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Midas Edge

1 800 FLOWERS COM INC

For the period ended Sep 29, 2024. Filed Nov 1, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 29, 2024 · Filed Nov 1, 2024

FLWS$2.73-2.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets

(in thousands, except for share data)

September 29, 2024June 30, 2024
(unaudited)
Assets
Current assets:
Cash and cash equivalents$8,407$159,437
Trade receivables, net41,02418,024
Inventories275,323176,591
Prepaid and other60,96031,680
Total current assets385,714385,732
Property, plant and equipment, net225,239223,789
Operating lease right-of-use assets112,926113,926
Goodwill156,648156,537
Other intangibles, net115,531116,216
Other assets38,56636,448
Total assets$1,034,624$1,032,648
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$63,732$80,005
Accrued expenses128,926121,303
Current maturities of long-term debt57,50010,000
Current portion of long-term operating lease liabilities16,83616,511
Total current liabilities266,994227,819
Long-term debt, net172,293177,113
Long-term operating lease liabilities104,398105,866
Deferred tax liabilities, net18,79419,402
Other liabilities38,72836,106
Total liabilities601,207566,306
Commitments and contingencies (See Note 14)
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued--
Class A common stock, $0.01 par value, 200,000,000 shares authorized, 58,798,430 and 58,792,695 shares issued at September 29, 2024 and June 30, 2024, respectively588588
Class B common stock, $0.01 par value, 200,000,000 shares authorized, 32,348,221 shares issued at September 29, 2024 and June 30, 2024323323
Additional paid-in capital401,685399,165
Retained earnings230,788264,978
Accumulated other comprehensive loss(127)(127)
Treasury stock, at cost, 21,805,703 and 21,645,290 Class A shares at September 29, 2024 and June 30, 2024, respectively and 5,280,000 Class B shares at September 29, 2024 and June 30, 2024(199,840)(198,585)
Total stockholders’ equity433,417466,342
Total liabilities and stockholders’ equity$1,034,624$1,032,648

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except for per share data)

Three Months Ended
September 29,October 1,
20242023
Net revenues$242,090$269,050
Cost of revenues (excludes depreciation and amortization)149,771167,122
Gross profit92,319101,928
Operating expenses:
Marketing and sales82,09782,518
Technology and development15,63915,304
General and administrative28,52628,489
Depreciation and amortization13,03813,194
Total operating expenses139,300139,505
Operating loss(46,981)(37,577)
Interest expense, net3,3603,482
Other (income) expense, net(1,767)474
Loss before income taxes(48,574)(41,533)
Income tax benefit(14,384)(10,291)
Net loss and comprehensive loss(34,190)(31,242)
Basic and diluted net loss per common share$(0.53)$(0.48)
Basic and diluted weighted average shares used in the calculation of net loss per common share64,19864,785

1-800-FLOWERS.COM, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, except share data)

Accumulated
Common Stock · Additional · Other · Total
Class A · Class B · Paid-in · Retained · Comprehensive · Treasury Stock · Stockholders’
SharesAmountSharesAmountCapitalEarningsLossSharesAmountEquity
Balance at June 30, 202458,792,695$58832,348,221$323$399,165$264,978$(127)26,925,290$(198,585)$466,342
Net loss-----(34,190)---(34,190)
Stock-based compensation1,000---2,479----2,479
Exercise of stock options4,735---41----41
Acquisition of Class A treasury stock-------160,413(1,255)(1,255)
Balance at September 29, 202458,798,430$58832,348,221$323$401,685$230,788$(127)27,085,703$(199,840)$433,417
Balance at July 2, 202358,273,747$58332,348,221$323$388,215$271,083$(170)25,845,875$(188,191)$471,843
Net loss-----(31,242)---(31,242)
Stock-based compensation35,800---2,364----2,364
Acquisition of Class A treasury stock-------10,483(74)(74)
Balance at October 1, 202358,309,547$58332,348,221$323$390,579$239,841$(170)25,856,358$(188,265)$442,891

Condensed Consolidated Statements of Cash Flows

(in thousands)

Three Months Ended
September 29,October 1,
20242023
Operating activities:
Net loss$(34,190)$(31,242)
Reconciliation of net loss to net cash used in operating activities, net of acquisitions:
Depreciation and amortization13,03813,194
Amortization of deferred financing costs180180
Deferred income taxes(607)(579)
Bad debt expense84586
Stock-based compensation2,4792,364
Other non-cash items255270
Changes in operating items:
Trade receivables(23,025)(24,407)
Inventories(97,439)(89,287)
Prepaid and other(29,237)(14,764)
Accounts payable and accrued expenses(8,806)(42)
Other assets and liabilities27(157)
Net cash used in operating activities(177,241)(143,884)
Investing activities:
Acquisitions, net of cash acquired(3,000)-
Capital expenditures(12,075)(6,974)
Net cash used in investing activities(15,075)(6,974)
Financing activities:
Acquisition of treasury stock(1,255)(74)
Proceeds from exercise of employee stock options41-
Proceeds from bank borrowings45,00035,000
Repayment of bank borrowings(2,500)(2,500)
Net cash provided by financing activities41,28632,426
Net change in cash and cash equivalents(151,030)(118,432)
Cash and cash equivalents:
Beginning of period159,437126,807
End of period$8,407$8,375
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.