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APPENDIX III: ROCKY MOUNTAIN CHOCOLATE FACTORY, INC.

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS

3 Months to May 31

Year to February 28

(SOOO's)

2013

2012

2013

2012

2011

2010

Revenues

10,178

9,658

36,315

34,627

31,128

28,437

Cost of sales

5,027

5,022

18,955

18,309

16,228

14,911

Other costs and expenses

3,333

3,013

12,174

10,465

8,950

7,883

Loss on asset sales and restructuring charges

0

0

2,647

0

0

0

Total Costs and expenses

8,360

8,035

33,776

28,774

25,178

22,794

Income before interest and income taxes

1,818

1,623

2,539

5,853

5,950

5,643

Interest and other income

12

11

44

59

59

27

Income before income taxes

1,830

1,634

2,583

5,912

6,009

5,670

Income tax expense

584

571

1,233

2,036

2,098

2,090

Net income after income taxes

1,246

1,063

1,350

3,876

3,911

3,580

Attributable to noncontrolling interest

(67)

0

128

0

0

0

Net income attributable to RMCF

1,179

1,063

1,478

3,876

3,911

3,580

Retained earnings start of period

8,642

9,838

9,838

8,412

6,924

5,751

Dividends

(668)

(676)

(2,674)

(2,450)

(2,423)

(2,407)

Retained earnings end of period

9,153

10,225

8,642

9,838

8,412

6,924

Source: irdirect.net/RMCF/sec_filings/view.

FINANCIAL RATIOS

3 Months to May 31

Year to February 28

2013

2012

2013

2012

2011

2010

Sales growth

5%

5%

11%

9%

Gross margin

51%

48%

48%

47%

48%

48%

Other costs and expense growth

11%

16%

17%

14%

Other costs and expenses/sales

33%

31%

34%

30%

29%

28%

Operating margin (excluding loss on asset sales and restructuring charges)

18%

17%

14%

17%

19%

20%

FINANCIAL RATIOS (Continued)

3 Months to May 31

Year to February 28

2013

2012

2013

2012

2011

2010

EBITDA/Interest

n/a

n/a

n/a

n/a

n/a

n/a

Debt/Equity

n/a

n/a

n/a

n/a

n/a

n/a

Current ratio

3.2

4.7

2.6

4.0

3.7

3.7

CONSOLIDATED CASH FLOW STATEMENTS

3 Months to May 31

Year to February 28

($000's)

2013

2012

2013

2012

2011

2010

Operating Activities

Net Income

1,179

1,062

1,478

3,876

3,911

3,580

Adjustments for noncash items

409

406

2,767

2,409

1,569

1,187

Changes in operating assets and liabilities

(776)

663

2,126

(138)

(1,685)

767

Net cash provided by operating activities

812

2,131

6,371

6,147

3,795

5,534

Investing Activities

Additions to property, plant, and equipment

(58)

(253)

(743)

(3,261)

(1,298)

(499)

Proceeds from sale or distribution of assets

3

0

889

53

19

117

Franchising rights

0

0

(802)

0

0

0

Other

(59)

21

(320)

85

(518)

(260)

Net cash used in investing activities

(114)

(232)

(976)

(3,123)

(1,797)

(642)

Financing Activities

Dividends paid

(668)

(616)

(2,623)

(2,441)

(2,418)

(2,403)

Tax benefit of stock option exercise

20

6

58

25

11

0

(Repurchase)/Issue of common stock

0

(363)

(1,633)

173

10

0

Net cash used in

financing activities

(648)

(973)

(4,198)

(2,243)

(2,397)

(2,403)

Net Increase/(Decrease) in Cash and Equivalents

50

926

1,197

781

(399)

2,489

Opening Cash and Equivalents

5,322

4,125

4,125

3,344

3,743

1,254

Closing Cash and Equivalents

5,372

5,051

5,322

4,125

3,344

3,743

CONSOLIDATED BALANCE SHEETS

May 31

February 28

($000's)

2013

2012

2013

2012

2011

2010

ASSETS

Current Assets

Cash and cash equivalents

5,372

5,051

5,322

4,125

3,344

3,743

Receivables

3,413

3,488

4,113

4,362

5,194

4,519

Inventory

4,175

3,744

4,221

4,119

4,125

3,281

Deferred tax

644

677

629

1,212

565

461

Prepayments and other

658

741

259

281

279

220

Total current assets

14,262

13,701

14,544

14,099

13,507

12,224

Property, plant and equipment at cost

17,571

18,004

17,490

17,835

15,254

13,797

Less accumulated depreciation

(10,942)

(9,552)

(10,713)

(9,319)

(8,978)

(8,610)

Net property, plant, and equipment

6,629

8,452

6,777

8,516

6,276

5,187

Goodwill

1,047

1,047

1,047

1,047

1,047

1,047

Other intangibles

800

20

801

22

59

110

Other assets

733

457

665

479

550

352

Total Assets

23,471

23,677

23,834

24,163

21,439

18,920

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

Payables

1,246

924

1,999

1,356

1,541

878

Accruals and deferred income

2,538

1,314

2,897

1,570

1,528

1,814

Dividend payable

669

676

668

616

607

603

Total Current Liabilities

4,453

2,914

5,564

3,542

3,676

3,295

Deferred income taxes

859

1,862

882

1,885

1,109

894

Total Liabilities

5,312

4,776

6,446

5,427

4,785

4,189

Stockholders' Equity

Common stock and

additional paid in capital

7,905

8,676

7,741

8,898

8,242

7,807

Retained earnings

9,153

10,225

8,642

9,838

8,412

6,924

Noncontrolling interest

1,101

0

1,005

0

0

0

Total Stockholders' Equity

18,159

18,901

17,388

18,736

16,654

14,731

Total Liabilities and Stockholders' Equity

23,471

23,677

23,834

24,163

21,439

18,920

 
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