EACO Corp Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>EACO Corp has filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing financial information and corporate history.</b>

AI Summary

EACO CORP (EACO) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. EACO Corp filed a 10-Q report for the period ending November 30, 2023. The company's fiscal year ends on August 31. EACO Corp was formerly known as FAMILY STEAK HOUSES OF FLORIDA INC. The company's business address is 5065 E HUNTER AVE, ANAHEIM, CA 92807. The filing includes data related to retained earnings, additional paid-in capital, and accumulated other comprehensive income for various periods.

Why It Matters

For investors and stakeholders tracking EACO CORP, this filing contains several important signals. This filing provides investors with the latest financial performance and position of EACO Corp, crucial for understanding its current operational status and future prospects. The inclusion of historical financial data and former company names offers context for the company's evolution and financial trajectory.

Risk Assessment

Risk Level: low — EACO CORP shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial disclosures and does not indicate any immediate or significant financial distress or positive development.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess EACO Corp's revenue, expenses, and balance sheet changes for the reported quarter.

Key Numbers

• 2023-11-30 — Conformed Period of Report (10-Q)
• 2024-01-16 — Filed as of Date (10-Q)
• 0831 — Fiscal Year End (COMPANY DATA)
• 1992-07-03 — Date of Name Change (FORMER COMPANY)

Key Players & Entities

• EACO CORP (company) — FILER
• FAMILY STEAK HOUSES OF FLORIDA INC (company) — FORMER COMPANY
• 2023-11-30 (date) — CONFORMED PERIOD OF REPORT
• 2024-01-16 (date) — FILED AS OF DATE
• 5065 E HUNTER AVE (address) — BUSINESS ADDRESS
• ANAHEIM (location) — BUSINESS ADDRESS CITY
• CA (location) — BUSINESS ADDRESS STATE
• 92807 (postal_code) — BUSINESS ADDRESS ZIP

Forward-Looking Statements

• EACO's operating expenses related to property will decrease in future periods due to the elimination of lease payments for the Hunter Property. (EACO CORP) — medium confidence, target: 2024-08-31
• EACO's balance sheet will show an increase in property, plant, and equipment (PP&E) and potentially an increase in long-term debt or a decrease in cash due to the Hunter Property purchase. (EACO CORP) — high confidence, target: 2024-02-29

FAQ

Industry Context

EACO Corp operates in the Wholesale - Electronic Parts & Equipment, NEC sector (SIC 5065).

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Examine any disclosed revenue or segment information, if available.
3. Review notes to the financial statements for further details on accounting policies and significant events.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year ending August 31, 2024, providing an update from previous filings.

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 Par Value (Title of Class) Indicate

Filing Documents

• eaco-20231130x10q.htm (10-Q) — 721KB
• eaco-20231130xex31d1.htm (EX-31.1) — 13KB
• eaco-20231130xex32d1.htm (EX-32.1) — 6KB
• 0001410578-24-000011.txt (&nbsp;) — 3288KB
• eaco-20231130.xsd (EX-101.SCH) — 24KB
• eaco-20231130_cal.xml (EX-101.CAL) — 43KB
• eaco-20231130_def.xml (EX-101.DEF) — 68KB
• eaco-20231130_lab.xml (EX-101.LAB) — 224KB
• eaco-20231130_pre.xml (EX-101.PRE) — 177KB
• eaco-20231130x10q_htm.xml (XML) — 319KB

Financial Statements

Item 1. Financial Statements EACO Corporation and Subsidiaries Condensed Consolidated Statements of Income (in thousands, except for share and per share information) (Unaudited) Three Months Ended November 30, 2023 2022 Net sales $ 80,255 $ 76,319 Cost of sales 56,683 54,656 Gross margin 23,572 21,663 Operating expenses: Selling, general and administrative expenses 17,217 15,685 Impairment on termination of lease 3,906 — Income from operations 2,449 5,978 Other (expense) income: Net (loss) gain on trading securities ( 44 ) 442 Interest and other expense, net ( 9 ) ( 48 ) Other (expense) income, net ( 53 ) 394 Income before income taxes 2,396 6,372 Provision for income taxes 617 1,661 Net income 1,779 4,711 Cumulative preferred stock dividend ( 19 ) ( 19 ) Net income attributable to common shareholders $ 1,760 $ 4,692 Basic and diluted earnings per common share: $ 0.36 $ 0.97 Basic and diluted weighted average common shares outstanding 4,861,590 4,861,590 See accompanying notes to unaudited condensed consolidated financial statements. 2 EACO Corporation and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (in thousands) (Unaudited) Three Months Ended November 30, 2023 2022 Net income $ 1,779 $ 4,711 Other comprehensive (loss), net of tax: Foreign translation (loss) ( 131 ) ( 86 ) Total comprehensive income $ 1,648 $ 4,625 See accompanying notes to unaudited condensed consolidated financial statements. 3 EACO Corporation and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share information) (Unaudited) November 30, August 31, 2023 2023 ASSETS Current Assets: Cash and cash equivalents $ 6,499 $ 8,558 Restricted cash 10 10 Trade accounts receivable, net 46,051 46,654 Inventory, net 60,256 56,270 Marketable securities, trading 4,227 27,228 Prepaid expenses

View Full Filing

View this 10-Q filing on SEC EDGAR