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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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ITEM 2.02. |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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ITEM 9.01. |
FINANCIAL STATEMENTS AND EXHIBITS
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Dated: June 13, 2023
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Kaspien Holding Inc.
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By:
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/s/ Edwin Sapienza
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Name: Edwin Sapienza
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Title: Chief Financial Officer
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Exhibit No.
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Description
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Kaspien Holding Inc. press release date June 13, 2023
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● |
Net revenue increased 3.6% to $32.9 million from $31.8 million in the comparable year-ago period. The increase in net revenue was primarily attributable to a 6.9% increase in
the Company’s Fulfillment by Amazon (“FBA”) US segment.
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● |
Gross profit increased 8.8% to $7.5 million, or 22.6% of net revenue, from $6.9 million, or 21.6% of net revenue in the comparable year-ago period. The increase in gross profit
was primarily attributable to a $1.3 million decrease in fulfilment and warehousing and freight as compared to the comparable year-ago period.
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Thirteen Weeks Ended
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Change
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|||||||||||||||
(amounts in thousands)
|
April 29, 2023
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April 30,
2022
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$ |
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%
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|||||||||||
Merchandise margin
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$
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13,309
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$
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14,046
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$
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(737
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)
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(5.2
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)%
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|||||||
% of net revenue
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40.4
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%
|
44.2
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%
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(3.8
|
)%
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||||||||||
Fulfillment fees
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(4,112
|
)
|
(4,568
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)
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(456
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)
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(10.0
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)%
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||||||||
Warehousing and freight
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(1,744
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)
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(2,627
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)
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(883
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)
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(33.6
|
)%
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||||||||
Gross profit
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$
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7,453
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$
|
6,851
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$
|
602
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8.8
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%
|
||||||||
% of net revenue
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22.6
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%
|
21.6
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%
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● |
Selling, General & Administrative (“SG&A”) expenses decreased 17.2% to $8.7 million, or 26.4% of net revenue, from $10.5 million, or 33.1% of net revenue, in the
comparable year-ago period. The decrease in general and administrative expenses is due to decreased wages, professional and software fees and marketing expenses.
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● |
Loss from operations was $1.3 million, compared to a loss from operations of $3.7 million in the comparable year-ago period. The decrease in operating loss was the result of
the increase in sales, higher gross margin and reductions in SG&A.
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● |
Net loss was $2.2 million, or $0.43 per diluted share, compared to a net loss of $4.4 million, or $1.78 per diluted share, in the comparable year-ago period.
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● |
Adjusted EBITDA loss (a non-GAAP metric reconciled below) was $1.1 million compared to an adjusted EBITDA loss of $3.4 million in the comparable year-ago period.
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● |
As of April 29, 2023, the Company had $0.5 million in cash and cash equivalents, compared to $1.1 million as of January 28, 2023 and $0.8 million as of April 30, 2022.
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● |
Inventory at quarter end was $27.7 million, compared to $32.3 million as of April 30, 2022. The decrease in inventory was due stricter supply chain management.
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● |
As of April 29, 2023, the Company had borrowings of $9.3 million under the Credit Facility and had $3.3 million available for borrowing.
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● |
Cash used in operations for the thirteen weeks ended April 29, 2023 was $0.8 million as compared to $5.8 million for the comparable prior year period.
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Thirteen Weeks Ended
|
||||||||
April 29,
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April 30,
|
|||||||
(amounts in thousands)
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2023
|
2022
|
||||||
Net loss
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$
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(2,152
|
)
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$
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(4,428
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)
|
||
Income tax expense (benefit)
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-
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-
|
||||||
Interest expense
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896
|
762
|
||||||
Loss from operations
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(1,258
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)
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(3,666
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)
|
||||
Depreciation expense
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188
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293
|
||||||
EBITDA
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$
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(1,070
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)
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$
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(3,373
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)
|
Thirteen Weeks Ended
|
||||||||
April 29,
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April 30,
|
|||||||
2023
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2022
|
|||||||
Net revenue
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$
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32,932
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$
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31,791
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||||
Cost of sales
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25,479
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24,940
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||||||
Gross profit
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7,453
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6,851
|
||||||
Selling, general and administrative expenses
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8,709
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10,517
|
||||||
Loss from operations
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(1,256
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)
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(3,666
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)
|
||||
Interest expense
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896
|
762
|
||||||
Loss from operations before income tax expense
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(2,152
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)
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(4,428
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)
|
||||
Income tax expense
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-
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-
|
||||||
Net loss
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$
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(2,152
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)
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$
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(4,428
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)
|
||
BASIC AND DILUTED INCOME PER SHARE:
|
||||||||
Basic and diluted loss per common share
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$
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(0.43
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)
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$
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(1.78
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)
|
||
Weighted average number of common shares outstanding – basic and diluted
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4,965
|
2,493
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April 29,
|
January 28,
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April 30,
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||||||||||
2023
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2023
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2022
|
||||||||||
ASSETS
|
||||||||||||
CURRENT ASSETS
|
||||||||||||
Cash and cash equivalents
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$
|
514
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$
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1,130
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$
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828
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||||||
Restricted cash
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1,158
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1,158
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1,158
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|||||||||
Accounts receivable
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2,879
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1,969
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2,727
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|||||||||
Merchandise inventory
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27,703
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26,704
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32,254
|
|||||||||
Prepaid expenses and other current assets
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300
|
999
|
558
|
|||||||||
Total current assets
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32,554
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31,960
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37,525
|
|||||||||
Restricted cash
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1,571
|
1,338
|
2,160
|
|||||||||
Fixed assets, net
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1,913
|
1,999
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2,441
|
|||||||||
Operating lease right-of-use assets
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1,344
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1,505
|
1,990
|
|||||||||
Cash surrender value
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3,369
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3,371
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3,800
|
|||||||||
Other assets
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566
|
566
|
872
|
|||||||||
TOTAL ASSETS
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$
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41,317
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$
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40,739
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$
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48,788
|
||||||
LIABILITIES
|
||||||||||||
CURRENT LIABILITIES
|
||||||||||||
Accounts payable
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$
|
9,088
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$
|
7,044
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$
|
7,664
|
||||||
Short-term borrowings
|
9,295
|
8,812
|
10,508
|
|||||||||
Accrued expenses and other current liabilities
|
2,652
|
2,876
|
2,208
|
|||||||||
Current portion of operating lease liabilities
|
708
|
695
|
663
|
|||||||||
Total current liabilities
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21,743
|
19,427
|
21,043
|
|||||||||
Operating lease liabilities
|
880
|
1,019
|
1,439
|
|||||||||
Long-term debt
|
10,429
|
9,790
|
7,944
|
|||||||||
Other long-term liabilities
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11,455
|
11,604
|
13,987
|
|||||||||
TOTAL LIABILITIES
|
44,507
|
41,840
|
44,413
|
|||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)
|
-
|
-
|
-
|
|||||||||
Common stock ($0.01 par value; 200,000,000 shares authorized; 5,432,072 5,432,072 and 3,902,985 shares issued,
respectively)
|
54
|
54
|
39
|
|||||||||
Additional paid-in capital
|
214,092
|
214,029
|
360,738
|
|||||||||
Treasury stock at cost (467,069, 467,069 and 1,410,417 shares, respectively)
|
(76,132
|
)
|
(76,132
|
)
|
(230,170
|
)
|
||||||
Accumulated other comprehensive gain (loss)
|
886
|
886
|
(910
|
)
|
||||||||
Accumulated deficit
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(142,090
|
)
|
(139,938
|
)
|
(125,322
|
)
|
||||||
TOTAL SHAREHOLDERS' EQUITY
|
(3,190
|
)
|
(1,101
|
)
|
4,375
|
|||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
41,317
|
$
|
40,739
|
$
|
48,788
|
Document and Entity Information |
Apr. 29, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 29, 2023 |
Entity File Number | 0-14818 |
Entity Registrant Name | Kaspien Holdings Inc. |
Entity Central Index Key | 0000795212 |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 14-1541629 |
Entity Address, Address Line One | 2818 N. Sullivan Rd. |
Entity Address, Address Line Two | Ste 130 |
Entity Address, City or Town | Spokane Valley |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 99216 |
City Area Code | 509 |
Local Phone Number | 900-6287 |
Title of 12(b) Security | Common shares, $0.01 par value per share |
Trading Symbol | KSPN |
Security Exchange Name | NONE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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