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EACO EACO Corporation (PK)

34.00
0.00 (0.00%)
09 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
EACO Corporation (PK) USOTC:EACO OTCMarkets 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% 34.00 34.00 34.00 0.00 00:00:00

Form 8-K - Current report

03/11/2023 6:37pm

Edgar (US Regulatory)


false 0000784539 0000784539 2023-11-03 2023-11-03 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported):  November 3, 2023

 

EACO CORPORATION

(Exact name of registrant as specified in its charter)

 

Florida   000-14311   59-2597349

(State or other jurisdiction of

incorporation)

  (Commission File Number)   (IRS Employer Identification No.)

 

5065 East Hunter Avenue

Anaheim, California 92807

(Address of Principal Executive Offices)

 

(714) 876-2490

(Registrant’s Telephone No.)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

  

Item 2.02 Results of Operations and Financial Condition.

 

On October 31, 2023, EACO Corporation, a Florida corporation, issued a press release announcing our forth quarter and fiscal year 2023 financial results and other information. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

 

The information in Item 2.02 of this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, regardless of any general incorporation language contained in such filing.

 

Item 9.01 Financial Statements and Exhibits.

  

(d)       Exhibits

 

 

Exhibit

No.

  Description
       
  99.1   Press release dated October 31, 2023 reporting the financial results of EACO Corporation for the forth quarter and fiscal year ended August 31, 2023.
  104    Cover Page Interactive Data File (embedded within the Inline XBRL 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 hereunto duly authorized.

 

Dated:  November 3, 2023 EACO CORPORATION
       
       
  By: /S/ GLEN CEILEY  
    Glen Ceiley, Chief Executive Officer  

 

 

 

 

 

Exhibit 99.1

 

Michael Narikawa

EACO Corporation

(714) 876-2490 October 31, 2023

 

EACO CORPORATION REPORTS RECORD ANNUAL NET SALES AND RECORD QUARTER NET SALES & NET INCOME

 

ANAHEIM, CALIFORNIA – EACO Corporation (OTC Pink:EACO) today reported the results for its year ended August 31, 2023.

 

Net sales, net income and earnings per share were as follows for the year ended August 31, 2023 (dollars in thousands, except per share information):

 

   Three Months Ended August 31,   % 
   2023   2022   Change 
   (unaudited)     (unaudited)     
     
Net sales  $85,904   $84,356    1.8%
                
Net income  $6,055   $5,785    4.7%
                
Basic and diluted earnings per common share  $1.24   $1.19    4.2%

 

   Year Ended August 31,   % 
    2023    2022*    Change 
    (unaudited)           
                
Net sales  $319,397   $292,562    9.2%
                
Net income  $21,185   $21,308    (0.6%)
                
Basic and diluted earnings per common share  $4.34   $4.37    (0.7%)

 

* Derived from the Company’s audited financial statements included in its Form 10-K for the year ended August 31, 2022 filed with the U.S. Securities and Exchange Commission on November 4, 2022.

 

The Company had 394 sales employees at August 31, 2023, an increase of 49 or 14% from the prior year quarter. The Company’s sales force is divided into sales focus teams (SFT’s). The Company had 107 SFT’s as of August 31, 2023, an increase of 6 from the prior year quarter. Management anticipates continued growth in both our headcount and SFT’s in fiscal year 2024. The Company believes it continues to gain market share through its local presence business model.

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Any statements set forth in this news release that are not entirely historical and factual in nature, including without limitation, statements related to our headcount expansion and future growth are forward-looking statements. These forward-looking statements are based on our current expectations and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The potential risks and uncertainties include, but are not limited to, our ability to hire and retain additional qualified employees, our ability to open additional sales offices, and to gain market acceptance for our products, the pricing and availability of our products, the success of our sales and marketing programs, the impact of products offered by our competitors from time to time, and the impact of the Covid-19 pandemic. In addition to these factors and any other factors mentioned elsewhere in this news release, the reader should refer as well to the factors, uncertainties or risks identified in EACO’s most recent Form 10-K and all subsequent Form 10-Q reports filed by us with the SEC. The forward-looking statements included in this release speak only as of the date hereof, and EACO does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 

 

 

 

EACO Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except share information)

(unaudited)

 

   August 31,   August 31, 
    2023    2022* 
ASSETS          
Current Assets:          
Cash and cash equivalents  $8,558   $17,386 
Restricted cash   10    10 
Trade accounts receivable, net   46,654    44,637 
Inventory, net   56,270    48,808 
Marketable securities, trading   27,228    3,925 
Prepaid expenses and other current assets   3,843    5,008 
Total current assets   142,563    119,774 
Non-current Assets:          
Property, equipment and leasehold improvements, net   8,041    8,479 
Operating lease right-of-use assets   9,988    10,389 
Other assets, net   1,652    1,039 
Total assets  $162,244   $139,681 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current Liabilities:          
Trade accounts payable  $22,505   $21,762 
Accrued expenses and other current liabilities   16,375    15,020 
Current portion of operating lease liabilities   3,950    3,375 
Current portion of long-term debt   120    119 
Total current liabilities   42,950    40,276 
Non-current Liabilities:          
Long-term debt   4,348    4,465 
Operating lease liabilities   6,225    7,192 
Total liabilities   53,523    51,933 
Commitments and Contingencies          
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   38    174 
Retained earnings   96,255    75,146 
Total shareholders’ equity   108,721    87,748 
Total liabilities and shareholders’ equity  $162,244   $139,681 

 

*Derived from the Company’s audited financial statements included in its Form 10-K for the year ended August 31, 2022 filed with the U.S. Securities and Exchange Commission on November 4, 2022.

 

 

 

 

EACO Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except for share and per share information)

(unaudited)

 

  

Three Months Ended

August 31,

  

Year Ended

August 31,

 
    2023    2022    2023    2022* 
Revenues  $85,904   $84,356   $319,397   $292,562 
Cost of revenues   60,656    58,747    226,981    209,060 
Gross margin   25,248    25,609    92,416    83,502 
Operating expenses:                    
Selling, general and administrative expenses   17,368    17,089    64,936    53,970 
Income from operations   7,880    8,520    27,480    29,532 
Other (expense) income:                    
Net (loss) gain on trading securities   500    (348)   1,284    (213)
Interest and other expense   (21)   (48)   (59)   (201)
Other income (expense), net   479    (396)   1,225    (414)
Income before income taxes   8,359    8,124    28,705    29,118 
Provision for income taxes   2,304    2,339    7,520    7,810 
Net income   6,055    5,785    21,185    21,308 
Cumulative preferred stock dividend   (19)   (19)   (76)   (76)
Net income attributable to common shareholders  $6,036   $5,766   $21,109   $21,232 
                     
Basic and diluted earnings per common share:  $1.24   $1.19   $4.34   $4.37 
Basic and diluted weighted average common shares outstanding   4,861,590    4,861,590    4,861,590    4,861,590 

 

* Derived from the Company’s audited financial statements included in its Form 10-K for the year ended August 31, 2022 filed with the U.S. Securities and Exchange Commission on November 4, 2022.

 

 

 

 

EACO Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

    Year Ended August 31, 
    2023   2022*
Operating activities:            
Net income   $  21,185   $  21,308
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization      1,398      1,491
Bad debt expense      614      38
Unrealized (gain) loss on trading securities      (448)      351
Deferred tax provision      (581)      333
Increase (decrease) in cash flow from change in:            
Trade accounts receivable      (2,631)      (10,746)
Inventory      (7,462)      (8,360)
Prepaid expenses and other assets      1,133      2,069
Operating lease right-of-use assets      401      695
Trade accounts payable      (1,150)      6,390
Accrued expenses and other current liabilities      1,355      4,056
Operating lease liabilities      (392)      (621)
Net cash provided by operating activities      13,422      17,004
Investing activities:            
Additions to property, equipment, and leasehold improvements      (960)      (1,701)
(Purchase) of marketable securities, trading      (22,855)      (535)
Net cash used in by investing activities      (23,815)      (2,236)
Financing activities:            
Repayments on long-term debt      (116)      (114)
Preferred stock dividend      (76)      (76)
Bank overdraft      1,893      (1,041)
Net cash used in by financing activities      1,701      (1,231)
Effect of foreign currency exchange rate changes on cash and cash equivalents      (136)      (606)
Net (decrease) increase in cash, cash equivalents, and restricted cash      (8,828)      12,931
Cash, cash equivalents, and restricted cash - beginning of period      17,396      4,465
Cash, cash equivalents, and restricted cash - end of period   $  8,568   $  17,396
Supplemental disclosures of cash flow information:            
Cash paid for interest   $  202   $  205
Cash paid for income taxes   $  7,473   $  3,222

 

* Derived from the Company’s audited financial statements included in its Form 10-K for the year ended August 31, 2022 filed with the U.S. Securities and Exchange Commission on November 4, 2022.

  

 

v3.23.3
Cover
Nov. 03, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 03, 2023
Entity File Number 000-14311
Entity Registrant Name EACO CORPORATION
Entity Central Index Key 0000784539
Entity Tax Identification Number 59-2597349
Entity Incorporation, State or Country Code FL
Entity Address, Address Line One 5065 East Hunter Avenue
Entity Address, City or Town Anaheim
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92807
City Area Code 714
Local Phone Number 876-2490
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false

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