Hooker Furnishings Corp

NASDAQ:HOFTUnited States

Apr 11, 2024

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• Hooker Furnishings Reports Improved Profitability in 2024 Fiscal Year, from 6:00AM ET on Thursday Apr 11, 2024 by GlobeNewswire

  6:00AM ET on Thursday Apr 11, 2024 by GlobeNewswire
  Companies Mentioned: HOFT

• -- Earnings Flash (HOFT) HOOKER FURNISHINGS CORPORATION Reports Q4 Revenue $96.8M, from 6:00AM ET on Thursday Apr 11, 2024 by MT Newswires

  6:00AM ET on Thursday Apr 11, 2024 by MT Newswires
  Companies Mentioned: HOFT
  06:00 AM EDT, 04/11/2024 (MT Newswires) -- ...

• *DJ Hooker Furnishings 4Q EPS 6c >HOFT, from 6:00AM ET on Thursday Apr 11, 2024 by Dow Jones

  6:00AM ET on Thursday Apr 11, 2024 by Dow Jones
  Companies Mentioned: HOFT

• Hooker Furnishings Reports Improved Profitability in 2024 Fiscal Year, from 6:00AM ET on Thursday Apr 11, 2024 by Dow Jones

  6:00AM ET on Thursday Apr 11, 2024 by Dow Jones
  Companies Mentioned: HOFT
  Goodwill 15,036 14,952 Other assets 14,654 9,663 --------- --------- Total non-current assets 178,788 194,413 Total assets $ 343,586 $ 381,716 ========= ========= Liabilities and Shareholders' Equity --------------------------------------- ------------- --------------- Current liabilities Current portion of long-term debt $ 1,393 $ 1,393 Trade accounts payable 16,470 16,090 Accrued salaries, wages and benefits 7,400 9,290 Customer deposits 5,920 8,511 Current portion of operating lease liabilities 6,964 7,316 Other accrued expenses 3,262 7,438 Total current liabilities 41,409 50,038 Long term debt 21,481 22,874 Deferred compensation 7,418 8,178 Operating lease liabilities 46,414 63,762 Other long-term liabilities 889 843 Total long-term liabilities 76,202 95,657 --------- --------- Total liabilities 117,611 145,695 Shareholders' equity Common stock, no par value, 20,000 shares authorized, 10,672 and 11,197 shares issued and outstanding on each date 49,524 50,770 Retained earnings 175,717 184,386 Accumulated other comprehensive income 734 865 --------- --------- Total shareholders' equity 225,975 236,021 --------- --------- Total liabilities and shareholders' equity $ 343,586 $ 381,716 ========= ========= Table IV HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Fifty-Two Weeks Ended January 28, January 29, 2024 2023 Operating Activities: Net income / (loss) $ 9,865 $ (4,312) Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Inventory valuation expense 1,829 28,752 Depreciation and amortization 8,956 8,829 Deferred income tax expense 2,523 (3,160) Noncash restricted stock and performance awards 1,706 1,244 Provision for doubtful accounts and sales allowances (727) (3,673) Gain on life insurance policies (984) (1,179) Loss on sales of assets 35 94 Changes in assets and liabilities: Trade accounts receivable 11,577 16,831 Inventories 34,776 (47,827) Income tax recoverable 65 1,283 Prepaid expenses and other assets (5,111) (5,711) Trade accounts payable 190 (15,781) Accrued salaries, wages, and benefits (1,890) 2,148 Customer deposits (2,590) (1,911) Operating lease assets and liabilities 449 (57) Other accrued expenses (4,261) 3,254 Deferred compensation (937) (542) Net cash provided by/(used in) operating activities $ 55,471 $ (21,718) --- -------- -------- Investing Activities: Acquisitions (2,373) (25,274) Purchases of property and equipment (6,815) (4,199) Premiums paid on life insurance policies (406) (492) Proceeds of life insurance policies 1,036 -- Net cash used in investing activities (8,558) (29,965) --- -------- -------- Financing Activities: Purchase and retirement of common stock (11,674) (13,342) Cash dividends paid (9,682) (9,602) Payments for long-term loans (1,400) (700) Proceeds from long-term loans -- 25,000 Proceeds from revolving credit facility -- 36,190 Payments for revolving credit facility -- (36,190) Debt issuance cost -- (37) Net cash (used in)/provided by financing activities (22,756) 1,319 --- -------- -------- Net increase/(decrease) in cash and cash equivalents 24,157 (50,364) Cash and cash equivalents -- beginning of year 19,002 69,366 --- -------- -------- Cash and cash equivalents -- end of year $ 43,159 $ 19,002 === ======== ======== Supplemental disclosure of cash flow information: Cash paid for income taxes $ 23 $ 101 Cash paid for interest, net 1,375 642 Non-cash transactions: (Decrease)/Increase in lease liabilities arising from changes in right-of-use assets $ (10,646) $ 25,241 Increase in property and equipment through accrued purchases 190 128 Table V HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES NET SALES AND OPERATING INCOME/(LOSS) BY SEGMENT (In thousands) Thirteen Weeks Ended Fifty-Two Weeks Ended January 28, January January January 2024 29, 2023 28, 2024 29, 2023 ----------- --------- --------- --------- % Net % Net % Net % Net Net sales Sales Sales Sales Sales Hooker Branded $37,654 38.9% $ 51,802 39.4% $156,590 36.2% $205,935 35.3% Home Meridian 29,015 30.0% 44,617 34.0% 143,538 33.1% 216,338 37.1% Domestic Upholstery 28,272 29.2% 33,735 25.7% 126,827 29.3% 156,717 26.9% All Other 1,834 1.9% 1,145 0.9% 6,271 1.4% 4,112 0.7% Consolidated $96,775 100% $131,299 100% $433,226 100% $583,102 100% ====== ======= ======= ======= Operating income/(loss) Hooker Branded $ 3,546 9.4% $ 5,608 10.8% $ 16,844 10.8% $ 22,030 10.7% Home Meridian (997) -3.4% (29,892) -67.0% (5,530) -3.9% (37,181) -17.2% Domestic Upholstery (1,609) -5.7% 583 1.7% 1,131 0.9% 8,871 5.7% All Other (600) -32.7% 22 1.9% (87) -1.4% 234 5.7% Consolidated $ 340 0.4% $(23,679) -18.0% $ 12,358 2.9% $ (6,046) -1.0% ====== ======= ======= =======