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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenues:        
Franchise $ 24,087 $ 28,886 $ 48,754 $ 59,216
Total revenue 51,053 59,967 104,425 121,838
Operating expenses:        
Inventory reserve 0 1,228 0 1,228
General and administrative 11,772 11,747 22,501 26,108
Rent 24,100 28,900 48,800 59,200
Advertising fund expense 6,808 7,965 14,034 16,216
Depreciation and amortization 677 3,793 1,047 5,044
Long-lived asset impairment 170 0 170 0
Total operating expenses 46,274 59,237 92,212 118,638
Operating income 4,779 730 12,213 3,200
Other (expense) income:        
Interest expense (6,188) (4,519) (12,376) (8,336)
Other, net 299 1,248 99 785
Loss from operations before income taxes (1,110) (2,541) (64) (4,351)
Income tax benefit (expense) 107 0 255 (28)
(Loss) income from continuing operations (1,003) (2,541) 191 (4,379)
Income from discontinued operations (Note 3) 2,000 134 2,000 3,440
Net income (loss) $ 997 $ (2,407) $ 2,191 $ (939)
Basic:        
Income (loss) from continuing operations (in dollars per share) $ (0.43) $ (1.10) $ 0.08 $ (1.90)
Income from discontinued operations, basic (in dollars per share) 0.85 0.06 0.86 1.49
Net income per share, basic (in dollars per share) [1] 0.43 (1.04) 0.94 (0.41)
Diluted:        
Income (loss) from continuing operations, diluted (in dollars per share) (0.43) (1.10) 0.08 (1.90)
Income from discontinued operations, diluted (in dollars per share) 0.85 0.06 0.84 1.49
Net income per share, diluted (in dollars per share) [1] $ 0.43 $ (1.04) $ 0.93 $ (0.41)
Weighted average common and common equivalent shares outstanding:        
Basic (in shares) 2,341 2,307 2,336 2,305
Diluted (in shares) 2,341 2,307 2,367 2,305
Non-Franchise Lease        
Operating expenses:        
Rent $ 1,394 $ 2,090 $ 2,491 $ 3,843
Franchisor        
Operating expenses:        
Rent 24,087 28,886 48,754 59,216
Royalties        
Revenues:        
Revenues 15,820 16,158 32,348 33,338
Fees        
Revenues:        
Revenues 2,492 3,238 5,123 5,791
Product sales to franchisees        
Revenues:        
Revenues 67 1,107 451 1,550
Operating expenses:        
Cost of product sales to franchisees 58 1,310 417 1,780
Advertising fund contributions        
Revenues:        
Revenues 6,808 7,965 14,034 16,216
Company-owned salon revenue        
Revenues:        
Revenues 1,779 2,613 3,715 5,727
Operating expenses:        
Company-owned salon expense [2] $ 1,308 $ 2,218 $ 2,798 $ 5,203
[1] Total is a recalculation; line items calculated individually may not sum to total due to rounding.
[2] Includes cost of service and product sold to guests in our Company-owned salons. Excludes general and administrative expense, rent and depreciation and amortization related to Company-owned salons