UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30,
2015
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File No. 000-14311
EACO CORPORATION
(Exact name of registrant as specified in its
charter)
Florida |
59-2597349 |
(State of Incorporation) |
(I.R.S. Employer
Identification No.) |
1500 NORTH LAKEVIEW AVENUE
ANAHEIM, CALIFORNIA 92807
(Address of Principal Executive Offices)
(714) 876-2490
(Registrant’s Telephone No.)
Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes x
No ¨
Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).
Yes x
No ¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the
definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨ |
Accelerated filer ¨ |
Non-accelerated filer ¨ |
Smaller reporting company x |
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨
No x
As of January 14, 2016, 4,861,590 shares of the registrant’s
common stock were outstanding.
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
EACO Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except for share and per share
information)
(Unaudited)
| |
Three Months Ended | |
| |
November 30, | |
| |
2015 | | |
2014 | |
Revenues | |
$ | 34,293 | | |
$ | 33,234 | |
Cost of revenues | |
| 24,324 | | |
| 24,429 | |
Gross margin | |
| 9,969 | | |
| 8,805 | |
Operating expenses: | |
| | | |
| | |
Selling, general and administrative expenses | |
| 9,134 | | |
| 8,114 | |
Income from operations | |
| 835 | | |
| 691 | |
| |
| | | |
| | |
Other (expense) | |
| | | |
| | |
Net loss on trading securities | |
| (9 | ) | |
| (43 | ) |
Other expense | |
| (6 | ) | |
| - | |
Total other (expense) | |
| (15 | ) | |
| (43 | ) |
Income before income taxes | |
| 820 | | |
| 648 | |
Provision for income taxes | |
| 320 | | |
| 253 | |
Net income | |
| 500 | | |
| 395 | |
Cumulative preferred stock dividend | |
| (19 | ) | |
| (19 | ) |
Net income attributable to common shareholders | |
$ | 481 | | |
$ | 376 | |
Basic and diluted earnings per share: | |
$ | 0.10 | | |
$ | 0.08 | |
Basic and diluted weighted average common shares outstanding | |
| 4,861,590 | | |
| 4,861,590 | |
See accompanying notes to unaudited condensed
consolidated financial statements.
EACO Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
(in thousands)
(Unaudited)
| |
Three Months Ended November 30, | |
| |
2015 | | |
2014 | |
Net income | |
$ | 500 | | |
$ | 395 | |
Other comprehensive (loss) , net of tax: | |
| | | |
| | |
Foreign translation (loss) gain | |
| (1 | ) | |
| (37 | ) |
| |
| | | |
| | |
Total comprehensive income | |
$ | 499 | | |
$ | 358 | |
See accompanying notes to unaudited condensed
consolidated financial statements.
EACO Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share information)
| |
November 30, | | |
August 31, | |
| |
2015 | | |
2015 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 4,461 | | |
$ | 5,269 | |
Restricted cash, current | |
| 2,151 | | |
| 1,781 | |
Trade accounts receivable, net | |
| 17,020 | | |
| 15,485 | |
Inventory, net | |
| 16,951 | | |
| 16,733 | |
Marketable securities, trading | |
| 822 | | |
| - | |
Prepaid expenses and other current assets | |
| 975 | | |
| 591 | |
Total current assets | |
| 42,380 | | |
| 39,859 | |
| |
| | | |
| | |
Non-current Assets: | |
| | | |
| | |
Restricted cash, non-current | |
| 79 | | |
| 83 | |
Equipment and leasehold improvements, net | |
| 1,475 | | |
| 1,569 | |
Other assets | |
| 1,013 | | |
| 1,005 | |
Total assets | |
$ | 44,947 | | |
$ | 42,516 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Trade accounts payable | |
$ | 12,285 | | |
$ | 9,318 | |
Accrued expenses and other current liabilities | |
| 2,009 | | |
| 4,349 | |
Liabilities of discontinued operations – short-term | |
| 49 | | |
| 49 | |
Liability for short sales of trading securities | |
| 2,151 | | |
| 1,781 | |
Total current liabilities | |
| 16,494 | | |
| 15,497 | |
| |
| | | |
| | |
Non-current Liabilities: | |
| | | |
| | |
Liabilities of discontinued operations – long-term | |
| 30 | | |
| 35 | |
Long-term debt | |
| 992 | | |
| 33 | |
Total liabilities | |
| 17,516 | | |
| 15,565 | |
| |
| | | |
| | |
Shareholders’ Equity: | |
| | | |
| | |
Convertible preferred stock, $0.01 par value per share; 10,000,000 shares authorized; 36,000 shares outstanding (liquidation value $900) | |
| 1 | | |
| 1 | |
Common stock, $0.01 par value per share; 8,000,000 shares authorized; 4,861,590 shares outstanding | |
| 49 | | |
| 49 | |
Additional paid-in capital | |
| 12,378 | | |
| 12,378 | |
Accumulated other comprehensive income | |
| 859 | | |
| 860 | |
Retained earnings | |
| 14,144 | | |
| 13,663 | |
Total shareholders’ equity | |
| 27,431 | | |
| 26,951 | |
Total liabilities and shareholders’ equity | |
$ | 44,947 | | |
$ | 42,516 | |
See accompanying notes to unaudited condensed
consolidated financial statements.
EACO Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| |
Three Months Ended | |
| |
November 30, | |
| |
2015 | | |
2014 | |
Operating activities: | |
| | | |
| | |
Net income | |
$ | 500 | | |
$ | 395 | |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 144 | | |
| 132 | |
Bad debt expense | |
| 8 | | |
| 31 | |
Change in inventory reserve | |
| 30 | | |
| 11 | |
Net loss on investments | |
| 9 | | |
| 43 | |
(Increase) decrease in: | |
| | | |
| | |
Trade accounts receivable | |
| (1,543 | ) | |
| 860 | |
Inventory | |
| (248 | ) | |
| (530 | ) |
Prepaid expenses and other assets | |
| (392 | ) | |
| (40 | ) |
Increase (decrease) in: | |
| | | |
| | |
Trade accounts payable | |
| 1,270 | | |
| (262 | ) |
Accrued expenses and other current liabilities | |
| (2,340 | ) | |
| (1,716 | ) |
Liabilities of discontinued operations | |
| (5 | ) | |
| (16 | ) |
Net cash used in operating activities | |
| (2,567 | ) | |
| (1,092 | ) |
Investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (50 | ) | |
| (133 | ) |
(Purchase) sale of marketable securities, trading | |
| (831 | ) | |
| 30 | |
Proceeds from securities sold short | |
| 370 | | |
| 1,795 | |
Change in restricted cash | |
| (366 | ) | |
| (1,795 | ) |
Net cash used in investing activities | |
| (877 | ) | |
| (103 | ) |
Financing activities: | |
| | | |
| | |
Borrowings on revolving credit facility | |
| 961 | | |
| 636 | |
Preferred dividend | |
| (19 | ) | |
| (19 | ) |
Bank overdraft | |
| 1,697 | | |
| 1,169 | |
Payments on long-term debt | |
| (2 | ) | |
| (2 | ) |
Net cash provided by financing activities | |
| 2,637 | | |
| 1,784 | |
Effect of foreign currency exchange rate changes on cash and cash equivalents | |
| (1 | ) | |
| (37 | ) |
Net (decrease) increase in cash and cash equivalents | |
| (808 | ) | |
| 552 | |
Cash and cash equivalents - beginning of period | |
| 5,269 | | |
| 3,480 | |
Cash and cash equivalents - end of period | |
$ | 4,461 | | |
$ | 4,032 | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for income taxes | |
$ | 2,194 | | |
$ | 1,342 | |
See accompanying notes to unaudited condensed
consolidated financial statements.
EACO CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
November 30, 2015
Note 1. Organization and Basis of Presentation
EACO Corporation (“EACO”) is a holding company, primarily
comprised of its wholly-owned subsidiary, Bisco Industries, Inc. (“Bisco”). Bisco was incorporated in Illinois in 1974
and is a distributor of electronic components and fasteners with 48 sales offices and seven distribution centers located
throughout the United States and Canada. Bisco supplies parts used in the manufacture of products in a broad range of industries,
including the aerospace, circuit board, communication, computer, fabrication, instrumentation, industrial equipment and marine
industries.
EACO was incorporated in Florida in September 1985. From the inception
of EACO through June 2005, EACO’s business consisted of operating restaurants in the State of Florida. On June 29, 2005,
EACO sold all of its operating restaurants. From June 2005 until the acquisition of Bisco in March 2010, Eaco’s operations
consisted principally of managing five real estate properties held for leasing in Florida and California. From March 2010 through
its fiscal year ended August 31, 2013, the Company had two reportable business segments: the Distribution segment, which consisted
of the operations of Bisco and its subsidiary, and the Real Estate Rental segment, which consisted of managing the rental properties
in Florida and California. The Company sold its remaining real estate properties in Orange Park, Florida and in Sylmar, California
during the fiscal year ended August 31, 2014 (“fiscal 2014”). Beginning in fiscal 2014, the Company no longer reported
its financial results under two separate segments, as the remaining Real Estate Rental operations were not deemed to be material
to the Company’s consolidated financial statements. Accordingly, activity of the former Real Estate Rental segment has been
consolidated with the financial results of the Distribution segment for all periods presented in this report.
As of November 30, 2015, the only activity reflected in the accompanying
consolidated financial statements not related to the operations of Bisco, relates to the self-insured workers’ compensation
claim liability that was originally recorded in connection with EACO’s restaurant operations, which is presented as liabilities
of discontinued operations on the Company’s consolidated balance sheets (See Note 2).
Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates
include allowance for doubtful accounts receivable, slow moving and obsolete inventory reserves, recoverability of the carrying
value and estimated useful lives of long-lived assets, workers’ compensation liability and the valuation allowance against
deferred tax assets. Actual results could differ from those estimates.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements
have been prepared by the Company in conformity with GAAP for interim financial information and the rules and regulations
of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. In the opinion of management, all adjustments
considered necessary in order to make the financial statements not misleading have been included.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations
for presentation of interim financial information. Therefore, the condensed consolidated interim financial statements should be
read in conjunction with the Company’s Annual Report on Form 10-K for the year ended August 31, 2015. The condensed
consolidated balance sheet as of August 31, 2015 and related disclosures were derived from the audited consolidated financial statements
as of August 31, 2015. Operating results for the three month period ended November 30, 2015 are not necessarily indicative
of the results that may be expected for future quarterly periods or the entire fiscal year.
Principles of Consolidation
The consolidated financial statements for all periods presented
include the accounts of EACO, its wholly-owned subsidiary, Bisco Industries, Inc., and Bisco’s wholly-owned Canadian subsidiary,
Bisco Industries Limited (which are collectively referred to herein as the “Company”, “we”, “us”
and “our”). All significant intercompany transactions and balances have been eliminated in consolidation.
Note 2. Significant Accounting Policies
Cash and Cash Equivalents
The Company considers all highly liquid investments with an original
maturity of three months or less when purchased to be cash equivalents.
Restricted Cash
During the time when the Company operated restaurants in the State
of Florida, the Company was self –insuring its workers’ compensation insurance obligations. The State of Florida Division
of Workers’ Compensation (the “Division”) requires self-insured companies to pledge collateral in favor of the
Division in an amount sufficient to cover the projected outstanding liability. Based on this requirement, in connection with estimated
remaining claims liabilities originally recorded while the Company was operating its restaurants in Florida, the Company pledged
a certificate of deposit in the amount of $79,000 and $83,000 at November 30, 2015 and August 31, 2015, respectively, which are
recorded as restricted cash, non-current on the accompanying consolidated balance sheets.
Trade Accounts Receivable, net
Trade accounts receivable are carried at original invoice amount,
less an estimate for an allowance for doubtful accounts. Management determines the allowance for doubtful accounts by identifying
probable credit losses in the Company’s accounts receivable and reviewing historical data to estimate the collectability
on items not yet specifically identified as problem accounts. Trade accounts receivable are written off when deemed uncollectible.
Recoveries of trade accounts receivable previously written off are recorded when received. A trade account receivable is considered
past due if any portion of the receivable balance is outstanding for more than 30 days. The Company does not charge interest on
past due balances. The allowance for doubtful accounts was $111,000 at November 30, 2015 and August 31, 2015.
Inventories, net
Inventory consists primarily of electronic fasteners and components,
and is stated at the lower of cost or estimated market value. Cost is determined using the average cost method. Inventories are
presented net of a reserve for slow moving or obsolete items of $1,135,000 and $1,105,000 at November 30, 2015 and August 31, 2015,
respectively. The reserve is based upon management’s review of inventories on-hand over their expected future utilization
and length of time held by the Company.
Securities Sold Short
Securities sold short represent transactions in which the Company
sells a security borrowed from the broker, which it is obligated to purchase and deliver back to the broker. The initial value
of the underlying security is recorded as a liability, and is adjusted to market value at each reporting period, with unrealized
appreciation or depreciation being recorded for the change in value of the open short position. The Company records a realized
gain or loss when the short position is closed. By entering into short sales, the Company bears the market risk of an unfavorable
increase in the price of the security sold short in excess of the proceeds received. The market value of open short positions is
separately presented as a liability in the consolidated balance sheets.
The Company is required to establish a margin account with the lending
broker equal to the market value of open short positions. As the use of such funds is restricted while the short sale is outstanding,
the balance of this account is classified as restricted cash , current in the consolidated balance sheets.
Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of the impairment
review, assets are measured by comparing the carrying amount to future net cash flows. If assets are considered to be impaired,
the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their estimated fair
values.
Liabilities of Discontinued Operations
Prior to June 2005, EACO self-insured workers’ compensation
claims losses up to certain limits in connection with its restaurant operations in the State of Florida. The liability
for workers’ compensation represents an estimate of the present value of the ultimate cost of uninsured losses which are
unpaid as of the balance sheet dates. The estimate is frequently reviewed and adjustments to the Company’s estimated
claim liability, if any, are reflected in discontinued operations. At each fiscal year end, the Company obtains an actuarial
report which estimates its overall exposure based on historical claims and an evaluation of future claims. The Company
pursues recovery of certain claims from an insurance carrier. Recoveries, if any, are recognized when realization is
reasonably assured.
Income Taxes
Deferred taxes on income result from temporary differences between
the reporting of income for financial statement and tax reporting purposes. A valuation allowance related to a deferred tax asset
is recorded when it is more likely than not that some or all of the deferred tax asset will not be realized. In making such determination,
the Company considers all available positive and negative evidence, including, but not limited to, scheduled reversals of deferred
tax liabilities, projected future taxable income (if any), tax planning strategies and recent financial performance.
We provide tax contingencies, if any, for federal, state, local
and international exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development
of these reserves requires judgments and estimates regarding tax issues, potential outcomes and timing. Actual results could
differ from those estimates.
Revenue Recognition
The Company generally recognizes revenue at the time of product
shipment, as the Company’s shipping terms are FOB shipping point. Revenue is considered to be realized or realizable and
earned when there is persuasive evidence of a sales arrangement in the form of an executed contract or purchase order, the product
has been shipped, the sales price is fixed or determinable, and collectability is reasonably assured.
Earnings Per Common Share
Basic earnings per common share for the three months ended November
30, 2015 and 2014 were computed based on the weighted average number of common shares outstanding during each respective period.
Diluted earnings per share for those periods have been computed based on the weighted average number of common shares outstanding,
giving effect to all potentially dilutive common shares that were outstanding during the respective periods (See Note 4).
Foreign Currency Translation and Transactions
Assets and liabilities recorded in functional currencies other than
the U.S. dollar (Canadian dollars for Bisco’s Canadian subsidiary) are translated into U.S. dollars at the period-end rate
of exchange. Revenue and expenses are translated at the weighted-average exchange rates for the quarters ended November 30, 2015
and 2014. The resulting translation adjustments are charged or credited directly to accumulated other comprehensive income or loss.
The average exchange rates for the quarters ended November 30, 2015 and 2014 were $0.76 and $0.89, respectively.
Concentrations
Net sales to customers outside the United States were approximately
8% and 7% of total net sales for the three months ended November 30, 2015 and 2014, respectively, and related accounts receivable
were approximately 10% and 11% of total accounts receivable at November 30, 2015 and August 31, 2015, respectively.
No single customer accounted for more than 10% of revenues for the
three months ended November 30, 2015 or 2014.
Note 3. Debt
The Company has a $10,000,000 line of credit agreement with Community
Bank, N.A . Borrowings under this agreement bear interest at either the 30, 60, or 90 day London Inter-Bank Offered Rate (“LIBOR”)
(0.33 % and 0.31 % for the 90 day LIBOR at November 30, 2015 and August 31, 2015, respectively ) plus 1.75% and/or
the bank’s reference rate (3.25% at November 30, 2015 and August 31, 2015). Borrowings are secured by substantially all assets
of Bisco and are guaranteed by the Company’s Chief Executive Officer, Chairman of the Board and majority shareholder, Glen
F. Ceiley. The agreement expires on March 1, 2017 .
The amounts outstanding under this line of credit as of November
30, 2015 and August 31, 2015 were $961,000 and zero, respectively. Availability under the line of credit was $9,039,000 and $10,000,000
at November 30, 2015 and August 31, 2015, respectively.
The line of credit agreement contains nonfinancial and financial
covenants, including the maintenance of certain financial ratios. As of November 30, 2015 and August 31, 2015, the Company was
in compliance with all fin ancial covenants.
Note 4. Earnings per Share
The following is a reconciliation of the numerators and denominators
of the basic and diluted computations for earnings per common share:
| |
For the Three Months Ended November 30, | |
| |
2015 | | |
2014 | |
(In thousands, except per share data) | |
| | | |
| | |
EPS: | |
| | | |
| | |
Net income | |
$ | 500 | | |
$ | 395 | |
Less: accrued preferred stock dividends | |
| (19 | ) | |
| (19 | ) |
Net income available for common shareholders | |
$ | 481 | | |
$ | 376 | |
| |
| | | |
| | |
Earnings per common share – basic and diluted | |
$ | 0.10 | | |
$ | 0.08 | |
For the three months ended November 30, 2015 and 2014, 40,000 potential
common shares (issuable upon conversion of 36,000 shares of the Company’s Series A Cumulative Convertible Preferred Stock)
have been excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. The increase
in earnings per share when compared to the same period last year was primarily due to higher sales margins in the current period.
Note 5. Related Party Transactions
The Company leases three buildings under operating lease agreements
from its majority shareholder, who is also the Company’s Chairman and CEO. During the three months ended November 30, 2015
and 2014, the Company incurred approximately $165,000 and $156,000, respectively, of expense related to these leases.
Note 6. Income Taxes
The Company accounts for income taxes under the asset and liability
method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period that includes the enactment date. Management evaluates the need to establish a valuation allowance for
deferred tax assets based upon the amount of existing temporary differences, the period in which they are expected to be recovered,
and expected levels of taxable income. A valuation allowance to reduce deferred tax assets is established when it is “more
likely than not” that some or all of the deferred tax assets will not be realized. Management has determined that other than
deferred tax assets associated with certain state net operating losses and capital losses, net deferred tax assets will more likely
than not be utilized. Therefore, valuation allowance has been established against only those assets related to state net operating
losses and capital losses.
During the three month ended November 30, 2015, the Company recorded
an income tax provision of $320,000 resulting in an effective tax rate of 39%. The effective tax rate differs from the statutory
rate of 34% primarily due to the existence of a valuation allowance against certain deferred tax assets, state income tax expenses,
and permanent book to tax differences.
Accounting for uncertainty in income taxes prescribes a recognition
threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected
to be taken in a tax return and provides guidance on de-recognition, classification, interest and penalties, accounting in interim
periods, disclosure, and transition. For the three month ended November 30, 2015 the Company did not have a liability for unrecognized
tax benefit. The Company has elected to classify interest and penalties as a component of its income tax provision. For the three
months ended November 30, 2015, the Company did not have a liability for penalties or interest. The Company does not expect any
changes to its unrecognized tax benefit for the next twelve months that would materially impact its consolidated financial statements.
Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations
Cautionary Statements
This Quarterly Report on Form 10-Q contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). Such statements can be identified by the use of terminology such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “forecast,” “intend,”
“may,” “plan,” “possible,” “project,” “should,” “will”
and similar words or expressions. These forward-looking statements include but are not limited to statements regarding our anticipated
revenue, expenses, profits and capital needs. These statements are based on our current expectations, estimates and projections
and are subject to a number of risks and uncertainties that could cause our actual results to differ materially from those projected
or estimated, including but not limited to adverse economic conditions, competitive pressures, unexpected costs and losses from
operations or investments, increases in general and administrative costs, our ability to maintain an effective system of internal
controls over financial reporting, potential losses from trading in securities, our ability to retain key personnel and relationships
with suppliers, the willingness of Community Bank or other lenders to extend financing commitments and the availability of capital
resources, and the other risks set forth in “Risk Factors” in Part II, Item 1A of this report or identified from time
to time in our other filings with the SEC and in public announcements. You should not place undue reliance on these forward-looking
statements that speak only as of the date hereof. We undertake no obligation to revise or update publicly any forward-looking statement
for any reason, including to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated
events. The inclusion of forward looking statements in this Quarterly Report should not be regarded as a representation by management
or any other person that the objectives or plans of the Company will be achieved.
Overview
From the inception of the Company through June 2005, EACO’s
business consisted of operating restaurants in the State of Florida. On June 29, 2005, EACO sold all of its operating restaurants
and other assets used in the restaurant operations. All the remaining activity from the restaurant operations is presented as discontinued
operations in the accompanying consolidated financial statements. From June 2005 until the acquisition of Bisco in March 2010,
our operations principally consisted of managing five real estate properties held for leasing in Florida and California. After
the acquisition of Bisco and prior to the fiscal year ended August 31, 2013 (“fiscal 2013”), the Company had two reportable
business segments: the Distribution segment, which consisted of the operations of Bisco and its subsidiary, and the Real Estate
Rental segment, which consisted of managing the rental properties in Florida and California. The Company sold two of its real estate
properties in fiscal 2013. For fiscal 2013 and the fiscal year ended August 31, 2014 (“fiscal 2014”), due to such sales
of the real estate properties, the Real Estate Rental segment represented less than 1% of the Company’s revenues. The Company
sold its remaining real estate properties during fiscal 2014, selling the Orange Park Property in October 2013 and the Sylmar Properties
in June 2014. Accordingly, beginning in fiscal 2014, the Company no longer reported its financial results under two separate segments.
The applicable financial results of the former Real Estate Rental segment have been consolidated with the financial results of
the Distribution segment for all periods presented in this report.
Critical Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting periods. These estimates include allowance for doubtful accounts receivable, slow moving and obsolete
inventory reserves, recoverability of the carrying value and estimated useful lives of long-lived assets, workers’ compensation
liability and the valuation allowance against deferred tax assets. Actual results could differ from those estimates.
For additional description of the Company’s critical accounting policies, see Note 2 of Notes to Unaudited Condensed Consolidated
Financial Statements included in Part I, Item 1 of this report and Management’s Discussion and Analysis of Financial Condition
and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended August 31, 2015 as filed with the
SEC on November 25, 2015.
Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of the impairment
review, assets are measured by comparing the carrying amount to future net cash flows. If assets are considered to be impaired,
the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their estimated fair
values.
Revenue Recognition
The Company generally recognizes revenue at the time of product
shipment as the shipping terms are FOB shipping point. Revenue is considered to be realized or realizable and earned when there
is persuasive evidence of a sales arrangement in the form of an executed contract or purchase order, the product has been shipped,
the sales price is fixed or determinable, and collectability is reasonably assured.
Liabilities of Discontinued Operations
Prior to June 2005, EACO self-insured
workers’ compensation claims losses up to certain limits. The liability for workers’ compensation represents an estimate
of the present value of the ultimate cost of uninsured losses which are unpaid as of the balance sheet dates. The estimate is frequently
reviewed and adjustments to the Company’s estimated claim liability, if any, are reflected in discontinued operations. At
each fiscal year end, the Company obtains an actuarial report which estimates its overall exposure based on historical claims and
an evaluation of future claims. The Company pursues recovery of certain claims from an insurance carrier. Recoveries, if any, are
recognized when realization is reasonably assured.
Deferred Tax Assets
A valuation allowance is provided for deferred tax assets if
it is more likely than not that these items will either expire before the Company is able to realize their benefit, or when future
deductibility is uncertain. The Company records net deferred tax assets to the extent management believes these assets will more
likely than not be realized. In making such determination, the Company considers all available positive and negative evidence,
including scheduled reversals of deferred tax liabilities, projected future taxable income (if any), tax planning strategies and
recent financial performance.
Results of Operations
Comparison of the Three Months Ended
November 30, 2015 and 2014 )
Revenues and Gross Profit
($ in thousands)
| |
Three Months Ended November 30, | | |
$ | | |
% | |
| |
2015 | | |
2014 | | |
Change | | |
Change | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 34,293 | | |
$ | 33,234 | | |
$ | 1,059 | | |
| 3.2 | % |
Cost of revenues | |
| 24,324 | | |
| 24,429 | | |
| (105 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
$ | 9,969 | | |
$ | 8,805 | | |
$ | 1,164 | | |
| | |
Gross margin % | |
| 29.0 | % | |
| 26.5 | % | |
| | | |
| 2.5 | % |
Revenues consist primarily of sales
of component parts and fasteners, but also include, to a lesser extent, kitting charges and special order fees, as well as freight
charged to customers. The increase in revenues in the three months ended November 30, 2015 (“Q1 2016”) as compared
to the three months ended November 30, 2014 (“Q1 2015”) was largely due to increased unit sales, resulting from the
Company focusing on relationship building programs with current and potential customers, as well as improving and expanding its
website and online presence. Further, in Q1 2016, there were significant improvement in sales employee retention, seeing a reduction
in sales headcount turnover.
The increase in gross margins in Q1
2016 as compared to Q1 2015 is primarily due to a change in management estimates, which reduced the amount of selling, general
and administrative overhead expense allocated to cost of revenues in relation to inventory costs. Further, the Company has put
a focus on relationship building with key vendors, which has also contributed to better gross margins in Q1 2016.
Selling, General and Administrative
Expenses ($ in thousands)
| |
Three Months Ended November 30, | | |
| | |
% | |
| |
2015 | | |
2014 | | |
$ Change | | |
Change | |
| |
| | |
| | |
| | |
| |
Selling, general and administrative expenses | |
$ | 9,134 | | |
$ | 8,114 | | |
$ | 1,020 | | |
| 12.6 | % |
Percent of revenues | |
| 26.6 | % | |
| 24.4 | % | |
| | | |
| 2.2 | % |
Selling, general and administrative
expense (“SG&A”) consists primarily of payroll and related expenses for the Company’s sales and administrative
staff, professional fees including accounting, legal and technology costs and expenses, and sales and marketing costs. SG&A
in Q1 2016 increased from Q1 2015 largely due to a change in management estimates, which reduced the amount of selling, general
and administrative overhead expense allocated to cost of revenues in relation to inventory costs. This change also increased SG&A
as a percent of revenue.
Other Income (Expense), Net ($ in
thousands)
| |
Three Months Ended November 30, | | |
$ | | |
% | |
| |
2015 | | |
2014 | | |
Change | | |
Change | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Net (loss) on trading securities | |
$ | (9 | ) | |
$ | (43 | ) | |
$ | 34 | | |
| 79.1 | % |
Other expense | |
| (6 | ) | |
| - | | |
| (6 | ) | |
| (100.0 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other (expense) income, net | |
$ | (15 | ) | |
$ | (43 | ) | |
$ | 28 | | |
| | |
Other (expense) income, net as a percent of revenues | |
| 0.0 | % | |
| (0.1 | )% | |
| | | |
| 0.1 | % |
Other income (expense), net primarily
consists of income or losses on investments in short-term marketable equity securities of publicly-held corporations, interest
related to the Company’s line of credit and other long-term debt and gains and losses associated with sales of capital assets.
The Company’s investment strategy consists of both long and short positions, as well as utilizing options designed to improve
returns. During Q1 2016, the Company recognized a net loss of $9,000 as compared to a net loss of $43,000 in Q1 2015 in net realized
and unrealized gains. Losses in Q1 2016 and Q1 2015 were due primarily to a decrease in the value of short positions the Company
held.
Other expense increased $6,000 or 100%
for the three months ended November 30, 2015 as compared to the same period in fiscal 2014. The increase was primarily attributable
dividend fees related to short positions the Company held.
Income Tax Provision ($ in thousands)
| |
Three Months Ended November 30, | | |
$ | | |
% | |
| |
2015 | | |
2014 | | |
Change | | |
Change | |
| |
| | |
| | |
| | |
| |
Income tax provision | |
$ | 320 | | |
$ | 253 | | |
$ | 67 | | |
| 26.5 | % |
Percent of pre-tax net income | |
| 39.0 | % | |
| 39.0 | % | |
| | | |
| | |
The provision for income taxes increased
by $67,000 in the three month period ended November 30, 2015 over the prior year period. This was a result of higher taxable net
income in the current quarter as compared to the prior year period. The percent of pre-tax net income remained consistent at 39%
Q1 2016 and Q1 2015.
Liquidity and Capital Resources
The Company has a $10,000,000 line of credit agreement
with Community Bank. Borrowings under this agreement bear interest at either the 30, 60 or 90 day LIBOR (0.33 % and
0.31% for the 90 day LIBOR at November 30, 2015 and August 31, 2015, respectively) plus 1.75% and/or the bank’s
reference rate (3.25% at November 30, 2015 and August 31, 2015). Borrowings are secured by substantially all assets of Bisco
and are guaranteed by the Company’s Chief Executive Officer, Chairman of the Board and majority shareholder. The line
of credit agreement expires in March 2017 The amounts outstanding under this line of credit as of November 30, 2015 and
August 31, 2015 were $961,000 and zero, respectively. The line of credit agreement contains certain nonfinancial and
financial covenants, including the maintenance of certain financial ratios. As of November 30, 2015 and August 31, 2015, the
Company was in compliance with all such covenants.
Cash Flows from Operating Activities
Cash used in operating activities was
$2,567,000 for the three months ended November 30, 2015 as compared with cash used in operations of $1,092,000 for the three months
ended November 30, 2014. The current period cash used by operating activities is primarily due to the decrease in accrued expenses
and an increase in trade accounts receivable. This was partially offset by an increase in trade accounts payable and an increase
in net income. The prior year cash used in operating activities was primarily due to the decrease in accrued expenses and an increase
in inventory.
Cash Flows from Investing Activities
Cash used in investing activities was
$877,000 for the three months ended November 30, 2015 as compared with cash used in such activities of $103,000 for the three months
ended November 30, 2014. The decrease in investing activities comparing Q1 2016 to Q1 2015 is primarily due to the
Company’s purchase of marketable securities during Q1 2015.
Cash Flows from Financing Activities
Cash provided by financing activities
for the three months ended November 30, 2015 was $2,637,000 as compared with cash provided of $1,784,000 for the three months ended
November 30, 2014. Cash provided by financing activities for Q1 2016 and Q1 2015 is primarily due to borrowing on the Company’s
line of credit and an increase in the bank overdraft in the quarters .
Off-Balance Sheet Arrangements
The Company has no off-balance sheet arrangements
that are reasonably likely to have a material current or future effect on the financial position, revenues, results of operations,
liquidity or capital expenditures.
Contractual Financial Obligations
In addition to using cash flow from operations,
the Company finances its operations through borrowings under its line of credit. These financial obligations are recorded
in accordance with accounting rules applicable to the underlying transactions, with the result that amounts owed under debt agreements
and capital leases are recorded as liabilities on the balance sheet while lease obligations recorded as operating leases are disclosed
in the Notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and
Results of Operations in the Company’s Annual Report on Form 10-K for the year ended August 31, 2015 as filed with the SEC
on November 25, 2015.
Item 3. Quantitative and Qualitative
Disclosures about Market Risk
The Company is a smaller reporting company
as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.
Item 4. Controls and Procedures
Evaluation of disclosure controls and procedures. As
required by Rule 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report, the Company
carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. This
evaluation was carried out under the supervision and with the participation of the Company’s Chief Executive Officer, who
also serves as the Company’s principal financial officer. Based upon that evaluation, the Company’s Chief
Executive Officer has concluded that the Company’s disclosure controls and procedures were effective as of the end of the
period covered in this report.
Changes in internal control over financial reporting. There
have been no changes in internal control over financial reporting during the fiscal quarter covered by this report that have materially
affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may be subject to
legal proceedings and claims which arise in the normal course of our business. Any such matters and disputes could be costly and
time consuming, subject us to damages or equitable remedies, and divert our management and key personnel from our business operations.
We currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually
or in the aggregate, would have a material adverse effect on our consolidated results of operations, financial position or cash
flows.
Item 1A. Risk Factors
Our business is subject to a number of risks, some of which
are discussed below. Other risks are presented elsewhere in this report and in our other filings with the SEC, including our Annual
Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K . If any of the risks actually occur, our business, financial
condition, or results of operations could be seriously harmed. In that event, the market price for shares of our common stock may
decline, and you could lose all or part of your investment.
Changes and uncertainties in the economy have harmed and
could continue to harm our operating results.
As a result of the continuing economic uncertainties, our operating
results, and the economic strength of our customers and suppliers, are increasingly difficult to predict. Sales of our products
are affected by many factors, including, among others, general economic conditions, interest rates, inflation, liquidity in the
credit markets, unemployment trends, geopolitical events, and other factors. Although we sell our products to customers in a broad
range of industries, the significant weakening of economic conditions on a global scale has caused some of our customers to experience
a slowdown that has had adverse effects on our sales and operating results. Changes and uncertainties in the economy also increase
the risk of uncollectible accounts receivable. The pricing we receive from suppliers may also be impacted by general economic conditions.
Continued and future changes and uncertainties in the economic climate in the United States and elsewhere could have a similar
negative impact on the rate and amounts of purchases by our current and potential customers, create price inflation for our products,
or otherwise have a negative impact on our expenses, gross margins and revenues, and could hinder our growth.
If we fail to maintain an effective system of internal controls
over financial reporting or experience additional material weaknesses in our system of internal controls, we may not be able to
report our financial results accurately or timely or detect fraud, which could have a material adverse effect on the market price
of our common stock and our business.
We have from time to time had material weaknesses in our internal
controls over financial reporting due to deficiencies in the process related to the preparation of our financial statements, segregation
of duties, sufficient control in the area of financial reporting oversight and review, and appropriate personnel to ensure the
complete and proper application of GAAP as it relates to certain routine accounting transactions. Although we believe we have addressed
these material weaknesses, we may experience material weaknesses or significant deficiencies in the future and may fail to maintain
a system of internal control over financial reporting that complies with the reporting requirements applicable to public companies
in the United States. Our failure to address any deficiencies or weaknesses in our internal control over financial reporting or
to properly maintain an effective system of internal control over financial reporting could impact our ability to prevent fraud
or to issue our financial statements in a timely manner that presents fairly, in accordance with GAAP, our financial condition
and results of operations. The existence of any such deficiencies and/or weaknesses, even if cured, may also lead to the loss of
investor confidence in the reliability of our financial statements, could harm our business and negatively impact the trading price
of our common stock. Such deficiencies or material weaknesses may also subject us to lawsuits, investigations and other penalties.
We have incurred significant losses in the past from trading
in securities, and we may incur such losses in the future, which may also cause us to be in violation of covenants under our loan
agreement.
Bisco has historically funded its operations in part from cash
generated by trading in marketable domestic equity securities. Bisco’s investment strategy includes taking both long and
short positions, as well as utilizing options to maximize return. This strategy can lead, and has led, to significant losses based
on market conditions and trends. We may incur losses in future periods from such trading activities, which could materially and
adversely affect our liquidity and financial condition.
In addition, unanticipated losses from our trading activities
may cause Bisco to be in violation of certain covenants under its line of credit agreement with Community Bank. The agreement is
secured by substantially all of Bisco’s assets and the obligations are guaranteed by Mr. Ceiley, our Chairman, CEO and majority
shareholder. The loan agreement contains covenants which require that, on a quarterly basis, Bisco’s losses from trading
in securities not exceed its pre-tax operating income. We cannot assure you that unanticipated losses from our trading activities
will not cause us to violate our covenants in the future or that the bank will grant a waiver for any such default or that it will
not exercise its remedies, which could include the refusal to allow additional borrowings on the line of credit or the acceleration
of the obligation’s maturity date and foreclosure on Bisco’s assets, with respect to any such noncompliance, which
could have a material adverse effect on our business and operations.
We rely heavily on our internal information systems, which,
if not properly functioning, could materially and adversely affect our business.
Our information systems have been in place for many years, and
are subject to system failures as well as problems caused by human error, which could have a material adverse effect on our business.
Many of our systems consist of a number of legacy or internally developed applications, which can be more difficult to upgrade
to commercially available software. It may be time consuming and costly for us to retrieve data that is necessary for management
to evaluate our systems of control and information flow. In the future, management may decide to convert our information systems
to a single enterprise solution. Such a conversion, while it would enhance the accessibility and reliability of our data, could
be expensive and would not be without risk of data loss, delay or business interruption. Maintaining and operating these systems
requires continuous investments. Failure of any of these internal information systems or material difficulties in upgrading these
information systems could have material adverse effects on our business and our timely compliance with our reporting obligations.
We may not be able to attract and retain key personnel.
Our future performance will depend to a significant extent upon
the efforts and abilities of certain key management and other personnel, including Glen Ceiley, our Chairman and CEO, as well as
other executive officers and senior management. The loss of service of one or more of our key management members could have a material
adverse effect on our business.
We do not have long-term supply agreements or guaranteed
price or delivery arrangements with the majority of our suppliers.
In most cases, we have no guaranteed price or delivery arrangements
with our suppliers. Consequently we may experience inventory shortages on certain products. Furthermore, our industry occasionally
experiences significant product supply shortages and customer order backlogs due to the inability of certain manufacturers to supply
products as needed. We cannot assure you that suppliers will maintain an adequate supply of products to fulfill our orders on a
timely basis, at a recoverable cost, or at all, or that we will be able to obtain particular products on favorable terms or at
all. Additionally, we cannot assure you that product lines currently offered by suppliers will continue to be available to us.
A decline in the supply or continued availability of the products of our suppliers, or a significant increase in the price of those
products, could reduce our sales and negatively affect our operating results.
Our supply agreements are generally terminable at the suppliers’
discretion.
Substantially all of the agreements we have with our suppliers,
including our authorized distributor agreements, are terminable with little or no notice and without any penalty. Suppliers that
currently sell their products through us could decide to sell, or increase their sales of, their products directly or through other
distributors or channels. Any termination, interruption or adverse modification of our relationship with a key supplier or a significant
number of other suppliers would likely adversely affect our operating income, cash flow and future prospects.
The competitive pressures we face could have a material adverse
effect on our business.
The market for our products and services is very competitive.
We compete for customers with other distributors, as well as with many of our suppliers. A failure to maintain and enhance our
competitive position could adversely affect our business and prospects. Furthermore, our efforts to compete in the marketplace
could cause deterioration of gross profit margins and, thus, overall profitability. Some of our competitors may have greater financial,
personnel, capacity and other resources or a more extensive customer base than we do.
Our strategy of expanding into new geographic areas could
be costly.
One of our primary growth strategies is to grow our business
through the opening of sales offices in new geographic markets. Based on our analysis of demographics in the United States, Canada
and Mexico, we currently estimate there is potential market opportunity in North America to support additional sales offices. We
cannot guarantee that our estimates are accurate or that we will open enough offices to capitalize on the full market opportunity
or that any new offices will be successful. In addition, a particular local market’s ability to support a sales office may
change because of a change due to competition, or local economic conditions.
We may be unable to meet our goals regarding new office openings.
Our growth, in part, is primarily dependent on our ability to
attract new customers. Historically, the most effective way to attract new customers has been opening new sales offices in additional
geographic regions or new markets. Our current business strategy focuses on opening a specified number of new sales offices each
year, and quickly growing each new sales office. Given the recent economic slowdown, we may not be able to open or grow new offices
at our projected or desired rates or hire the qualified sales personnel necessary to make such new offices successful. Failure
to do so could negatively impact our long-term growth and market share.
Opening sales offices in new markets presents increased risks
that may prevent us from being profitable in these new locations, and/or may adversely affect our operating results.
Our new sales offices do not typically achieve operating results
comparable to our existing offices until after several years of operation. The added expenses relating to payroll, occupancy, and
transportation costs can impact our ability to leverage earnings. In addition, offices in new geographic areas face additional
challenges to achieving profitability. In new markets, we have less familiarity with local customer preferences and customers in
these markets are less familiar with our name and capabilities. Entry into new markets may also bring us into competition with
new, unfamiliar competitors. These challenges associated with opening new offices in new markets may have an adverse effect on
our business and operating results.
We may not be able to identify new products and products
lines, or obtain new product on favorable terms and prices or at all.
Our success depends in part on our ability to develop product
expertise and identify future products and product lines that complement existing products and product lines and that respond to
our customers’ needs. We may not be able to compete effectively unless our product selection keeps up with trends in the
markets in which we compete.
Our ability to successfully attract and retain qualified
sales personnel is uncertain.
Our success depends in large part on our ability to attract,
motivate, and retain a sufficient number of qualified sales employees, who understand and appreciate our strategy and culture and
are able to adequately represent us to our customers. Qualified individuals of the requisite caliber and number needed to fill
these positions may be in short supply in some areas, and the turnover rate in the industry is high. If we are unable to hire and
retain personnel capable of consistently providing a high level of customer service, as demonstrated by their enthusiasm for our
culture and product knowledge, our sales could be materially adversely affected. Additionally, competition for qualified employees
could require us to pay higher wages to attract a sufficient number of employees. An inability to recruit and retain a sufficient
number of qualified individuals in the future may also delay the planned openings of new offices. Any such delays, material increases
in existing employee turnover rates, or increases in labor costs, could have a material adverse effect on our business, financial
condition or operating results.
We generally do not have long-term sales contracts with our
customers.
Most of our sales are made on a purchase order basis, rather
than through long-term sales contracts. A variety of conditions, both specific to each customer and generally affecting each customer’s
industry, may cause customers to reduce, cancel or delay orders that were either previously made or anticipated, go bankrupt or
fail, or default on their payments. Significant or numerous cancellations, reductions, delays in orders by customers, losses of
customers, and/or customer defaults on payment could materially adversely affect our business.
Increases in the costs of energy, shipping and raw materials
used in our products could impact our cost of goods and distribution and occupancy expenses, which would result in lower operating
margins.
Costs of raw materials used in our products and energy costs
have been rising during the last several years, which has resulted in increased production costs for our suppliers. These suppliers
typically look to pass their increased costs along to us through price increases. The shipping costs for our products have risen
as well and may continue to rise. While we typically try to pass increased supplier prices and shipping costs through to our customers
or to modify our activities to mitigate the impact, we may not be successful. Failure to fully pass these increased prices and
costs through to our customers or to modify our activities to mitigate the impact would have an adverse effect on our operating
margins.
The Company’s Chairman and CEO holds almost all of
our voting stock and can control the election of directors and significant corporate actions.
Glen Ceiley, our Chairman and CEO, owns or controls approximately
98% of our outstanding voting stock. Mr. Ceiley is able to exert significant influence over the outcome of almost all corporate
matters, including significant corporate transactions requiring a stockholder vote, such as a merger or a sale of the Company or
our assets. This concentration of ownership and influence in management and board decision-making could also harm the price of
our common stock by, among other things, discouraging a potential acquirer from seeking to acquire shares of our common stock (whether
by making a tender offer or otherwise) or otherwise attempting to obtain control of the Company.
Sales of our common stock by Glen Ceiley could cause the
price of our common stock to decline.
There is currently no established trading market for our common
stock, and the volume of any sales is generally low. As of November 30, 2015, the number of shares held by non-affiliates of Mr.
Ceiley is less than 90,000 shares. If Mr. Ceiley sells or seeks to sell a substantial number of his shares of our common stock
in the future, the market price of our common stock could decline. The perception among investors that these sales may occur could
produce the same effect.
Inclement weather and other disruptions to the transportation
network could impact our distribution system.
Our ability to provide efficient shipment of products to our
customers is an integral component of our overall business strategy. Disruptions at distribution centers or shipping ports may
affect our ability to both maintain core products in inventory and deliver products to our customers on a timely basis, which may
in turn adversely affect our results of operations. In addition, severe weather conditions could adversely impact demand for our
products in particularly hard hit regions.
Our advertising and marketing efforts may be costly and may
not achieve desired results.
We incur substantial expense in connection with our advertising
and marketing efforts. Postage represents a significant advertising expense for us because we generally mail fliers to current
and potential customers through the U.S. Postal Service. Any future increases in postal rates will increase our mailing expenses
and could have a material adverse effect on our business, financial condition and results of operations.
We may not have adequate or cost-effective liquidity or capital
resources.
Our ability to satisfy our cash needs depends on our ability
to generate cash from operations and to access our line of credit and the capital markets, which are subject to general economic,
financial, competitive, legislative, regulatory and other factors that are beyond our control. We may need to satisfy our cash
needs through external financing. However, external financing may not be available on acceptable terms, on a timely basis or at
all.
Item 2. Unregistered Sales of
Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior
Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits
The following exhibits are filed as part of this report on Form
10-Q.
No. |
|
Exhibit |
31.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act. |
101.INS |
|
XBRL Instance Document |
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
EACO CORPORATION |
|
(Registrant) |
|
|
Date: January 14, 2016 |
/s/ Glen Ceiley |
|
Glen Ceiley |
|
Chief Executive Officer |
|
(Principal Executive Officer & Principal Financial Officer) |
|
|
|
/s/ Michael Narikawa |
|
Michael Narikawa |
|
Controller |
|
(Principal Accounting Officer) |
EXHIBIT INDEX
No. |
|
Exhibit |
31.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act. |
101.INS |
|
XBRL Instance Document |
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
Exhibit 31.1
Certification
| | I, Glen Ceiley, certify that: |
1. |
I have reviewed this Quarterly Report on Form 10-Q of EACO Corporation (the “registrant”). |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the Audit Committee of the registrant’s Board of Directors (or persons performing the equivalent functions): |
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: January 14, 2016 |
/s/Glen Ceiley |
|
Glen Ceiley |
|
Chief Executive Officer and Chief Financial Officer |
|
(Principal Executive Officer and Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection with the Quarterly Report
of EACO Corporation (the “Company”) on Form 10-Q for the quarter ended November 30, 2015, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I, Glen Ceiley, Chief Executive Officer of the Company,
certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: January 14, 2016 |
/s/ Glen Ceiley |
|
Glen Ceiley |
|
Chief Executive Officer and Chief Financial Officer |
|
(Principal Executive Officer and Principal Financial Officer) |
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v3.3.1.900
Condensed Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Revenues |
$ 34,293
|
$ 33,234
|
Cost of revenues |
24,324
|
24,429
|
Gross margin |
9,969
|
8,805
|
Operating expenses: |
|
|
Selling, general and administrative expenses |
9,134
|
8,114
|
Income from operations |
835
|
691
|
Other (expense) |
|
|
Net loss on trading securities |
(9)
|
(43)
|
Other expense |
(6)
|
0
|
Total other (expense) |
(15)
|
(43)
|
Income before income taxes |
820
|
648
|
Provision for income taxes |
320
|
253
|
Net income |
500
|
395
|
Cumulative preferred stock dividend |
(19)
|
(19)
|
Net income attributable to common shareholders |
$ 481
|
$ 376
|
Basic and diluted earnings per share: (in dollars per share) |
$ 0.10
|
$ 0.08
|
Basic and diluted weighted average common shares outstanding (in shares) |
4,861,590
|
4,861,590
|
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v3.3.1.900
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Nov. 30, 2015 |
Aug. 31, 2015 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 4,461
|
$ 5,269
|
Restricted cash, current |
2,151
|
1,781
|
Trade accounts receivable, net |
17,020
|
15,485
|
Inventory, net |
16,951
|
16,733
|
Marketable securities, trading |
822
|
0
|
Prepaid expenses and other current assets |
975
|
591
|
Total current assets |
42,380
|
39,859
|
Non-current Assets: |
|
|
Restricted cash, non-current |
79
|
83
|
Equipment and leasehold improvements, net |
1,475
|
1,569
|
Other assets |
1,013
|
1,005
|
Total assets |
44,947
|
42,516
|
Current Liabilities: |
|
|
Trade accounts payable |
12,285
|
9,318
|
Accrued expenses and other current liabilities |
2,009
|
4,349
|
Liabilities of discontinued operations - short-term |
49
|
49
|
Liability for short sales of trading securities |
2,151
|
1,781
|
Total current liabilities |
16,494
|
15,497
|
Non-current Liabilities: |
|
|
Liabilities of discontinued operations - long-term |
30
|
35
|
Long-term debt |
992
|
33
|
Total liabilities |
17,516
|
15,565
|
Shareholders’ Equity: |
|
|
Convertible preferred stock, $0.01 par value per share; 10,000,000 shares authorized; 36,000 shares outstanding (liquidation value $900) |
1
|
1
|
Common stock, $0.01 par value per share; 8,000,000 shares authorized; 4,861,590 shares outstanding |
49
|
49
|
Additional paid-in capital |
12,378
|
12,378
|
Accumulated other comprehensive income |
859
|
860
|
Retained earnings |
14,144
|
13,663
|
Total shareholders’ equity |
27,431
|
26,951
|
Total liabilities and shareholders’ equity |
$ 44,947
|
$ 42,516
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Nov. 30, 2015 |
Aug. 31, 2015 |
Convertible preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Convertible preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Convertible preferred stock, shares outstanding |
36,000
|
36,000
|
Convertible preferred stock, liquidated (in dollars) |
$ 900
|
$ 900
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
8,000,000
|
8,000,000
|
Common stock, shares outstanding |
4,861,590
|
4,861,590
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Operating activities: |
|
|
Net income |
$ 500
|
$ 395
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
Depreciation and amortization |
144
|
132
|
Bad debt expense |
8
|
31
|
Change in inventory reserve |
30
|
11
|
Net loss on investments |
9
|
43
|
(Increase) decrease in: |
|
|
Trade accounts receivable |
(1,543)
|
860
|
Inventory |
(248)
|
(530)
|
Prepaid expenses and other assets |
(392)
|
(40)
|
Increase (decrease) in: |
|
|
Trade accounts payable |
1,270
|
(262)
|
Accrued expenses and other current liabilities |
(2,340)
|
(1,716)
|
Liabilities of discontinued operations |
(5)
|
(16)
|
Net cash used in operating activities |
(2,567)
|
(1,092)
|
Investing activities: |
|
|
Purchase of property and equipment |
(50)
|
(133)
|
(Purchase) sale of marketable securities, trading |
(831)
|
30
|
Proceeds from securities sold short |
370
|
1,795
|
Change in restricted cash |
(366)
|
(1,795)
|
Net cash used in investing activities |
(877)
|
(103)
|
Financing activities: |
|
|
Borrowings on revolving credit facility |
961
|
636
|
Preferred dividend |
(19)
|
(19)
|
Bank overdraft |
1,697
|
1,169
|
Payments on long-term debt |
(2)
|
(2)
|
Net cash provided by financing activities |
2,637
|
1,784
|
Effect of foreign currency exchange rate changes on cash and cash equivalents |
(1)
|
(37)
|
Net (decrease) increase in cash and cash equivalents |
(808)
|
552
|
Cash and cash equivalents - beginning of period |
5,269
|
3,480
|
Cash and cash equivalents - end of period |
4,461
|
4,032
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for income taxes |
$ 2,194
|
$ 1,342
|
X |
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v3.3.1.900
Organization and Basis of Presentation
|
3 Months Ended |
Nov. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Note 1. Organization and Basis of Presentation EACO Corporation (“EACO”) is a holding company, primarily comprised of its wholly-owned subsidiary, Bisco Industries, Inc. (“Bisco”). Bisco was incorporated in Illinois in 1974 and is a distributor of electronic components and fasteners with 48 sales offices and seven distribution centers located throughout the United States and Canada. Bisco supplies parts used in the manufacture of products in a broad range of industries, including the aerospace, circuit board, communication, computer, fabrication, instrumentation, industrial equipment and marine industries. EACO was incorporated in Florida in September 1985. From the inception of EACO through June 2005, EACO’s business consisted of operating restaurants in the State of Florida. On June 29, 2005, EACO sold all of its operating restaurants. From June 2005 until the acquisition of Bisco in March 2010, Eaco’s operations consisted principally of managing five real estate properties held for leasing in Florida and California. From March 2010 through its fiscal year ended August 31, 2013, the Company had two reportable business segments: the Distribution segment, which consisted of the operations of Bisco and its subsidiary, and the Real Estate Rental segment, which consisted of managing the rental properties in Florida and California. The Company sold its remaining real estate properties in Orange Park, Florida and in Sylmar, California during the fiscal year ended August 31, 2014 (“fiscal 2014”). Beginning in fiscal 2014, the Company no longer reported its financial results under two separate segments, as the remaining Real Estate Rental operations were not deemed to be material to the Company’s consolidated financial statements. Accordingly, activity of the former Real Estate Rental segment has been consolidated with the financial results of the Distribution segment for all periods presented in this report. As of November 30, 2015, the only activity reflected in the accompanying consolidated financial statements not related to the operations of Bisco, relates to the self-insured workers’ compensation claim liability that was originally recorded in connection with EACO’s restaurant operations, which is presented as liabilities of discontinued operations on the Company’s consolidated balance sheets (See Note 2). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates include allowance for doubtful accounts receivable, slow moving and obsolete inventory reserves, recoverability of the carrying value and estimated useful lives of long-lived assets, workers’ compensation liability and the valuation allowance against deferred tax assets. Actual results could differ from those estimates. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in conformity with GAAP for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. In the opinion of management, all adjustments considered necessary in order to make the financial statements not misleading have been included. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations for presentation of interim financial information. Therefore, the condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended August 31, 2015. The condensed consolidated balance sheet as of August 31, 2015 and related disclosures were derived from the audited consolidated financial statements as of August 31, 2015. Operating results for the three month period ended November 30, 2015 are not necessarily indicative of the results that may be expected for future quarterly periods or the entire fiscal year. Principles of Consolidation The consolidated financial statements for all periods presented include the accounts of EACO, its wholly-owned subsidiary, Bisco Industries, Inc., and Bisco’s wholly-owned Canadian subsidiary, Bisco Industries Limited (which are collectively referred to herein as the “Company”, “we”, “us” and “our”). All significant intercompany transactions and balances have been eliminated in consolidation.
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v3.3.1.900
Significant Accounting Policies
|
3 Months Ended |
Nov. 30, 2015 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies [Text Block] |
Note 2. Significant Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted Cash During the time when the Company operated restaurants in the State of Florida, the Company was self insuring its workers’ compensation insurance obligations. The State of Florida Division of Workers’ Compensation (the “Division”) requires self-insured companies to pledge collateral in favor of the Division in an amount sufficient to cover the projected outstanding liability. Based on this requirement, in connection with estimated remaining claims liabilities originally recorded while the Company was operating its restaurants in Florida, the Company pledged a certificate of deposit in the amount of $79,000 and $83,000 at November 30, 2015 and August 31, 2015, respectively, which are recorded as restricted cash, non-current on the accompanying consolidated balance sheets. Trade Accounts Receivable, net Trade accounts receivable are carried at original invoice amount, less an estimate for an allowance for doubtful accounts. Management determines the allowance for doubtful accounts by identifying probable credit losses in the Company’s accounts receivable and reviewing historical data to estimate the collectability on items not yet specifically identified as problem accounts. Trade accounts receivable are written off when deemed uncollectible. Recoveries of trade accounts receivable previously written off are recorded when received. A trade account receivable is considered past due if any portion of the receivable balance is outstanding for more than 30 days. The Company does not charge interest on past due balances. The allowance for doubtful accounts was $111,000 at November 30, 2015 and August 31, 2015. Inventories, net Inventory consists primarily of electronic fasteners and components, and is stated at the lower of cost or estimated market value. Cost is determined using the average cost method. Inventories are presented net of a reserve for slow moving or obsolete items of $1,135,000 and $1,105,000 at November 30, 2015 and August 31, 2015, respectively. The reserve is based upon management’s review of inventories on-hand over their expected future utilization and length of time held by the Company. Securities Sold Short Securities sold short represent transactions in which the Company sells a security borrowed from the broker, which it is obligated to purchase and deliver back to the broker. The initial value of the underlying security is recorded as a liability, and is adjusted to market value at each reporting period, with unrealized appreciation or depreciation being recorded for the change in value of the open short position. The Company records a realized gain or loss when the short position is closed. By entering into short sales, the Company bears the market risk of an unfavorable increase in the price of the security sold short in excess of the proceeds received. The market value of open short positions is separately presented as a liability in the consolidated balance sheets. The Company is required to establish a margin account with the lending broker equal to the market value of open short positions. As the use of such funds is restricted while the short sale is outstanding, the balance of this account is classified as restricted cash , current in the consolidated balance sheets. Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of the impairment review, assets are measured by comparing the carrying amount to future net cash flows. If assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their estimated fair values. Liabilities of Discontinued Operations Prior to June 2005, EACO self-insured workers’ compensation claims losses up to certain limits in connection with its restaurant operations in the State of Florida. The liability for workers’ compensation represents an estimate of the present value of the ultimate cost of uninsured losses which are unpaid as of the balance sheet dates. The estimate is frequently reviewed and adjustments to the Company’s estimated claim liability, if any, are reflected in discontinued operations. At each fiscal year end, the Company obtains an actuarial report which estimates its overall exposure based on historical claims and an evaluation of future claims. The Company pursues recovery of certain claims from an insurance carrier. Recoveries, if any, are recognized when realization is reasonably assured. Income Taxes Deferred taxes on income result from temporary differences between the reporting of income for financial statement and tax reporting purposes. A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some or all of the deferred tax asset will not be realized. In making such determination, the Company considers all available positive and negative evidence, including, but not limited to, scheduled reversals of deferred tax liabilities, projected future taxable income (if any), tax planning strategies and recent financial performance. We provide tax contingencies, if any, for federal, state, local and international exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these reserves requires judgments and estimates regarding tax issues, potential outcomes and timing. Actual results could differ from those estimates. Revenue Recognition The Company generally recognizes revenue at the time of product shipment, as the Company’s shipping terms are FOB shipping point. Revenue is considered to be realized or realizable and earned when there is persuasive evidence of a sales arrangement in the form of an executed contract or purchase order, the product has been shipped, the sales price is fixed or determinable, and collectability is reasonably assured. Earnings Per Common Share Basic earnings per common share for the three months ended November 30, 2015 and 2014 were computed based on the weighted average number of common shares outstanding during each respective period. Diluted earnings per share for those periods have been computed based on the weighted average number of common shares outstanding, giving effect to all potentially dilutive common shares that were outstanding during the respective periods (See Note 4). Foreign Currency Translation and Transactions Assets and liabilities recorded in functional currencies other than the U.S. dollar (Canadian dollars for Bisco’s Canadian subsidiary) are translated into U.S. dollars at the period-end rate of exchange. Revenue and expenses are translated at the weighted-average exchange rates for the quarters ended November 30, 2015 and 2014. The resulting translation adjustments are charged or credited directly to accumulated other comprehensive income or loss. The average exchange rates for the quarters ended November 30, 2015 and 2014 were $0.76 and $0.89, respectively. Concentrations Net sales to customers outside the United States were approximately 8% and 7% of total net sales for the three months ended November 30, 2015 and 2014, respectively, and related accounts receivable were approximately 10% and 11% of total accounts receivable at November 30, 2015 and August 31, 2015, respectively. No single customer accounted for more than 10% of revenues for the three months ended November 30, 2015 or 2014.
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v3.3.1.900
Debt
|
3 Months Ended |
Nov. 30, 2015 |
Debt Disclosure [Abstract] |
|
Debt Disclosure [Text Block] |
Note 3. Debt The Company has a $10,000,000 line of credit agreement with Community Bank, N.A . Borrowings under this agreement bear interest at either the 30, 60, or 90 day London Inter-Bank Offered Rate (“LIBOR”) (0.33 % and 0.31 % for the 90 day LIBOR at November 30, 2015 and August 31, 2015, respectively ) plus 1.75% and/or the bank’s reference rate (3.25% at November 30, 2015 and August 31, 2015). Borrowings are secured by substantially all assets of Bisco and are guaranteed by the Company’s Chief Executive Officer, Chairman of the Board and majority shareholder, Glen F. Ceiley. The agreement expires on March 1, 2017 . The amounts outstanding under this line of credit as of November 30, 2015 and August 31, 2015 were $961,000 and zero, respectively. Availability under the line of credit was $9,039,000 and $10,000,000 at November 30, 2015 and August 31, 2015, respectively. The line of credit agreement contains nonfinancial and financial covenants, including the maintenance of certain financial ratios. As of November 30, 2015 and August 31, 2015, the Company was in compliance with all fin ancial covenants.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
Earnings per Share
|
3 Months Ended |
Nov. 30, 2015 |
Earnings Per Share [Abstract] |
|
Earnings Per Share [Text Block] |
Note 4. Earnings per Share The following is a reconciliation of the numerators and denominators of the basic and diluted computations for earnings per common share: | | For the Three Months Ended November 30, | | | | 2015 | | 2014 | | (In thousands, except per share data) | | | | | | | | EPS: | | | | | | | | Net income | | $ | 500 | | $ | 395 | | Less: accrued preferred stock dividends | | | (19) | | | (19) | | Net income available for common shareholders | | $ | 481 | | $ | 376 | | | | | | | | | | Earnings per common share basic and diluted | | $ | 0.10 | | $ | 0.08 | | For the three months ended November 30, 2015 and 2014, 40,000 potential common shares (issuable upon conversion of 36,000 shares of the Company’s Series A Cumulative Convertible Preferred Stock) have been excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. The increase in earnings per share when compared to the same period last year was primarily due to higher sales margins in the current period.
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v3.3.1.900
Related Party Transactions
|
3 Months Ended |
Nov. 30, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Transactions Disclosure [Text Block] |
Note 5. Related Party Transactions The Company leases three buildings under operating lease agreements from its majority shareholder, who is also the Company’s Chairman and CEO. During the three months ended November 30, 2015 and 2014, the Company incurred approximately $165,000 and $156,000, respectively, of expense related to these leases.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Income Taxes
|
3 Months Ended |
Nov. 30, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Tax Disclosure [Text Block] |
Note 6. Income Taxes The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Management evaluates the need to establish a valuation allowance for deferred tax assets based upon the amount of existing temporary differences, the period in which they are expected to be recovered, and expected levels of taxable income. A valuation allowance to reduce deferred tax assets is established when it is “more likely than not” that some or all of the deferred tax assets will not be realized. Management has determined that other than deferred tax assets associated with certain state net operating losses and capital losses, net deferred tax assets will more likely than not be utilized. Therefore, valuation allowance has been established against only those assets related to state net operating losses and capital losses. During the three month ended November 30, 2015, the Company recorded an income tax provision of $320,000 resulting in an effective tax rate of 39%. The effective tax rate differs from the statutory rate of 34% primarily due to the existence of a valuation allowance against certain deferred tax assets, state income tax expenses, and permanent book to tax differences. Accounting for uncertainty in income taxes prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. For the three month ended November 30, 2015 the Company did not have a liability for unrecognized tax benefit. The Company has elected to classify interest and penalties as a component of its income tax provision. For the three months ended November 30, 2015, the Company did not have a liability for penalties or interest. The Company does not expect any changes to its unrecognized tax benefit for the next twelve months that would materially impact its consolidated financial statements.
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v3.3.1.900
Significant Accounting Policies (Policies)
|
3 Months Ended |
Nov. 30, 2015 |
Accounting Policies [Abstract] |
|
Cash and Cash Equivalents, Policy [Policy Text Block] |
Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
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Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] |
Restricted Cash During the time when the Company operated restaurants in the State of Florida, the Company was self insuring its workers’ compensation insurance obligations. The State of Florida Division of Workers’ Compensation (the “Division”) requires self-insured companies to pledge collateral in favor of the Division in an amount sufficient to cover the projected outstanding liability. Based on this requirement, in connection with estimated remaining claims liabilities originally recorded while the Company was operating its restaurants in Florida, the Company pledged a certificate of deposit in the amount of $79,000 and $83,000 at November 30, 2015 and August 31, 2015, respectively, which are recorded as restricted cash, non-current on the accompanying consolidated balance sheets.
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Trade and Other Accounts Receivable, Policy [Policy Text Block] |
Trade Accounts Receivable, net Trade accounts receivable are carried at original invoice amount, less an estimate for an allowance for doubtful accounts. Management determines the allowance for doubtful accounts by identifying probable credit losses in the Company’s accounts receivable and reviewing historical data to estimate the collectability on items not yet specifically identified as problem accounts. Trade accounts receivable are written off when deemed uncollectible. Recoveries of trade accounts receivable previously written off are recorded when received. A trade account receivable is considered past due if any portion of the receivable balance is outstanding for more than 30 days. The Company does not charge interest on past due balances. The allowance for doubtful accounts was $111,000 at November 30, 2015 and August 31, 2015.
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Inventory, Policy [Policy Text Block] |
Inventories, net Inventory consists primarily of electronic fasteners and components, and is stated at the lower of cost or estimated market value. Cost is determined using the average cost method. Inventories are presented net of a reserve for slow moving or obsolete items of $1,135,000 and $1,105,000 at November 30, 2015 and August 31, 2015, respectively. The reserve is based upon management’s review of inventories on-hand over their expected future utilization and length of time held by the Company.
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Securities Sold Short [Policy Text Block] |
Securities Sold Short Securities sold short represent transactions in which the Company sells a security borrowed from the broker, which it is obligated to purchase and deliver back to the broker. The initial value of the underlying security is recorded as a liability, and is adjusted to market value at each reporting period, with unrealized appreciation or depreciation being recorded for the change in value of the open short position. The Company records a realized gain or loss when the short position is closed. By entering into short sales, the Company bears the market risk of an unfavorable increase in the price of the security sold short in excess of the proceeds received. The market value of open short positions is separately presented as a liability in the consolidated balance sheets. The Company is required to establish a margin account with the lending broker equal to the market value of open short positions. As the use of such funds is restricted while the short sale is outstanding, the balance of this account is classified as restricted cash , current in the consolidated balance sheets.
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Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] |
Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of the impairment review, assets are measured by comparing the carrying amount to future net cash flows. If assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their estimated fair values.
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Liabilities of Discontinued Operations [Policy Text Block] |
Liabilities of Discontinued Operations Prior to June 2005, EACO self-insured workers’ compensation claims losses up to certain limits in connection with its restaurant operations in the State of Florida. The liability for workers’ compensation represents an estimate of the present value of the ultimate cost of uninsured losses which are unpaid as of the balance sheet dates. The estimate is frequently reviewed and adjustments to the Company’s estimated claim liability, if any, are reflected in discontinued operations. At each fiscal year end, the Company obtains an actuarial report which estimates its overall exposure based on historical claims and an evaluation of future claims. The Company pursues recovery of certain claims from an insurance carrier. Recoveries, if any, are recognized when realization is reasonably assured.
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Income Tax, Policy [Policy Text Block] |
Income Taxes Deferred taxes on income result from temporary differences between the reporting of income for financial statement and tax reporting purposes. A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some or all of the deferred tax asset will not be realized. In making such determination, the Company considers all available positive and negative evidence, including, but not limited to, scheduled reversals of deferred tax liabilities, projected future taxable income (if any), tax planning strategies and recent financial performance. We provide tax contingencies, if any, for federal, state, local and international exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these reserves requires judgments and estimates regarding tax issues, potential outcomes and timing. Actual results could differ from those estimates.
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Revenue Recognition, Policy [Policy Text Block] |
Revenue Recognition The Company generally recognizes revenue at the time of product shipment, as the Company’s shipping terms are FOB shipping point. Revenue is considered to be realized or realizable and earned when there is persuasive evidence of a sales arrangement in the form of an executed contract or purchase order, the product has been shipped, the sales price is fixed or determinable, and collectability is reasonably assured.
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Earnings Per Share, Policy [Policy Text Block] |
Earnings Per Common Share Basic earnings per common share for the three months ended November 30, 2015 and 2014 were computed based on the weighted average number of common shares outstanding during each respective period. Diluted earnings per share for those periods have been computed based on the weighted average number of common shares outstanding, giving effect to all potentially dilutive common shares that were outstanding during the respective periods (See Note 4).
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Foreign Currency Transactions and Translations Policy [Policy Text Block] |
Foreign Currency Translation and Transactions Assets and liabilities recorded in functional currencies other than the U.S. dollar (Canadian dollars for Bisco’s Canadian subsidiary) are translated into U.S. dollars at the period-end rate of exchange. Revenue and expenses are translated at the weighted-average exchange rates for the quarters ended November 30, 2015 and 2014. The resulting translation adjustments are charged or credited directly to accumulated other comprehensive income or loss. The average exchange rates for the quarters ended November 30, 2015 and 2014 were $0.76 and $0.89, respectively.
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Concentration Risk, Credit Risk, Policy [Policy Text Block] |
Concentrations Net sales to customers outside the United States were approximately 8% and 7% of total net sales for the three months ended November 30, 2015 and 2014, respectively, and related accounts receivable were approximately 10% and 11% of total accounts receivable at November 30, 2015 and August 31, 2015, respectively. No single customer accounted for more than 10% of revenues for the three months ended November 30, 2015 or 2014.
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Earnings per Share (Tables)
|
3 Months Ended |
Nov. 30, 2015 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
The following is a reconciliation of the numerators and denominators of the basic and diluted computations for earnings per common share: | | For the Three Months Ended November 30, | | | | 2015 | | 2014 | | (In thousands, except per share data) | | | | | | | | EPS: | | | | | | | | Net income | | $ | 500 | | $ | 395 | | Less: accrued preferred stock dividends | | | (19) | | | (19) | | Net income available for common shareholders | | $ | 481 | | $ | 376 | | | | | | | | | | Earnings per common share basic and diluted | | $ | 0.10 | | $ | 0.08 | |
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Significant Accounting Policies (Details Textual) - USD ($)
|
3 Months Ended |
12 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Aug. 31, 2015 |
Significant Accounting Policies [Line Items] |
|
|
|
Pledged Financial Instruments, Not Separately Reported, Securities for Letter of Credit Facilities |
$ 79,000
|
|
$ 83,000
|
Allowance for Doubtful Accounts Receivable |
111,000
|
|
111,000
|
Inventory Valuation Reserves |
$ 1,135,000
|
|
$ 1,105,000
|
Exchange Rate on Foreign Currency Translation and Transactions |
$ 0.76
|
$ 0.89
|
|
Sales Revenue, Net [Member] |
|
|
|
Significant Accounting Policies [Line Items] |
|
|
|
Concentration Risk, Percentage |
8.00%
|
7.00%
|
|
Accounts Receivable [Member] |
|
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Significant Accounting Policies [Line Items] |
|
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Concentration Risk, Percentage |
10.00%
|
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11.00%
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Debt (Details Textual) - USD ($)
|
3 Months Ended |
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Line of Credit Facility [Line Items] |
|
|
Long-term Line of Credit |
$ 961,000
|
|
Line of Credit Facility, Remaining Borrowing Capacity |
9,039,000
|
$ 10,000,000
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 10,000,000
|
|
Line of Credit Facility, Interest Rate Description |
bear interest at either the 30, 60, or 90 day London Inter-Bank Offered Rate (LIBOR) (0.33 % and 0.31 % for the 90 day LIBOR at November 30, 2015 and August 31, 2015, respectively ) plus 1.75% and/or the banks reference rate (3.25% at November 30, 2015 and August 31, 2015)
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Mar. 01, 2017
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Earnings per Share (Details Textual) - shares
|
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
40,000
|
40,000
|
Series A Cumulative Convertible Preferred Stock [Member] |
|
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
Convertible Preferred Stock, Shares Issued upon Conversion |
36,000
|
36,000
|
X |
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