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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Big Dog Holding (MM) | NASDAQ:BDOG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.06 | 0 | 01:00:00 |
DELAWARE
|
52-1868665
|
(STATE
OR OTHER JURISDICTION OF
|
(I.R.S.
EMPLOYER INCORPORATION
|
OR
ORGANIZATION)
|
IDENTIFICATION
NO.)
|
121 GRAY AVENUE, SANTA
BARBARA, CALIFORNIA
|
93101
|
(ADDRESS
OF PRINCIPAL EXECUTIVE OFFICE)
|
(ZIP
CODE)
|
ITEM
1.
|
BUSINESS
|
% OF TOTAL NET SALES
|
||||||||||||
YEARS ENDED DECEMBER 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Women’s
footwear
|
58.3 | % | 55.2 | % | 54.2 | % | ||||||
Men’s
footwear
|
27.7 | 30.7 | 30.0 | |||||||||
Accessories
|
14.0 | 14.1 | 15.8 | |||||||||
Total
|
100.0 | % | 100.0 | % | 100.0 | % |
State
|
No. of
Stores
|
State
|
No. of
Stores
|
Alabama
|
2
|
Michigan
|
5
|
Arkansas
|
2
|
Minnesota
|
3
|
Arizona
|
8
|
Missouri
|
6
|
California
|
23
|
Nevada
|
8
|
Colorado
|
5
|
New
Hampshire
|
3
|
Connecticut
|
4
|
New
Jersey
|
8
|
Delaware
|
1
|
New
York
|
6
|
District
of Columbia
|
1
|
North
Carolina
|
3
|
Florida
|
13
|
Ohio
|
7
|
Georgia
|
4
|
Oklahoma
|
1
|
Hawaii
|
6
|
Oregon
|
5
|
Idaho
|
1
|
Pennsylvania
|
6
|
Illinois
|
8
|
South
Carolina
|
1
|
Indiana
|
5
|
Tennessee
|
3
|
Kansas
|
1
|
Texas
|
6
|
Kentucky
|
2
|
Utah
|
1
|
Louisiana
|
1
|
Virginia
|
5
|
Maine
|
1
|
Washington
|
7
|
Maryland
|
4
|
Wisconsin
|
3
|
Massachusetts
|
7
|
%
OF RETAIL STORE* NET SALES
|
||||||||||||
YEARS ENDED DECEMBER 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Adult
Apparel and Accessories
|
54.9 | % | 54.3 | % | 54.4 | % | ||||||
B
ig-size
Apparel
|
29.3 | 27.4 | 26.1 | |||||||||
Infants'
and Children's Apparel and Accessories
|
10.6 | 12.8 | 14.3 | |||||||||
Non-Apparel
Products
|
5.2 | 5.5 | 5.2 | |||||||||
Total
|
100.0 | % | 100.0 | % | 100.0 | % |
State
|
No. of
Stores
|
State
|
No. of
Stores
|
Alabama
|
1
|
Minnesota
|
2
|
Arizona
|
5
|
Mississippi
|
3
|
California
|
17
|
Missouri
|
5
|
Colorado
|
1
|
Nevada
|
3
|
Connecticut
|
1
|
New
Hampshire
|
2
|
Delaware
|
2
|
New
Jersey
|
2
|
Florida
|
8
|
New
York
|
4
|
Georgia
|
4
|
North
Carolina
|
3
|
Hawaii
|
1
|
Ohio
|
2
|
Idaho
|
1
|
Oregon
|
4
|
Illinois
|
2
|
Pennsylvania
|
6
|
Indiana
|
3
|
South
Carolina
|
5
|
Iowa
|
1
|
Tennessee
|
6
|
Louisiana
|
1
|
Texas
|
6
|
Maine
|
1
|
Virginia
|
2
|
Maryland
|
3
|
Washington
|
3
|
Massachusetts
|
1
|
Wisconsin
|
1
|
Michigan
|
3
|
ITEM
1A.
|
RISK
FACTORS
|
ITEM
1B.
|
UNRESOLVED
STAFF COMMENTS
|
ITEM
2.
|
PROPERTIES
|
ITEM
3.
|
LEGAL
PROCEEDINGS
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF THE SECURITY
HOLDERS
|
ITEM
5.
|
MARKET
FOR THE REGISTRANT’S COMMON EQUITY,
RELATED
|
2007
|
2006
|
|||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||
First
Quarter
|
$ | 16.12 | $ | 15.14 | $ | 14.80 | $ | 7.41 | ||||||||
Second
Quarter
|
17.74 | 15.51 | 14.49 | 11.20 | ||||||||||||
Third
Quarter
|
16.61 | 14.35 | 12.58 | 10.26 | ||||||||||||
Fourth
Quarter
|
15.74 | 13.55 | 16.45 | 12.30 |
ITEM
6.
|
SELECTED
FINANCIAL DATA
|
YEARS ENDED DECEMBER 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(in
thousands, except per share and operating data)
|
||||||||||||||||||||
STATEMENT
OF OPERATIONS DATA:
|
||||||||||||||||||||
Net
sales
|
$ | 233,268 | $ | 218,604 | $ | 179,115 | $ | 161,358 | $ | 103,757 | ||||||||||
Cost
of goods sold
|
110,820 | 101,723 | 80,311 | 72,733 | 45,025 | |||||||||||||||
Gross
profit
|
122,448 | 116,881 | 98,804 | 88,625 | 58,732 | |||||||||||||||
Selling,
marketing and distribution expenses
|
113,024 | 103,428 | 80,624 | 73,956 | 49,089 | |||||||||||||||
General
and administrative expenses
|
10,799 | 9, 823 | 9,631 | 8,060 | 5,199 | |||||||||||||||
Total
operating expenses
|
123,823 | 113,251 | 90,255 | 82,016 | 54,288 | |||||||||||||||
(Loss)
Income from operations
|
(1,375 | ) | 3,630 | 8,549 | 6,609 | 4,444 | ||||||||||||||
Other
income
|
--- | --- | --- | (82 | ) | --- | ||||||||||||||
Interest
income
|
(10 | ) | (8 | ) | (44 | ) | (26 | ) | (2 | ) | ||||||||||
Interest
expense
|
4,255 | 2,084 | 976 | 857 | 320 | |||||||||||||||
(Loss)
Income before (benefit from) provision for income taxes
|
(5,620 | ) | 1,554 | 7,617 | 5,860 | 4,126 | ||||||||||||||
(Benefit
from) Provision for income taxes
|
(2,164 | ) | 583 | 2, 894 | 2,172 | 1,489 | ||||||||||||||
Net
(loss) income
|
$ | (3,456 | ) | $ | 971 | $ | 4,723 | $ | 3,688 | $ | 2,637 | |||||||||
Net
(loss) income per share
|
||||||||||||||||||||
Basic
|
$ | (0.37 | ) | $ | 0.11 | $ | 0.52 | $ | 0.42 | $ | 0.32 | |||||||||
Diluted
|
$ | (0.37 | ) | $ | 0.10 | $ | 0.49 | $ | 0.40 | $ | 0.32 | |||||||||
Weighted
average common shares
|
||||||||||||||||||||
Basic
|
9,421 | 9,180 | 9,145 | 8,722 | 8,307 | |||||||||||||||
Diluted
|
9,421 | 9,531 | 9,726 | 9,174 | 8,307 | |||||||||||||||
OPERATING
DATA:
|
||||||||||||||||||||
Number
of stores
(1)
|
||||||||||||||||||||
Stores
open at beginning of period
|
306 | 268 | 262 | 203 | 209 | |||||||||||||||
Stores
added due to acquisitions
|
--- | 37 | 7 | 72 | --- | |||||||||||||||
Stores
opened during period
|
43 | 27 | 14 | 5 | 7 | |||||||||||||||
Stores
closed during period
|
(48 | ) | (26 | ) | (15 | ) | (18 | ) | (13 | ) | ||||||||||
Stores
open at end of period
|
301 | 306 | 268 | 262 | 203 | |||||||||||||||
Comparable
stores sales increase (decrease)
(2) (3)
(4)
|
2.3 | % | 3.0 | % | 3.3 | % | 3.5 | % | (3.6 | )% | ||||||||||
BALANCE
SHEET DATA:
|
||||||||||||||||||||
Working
capital
|
$ | 30,609 | $ | 22,590 | $ | 31,639 | $ | 32,727 | $ | 29,574 | ||||||||||
Total
assets
|
123,622 | 102,661 | 72,753 | 58,831 | 42,582 | |||||||||||||||
Total
indebtedness
(5)
|
47,790 | 30,346 | 9,183 | 1,092 | --- | |||||||||||||||
Stockholders’
equity
|
46,280 | 49,128 | 46,448 | 42,541 | 34,214 |
ITEM
7.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
YEARS ENDED DECEMBER 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Net
sales
|
100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost
of goods sold
|
47.5 | 46.5 | 44.8 | |||||||||
Gross
profit
|
52.5 | 53.5 | 55.2 | |||||||||
Selling,
marketing and distribution expenses
|
48.5 | 47.3 | 45.0 | |||||||||
General
and administrative expenses
|
4.6 | 4.5 | 5.4 | |||||||||
Total
operating expenses
|
53.1 | 51.8 | 50.4 | |||||||||
(Loss)/Income
from operations
|
(0.6 | %) | 1.7 | % | 4.8 | % |
Amounts
of Commitment Expiration per Period
|
||||||||||||||||||||
Total
Amounts Committed
|
Less
than 1 year
|
1
to 3 years
|
4
to 5 years
|
Over
5 years
|
||||||||||||||||
Debt:
|
||||||||||||||||||||
Revolving
line of credit
|
$ | 24,796,000 | $ | 24,796,000 | $ | --- | $ | --- | $ | --- | ||||||||||
Convertible
debt
|
25,085,000 | 1,549,000 | 3,099,000 | 20,437,000 | --- | |||||||||||||||
Notes
payable, related party
|
2,071,000 | 1,070,000 | 1,001,000 | --- | --- | |||||||||||||||
Notes
payable
|
2,981,000 | 1,814,000 | 1,167,000 | --- | --- | |||||||||||||||
Priority
tax claims
|
59,000 | 55,000 | 4,000 | --- | --- | |||||||||||||||
Contractual
Obligations:
|
||||||||||||||||||||
Operating
leases
|
288,718,000 | 37,728,000 | 64,234,000 | 51,441,000 | 135,315,000 | |||||||||||||||
Capital
leases
|
2,902,000 | 841,000 | 1,831,000 | 230,000 | --- | |||||||||||||||
Other
Commercial Commitments:
|
||||||||||||||||||||
Letters
of credit
|
1,732,000 | 1,732,000 | --- | --- | --- | |||||||||||||||
Total
Commitments
|
$ | 348,344,000 | $ | 69,585,000 | $ | 71,336,000 | $ | 72,108,000 | $ | 135,315,000 |
ITEM
7A.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
ITEM
8.
|
FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
|
ITEM
9.
|
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND
|
ITEM
9A.
|
CONTROLS
AND PROCEDURES
|
ITEM
9B.
|
OTHER
INFORMATION.
|
ITEM
10.
|
DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE
|
NAME
|
AGE
|
POSITION
|
Andrew
D. Feshbach
|
47
|
President,
Chief Executive Officer and Director
|
Douglas
N. Nilsen
|
59
|
Executive
Vice President - Merchandising (Big Dog USA)
|
Anthony
J. Wall
|
52
|
Executive
Vice President - Business Affairs, General Counsel and
Secretary
|
Roberta
J. Morris
|
48
|
Chief
Financial Officer, Treasurer and Assistant Secretary
|
Lee
M. Cox
|
39
|
Senior
Vice President – Retail Operations
|
Michael
Grenley
|
50
|
Senior
Vice President–Merchandising (TWC)
|
ITEM
11.
|
EXECUTIVE
COMPENSATION
|
ITEM
12.
|
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
|
ITEM
13.
|
CERTAIN
RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
|
ITEM
14.
|
PRINCIPAL
ACCOUNTING FEES AND SERVICES
|
ITEM
15.
|
EXHIBITS,
FINANCIAL STATEMENT SCHEDULES.
|
(a)
|
1.
|
The
financial statements listed in the “Index to Consolidated Financial
Statements” at page F-1 are filed as a part of this
report.
|
|
2.
|
Schedule
II – Valuation and Qualifying
Accounts
|
|
3.
|
Exhibits
included or incorporated herein:
|
(b)
|
Reports
on Form 8-K.
|
BIG
DOG HOLDINGS, INC.
|
||
By
|
/s/ANDREW D. FESHBACH
|
|
Andrew
D. Feshbach
|
||
Chief
Executive Officer and President
|
SIGNATURE
|
TITLE
|
DATE
|
||
/s/ANDREW D. FESHBACH
|
Chief
Executive Officer, President and Director (Principal Executive
Officer)
|
March
28, 2008
|
||
Andrew
D. Feshbach
|
||||
/s/ROBERTA J. MORRIS
|
Chief
Financial Officer, Treasurer and Assistant Secretary (Principal Financial
and Accounting Officer)
|
March
28, 2008
|
||
Roberta
J. Morris
|
||||
/s/FRED KAYNE
|
Chairman
of the Board
|
March
28, 2008
|
||
Fred
Kayne
|
||||
/s/SKIP R. COOMBER, III
|
Director
|
March
28, 2008
|
||
Skip
R. Coomber, III
|
|
|||
/s/STEVEN C. GOOD
|
Director
|
March
28, 2008
|
||
Steven
C. Good
|
||||
/s/DAVID J. WALSH
|
Director
|
March
28, 2008
|
||
David
J. Walsh
|
PAGE
|
|
Report
of Independent Registered Public Accounting Firm
|
F-2
|
Consolidated
Balance Sheets as of December 31, 2007 and 2006
|
F-3
|
Consolidated
Statements of Operations for the years ended December 31, 2007, 2006, and
2005
|
F-4
|
Consolidated
Statements of Stockholders’ Equity for the years ended December 31, 2007,
2006, and 2005
|
F-5
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2007, 2006, and
2005
|
F-6
|
Notes
to the Consolidated Financial Statements
|
F-8
|
DECEMBER
31,
|
||||||||
200
7
|
200
6
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS:
|
||||||||
Cash
and cash equivalents
|
$ | 2,529,000 | $ | 3,587,000 | ||||
Receivables,
net
|
3,756,000 | 2,511,000 | ||||||
Income
taxes receivable
|
5,049,000 | --- | ||||||
Inventories,
net
|
63,927,000 | 58,608,000 | ||||||
Prepaid
expenses and other current assets
|
1,796,000 | 1,170,000 | ||||||
Deferred
income taxes (Note 7)
|
1 ,8 05 ,000 | 2 , 741 ,000 | ||||||
Total
current assets
|
78,862,000 | 68,617,000 | ||||||
PROPERTY
AND EQUIPMENT, net (Note 2)
|
35,642,000 | 24,174,000 | ||||||
INTANGIBLE
ASSETS, net (Notes 1 and 4)
|
3,689,000 | 4,125,000 | ||||||
GOODWILL
(Note 4)
|
3,131,000 | 3,131,000 | ||||||
DEFERRED
INCOME TAXES (Note 7)
|
1,863,000 | 2,221,000 | ||||||
OTHER
ASSETS
|
435,000 | 3 93 ,000 | ||||||
TOTAL
|
$ | 123,622,000 | $ | 102,661 ,000 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES:
|
||||||||
Short-term
borrowings (Note 5)
|
$ | 23,203,000 | $ | 25,722,000 | ||||
Current
portion of long-term debt (Note 6)
|
1,718,000 | 1,726,000 | ||||||
Current
portion of long-term debt, related party (Note 6)
|
982,000 | --- | ||||||
Current
portion of capital lease obligation (Note 8)
|
683,000 | 43,000 | ||||||
Accounts
payable
|
12,974,000 | 8,690,000 | ||||||
Income
taxes payable (Note 7)
|
--- | 1,511,000 | ||||||
Accrued
expenses and other current liabilities (Note 3)
|
8,693,000 | 8,335 ,000 | ||||||
Total
current liabilities
|
48,253,000 | 46,027,000 | ||||||
LONG
TERM CONVERTIBLE DEBT, NET ($3,000,000 held by related parties) (Note
6)
|
17,345,000 | --- | ||||||
NOTE
PAYABLE, RELATED PARTY (Note 6)
|
983,000 | --- | ||||||
NOTE
PAYABLE (Note 6)
|
1,115,000 | 2,829,000 | ||||||
CAPITAL
LEASE OBLIGATIONS (Note 8)
|
1,761,000 | 26,000 | ||||||
DEFERRED
RENT AND LEASE INCENTIVES (Note 8)
|
7,795,000 | 4,508,000 | ||||||
DEFERRED
GAIN ON SALE-LEASEBACK (Note 2)
|
90,000 | 1 43 ,000 | ||||||
Total
liabilities
|
77,342,000 | 53,533 ,000 | ||||||
COMMITMENTS
AND CONTINGENCIES (Notes 5 and 8)
|
||||||||
STOCKHOLDERS'
EQUITY (Note 9):
|
||||||||
Preferred
stock, $.01 par value, 3,000,000 shares authorized, none issued and
outstanding
|
$ | --- | $ | --- | ||||
Common
stock $.01 par value, 30,000,000 shares authorized, 11,187,608 and
10,973,264 shares issued at December 31, 2007 and 2006,
respectively
|
111,000 | 109,000 | ||||||
Additional
paid-in capital
|
28,228,000 | 27,622,000 | ||||||
Retained
earnings
|
27,387,000 | 30,843,000 | ||||||
Treasury
stock, 1,710,598 shares at December 31, 2007 and 2006
|
(9,446,000 | ) | (9,446,000 | ) | ||||
Total
stockholders' equity
|
46,280,000 | 4 9 , 128 ,000 | ||||||
TOTAL
|
$ | 123,622,000 | $ | 102,661 ,000 |
YEARS ENDED DECEMBER 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
NET
SALES
|
$ | 233,268,000 | $ | 218,604,000 | $ | 179,115,000 | ||||||
COST
OF GOODS SOLD
|
110,820,000 | 101,723,000 | 80,311,000 | |||||||||
GROSS
PROFIT
|
122,448,000 | 116,881,000 | 98,804,000 | |||||||||
OPERATING
EXPENSES:
|
||||||||||||
Selling,
marketing and distribution
|
113,024,000 | 103,428,000 | 80,624,000 | |||||||||
General
and administrative
|
10,799,000 | 9,823,000 | 9,631,000 | |||||||||
Total
operating expenses
|
123,823,000 | 113,251,000 | 90,255,000 | |||||||||
(LOSS)
INCOME FROM OPERATIONS
|
(1,375,000 | ) | 3,630,000 | 8,549,000 | ||||||||
INTEREST
INCOME
|
(10,000 | ) | (8,000 | ) | (44,000 | ) | ||||||
INTEREST
EXPENSE (Note 5 and 6)
|
4,255,000 | 2,084,000 | 976,000 | |||||||||
(LOSS)
INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(5,620,000 | ) | 1,554,000 | 7,617,000 | ||||||||
(BENEFIT
FROM) PROVISION FOR INCOME TAXES (Note 7)
|
(2,164,000 | ) | 583,000 | 2,894,000 | ||||||||
NET
(LOSS) INCOME
|
$ | (3,456,000 | ) | $ | 971,000 | $ | 4,723,000 | |||||
NET
(LOSS) INCOME PER SHARE
|
||||||||||||
BASIC
|
$ | (0.37 | ) | $ | 0.11 | $ | 0.52 | |||||
DILUTED
|
$ | (0.37 | ) | $ | 0.10 | $ | 0.49 |
ADDITIONAL
|
||||||||||||||||||||||||||||
COMMON STOCK
|
PAID-IN
|
RETAINED
|
TREASURY STOCK
|
|||||||||||||||||||||||||
SHARES
|
AMOUNT
|
CAPITAL
|
EARNINGS
|
SHARES
|
AMOUNT
|
TOTAL
|
||||||||||||||||||||||
BALANCE,
|
||||||||||||||||||||||||||||
JANUARY
1, 2005
|
10,709,030 | $ | 107,000 | $ | 25,513,000 | $ | 25,149,000 | 1,529,998 | $ | (8,228,000 | ) | $ | 42,541,000 | |||||||||||||||
Repurchased
common stock (Note 9)
|
--- | --- | --- | --- | 180,600 | (1,218,000 | ) | (1,218,000 | ) | |||||||||||||||||||
Options
exercised
|
75,250 | 1,000 | 322,000 | --- | --- | --- | 323,000 | |||||||||||||||||||||
Tax
benefits related to exercise of stock options (Notes 7 and
9)
|
--- | --- | 79,000 | --- | --- | --- | 79,000 | |||||||||||||||||||||
Net
income
|
--- | --- | --- | 4,723,000 | --- | --- | 4,723,000 | |||||||||||||||||||||
BALANCE,
|
||||||||||||||||||||||||||||
DECEMBER
31, 2005
|
10,784,280 | 108,000 | 25,914,000 | 29,872,000 | 1,710,598 | (9,446,000 | ) | 46,448,000 | ||||||||||||||||||||
Options
exercised
|
188,984 | 1,000 | 957,000 | --- | --- | --- | 958,000 | |||||||||||||||||||||
Tax
benefits related to exercise of stock options (Notes 7 and
9)
|
--- | --- | 540,000 | --- | --- | --- | 540,000 | |||||||||||||||||||||
Non-cash
compensation recognized on share based payments (Note 9)
|
--- | --- | 211,000 | --- | --- | --- | 211,000 | |||||||||||||||||||||
Net
income
|
--- | --- | --- | 971,000 | --- | --- | 971,000 | |||||||||||||||||||||
BALANCE,
|
||||||||||||||||||||||||||||
DECEMBER
31, 2006
|
10,973,264 | 109,000 | 27,622,000 | 30,843,000 | 1,710,598 | (9,446,000 | ) | 49,128,000 | ||||||||||||||||||||
Options
exercised
|
214,344 | 2,000 | 1,184,000 | --- | --- | --- | 1,186,000 | |||||||||||||||||||||
Tax
benefits related to exercise of stock options (Notes 7 and
9)
|
--- | --- | 1,220,000 | --- | --- | --- | 1,220,000 | |||||||||||||||||||||
Non-cash
compensation recognized on share based payments (Note 9)
|
--- | --- | 167,000 | --- | --- | --- | 167,000 | |||||||||||||||||||||
Repurchased
stock options (Notes 6 and 9)
|
--- | --- | (1,965,000 | ) | --- | --- | --- | (1,965,000 | ) | |||||||||||||||||||
Net
loss
|
--- | --- | --- | (3,456,000 | ) | --- | --- | (3,456,000 | ) | |||||||||||||||||||
BALANCE,
|
||||||||||||||||||||||||||||
DECEMBER
31, 2007
|
11,187,608 | $ | 111,000 | $ | 28,228,000 | $ | 27,387,000 | 1,710,598 | $ | (9,446,000 | ) | $ | 46,280,000 |
YEARS ENDED DECEMBER 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
(loss) income
|
$ | (3,456,000 | ) | $ | 971,000 | $ | 4,723,000 | |||||
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities:
|
||||||||||||
Depreciation
and amortization
|
7,614,000 | 6,524,000 | 4,173,000 | |||||||||
Stock-based
compensation expense
|
167,000 | 211,000 | --- | |||||||||
Excess
tax benefits from share-based payment arrangements
|
(1,220,000 | ) | (540,000 | ) | (79,000 | ) | ||||||
Amortization
of deferred financing fees
|
9,000 | 16,000 | 168,000 | |||||||||
Amortization
of debt issuance costs
|
204,000 | --- | --- | |||||||||
Provision
for losses on receivables
|
2,000 | 2,000 | 2,000 | |||||||||
Loss
on disposition of property and equipment
|
364,000 | 14,000 | 39,000 | |||||||||
Deferred
income taxes
|
2,514,000 | (1,554,000 | ) | (56,000 | ) | |||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Receivables
|
(1,248,000 | ) | (1,619,000 | ) | (485,000 | ) | ||||||
Inventories
|
(5,318,000 | ) | (11,422,000 | ) | (2,843,000 | ) | ||||||
Prepaid
expenses and other current assets
|
(658,000 | ) | (111,000 | ) | (176,000 | ) | ||||||
Accounts
payable
|
5,194,000 | 1,212,000 | 2,301,000 | |||||||||
Income
taxes receivable
|
(5,049,000 | ) | --- | --- | ||||||||
Income
taxes payable
|
(1,511,000 | ) | 144,000 | (1,275,000 | ) | |||||||
Accrued
expenses and other current liabilities
|
358,000 | 1,588,000 | 284,000 | |||||||||
Deferred
rent and lease incentives
|
3,288,000 | 2,559,000 | 526,000 | |||||||||
Deferred
gain on sale-leaseback
|
(53,000 | ) | (53,000 | ) | (53,000 | ) | ||||||
Net
cash provided by (used in) operating activities
|
1,201,000 | (2,058,000 | ) | 7,249,000 | ||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Capital
expenditures
|
(19,223,000 | ) | (15,870,000 | ) | (5,446,000 | ) | ||||||
Acquisitions,
net of cash acquired
|
--- | (4,587,000 | ) | (4,122,000 | ) | |||||||
Proceeds
from sale of property and equipment
|
254,000 | 3,000 | 1,000 | |||||||||
Other
|
(1,000 | ) | (60,000 | ) | (26,000 | ) | ||||||
Net
cash used in investing activities
|
(18,970,000 | ) | (20,514,000 | ) | (9,593,000 | ) | ||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Net
borrowings under line of credit agreement
|
(2,520,000 | ) | 22,926,000 | 2,491,000 | ||||||||
Proceeds
from issuance of convertible debt, net of debt issuance costs of
$1,359,000
|
17,141,000 | --- | --- | |||||||||
Net
funds received from sale/leaseback transaction
|
2,062,000 | --- | --- | |||||||||
Repurchase
of common stock
|
--- | --- | (1,218,000 | ) | ||||||||
Payment
of deferred financing fees
|
--- | --- | (70,000 | ) | ||||||||
Exercise
of stock options
|
1,186,000 | 959,000 | 322,000 | |||||||||
Excess
tax benefits from share-based payment arrangements
|
1,220,000 | 540,000 | 79,000 | |||||||||
Repayment
of capital lease obligations
|
(656,000 | ) | (171,000 | ) | (220,000 | ) | ||||||
Repayment
of notes payable
|
(1, 722 ,000 | ) | (1 ,625 ,000 | ) | (180,000 | ) | ||||||
Net
cash provided by financing activities
|
16,711 ,000 | 22,629 ,000 | 1, 204 ,000 | |||||||||
NET
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(1,058,000 | ) | 57,000 | (1,140,000 | ) | |||||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
3,5 87 ,000 | 3 , 530 ,000 | 4,670,000 | |||||||||
CASH
AND CASH EQUIVALENTS, END OF YEAR
|
$ | 2,529 ,000 | $ | 3,5 87 ,000 | $ | 3,530,000 | ||||||
|
||||||||||||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||||||
Cash
paid for:
|
||||||||||||
Interest
|
$ | 4,008,000 | $ | 2,069,000 | $ | 841,000 | ||||||
Income
taxes
|
$ | 3,103,000 | $ | 2,532,000 | $ | 4,305,000 |
SUPPLEMENTAL
INFORMATION ON NON-CASH INVESTING AND FINANCING
ACTIVITIES:
|
|||||||||||
2007
|
2006
|
2005
|
|||||||||
ACQUISITIONS:
|
|||||||||||
Inventories
|
$ |
---
|
$ | 2,669,000 | $ | 1,951,000 | |||||
Properties
|
---
|
2,052,000 | 508,000 | ||||||||
Other
current assets
|
---
|
--- | --- | ||||||||
Intangibles
|
---
|
--- | 4,532,000 | ||||||||
Goodwill
|
---
|
--- | 3,131,000 | ||||||||
Accrued
expenses and other liabilities
|
---
|
(134,000 | ) | --- | |||||||
Redeemable
convertible notes and rights assumed
|
---
|
--- | --- | ||||||||
Notes
payable
|
---
|
--- | (6,000,000 | ) | |||||||
Net
cash effect due to acquisitions
|
$ |
---
|
$ | 4,587,000 | $ | 4,122,000 |
OTHER:
|
|||||||||||
Purchase
of stock options with note payable
|
$ | 1,965,000 | $ | --- | $ | --- | |||||
Acquisition
of equipment through capital lease
|
$ | 969,000 | $ | 33,000 | $ | --- | |||||
Tenant
improvements paid by landlord
|
$ | --- | $ | 480,000 | $ | --- |
Store
fixtures
|
5
years
|
Machinery
and equipment
|
5
years
|
Computer
equipment
|
3
years
|
Software
|
5
years
|
|
IMPAIRMENT
OF LONG-LIVED ASSETS
|
FOR
THE YEARS ENDED DECEMBER 31,
|
||||
2008
|
$ | 437,000 | ||
2009
|
439,000 | |||
2010
|
435,000 | |||
2011
|
353,000 | |||
2012
|
359,000 | |||
Thereafter
|
1,365,000 | |||
$ | 3,388,000 |
YEARS ENDED DECEMBER 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Net
(loss) income
|
$ | (3,456,000 | ) | $ | 971,000 | $ | 4,723,000 | |||||
Basic
Weighted Average Shares:
|
||||||||||||
Weighted
average number of shares outstanding
|
9,421,000 | 9,180,000 | 9,145,000 | |||||||||
Effect
of Dilutive Securities:
|
||||||||||||
Options
and warrants
|
-- | 351,000 | 581,000 | |||||||||
Diluted
Weighted Average Shares:
|
||||||||||||
Weighted
average number of shares outstanding and
Common share
equivalents
|
9,421,000 | 9,531,000 | 9,726,000 | |||||||||
Antidilutive
options and warrants
|
1,425,000 | -- | 273,000 | |||||||||
Antidilutive
convertible debt
|
1,028,000 | -- | -- |
YEAR ENDED
D
ECEMBER 31,
2005
|
||||
Net
income:
|
||||
As
reported
|
$ | 4,723,000 | ||
Add: Stock-based
employee compensation expense included in reported net income, net of
related tax effects
|
--- | |||
Deduct: Total
stock-based employee compensation expense determined under fair value
method, net of related tax effects
|
(454,000 | ) | ||
Pro
forma
|
$ | 4,269,000 | ||
Net
income per share:
|
||||
As
reported:
|
||||
Basic
|
$ | 0.52 | ||
Diluted
|
$ | 0.49 | ||
Pro
forma:
|
||||
Basic
|
$ | 0.47 | ||
Diluted
|
$ | 0.44 |
DECEMBER 31,
|
||||||||
2007
|
2006
|
|||||||
Leasehold
improvements
|
$ | 33,435,000 | $ | 22,411,000 | ||||
Store
fixtures
|
19,660,000 | 19,585,000 | ||||||
Machinery
and equipment
|
5,436,000 | 7,181,000 | ||||||
Computer
equipment and software
|
9,802,000 | 9,006,000 | ||||||
Land
|
63,000 | 63,000 | ||||||
68,396,000 | 58,246,000 | |||||||
Less
accumulated depreciation and amortization
|
32,754,000 | 34,072,000 | ||||||
Property
and equipment, net
|
$ | 35,642,000 | $ | 24,174,000 |
DECEMBER 31,
|
||||||||
2007
|
2006
|
|||||||
Accrued
compensation and benefits
|
$ | 4,260,000 | $ | 4,092,000 | ||||
Sales
tax payable
|
1,609,000 | 1,880,000 | ||||||
Store
credits
|
618,000 | 576,000 | ||||||
Sales
return reserve
|
619,000 | 499,000 | ||||||
Gift
certificates
|
730,000 | 514,000 | ||||||
Other
current liabilities
|
857,000 | 774,000 | ||||||
Total
accrued expenses and other current liabilities
|
$ | 8,693,000 | $ | 8,335,000 |
DECEMBER 31,
|
||||||||
2007
|
2006
|
|||||||
Convertible
debt, net of debt issuance costs of $1,155,000
|
$ | 17,345,000 | --- | |||||
Note
payable, related party
|
1,965,000 | --- | ||||||
Wells
Fargo Retail Finance 4-year term facility
|
1,778,000 | 2,444,000 | ||||||
Bianca
of Nevada, Inc. 3-year promissory note
|
1,000,000 | 2,000,000 | ||||||
Priority
tax claim notes
|
55,000 | 112,000 | ||||||
22,143,000 | 4,556,000 | |||||||
Less
current installments
|
( 2,700,000 | ) | ( 1,727,000 | ) | ||||
Notes
payable, excluding current installments
|
$ | 19,443,000 | $ | 2,829,000 |
Years
Ending December 31,
|
||||
2008
|
$ | 2,700,000 | ||
2009
|
2,098,000 | |||
2010
|
--- | |||
2011
|
--- | |||
2012
|
18,500,000 | |||
$ | 23,298,000 |
YEARS ENDED DECEMBER 31,
|
||||||||||||
200
7
|
200
6
|
200
5
|
||||||||||
Current:
|
||||||||||||
Federal
|
$ | (2,919,000 | ) | $ | 2,271,000 | $ | 2,520,000 | |||||
State
|
(539,000 | ) | 406 ,000 | 509 ,000 | ||||||||
Total
|
(3,458,000 | ) | 2,677, 000 | 3,029 ,000 | ||||||||
Deferred:
|
||||||||||||
Federal
|
1,241,000 | (1,806,000 | ) | (114,000 | ) | |||||||
State
|
53,000 | (288 ,000 | ) | (21 ,000 | ) | |||||||
Total
|
1,294,000 | ( 2,094 ,000 | ) | (135 ,000 | ) | |||||||
Total
(benefit from) provision for income tax
|
$ | (2,164,000 | ) | $ | 583 ,000 | $ | 2,894 ,000 |
YEARS ENDED DECEMBER 31,
|
||||||||||||
200
7
|
200
6
|
200
5
|
||||||||||
Federal
statutory income tax rate
|
34.0 | % | 34.0 | % | 34.0 | % | ||||||
State
taxes, net of federal benefit
|
4.3 | 3.6 | 3.9 | |||||||||
Other,
net
|
0.2 | (0.1 | ) | 0.1 | ||||||||
Total
|
38.5 | % | 37.5 | % | 38.0 | % |
DECEMBER 31,
|
||||||||
Deferred
income tax assets:
|
||||||||
Allowance
for doubtful receivables and sales returns
|
$ | 252,000 | $ | 199,000 | ||||
Accrued
vacation
|
206,000 | 171,000 | ||||||
Inventory
uniform capitalization
|
864,000 | 1,760,000 | ||||||
Inventory
reserve
|
442,000 | 346,000 | ||||||
Depreciation
|
--- | 455,000 | ||||||
Deferred
rent
|
3,157,000 | 1,781,000 | ||||||
Deferred
gain on sale of building
|
36,000 | 56,000 | ||||||
Stock-based
compensation
|
123,000 | 69,000 | ||||||
Charitable
contribution carryover
|
662,000 | 374,000 | ||||||
Reserve
liabilities
|
93,000 | 81,000 | ||||||
Total
deferred income tax assets
|
5,835,000 | 5,292,000 | ||||||
Deferred
income tax liabilities:
|
||||||||
Depreciation
|
(1,142,000 | ) | --- | |||||
Intangible
assets
|
(188,000 | ) | (71,000 | ) | ||||
State
income taxes
|
(424,000 | ) | (134,000 | ) | ||||
Prepaid
expenses
|
(413,000 | ) | (125,000 | ) | ||||
Total
deferred income tax liabilities
|
(2,167,000 | ) | (330,000 | ) | ||||
Deferred
income tax asset, net
|
$ | 3,668,000 | $ | 4,962,000 |
Operating
|
Capital
|
|||||||
YEARS ENDING DECEMBER
31,
|
Leases
|
Leases
|
||||||
2008
|
$ | 37,728,000 | $ | 841,000 | ||||
2009
|
34,411,000 | 916,000 | ||||||
2010
|
29,823,000 | 915,000 | ||||||
2011
|
26,609,000 | 230,000 | ||||||
2012
|
24,832,000 | --- | ||||||
Thereafter
|
135,315,000 | --- | ||||||
|
||||||||
Total
minimum
obligations
|
$ | 288,718,000 | 2,902,000 | |||||
Less
amount representing
interest
|
458,000 | |||||||
Present
value of minimum lease payments
|
2,444,000 | |||||||
Less
current
portion
|
683,000 | |||||||
Long-term
portion
|
$ | 1,761,000 |
Expected
volatility
|
35 | % | ||
Expected
lives
|
7 yrs.
|
|||
Risk-free
interest rate – high
|
4.28 | % | ||
Risk-free
interest rate – low
|
3.95 | % | ||
Expected
dividend yield
|
none
|
Options
|
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
||||||||||||
Balance
at January 1, 2005
|
2,081,650 | 4.98 | ||||||||||||||
Granted
|
112,250 | 6.93 | ||||||||||||||
Exercised
|
(75,250 | ) | 4.30 | |||||||||||||
Forfeited
|
(33,150 | ) | 5.35 | |||||||||||||
Outstanding
at December 31, 2005
|
2,085,500 | $ | 5.10 | |||||||||||||
Granted
|
- | - | ||||||||||||||
Exercised
|
(188,984 | ) | 5.07 | |||||||||||||
Forfeited
|
(4,650 | ) | 4.48 | |||||||||||||
Outstanding
at December 31, 2006
|
1,891,866 | $ | 5.39 | |||||||||||||
Granted
|
- | - | ||||||||||||||
Exercised
|
(214,344 | ) | 5.53 | |||||||||||||
Forfeited
|
(252,666 | ) | 7.90 | |||||||||||||
Outstanding
at December 31, 2007
|
1,424,856 | $ | 4.55 | 4.33 | $ | 14,111,000 | ||||||||||
Vested
and expected to vest at December 31, 2007
|
1,408,336 | $ | 4.55 | 4.30 | $ | 13,946,000 | ||||||||||
Exercisable
at December 31, 2007
|
1,259,656 | $ | 4.56 | 4.06 | $ | 12,459,000 |
OPTIONS OUTSTANDING
|
OPTIONS EXERCISABLE
|
||||||||||||||||||
RANGE
OF EXERCISE
PRICES
|
OPTIONS
OUT
STANDING
|
WEIGHTED-AVERAGE
REMAINING CONTRACTUAL
LIFE
|
WEIGHTED-AVERAGE
EXERCISE
PRICE
|
OPTIONS
EXERCIS
ABLE
|
WEIGHTED-AVERAGE
EXERCISE
PRICE
|
||||||||||||||
$ | 2.90 - 3.60 | 450,524 |
4.6
years
|
$ |
3.47
|
363,924 | $ |
3.46
|
|||||||||||
4.00 - 4.85 | 607,682 |
3.5
years
|
4.28
|
600,482 |
4.28
|
||||||||||||||
5.00 - 6.50 | 341,650 |
5.9
years
|
6.12
|
270,250 |
6.26
|
||||||||||||||
8.00 | 12,500 |
3.1
years
|
8.00
|
12,500 |
8.00
|
||||||||||||||
10.00 | 12,500 |
3.1
years
|
10.00
|
12,500 |
10.00
|
||||||||||||||
2.90 - 10.00 | 1,424,856 |
4.3
years
|
4.55
|
1,259,656 |
4.56
|
Big Dog Sportswear
|
The Walking Company
|
Total
|
||||||||||
Year Ended
December
31,
2007
Statements
of
Operations:
|
||||||||||||
Sales
|
$ | 71,133,000 | $ | 162,135,000 | $ | 233,268,000 | ||||||
Gross
margin
|
39,266,000 | 83,182,000 | 122,448,000 | |||||||||
Depreciation
and amortization
|
1,609,000 | 6,005,000 | 7,614,000 | |||||||||
Interest
income
|
(6,000 | ) | (4,000 | ) | (10,000 | ) | ||||||
Interest
expense
|
1,402,000 | 2,853,000 | 4,255,000 | |||||||||
Benefit
from provision for income taxes
|
(1,669,000 | ) | (495,000 | ) | (2,164,000 | ) | ||||||
Net
loss
|
(2,665,000 | ) | (791,000 | ) | (3,456,000 | ) | ||||||
Balance
Sheet:
|
||||||||||||
Total
assets
|
$ | 34,611,000 | $ | 89,011,000 | $ | 123,622,000 | ||||||
(Decreases)
increases in long-term assets
|
(1,459,000 | ) | 12,174,000 | 10,715,000 | ||||||||
Year Ended December 31, 2006
Statements
of
Income:
|
||||||||||||
Sales
|
$ | 82,923,000 | $ | 135,681,000 | $ | 218,604,000 | ||||||
Gross
margin
|
46,696,000 | 70,185,000 | 116,881,000 | |||||||||
Depreciation
and amortization
|
1,518,000 | 5,006,000 | 6,524,000 | |||||||||
Interest
income
|
(3,000 | ) | (5,000 | ) | (8,000 | ) | ||||||
Interest
expense
|
765,000 | 1,319,000 | 2,084,000 | |||||||||
(Benefit
from) provision for income taxes
|
(770,000 | ) | 1,353,000 | 583,000 | ||||||||
Net
(loss) income
|
(1,284,000 | ) | 2,255,000 | 971,000 | ||||||||
Balance
Sheet:
|
||||||||||||
Total
assets
|
$ | 35,336,000 | $ | 67,325,000 | $ | 102,661,000 | ||||||
Increases
in long-term assets
|
3,770,000 | 9,190,000 | 12,960,000 | |||||||||
Year Ended December 31, 2005
Statements
of Income:
|
||||||||||||
Sales
|
$ | 92,104,000 | $ | 87,011,000 | $ | 179,115,000 | ||||||
Gross
margin
|
53,755,000 | 45,049,000 | 98,804,000 | |||||||||
Depreciation
and amortization
|
1,363,000 | 2,810,000 | 4,173,000 | |||||||||
Interest
income
|
(40,000 | ) | (4,000 | ) | (44,000 | ) | ||||||
Interest
expense
|
463,000 | 513,000 | 976,000 | |||||||||
Provision
for income taxes
|
1,225,000 | 1,669,000 | 2,894,000 | |||||||||
Net
income
|
2,000,000 | 2,723,000 | 4,723,000 | |||||||||
Balance
Sheet:
|
||||||||||||
Total
assets
|
$ | 31,692,000 | $ | 41,061,000 | $ | 72,753,000 | ||||||
(Decreases)
increases in long-term assets
|
(714,000 | ) | 10,248,000 | 9,534,000 |
FIRST
QUARTER
|
SECOND
QUARTER
|
THIRD
QUARTER
|
FOURTH
QUARTER
|
|||||||||||||
(in
thousands, except per share)
|
||||||||||||||||
Year
ended December 31, 2007:
|
||||||||||||||||
Net
sales
|
$ | 44,224 | $ | 55,854 | $ | 56,554 | $ | 76,636 | ||||||||
Gross
profit
|
23,300 | 30,498 | 30,195 | 38,455 | ||||||||||||
Selling,
marketing and distribution expenses
|
26,849 | 26,933 | 26,886 | 32,356 | ||||||||||||
General
and administrative expenses
|
2,361 | 2,737 | 2,365 | 3,336 | ||||||||||||
Total
operating expenses
|
29,210 | 29,670 | 29,251 | 35,692 | ||||||||||||
(Loss)
income from operations
|
(5,910 | ) | 828 | 944 | 2,763 | |||||||||||
Net
(loss) income
|
(4,135 | ) | (188 | ) | (140 | ) | 1,007 | |||||||||
Net
(loss) income per share
|
||||||||||||||||
Basic
|
$ | (0.44 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | 0.11 | |||||
Diluted
|
$ | (0.44 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | 0.10 | |||||
Weighted
average shares outstanding
|
||||||||||||||||
Basic
|
9,336 | 9,415 | 9,457 | 9,475 | ||||||||||||
Diluted
|
9,336 | 9,415 | 9,457 | 10,089 | ||||||||||||
Year
ended December 31, 2006:
|
||||||||||||||||
Net
sales
|
$ | 38,671 | $ | 53,178 | $ | 54,127 | $ | 72,628 | ||||||||
Gross
profit
|
20,097 | 29,383 | 28,982 | 38,419 | ||||||||||||
Selling,
marketing and distribution expenses
|
22,639 | 25,497 | 25,355 | 29,937 | ||||||||||||
General
and administrative expenses
|
2,247 | 2,346 | 2,301 | 2,930 | ||||||||||||
Total
operating expenses
|
24,886 | 27,843 | 27,656 | 32,866 | ||||||||||||
(Loss)
income from operations
|
(4,789 | ) | 1,540 | 1,326 | 5,553 | |||||||||||
Net
(loss) income
|
(3,160 | ) | 641 | 471 | 3,019 | |||||||||||
Net
(loss) income per share
|
||||||||||||||||
Basic
|
$ | (0.35 | ) | $ | 0.07 | $ | 0.05 | $ | 0.33 | |||||||
Diluted
|
$ | (0.35 | ) | $ | 0.06 | $ | 0.05 | $ | 0.31 | |||||||
Weighted
average shares outstanding
|
||||||||||||||||
Basic
|
9,092 | 9,177 | 9,211 | 9,236 | ||||||||||||
Diluted
|
9,092 | 9,509 | 9,476 | 9,885 |
Balance at Beginning of
Year
|
Additions Charged to Costs and
Expenses
|
Write-offs, Net of
Recoveries
|
Balance at End of Year
|
|||||||||||||
Year
ended December 31, 2005
|
||||||||||||||||
Reserves
and allowances deducted from asset accounts:
|
||||||||||||||||
Allowance
for uncollectible accounts receivable
|
$ | 3,000 | $ | 1,000 | $ | (2,000 | ) | $ | 2,000 | |||||||
Self-insurance
reserves
|
$ | 442,000 | $ | 2,731,000 | $ | (2,695,000 | ) | $ | 478,000 | |||||||
Sales
returns
|
$ | 285,000 | $ | 50,000 | $ | --- | $ | 335,000 | ||||||||
Obsolete
inventory reserves
|
$ | 385,000 | $ | 22,000 | $ | (150,000 | ) | $ | 257,000 | |||||||
Year
ended December 31, 2006
|
||||||||||||||||
Reserves
and allowances deducted from asset accounts:
|
||||||||||||||||
Allowance
for uncollectible accounts receivable
|
$ | 2,000 | $ | 2,000 | $ | --- | $ | 4,000 | ||||||||
Self-insurance
reserves
|
$ | 478,000 | $ | 4,202,000 | $ | (4,006,000 | ) | $ | 674,000 | |||||||
Sales
returns
|
$ | 335,000 | $ | 164,000 | $ | --- | $ | 499,000 | ||||||||
Obsolete
inventory reserves
|
$ | 257,000 | $ | 267,000 | $ | (54,000 | ) | $ | 470,000 | |||||||
Year
ended December 31, 2007
|
||||||||||||||||
Reserves
and allowances deducted from asset accounts:
|
||||||||||||||||
Allowance
for uncollectible accounts receivable
|
$ | 4,000 | $ | 2,000 | $ | (4,000 | ) | $ | 2,000 | |||||||
Self-insurance
reserves
|
$ | 674,000 | $ | 3,808,000 | $ | (3,792,000 | ) | $ | 690,000 | |||||||
Sales
returns
|
$ | 499,000 | $ | 149,000 | $ | (29,000 | ) | $ | 619,000 | |||||||
Obsolete
inventory reserves
|
$ | 470,000 | $ | 564,000 | $ | (5,000 | ) | $ | 1,029,000 |
Exhibit
Number
|
Description
|
2.1
|
Second
Amended Plan of Reorganization of Shoes Liquidation Co. (formerly The
Walking Company) and Alan’s Shoes, Inc., confirmed on March 2, 2004.
(1)
|
2.2
|
Order
of the United States Bankruptcy Court for the Central District of
California confirming the Second Amended Plan of Reorganization of Shoes
Liquidation Co. (formerly The Walking Company) and Alan’s Shoes, Inc.,
entered on March 2, 2004.(1)
|
2.3
|
Asset
Purchase Agreement, dated May 20, 2005, by and among The Walking
Company, as buyer, Bianca of Nevada, Inc., a Nevada corporation, as
seller, and Sal Palermo, as shareholder. (7)
|
2.4
|
Asset
Purchase Agreement, dated January 31, 2006, by and among The Walking
Company, as buyer, and Steve’s Shoes, Inc., Debtor in Possession, as
seller. (9)
|
3.1
|
Amended
and Restated Certificate of Incorporation (2)
|
3.1A
|
Certificate
of Correction (3)
|
3.2
|
Amended
and Reinstated Bylaws (3)
|
4.1
|
Reference
is hereby made to Exhibits 3.1, 3.1A, and 3.2
|
4.2
|
Specimen
Stock Certificate (2)
|
10.1
|
Term
Loan Note, dated August 31, 2005, among the lenders signatory thereto,
Wells Fargo Retail Finance II, LLC, as agent, and Big Dog USA, Inc. and
The Walking Company, as borrowers. (8)
|
10.2
|
Promissory
Note Secured by Letter of Credit, dated August 31, 2005, among the lenders
signatory thereto, Bianca of Nevada, Inc., as payee, and The Walking
Company, as maker. (8)
|
10.10
|
Amended
and Restated 1997 Performance Award Plan (5)
|
10.10A
|
Form
of Employee Nonqualified 1997 Performance Award Plan
(2)
|
10.10B
|
Terms
and Conditions for Non-Qualified Options Granted under the Amended and
Restated 1997 Performance Award Plan (4)
|
10.10C
|
Form
of Eligible Director Non-Qualified Stock Option Agreement
(4)
|
10.11
|
Lease
between Big Dog USA, Inc. and The Prudential Insurance Company
of America dated November 4, 1997 (3)
|
10.12
|
Form
of Indemnification Agreement (1)
|
10.13
|
Lease
between Big Dog Holdings, Inc. and TKC XCIX, LLC dated March 13, 2006
(10)
|
21.1
|
List
of Subsidiaries of Big Dog Holdings, Inc. (6)
|
Consent
of Independent Registered Public Accounting Firm
|
|
24.1
|
Power
of Attorney (included in signature page)
|
Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
Certification
of Chief Executive Officer and Chief Financial Officer Pursuant to 18
U.S.C. Section 1350,as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
|
99.1
|
Loan
and Security Agreement, dated March 3, 2004, among the lenders signatory
thereto, Wells Fargo Retail Finance II, LLC, as agent, and The Walking
Company (formerly TWC Acquisition Corp.), as
borrower.(1)
|
99.2
|
Third
Amendment to Loan and Security Agreement, dated March 3, 2004, among the
lenders signatory thereto, Wells Fargo Retail Finance II, LLC, as agent,
and Big Dog Holdings, Inc., Big Dog USA, Inc. and CSI Acquisition
Corporation, as borrowers.(1)
|
99.3
|
First
Amended, Restated and Consolidated Loan and Security Agreement, dated July
7, 2005, among the lenders signatory thereto, Wells Fargo Retail Finance
II, LLC, as agent, and Big Dog Holdings, Inc., Big Dog USA, Inc., and The
Walking Company, as borrowers. (7)
|
99.4
|
Third
Amendment to First Amended, Restated, and Consolidated Loan and Security
Agreement, dated November 28, 2006, among the lenders signatory thereto,
Wells Fargo Retail Finance II, LLC, as agent, and Big Dog Holdings, Inc.,
Big Dog USA, Inc., and The Walking Company, as borrowers.
(11)
|
Sixth
Amendment to First Amended, Restated, and Consolidated Loan and Security
Agreement, dated March 24, 2008, among the lenders signatory thereto,
Wells Fargo Retail Finance II, LLC, as agent, and Big Dog Holdings, Inc.,
Big Dog USA, Inc., and The Walking Company, as
borrowers.
|
(1)
|
Incorporated
by reference from the Company’s Current Report on Form 8-K filed as of
March 3, 2004. The exhibits and schedules to the Plan have been
omitted from this filing pursuant to Item 601(b)(2) of Regulation
S-K. Big Dog Holdings, Inc. will furnish copies of any of such
exhibits and schedules to the Securities and Exchange Commission upon
request.
|
(2)
|
Incorporated
by reference from the Company’s S-1 Registration Statement (No. 333-33027)
as amended , which became effective September 25,
1997.
|
(3)
|
Incorporated
by reference from the Company’s Annual Report on Form 10-K for the year
ended December 31, 1997.
|
(4)
|
Incorporated
by reference from the Company’s Schedule TO filed July 31,
2000.
|
(5)
|
Incorporated
by reference from the Company’s Annual Report on Form 10-K for the year
ended December 31, 1998.
|
(6)
|
Incorporated
by reference from the Company’s Annual Report on Form 10-K for the year
ended December 31, 2003.
|
(7)
|
Incorporated
by reference from the Company’s Quarterly Report on Form 10-Q for the
period ended June 30, 2005.
|
(8)
|
Incorporated
by reference from the Company’s Quarterly Report on Form 10-Q for the
period ended September 30, 2005.
|
(9)
|
Incorporated
by reference from the Company’s Annual Report on Form 10-K for the year
ended December 31, 2005.
|
(10)
|
Incorporated
by reference from the Company’s Current Report on Form 8-K filed as of May
4, 2006.
|
(11)
|
Incorporated
by reference from the Company’s Current Report on Form 8-K filed as of
December 20, 2006.
|
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