Natural Grocers by Vitamin Cottage, Inc 8-K, filed Nov 21, 2024

Natural Grocers by Vitamin Cottage, Inc. (NGVC)

8-K 2024-11-21 For: 2024-11-21

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Added on April 07, 2026

About this 8-K

Natural Grocers by Vitamin Cottage, Inc filed this 8-K on November 21, 2024.

Items reported

Item 2.02: Financial results
Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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Delaware		001-35608		45-5034161
(State or other jurisdiction of incorporation)		(Commission File No.)		(IRS Employer Identification No.)

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.001 par value	NGVC	New York Stock Exchange

Exhibit No.		Description
99.1		Press release of Natural Grocers by Vitamin Cottage, Inc. dated November 21, 2024 announcing financial results.
99.2		Press release of Natural Grocer by Vitamin Cottage, Inc. dated November 21, 2024 announcing quarterly dividend.
104		Cover Page Interactive Data File (formatted as Inline XBRL).

	Natural Grocers by Vitamin Cottage, Inc.


	By:	/s/ Kemper Isely
	Name:	Kemper Isely
	Title:	Co-President

	Fiscal 2025 Outlook
Number of new stores		4 to 6
Number of relocations/remodels		2 to 4
Daily average comparable store sales growth		4.0% to 6.0%
Diluted earnings per share	$1.52 to $1.60

Capital expenditures (in millions)	$36 to $44

	Three months ended September 30,						Year ended September 30,
	2024			2023			2024			2023
Net sales	$	322,661			295,075			1,241,585			1,140,568
Cost of goods sold and occupancy costs		227,299			210,730			876,775			813,637
Gross profit		95,362			84,345			364,810			326,931
Store expenses		72,605			65,863			277,396			257,282
Administrative expenses		10,241			9,807			38,715			35,973
Pre-opening expenses		450			938			1,722			2,007
Operating income		12,066			7,737			46,977			31,669
Interest expense, net		(1,053	)		(821	)		(4,176	)		(3,299	)
Income before income taxes		11,013			6,916			42,801			28,370
Provision for income taxes		(2,003	)		(1,036	)		(8,866	)		(5,127	)
Net income	$	9,010			5,880			33,935			23,243

Net income per share of common stock:
Basic	$	0.40			0.26			1.49			1.02
Diluted	$	0.39			0.26			1.47			1.02
Weighted average number of shares of common stock outstanding:
Basic		22,799,571			22,738,284			22,774,825			22,725,088
Diluted		23,175,214			22,945,750			23,083,903			22,834,316

	September 30,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	8,871		18,342
Accounts receivable, net		12,610		10,797
Merchandise inventory		120,672		119,260
Prepaid expenses and other current assets		4,905		4,151
Total current assets		147,058		152,550
Property and equipment, net		178,609		169,060
Other assets:
Operating lease assets, net		275,111		287,941
Finance lease assets, net		40,752		45,110
Other assets		458		395
Goodwill and other intangible assets, net		13,488		14,129
Total other assets		329,809		347,575
Total assets	$	655,476		669,185
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	88,397		80,675
Accrued expenses		35,847		33,064
Term loan, current portion		—		1,750
Operating lease obligations, current portion		35,926		34,850
Finance lease obligations, current portion		3,960		3,690
Total current liabilities		164,130		154,029
Long-term liabilities:
Term loan, net of current portion		—		5,938
Operating lease obligations, net of current portion		263,404		276,808
Finance lease obligations, net of current portion		43,217		47,142
Deferred income tax liabilities, net		10,471		14,427
Total long-term liabilities		317,092		344,315
Total liabilities		481,222		498,344
Stockholders’ equity:
Common stock, $0.001 par value. 50,000,000 shares authorized, 22,888,540 and 22,745,412 shares issued at September 30, 2024 and 2023, respectively, and 22,888,540 and 22,738,915 shares outstanding at September 30, 2024 and 2023, respectively		23		23
Additional paid-in capital		60,327		59,013
Retained earnings		113,904		111,871
Common stock in treasury at cost, 6,497 shares at September 30, 2023		—		(66	)
Total stockholders’ equity		174,254		170,841
Total liabilities and stockholders’ equity	$	655,476		669,185

	Year ended September 30,
	2024			2023
Operating activities:
Net income	$	33,935			23,243
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		30,930			28,906
Loss on impairment of long-lived assets and store closing costs		2,102			1,268
Loss on disposal of property and equipment		10			379
Share-based compensation		2,829			1,360
Deferred income tax benefit		(3,955	)		(1,475	)
Non-cash interest expense		17			19
Other		(160	)		—
Changes in operating assets and liabilities:
(Increase) decrease in:
Accounts receivable, net		(1,790	)		315
Income tax receivable		252			378
Merchandise inventory		(1,412	)		(5,504	)
Prepaid expenses and other assets		(1,069	)		(128	)
Operating lease assets		33,446			33,067
(Decrease) increase in:
Operating lease liabilities		(34,197	)		(33,899	)
Accounts payable		10,039			10,350
Accrued expenses		2,783			6,327
Net cash provided by operating activities		73,760			64,606
Investing activities:
Acquisition of property and equipment		(37,541	)		(36,568	)
Acquisition of other intangibles		(1,139	)		(1,525	)
Proceeds from sale of property and equipment		37			107
Proceeds from property insurance settlements		43			36
Net cash used in investing activities		(38,600	)		(37,950	)
Financing activities:
Borrowings under revolving loans		604,200			531,100
Repayments under revolving loans		(604,200	)		(531,100	)
Repayments under term loan		(7,688	)		(8,000	)
Finance lease obligation payments		(3,610	)		(2,779	)
Dividends to shareholders		(31,866	)		(9,089	)
Repurchase of common stock		—			(181	)
Payments of deferred financing costs		(18	)		—
Payments on withholding tax for restricted stock unit vesting		(1,449	)		(304	)
Net cash used in financing activities		(44,631	)		(20,353	)
Net (decrease) increase in cash and cash equivalents		(9,471	)		6,303
Cash and cash equivalents, beginning of year		18,342			12,039
Cash and cash equivalents, end of year	$	8,871			18,342
Supplemental disclosures of cash flow information:
Cash paid for interest	$	2,216			1,305
Cash paid for interest on financing lease obligations, net of capitalized interest of $338 and $318, respectively		1,939			2,002
Income taxes paid		13,581			5,048
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid	$	3,679			6,016
Acquisition of other intangibles not yet paid		22			3
Property acquired through operating lease obligations		22,317			15,274
Property acquired through finance lease obligations		(45	)		5,724