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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HHGREGG Inc (CE) | USOTC:HGGGQ | 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% | 0.0012 | 0.00 | 01:00:00 |
Delaware | 20-8819207 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 5.07. | Submission of Matters to a Vote of Security Holders |
Director Nominee | For | Withheld | Broker Non-Votes | ||||||
Dennis L. May | 22,980,198 | 94,010 | 2,366,078 | ||||||
Gregory M. Bettinelli | 22,979,899 | 94,309 | 2,366,078 | ||||||
William P. Carmichael | 22,988,184 | 86,024 | 2,366,078 | ||||||
Lawrence P. Castellani | 22,981,400 | 92,808 | 2,366,078 | ||||||
Benjamin D. Geiger | 22,979,849 | 94,359 | 2,366,078 | ||||||
Catherine A. Langham | 22,968,725 | 105,483 | 2,366,078 | ||||||
John M. Roth | 22,841,032 | 233,176 | 2,366,078 | ||||||
Peter M. Starrett | 22,980,299 | 93,909 | 2,366,078 | ||||||
Kathleen C. Tierney | 22,979,866 | 94,342 | 2,366,078 | ||||||
Darell E. Zink | 22,977,914 | 96,294 | 2,366,078 |
For | Against | Abstain | Broker Non-Votes | |||||||
25,264,109 | 129,103 | 47,074 | — |
For | Against | Abstain | Broker Non-Votes | |||||||
19,688,789 | 3,320,040 | 65,379 | 2,366,078 |
For | Against | Abstain | Broker Non-Votes | |||||||
20,465,975 | 2,598,779 | 9,454 | 2,366,078 |
For | Against | Abstain | Broker Non-Votes | |||||||
19,445,081 | 3,610,193 | 18,934 | 2,366,078 |
Item 9.01. | Financial Statements and Exhibits |
Exhibit No. | Description | |
99.1 | Press release of hhgregg, Inc. dated August 6, 2015. |
hhgregg, Inc. | ||||
Date: August 6, 2015 | By: | /s/ Robert J. Riesbeck | ||
Robert J. Riesbeck | ||||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press release of hhgregg, Inc. dated August 6, 2015. |
• | Net sales decreased 6.6% to $441.1 million compared to prior year first quarter |
• | Comparable store sales decreased 6.3% compared to the prior year first quarter. This was a 370 basis point sequential improvement compared to the comparable stores sales decrease of 10.0% in the fourth quarter of fiscal 2015. |
• | 25.5% increase in comparable sales on the e-commerce site |
• | Gross margin increased to 30.5% compared to 29.7% in the prior year first quarter |
• | Net loss per diluted share was $0.32 versus net loss per diluted share of $0.36 in the prior year first quarter |
• | EBITDA increased to $0.2 million compared to $(3.5) million in the prior year first quarter |
Three Months Ended | ||||||||
June 30, | ||||||||
(unaudited, amounts in thousands, except share and per share data) | 2015 | 2014 | ||||||
Net sales | $ | 441,063 | $ | 472,293 | ||||
Net sales % decrease | (6.6 | )% | (10.0 | )% | ||||
Comparable store sales % decrease (1) | (6.3 | )% | (10.2 | )% | ||||
Gross profit as a % of net sales | 30.5 | % | 29.7 | % | ||||
SG&A as a % of net sales | 25.2 | % | 24.7 | % | ||||
Net advertising expense as a % of net sales | 5.2 | % | 5.8 | % | ||||
Depreciation and amortization expense as a % of net sales | 1.9 | % | 2.2 | % | ||||
Loss from operations as a % of net sales | (1.9 | )% | (3.0 | )% | ||||
Net interest expense as a % of net sales | 0.1 | % | 0.1 | % | ||||
Net loss | $ | (8,755 | ) | $ | (10,269 | ) | ||
Net loss per diluted share | $ | (0.32 | ) | $ | (0.36 | ) | ||
EBITDA | $ | 199 | $ | (3,474 | ) | |||
Weighted average shares outstanding—diluted | 27,680,209 | 28,444,948 | ||||||
Number of stores open at the end of period | 227 | 229 |
(1) | Comprised of net sales at stores in operation for at least 14 full months, including remodeled and relocated stores, as well as net sales for the Company’s e-commerce site. |
Net Sales Mix Summary | Comparable Store Sales Summary | ||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Appliances | 59 | % | 57 | % | (2.2 | )% | (2.0 | )% | |||||
Consumer electronics (1) | 30 | % | 31 | % | (8.3 | )% | (18.7 | )% | |||||
Computers and tablets | 5 | % | 7 | % | (42.0 | )% | (29.5 | )% | |||||
Home products (2) | 6 | % | 5 | % | 12.1 | % | (0.5 | )% | |||||
Total | 100 | % | 100 | % | (6.3 | )% | (10.2 | )% |
(1) | Primarily consists of televisions, audio, personal electronics and accessories. |
(2) | Primarily consists of furniture and mattresses. |
Comparable Store Sales | Comparable Store Sales Excluding Mobile and Fitness | Average Selling Price | Sales Volume | |||||||
Appliances | (2.2 | )% | (2.2 | )% | Decrease | Decrease | ||||
Consumer electronics (1) | (8.3 | )% | (8.3 | )% | Increase | Decrease | ||||
Computers and tablets | (42.0 | )% | (38.6 | )% | Decrease | Decrease | ||||
Home products (2) | 12.1 | % | 17.4 | % | Increase | Increase | ||||
Total | (6.3 | )% | (5.7 | )% |
(1) | Primarily consists of televisions, audio, personal electronics and accessories. |
(2) | Primarily consists of furniture and mattresses. |
• | Our increase in gross profit margin for the period was primarily a result of a favorable product sales mix to categories with higher gross margin rates and increases in gross profit margin rates for the consumer electronics, computers and tablets and home products categories. |
▪ | 77 basis point increase in consulting expenses to assist in rationalizing our marketing spend, optimizing our logistics network and accelerating our transformation efforts. During the quarter, $3.9 million of consulting fees were incurred related to transformation efforts; |
▪ | 48 basis point increase in occupancy costs due to the deleveraging effect of our net sales decline; and |
▪ | 38 basis point increase in bank transactions fees associated with higher cost financing options offered to the customer and higher private label credit card penetration. |
▪ | 47 basis point decrease in wages due to our continuing effort to drive efficiencies in our labor structure; and |
▪ | 35 basis point decrease in employee benefits due to a reduction in medical expenses. |
• | The decrease in net advertising expense as a percentage of net sales was due to a reduction of gross advertising spend primarily driven by reductions in print media along with rebalancing of spending among the different advertising mediums. |
• | During the first quarter, we realized $9.8 million of our expected $50 million of cost savings identified as a fiscal 2016 initiative. We were able to front load more of this cost savings than we originally anticipated. |
Contact: | Lance Peterson, Director, Finance & Investor Relations |
investorrelations@hhgregg.com | |
(317) 848-8710 |
Three Months Ended | |||||||
June 30, 2015 | June 30, 2014 | ||||||
(In thousands, except share and per share data) | |||||||
Net sales | $ | 441,063 | $ | 472,293 | |||
Cost of goods sold | 306,706 | 331,954 | |||||
Gross profit | 134,357 | 140,339 | |||||
Selling, general and administrative expenses | 111,104 | 116,589 | |||||
Net advertising expense | 23,054 | 27,224 | |||||
Depreciation and amortization expense | 8,369 | 10,475 | |||||
Loss from operations | (8,170 | ) | (13,949 | ) | |||
Other expense (income): | |||||||
Interest expense | 590 | 629 | |||||
Interest income | (5 | ) | (5 | ) | |||
Total other expense | 585 | 624 | |||||
Loss before income taxes | (8,755 | ) | (14,573 | ) | |||
Income tax benefit | — | (4,304 | ) | ||||
Net loss | $ | (8,755 | ) | $ | (10,269 | ) | |
Net loss per share | |||||||
Basic | $ | (0.32 | ) | $ | (0.36 | ) | |
Diluted | $ | (0.32 | ) | $ | (0.36 | ) | |
Weighted average shares outstanding-basic and diluted | 27,680,209 | 28,444,948 |
Three Months Ended | ||||||
June 30, 2015 | June 30, 2014 | |||||
Net sales | 100.0 | % | 100.0 | % | ||
Cost of goods sold | 69.5 | 70.3 | ||||
Gross profit | 30.5 | 29.7 | ||||
Selling, general and administrative expenses | 25.2 | 24.7 | ||||
Net advertising expense | 5.2 | 5.8 | ||||
Depreciation and amortization expense | 1.9 | 2.2 | ||||
Loss from operations | (1.9 | ) | (3.0 | ) | ||
Other expense (income): | ||||||
Interest expense | 0.1 | 0.1 | ||||
Interest income | — | — | ||||
Total other expense | 0.1 | 0.1 | ||||
Loss before income taxes | (2.0 | ) | (3.1 | ) | ||
Income tax benefit | — | (0.9 | ) | |||
Net loss | (2.0 | )% | (2.2 | )% |
June 30, 2015 | March 31, 2015 | June 30, 2014 | ||||||||||
(In thousands, except share data) | ||||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 9,742 | $ | 30,401 | $ | 3,147 | ||||||
Accounts receivable—trade, less allowances of $13, $19 and $137 as of June 30, 2015, March 31, 2015 and June 30, 2014, respectively | 17,178 | 11,901 | 20,026 | |||||||||
Accounts receivable—other | 16,109 | 16,715 | 17,244 | |||||||||
Merchandise inventories, net | 324,551 | 257,469 | 364,252 | |||||||||
Prepaid expenses and other current assets | 10,229 | 6,581 | 6,548 | |||||||||
Income tax receivable | 5,345 | 5,326 | 14,690 | |||||||||
Total current assets | 383,154 | 328,393 | 425,907 | |||||||||
Net property and equipment | 123,985 | 128,107 | 188,229 | |||||||||
Deferred financing costs, net | 1,661 | 1,796 | 2,200 | |||||||||
Deferred income taxes | 7,816 | 6,489 | 37,613 | |||||||||
Other assets | 2,914 | 2,844 | 2,243 | |||||||||
Total long-term assets | 136,376 | 139,236 | 230,285 | |||||||||
Total assets | $ | 519,530 | $ | 467,629 | $ | 656,192 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 167,108 | $ | 112,143 | $ | 167,261 | ||||||
Customer deposits | 49,737 | 48,742 | 48,395 | |||||||||
Accrued liabilities | 52,161 | 46,723 | 54,695 | |||||||||
Deferred income taxes | 7,816 | 6,489 | 5,339 | |||||||||
Total current liabilities | 276,822 | 214,097 | 275,690 | |||||||||
Long-term liabilities: | ||||||||||||
Deferred rent | 66,107 | 67,935 | 71,731 | |||||||||
Other long-term liabilities | 10,870 | 12,009 | 11,540 | |||||||||
Total long-term liabilities | 76,977 | 79,944 | 83,271 | |||||||||
Total liabilities | 353,799 | 294,041 | 358,961 | |||||||||
Stockholders’ equity: | ||||||||||||
Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2015, March 31, 2015 and June 30, 2014, respectively | — | — | — | |||||||||
Common stock, par value $.0001; 150,000,000 shares authorized; 41,204,660, 41,161,753 and 41,158,041 shares issued; and 27,707,978, 27,665,071 and 28,394,164 outstanding as of June 30, 2015, March 31, 2015, and June 30, 2014, respectively | 4 | 4 | 4 | |||||||||
Additional paid-in capital | 302,578 | 301,680 | 298,541 | |||||||||
Retained earnings | 13,377 | 22,132 | 144,609 | |||||||||
Common stock held in treasury at cost 13,496,682, 13,496,682 and 12,763,877 shares as of June 30, 2015, March 31, 2015, and June 30, 2014, respectively | (150,228 | ) | (150,228 | ) | (145,923 | ) | ||||||
Total stockholders’ equity | 165,731 | 173,588 | 297,231 | |||||||||
Total liabilities and stockholders’ equity | $ | 519,530 | $ | 467,629 | $ | 656,192 |
Three Months Ended | |||||||
June 30, 2015 | June 30, 2014 | ||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (8,755 | ) | $ | (10,269 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 8,369 | 10,475 | |||||
Amortization of deferred financing costs | 135 | 134 | |||||
Stock-based compensation | 898 | 1,469 | |||||
Gain on sales of property and equipment | (78 | ) | (27 | ) | |||
Deferred income taxes | — | 9,128 | |||||
Tenant allowances received from landlords | 580 | — | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable—trade | (5,277 | ) | (4,905 | ) | |||
Accounts receivable—other | 46 | (736 | ) | ||||
Merchandise inventories | (67,082 | ) | (65,710 | ) | |||
Income tax receivable | (19 | ) | (13,310 | ) | |||
Prepaid expenses and other assets | (3,645 | ) | 98 | ||||
Accounts payable | 55,081 | 24,685 | |||||
Customer deposits | 995 | 6,877 | |||||
Income tax payable | — | (122 | ) | ||||
Accrued liabilities | 5,438 | 3,670 | |||||
Deferred rent | (1,848 | ) | (1,803 | ) | |||
Other long-term liabilities | (1,072 | ) | (385 | ) | |||
Net cash used in operating activities | (16,234 | ) | (40,731 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (4,304 | ) | (4,430 | ) | |||
Proceeds from sales of property and equipment | 11 | 33 | |||||
Purchases of corporate-owned life insurance | (73 | ) | (218 | ) | |||
Net cash used in investing activities | (4,366 | ) | (4,615 | ) | |||
Cash flows from financing activities: | |||||||
Purchases of treasury stock | — | (976 | ) | ||||
Net (repayments) borrowings on inventory financing facility | (59 | ) | 1,305 | ||||
Net cash (used in) provided by financing activities | (59 | ) | 329 | ||||
Net decrease in cash and cash equivalents | (20,659 | ) | (45,017 | ) | |||
Cash and cash equivalents | |||||||
Beginning of period | 30,401 | 48,164 | |||||
End of period | $ | 9,742 | $ | 3,147 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | $ | 459 | $ | 489 | |||
Income taxes paid | $ | 19 | $ | — | |||
Capital expenditures included in accounts payable | $ | 1,352 | $ | 1,533 |
Three Months Ended | |||||||
(Amounts in thousands) | June 30, 2015 | June 30, 2014 | |||||
Net loss as reported | $ | (8,755 | ) | $ | (10,269 | ) | |
Adjustments: | |||||||
Depreciation and amortization | 8,369 | 10,475 | |||||
Interest expense, net | 585 | 624 | |||||
Income tax expense (benefit) | — | (4,304 | ) | ||||
EBITDA | $ | 199 | $ | (3,474 | ) |
• | EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | EBITDA does not reflect interest expense or the cash requirements necessary to service interest payments on our debt; |
• | EBITDA does not reflect tax expense or the cash requirements necessary to pay for tax obligations; and |
• | Although depreciation and amortization are non-cash charges, the asset being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements. |
FY2014 | FY2015 | FY2016 | ||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||||||||||
Beginning Store Count | 228 | 228 | 228 | 228 | 228 | 229 | 228 | 228 | 228 | |||||||||||||||||
Store Openings | — | — | — | — | 1 | — | — | — | 1 | |||||||||||||||||
Store Closings | — | — | — | — | — | (1 | ) | — | — | (2 | ) | |||||||||||||||
Ending Store Count | 228 | 228 | 228 | 228 | 229 | 228 | 228 | 228 | 227 |
1 Year HHGREGG (CE) Chart |
1 Month HHGREGG (CE) Chart |
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