Natural Grocers by Vitamin Cottage, Inc 8-K, filed Nov 16, 2023

Natural Grocers by Vitamin Cottage, Inc. (NGVC)

8-K 2023-11-16 For: 2023-11-16

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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 16, 2023.

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 16, 2023 announcing financial results.
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 2024 Outlook
Number of new stores	4-6
Number of relocations/remodels	4-6
Daily average comparable store sales growth	2.0% to 4.0%
Diluted earnings per share	$1.00 to $1.10

Capital expenditures (in millions)	$30 to $39

	Three months ended September 30,						Year ended September 30,
	2023			2022			2023			2022
Net sales	$	295,075			274,206			1,140,568			1,089,625
Cost of goods sold and occupancy costs		210,730			198,403			813,637			784,744
Gross profit		84,345			75,803			326,931			304,881
Store expenses		65,863			62,992			257,282			242,057
Administrative expenses		9,807			8,638			35,973			31,562
Pre-opening expenses		938			557			2,007			1,107
Operating income		7,737			3,616			31,669			30,155
Interest expense, net		(821	)		(679	)		(3,299	)		(2,371	)
Income before income taxes		6,916			2,937			28,370			27,784
Provision for income taxes		(1,036	)		(777	)		(5,127	)		(6,419	)
Net income	$	5,880			2,160			23,243			21,365

Net income per share of common stock:
Basic	$	0.26			0.10			1.02			0.94
Diluted	$	0.26			0.09			1.02			0.94
Weighted average number of shares of common stock outstanding:
Basic		22,738,284			22,689,714			22,725,088			22,666,773
Diluted		22,945,750			22,838,786			22,834,316			22,816,614

	September 30,
	2023			2022
Assets
Current assets:
Cash and cash equivalents	$	18,342			12,039
Accounts receivable, net		10,797			10,496
Merchandise inventory		119,260			113,756
Prepaid expenses and other current assets		4,151			4,369
Total current assets		152,550			140,660
Property and equipment, net		169,060			157,179
Other assets:
Operating lease assets, net		287,941			307,132
Finance lease assets, net		45,110			43,554
Deposits and other assets		395			452
Goodwill and other intangible assets, net		14,129			14,131
Total other assets		347,575			365,269
Total assets	$	669,185			663,108
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	80,675			71,283
Accrued expenses		33,064			26,737
Term loan facility, current portion		1,750			1,750
Operating lease obligations, current portion		34,850			34,735
Finance lease obligations, current portion		3,690			3,223
Total current liabilities		154,029			137,728
Long-term liabilities:
Term loan facility, net of current portion		5,938			13,938
Operating lease obligations, net of current portion		276,808			295,064
Finance lease obligations, net of current portion		47,142			44,664
Deferred income tax liabilities, net		14,427			15,902
Total long-term liabilities		344,315			369,568
Total liabilities		498,344			507,296
Stockholders’ equity:
Common stock, $0.001 par value. 50,000,000 shares authorized, 22,745,412 and 22,690,188 shares issued at September 30, 2023 and 2022, and 22,738,915 and 22,690,188 shares outstanding at September 30, 2023 and 2022, respectively		23			23
Additional paid-in capital		59,013			58,072
Retained earnings		111,871			97,717
Common stock in treasury at cost, 6,497 shares at September 30, 2023		(66	)		—
Total stockholders’ equity		170,841			155,812
Total liabilities and stockholders’ equity	$	669,185			663,108

	Year ended September 30,
	2023			2022
Operating activities:
Net income	$	23,243			21,365
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		28,906			27,906
Impairment of long-lived assets and store closing costs		1,268			2,920
Loss on disposal of property and equipment		379			78
Share-based compensation		1,360			1,186
Deferred income tax (benefit) expense		(1,475	)		609
Non-cash interest expense		19			22
Changes in operating assets and liabilities:
Decrease (increase) in:
Accounts receivable, net		315			(2,973	)
Income tax receivable		378			(631	)
Merchandise inventory		(5,504	)		(13,210	)
Prepaid expenses and other assets		(128	)		(1,025	)
Operating lease assets		33,067			31,895
(Decrease) increase in:
Operating lease liabilities		(33,899	)		(29,044	)
Accounts payable		10,350			447
Accrued expenses		6,327			148
Net cash provided by operating activities		64,606			39,693
Investing activities:
Acquisition of property and equipment		(36,568	)		(28,038	)
Acquisition of other intangibles		(1,525	)		(3,406	)
Proceeds from sale of property and equipment		107			21
Proceeds from property insurance settlements		36			280
Net cash used in investing activities		(37,950	)		(31,143	)
Financing activities:
Borrowings under revolving facility		531,100			129,000
Repayments under revolving facility		(531,100	)		(129,000	)
Repayments under term loan facility		(8,000	)		(8,000	)
Finance lease obligation payments		(2,779	)		(2,719	)
Dividends to shareholders		(9,089	)		(9,067	)
Repurchase of common stock		(181	)		—
Payments on withholding tax for restricted stock unit vesting		(304	)		(403	)
Net cash used in financing activities		(20,353	)		(20,189	)
Net increase (decrease) in cash and cash equivalents		6,303			(11,639	)
Cash and cash equivalents, beginning of year		12,039			23,678
Cash and cash equivalents, end of year	$	18,342			12,039
Supplemental disclosures of cash flow information:
Cash paid for interest	$	1,305			627
Cash paid for interest on financing lease obligations, net of capitalized interest of $318 and $313, respectively		2,002			1,801
Income taxes paid		5,048			7,012
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid	$	6,016			6,965
Acquisition of other intangibles not yet paid		3			12
Property acquired through operating lease obligations		15,274			24,429
Property acquired through finance lease obligations		5,724			9,625