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For the Years Ended | ||||||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | ||||||||||
Net loss (a) | $ | (12,284,000 | ) | $ | (1,378,000 | ) | $ | (2,515,000 | ) | |||
Weighted average number of common shares outstanding — Basic | 57,004,321 | 53,458,662 | 49,504,892 | |||||||||
Dilutive effect of stock options, non-vested shares and warrants | — | — | — | |||||||||
Weighted average number of common shares outstanding — Diluted | 57,004,321 | 53,458,662 | 49,504,892 | |||||||||
Net loss per common share | $ | (0.22 | ) | $ | (0.03 | ) | $ | (0.05 | ) | |||
Net loss per common share — assuming dilution | $ | (0.22 | ) | $ | (0.03 | ) | $ | (0.05 | ) |
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Estimated Useful Life (In Years) | January 30, 2016 | January 31, 2015 | ||||||||
Land and improvements | — | $ | 3,394,000 | $ | 3,394,000 | |||||
Buildings and improvements | 5-40 | 38,405,000 | 24,215,000 | |||||||
Transmission and production equipment | 5-10 | 5,180,000 | 5,424,000 | |||||||
Office and warehouse equipment | 3-15 | 19,264,000 | 9,298,000 | |||||||
Computer hardware, software and telephone equipment | 3-7 | 95,708,000 | 89,615,000 | |||||||
Distribution Center Expansion - Construction in Process | 3-40 | — | 16,151,000 | |||||||
Leasehold improvements | 3-5 | 2,681,000 | 2,681,000 | |||||||
164,632,000 | 150,778,000 | |||||||||
Less — Accumulated depreciation | (112,003,000 | ) | (108,019,000 | ) | ||||||
$ | 52,629,000 | $ | 42,759,000 |
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Weighted Average Life (Years) | January 30, 2016 | January 31, 2015 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||
EVINE trademark | 15 | 1,103,000 | (80,000 | ) | 1,103,000 | (18,000 | ) | |||||||||||
Total finite-lived intangible assets | $ | 1,103,000 | $ | (80,000 | ) | $ | 1,103,000 | $ | (18,000 | ) | ||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||
FCC broadcast license | $ | 12,000,000 | $ | 12,000,000 |
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January 30, 2016 | January 31, 2015 | |||||||
Accrued cable access fees | $ | 15,739,000 | $ | 14,669,000 | ||||
Accrued salaries and related | 5,661,000 | 10,089,000 | ||||||
Reserve for product returns | 4,726,000 | 5,585,000 | ||||||
Other | 9,216,000 | 6,340,000 | ||||||
$ | 35,342,000 | $ | 36,683,000 |
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January 30, 2016 | January 31, 2015 | |||||||
Intangible FCC Broadcasting License Asset: | ||||||||
Beginning balance | $ | 12,000,000 | $ | 12,000,000 | ||||
Losses included in earnings (asset impairment) | — | — | ||||||
Ending balance | $ | 12,000,000 | $ | 12,000,000 |
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January 30, 2016 | January 31, 2015 | |||||||
Credit Facility | ||||||||
Revolving loan | $ | 59,900,000 | $ | 40,700,000 | ||||
Term loan | 12,780,000 | 12,007,000 | ||||||
Total long-term credit facility | 72,680,000 | 52,707,000 | ||||||
Less current portion of long-term credit facility | (2,143,000 | ) | (1,736,000 | ) | ||||
Long-term credit facility, excluding current portion | $ | 70,537,000 | $ | 50,971,000 |
Credit Facility | ||||||||||||
Fiscal year | Term loan | Revolving loan | Total | |||||||||
2016 | $ | 2,143,000 | $ | — | $ | 2,143,000 | ||||||
2017 | 2,143,000 | — | 2,143,000 | |||||||||
2018 | 2,143,000 | — | 2,143,000 | |||||||||
2019 | 2,143,000 | — | 2,143,000 | |||||||||
2020 | 4,208,000 | 59,900,000 | 64,108,000 | |||||||||
$ | 12,780,000 | $ | 59,900,000 | $ | 72,680,000 |
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For the Years Ended | |||||||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | |||||||||||
Jewelry & Watches | $ | 248,951 | $ | 256,219 | $ | 253,358 | |||||||
Home & Consumer Electronics | 193,931 | 186,772 | 203,468 | ||||||||||
Beauty | 87,184 | 76,268 | 63,122 | ||||||||||
Fashion & Accessories | 105,616 | 96,239 | 64,608 | ||||||||||
All other (primarily shipping & handling revenue) | 57,630 | 59,120 | 55,933 | ||||||||||
Total | $ | 693,312 | $ | 674,618 | $ | 640,489 |
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January 30, 2016 | January 31, 2015 | |||||||
Accruals and reserves not currently deductible for tax purposes | $ | 6,990 | $ | 7,420 | ||||
Inventory capitalization | 1,931 | 1,459 | ||||||
Differences in depreciation lives and methods | 2,730 | 2,866 | ||||||
Differences in basis of intangible assets | (2,756 | ) | (1,968 | ) | ||||
Differences in investments and other items | 551 | 215 | ||||||
Net operating loss carryforwards | 117,909 | 112,318 | ||||||
Valuation allowance | (130,089 | ) | (124,258 | ) | ||||
Net deferred tax liability | $ | (2,734 | ) | $ | (1,948 | ) |
For the Years Ended | ||||||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | ||||||||||
Current | $ | (46 | ) | $ | (31 | ) | $ | (15 | ) | |||
Deferred | (788 | ) | (788 | ) | (1,158 | ) | ||||||
$ | (834 | ) | $ | (819 | ) | $ | (1,173 | ) |
For the Years Ended | |||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | |||||||
Taxes at federal statutory rates | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income taxes, net of federal tax benefit | (0.6 | ) | (11.2 | ) | (5.3 | ) | |||
Reestablishment of state net operating losses | 6.0 | — | — | ||||||
Non-cash stock option vesting expense | (1.9 | ) | (158.6 | ) | (43.3 | ) | |||
Other | 4.9 | (2.4 | ) | (0.6 | ) | ||||
FCC license deferred tax liability impact on valuation allowance | (6.5 | ) | (133.4 | ) | (81.5 | ) | |||
Valuation allowance and NOL carryforward benefits | (44.2 | ) | 124.0 | 8.4 | |||||
Effective tax rate | (7.3 | )% | (146.6 | )% | (87.3 | )% |
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Fiscal Year | Amount | ||
2016 | $ | 77,780,000 | |
2017 | 63,562,000 | ||
2018 | 26,031,000 | ||
2019 | — | ||
2020 and thereafter | — |
Future Minimum Lease Payments: | Amount | ||
2016 | $ | 1,407,000 | |
2017 | 171,000 | ||
2018 | — | ||
2019 | — | ||
2020 and thereafter | — |
Future Minimum Lease Payments: | Amount | ||
2016 | $ | 37,000 | |
2017 | — | ||
2018 | — | ||
2019 | — | ||
2020 and thereafter | — | ||
Total minimum lease payments | 37,000 | ||
Less: Amounts representing interest | (1,000 | ) | |
36,000 | |||
Less: Current portion | (36,000 | ) | |
Long-term capital lease obligation | $ | — |
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For the Years Ended | ||||||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | ||||||||||
Supplemental Cash Flow Information: | ||||||||||||
Interest paid | $ | 2,353,000 | $ | 1,470,000 | $ | 1,259,000 | ||||||
Income taxes paid | $ | 33,000 | $ | 30,000 | $ | 16,000 | ||||||
Supplemental non-cash investing and financing activities: | ||||||||||||
Deferred issuance costs included in accrued liabilities | $ | — | $ | — | $ | 20,000 | ||||||
Property and equipment purchases included in accounts payable | $ | 138,000 | $ | 2,016,000 | $ | 521,000 | ||||||
Non-cash warrant exercise | $ | — | $ | 533,000 | $ | — | ||||||
Issuance of 178,842 shares of common stock for trademark purchase | $ | — | $ | 1,044,000 | $ | — |
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For the Years Ended | ||||||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | ||||||||||
Net loss (a) | $ | (12,284,000 | ) | $ | (1,378,000 | ) | $ | (2,515,000 | ) | |||
Weighted average number of common shares outstanding — Basic | 57,004,321 | 53,458,662 | 49,504,892 | |||||||||
Dilutive effect of stock options, non-vested shares and warrants | — | — | — | |||||||||
Weighted average number of common shares outstanding — Diluted | 57,004,321 | 53,458,662 | 49,504,892 | |||||||||
Net loss per common share | $ | (0.22 | ) | $ | (0.03 | ) | $ | (0.05 | ) | |||
Net loss per common share — assuming dilution | $ | (0.22 | ) | $ | (0.03 | ) | $ | (0.05 | ) |
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For the Years Ended | ||||||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | ||||||||||
Net loss (a) | $ | (12,284,000 | ) | $ | (1,378,000 | ) | $ | (2,515,000 | ) | |||
Weighted average number of common shares outstanding — Basic | 57,004,321 | 53,458,662 | 49,504,892 | |||||||||
Dilutive effect of stock options, non-vested shares and warrants | — | — | — | |||||||||
Weighted average number of common shares outstanding — Diluted | 57,004,321 | 53,458,662 | 49,504,892 | |||||||||
Net loss per common share | $ | (0.22 | ) | $ | (0.03 | ) | $ | (0.05 | ) | |||
Net loss per common share — assuming dilution | $ | (0.22 | ) | $ | (0.03 | ) | $ | (0.05 | ) |
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Estimated Useful Life (In Years) | January 30, 2016 | January 31, 2015 | ||||||||
Land and improvements | — | $ | 3,394,000 | $ | 3,394,000 | |||||
Buildings and improvements | 5-40 | 38,405,000 | 24,215,000 | |||||||
Transmission and production equipment | 5-10 | 5,180,000 | 5,424,000 | |||||||
Office and warehouse equipment | 3-15 | 19,264,000 | 9,298,000 | |||||||
Computer hardware, software and telephone equipment | 3-7 | 95,708,000 | 89,615,000 | |||||||
Distribution Center Expansion - Construction in Process | 3-40 | — | 16,151,000 | |||||||
Leasehold improvements | 3-5 | 2,681,000 | 2,681,000 | |||||||
164,632,000 | 150,778,000 | |||||||||
Less — Accumulated depreciation | (112,003,000 | ) | (108,019,000 | ) | ||||||
$ | 52,629,000 | $ | 42,759,000 |
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Weighted Average Life (Years) | January 30, 2016 | January 31, 2015 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||
EVINE trademark | 15 | 1,103,000 | (80,000 | ) | 1,103,000 | (18,000 | ) | |||||||||||
Total finite-lived intangible assets | $ | 1,103,000 | $ | (80,000 | ) | $ | 1,103,000 | $ | (18,000 | ) | ||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||
FCC broadcast license | $ | 12,000,000 | $ | 12,000,000 |
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January 30, 2016 | January 31, 2015 | |||||||
Accrued cable access fees | $ | 15,739,000 | $ | 14,669,000 | ||||
Accrued salaries and related | 5,661,000 | 10,089,000 | ||||||
Reserve for product returns | 4,726,000 | 5,585,000 | ||||||
Other | 9,216,000 | 6,340,000 | ||||||
$ | 35,342,000 | $ | 36,683,000 |
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For the Years Ended | |||||||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | |||||||||||
Jewelry & Watches | $ | 248,951 | $ | 256,219 | $ | 253,358 | |||||||
Home & Consumer Electronics | 193,931 | 186,772 | 203,468 | ||||||||||
Beauty | 87,184 | 76,268 | 63,122 | ||||||||||
Fashion & Accessories | 105,616 | 96,239 | 64,608 | ||||||||||
All other (primarily shipping & handling revenue) | 57,630 | 59,120 | 55,933 | ||||||||||
Total | $ | 693,312 | $ | 674,618 | $ | 640,489 |
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January 30, 2016 | January 31, 2015 | |||||||
Accruals and reserves not currently deductible for tax purposes | $ | 6,990 | $ | 7,420 | ||||
Inventory capitalization | 1,931 | 1,459 | ||||||
Differences in depreciation lives and methods | 2,730 | 2,866 | ||||||
Differences in basis of intangible assets | (2,756 | ) | (1,968 | ) | ||||
Differences in investments and other items | 551 | 215 | ||||||
Net operating loss carryforwards | 117,909 | 112,318 | ||||||
Valuation allowance | (130,089 | ) | (124,258 | ) | ||||
Net deferred tax liability | $ | (2,734 | ) | $ | (1,948 | ) |
For the Years Ended | ||||||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | ||||||||||
Current | $ | (46 | ) | $ | (31 | ) | $ | (15 | ) | |||
Deferred | (788 | ) | (788 | ) | (1,158 | ) | ||||||
$ | (834 | ) | $ | (819 | ) | $ | (1,173 | ) |
For the Years Ended | |||||||||
January 30, 2016 | January 31, 2015 | February 1, 2014 | |||||||
Taxes at federal statutory rates | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income taxes, net of federal tax benefit | (0.6 | ) | (11.2 | ) | (5.3 | ) | |||
Reestablishment of state net operating losses | 6.0 | — | — | ||||||
Non-cash stock option vesting expense | (1.9 | ) | (158.6 | ) | (43.3 | ) | |||
Other | 4.9 | (2.4 | ) | (0.6 | ) | ||||
FCC license deferred tax liability impact on valuation allowance | (6.5 | ) | (133.4 | ) | (81.5 | ) | |||
Valuation allowance and NOL carryforward benefits | (44.2 | ) | 124.0 | 8.4 | |||||
Effective tax rate | (7.3 | )% | (146.6 | )% | (87.3 | )% |
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