MIRA
INFORM REPORT
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Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
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Name : |
DOVER SADDLERY, INC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1975 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
retailer and
the multi-channel marketer of
equestrian products in the |
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No. of Employees : |
194 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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United
States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Dover Saddlery, Inc.
525 Great Road,
P.O. Box 1100
Littleton, MA 01460
United States
Tel: 978-952-8062
Fax: 978-952-6633
Toll Free: 800-989-1500
Synthesis
Employees: 194
Company Type: Public Parent
Corporate Family: 13
Companies
Traded:
NASDAQ: DOVR
Incorporation Date: 1975
Auditor: McGladrey & Pullen, LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: US
Dollar
Annual Sales: 80.8 1
Net Income: 1.7
Total Assets: 28.2 2
Market Value: 22.3 (29-Jun-2012)
Business Description
Dover Saddlery, Inc. is a specialty retailer and the multi-channel marketer of equestrian products in the United States. The Company sells its products through direct and retail. As of December 31, 2010, the Company maintains two primary catalogs, such as the Dover Saddlery catalog caters to the mid to high-end, English-style, equestrian products customer and the Smith Brothers catalog is aimed at the Western-style, equestrian products customer. The Company develops four Dover Saddlery catalogs and variations of Smith Brothers catalogs, including a large annual catalog for each market. As of December 31, 2010, the Company has operated 12 retail stores under the Dover Saddlery brand and one retail store under the Smith Brothers brand. For the fiscal year ended 31 December 2010, Dover Saddlery, Inc.'s revenues increased 3% to $78.2M. Net income totaled $2M, up from $904K. Revenue reflects an increase in direct sales and a rise in retail stores sales. Net income also reflects higher income from operation margin. Dover Saddlery, Inc. is a specialty retailer and direct marketer of equestrian products in the United States. it sells the products through a multi-market channel strategy.
Industry
Industry Retail (Specialty)
ANZSIC 2006: 4241 - Sport and
Camping Equipment Retailing
NACE 2002: 5248 - Other
retail sale in specialised stores
NAICS 2002: 45111 - Sporting
Goods Stores
UK SIC 2003: 52485 - Retail
sale of sports goods, games and toys, stamps and coins
US SIC 1987: 5941 - Sporting
Goods Stores and Bicycle Shops
Key Executives
(Emails Available)
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Name |
Title |
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Stephen L. Day |
Chairman of the Board, President, Chief Executive Officer, Treasurer |
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David R. Pearce |
Chief Financial Officer |
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William G. Schmidt |
Chief Operations Officer |
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Michael W Bruns |
Chief Financial Officer |
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Lorelle Carpenter |
Vice President, Marketing |
Significant Developments
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* number of significant developments within
the last 12 months |
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News
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
525 Great Road,
P.O. Box 1100
Littleton, MA, 01460
Middlesex County
United States
Tel: 978-952-8062
Fax: 978-952-6633
Toll Free Tel: 800-989-1500
Quote Symbol - Exchange
DOVR - NASDAQ
Sales USD(mil): 80.8
Assets USD(mil): 28.2
Employees: 194
Fiscal Year End: 31-Dec-2011
Industry: Retail (Specialty)
Incorporation Date: 1975
Company Type: Public Parent
Quoted Status: Quoted
Chairman of the Board,
President, Chief Executive Officer, Treasurer: Stephen L. Day
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Employment Opportunities
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
4241 - Sport and Camping Equipment Retailing
NACE 2002 Codes:
5248 - Other retail sale in specialised stores
NAICS 2002 Codes:
45111 - Sporting Goods Stores
US SIC 1987:
5941 - Sporting Goods Stores and Bicycle Shops
UK SIC 2003:
52485 - Retail sale of sports goods, games and toys, stamps and
coins
Business Description
Dover Saddlery, Inc. is a specialty retailer and the multi-channel marketer of equestrian products in the United States. The Company sells its products through direct and retail. As of December 31, 2010, the Company maintains two primary catalogs, such as the Dover Saddlery catalog caters to the mid to high-end, English-style, equestrian products customer and the Smith Brothers catalog is aimed at the Western-style, equestrian products customer. The Company develops four Dover Saddlery catalogs and variations of Smith Brothers catalogs, including a annual catalog for each market. As of December 31, 2010, the Company has operated 12 retail stores under the Dover Saddlery brand and one retail store under the Smith Brothers brand.
Catalog
The Company mail the catalogs to individuals who have made purchases during the past five years. It also mail catalogs to new prospects obtained through the database of names compiled through sponsorships, trade associations, subscriber lists for equestrian publications, grassroots name gathering efforts, and outside rented lists. Dover Saddlery is the source for the English-style equestrian products market. In addition to the general catalog, the three targeted editions of the Dover Saddlery annual catalog specialize in the dressage, eventing and hunter/jumper segments. Dressage edition introduces the new products for the dressage rider, as well as promoting dressage as a form of riding. Dressage is a form of exhibition riding in which the horse performs a pre-programmed ride demonstrating schooled training.
The Eventing edition focuses on the the cross-country phase of three day Eventing, a triathlon of equestrian sports, including dressage, cross-country and show jumping. The specialized saddles and equipment necessary for conditioning and competing the event horse for this endurance test are emphasized in this edition. The Hunter/Jumper edition showcases the best saddles and tack used by global riders in the hunter/jumper ranks, whose participants jump fences in a stadium-jumping arena. The Company offers one general edition and targeted editions of the Smith Brothers annual catalog.
Internet
The Websites feature the entire product offerings and enables to market the customers and visitors by allowing different pages to be automatically shown to different types of individuals. This allows segmenting the visitor’s smaller, focused groups, which in turn improves conversion rates
More Business
Descriptions
Dover Saddlery, Inc. is a specialty retailer and the multi-channel marketer of equestrian products in the United States. The Company sells its products through direct and retail. As of December 31, 2010, the Company maintains two primary catalogs, such as the Dover Saddlery catalog caters to the mid to high-end, English-style, equestrian products customer and the Smith Brothers catalog is aimed at the Western-style, equestrian products customer. The Company develops four Dover Saddlery catalogs and variations of Smith Brothers catalogs, including a large annual catalog for each market. As of December 31, 2010, the Company has operated 12 retail stores under the Dover Saddlery brand and one retail store under the Smith Brothers brand. For the fiscal year ended 31 December 2010, Dover Saddlery, Inc.'s revenues increased 3% to $78.2M. Net income totaled $2M, up from $904K. Revenue reflects an increase in direct sales and a rise in retail stores sales. Net income also reflects higher income from operation margin. Dover Saddlery, Inc. is a specialty retailer and direct marketer of equestrian products in the United States. it sells the products through a multi-market channel strategy.
Establishments primarily engaged in furnishing operating counsel and
assistance to managements of private, nonprofit, and public organizations.
These establishments generally perform a variety of activities, such as
strategic and organizational planning; financial planning and budgeting;
marketing objectives and policies; information systems planning, evaluation and
selection; human resource policies and practices planning; and production
scheduling and control planning.
Dover Saddlery Inc. a Delaware corporation (the Company) is a leading specialty retailer and the largest multi-channel marketer of premium equestrian products in the U.S. For over 35 years Dover Saddlery has been a premier upscale brand in the English-style riding industry. We sell our products through a multi-channel strategy including direct and retail. This multi-channel strategy has allowed us to use catalogs and our proprietary database of over two million names of equestrian enthusiasts as a primary marketing tool to increase catalog sales and to drive additional business to our e-commerce websites and retail stores. The Company offers a comprehensive selection of products required to own ride train and compete with a horse selling from under $1.00 to over $7000 per product. The Companys equestrian product line includes a broad variety of separate items such as saddles tack specialized apparel footwear horse clothing horse health and stable products. Separate reporting of the revenues of these numerous items is not practical. The Company has historically focused on the English-style riding market. The Company is known for providing the highest quality products for English-style riding including premier brands such as Hermes Ariat Grand Prix Mountain Horse Passier and Prestige. The Company offers what we believe is the largest selection of exclusive and semi-exclusive equestrian products in the industry. To further broaden our offerings the Company began selling into the Western-style riding market in 2002 under the Smith Brothers name.
Jim and David Powers, former members of the United States Equestrian Three-Day Event team, founded Dover Saddlery in 1975. After returning from the Olympic Games in Germany in 1972, Jim Powers felt that riders in New England would appreciate a saddlery shop that offered a broad selection. The company distributes products such as riding apparel, horse tack, horse blankets, horse supplies, grooming supplies and stable supplies. Once the company began to serve equestrians throughout the country with its catalog, Dover Saddlery expanded beyond its retail store location in Wellesley, Mass., and moved the mail order fulfillment center and administrative offices to Littleton, Mass.
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Credit Report as
of 04/01/2012
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Location |
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525 Great Rd |
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County: |
Middlesex |
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MSA: |
Boston, MA |
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Phone: |
978-952-8062 |
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Fax: |
978-952-8063 |
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Toll Free: |
800-989-1500 |
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URL: |
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ABI©: |
577873805 |
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Annual Sales: |
$80,832,000 (USD) |
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Employees: |
565 |
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Facility Size(ft2): |
40,000+ |
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Business Type: |
Public |
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Location Type: |
Headquarter |
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Ticker: |
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Exchange: |
NASDAQ |
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Primary Line of Business: |
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SIC: |
8742-13 - Marketing Programs & Services |
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NAICS: |
541613 - Marketing Consulting Svcs |
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Secondary Lines of Business: |
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NAICS: |
451110 - Sporting Goods Stores |
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448190 - Other Clothing Stores |
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SICs: |
5699-11 - Riding Apparel & Equipment |
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5941-20 - Saddlery & Harness |
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9999-66 - Federal Government Contractors |
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Corporate
Family |
Corporate
Structure News: |
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Dover Saddlery, Inc. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Littleton, MA |
United States |
Retail (Specialty) |
80.8 |
194 |
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Branch |
Chantilly, VA |
United States |
Retail (Apparel) |
3.3 |
25 |
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Branch |
Sparks Glencoe, MD |
United States |
Retail (Specialty) |
3.0 |
20 |
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Branch |
North Conway, NH |
United States |
Retail (Specialty) |
2.4 |
16 |
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Branch |
Wellesley, MA |
United States |
Retail (Specialty) |
2.2 |
15 |
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Branch |
Charlottesville, VA |
United States |
Retail (Apparel) |
1.3 |
10 |
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Branch |
Gambrills, MD |
United States |
Retail (Specialty) |
1.2 |
8 |
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Subsidiary |
Denton, TX |
United States |
Fish and Livestock |
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8 |
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Branch |
Lexington, VA |
United States |
Retail (Apparel) |
0.8 |
6 |
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Branch |
Alpharetta, GA |
United States |
Retail (Specialty) |
0.4 |
3 |
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Branch |
Dallas, TX |
United States |
Retail (Specialty) |
0.4 |
3 |
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Branch |
Branchburg, NJ |
United States |
Retail (Specialty) |
0.4 |
3 |
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Branch |
North Kingstown, RI |
United States |
Retail (Specialty) |
0.4 |
3 |
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Competitors Report
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CompanyName |
Location |
Employees |
Ownership |
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CarMax, Inc |
Richmond, Virginia, United States |
16,460 |
Public |
|
PetSmart, Inc. |
Phoenix, Arizona, United States |
50,000 |
Public |
|
Williams-Sonoma, Inc. |
San Francisco, California, United States |
6,700 |
Public |
Executive report
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Significant Developments
Dover Saddlery, Inc.'s Dover Saddlery Retail, Inc. Announces New Store
Opening In Medina, Minnesota Jul 02, 2012
Saddlery Retail, Inc., a wholly owned subsidiary of Dover Saddlery, Inc. announced plans to open a new retail store in Medina, Minnesota in September 2012. Located approximately twenty miles west of Minneapolis, the new store will offer the finest selection of tack, riding apparel and horse care supplies for which Dover is renowned, as well as in-store services such as custom coat fitting and the saddle demo program.
Dover Saddlery, Inc.'s Dover Saddlery Retail, Inc Announces New Store Opening in Warrington, Pennsylvania Mar 12, 2012
Dover Saddlery, Inc. Announced that Dover Saddlery Retail, Inc., a wholly owned subsidiary of the Company plans to open a new store in Warrington, Pennsylvania in late spring 2012. Located approximately thirty miles north of the Philadelphia, the new Dover Saddlery store will service the Bucks County equestrian market. From basic riding essentials to hard-to-find products and all the leading brands, this full service store will be brimming with English riding apparel, tack and horse care items.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
USD |
USD |
USD |
USD |
USD |
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Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
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Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Net Sales |
80.8 |
78.2 |
76.2 |
78.0 |
81.4 |
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Revenue |
80.8 |
78.2 |
76.2 |
78.0 |
81.4 |
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Total Revenue |
80.8 |
78.2 |
76.2 |
78.0 |
81.4 |
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Cost of Revenue |
49.8 |
48.5 |
47.4 |
49.3 |
50.5 |
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Cost of Revenue, Total |
49.8 |
48.5 |
47.4 |
49.3 |
50.5 |
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Gross Profit |
31.0 |
29.7 |
28.9 |
28.7 |
30.9 |
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Selling/General/Administrative Expense |
19.0 |
18.1 |
17.5 |
26.3 |
27.3 |
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Advertising Expense |
8.2 |
7.4 |
8.2 |
- |
- |
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Total Selling/General/Administrative Expenses |
27.2 |
25.5 |
25.7 |
26.3 |
27.3 |
|
Litigation |
- |
- |
- |
0.0 |
0.7 |
|
Impairment-Assets Held for Use |
- |
- |
0.0 |
14.3 |
0.0 |
|
Unusual Expense (Income) |
- |
- |
0.0 |
14.3 |
0.7 |
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Total Operating Expense |
77.1 |
74.0 |
73.1 |
89.9 |
78.4 |
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Operating Income |
3.8 |
4.2 |
3.2 |
-11.9 |
3.0 |
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Interest Expense -
Non-Operating |
-0.7 |
-1.0 |
- |
- |
- |
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Interest Expense, Net Non-Operating |
-0.7 |
-1.0 |
- |
- |
- |
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Investment Income -
Non-Operating |
0.0 |
0.3 |
0.0 |
-0.1 |
0.0 |
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Interest/Investment Income - Non-Operating |
0.0 |
0.3 |
0.0 |
-0.1 |
0.0 |
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Interest Income (Expense) - Net Non-Operating |
- |
- |
-1.3 |
-1.3 |
-1.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.7 |
-0.7 |
-1.4 |
-1.4 |
-1.6 |
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Income Before Tax |
3.0 |
3.5 |
1.8 |
-13.3 |
1.3 |
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Total Income Tax |
1.3 |
1.5 |
0.9 |
0.6 |
0.5 |
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Income After Tax |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
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Net Income Before Extraord Items |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
Net Income |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
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Income Available to Common Excl Extraord Items |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
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Income Available to Common Incl Extraord Items |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
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Basic/Primary Weighted Average Shares |
5.3 |
5.3 |
5.2 |
5.2 |
5.1 |
|
Basic EPS Excl Extraord Items |
0.33 |
0.39 |
0.17 |
-2.68 |
0.16 |
|
Basic/Primary EPS Incl Extraord Items |
0.33 |
0.39 |
0.17 |
-2.68 |
0.16 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
Diluted Weighted Average Shares |
5.5 |
5.4 |
5.2 |
5.2 |
5.2 |
|
Diluted EPS Excl Extraord Items |
0.31 |
0.38 |
0.17 |
-2.68 |
0.16 |
|
Diluted EPS Incl Extraord Items |
0.31 |
0.38 |
0.17 |
-2.68 |
0.16 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.7 |
1.0 |
1.3 |
1.3 |
- |
|
Depreciation, Supplemental |
0.7 |
0.7 |
0.8 |
0.8 |
0.7 |
|
Total Special Items |
- |
- |
0.0 |
14.3 |
0.7 |
|
Normalized Income Before Tax |
3.0 |
3.5 |
1.8 |
1.0 |
2.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
0.0 |
5.0 |
0.3 |
|
Inc Tax Ex Impact of Sp Items |
1.3 |
1.5 |
0.9 |
5.6 |
0.8 |
|
Normalized Income After Tax |
1.7 |
2.0 |
0.9 |
-4.6 |
1.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.7 |
2.0 |
0.9 |
-4.6 |
1.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.33 |
0.39 |
0.17 |
-0.89 |
0.25 |
|
Diluted Normalized EPS |
0.31 |
0.38 |
0.17 |
-0.89 |
0.24 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Rental Expenses |
2.4 |
2.4 |
2.3 |
2.0 |
1.7 |
|
Advertising Expense, Supplemental |
8.2 |
7.4 |
8.2 |
9.5 |
10.1 |
|
Normalized EBIT |
3.8 |
4.2 |
3.2 |
2.4 |
3.7 |
|
Normalized EBITDA |
4.5 |
5.0 |
3.9 |
3.2 |
4.5 |
|
Current Tax - Domestic |
1.1 |
1.3 |
0.9 |
0.2 |
0.8 |
|
Current Tax - Local |
0.4 |
0.4 |
0.3 |
0.1 |
0.2 |
|
Current Tax - Total |
1.5 |
1.7 |
1.2 |
0.4 |
1.0 |
|
Deferred Tax - Domestic |
-0.1 |
-0.2 |
-0.3 |
0.1 |
-0.4 |
|
Deferred Tax - Local |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
-0.3 |
0.2 |
-0.5 |
|
Income Tax - Total |
1.3 |
1.5 |
0.9 |
0.6 |
0.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Cash and Short Term Investments |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Trade Accounts Receivable - Net |
0.8 |
0.5 |
0.8 |
0.8 |
1.2 |
|
Total Receivables, Net |
0.8 |
0.5 |
0.8 |
0.8 |
1.2 |
|
Inventories - Other |
19.5 |
16.0 |
15.4 |
17.4 |
- |
|
LIFO Reserve |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
- |
|
Total Inventory |
19.4 |
15.9 |
15.3 |
17.3 |
16.8 |
|
Prepaid Expenses |
2.2 |
1.8 |
1.9 |
2.7 |
2.4 |
|
Deferred Income Tax - Current Asset |
0.3 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Other Current Assets, Total |
0.3 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Total Current Assets |
22.9 |
19.1 |
18.8 |
21.3 |
20.7 |
|
|
|
|
|
|
|
|
Buildings |
6.2 |
5.1 |
4.8 |
4.5 |
3.5 |
|
Machinery/Equipment |
3.7 |
3.4 |
3.2 |
3.1 |
2.8 |
|
Property/Plant/Equipment - Gross |
9.9 |
8.5 |
8.1 |
7.5 |
6.3 |
|
Accumulated Depreciation |
-6.2 |
-5.4 |
-4.7 |
-3.9 |
-3.2 |
|
Property/Plant/Equipment - Net |
3.7 |
3.0 |
3.4 |
3.6 |
3.2 |
|
Goodwill, Net |
- |
- |
- |
0.0 |
14.3 |
|
Intangibles - Gross |
0.9 |
1.2 |
1.2 |
1.2 |
1.2 |
|
Accumulated Intangible Amortization |
-0.8 |
-1.1 |
-1.0 |
-0.9 |
-0.8 |
|
Intangibles, Net |
0.0 |
0.1 |
0.2 |
0.3 |
0.4 |
|
LT Investment - Affiliate Companies |
0.3 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Long Term Investments |
0.3 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
1.0 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Other Long Term Assets |
0.2 |
0.2 |
0.2 |
0.4 |
0.4 |
|
Other Long Term Assets, Total |
1.2 |
1.0 |
0.9 |
1.0 |
0.8 |
|
Total Assets |
28.2 |
23.5 |
23.6 |
26.5 |
39.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
2.2 |
2.1 |
2.3 |
2.2 |
3.3 |
|
Accrued Expenses |
1.4 |
1.8 |
1.3 |
1.6 |
2.0 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
1.1 |
0.1 |
0.7 |
0.5 |
0.6 |
|
Income Taxes Payable |
0.3 |
0.4 |
0.4 |
0.0 |
0.6 |
|
Deferred Income Tax - Current Liability |
- |
0.0 |
0.0 |
0.2 |
0.0 |
|
Other Current Liabilities |
4.3 |
3.6 |
2.8 |
2.0 |
1.7 |
|
Other Current liabilities, Total |
4.6 |
4.1 |
3.2 |
2.2 |
2.3 |
|
Total Current Liabilities |
9.4 |
8.0 |
7.4 |
6.5 |
8.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
6.5 |
5.3 |
8.1 |
13.2 |
11.0 |
|
Capital Lease Obligations |
0.0 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Total Long Term Debt |
6.5 |
5.4 |
8.2 |
13.3 |
11.2 |
|
Total Debt |
7.6 |
5.5 |
8.9 |
13.8 |
11.8 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.3 |
0.0 |
- |
- |
- |
|
Other Liabilities, Total |
0.3 |
0.0 |
- |
- |
- |
|
Total Liabilities |
16.2 |
13.4 |
15.7 |
19.8 |
19.4 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid-In Capital |
45.7 |
45.4 |
45.2 |
44.8 |
44.3 |
|
Retained Earnings (Accumulated Deficit) |
-27.4 |
-29.2 |
-31.2 |
-32.1 |
-18.3 |
|
Treasury Stock - Common |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
|
Other Comprehensive Income |
-0.2 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
-0.2 |
0.0 |
- |
- |
- |
|
Total Equity |
12.0 |
10.2 |
7.9 |
6.6 |
19.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
28.2 |
23.5 |
23.6 |
26.5 |
39.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
4.5 |
4.5 |
4.5 |
4.4 |
4.3 |
|
Total Common Shares Outstanding |
4.5 |
4.5 |
4.5 |
4.4 |
4.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
|
Employees |
194 |
186 |
199 |
194 |
193 |
|
Number of Common Shareholders |
976 |
806 |
705 |
732 |
820 |
|
Accumulated Intangible Amort, Suppl. |
0.8 |
1.1 |
1.0 |
0.9 |
0.8 |
|
Total Long Term Debt, Supplemental |
5.5 |
2.2 |
8.0 |
13.3 |
11.3 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
0.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
0.8 |
0.6 |
3.0 |
8.3 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
0.8 |
0.8 |
5.0 |
5.0 |
6.3 |
|
Long Term Debt Maturing in Year 5 |
0.8 |
0.8 |
0.0 |
0.0 |
5.0 |
|
Long Term Debt Maturing in 2-3 Years |
1.4 |
0.6 |
3.0 |
8.3 |
0.0 |
|
Long Term Debt Maturing in 4-5 Years |
1.6 |
1.6 |
5.0 |
5.0 |
11.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
0.1 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Capital Lease Payments Due in Year 1 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 2 |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Operating Leases, Supplemental |
16.0 |
14.5 |
10.6 |
10.4 |
7.2 |
|
Operating Lease Payments Due in Year 1 |
2.4 |
2.3 |
2.2 |
2.2 |
1.6 |
|
Operating Lease Payments Due in Year 2 |
2.3 |
2.1 |
1.9 |
2.0 |
1.6 |
|
Operating Lease Payments Due in Year 3 |
2.2 |
1.9 |
1.3 |
1.6 |
1.3 |
|
Operating Lease Payments Due in Year 4 |
2.0 |
1.9 |
1.2 |
0.8 |
0.9 |
|
Operating Lease Payments Due in Year 5 |
2.0 |
1.7 |
1.1 |
0.7 |
1.8 |
|
Operating Lease Pymts. Due in 2-3 Years |
4.5 |
4.0 |
3.2 |
3.5 |
2.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
4.0 |
3.5 |
2.3 |
1.5 |
2.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
5.1 |
4.7 |
2.8 |
3.2 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1.7 |
2.0 |
0.9 |
-13.8 |
0.8 |
|
Depreciation |
0.8 |
0.7 |
0.8 |
0.8 |
0.8 |
|
Depreciation/Depletion |
0.8 |
0.7 |
0.8 |
0.8 |
0.8 |
|
Deferred Taxes |
-0.2 |
-0.3 |
-0.3 |
0.2 |
-0.5 |
|
Unusual Items |
- |
- |
0.0 |
14.3 |
0.0 |
|
Equity in Net Earnings (Loss) |
0.0 |
-0.3 |
0.0 |
0.1 |
0.0 |
|
Other Non-Cash Items |
0.0 |
0.5 |
0.5 |
0.4 |
0.3 |
|
Non-Cash Items |
0.1 |
0.2 |
0.6 |
14.8 |
0.3 |
|
Accounts Receivable |
-0.3 |
0.3 |
0.0 |
0.3 |
-0.4 |
|
Inventories |
-3.5 |
-0.6 |
2.0 |
-0.6 |
-2.0 |
|
Prepaid Expenses |
-0.3 |
0.1 |
0.7 |
-0.3 |
0.7 |
|
Accounts Payable |
0.1 |
-0.2 |
0.1 |
-1.1 |
-0.2 |
|
Accrued Expenses |
0.2 |
1.4 |
0.8 |
-0.6 |
0.8 |
|
Changes in Working Capital |
-3.8 |
1.0 |
3.7 |
-2.3 |
-1.0 |
|
Cash from Operating Activities |
-1.5 |
3.7 |
5.6 |
-0.4 |
0.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.4 |
-0.3 |
-0.4 |
-1.1 |
-0.9 |
|
Capital Expenditures |
-1.4 |
-0.3 |
-0.4 |
-1.1 |
-0.9 |
|
Acquisition of Business |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of Investments |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Other Investing Cash Flow |
0.0 |
0.4 |
0.2 |
-0.1 |
0.0 |
|
Other Investing Cash Flow Items, Total |
0.0 |
0.3 |
0.2 |
-0.1 |
0.0 |
|
Cash from Investing Activities |
-1.4 |
0.0 |
-0.3 |
-1.2 |
-0.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
1.0 |
-0.6 |
0.2 |
-0.1 |
-1.5 |
|
Financing Cash Flow Items |
1.0 |
-0.6 |
0.2 |
-0.1 |
-1.5 |
|
Options Exercised |
0.1 |
0.0 |
0.2 |
0.0 |
- |
|
Warrants Converted |
- |
- |
- |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.1 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Long Term Debt Issued |
24.2 |
10.8 |
6.3 |
12.8 |
26.7 |
|
Long Term Debt
Reduction |
-22.8 |
-14.0 |
-11.7 |
-11.0 |
-24.6 |
|
Long Term Debt, Net |
1.4 |
-3.1 |
-5.4 |
1.9 |
2.1 |
|
Issuance (Retirement) of Debt, Net |
1.4 |
-3.1 |
-5.4 |
1.9 |
2.1 |
|
Cash from Financing Activities |
2.4 |
-3.7 |
-5.1 |
1.7 |
0.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.4 |
0.0 |
0.3 |
0.1 |
0.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.7 |
0.7 |
0.4 |
0.3 |
0.1 |
|
Net Cash - Ending Balance |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Cash Interest Paid |
1.0 |
0.7 |
1.0 |
1.0 |
1.4 |
|
Cash Taxes Paid |
1.6 |
1.7 |
0.8 |
1.0 |
0.7 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Revenues - Direct |
50.3 |
52.1 |
51.3 |
55.8 |
61.5 |
|
Revenues - Retail |
30.5 |
26.1 |
24.9 |
22.1 |
19.9 |
|
Revenues, Rounding off adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Revenue |
80.8 |
78.2 |
76.2 |
78.0 |
81.4 |
|
|
|
|
|
|
|
|
Cost of Revenues |
49.8 |
48.5 |
47.4 |
49.3 |
50.5 |
|
Selling, general and administrative expe |
19.0 |
18.1 |
17.5 |
26.3 |
27.3 |
|
Advertising Cost |
8.2 |
7.4 |
8.2 |
- |
- |
|
Goodwill Impairment Charges |
- |
- |
0.0 |
14.3 |
0.0 |
|
Litigation settlement expense |
- |
- |
- |
0.0 |
0.7 |
|
Total Operating Expense |
77.1 |
74.0 |
73.1 |
89.9 |
78.4 |
|
|
|
|
|
|
|
|
Interest expense, financing and other re |
- |
- |
-1.3 |
-1.3 |
-1.6 |
|
Interest expense |
-0.7 |
-1.0 |
- |
- |
- |
|
Other investment (income) loss, net |
0.0 |
0.3 |
0.0 |
-0.1 |
0.0 |
|
Net Income Before Taxes |
3.0 |
3.5 |
1.8 |
-13.3 |
1.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.3 |
1.5 |
0.9 |
0.6 |
0.5 |
|
Net Income After Taxes |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
Net Income |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5.3 |
5.3 |
5.2 |
5.2 |
5.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.33 |
0.39 |
0.17 |
-2.68 |
0.16 |
|
Basic EPS Including ExtraOrdinary Items |
0.33 |
0.39 |
0.17 |
-2.68 |
0.16 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
Diluted Weighted Average Shares |
5.5 |
5.4 |
5.2 |
5.2 |
5.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.31 |
0.38 |
0.17 |
-2.68 |
0.16 |
|
Diluted EPS Including ExtraOrd Items |
0.31 |
0.38 |
0.17 |
-2.68 |
0.16 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
3.0 |
3.5 |
1.8 |
1.0 |
2.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.3 |
1.5 |
0.9 |
5.6 |
0.8 |
|
Normalized Income After Taxes |
1.7 |
2.0 |
0.9 |
-4.6 |
1.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.7 |
2.0 |
0.9 |
-4.6 |
1.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.33 |
0.39 |
0.17 |
-0.89 |
0.25 |
|
Diluted Normalized EPS |
0.31 |
0.38 |
0.17 |
-0.89 |
0.24 |
|
Interest Expense |
0.7 |
1.0 |
1.3 |
1.3 |
- |
|
Depreciation |
0.7 |
0.7 |
0.8 |
0.8 |
0.7 |
|
Amortization Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Rental Expense |
2.4 |
2.4 |
2.3 |
2.0 |
1.7 |
|
Advertising Expenses |
8.2 |
7.4 |
8.2 |
9.5 |
10.1 |
|
Current Tax - Federal |
1.1 |
1.3 |
0.9 |
0.2 |
0.8 |
|
Current Tax - State |
0.4 |
0.4 |
0.3 |
0.1 |
0.2 |
|
Current Tax - Total |
1.5 |
1.7 |
1.2 |
0.4 |
1.0 |
|
Deferred Tax - Federal |
-0.1 |
-0.2 |
-0.3 |
0.1 |
-0.4 |
|
Deferred Tax - State |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
-0.3 |
0.2 |
-0.5 |
|
Income Tax - Total |
1.3 |
1.5 |
0.9 |
0.6 |
0.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Accounts Receivable |
0.8 |
0.5 |
0.8 |
0.8 |
1.2 |
|
Inventory |
- |
- |
- |
- |
16.8 |
|
Inventory |
19.5 |
16.0 |
15.4 |
17.4 |
- |
|
Reserve |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
- |
|
Prepaid Catalog Costs |
1.3 |
0.9 |
1.2 |
1.7 |
1.4 |
|
Prepayments, deposits and other receivab |
0.9 |
0.9 |
0.8 |
1.0 |
1.0 |
|
Deferred income taxes |
0.3 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Total Current Assets |
22.9 |
19.1 |
18.8 |
21.3 |
20.7 |
|
|
|
|
|
|
|
|
Furniture & Fixtures |
1.4 |
1.2 |
1.2 |
1.1 |
1.0 |
|
Office and Other Equipment |
2.3 |
2.2 |
2.0 |
2.0 |
1.8 |
|
Leasehold Improvements |
6.2 |
5.1 |
4.8 |
4.5 |
3.5 |
|
Accumulated Depreciation |
-6.2 |
-5.4 |
-4.7 |
-3.9 |
-3.2 |
|
Deferred Income Tax Assets |
1.0 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Deferred Financing Costs |
0.1 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Purchased Catalog & Related Costs |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
|
Amortization |
-0.8 |
-1.1 |
-1.0 |
-0.9 |
-0.8 |
|
Other Assets, Net |
0.2 |
0.2 |
0.2 |
0.4 |
0.4 |
|
Investment in affiliate |
0.3 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Goodwill |
- |
- |
- |
0.0 |
14.3 |
|
Total Assets |
28.2 |
23.5 |
23.6 |
26.5 |
39.3 |
|
|
|
|
|
|
|
|
Current portion of capital lease obligat |
1.1 |
0.1 |
0.7 |
0.5 |
0.6 |
|
Accounts Payable |
2.2 |
2.1 |
2.3 |
2.2 |
3.3 |
|
Accrued Expenses |
1.4 |
1.8 |
1.3 |
1.6 |
2.0 |
|
Other Liabilities |
4.3 |
3.6 |
2.8 |
2.0 |
1.7 |
|
Income taxes payable |
0.3 |
0.4 |
0.4 |
0.0 |
0.6 |
|
Deferred income taxes |
- |
0.0 |
0.0 |
0.2 |
0.0 |
|
Total Current Liabilities |
9.4 |
8.0 |
7.4 |
6.5 |
8.2 |
|
|
|
|
|
|
|
|
Term note |
5.5 |
0.0 |
- |
- |
- |
|
Revolving Line of Credit |
1.0 |
0.0 |
3.0 |
8.3 |
6.3 |
|
Subordinated notes payable net |
0.0 |
5.3 |
5.1 |
4.9 |
4.7 |
|
Capital Lease Obligation |
0.0 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Total Long Term Debt |
6.5 |
5.4 |
8.2 |
13.3 |
11.2 |
|
|
|
|
|
|
|
|
Interest rate swap contract |
0.3 |
0.0 |
- |
- |
- |
|
Total Liabilities |
16.2 |
13.4 |
15.7 |
19.8 |
19.4 |
|
|
|
|
|
|
|
|
Common stock, par value $0.0001 per shar |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid in Capital |
45.7 |
45.4 |
45.2 |
44.8 |
44.3 |
|
Treasury Stock |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
|
Other comprehensive loss |
-0.2 |
0.0 |
- |
- |
- |
|
Retained Earnings |
-27.4 |
-29.2 |
-31.2 |
-32.1 |
-18.3 |
|
Total Equity |
12.0 |
10.2 |
7.9 |
6.6 |
19.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
28.2 |
23.5 |
23.6 |
26.5 |
39.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
4.5 |
4.5 |
4.5 |
4.4 |
4.3 |
|
Total Common Shares Outstanding |
4.5 |
4.5 |
4.5 |
4.4 |
4.3 |
|
T/S-Common Stock |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
|
Accumulated Intangible Amortization |
0.8 |
1.1 |
1.0 |
0.9 |
0.8 |
|
Full-Time Employees |
194 |
186 |
199 |
194 |
193 |
|
Number of Shareholders |
976 |
806 |
705 |
732 |
820 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing within 2 Years |
0.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing within 3 Years |
0.8 |
0.6 |
3.0 |
8.3 |
0.0 |
|
Long Term Debt Maturing within 4 Years |
0.8 |
0.8 |
5.0 |
5.0 |
6.3 |
|
Long Term Debt Maturing within 5 Years |
0.8 |
0.8 |
0.0 |
0.0 |
5.0 |
|
Long Term Debt - Remaining Maturities |
2.6 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
5.5 |
2.2 |
8.0 |
13.3 |
11.3 |
|
Capital Leases Maturing within 1 Year |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Leases Maturing within 2 Years |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Leases Maturing within 3 Years |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Capital Leases Maturing within 4 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Leases Maturing within 5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Leases Remaining Maturities |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Interest Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases |
0.1 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Operating Leases Maturing within 1 Year |
2.4 |
2.3 |
2.2 |
2.2 |
1.6 |
|
Operating Leases Maturing within 2 Years |
2.3 |
2.1 |
1.9 |
2.0 |
1.6 |
|
Operating Leases Maturing within 3 Years |
2.2 |
1.9 |
1.3 |
1.6 |
1.3 |
|
Operating Leases Maturing within 4 Years |
2.0 |
1.9 |
1.2 |
0.8 |
0.9 |
|
Operating Leases Maturing within 5 Years |
2.0 |
1.7 |
1.1 |
0.7 |
1.8 |
|
Operating Leases Remainig Years |
5.1 |
4.7 |
2.8 |
3.2 |
- |
|
Total Operating Leases |
16.0 |
14.5 |
10.6 |
10.4 |
7.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
1.7 |
2.0 |
0.9 |
-13.8 |
0.8 |
|
Depreciation |
0.8 |
0.7 |
0.8 |
0.8 |
0.8 |
|
Deferred Income Tax |
-0.2 |
-0.3 |
-0.3 |
0.2 |
-0.5 |
|
Loss from investment in affiliate |
0.0 |
-0.3 |
0.0 |
0.1 |
0.0 |
|
Goodwill impairment charge |
- |
- |
0.0 |
14.3 |
0.0 |
|
Amortization of Stock Based Compensation |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Payment of deferred interest |
-0.4 |
0.0 |
- |
- |
- |
|
Non Cash Interest Expense |
0.2 |
0.3 |
0.4 |
0.3 |
0.2 |
|
Accounts Receivable |
-0.3 |
0.3 |
0.0 |
0.3 |
-0.4 |
|
Inventory |
-3.5 |
-0.6 |
2.0 |
-0.6 |
-2.0 |
|
Prepaid Catalog Costs |
-0.3 |
0.1 |
0.7 |
-0.3 |
0.7 |
|
Accounts payable |
0.1 |
-0.2 |
0.1 |
-1.1 |
-0.2 |
|
Accrued Expenses |
0.2 |
1.4 |
0.8 |
-0.6 |
0.8 |
|
Cash from Operating Activities |
-1.5 |
3.7 |
5.6 |
-0.4 |
0.5 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-1.4 |
-0.3 |
-0.4 |
-1.1 |
-0.9 |
|
Distributions from investment in affilia |
0.0 |
0.3 |
0.0 |
- |
- |
|
Investment in affiliate |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Change in Other Assets |
0.0 |
0.1 |
0.2 |
-0.1 |
0.0 |
|
Acquisition |
- |
- |
- |
0.0 |
0.0 |
|
Fees paid in connection with investment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-1.4 |
0.0 |
-0.3 |
-1.2 |
-0.9 |
|
|
|
|
|
|
|
|
Payments under Revolving Line of Credit |
18.7 |
10.8 |
6.3 |
12.8 |
21.7 |
|
Borrowings under Revolving LOC |
-17.7 |
-13.8 |
-11.6 |
-10.8 |
-21.3 |
|
Payment of commitment fee |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Change in outstanding checks |
1.0 |
-0.6 |
0.2 |
-0.1 |
-1.1 |
|
Payments of Capital Leases |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Cash proceeds from exercise of stock opt |
0.1 |
0.0 |
0.2 |
0.0 |
- |
|
Borrowings under term note |
5.5 |
0.0 |
- |
- |
- |
|
Repayment of subordinated note |
-5.0 |
0.0 |
- |
- |
- |
|
Proceeds from Issuance of Subordinated |
- |
- |
- |
0.0 |
5.0 |
|
Payments to settle senior subordinated n |
- |
- |
- |
0.0 |
-3.2 |
|
Payments of Commitment & Financing Fees |
- |
- |
- |
0.0 |
-0.4 |
|
IPO Transaction Costs |
- |
- |
- |
0.0 |
0.0 |
|
Cash proceeds from exercise of warrants |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
2.4 |
-3.7 |
-5.1 |
1.7 |
0.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.4 |
0.0 |
0.3 |
0.1 |
0.2 |
|
|
|
|
|
|
|
|
Net Cash- Beginning Balance |
0.7 |
0.7 |
0.4 |
0.3 |
0.1 |
|
Net Cash- Ending Balance |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Cash Interest Paid |
1.0 |
0.7 |
1.0 |
1.0 |
1.4 |
|
Cash Taxes Paid |
1.6 |
1.7 |
0.8 |
1.0 |
0.7 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio
Comparisons
|
Traded: NASDAQ: DOVR |
Financials in: USD (actual units) |
|
|
Industry: Retail (Specialty) |
As of 29-Jun-2012 |
|
|
Sector: Services |
||
|
||
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
12.66 |
21.45 |
26.53 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
26.49 |
25.00 |
28.03 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
6.87 |
10.32 |
11.18 |
10.71 |
|
Beta |
0.66 |
1.18 |
0.91 |
1.00 |
|
Price/Revenue (TTM) |
0.27 |
1.27 |
2.87 |
2.57 |
|
Price/Book (MRQ) |
1.54 |
3.31 |
4.17 |
3.67 |
|
Price to Tangible Book (MRQ) |
1.90 |
3.85 |
6.61 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
8.58 |
14.06 |
14.95 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
- |
24.90 |
25.61 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
- |
1.57% |
2.91% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
0.00 |
0.64 |
1.96 |
1.99 |
|
Dividend 5 Yr Growth |
- |
-21.00% |
-1.39% |
0.08% |
|
Payout Ratio (TTM) |
0.00% |
8.41% |
11.60% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
5.80% |
12.43% |
-0.77% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
3.26% |
10.84% |
-4.27% |
17.69% |
|
Revenue 5 Yr Growth |
2.05% |
9.32% |
23.25% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
71.50% |
30.89% |
12.66% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
-24.22% |
37.83% |
17.36% |
32.55% |
|
EPS 5 Yr Growth |
3.74% |
10.63% |
8.65% |
9.86% |
|
Capital Spending 5 Yr Growth |
-3.74% |
-3.85% |
-14.30% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
0.51 |
0.61 |
0.63 |
1.24 |
|
Current Ratio (MRQ) |
3.64 |
2.11 |
0.97 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.81 |
0.51 |
1.48 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.85 |
0.58 |
1.73 |
0.73 |
|
Interest Coverage (TTM) |
8.09 |
13.90 |
4.20 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
38.48% |
37.85% |
37.46% |
45.21% |
|
Gross Margin - 5 Yr Avg |
37.79% |
37.91% |
39.96% |
44.91% |
|
EBITD Margin (TTM) |
5.41% |
12.91% |
8.34% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
1.54% |
11.51% |
13.48% |
22.84% |
|
Operating Margin (TTM) |
4.46% |
10.63% |
10.36% |
20.63% |
|
Operating Margin - 5 Yr Avg |
0.56% |
8.93% |
2.67% |
18.28% |
|
Pretax Margin (TTM) |
3.91% |
9.35% |
6.99% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
-0.92% |
8.10% |
5.24% |
17.10% |
|
Net Profit Margin (TTM) |
2.23% |
5.93% |
4.44% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
-2.12% |
5.06% |
2.82% |
12.10% |
|
Effective Tax Rate (TTM) |
43.08% |
36.81% |
29.02% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
- |
36.54% |
28.67% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
6.74% |
8.25% |
0.41% |
8.54% |
|
Return on Assets - 5 Yr Avg |
-5.74% |
7.58% |
3.69% |
8.40% |
|
Return on Investment (TTM) |
8.84% |
9.88% |
3.14% |
7.90% |
|
Return on Investment - 5 Yr Avg |
-7.88% |
8.99% |
4.63% |
8.27% |
|
Return on Equity (TTM) |
16.06% |
15.46% |
-2.30% |
19.72% |
|
Return on Equity - 5 Yr Avg |
-13.92% |
12.04% |
14.07% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
421,824.80 |
316,828.32 |
764,536.05 |
927,613.77 |
|
Net Income/Employee (TTM) |
9,386.60 |
17,978.12 |
144,529.55 |
116,121.92 |
|
Receivables Turnover (TTM) |
148.92 |
35.53 |
16.95 |
13.25 |
|
Inventory Turnover (TTM) |
2.66 |
3.95 |
17.44 |
14.53 |
|
Asset Turnover (TTM) |
3.03 |
1.64 |
1.00 |
0.93 |
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Stock
Report
|
|
Stock Snapshot |
|
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|
|
Stock History
|
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Annual Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
80.8 |
78.2 |
76.2 |
78.0 |
81.4 |
|
Revenue |
80.8 |
78.2 |
76.2 |
78.0 |
81.4 |
|
Total Revenue |
80.8 |
78.2 |
76.2 |
78.0 |
81.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
49.8 |
48.5 |
47.4 |
49.3 |
50.5 |
|
Cost of Revenue, Total |
49.8 |
48.5 |
47.4 |
49.3 |
50.5 |
|
Gross Profit |
31.0 |
29.7 |
28.9 |
28.7 |
30.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
19.0 |
18.1 |
17.5 |
26.3 |
27.3 |
|
Advertising Expense |
8.2 |
7.4 |
8.2 |
- |
- |
|
Total Selling/General/Administrative Expenses |
27.2 |
25.5 |
25.7 |
26.3 |
27.3 |
|
Litigation |
- |
- |
- |
0.0 |
0.7 |
|
Impairment-Assets Held for Use |
- |
- |
0.0 |
14.3 |
0.0 |
|
Unusual Expense (Income) |
- |
- |
0.0 |
14.3 |
0.7 |
|
Total Operating Expense |
77.1 |
74.0 |
73.1 |
89.9 |
78.4 |
|
|
|
|
|
|
|
|
Operating Income |
3.8 |
4.2 |
3.2 |
-11.9 |
3.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.7 |
-1.0 |
- |
- |
- |
|
Interest Expense, Net Non-Operating |
-0.7 |
-1.0 |
- |
- |
- |
|
Investment Income -
Non-Operating |
0.0 |
0.3 |
0.0 |
-0.1 |
0.0 |
|
Interest/Investment Income - Non-Operating |
0.0 |
0.3 |
0.0 |
-0.1 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating |
- |
- |
-1.3 |
-1.3 |
-1.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.7 |
-0.7 |
-1.4 |
-1.4 |
-1.6 |
|
Income Before Tax |
3.0 |
3.5 |
1.8 |
-13.3 |
1.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.3 |
1.5 |
0.9 |
0.6 |
0.5 |
|
Income After Tax |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
Net Income |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
5.3 |
5.3 |
5.2 |
5.2 |
5.1 |
|
Basic EPS Excl Extraord Items |
0.33 |
0.39 |
0.17 |
-2.68 |
0.16 |
|
Basic/Primary EPS Incl Extraord Items |
0.33 |
0.39 |
0.17 |
-2.68 |
0.16 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
Diluted Weighted Average Shares |
5.5 |
5.4 |
5.2 |
5.2 |
5.2 |
|
Diluted EPS Excl Extraord Items |
0.31 |
0.38 |
0.17 |
-2.68 |
0.16 |
|
Diluted EPS Incl Extraord Items |
0.31 |
0.38 |
0.17 |
-2.68 |
0.16 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.7 |
1.0 |
1.3 |
1.3 |
- |
|
Depreciation, Supplemental |
0.7 |
0.7 |
0.8 |
0.8 |
0.7 |
|
Total Special Items |
- |
- |
0.0 |
14.3 |
0.7 |
|
Normalized Income Before Tax |
3.0 |
3.5 |
1.8 |
1.0 |
2.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
0.0 |
5.0 |
0.3 |
|
Inc Tax Ex Impact of Sp Items |
1.3 |
1.5 |
0.9 |
5.6 |
0.8 |
|
Normalized Income After Tax |
1.7 |
2.0 |
0.9 |
-4.6 |
1.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.7 |
2.0 |
0.9 |
-4.6 |
1.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.33 |
0.39 |
0.17 |
-0.89 |
0.25 |
|
Diluted Normalized EPS |
0.31 |
0.38 |
0.17 |
-0.89 |
0.24 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Rental Expenses |
2.4 |
2.4 |
2.3 |
2.0 |
1.7 |
|
Advertising Expense, Supplemental |
8.2 |
7.4 |
8.2 |
9.5 |
10.1 |
|
Normalized EBIT |
3.8 |
4.2 |
3.2 |
2.4 |
3.7 |
|
Normalized EBITDA |
4.5 |
5.0 |
3.9 |
3.2 |
4.5 |
|
Current Tax - Domestic |
1.1 |
1.3 |
0.9 |
0.2 |
0.8 |
|
Current Tax - Local |
0.4 |
0.4 |
0.3 |
0.1 |
0.2 |
|
Current Tax - Total |
1.5 |
1.7 |
1.2 |
0.4 |
1.0 |
|
Deferred Tax - Domestic |
-0.1 |
-0.2 |
-0.3 |
0.1 |
-0.4 |
|
Deferred Tax - Local |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
-0.3 |
0.2 |
-0.5 |
|
Income Tax - Total |
1.3 |
1.5 |
0.9 |
0.6 |
0.5 |
Interim Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Calculated |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
18.3 |
23.8 |
19.5 |
20.2 |
17.3 |
|
Revenue |
18.3 |
23.8 |
19.5 |
20.2 |
17.3 |
|
Total Revenue |
18.3 |
23.8 |
19.5 |
20.2 |
17.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11.2 |
14.3 |
12.1 |
12.8 |
10.7 |
|
Cost of Revenue, Total |
11.2 |
14.3 |
12.1 |
12.8 |
10.7 |
|
Gross Profit |
7.1 |
9.5 |
7.4 |
7.5 |
6.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
4.4 |
5.7 |
4.8 |
4.2 |
4.4 |
|
Advertising Expense |
2.1 |
2.5 |
2.0 |
2.2 |
1.5 |
|
Total Selling/General/Administrative Expenses |
6.5 |
8.2 |
6.8 |
6.3 |
5.9 |
|
Total Operating Expense |
17.8 |
22.5 |
18.8 |
19.1 |
16.6 |
|
|
|
|
|
|
|
|
Operating Income |
0.5 |
1.3 |
0.7 |
1.2 |
0.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.4 |
|
Interest Expense, Net Non-Operating |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.4 |
|
Investment Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Interest/Investment Income - Non-Operating |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.4 |
|
Income Before Tax |
0.4 |
1.1 |
0.5 |
1.1 |
0.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.2 |
0.5 |
0.2 |
0.5 |
0.1 |
|
Income After Tax |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
Net Income |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
5.3 |
5.3 |
5.3 |
5.3 |
5.3 |
|
Basic EPS Excl Extraord Items |
0.04 |
0.12 |
0.06 |
0.12 |
0.02 |
|
Basic/Primary EPS Incl Extraord Items |
0.04 |
0.12 |
0.06 |
0.12 |
0.02 |
|
Diluted Net Income |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
Diluted Weighted Average Shares |
5.6 |
5.5 |
5.5 |
5.6 |
5.4 |
|
Diluted EPS Excl Extraord Items |
0.04 |
0.12 |
0.06 |
0.11 |
0.02 |
|
Diluted EPS Incl Extraord Items |
0.04 |
0.12 |
0.06 |
0.11 |
0.02 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.1 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Depreciation, Supplemental |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Normalized Income Before Tax |
0.4 |
1.1 |
0.5 |
1.1 |
0.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.2 |
0.5 |
0.2 |
0.5 |
0.1 |
|
Normalized Income After Tax |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.12 |
0.06 |
0.12 |
0.02 |
|
Diluted Normalized EPS |
0.04 |
0.12 |
0.06 |
0.11 |
0.02 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advertising Expense, Supplemental |
2.1 |
2.5 |
2.0 |
2.2 |
1.5 |
|
Reported Gross Profit |
7.1 |
- |
7.4 |
7.5 |
6.6 |
|
Reported Operating Profit |
0.5 |
- |
0.7 |
1.2 |
0.6 |
|
Normalized EBIT |
0.5 |
1.3 |
0.7 |
1.2 |
0.6 |
|
Normalized EBITDA |
0.7 |
1.5 |
0.9 |
1.4 |
0.8 |
Annual Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Cash and Short Term Investments |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Trade Accounts Receivable - Net |
0.8 |
0.5 |
0.8 |
0.8 |
1.2 |
|
Total Receivables, Net |
0.8 |
0.5 |
0.8 |
0.8 |
1.2 |
|
Inventories - Other |
19.5 |
16.0 |
15.4 |
17.4 |
- |
|
LIFO Reserve |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
- |
|
Total Inventory |
19.4 |
15.9 |
15.3 |
17.3 |
16.8 |
|
Prepaid Expenses |
2.2 |
1.8 |
1.9 |
2.7 |
2.4 |
|
Deferred Income Tax - Current Asset |
0.3 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Other Current Assets, Total |
0.3 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Total Current Assets |
22.9 |
19.1 |
18.8 |
21.3 |
20.7 |
|
|
|
|
|
|
|
|
Buildings |
6.2 |
5.1 |
4.8 |
4.5 |
3.5 |
|
Machinery/Equipment |
3.7 |
3.4 |
3.2 |
3.1 |
2.8 |
|
Property/Plant/Equipment - Gross |
9.9 |
8.5 |
8.1 |
7.5 |
6.3 |
|
Accumulated Depreciation |
-6.2 |
-5.4 |
-4.7 |
-3.9 |
-3.2 |
|
Property/Plant/Equipment - Net |
3.7 |
3.0 |
3.4 |
3.6 |
3.2 |
|
Goodwill, Net |
- |
- |
- |
0.0 |
14.3 |
|
Intangibles - Gross |
0.9 |
1.2 |
1.2 |
1.2 |
1.2 |
|
Accumulated Intangible Amortization |
-0.8 |
-1.1 |
-1.0 |
-0.9 |
-0.8 |
|
Intangibles, Net |
0.0 |
0.1 |
0.2 |
0.3 |
0.4 |
|
LT Investment - Affiliate Companies |
0.3 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Long Term Investments |
0.3 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
1.0 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Other Long Term Assets |
0.2 |
0.2 |
0.2 |
0.4 |
0.4 |
|
Other Long Term Assets, Total |
1.2 |
1.0 |
0.9 |
1.0 |
0.8 |
|
Total Assets |
28.2 |
23.5 |
23.6 |
26.5 |
39.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
2.2 |
2.1 |
2.3 |
2.2 |
3.3 |
|
Accrued Expenses |
1.4 |
1.8 |
1.3 |
1.6 |
2.0 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
1.1 |
0.1 |
0.7 |
0.5 |
0.6 |
|
Income Taxes Payable |
0.3 |
0.4 |
0.4 |
0.0 |
0.6 |
|
Deferred Income Tax - Current Liability |
- |
0.0 |
0.0 |
0.2 |
0.0 |
|
Other Current Liabilities |
4.3 |
3.6 |
2.8 |
2.0 |
1.7 |
|
Other Current liabilities, Total |
4.6 |
4.1 |
3.2 |
2.2 |
2.3 |
|
Total Current Liabilities |
9.4 |
8.0 |
7.4 |
6.5 |
8.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
6.5 |
5.3 |
8.1 |
13.2 |
11.0 |
|
Capital Lease Obligations |
0.0 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Total Long Term Debt |
6.5 |
5.4 |
8.2 |
13.3 |
11.2 |
|
Total Debt |
7.6 |
5.5 |
8.9 |
13.8 |
11.8 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.3 |
0.0 |
- |
- |
- |
|
Other Liabilities, Total |
0.3 |
0.0 |
- |
- |
- |
|
Total Liabilities |
16.2 |
13.4 |
15.7 |
19.8 |
19.4 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid-In Capital |
45.7 |
45.4 |
45.2 |
44.8 |
44.3 |
|
Retained Earnings (Accumulated Deficit) |
-27.4 |
-29.2 |
-31.2 |
-32.1 |
-18.3 |
|
Treasury Stock - Common |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
|
Other Comprehensive Income |
-0.2 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
-0.2 |
0.0 |
- |
- |
- |
|
Total Equity |
12.0 |
10.2 |
7.9 |
6.6 |
19.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
28.2 |
23.5 |
23.6 |
26.5 |
39.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
4.5 |
4.5 |
4.5 |
4.4 |
4.3 |
|
Total Common Shares Outstanding |
4.5 |
4.5 |
4.5 |
4.4 |
4.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
|
Employees |
194 |
186 |
199 |
194 |
193 |
|
Number of Common Shareholders |
976 |
806 |
705 |
732 |
820 |
|
Accumulated Intangible Amort, Suppl. |
0.8 |
1.1 |
1.0 |
0.9 |
0.8 |
|
Total Long Term Debt, Supplemental |
5.5 |
2.2 |
8.0 |
13.3 |
11.3 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
0.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
0.8 |
0.6 |
3.0 |
8.3 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
0.8 |
0.8 |
5.0 |
5.0 |
6.3 |
|
Long Term Debt Maturing in Year 5 |
0.8 |
0.8 |
0.0 |
0.0 |
5.0 |
|
Long Term Debt Maturing in 2-3 Years |
1.4 |
0.6 |
3.0 |
8.3 |
0.0 |
|
Long Term Debt Maturing in 4-5 Years |
1.6 |
1.6 |
5.0 |
5.0 |
11.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
0.1 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Capital Lease Payments Due in Year 1 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 2 |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Operating Leases, Supplemental |
16.0 |
14.5 |
10.6 |
10.4 |
7.2 |
|
Operating Lease Payments Due in Year 1 |
2.4 |
2.3 |
2.2 |
2.2 |
1.6 |
|
Operating Lease Payments Due in Year 2 |
2.3 |
2.1 |
1.9 |
2.0 |
1.6 |
|
Operating Lease Payments Due in Year 3 |
2.2 |
1.9 |
1.3 |
1.6 |
1.3 |
|
Operating Lease Payments Due in Year 4 |
2.0 |
1.9 |
1.2 |
0.8 |
0.9 |
|
Operating Lease Payments Due in Year 5 |
2.0 |
1.7 |
1.1 |
0.7 |
1.8 |
|
Operating Lease Pymts. Due in 2-3 Years |
4.5 |
4.0 |
3.2 |
3.5 |
2.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
4.0 |
3.5 |
2.3 |
1.5 |
2.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
5.1 |
4.7 |
2.8 |
3.2 |
0.0 |
Interim Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
0.2 |
0.3 |
0.2 |
0.3 |
0.2 |
|
Cash and Short Term Investments |
0.2 |
0.3 |
0.2 |
0.3 |
0.2 |
|
Trade Accounts Receivable - Net |
0.6 |
0.8 |
0.6 |
0.8 |
0.5 |
|
Total Receivables, Net |
0.6 |
0.8 |
0.6 |
0.8 |
0.5 |
|
Total Inventory |
20.2 |
19.4 |
19.4 |
18.3 |
17.6 |
|
Prepaid Expenses |
2.2 |
2.2 |
2.5 |
2.0 |
2.3 |
|
Deferred Income Tax - Current Asset |
0.2 |
0.3 |
0.1 |
0.1 |
0.1 |
|
Other Current Assets, Total |
0.2 |
0.3 |
0.1 |
0.1 |
0.1 |
|
Total Current Assets |
23.5 |
22.9 |
22.7 |
21.5 |
20.6 |
|
|
|
|
|
|
|
|
Buildings |
- |
6.2 |
- |
- |
- |
|
Machinery/Equipment |
- |
3.7 |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
- |
9.9 |
- |
- |
- |
|
Accumulated Depreciation |
- |
-6.2 |
- |
- |
- |
|
Property/Plant/Equipment - Net |
3.9 |
3.7 |
3.2 |
3.1 |
3.0 |
|
Intangibles, Net |
0.6 |
0.6 |
0.6 |
0.6 |
0.5 |
|
Deferred Income Tax - Long Term Asset |
1.1 |
1.0 |
1.0 |
0.9 |
0.9 |
|
Other Long Term Assets, Total |
1.1 |
1.0 |
1.0 |
0.9 |
0.9 |
|
Total Assets |
29.0 |
28.2 |
27.4 |
26.1 |
25.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
2.0 |
2.2 |
2.4 |
1.9 |
1.8 |
|
Accrued Expenses |
3.7 |
5.7 |
4.5 |
3.9 |
3.9 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.5 |
1.1 |
0.5 |
0.1 |
0.6 |
|
Income Taxes Payable |
0.2 |
0.3 |
0.0 |
0.1 |
0.2 |
|
Other Current liabilities, Total |
0.2 |
0.3 |
0.0 |
0.1 |
0.2 |
|
Total Current Liabilities |
6.4 |
9.4 |
7.4 |
6.0 |
6.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
10.0 |
6.5 |
8.8 |
9.1 |
8.2 |
|
Capital Lease Obligations |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Total Long Term Debt |
10.0 |
6.5 |
8.8 |
9.2 |
8.2 |
|
Total Debt |
10.5 |
7.6 |
9.3 |
9.3 |
8.8 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.3 |
0.3 |
- |
- |
- |
|
Other Liabilities, Total |
0.3 |
0.3 |
- |
- |
- |
|
Total Liabilities |
16.7 |
16.2 |
16.2 |
15.1 |
14.6 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid-In Capital |
45.8 |
45.7 |
45.6 |
45.5 |
45.5 |
|
Retained Earnings (Accumulated Deficit) |
-27.2 |
-27.4 |
-28.1 |
-28.4 |
-29.0 |
|
Treasury Stock - Common |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
|
Other Comprehensive Income |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
- |
|
Other Equity, Total |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
- |
|
Total Equity |
12.3 |
12.0 |
11.3 |
10.9 |
10.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
29.0 |
28.2 |
27.4 |
26.1 |
25.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
4.5 |
4.5 |
4.5 |
4.5 |
4.5 |
|
Total Common Shares Outstanding |
4.5 |
4.5 |
4.5 |
4.5 |
4.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
Annual Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1.7 |
2.0 |
0.9 |
-13.8 |
0.8 |
|
Depreciation |
0.8 |
0.7 |
0.8 |
0.8 |
0.8 |
|
Depreciation/Depletion |
0.8 |
0.7 |
0.8 |
0.8 |
0.8 |
|
Deferred Taxes |
-0.2 |
-0.3 |
-0.3 |
0.2 |
-0.5 |
|
Unusual Items |
- |
- |
0.0 |
14.3 |
0.0 |
|
Equity in Net Earnings (Loss) |
0.0 |
-0.3 |
0.0 |
0.1 |
0.0 |
|
Other Non-Cash Items |
0.0 |
0.5 |
0.5 |
0.4 |
0.3 |
|
Non-Cash Items |
0.1 |
0.2 |
0.6 |
14.8 |
0.3 |
|
Accounts Receivable |
-0.3 |
0.3 |
0.0 |
0.3 |
-0.4 |
|
Inventories |
-3.5 |
-0.6 |
2.0 |
-0.6 |
-2.0 |
|
Prepaid Expenses |
-0.3 |
0.1 |
0.7 |
-0.3 |
0.7 |
|
Accounts Payable |
0.1 |
-0.2 |
0.1 |
-1.1 |
-0.2 |
|
Accrued Expenses |
0.2 |
1.4 |
0.8 |
-0.6 |
0.8 |
|
Changes in Working Capital |
-3.8 |
1.0 |
3.7 |
-2.3 |
-1.0 |
|
Cash from Operating Activities |
-1.5 |
3.7 |
5.6 |
-0.4 |
0.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.4 |
-0.3 |
-0.4 |
-1.1 |
-0.9 |
|
Capital Expenditures |
-1.4 |
-0.3 |
-0.4 |
-1.1 |
-0.9 |
|
Acquisition of Business |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of Investments |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Other Investing Cash Flow |
0.0 |
0.4 |
0.2 |
-0.1 |
0.0 |
|
Other Investing Cash Flow Items, Total |
0.0 |
0.3 |
0.2 |
-0.1 |
0.0 |
|
Cash from Investing Activities |
-1.4 |
0.0 |
-0.3 |
-1.2 |
-0.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
1.0 |
-0.6 |
0.2 |
-0.1 |
-1.5 |
|
Financing Cash Flow Items |
1.0 |
-0.6 |
0.2 |
-0.1 |
-1.5 |
|
Options Exercised |
0.1 |
0.0 |
0.2 |
0.0 |
- |
|
Warrants Converted |
- |
- |
- |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.1 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Long Term Debt Issued |
24.2 |
10.8 |
6.3 |
12.8 |
26.7 |
|
Long Term Debt
Reduction |
-22.8 |
-14.0 |
-11.7 |
-11.0 |
-24.6 |
|
Long Term Debt, Net |
1.4 |
-3.1 |
-5.4 |
1.9 |
2.1 |
|
Issuance (Retirement) of Debt, Net |
1.4 |
-3.1 |
-5.4 |
1.9 |
2.1 |
|
Cash from Financing Activities |
2.4 |
-3.7 |
-5.1 |
1.7 |
0.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.4 |
0.0 |
0.3 |
0.1 |
0.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.7 |
0.7 |
0.4 |
0.3 |
0.1 |
|
Net Cash - Ending Balance |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Cash Interest Paid |
1.0 |
0.7 |
1.0 |
1.0 |
1.4 |
|
Cash Taxes Paid |
1.6 |
1.7 |
0.8 |
1.0 |
0.7 |
Interim Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
0.2 |
1.7 |
1.1 |
0.8 |
0.1 |
|
Depreciation |
0.2 |
0.8 |
0.6 |
0.4 |
0.2 |
|
Depreciation/Depletion |
0.2 |
0.8 |
0.6 |
0.4 |
0.2 |
|
Deferred Taxes |
0.0 |
-0.2 |
-0.1 |
0.0 |
0.0 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Cash Items |
-0.7 |
0.0 |
0.0 |
-0.1 |
-0.2 |
|
Non-Cash Items |
-0.7 |
0.1 |
0.0 |
-0.1 |
-0.1 |
|
Accounts Receivable |
0.2 |
-0.3 |
0.0 |
-0.3 |
0.1 |
|
Inventories |
-0.8 |
-3.5 |
-3.5 |
-2.4 |
-1.8 |
|
Prepaid Expenses |
-0.1 |
-0.3 |
-0.7 |
-0.1 |
-0.4 |
|
Accounts Payable |
-0.2 |
0.1 |
0.3 |
-0.1 |
-0.3 |
|
Accrued Expenses |
-1.4 |
0.2 |
-1.3 |
-1.9 |
-1.8 |
|
Changes in Working Capital |
-2.3 |
-3.8 |
-5.2 |
-4.9 |
-4.2 |
|
Cash from Operating Activities |
-2.6 |
-1.5 |
-3.6 |
-3.9 |
-4.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-0.5 |
-1.4 |
-0.7 |
-0.4 |
-0.1 |
|
Capital Expenditures |
-0.5 |
-1.4 |
-0.7 |
-0.4 |
-0.1 |
|
Purchase of Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow |
- |
0.0 |
0.0 |
0.0 |
- |
|
Other Investing Cash Flow Items, Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-0.5 |
-1.4 |
-0.7 |
-0.4 |
-0.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.6 |
1.0 |
0.3 |
-0.1 |
0.4 |
|
Financing Cash Flow Items |
-0.6 |
1.0 |
0.3 |
-0.1 |
0.4 |
|
Options Exercised |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Issued |
3.5 |
24.2 |
8.4 |
9.0 |
8.2 |
|
Long Term Debt
Reduction |
0.0 |
-22.8 |
-5.1 |
-5.0 |
-5.0 |
|
Long Term Debt, Net |
3.5 |
1.4 |
3.4 |
3.9 |
3.2 |
|
Issuance (Retirement) of Debt, Net |
3.5 |
1.4 |
3.4 |
3.9 |
3.2 |
|
Cash from Financing Activities |
2.9 |
2.4 |
3.7 |
3.9 |
3.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.1 |
-0.4 |
-0.6 |
-0.5 |
-0.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.3 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Net Cash - Ending Balance |
0.2 |
0.3 |
0.2 |
0.3 |
0.2 |
|
Cash Interest Paid |
0.1 |
1.0 |
0.8 |
0.7 |
0.6 |
|
Cash Taxes Paid |
0.3 |
1.6 |
1.4 |
1.0 |
0.4 |
Annual Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Revenues - Direct |
50.3 |
52.1 |
51.3 |
55.8 |
61.5 |
|
Revenues - Retail |
30.5 |
26.1 |
24.9 |
22.1 |
19.9 |
|
Revenues, Rounding off adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Revenue |
80.8 |
78.2 |
76.2 |
78.0 |
81.4 |
|
|
|
|
|
|
|
|
Cost of Revenues |
49.8 |
48.5 |
47.4 |
49.3 |
50.5 |
|
Selling, general and administrative expe |
19.0 |
18.1 |
17.5 |
26.3 |
27.3 |
|
Advertising Cost |
8.2 |
7.4 |
8.2 |
- |
- |
|
Goodwill Impairment Charges |
- |
- |
0.0 |
14.3 |
0.0 |
|
Litigation settlement expense |
- |
- |
- |
0.0 |
0.7 |
|
Total Operating Expense |
77.1 |
74.0 |
73.1 |
89.9 |
78.4 |
|
|
|
|
|
|
|
|
Interest expense, financing and other re |
- |
- |
-1.3 |
-1.3 |
-1.6 |
|
Interest expense |
-0.7 |
-1.0 |
- |
- |
- |
|
Other investment (income) loss, net |
0.0 |
0.3 |
0.0 |
-0.1 |
0.0 |
|
Net Income Before Taxes |
3.0 |
3.5 |
1.8 |
-13.3 |
1.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.3 |
1.5 |
0.9 |
0.6 |
0.5 |
|
Net Income After Taxes |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
Net Income |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5.3 |
5.3 |
5.2 |
5.2 |
5.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.33 |
0.39 |
0.17 |
-2.68 |
0.16 |
|
Basic EPS Including ExtraOrdinary Items |
0.33 |
0.39 |
0.17 |
-2.68 |
0.16 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1.7 |
2.0 |
0.9 |
-13.9 |
0.8 |
|
Diluted Weighted Average Shares |
5.5 |
5.4 |
5.2 |
5.2 |
5.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.31 |
0.38 |
0.17 |
-2.68 |
0.16 |
|
Diluted EPS Including ExtraOrd Items |
0.31 |
0.38 |
0.17 |
-2.68 |
0.16 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
3.0 |
3.5 |
1.8 |
1.0 |
2.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.3 |
1.5 |
0.9 |
5.6 |
0.8 |
|
Normalized Income After Taxes |
1.7 |
2.0 |
0.9 |
-4.6 |
1.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.7 |
2.0 |
0.9 |
-4.6 |
1.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.33 |
0.39 |
0.17 |
-0.89 |
0.25 |
|
Diluted Normalized EPS |
0.31 |
0.38 |
0.17 |
-0.89 |
0.24 |
|
Interest Expense |
0.7 |
1.0 |
1.3 |
1.3 |
- |
|
Depreciation |
0.7 |
0.7 |
0.8 |
0.8 |
0.7 |
|
Amortization Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Rental Expense |
2.4 |
2.4 |
2.3 |
2.0 |
1.7 |
|
Advertising Expenses |
8.2 |
7.4 |
8.2 |
9.5 |
10.1 |
|
Current Tax - Federal |
1.1 |
1.3 |
0.9 |
0.2 |
0.8 |
|
Current Tax - State |
0.4 |
0.4 |
0.3 |
0.1 |
0.2 |
|
Current Tax - Total |
1.5 |
1.7 |
1.2 |
0.4 |
1.0 |
|
Deferred Tax - Federal |
-0.1 |
-0.2 |
-0.3 |
0.1 |
-0.4 |
|
Deferred Tax - State |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
-0.3 |
0.2 |
-0.5 |
|
Income Tax - Total |
1.3 |
1.5 |
0.9 |
0.6 |
0.5 |
Interim Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Calculated |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Revenues, net- direct |
11.5 |
14.8 |
11.3 |
12.2 |
12.1 |
|
Revenues, net retail stores |
6.8 |
9.0 |
8.2 |
8.1 |
5.2 |
|
Total Revenue |
18.3 |
23.8 |
19.5 |
20.2 |
17.3 |
|
|
|
|
|
|
|
|
Cost of Revenues |
11.2 |
14.3 |
12.1 |
12.8 |
10.7 |
|
Selling, general and administrative expe |
4.4 |
5.7 |
4.8 |
4.2 |
4.4 |
|
Advertising |
2.1 |
2.5 |
2.0 |
2.2 |
1.5 |
|
Total Operating Expense |
17.8 |
22.5 |
18.8 |
19.1 |
16.6 |
|
|
|
|
|
|
|
|
Other investment loss, net |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Interest Expense |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.4 |
|
Net Income Before Taxes |
0.4 |
1.1 |
0.5 |
1.1 |
0.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.2 |
0.5 |
0.2 |
0.5 |
0.1 |
|
Net Income After Taxes |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
Net Income |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5.3 |
5.3 |
5.3 |
5.3 |
5.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.04 |
0.12 |
0.06 |
0.12 |
0.02 |
|
Basic EPS Including ExtraOrdinary Items |
0.04 |
0.12 |
0.06 |
0.12 |
0.02 |
|
Diluted Net Income |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
Diluted Weighted Average Shares |
5.6 |
5.5 |
5.5 |
5.6 |
5.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.04 |
0.12 |
0.06 |
0.11 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
0.04 |
0.12 |
0.06 |
0.11 |
0.02 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
0.4 |
1.1 |
0.5 |
1.1 |
0.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.2 |
0.5 |
0.2 |
0.5 |
0.1 |
|
Normalized Income After Taxes |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
0.2 |
0.6 |
0.3 |
0.6 |
0.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.12 |
0.06 |
0.12 |
0.02 |
|
Diluted Normalized EPS |
0.04 |
0.12 |
0.06 |
0.11 |
0.02 |
|
Interest Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Depreciation |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Amortization of Intangible |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advertising Expense |
2.1 |
2.5 |
2.0 |
2.2 |
1.5 |
|
Gross profit |
7.1 |
- |
7.4 |
7.5 |
6.6 |
|
Income (loss) from operations |
0.5 |
- |
0.7 |
1.2 |
0.6 |
Annual Balance
Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Accounts Receivable |
0.8 |
0.5 |
0.8 |
0.8 |
1.2 |
|
Inventory |
- |
- |
- |
- |
16.8 |
|
Inventory |
19.5 |
16.0 |
15.4 |
17.4 |
- |
|
Reserve |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
- |
|
Prepaid Catalog Costs |
1.3 |
0.9 |
1.2 |
1.7 |
1.4 |
|
Prepayments, deposits and other receivab |
0.9 |
0.9 |
0.8 |
1.0 |
1.0 |
|
Deferred income taxes |
0.3 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Total Current Assets |
22.9 |
19.1 |
18.8 |
21.3 |
20.7 |
|
|
|
|
|
|
|
|
Furniture & Fixtures |
1.4 |
1.2 |
1.2 |
1.1 |
1.0 |
|
Office and Other Equipment |
2.3 |
2.2 |
2.0 |
2.0 |
1.8 |
|
Leasehold Improvements |
6.2 |
5.1 |
4.8 |
4.5 |
3.5 |
|
Accumulated Depreciation |
-6.2 |
-5.4 |
-4.7 |
-3.9 |
-3.2 |
|
Deferred Income Tax Assets |
1.0 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Deferred Financing Costs |
0.1 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Purchased Catalog & Related Costs |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
|
Amortization |
-0.8 |
-1.1 |
-1.0 |
-0.9 |
-0.8 |
|
Other Assets, Net |
0.2 |
0.2 |
0.2 |
0.4 |
0.4 |
|
Investment in affiliate |
0.3 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Goodwill |
- |
- |
- |
0.0 |
14.3 |
|
Total Assets |
28.2 |
23.5 |
23.6 |
26.5 |
39.3 |
|
|
|
|
|
|
|
|
Current portion of capital lease obligat |
1.1 |
0.1 |
0.7 |
0.5 |
0.6 |
|
Accounts Payable |
2.2 |
2.1 |
2.3 |
2.2 |
3.3 |
|
Accrued Expenses |
1.4 |
1.8 |
1.3 |
1.6 |
2.0 |
|
Other Liabilities |
4.3 |
3.6 |
2.8 |
2.0 |
1.7 |
|
Income taxes payable |
0.3 |
0.4 |
0.4 |
0.0 |
0.6 |
|
Deferred income taxes |
- |
0.0 |
0.0 |
0.2 |
0.0 |
|
Total Current Liabilities |
9.4 |
8.0 |
7.4 |
6.5 |
8.2 |
|
|
|
|
|
|
|
|
Term note |
5.5 |
0.0 |
- |
- |
- |
|
Revolving Line of Credit |
1.0 |
0.0 |
3.0 |
8.3 |
6.3 |
|
Subordinated notes payable net |
0.0 |
5.3 |
5.1 |
4.9 |
4.7 |
|
Capital Lease Obligation |
0.0 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Total Long Term Debt |
6.5 |
5.4 |
8.2 |
13.3 |
11.2 |
|
|
|
|
|
|
|
|
Interest rate swap contract |
0.3 |
0.0 |
- |
- |
- |
|
Total Liabilities |
16.2 |
13.4 |
15.7 |
19.8 |
19.4 |
|
|
|
|
|
|
|
|
Common stock, par value $0.0001 per shar |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid in Capital |
45.7 |
45.4 |
45.2 |
44.8 |
44.3 |
|
Treasury Stock |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
|
Other comprehensive loss |
-0.2 |
0.0 |
- |
- |
- |
|
Retained Earnings |
-27.4 |
-29.2 |
-31.2 |
-32.1 |
-18.3 |
|
Total Equity |
12.0 |
10.2 |
7.9 |
6.6 |
19.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
28.2 |
23.5 |
23.6 |
26.5 |
39.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
4.5 |
4.5 |
4.5 |
4.4 |
4.3 |
|
Total Common Shares Outstanding |
4.5 |
4.5 |
4.5 |
4.4 |
4.3 |
|
T/S-Common Stock |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
|
Accumulated Intangible Amortization |
0.8 |
1.1 |
1.0 |
0.9 |
0.8 |
|
Full-Time Employees |
194 |
186 |
199 |
194 |
193 |
|
Number of Shareholders |
976 |
806 |
705 |
732 |
820 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing within 2 Years |
0.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing within 3 Years |
0.8 |
0.6 |
3.0 |
8.3 |
0.0 |
|
Long Term Debt Maturing within 4 Years |
0.8 |
0.8 |
5.0 |
5.0 |
6.3 |
|
Long Term Debt Maturing within 5 Years |
0.8 |
0.8 |
0.0 |
0.0 |
5.0 |
|
Long Term Debt - Remaining Maturities |
2.6 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
5.5 |
2.2 |
8.0 |
13.3 |
11.3 |
|
Capital Leases Maturing within 1 Year |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Leases Maturing within 2 Years |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Leases Maturing within 3 Years |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Capital Leases Maturing within 4 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Leases Maturing within 5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Leases Remaining Maturities |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Interest Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases |
0.1 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Operating Leases Maturing within 1 Year |
2.4 |
2.3 |
2.2 |
2.2 |
1.6 |
|
Operating Leases Maturing within 2 Years |
2.3 |
2.1 |
1.9 |
2.0 |
1.6 |
|
Operating Leases Maturing within 3 Years |
2.2 |
1.9 |
1.3 |
1.6 |
1.3 |
|
Operating Leases Maturing within 4 Years |
2.0 |
1.9 |
1.2 |
0.8 |
0.9 |
|
Operating Leases Maturing within 5 Years |
2.0 |
1.7 |
1.1 |
0.7 |
1.8 |
|
Operating Leases Remainig Years |
5.1 |
4.7 |
2.8 |
3.2 |
- |
|
Total Operating Leases |
16.0 |
14.5 |
10.6 |
10.4 |
7.2 |
Interim Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
0.2 |
0.3 |
0.2 |
0.3 |
0.2 |
|
Accounts Receivable |
0.6 |
0.8 |
0.6 |
0.8 |
0.5 |
|
Inventory |
20.2 |
19.4 |
19.4 |
18.3 |
17.6 |
|
Prepaid Catalog Costs |
1.3 |
1.3 |
1.4 |
0.9 |
1.5 |
|
Prepayments, deposits and other receivab |
0.9 |
0.9 |
1.1 |
1.1 |
0.7 |
|
Deferred income taxes |
0.2 |
0.3 |
0.1 |
0.1 |
0.1 |
|
Total Current Assets |
23.5 |
22.9 |
22.7 |
21.5 |
20.6 |
|
|
|
|
|
|
|
|
Deferred income taxes |
1.1 |
- |
- |
- |
- |
|
Property, Plant & Equipment |
3.9 |
- |
3.2 |
3.1 |
3.0 |
|
Deferred income taxes |
- |
1.0 |
1.0 |
0.9 |
0.9 |
|
Intangibles and Other Assets, Net |
0.6 |
0.6 |
0.6 |
0.6 |
0.5 |
|
Furniture & Fixtures |
- |
1.4 |
- |
- |
- |
|
Office and Other Equipment |
- |
2.3 |
- |
- |
- |
|
Leasehold Improvements |
- |
6.2 |
- |
- |
- |
|
Accumulated Depreciation |
- |
-6.2 |
- |
- |
- |
|
Total Assets |
29.0 |
28.2 |
27.4 |
26.1 |
25.0 |
|
|
|
|
|
|
|
|
Current portion of capital lease obligat |
0.5 |
1.1 |
0.5 |
0.1 |
0.6 |
|
Accounts Payable |
2.0 |
2.2 |
2.4 |
1.9 |
1.8 |
|
Accrued Expenses |
3.7 |
5.7 |
4.5 |
3.9 |
3.9 |
|
Income taxes payable |
0.2 |
0.3 |
0.0 |
0.1 |
0.2 |
|
Total Current Liabilities |
6.4 |
9.4 |
7.4 |
6.0 |
6.4 |
|
|
|
|
|
|
|
|
Revolving Line of Credit |
4.5 |
1.0 |
2.9 |
3.5 |
2.7 |
|
Subordinated notes payable, net |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest rate swap derivative |
- |
- |
0.3 |
0.2 |
- |
|
Capital lease obligation, net of current |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Term note |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Total Long Term Debt |
10.0 |
6.5 |
8.8 |
9.2 |
8.2 |
|
|
|
|
|
|
|
|
Interest rate swap contract |
0.3 |
0.3 |
- |
- |
- |
|
Total Liabilities |
16.7 |
16.2 |
16.2 |
15.1 |
14.6 |
|
|
|
|
|
|
|
|
Common Stock, par value $0.0001 per shar |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid in Capital |
45.8 |
45.7 |
45.6 |
45.5 |
45.5 |
|
Treasury stock, 795,865 shares at cost |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
-6.1 |
|
Retained Earnings |
-27.2 |
-27.4 |
-28.1 |
-28.4 |
-29.0 |
|
Other Comprehensive Income/ Loss |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
- |
|
Total Equity |
12.3 |
12.0 |
11.3 |
10.9 |
10.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
29.0 |
28.2 |
27.4 |
26.1 |
25.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
4.5 |
4.5 |
4.5 |
4.5 |
4.5 |
|
Total Common Shares Outstanding |
4.5 |
4.5 |
4.5 |
4.5 |
4.5 |
|
T/S-Common Stock |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
Annual Cash Flows
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
McGladrey &
Pullen, LLP |
Caturano &
Co., P.C. |
Caturano &
Co., P.C. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
1.7 |
2.0 |
0.9 |
-13.8 |
0.8 |
|
Depreciation |
0.8 |
0.7 |
0.8 |
0.8 |
0.8 |
|
Deferred Income Tax |
-0.2 |
-0.3 |
-0.3 |
0.2 |
-0.5 |
|
Loss from investment in affiliate |
0.0 |
-0.3 |
0.0 |
0.1 |
0.0 |
|
Goodwill impairment charge |
- |
- |
0.0 |
14.3 |
0.0 |
|
Amortization of Stock Based Compensation |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Payment of deferred interest |
-0.4 |
0.0 |
- |
- |
- |
|
Non Cash Interest Expense |
0.2 |
0.3 |
0.4 |
0.3 |
0.2 |
|
Accounts Receivable |
-0.3 |
0.3 |
0.0 |
0.3 |
-0.4 |
|
Inventory |
-3.5 |
-0.6 |
2.0 |
-0.6 |
-2.0 |
|
Prepaid Catalog Costs |
-0.3 |
0.1 |
0.7 |
-0.3 |
0.7 |
|
Accounts payable |
0.1 |
-0.2 |
0.1 |
-1.1 |
-0.2 |
|
Accrued Expenses |
0.2 |
1.4 |
0.8 |
-0.6 |
0.8 |
|
Cash from Operating Activities |
-1.5 |
3.7 |
5.6 |
-0.4 |
0.5 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-1.4 |
-0.3 |
-0.4 |
-1.1 |
-0.9 |
|
Distributions from investment in affilia |
0.0 |
0.3 |
0.0 |
- |
- |
|
Investment in affiliate |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Change in Other Assets |
0.0 |
0.1 |
0.2 |
-0.1 |
0.0 |
|
Acquisition |
- |
- |
- |
0.0 |
0.0 |
|
Fees paid in connection with investment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-1.4 |
0.0 |
-0.3 |
-1.2 |
-0.9 |
|
|
|
|
|
|
|
|
Payments under Revolving Line of Credit |
18.7 |
10.8 |
6.3 |
12.8 |
21.7 |
|
Borrowings under Revolving LOC |
-17.7 |
-13.8 |
-11.6 |
-10.8 |
-21.3 |
|
Payment of commitment fee |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Change in outstanding checks |
1.0 |
-0.6 |
0.2 |
-0.1 |
-1.1 |
|
Payments of Capital Leases |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Cash proceeds from exercise of stock opt |
0.1 |
0.0 |
0.2 |
0.0 |
- |
|
Borrowings under term note |
5.5 |
0.0 |
- |
- |
- |
|
Repayment of subordinated note |
-5.0 |
0.0 |
- |
- |
- |
|
Proceeds from Issuance of Subordinated |
- |
- |
- |
0.0 |
5.0 |
|
Payments to settle senior subordinated n |
- |
- |
- |
0.0 |
-3.2 |
|
Payments of Commitment & Financing Fees |
- |
- |
- |
0.0 |
-0.4 |
|
IPO Transaction Costs |
- |
- |
- |
0.0 |
0.0 |
|
Cash proceeds from exercise of warrants |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
2.4 |
-3.7 |
-5.1 |
1.7 |
0.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.4 |
0.0 |
0.3 |
0.1 |
0.2 |
|
|
|
|
|
|
|
|
Net Cash- Beginning Balance |
0.7 |
0.7 |
0.4 |
0.3 |
0.1 |
|
Net Cash- Ending Balance |
0.3 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Cash Interest Paid |
1.0 |
0.7 |
1.0 |
1.0 |
1.4 |
|
Cash Taxes Paid |
1.6 |
1.7 |
0.8 |
1.0 |
0.7 |
Interim Cash Flows
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income |
0.2 |
1.7 |
1.1 |
0.8 |
0.1 |
|
Depreciation |
0.2 |
0.8 |
0.6 |
0.4 |
0.2 |
|
Deferred Income Tax |
0.0 |
-0.2 |
-0.1 |
0.0 |
0.0 |
|
Loss from investment in affiliate net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Gift card breakage income |
-0.7 |
- |
- |
- |
0.0 |
|
Amortization of Stock Based Compensation |
0.1 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Payment of deferred interest |
0.0 |
-0.4 |
-0.4 |
-0.4 |
-0.4 |
|
Non Cash Interest Expense |
0.0 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Accounts Receivable |
0.2 |
-0.3 |
0.0 |
-0.3 |
0.1 |
|
Inventory |
-0.8 |
-3.5 |
-3.5 |
-2.4 |
-1.8 |
|
Prepaid Catalog Costs |
-0.1 |
-0.3 |
-0.7 |
-0.1 |
-0.4 |
|
Accounts payable |
-0.2 |
0.1 |
0.3 |
-0.1 |
-0.3 |
|
Accrued Expenses |
-1.4 |
0.2 |
-1.3 |
-1.9 |
-1.8 |
|
Cash from Operating Activities |
-2.6 |
-1.5 |
-3.6 |
-3.9 |
-4.0 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-0.4 |
-1.4 |
-0.7 |
-0.4 |
-0.1 |
|
Distributions from investment in affilia |
- |
0.0 |
0.0 |
0.0 |
- |
|
Investment in affiliates |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Assets |
- |
0.0 |
0.0 |
0.0 |
- |
|
Change in other assets |
0.0 |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-0.5 |
-1.4 |
-0.7 |
-0.4 |
-0.1 |
|
|
|
|
|
|
|
|
Borrowings under Revolving Line of it |
3.5 |
18.7 |
2.9 |
3.5 |
2.7 |
|
Repayment of subordinated notes |
0.0 |
- |
-5.0 |
-5.0 |
-5.0 |
|
Borrowings under term note |
0.0 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Change in outstanding checks |
-0.6 |
1.0 |
0.4 |
0.0 |
0.5 |
|
Payment of financing costs |
- |
- |
0.0 |
- |
- |
|
Payments on capital leases |
0.0 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Payment of debt commitment fees |
0.0 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Proceeds from exercise of stock options |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Repayment of subordinated note |
- |
-5.0 |
- |
- |
- |
|
Payments under Revolving Line of Credit |
- |
-17.7 |
- |
- |
- |
|
Cash from Financing Activities |
2.9 |
2.4 |
3.7 |
3.9 |
3.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.1 |
-0.4 |
-0.6 |
-0.5 |
-0.6 |
|
|
|
|
|
|
|
|
Net Cash- Beginning Balance |
0.3 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Net Cash- Ending Balance |
0.2 |
0.3 |
0.2 |
0.3 |
0.2 |
|
Cash Interest Paid |
0.1 |
1.0 |
0.8 |
0.7 |
0.6 |
|
Cash Taxes Paid |
0.3 |
1.6 |
1.4 |
1.0 |
0.4 |
Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the
short- and long-term ratings from CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and convertibility (T&C) assessment
of the U.S.--our assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure foreign
exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign
Government Rating Methodology and Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political brinksmanship of recent months
highlights what we see as America's governance and policymaking becoming less
stable, less effective, and less predictable than what we previously believed.
The statutory debt ceiling and the threat of default have become political
bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging
debate, in our view, the differences between political parties have proven to
be extraordinarily difficult to bridge, and, as we see it, the resulting
agreement fell well short of the comprehensive fiscal consolidation program
that some proponents had envisaged until quite recently. Republicans and
Democrats have only been able to agree to relatively modest savings on
discretionary spending while delegating to the Select Committee decisions on
more comprehensive measures. It appears that for now, new revenues have dropped
down on the menu of policy options. In addition, the plan envisions only minor
policy changes on Medicare and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S. population's
demographics and other age-related spending drivers closer at hand (see "Global
Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year ranging
from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015,
we project that their net public debt to GDP ratios will range between 30%
(lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%.
However, in contrast with the U.S., we project that the net public debt burdens
of these other sovereigns will begin to decline, either before or by 2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.76 |
|
UK Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.