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As Of Filer Filing For·On·As Docs:Size 11/01/19 Haverty Furniture Companies Inc 10-Q 9/30/19 46:4.8M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 365K 2: EX-10.1 Second Amendment to Amended and Restated Credit HTML 48K Agreement 3: EX-31.1 Certification of Chief Executive Officer HTML 23K 4: EX-31.2 Certification of Chief Financial Officer HTML 23K 5: EX-32.1 Certification Pursuant to 18 U.S.C. Section 1350. HTML 17K 12: R1 Document and Entity Information HTML 49K 35: R2 Condensed Consolidated Balance Sheets (Unaudited) HTML 116K 40: R3 Condensed Consolidated Balance Sheets (Unaudited) HTML 36K (Parenthetical) 28: R4 Condensed Consolidated Statements of Comprehensive HTML 84K Income (Unaudited) 13: R5 Condensed Consolidated Statements of Comprehensive HTML 18K Income (Unaudited) (Parenthetical) 37: R6 Condensed Consolidated Statements of Cash Flows HTML 84K (Unaudited) 41: R7 Business and Reporting Policies HTML 19K 26: R8 Recently Issued and Adopted Accounting HTML 21K Pronouncements 16: R9 Stockholders' Equity HTML 182K 24: R10 Interim LIFO Calculations HTML 17K 19: R11 Fair Value of Financial Instruments HTML 19K 30: R12 Credit Arrangement HTML 18K 45: R13 Revenues HTML 55K 23: R14 Leases HTML 42K 18: R15 Income Taxes HTML 17K 29: R16 Stock Based Compensation Plan HTML 46K 44: R17 Earnings Per Share HTML 70K 22: R18 Recently Issued and Adopted Accounting HTML 20K Pronouncements (Policies) 20: R19 Stockholders' Equity (Tables) HTML 182K 34: R20 Revenues (Tables) HTML 54K 43: R21 Leases (Tables) HTML 48K 27: R22 Stock Based Compensation Plan (Tables) HTML 44K 15: R23 Earnings Per Share (Tables) HTML 70K 33: R24 Recently Issued and Adopted Accounting HTML 41K Pronouncements (Details) 42: R25 Stockholders' Equity (Details) HTML 74K 25: R26 Fair Value of Financial Instruments (Details) HTML 18K 14: R27 Credit Arrangement (Details) HTML 29K 36: R28 Revenues (Details) HTML 51K 39: R29 Leases (Details) HTML 84K 46: R30 Income Taxes (Details) HTML 18K 31: R31 Stock Based Compensation Plan (Details) HTML 95K 17: R32 Earnings Per Share (Details) HTML 77K 21: XML IDEA XML File -- Filing Summary XML 74K 32: EXCEL IDEA Workbook of Financial Reports XLSX 41K 6: EX-101.INS XBRL Instance -- hvt-20190930 XML 1.54M 8: EX-101.CAL XBRL Calculations -- hvt-20190930_cal XML 138K 11: EX-101.DEF XBRL Definitions -- hvt-20190930_def XML 422K 9: EX-101.LAB XBRL Labels -- hvt-20190930_lab XML 944K 10: EX-101.PRE XBRL Presentations -- hvt-20190930_pre XML 548K 7: EX-101.SCH XBRL Schema -- hvt-20190930 XSD 87K 38: ZIP XBRL Zipped Folder -- 0000216085-19-000026-xbrl Zip 122K
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019
|
Maryland
|
58-0281900
|
|
(State of incorporation)
|
(I.R.S. Employer Identification No.)
|
|
780 Johnson Ferry Road, Suite 800
|
|
|
(Address of principal executive office)
|
(Zip Code)
|
|
(404) 443-2900
|
||
(Registrant’s telephone number, including area code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
HVT
|
NYSE
|
Class A Common Stock
|
HVTA
|
NYSE
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
||
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
Page No.
|
||
PART I.
|
FINANCIAL INFORMATION
|
|
Item 1. Financial Statements
|
||
Condensed Consolidated Balance Sheets –
September 30, 2019 (unaudited) and December 31, 2018
|
1
|
|
Condensed Consolidated Statements of Comprehensive Income –
Nine Months Ended September 30, 2019 and 2018 (unaudited)
|
2
|
|
Condensed Consolidated Statements of Cash Flows –
Nine Months Ended September 30, 2019 and 2018 (unaudited)
|
3
|
|
Notes to Condensed Consolidated Financial Statements (unaudited)
|
4
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition
and Results of Operations
|
12
|
|
Item 3. Quantitative and Qualitative Disclosures about Market Risk
|
15
|
|
Item 4. Controls and Procedures
|
15
|
|
PART II.
|
OTHER INFORMATION
|
|
Item 1.
Legal Proceedings
|
16
|
|
Item 1A. Risk Factors
|
16
|
|
Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds
|
16
|
|
Item 6. Exhibits
|
17
|
|
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
89,528
|
$
|
71,537
|
||||
Restricted cash and cash equivalents
|
6,632
|
8,272
|
||||||
Accounts receivable, net
|
1,570
|
1,833
|
||||||
Inventories
|
99,958
|
105,840
|
||||||
Prepaid expenses
|
10,476
|
8,106
|
||||||
Other current assets
|
6,449
|
6,262
|
||||||
Total current assets
|
214,613
|
201,850
|
||||||
Accounts receivable, long-term, net
|
204
|
226
|
||||||
Property and equipment, net
|
158,087
|
216,852
|
||||||
Right-of-use lease assets
|
183,524
|
—
|
||||||
Deferred income taxes
|
12,202
|
12,544
|
||||||
Other assets
|
9,873
|
8,707
|
||||||
Total assets
|
$
|
578,503
|
$
|
440,179
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
27,495
|
$
|
19,840
|
||||
Customer deposits
|
34,852
|
24,465
|
||||||
Accrued liabilities
|
41,163
|
39,903
|
||||||
Current lease liabilities
|
29,283
|
—
|
||||||
Current portion of lease obligations
|
—
|
4,018
|
||||||
Total current liabilities
|
132,793
|
88,226
|
||||||
Noncurrent lease liabilities
|
155,046
|
—
|
||||||
Lease obligations, less current portion
|
—
|
46,785
|
||||||
Other liabilities
|
21,942
|
30,539
|
||||||
Total liabilities
|
309,781
|
165,550
|
||||||
Stockholders’ equity
|
||||||||
Capital Stock, par value $1 per share
|
||||||||
Preferred Stock, Authorized – 1,000 shares; Issued: None
|
||||||||
Common Stock, Authorized – 50,000 shares; Issued: 2019 – 29,418; 2018 –
29,079
|
29,418
|
29,079
|
||||||
Convertible Class A Common Stock, Authorized – 15,000 shares; Issued: 2019 –
2,058; 2018 – 2,280
|
2,058
|
2,280
|
||||||
Additional paid-in capital
|
92,586
|
91,394
|
||||||
Retained earnings
|
293,761
|
282,366
|
||||||
Accumulated other comprehensive loss
|
(1,440
|
)
|
(1,465
|
)
|
||||
Less treasury stock at cost – Common Stock (2019 – 11,333; 2018 –
10,300 shares) and Convertible Class A Common Stock (2019 and 2018 – 522 shares)
|
(147,661
|
)
|
(129,025
|
)
|
||||
Total stockholders’ equity
|
268,722
|
274,629
|
||||||
$
|
578,503
|
$
|
440,179
|
Three Months Ended
September 30,
|
Nine Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
Net sales
|
$
|
209,320
|
$
|
210,547
|
$
|
588,455
|
$
|
608,765
|
||||||||
Cost of goods sold
|
97,301
|
95,175
|
269,796
|
276,689
|
||||||||||||
Gross profit
|
112,019
|
115,372
|
318,659
|
332,076
|
||||||||||||
Credit service charges
|
19
|
24
|
60
|
81
|
||||||||||||
Gross profit and other revenue
|
112,038
|
115,396
|
318,719
|
332,157
|
||||||||||||
Expenses:
|
||||||||||||||||
Selling, general and administrative
|
104,161
|
103,185
|
298,824
|
302,942
|
||||||||||||
Provision for doubtful accounts
|
42
|
34
|
66
|
58
|
||||||||||||
Other (income) expense, net
|
(42
|
)
|
713
|
(323
|
)
|
(98
|
)
|
|||||||||
Total expenses
|
104,161
|
103, 932
|
298,567
|
302,902
|
||||||||||||
Income before interest and income taxes
|
7,877
|
11,464
|
20,152
|
29,255
|
||||||||||||
Interest (income) expense, net
|
(292
|
)
|
260
|
(980
|
)
|
1,184
|
||||||||||
Income before income taxes
|
8,169
|
11,204
|
21,132
|
28,071
|
||||||||||||
Income tax expense
|
2,072
|
2,852
|
5,367
|
7,192
|
||||||||||||
Net income
|
$
|
6,097
|
$
|
8,352
|
$
|
15,765
|
$
|
20,879
|
||||||||
Other comprehensive income
|
||||||||||||||||
Adjustments related to retirement plan; net of tax expense of $3 and $9 in 2019 and $9 and $27 in
2018
|
$
|
8
|
$
|
25
|
$
|
25
|
$
|
75
|
||||||||
Comprehensive income
|
$
|
6,105
|
$
|
8,377
|
$
|
15,790
|
$
|
20,954
|
||||||||
Basic earnings per share:
|
||||||||||||||||
Common Stock
|
$
|
0.31
|
$
|
0.40
|
$
|
0.79
|
$
|
1.00
|
||||||||
Class A Common Stock
|
$
|
0.30
|
$
|
0.38
|
$
|
0.74
|
$
|
0.94
|
||||||||
Diluted earnings per share:
|
||||||||||||||||
Common Stock
|
$
|
0.31
|
$
|
0.39
|
$
|
0.77
|
$
|
0.98
|
||||||||
Class A Common Stock
|
$
|
0.30
|
$
|
0.38
|
$
|
0.73
|
$
|
0.94
|
||||||||
Cash dividends per share:
|
||||||||||||||||
Common Stock
|
$
|
0.20
|
$
|
0.18
|
$
|
0.56
|
$
|
0.54
|
||||||||
Class A Common Stock
|
$
|
0.19
|
$
|
0.17
|
$
|
0.53
|
$
|
0.51
|
Nine Months Ended
|
||||||||
2018
|
||||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
15,765
|
$
|
20,879
|
||||
Adjustments to reconcile net income to net cash
provided by (used in) operating activities: |
||||||||
Depreciation and amortization
|
15,412
|
22,650
|
||||||
Share-based compensation expense
|
2,690
|
3,781
|
||||||
Deferred income taxes
|
(1,942
|
)
|
(592
|
)
|
||||
Provision for doubtful accounts
|
66
|
58
|
||||||
Other
|
615
|
825
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
219
|
550
|
||||||
Inventories
|
5,882
|
(4,907
|
)
|
|||||
Customer deposits
|
10,387
|
2,728
|
||||||
Other assets and liabilities
|
316
|
6,534
|
||||||
Accounts payable and accrued liabilities
|
8,957
|
9,988
|
||||||
Net cash provided by operating activities
|
58,367
|
62,494
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Capital expenditures
|
(12,446
|
)
|
(18,231
|
)
|
||||
Proceeds from sale of property and equipment
|
2,268
|
2,421
|
||||||
Other
|
—
|
55
|
||||||
Net cash used in investing activities
|
(10,178
|
)
|
(15,755
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Payments on lease obligations
|
—
|
(2,824
|
)
|
|||||
Taxes on vested restricted shares
|
(1,328
|
)
|
(1,233
|
)
|
||||
Dividends paid
|
(11,194
|
)
|
(11,337
|
)
|
||||
Common stock repurchased
|
(19,316
|
)
|
(14,456
|
)
|
||||
Net cash used in financing activities
|
(31,838
|
)
|
(29,850
|
)
|
||||
Increase in cash, cash equivalents and restricted cash equivalents during the period
|
16,351
|
16,889
|
||||||
Cash, cash equivalents and restricted cash equivalents at beginning of period
|
79,809
|
87,606
|
||||||
Cash, cash equivalents and restricted cash equivalents at end of period
|
$
|
96,160
|
$
|
104,495
|
(in thousands)
|
Common Stock
|
Class A
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Treasury Stock
|
Total
|
|||||||||||||||||||||
Balances at
|
$
|
29,418
|
$
|
2,058
|
$
|
91,847
|
$
|
291,573
|
$
|
(1,448
|
)
|
$
|
(146,188
|
)
|
$
|
267,260
|
||||||||||||
Net income
|
6,097
|
6,097
|
||||||||||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||||||
Common Stock,
$0.20 per share
|
(3,617
|
)
|
(3,617
|
)
|
||||||||||||||||||||||||
Class A Common Stock,
$0.19 per share
|
(292
|
)
|
(292
|
)
|
||||||||||||||||||||||||
Acquisition of treasury stock
|
(1,473
|
)
|
(1,473
|
)
|
||||||||||||||||||||||||
Amortization of restricted stock
|
739
|
739
|
||||||||||||||||||||||||||
Other comprehensive income
|
8
|
8
|
||||||||||||||||||||||||||
Balances at
|
$
|
29,418
|
$
|
2,058
|
$
|
92,586
|
$
|
293,761
|
$
|
(1,440
|
)
|
$
|
(147,661
|
)
|
$
|
268,722
|
(in thousands)
|
Common Stock
|
Class A
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Treasury Stock
|
Total
|
|||||||||||||||||||||
Balances at
|
$
|
29,079
|
$
|
2,280
|
$
|
91,394
|
$
|
282,366
|
$
|
(1,465
|
)
|
$
|
(129,025
|
)
|
$
|
274,629
|
||||||||||||
Net income
|
15,765
|
15,765
|
||||||||||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||||||
Common Stock,
$0.56 per share
|
(10,342
|
)
|
(10,342
|
)
|
||||||||||||||||||||||||
Class A Common Stock,
$0.53 per share
|
(852
|
)
|
(852
|
)
|
||||||||||||||||||||||||
Acquisition of treasury stock
|
(19,316
|
)
|
(19,316
|
)
|
||||||||||||||||||||||||
Restricted stock issuances
|
117
|
(1,445
|
)
|
(1,328
|
)
|
|||||||||||||||||||||||
Class A conversion
|
222
|
(222
|
)
|
—
|
||||||||||||||||||||||||
Amortization of restricted stock
|
2,690
|
2,690
|
||||||||||||||||||||||||||
Director’s compensation plan
|
(53
|
)
|
680
|
627
|
||||||||||||||||||||||||
Other comprehensive income
|
25
|
25
|
||||||||||||||||||||||||||
Cumulative effect adjustment
|
6,824
|
6,824
|
||||||||||||||||||||||||||
Balances at
|
$
|
29,418
|
$
|
2,058
|
$
|
92,586
|
$
|
293,761
|
$
|
(1,440
|
)
|
$
|
(147,661
|
)
|
$
|
268,722
|
(in thousands)
|
Common Stock
|
Class A
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Treasury Stock
|
Total
|
|||||||||||||||||||||
Balances at
|
$
|
29,065
|
$
|
2,289
|
$
|
89,650
|
$
|
292,465
|
$
|
(2,094
|
)
|
$
|
(119,597
|
)
|
$
|
291,778
|
||||||||||||
Net income
|
8,352
|
8,352
|
||||||||||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||||||
Common Stock,
$0.18 per share
|
(3,452
|
)
|
(3,452
|
)
|
||||||||||||||||||||||||
Class A Common Stock,
$0.17 per share
|
(300
|
)
|
(300
|
)
|
||||||||||||||||||||||||
Acquisition of treasury stock
|
(5,175
|
)
|
(5,175
|
)
|
||||||||||||||||||||||||
Restricted Stock issuances
|
5
|
(76
|
)
|
(71
|
)
|
|||||||||||||||||||||||
Class A conversion
|
5
|
(5
|
)
|
—
|
||||||||||||||||||||||||
Amortization of restricted stock
|
1,224
|
1,224
|
||||||||||||||||||||||||||
Director’s compensation plan
|
19
|
23
|
42
|
|||||||||||||||||||||||||
Other comprehensive income
|
25
|
25
|
||||||||||||||||||||||||||
Balances at
|
$
|
29,075
|
$
|
2,284
|
$
|
90,817
|
$
|
297,065
|
$
|
(2,069
|
)
|
$
|
(124,749
|
)
|
$
|
292,423
|
(in thousands)
|
Common Stock
|
Class A
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Treasury Stock
|
Total
|
|||||||||||||||||||||
Balances at
|
$
|
28,950
|
$
|
2,290
|
$
|
88,978
|
$
|
287,390
|
$
|
(2,144
|
)
|
$
|
(111,322
|
)
|
$
|
294,142
|
||||||||||||
Net income
|
20,879
|
20,879
|
||||||||||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||||||
Common Stock,
$0.54 per share
|
(10,436
|
)
|
(10,436
|
)
|
||||||||||||||||||||||||
Class A Common Stock,
$0.51 per share
|
(901
|
)
|
(901
|
)
|
||||||||||||||||||||||||
Acquisition of treasury stock
|
(14,456
|
)
|
(14,456
|
)
|
||||||||||||||||||||||||
Restricted Stock issuances
|
119
|
(1,352
|
)
|
(1,233
|
)
|
|||||||||||||||||||||||
Class A conversion
|
6
|
(6
|
)
|
—
|
||||||||||||||||||||||||
Amortization of restricted stock
|
3,781
|
3,781
|
||||||||||||||||||||||||||
Director’s compensation plan
|
(590
|
)
|
1,029
|
439
|
||||||||||||||||||||||||
Other comprehensive income
|
75
|
75
|
||||||||||||||||||||||||||
Cumulative effect adjustment
|
133
|
133
|
||||||||||||||||||||||||||
Balances at
|
$
|
29,075
|
$
|
2,284
|
$
|
90,817
|
$
|
297,065
|
$
|
(2,069
|
)
|
$
|
(124,749
|
)
|
$
|
292,423
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||||||||||||||||||
(In thousands)
|
Net
Sales
|
% of
Net Sales
|
Net Sales
|
% of
Net
Sales
|
Net
Sales
|
% of Net Sales
|
Net
Sales
|
% of
Net Sales
|
||||||||||||||||||||||||
Merchandise:
|
||||||||||||||||||||||||||||||||
Case Goods
|
||||||||||||||||||||||||||||||||
Bedroom Furniture
|
$
|
33,564
|
16.0
|
%
|
$
|
34,251
|
16.3
|
%
|
$
|
95,501
|
16.2
|
%
|
$
|
98,915
|
16.2
|
%
|
||||||||||||||||
Dining Room Furniture
|
22,836
|
10.9
|
23,728
|
11.3
|
62,698
|
10.7
|
67,483
|
11.1
|
||||||||||||||||||||||||
Occasional
|
16,125
|
7.7
|
18,809
|
8.9
|
47,070
|
8.0
|
54,312
|
8.9
|
||||||||||||||||||||||||
72,525
|
34.6
|
76,788
|
36.5
|
205,269
|
34.9
|
220,710
|
36.3
|
|||||||||||||||||||||||||
Upholstery
|
83,619
|
39.9
|
82,360
|
39.1
|
233,797
|
39.7
|
242,629
|
39.9
|
||||||||||||||||||||||||
Mattresses
|
25,721
|
12.4
|
23,168
|
11.0
|
68,956
|
11.7
|
64,197
|
10.5
|
||||||||||||||||||||||||
Accessories and Other(1)
|
27,455
|
13.1
|
28,231
|
13.4
|
80,433
|
13.7
|
81,229
|
13.3
|
||||||||||||||||||||||||
$
|
209,320
|
100.0
|
%
|
$
|
210,547
|
100.0
|
%
|
$
|
588,455
|
100.0
|
%
|
$
|
608,765
|
100.0
|
%
|
Operating Lease Assets:
|
||||
Right-of use lease assets
|
$
|
183,524
|
||
Operating Lease Liabilities:
|
||||
Current lease liabilities
|
$
|
29,283
|
||
Non-current lease liabilities
|
155,046
|
|||
$
|
184,329
|
Weighted Average Remaining Lease Term
|
||||
Operating leases
|
7.4 years
|
|||
Weighted Average Discount Rate
|
||||
Operating leases
|
6.69
|
%
|
Operating Leases
|
||||
$
|
10,273
|
|||
2020
|
39,661
|
|||
2021
|
37,238
|
|||
2022
|
31,842
|
|||
2023
|
25,292
|
|||
Thereafter
|
92,229
|
|||
Total undiscounted future minimum lease payments
|
236,535
|
|||
Less: difference between undiscounted lease payments and discounted operating lease liabilities
|
(52,206
|
)
|
||
$
|
184,329
|
Three months ended
|
Nine months
ended
|
|||||||
Operating lease cost
|
$
|
10,478
|
$
|
31,171
|
||||
Short-term lease cost
|
30
|
70
|
||||||
Variable lease cost
|
1,572
|
4,384
|
||||||
Total lease expense
|
$
|
12,080
|
$
|
35,625
|
Nine months ended
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||
Operating cash flows from operating leases
|
$
|
30,130
|
||
Right-of-use assets obtained in exchange for lease obligations:
|
||||
Operating leases
|
$
|
25,664
|
Service-Based
Restricted Stock Awards
|
Performance-Based
Restricted Stock Awards
|
Stock-Settled
Appreciation Rights
|
||||||||||||||||||||||
|
Shares or Units
|
Weighted-Average
Award Price
|
Shares or Units
|
Weighted-Average
Award Price
|
Rights
|
Weighted-Average
Award Price
|
||||||||||||||||||
Outstanding at December 31, 2018
|
249,142
|
$
|
22.05
|
209,754
|
$
|
21.56
|
57,000
|
$
|
18.14
|
|||||||||||||||
Granted/Issued
|
136,868
|
20.24
|
113,522
|
20.29
|
—
|
—
|
||||||||||||||||||
Awards vested or rights exercised(1)
|
(124,544
|
)
|
22.32
|
(57,351
|
)
|
18.93
|
—
|
—
|
||||||||||||||||
Forfeited
|
(17,986
|
)
|
21.28
|
(51,116
|
)
|
22.45
|
—
|
—
|
||||||||||||||||
Outstanding at September 30, 2019
|
243,480
|
$
|
20.95
|
214,809
|
$
|
21.38
|
57,000
|
$
|
18.14
|
|||||||||||||||
Exercisable at September 30, 2019
|
—
|
—
|
—
|
—
|
57,000
|
$
|
18.14
|
|||||||||||||||||
Awards expected to vest
|
243,480
|
$
|
20.95
|
144,561
|
$
|
21.90
|
—
|
—
|
Three Months Ended
September 30,
|
Nine Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
Numerator:
|
||||||||||||||||
Common:
|
||||||||||||||||
Distributed earnings
|
$
|
3,617
|
$
|
3,451
|
$
|
10,342
|
$
|
10,436
|
||||||||
Undistributed earnings
|
2,025
|
4,230
|
4,216
|
8,777
|
||||||||||||
Basic
|
5,642
|
7,681
|
14,558
|
19,213
|
||||||||||||
Class A Common earnings
|
455
|
671
|
1,207
|
1,666
|
||||||||||||
Diluted
|
$
|
6,097
|
$
|
8,352
|
$
|
15,765
|
$
|
20,879
|
||||||||
Class A Common:
|
||||||||||||||||
Distributed earnings
|
$
|
292
|
$
|
300
|
$
|
852
|
$
|
901
|
||||||||
Undistributed earnings
|
163
|
371
|
355
|
765
|
||||||||||||
$
|
455
|
$
|
671
|
$
|
1,207
|
$
|
1,666
|
|||||||||
Denominator:
|
||||||||||||||||
Common:
|
||||||||||||||||
Weighted average shares outstanding - basic
|
18,116
|
19,138
|
18,514
|
19,288
|
||||||||||||
Assumed conversion of Class A Common Stock
|
1,536
|
1,765
|
1,637
|
1,766
|
||||||||||||
Dilutive options, awards and common stock equivalents
|
241
|
327
|
293
|
354
|
||||||||||||
Total weighted-average diluted Common Stock
|
19,893
|
21,230
|
20,444
|
21,408
|
||||||||||||
Class A Common:
|
||||||||||||||||
Weighted average shares outstanding
|
1,536
|
1,765
|
1,637
|
1,766
|
||||||||||||
Basic earnings per share:
|
||||||||||||||||
Common Stock
|
$
|
0.31
|
$
|
0.40
|
$
|
0.79
|
$
|
1.00
|
||||||||
Class A Common Stock
|
$
|
0.30
|
$
|
0.38
|
$
|
0.74
|
$
|
0.94
|
||||||||
Diluted earnings per share:
|
||||||||||||||||
Common Stock
|
$
|
0.31
|
$
|
0.39
|
$
|
0.77
|
$
|
0.98
|
||||||||
Class A Common Stock
|
$
|
0.30
|
$
|
0.38
|
$
|
0.73
|
$
|
0.94
|
2019
|
2018
|
||||||||||||||||||||||||||||||||||||||||
Net Sales
|
Comp-Store Sales
|
Net Sales
|
Comp-Store Sales
|
||||||||||||||||||||||||||||||||||||||
Period
|
Total Dollars
|
%
Change
|
$
Change
|
%
Change
|
$
Change
|
Total Dollars
|
%
Change
|
$
Change
|
%
Change
|
$
Change
|
|||||||||||||||||||||||||||||||
Q1
|
$
|
187.2
|
(6.1
|
)%
|
$
|
(12.2
|
)
|
(4.7
|
)%
|
$
|
(9.2
|
)
|
$
|
199.4
|
(0.5
|
)%
|
$
|
(1.0
|
)
|
(1.1
|
)%
|
$
|
(2.1
|
)
|
|||||||||||||||||
Q2
|
191.9
|
(3.5
|
)
|
(6.9
|
)
|
(2.3
|
)
|
(4.5
|
)
|
198.8
|
1.0
|
1.9
|
1.3
|
2.4
|
|||||||||||||||||||||||||||
Q3
|
209.3
|
(0.6
|
)
|
(1.2
|
)
|
(0.4
|
)
|
(0.8
|
)
|
210.5
|
1.4
|
2.9
|
2.6
|
5.2
|
|||||||||||||||||||||||||||
Nine months
ended
September 30
|
$
|
588.5
|
(3.3
|
)%
|
$
|
(20.3
|
)
|
(2.4
|
)%
|
$
|
(14.5
|
)
|
$
|
608.8
|
0.6
|
%
|
$
|
3.9
|
0.9
|
%
|
$
|
5.5
|
Three months ended September 30,
|
Nine Months ended September 30,
|
|||||||||||||||||||||||||||||||
|
2018
|
2019
|
2018
|
|||||||||||||||||||||||||||||
(In thousands)
|
% of
Net Sales
|
% of
Net Sales
|
% of Net Sales
|
% of Net Sales
|
||||||||||||||||||||||||||||
Variable
|
$
|
38,104
|
18.2
|
%
|
$
|
37,642
|
17.9
|
%
|
$
|
108,410
|
18.4
|
%
|
$
|
111,716
|
18.4
|
%
|
||||||||||||||||
Fixed and discretionary
|
66,057
|
31.6
|
65,543
|
31.1
|
190,414
|
32.4
|
191,226
|
31.4
|
||||||||||||||||||||||||
|
$
|
104,161
|
49.8
|
%
|
$
|
103,185
|
49.0
|
%
|
$
|
298,824
|
50.8
|
%
|
$
|
302,942
|
49.8
|
%
|
·
|
decrease in inventories of $5.9 million as changes in supply chain has delayed receipt of certain goods;
|
·
|
decrease in property and equipment, net of $58.8 million primarily due to transition adjustment for ASU 2016-02
of $53.5 million;
|
·
|
increase in right-of-use lease assets of $183.5 million primarily due to transition adjustment of $177.9 million
for ASU 2016-02;
|
·
|
increase of $29.3 million of current and $155.0 million of noncurrent lease liabilities primarily due to adoption of ASU 2016-02;
|
·
|
decrease of $4.0 million of current and $46.8 million of noncurrent lease obligations due to adoption of ASU 2016-02; and
|
·
|
decrease of $8.6 million of other liabilities primarily due to transition adjustment of $9.5 million for ASU 2016-02.
|
Location
|
Opening (Closing) Quarter
Actual or Planned
|
Category
|
Newnan, GA
|
Q-3-19
|
Open
|
St. Louis, MO
|
Q-3-19
|
New Market
|
Baton Rouge, LA
|
Q-4-19
|
Relocation
|
(a)
Total Number of Shares Purchased
|
(b)
Average Price Paid Per Share
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d)
Approximate Dollar Value of Shares That
May Yet be Purchased Under the Plans or Programs
|
|||||||||||||
July 1 – July 31
|
—
|
—
|
—
|
$
|
8,437,021
|
|||||||||||
August 1 – August 30
|
82,848
|
$
|
17.68
|
82,848
|
$
|
16,972,674
|
||||||||||
September 1 – September 30
|
500
|
$
|
18.53
|
500
|
$
|
16,963,410
|
||||||||||
Total
|
83,348
|
83,348
|
Exhibit Number
|
Description of Exhibit (Commission File No. 1-14445)
|
|
3.1
|
Articles of Amendment and Restatement of the
Charter of Haverty Furniture Companies, Inc. effective May 26, 2006 (Exhibit 3.1 to our Second Quarter 2006 Form 10-Q).
|
|
3.2
|
By-laws of Haverty Furniture Companies, Inc.
as amended effective May 8, 2018 (Exhibit 3.1 to our Current Report on Form 8-K dated May 10, 2018).
|
|
*10.1
|
||
*31.1
|
||
*31.2
|
||
*32.1
|
||
*101
|
The following financial information from Haverty Furniture Companies, Inc. Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at September 30, 2019, and December 31, 2018, (ii) Condensed Consolidated Statements of Comprehensive Income for the
three months ended September 30, 2019 and 2018, (iii) Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2019 and 2018, and (iv) the Notes to Condensed Consolidated Financial Statements.
|
HAVERTY FURNITURE COMPANIES, INC.
(Registrant)
|
||||
Date:
|
By:
|
|||
Chairman of the Board, President
and Chief Executive Officer
|
||||
(principal executive officer)
|
||||
By:
|
/s/ Richard B. Hare
|
|||
Executive Vice President and
Chief Financial Officer
(principal financial and accounting officer)
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/27/24 | ||||
3/31/21 | ||||
12/31/19 | 10-K, SD | |||
Filed on: | 11/1/19 | |||
10/31/19 | 8-K | |||
10/1/19 | ||||
For Period end: | 9/30/19 | |||
8/9/19 | ||||
6/30/19 | 10-Q | |||
1/1/19 | ||||
12/31/18 | 10-K, SD | |||
9/30/18 | 10-Q, 4 | |||
6/30/18 | 10-Q | |||
5/10/18 | 4, 8-K | |||
12/31/17 | 10-K, SD | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/07/24 Haverty Furniture Companies Inc. 10-K 12/31/23 84:8.7M Workiva Inc Wde… FA01/FA 3/08/23 Haverty Furniture Companies Inc. 10-K 12/31/22 84:8.9M Workiva Inc Wde… FA01/FA 3/01/22 Haverty Furniture Companies Inc. 10-K 12/31/21 86:9.8M Broadridge Fin’l So… Inc 3/09/21 Haverty Furniture Companies Inc. 10-K 12/31/20 87:9.4M Broadridge Fin’l So… Inc 8/10/20 Haverty Furniture Companies Inc. 10-Q 6/30/20 50:5.3M Broadridge Fin’l So… Inc |