DO IT BEST CORP. CONSOLIDATED FINANCIAL STATEMENTS …
DO IT BEST CORP.
CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED JUNE 29, 2019, JUNE 30, 2018, AND JUNE 24, 2017
DO IT BEST CORP. TABLE OF CONTENTS YEARS ENDED JUNE 29, 2019, JUNE 30, 2018, AND JUNE 24, 2017
INDEPENDENT AUDITORS' REPORT
1
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
3
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
5
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
6
CONSOLIDATED STATEMENTS OF CASH FLOWS
7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8
INDEPENDENT AUDITORS' REPORT
Board of Directors and Member-Shareholders Do it Best Corp. Fort Wayne, Indiana
We have audited the accompanying consolidated financial statements of Do it Best Corp., which comprise the consolidated balance sheets as of June 29, 2019 and June 30, 2018, and the related consolidated statements of income (loss), comprehensive income (loss), changes in shareholders' equity, and cash flows for the fiscal years then ended, and the related notes to the consolidated financial statements.
Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
(1)
Board of Directors and Member-Shareholders Do it Best Corp.
Opinion In our opinion, the 2019 and 2018 consolidated financial statements referred to above present fairly, in all material respects, the financial position of Do it Best Corp. and its subsidiaries as of June 29, 2019 and June 30, 2018, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Prior Period Financial Statements The consolidated statements of income (loss), comprehensive income (loss), changes in shareholders' equity, and cash flows for the fiscal year ended June 24, 2017 of Do it Best Corp. were audited by other auditors whose report dated August 31, 2017, expressed an unmodified opinion on those statements.
CliftonLarsonAllen LLP
Indianapolis, Indiana August 21, 2019
(2)
DO IT BEST CORP.
CONSOLIDATED BALANCE SHEETS
JUNE 29, 2019 AND JUNE 30, 2018
(IN THOUSANDS)
ASSETS
CURRENT ASSETS Cash and Cash Equivalents Short-Term Investments, Held-to-Maturity Accounts and Notes Receivable, Less Allowance for Doubtful Accounts of $500 in 2019 and 2018 Income Tax Receivable Merchandise Inventories Prepaid Expenses Total Current Assets
PROPERTY AND EQUIPMENT, Net
Accounts and Notes Receivable, Less Current Maturities Deferred Income Taxes Other Assets
Total Assets
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES Accounts Payable Accrued Expenses Total Current Liabilities
Long-Term Portion of Accrued Pension and Other Postretirement Liabilities
SHAREHOLDERS' EQUITY Common Stock, Voting Common Stock, Nonvoting Preference Stock Accumulated Other Comprehensive Loss Retained Earnings Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
2019
2018
$
99,609
-
315,390 612
282,029 203
697,843
113,283
3,031 14,845
2,119
$ 831,121
$
64,099
9,940
344,137 1,057
281,124 622
700,979
113,177
5,489 13,199
2,059
$ 834,903
$ 452,634 58,004
510,638
$ 461,789 54,941
516,730
30,693
25,413
3,046 663
306,545 (23,503)
3,039 289,790
3,046 650
305,951 (18,408)
1,521 292,760
$ 831,121
$ 834,903
See accompanying Notes to Consolidated Financial Statements. (3)
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