![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Haverty Furniture Companies Inc | NYSE:HVT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.81 | 0 | 12:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___
|
Maryland
|
58-0281900
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
780 Johnson Ferry Road, Suite 800
Atlanta,
Georgia
|
30342
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
(404) 443-2900
|
||
(Registrant’s telephone number, including area code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
HVT
|
NYSE
|
Class A Common Stock
|
HVTA
|
NYSE
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
||
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
Page No.
|
||
PART I.
|
||
March 31, 2022
(unaudited) and December 31, 2021
|
1
|
|
Three Months Ended March 31, 2022
and 2021 (unaudited)
|
2
|
|
Three Months Ended March 31, 2022 and 2020 (unaudited)
|
3
|
|
4
|
||
11
|
||
14
|
||
14
|
||
PART II.
|
||
15
|
||
15
|
||
15 | ||
Item 6. Exhibits |
16 |
(In thousands)
|
March 31,
2022
|
December 31,
2021
|
||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
162,340
|
$
|
166,146
|
||||
Restricted cash and cash equivalents
|
6,715
|
6,716
|
||||||
Inventories
|
119,857
|
112,031
|
||||||
Prepaid expenses
|
10,633
|
12,418
|
||||||
Other current assets
|
13,585
|
11,746
|
||||||
Total current assets
|
313,130
|
309,057
|
||||||
Property and equipment, net
|
128,721
|
126,099
|
||||||
Right-of-use lease assets
|
221,083
|
222,356
|
||||||
Deferred income taxes
|
18,252
|
16,375
|
||||||
Other assets
|
12,699
|
12,403
|
||||||
Total assets
|
$
|
693,885
|
$
|
686,290
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
32,415
|
$
|
31,235
|
||||
Customer deposits
|
98,528
|
98,897
|
||||||
Accrued liabilities
|
48,876
|
46,664
|
||||||
Current lease liabilities
|
33,923
|
33,581
|
||||||
Total current liabilities
|
213,742
|
210,377
|
||||||
Noncurrent lease liabilities
|
197,265
|
196,771
|
||||||
Other liabilities
|
22,478
|
23,172
|
||||||
Total liabilities
|
433,485
|
430,320
|
||||||
Stockholders’ equity
|
||||||||
Capital Stock, par value $1 per share
|
||||||||
Preferred Stock, Authorized – 1,000 shares; Issued: None
|
||||||||
Common Stock, Authorized – 50,000 shares; Issued: 2022 – 29,924; 2021 – 29,907
|
29,924
|
29,907
|
||||||
Convertible Class A Common Stock, Authorized – 15,000 shares; Issued: 2022 – 1,809; 2021 – 1,809
|
1,809
|
1,809
|
||||||
Additional paid-in capital
|
104,345
|
102,572
|
||||||
Retained earnings
|
358,084
|
342,983
|
||||||
Accumulated other comprehensive loss
|
(2,253
|
)
|
(2,293
|
)
|
||||
Less treasury stock at cost – Common Stock (2022 – 14,507 and 2021 – 14,069 shares) and
Convertible Class A Common Stock (2022 and 2021 – 522 shares)
|
(231,509
|
)
|
(219,008
|
)
|
||||
Total stockholders’ equity
|
260,400
|
255,970
|
||||||
Total liabilities and stockholders’ equity
|
$
|
693,885
|
$
|
686,290
|
Three Months Ended
March 31,
|
||||||||
(In thousands, except per share data - unaudited)
|
2022
|
2021
|
||||||
Net sales
|
$
|
238,946
|
$
|
236,491
|
||||
Cost of goods sold
|
97,985
|
101,457
|
||||||
Gross profit
|
140,961
|
135,034
|
||||||
Expenses:
|
||||||||
Selling, general and administrative
|
115,154
|
109,762
|
||||||
Other expense (income), net
|
161
|
(36
|
)
|
|||||
Total expenses
|
115,315
|
109,726
|
||||||
Income before interest and income taxes
|
25,646
|
25,308
|
||||||
Interest income, net
|
74
|
56
|
||||||
Income before income taxes
|
25,720
|
25,364
|
||||||
Income tax expense
|
6,359
|
5,958
|
||||||
Net income
|
$
|
19,361
|
$
|
19,406
|
||||
Other comprehensive income
|
||||||||
Adjustments related to retirement plans; net of tax expense of $14 in 2022 and $16 in 2021
|
$
|
40
|
$
|
49
|
||||
Comprehensive income
|
$
|
19,401
|
$
|
19,455
|
||||
Basic earnings per share:
|
||||||||
Common Stock
|
$
|
1.14
|
$
|
1.07
|
||||
Class A Common Stock
|
$
|
1.08
|
$
|
1.00
|
||||
Diluted earnings per share:
|
||||||||
Common Stock
|
$
|
1.11
|
$
|
1.04
|
||||
Class A Common Stock
|
$
|
1.05
|
$
|
0.98
|
||||
Cash dividends per share:
|
||||||||
Common Stock
|
$
|
0.25
|
$
|
0.22
|
||||
Class A Common Stock
|
$
|
0.23
|
$
|
0.20
|
(In thousands - unaudited)
|
Three Months Ended
March 31,
|
|||||||
2022
|
2021
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
19,361
|
$
|
19,406
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
4,272
|
3,992
|
||||||
Share-based compensation expense
|
2,307
|
2,679
|
||||||
Other
|
(1,877
|
)
|
(915
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Inventories
|
(7,826
|
)
|
(13,661
|
)
|
||||
Customer deposits
|
(369
|
)
|
18,545
|
|||||
Other assets and liabilities
|
1,120
|
(2,777
|
)
|
|||||
Accounts payable and accrued liabilities
|
3,590
|
(7,668
|
)
|
|||||
Net cash provided by operating activities
|
20,578
|
19,601
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Capital expenditures
|
(7,107
|
)
|
(4,745
|
)
|
||||
Net cash used in investing activities
|
(7,107
|
)
|
(4,745
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from borrowings under revolving credit facility
|
—
|
—
|
||||||
Payments of borrowings under revolving credit facility
|
—
|
—
|
||||||
Net change in borrowings under revolving credit facility
|
—
|
—
|
||||||
Dividends paid
|
(4,260
|
)
|
(3,987
|
)
|
||||
Common stock repurchased
|
(12,501
|
)
|
—
|
|||||
Other
|
(517
|
)
|
(801
|
)
|
||||
Net cash used in financing activities
|
(17,278
|
)
|
(4,788
|
)
|
||||
(Decrease) increase in cash, cash equivalents and restricted cash equivalents during the period
|
(3,807
|
)
|
10,068
|
|||||
Cash, cash equivalents and restricted cash equivalents at beginning of period
|
172,862
|
206,771
|
||||||
Cash, cash equivalents and restricted cash equivalents at end of period
|
$
|
169,055
|
$
|
216,839
|
(in thousands)
|
Common Stock
|
Class A
Common Stock
|
Additional
Paid-In Capital
|
Retained
Earnings
|
Accumulated Other
Comprehensive Loss
|
Treasury
Stock
|
Total
|
|||||||||||||||||||||
Balances at December 31, 2021
|
$
|
29,907
|
$
|
1,809
|
$
|
102,572
|
$
|
342,983
|
$
|
(2,293
|
)
|
$
|
(219,008
|
)
|
$
|
255,970
|
||||||||||||
Net income
|
19,361
|
19,361
|
||||||||||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||||||
Common Stock, $0.25 per
share
|
(3,964
|
)
|
(3,964
|
)
|
||||||||||||||||||||||||
Class A Common Stock, $0.23
per share
|
(296
|
)
|
(296
|
)
|
||||||||||||||||||||||||
Acquisition of treasury stock
|
(12,501 | ) | (12,501 | ) | ||||||||||||||||||||||||
Restricted stock issuances
|
17 | (534 | ) | (517 | ) | |||||||||||||||||||||||
Amortization of restricted stock
|
2,307
|
2,307
|
||||||||||||||||||||||||||
Other comprehensive income
|
40
|
40
|
||||||||||||||||||||||||||
Balances at March 31, 2022
|
$
|
29,924
|
$
|
1,809
|
$
|
104,345
|
$
|
358,084
|
$
|
(2,253
|
)
|
$
|
(231,509
|
)
|
$
|
260,400
|
(in thousands)
|
Common Stock
|
Class A
Common Stock
|
Additional
Paid-In Capital
|
Retained
Earnings
|
Accumulated Other
Comprehensive Loss
|
Treasury
Stock
|
Total
|
|||||||||||||||||||||
Balances at December 31, 2020
|
$
|
29,600
|
$
|
1,996
|
$
|
96,850
|
$
|
304,626
|
$
|
(2,560
|
)
|
$
|
(177,545
|
)
|
$
|
252,967
|
||||||||||||
Net income
|
19,406
|
19,406
|
||||||||||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||||||
Common Stock, $0.22 per
share
|
(3,717
|
)
|
(3,717
|
)
|
||||||||||||||||||||||||
Class A Common Stock, $0.20
per share
|
(270
|
)
|
(270
|
)
|
||||||||||||||||||||||||
Class A conversion
|
154 | (154 | ) | — | ||||||||||||||||||||||||
Restricted stock issuances
|
35 | (835 | ) | (800 | ) | |||||||||||||||||||||||
Amortization of restricted stock
|
2,679
|
2,679
|
||||||||||||||||||||||||||
Other comprehensive income
|
49
|
49
|
||||||||||||||||||||||||||
Balances at March 31, 2021
|
$
|
29,789
|
$
|
1,842
|
$
|
98,694
|
$
|
320,045
|
$
|
(2,511
|
)
|
$
|
(177,545
|
)
|
$
|
270,314
|
Three Months Ended March 31,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
(In thousands)
|
Net Sales
|
% of
Net Sales
|
Net Sales
|
% of
Net Sales
|
||||||||||||
Merchandise:
|
||||||||||||||||
Case Goods
|
||||||||||||||||
Bedroom Furniture
|
$
|
31,348
|
13.1
|
%
|
$
|
39,178
|
16.6
|
%
|
||||||||
Dining Room Furniture
|
26,022
|
10.9
|
27,599
|
11.7
|
||||||||||||
Occasional
|
16,818
|
7.0
|
22,064
|
9.3
|
||||||||||||
74,188
|
31.0
|
88,841
|
37.6
|
|||||||||||||
Upholstery
|
111,186
|
46.5
|
95,626
|
40.4
|
||||||||||||
Mattresses
|
19,733
|
8.3
|
20,481
|
8.7
|
||||||||||||
Accessories and Other (1)
|
33,839
|
14.2
|
31,543
|
13.3
|
||||||||||||
$
|
238,946
|
100.0
|
%
|
$
|
236,491
|
100.0
|
%
|
(1) |
Includes
delivery charges and product protection.
|
Three Months Ended March 31,
|
||||||||
2022
|
2021
|
|||||||
Operating lease cost
|
$
|
11,739
|
$
|
11,806
|
||||
Variable lease cost
|
1,695
|
1,508
|
||||||
Total lease expense
|
$
|
13,434
|
$
|
13,314
|
Three Months Ended March 31,
|
||||||||
2022
|
2021
|
|||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||
Operating cash flows from operating leases
|
$
|
9,629
|
$
|
13,093
|
||||
Right-of-use assets obtained in exchange for lease obligations:
|
||||||||
Operating leases
|
$
|
8,382
|
$
|
4,125
|
Service-Based
Restricted Stock Awards
|
Performance-Based
Restricted Stock Awards
|
|||||||||||||||
Shares or Units (#)
|
Weighted-Average
Award Price ($)
|
Shares or Units (#)
|
Weighted-Average
Award Price ($)
|
|||||||||||||
Outstanding at December 31, 2021
|
219,082
|
$ |
27.10
|
328,267
|
$ |
23.96
|
||||||||||
Granted/Issued
|
153,681
|
28.86
|
103,104
|
28.86
|
||||||||||||
Awards vested or rights exercised(1)
|
—
|
—
|
(34,940
|
)
|
20.28
|
|||||||||||
Forfeited
|
(2,050
|
)
|
33.01
|
—
|
—
|
|||||||||||
Additional units earned due to performance
|
—
|
—
|
59,249
|
31.39
|
||||||||||||
Outstanding at March 31, 2022
|
370,713
|
$ |
27.80
|
455,680
|
$ |
26.54
|
||||||||||
Restricted units expected to vest
|
|
|
455,680
|
$ |
26.54
|
(1) |
Includes shares repurchased from employees for employee’s tax liability.
|
Three Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Numerator:
|
||||||||
Common:
|
||||||||
Distributed earnings
|
$
|
3,964
|
$
|
3,717
|
||||
Undistributed earnings
|
14,008
|
14,262
|
||||||
Basic
|
17,972
|
17,979
|
||||||
Class A Common earnings
|
1,389
|
1,427
|
||||||
Diluted
|
$
|
19,361
|
$
|
19,406
|
||||
Class A Common:
|
||||||||
Distributed earnings
|
$
|
296
|
$
|
270
|
||||
Undistributed earnings
|
1,093
|
1,157
|
||||||
$
|
1,389
|
$
|
1,427
|
|||||
Denominator:
|
||||||||
Common:
|
||||||||
Weighted average shares outstanding - basic
|
15,706
|
16,793
|
||||||
Assumed conversion of Class A Common Stock
|
1,287
|
1,431
|
||||||
Dilutive options, awards and common stock equivalents
|
520
|
507
|
||||||
Total weighted-average diluted Common Stock
|
17,513
|
18,731
|
||||||
Class A Common:
|
||||||||
Weighted average shares outstanding
|
1,287
|
1,431
|
||||||
Basic earnings per share:
|
||||||||
Common Stock
|
$
|
1.14
|
$
|
1.07
|
||||
Class A Common Stock
|
$
|
1.08
|
$
|
1.00
|
||||
Diluted earnings per share:
|
||||||||
Common Stock
|
$
|
1.11
|
$
|
1.04
|
||||
Class A Common Stock
|
$
|
1.05
|
$
|
0.98
|
2022
|
2021
|
||||||||||||||||||||||||||||||||||||||||
Net Sales
|
Comp-Store Sales
|
Net Sales
|
Comp-Store Sales
|
||||||||||||||||||||||||||||||||||||||
Period
|
Total
Dollars
|
%
Change
|
$
Change
|
%
Change
|
$
Change
|
Total
Dollars
|
%
Change
|
$
Change
|
%
Change
|
$
Change
|
|||||||||||||||||||||||||||||||
Q1
|
$
|
238.9
|
1.0
|
%
|
$
|
2.5
|
0.2
|
%
|
$
|
0.4
|
$
|
236.5
|
31.8
|
%
|
$
|
57.1
|
11.5
|
%
|
$
|
15.4
|
Three Months Ended March 31,
|
||||||||||||||||
|
2022
|
2021
|
||||||||||||||
(In thousands)
|
% of
Net Sales
|
% of
Net Sales
|
||||||||||||||
Variable
|
$
|
44,384
|
18.6
|
%
|
$
|
40,707
|
17.2
|
%
|
||||||||
Fixed and discretionary
|
70,770
|
29.6
|
%
|
69,055
|
29.2
|
%
|
||||||||||
$
|
115,154
|
48.2
|
%
|
$
|
109,762
|
46.4
|
%
|
Location
|
Opening Quarter
Actual or Planned
|
Category
|
Austin, TX
|
Q-2-22
|
Open
|
Indianapolis, IN
|
Q-3-22
|
Relocation
|
Metro DC
|
Q-3-22
|
Open
|
Atlanta, GA
|
Q-3-22
|
Closure
|
TBA
|
Q-4-22
|
Open
|
(a)
Total Number of
Shares Purchased
|
(b)
Average Price
Paid Per Share |
(c)
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans or
Programs
|
(d)
Approximate Dollar
Value of Shares That
May Yet be Purchased
Under the Plans or
Programs
|
|||||||||||||
January 1 – January 31
|
—
|
—
|
—
|
$
|
25,006,000
|
|||||||||||
February 1 – February 28
|
180,000
|
$
|
27.47
|
180,000
|
$
|
20,061,000
|
||||||||||
March 1 – March 31
|
258,499
|
$
|
29.23
|
258,499
|
$
|
12,504,000
|
||||||||||
Total
|
438,499
|
438,499
|
Exhibit Number
|
Description of Exhibit (Commission File No. 1-14445)
|
|
Articles of Amendment and Restatement of the Charter of Haverty Furniture Companies, Inc. effective May 26, 2006 (Exhibit 3.1 to our Second Quarter 2006 Form
10-Q).
|
||
By-laws of Haverty Furniture Companies, Inc. as amended and restated effective May 8, 2018 (Exhibit 3.1 to our Current Report on Form 8-K dated May 10, 2018).
|
||
Form of Restricted Stock Unit Award Agreement (Exhibit 10.1 to our Current Report on Form 8-K dated February 1, 2022).
|
||
Form of Performance Contingent Restricted Stock Unit (EBITDA) Agreement (Exhibit 10.2 to our Current Report on Form 8-K dated February 1, 2022.
|
||
Form of Performance Contingent Restricted Stock Unit (Sales) Agreement (Exhibit 10.2 to our Current Report on Form 8-K dated February 1, 2022).
|
||
*31.1
|
Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d‑14(a) under the Securities Exchange Act of 1934, as amended.
|
|
*31.2
|
Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d‑14(a) under the Securities Exchange Act of 1934, as amended.
|
|
**32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
|
|
101
|
The following financial statements from Haverty Furniture Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in
inline XBRL, include: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial
Statements.
|
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
|
* |
Filed herewith.
|
**
|
Furnished herewith.
|
HAVERTY FURNITURE COMPANIES, INC.
(Registrant)
|
|||
Date: May 6, 2022
|
By:
|
/s/ Clarence H. Smith
|
|
Clarence H. Smith
|
|||
Chairman of the Board
and Chief Executive Officer
|
|||
(principal executive officer)
|
|||
By:
|
/s/ Richard B. Hare
|
||
Richard B. Hare
|
|||
Executive Vice President and
Chief Financial Officer
(principal financial and accounting officer)
|
1 Year Haverty Furniture Compan... Chart |
1 Month Haverty Furniture Compan... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions