 147 | 94 | 168 | 251 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Restructuring charges | -11 | -9 | -16 | -18 |
Gain before income taxes | 241 | 168 | 276 | 434 |
Income tax expense | -94 | -74 | -108 | -183 |
Income from discontinued operations, net of tax | $147 | $94 | $168 | $251 |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Current assets of discontinued operations | $300 | $2,363 |
Discontinued Operations [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Real estate held for sale | 0 | 700 |
Prepaid expenses and other current assets | 7 | 8 |
Current assets of discontinued operations | 7 | 708 |
Accrued expenses and other liabilities | 52 | 37 |
Current portion of restructuring reserve | 206 | 295 |
Current liabilities of discontinued operations | 258 | 332 |
Long-term portion of restructuring reserve | 0 | 89 |
Long-term liabilities of discontinued operations | $0 | $89 |
Restructuring_Costs_Schedule_o
Restructuring Costs (Schedule of restructuring expenses) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Restructuring reserves, December 31, 2013 | $3,602 |
Restructuring charges incurred | 25 |
Cash payments | -846 |
Restructuring reserves, June 30, 2014 | 2,781 |
Work force reductions [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring reserves, December 31, 2013 | 190 |
Restructuring charges incurred | 0 |
Cash payments | -88 |
Restructuring reserves, June 30, 2014 | 102 |
Store closures [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring reserves, December 31, 2013 | 3,412 |
Restructuring charges incurred | 25 |
Cash payments | -758 |
Restructuring reserves, June 30, 2014 | $2,679 |
Restructuring_Costs_Narrative_
Restructuring Costs (Narrative) (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | $2,781,000 | $3,602,000 |
Current portion of restructuring reserve | 1,439,000 | 1,594,000 |
Long-term restructuring reserve | 1,400,000 | ' |
Work force reductions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | 102,000 | 190,000 |
Restructuring reserve completion date | 31-Jan-15 | ' |
Store closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve | $2,679,000 | $3,412,000 |
Restructuring reserve completion date | 31-Jan-17 | ' |
Accounts_Receivable_Accounts_R2
Accounts Receivable Accounts Receivable (Accounts Receivable) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade receivables | $135,774 | $115,876 |
Allowance for doubtful accounts | -2,433 | -2,707 |
Allowance for sales returns and discounts | -2,342 | -1,884 |
Accounts receivable, net | $130,999 | $111,285 |
Secured_Credit_Agreement_Detai
Secured Credit Agreement (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | ||
Line of Credit Facility [Line Items] | ' | ' | |
Revolving line of credit | $90,834,000 | $59,072,000 | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | ' | ' | |
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 | ' | |
Revolving line of credit | 90,834,000 | 59,072,000 | |
Remaining borrowing capacity | 90,200,000 | 71,000,000 | |
Letters of credit, amount outstanding | 9,200,000 | 8,900,000 | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | 85% of eligible accounts receivable [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Borrowing base, percentage of accounts receivable | 85.00% | ' | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | 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 | ' | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Lesser of $150 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 | ' | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | 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 | ' | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | LIBOR [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Revolving line of credit | 81,000,000 | 52,000,000 | |
Interest rate at period end | 1.70% | 1.90% | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Revolving line of credit | $9,800,000 | $7,100,000 | |
Interest rate at period end | 3.80% | 4.00% | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Federal Funds Rate [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 0.50% | ' | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Base Rate [Member] | Minimum [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 0.50% | [2] | ' |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Base Rate [Member] | Maximum [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 1.00% | [2] | ' |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | LIBOR Rate Option [Member] | LIBOR [Member] | Minimum [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Basis spread on variable rate | 1.50% | [2] | ' |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | 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 | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Valuation allowance | $1.90 | ' | $1.90 | ' | $1.90 |
Effective income tax rate reconciliation including discontinued operations | -35.10% | -34.50% | -39.90% | -26.00% | ' |
Income tax expense at statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | ' |
Effective income tax rate on continuing operations | -34.90% | -33.90% | -40.00% | -28.20% | ' |
Stock_Based_Compensation_Stock
Stock Based Compensation (Stock based compensation expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation | $495 | $118 | $980 | $264 |
Nonvested stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation | 187 | 54 | 388 | 136 |
Stock options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation | 268 | 64 | 535 | 128 |
Restricted stock units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock based compensation | $40 | $0 | $57 | $0 |
Stock_Based_Compensation_Summa
Stock Based Compensation (Summary of non-vested stock and restricted stock units) (Details) (USD $) | 6 Months Ended |
Jun. 30, 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) | -29,218 |
Forfeited (in shares) | 0 |
June 30, 2014 (in shares) | 398,775 |
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) | $2.60 |
Forfeited (in dollars per share) | $0 |
June 30, 2014 (in dollars per share) | $16.68 |
Restricted stock units [Member] | ' |
Number of shares outstanding (in shares): | ' |
December 31, 2013 (in shares) | 10,000 |
Granted (in shares) | 11,124 |
Vested/exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
June 30, 2014 (in shares) | 21,124 |
Weighted average grant date fair value (in dollars per share): | ' |
December 31, 2013 (in dollars per share) | $13.96 |
Granted (in dollars per share) | $18.39 |
Vested/exercised (in dollars per share) | $0 |
Forfeited (in dollars per share) | $0 |
June 30, 2014 (in dollars per share) | $16.29 |
Stock_Based_Compensation_Stock1
Stock Based Compensation Stock Based Compensation (Summary of stock option awards) (Details) (Stock options [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Stock options [Member] | ' |
Stock Options, Number of options outstanding (in shares): | ' |
December 31, 2013 (in shares) | 714,484 |
Granted (in shares) | 9,000 |
Vested/exercised (in shares) | -14,804 |
Forfeited (in shares) | -26,250 |
June 30, 2014 (in shares) | 682,430 |
Stock Options, Weighted average exercise price (in dollars per share): | ' |
December 31, 2013 (in dollars per share) | $9.98 |
Granted (in dollars per share) | $18.22 |
Vested/exercised (in dollars per share) | $0.97 |
Forfeited (in dollars per share) | $14 |
June 30, 2014 (in dollars per share) | $10.14 |
Segments_Schedule_of_net_sales
Segments (Schedule of net sales, adjusted EBITDA and certain other measures by reportable segment) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $344,586 | $314,653 | $624,569 | $563,379 | ' |
Gross profit | 82,214 | 71,510 | 147,456 | 125,300 | ' |
Depreciation & amortization | 3,410 | 3,067 | 6,446 | 6,026 | ' |
Total Assets | 381,824 | ' | 381,824 | ' | 318,540 |
Operating segments [Member] | Geographic divisions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 331,390 | 302,666 | 599,843 | 541,183 | ' |
Gross profit | 80,002 | 69,085 | 143,120 | 120,618 | ' |
Depreciation & amortization | 3,144 | 2,925 | 5,963 | 5,548 | ' |
Adjusted EBITDA | 21,382 | 14,788 | 30,188 | 19,372 | ' |
Total Assets | 346,486 | ' | 346,486 | ' | ' |
Operating segments [Member] | Coleman Floor [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 13,196 | 11,987 | 24,726 | 22,196 | ' |
Gross profit | 2,212 | 2,425 | 4,336 | 4,682 | ' |
Depreciation & amortization | 29 | 33 | 53 | 65 | ' |
Adjusted EBITDA | -182 | 397 | -597 | 824 | ' |
Total Assets | 10,519 | ' | 10,519 | ' | ' |
Other reconciling items [Member] | Other reconciling items [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' |
Gross profit | 0 | 0 | 0 | 0 | ' |
Depreciation & amortization | 237 | 109 | 430 | 413 | ' |
Adjusted EBITDA | -8,260 | -6,159 | -16,541 | -12,391 | ' |
Total Assets | $24,819 | ' | $24,819 | ' | ' |
Segments_Reconciliation_of_adj
Segments (Reconciliation of adjusted EBITDA to consolidated financial statements) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Net income (loss), as reported | $5,627 | $1,978 | $2,339 | ($2,079) |
Interest expense | 668 | 1,233 | 1,299 | 2,258 |
Income tax expense (benefit) | 2,943 | 966 | 1,445 | -913 |
Depreciation and amortization | 3,410 | 3,067 | 6,446 | 6,026 |
Impairment of assets held for sale | 0 | 0 | 48 | 0 |
Public offering transaction-related costs | 0 | 686 | 448 | 686 |
Restructuring expense | 2 | 39 | 9 | 99 |
Discontinued operations, net of taxes | -147 | -94 | -168 | -251 |
Management fees | 12 | 560 | 89 | 966 |
Non-cash compensation expense | 495 | 118 | 980 | 264 |
Acquisition costs | 0 | 154 | 0 | 257 |
Severance and other items related to store closures | -70 | 319 | 115 | 492 |
Other reconciling items [Member] | Other reconciling items [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 237 | 109 | 430 | 413 |
Adjusted EBITDA | -8,260 | -6,159 | -16,541 | -12,391 |
Operating segments [Member] | Coleman Floor [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 29 | 33 | 53 | 65 |
Adjusted EBITDA | -182 | 397 | -597 | 824 |
Operating segments [Member] | Geographic divisions [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 3,144 | 2,925 | 5,963 | 5,548 |
Adjusted EBITDA | $21,382 | $14,788 | $30,188 | $19,372 |
Segments_Narrative_Details
Segments (Narrative) (Details) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic EPS | ' | ' | ' | ' |
Income (loss) from continuing operations | $5,480 | $1,884 | $2,171 | ($2,330) |
Redeemable Class B Senior Preferred stock deemed dividend | 0 | -744 | 0 | -1,473 |
Income from continuing operations allocated to participating securities | 0 | -279 | 0 | 0 |
Income (loss) attributable to common stockholders, from continuing operations | 5,480 | 861 | 2,171 | -3,803 |
Income from discontinued operations, net of tax | 147 | 94 | 168 | 251 |
Income from discontinued operations allocated to participating securities | 0 | -23 | 0 | 0 |
Income available to common stockholders, from discontinued operations | 147 | 71 | 168 | 251 |
Income (loss) attributable to common stockholders | 5,627 | 932 | 2,339 | -3,552 |
Weighted average outstanding shares of common stock (in shares) | 25,722,671 | 13,750,400 | 25,703,449 | 13,637,462 |
Income (loss) from continuing operations (in dollars per share) | $0.21 | $0.06 | $0.08 | ($0.28) |
Income from discontinued operations (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.02 |
Net income (loss) per share (in dollars per share) | $0.22 | $0.07 | $0.09 | ($0.26) |
Diluted EPS | ' | ' | ' | ' |
Income (loss) from continuing operations | 5,480 | 1,884 | 2,171 | -2,330 |
Redeemable Class B Senior Preferred stock deemed dividend | 0 | -744 | 0 | -1,473 |
Income (loss) attributable to common stockholders, from continuing operations | 5,480 | 1,140 | 2,171 | -3,803 |
Income from discontinued operations, net of tax | 147 | 94 | 168 | 251 |
Income (loss) attributable to common stockholders | $5,627 | $1,234 | $2,339 | ($3,552) |
Weighted average outstanding shares of common stock (in shares) | 25,722,671 | 13,750,400 | 25,703,449 | 13,637,462 |
Redeemable Class C Convertible Preferred stock (in shares) | 0 | 4,454,889 | 0 | 0 |
Weighted average shares and dilutive shares (in shares) | 26,224,550 | 18,887,677 | 26,212,787 | 13,637,462 |
Income (loss) from continuing operations (in dollars per share) | $0.21 | $0.06 | $0.08 | ($0.28) |
Income from discontinued operations (in dollars per share) | $0 | $0.01 | $0.01 | $0.02 |
Net income (loss) per share (in dollars per share) | $0.21 | $0.07 | $0.09 | ($0.26) |
Nonvested stock [Member] | ' | ' | ' | ' |
Diluted EPS | ' | ' | ' | ' |
Stock based payment arrangements (in shares) | 351,741 | 565,241 | 361,322 | 0 |
Stock options [Member] | ' | ' | ' | ' |
Diluted EPS | ' | ' | ' | ' |
Stock based payment arrangements (in shares) | 145,290 | 117,147 | 143,791 | 0 |
Restricted stock units [Member] | ' | ' | ' | ' |
Diluted EPS | ' | ' | ' | ' |
Stock based payment arrangements (in shares) | 4,848 | 0 | 4,225 | 0 |
Income_Loss_Per_Common_Share_S
Income (Loss) Per Common Share (Schedule of anti-dilutive securities) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 127,773 | 0 | 127,773 | 575,463 |
Nonvested stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 226,607 |
Redeemable 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 | 0 | 0 | 4,454,889 |