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Note 8 - Stockholders' Equity
 6 Months Ended
Aug. 03, 2024
Notes to Financial Statements  
Equity [Text Block]

8. Stockholders’ Equity

 

The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen weeks ended August 3, 2024 and July 29, 2023 (in thousands):

 

  

For the thirteen weeks ended August 3, 2024

  

For the thirteen weeks ended July 29, 2023

 
                                         
  

Common

          

Retained

      

Common

          

Retained

     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

 

Balance, beginning

 $139  $64,065  $(12,153) $76,290  $128,341  $149  $70,324  $(12,177) $50,676  $108,972 

Shares issued under employee stock plans

               -   2   1,572   -   -   1,574 

Stock-based compensation

     336         336      369   -   -   369 

Shares withheld in lieu of tax withholdings

              -   (2)  (3,639)  -   -   (3,641)

Share Repurchase

  (3)  (1,570)     (7,576)  (9,149)  (4)  (1,853)  -   (6,244)  (8,101)

Cash Dividends

           (2,755)  (2,755)  -   -   -   -   - 

Other

           -   -   -   -   -   196   196 

Other comprehensive (loss) income

        240      240   -   -   160   -   160 

Net income

           8,778   8,778   -   -   -   8,338   8,338 

Balance, ending

 $136  $62,831  $(11,913) $74,737  $125,791  $145  $66,773  $(12,017) $52,965  $107,866 

 

(1) Additional paid-in capital (“APIC”)

(2) Accumulated other comprehensive loss (“AOCI”)

 

The following table sets forth the changes in stockholders’ equity (in thousands) for the twenty-six weeks ended August 3, 2024 and July 29, 2023 (in thousands):

 

  

For the twenty-six weeks ended August 3, 2024

  

For the twenty-six weeks ended July 29, 2023

 
                                         
  

Common

          

Retained

      

Common

          

Retained

     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

 

Balance, beginning

 $142  $66,330  $(12,082) $75,272  $129,662  $148  $69,868  $(12,274) $61,375  $119,117 

Adoption of new accounting standard

                                  (785)  (785)

Subtotal

 $142  $66,330  $(12,082) $75,272  $129,662  $148  $69,868  $(12,274) $60,590  $118,332 

Issuance of Restricted Stock

                  -                     

Shares issued under employee stock plans

  2   1,094           1,096   4   2,261           2,265 

Stock-based compensation

      669           669       758           758 

Shares withheld in lieu of tax withholdings

  (1)  (2,089)          (2,090)  (2)  (3,638)          (3,640)

Share Repurchase

  (7)  (3,173)      (15,167)  (18,347)  (5)  (2,476)      (8,718)  (11,199)

Other

              (40)  (40)              196   196 

Dividend

              (5,565)  (5,565)              (22,049)  (22,049)

Other comprehensive (loss) income

          169       169           257       257 

Net income

              20,237   20,237               22,946   22,946 

Balance, ending

 $136  $62,831  $(11,913) $74,737  $125,791  $145  $66,773  $(12,017) $52,965  $107,866 

 

(1) Additional paid-in capital (“APIC”)

(2) Accumulated other comprehensive loss (“AOCI”)

 

During the thirteen and twenty-six weeks ended August 3, 2024, the Company utilized $9.1 million in cash to repurchase 341,621 shares and utilized $18.2 million in cash to repurchase 685,027 shares, respectively, under its $50.0 million program that was authorized by its Board of Directors on August 31, 2022 (the "August 2022 Stock Repurchase Program").  Since the end of the second fiscal quarter, the Company utilized $2.0 million in cash to repurchase 73,274 shares leaving $5.9 millionavailable under the August 2022 Stock Repurchase Program.  For the thirteen and twenty-six weeks ended August 3, 2024, the Company's Board of Directors authorized cash dividends to shareholders of $2.7 million and $5.6 million, respectively.  Additionally, on September 11, 2024, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the issued and outstanding common stock of the company. The dividend will be paid on October 10, 2024, to all stockholders of record as of September 26, 2024.

 

On September 11, 2024, the Company announced that our Board of Directors terminated the August 2022 Stock Repurchase Program and authorized a new share repurchase program of up to $100 million (the “September 2024 Stock Repurchase Program”). The primary source of funding for the share repurchase program is expected to be cash on hand. The timing and amount of share repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The  September 2024 Stock Repurchase Program authorizes us to repurchase shares through September 30, 2028, does not require us to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. Shares repurchased under the program will be subsequently retired. The Company believes that the multi-year, multi-million dollar share buy-back program is reflective of the strong confidence that the Board of Directors has in the future of the Company.

 

For the twenty-six weeks ended July 29, 2023, the Company recorded credit impairment charges of $0.8 million on trade receivables into retained earnings as a result of the adoption of ASC 326 - Credit Impairment. 

 

During the first fiscal half of 2023, the Company utilized $8.1 million in cash to repurchase 394,321 shares under the August 2022 Stock Repurchase Program. The Company's Board of Directors also authorized a special cash dividend of $1.50 per share that was paid on April 6, 2023, to all stockholders of record as of March 23, 2023, following a $1.25 per share special cash dividend declared on November 30, 2021.