HOOKER FURNISHINGS Corp Files Q1 2024 10-Q Report
Ticker: HOFT · Form: 10-Q · Filed: Jun 7, 2024 · CIK: 1077688
Sentiment: neutral
Topics: 10-Q, earnings, financials
TL;DR
HOOKER FURNISHINGS filed its 10-Q for Q1 2024. Financials are in.
AI Summary
HOOKER FURNISHINGS Corporation filed its 10-Q for the quarterly period ended April 28, 2024. The report details the company's financial performance and operations during this period. Key financial figures and operational highlights are presented within the filing.
Why It Matters
This filing provides investors and analysts with a detailed look at HOOKER FURNISHINGS' financial health and operational status for the first quarter of fiscal year 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.
Key Players & Entities
- HOOKER FURNISHINGS Corporation (company) — Registrant
- April 28, 2024 (date) — Quarterly period end date
- Virginia (location) — State of incorporation
- Martinsville, VA (location) — Principal executive offices
FAQ
What is the exact period covered by this 10-Q filing?
This 10-Q filing covers the quarterly period ended April 28, 2024.
What is the company's full legal name as specified in its charter?
The company's full legal name is HOOKER FURNISHINGS CORPORATION.
In which state was HOOKER FURNISHINGS CORPORATION incorporated?
HOOKER FURNISHINGS CORPORATION was incorporated in Virginia.
What is the address of the registrant's principal executive offices?
The address of the registrant's principal executive offices is 440 East Commonwealth Boulevard, Martinsville, VA 24112.
What is the registrant's telephone number?
The registrant's telephone number is (276) 632-2133.
Filing Stats: 4,573 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-06-07 17:01:56
Key Financial Figures
- $18 million — nding under the Unsecured Term Loan and $18 million was outstanding under the Secured Term
- $15.0 million — it capital expenditures to no more than $15.0 million during any fiscal year. 12 Table of C
- $35 million — had $ 28.3 million available under our $35 million Existing Revolver to fund working capit
Filing Documents
- hoft20240428_10q.htm (10-Q) — 1232KB
- ex_684876.htm (EX-10.2) — 11KB
- ex_683231.htm (EX-31.1) — 9KB
- ex_683232.htm (EX-31.2) — 9KB
- ex_683233.htm (EX-32.1) — 6KB
- 0001185185-24-000620.txt ( ) — 5860KB
- hoft-20240428.xsd (EX-101.SCH) — 47KB
- hoft-20240428_cal.xml (EX-101.CAL) — 47KB
- hoft-20240428_def.xml (EX-101.DEF) — 193KB
- hoft-20240428_lab.xml (EX-101.LAB) — 349KB
- hoft-20240428_pre.xml (EX-101.PRE) — 193KB
- hoft20240428_10q_htm.xml (XML) — 958KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 3 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.
Controls and Procedures
Controls and Procedures 28
OTHER INFORMATION
PART II. OTHER INFORMATION Item 5. Other Information 29 Item 6. Exhibits 29 Signature 30
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) As of April 28, January 28, 2024 2024 (unaudited) Assets Current assets Cash and cash equivalents $ 40,875 $ 43,159 Trade accounts receivable, net 49,586 51,280 Inventories 56,637 61,815 Income tax recoverable 2,520 3,014 Prepaid expenses and other current assets 7,318 5,530 Total current assets 156,936 164,798 Property, plant and equipment, net 28,945 29,142 Cash surrender value of life insurance policies 28,677 28,528 Deferred taxes 13,344 12,005 Operating leases right-of-use assets 49,231 50,801 Intangible assets, net 27,697 28,622 Goodwill 15,036 15,036 Other assets 15,664 14,654 Total non-current assets 178,594 178,788 Total assets $ 335,530 $ 343,586 Liabilities and Shareholders ' Equity Current liabilities Current portion of long-term debt $ 22,526 $ 1,393 Trade accounts payable 18,619 16,470 Accrued salaries, wages and benefits 5,642 7,400 Customer deposits 6,610 5,920 Current portion of operating lease liabilities 7,085 6,964 Other accrued expenses 2,430 3,262 Total current liabilities 62,912 41,409 Long term debt - 21,481 Deferred compensation 7,262 7,418 Operating lease liabilities 44,864 46,414 Other long-term liabilities 900 889 Total long-term liabilities 53,026 76,202 Total liabilities 115,938 117,611 Shareholders' equity Common stock, no par value, 20,000 shares authorized, 10,679 and 10,672 shares issued and outstanding on each date 49,729 49,524 Retained earnings 169,174 175,717 Accumulated other comprehensive income 689 734 Total shareholders' equity 219,592 225,975 Total liabilities and shareholders' equity $ 335,530 $ 343,586 The accompanying notes are an integral part of the unaudited condensed consolidated financial state