|By Business Wire||
|January 7, 2013 04:03 PM EST||
EACO Corporation (OTCQB:EACO) today reported the results for the first quarter ending November 30, 2012.
Net sales, net income and earnings per share were as follows for the three months ended November 30, 2012 (dollars in thousands, except per share information):
|Three Months Ended November 30,|
|Basic and diluted earnings per common share||$||0.08||$||0.12||(33||)%|
As of November 30, 2012, the Company’s sales team numbered 304 employees an increase of 12% from 272 employees on November 30, 2011. The Company’s sales force is divided into Sales Focus Teams (SFTs). The Company had 85 SFTs as of November 30, 2012, an increase of 4% from 82 SFTs on November 30, 2011, with the average size going from 3.3 employees to 3.7 employees per SFT.
The current annual estimated North American market for the products the Company distributes is $6.7 billion. The Company’s current estimated market share is 1.7%.
EACO Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share information)
|Cash and cash equivalents||$||2,139||$||2,568|
|Restricted cash, current||831||--|
|Trade accounts receivable, net||14,046||13,972|
|Marketable securities, trading||398||197|
|Prepaid expenses and other current assets||472||464|
|Assets held for sale||1,521||1,521|
|Deferred tax asset, current||265||290|
|Total current assets||32,746||31,201|
|Restricted cash, non-current||549||548|
|Real estate properties held for leasing, net||8,201||8,253|
|Equipment and leasehold improvements, net||1,332||1,106|
|Deferred tax asset||2,053||2,111|
|Other assets, principally deferred charges, net of accumulated amortization||788||1,110|
|LIABILITIES AND SHAREHOLDERS’ EQUITY|
|Trade accounts payable||$||10,352||$||9,519|
|Accrued expenses and other current liabilities||1,850||2,482|
|Liability for short sales of trading securities||831||--|
|Liabilities of discontinued operations – short-term||146||146|
|Liabilities of assets held for sale||1,163||1,113|
|Current portion of long-term debt||430||555|
|Total current liabilities||14,772||13,815|
|Liabilities of discontinued operations – long-term||2,528||2,567|
|Convertible preferred stock, $0.01 par value per share; 10,000,000 shares authorized; 36,000 shares outstanding at November 30, 2012 and August 31, 2012 (liquidation value $900)||1||1|
|Common stock, $0.01 par value per share; 8,000,000 shares authorized; 4,861,590 shares outstanding at November 30, 2012 and August 31, 2012||49||49|
|Additional paid-in capital||12,378||12,378|
|Accumulated other comprehensive income||557||478|
|Total shareholders’ equity||15,357||14,893|
|Total liabilities and shareholders’ equity||$||45,669||$||44,329|
EACO Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except for share and per share information)
|Three Months Ended|
|Cost of goods sold||21,159||19,071|
|Selling, general and administrative expenses||7,260||6,530|
|Total operating expenses||7,260||6,530|
|Income from operations||841||860|
|Non-operating income (expense):|
|Gain on sale of trading securities||33||--|
|Unrealized (loss) gain on trading securities||(55||)||193|
|Interest expense, net||(167||)||(181||)|
|Total non-operating (expense) income||(189||)||12|
|Net income before income taxes||652||872|
|Provision for income taxes||269||247|
|Cumulative preferred stock dividend||(19||)||(19||)|
|Net income attributable to common shareholders||$||364||$||606|
|Basic and diluted earnings per share||$||0.08||$||0.12|
|Basic and diluted weighted average common shares outstanding||4,861,590||4,861,590|
EACO Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Three Months Ended
|Adjustments to reconcile net income to net cash used in operating activities:|
|Depreciation and amortization||180||188|
|Bad debt recovery||(18||)||--|
|Change in inventory reserve||(62||)||(15||)|
|Net gain on trading securities||(22||)||(193||)|
|(Increase) decrease in:|
|Trade accounts receivable||(56||)||6|
|Prepaid expenses and other assets||305||108|
|Deferred tax asset||83||152|
|Increase (decrease) in:|
|Trade accounts payable||142||298|
|Accrued expenses and other current liabilities||(582||)||(815||)|
|Liabilities of discontinued operations||(39||)||(27||)|
|Net cash used in operating activities||(583||)||(964||)|
|Purchase of property and equipment||(345||)||(155||)|
|Purchase of marketable securities, trading||(179||)||(86||)|
|Short sales of marketable securities||831||--|
|Change in restricted cash||(832||)||(4||)|
|Net cash used in investing activities||(525||)||(245||)|
|Net borrowings (payments) on revolving credit facility||150||(700||)|
|Borrowing of long-term debt||--||1,600|
|Payments on long-term debt||(243||)||(192||)|
|Net cash provided by financing activities||579||969|
|Effect of foreign currency exchange rate changes on cash and cash equivalents||100||224|
|Net decrease in cash and cash equivalents||(429||)||(16||)|
|Cash and cash equivalents - beginning of period||2,568||1,368|
|Cash and cash equivalents - end of period||$||2,139||$||1,352|
|Supplemental disclosures of cash flow information:|
|Cash paid for interest||$||169||$||186|
|Cash paid for taxes||$||196||$||415|
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