Delaware
|
06-1275288
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Ethan Allen Drive, Danbury, Connecticut
|
06811
|
(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer [ ]
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Accelerated filer [X]
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Non-accelerated filer [ ]
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Smaller reporting company [ ]
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Item
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Page
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1.
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2
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3
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4
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5
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6
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2.
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21 | |
3.
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31
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4.
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31
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1.
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31
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1A.
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31
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2.
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31
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3.
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31
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4.
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31
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5.
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32
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6.
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32
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33
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March 31, 2012
|
June 30, 2011
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 73,130 | $ | 78,519 | ||||
Marketable securities (note 5)
|
11,259 | 12,909 | ||||||
Accounts receivable, less allowance for doubtful accounts of $1,261 at March 31, 2012 and $1,171 at June 30, 2011
|
17,571 | 15,036 | ||||||
Inventories (note 6)
|
142,262 | 141,692 | ||||||
Prepaid expenses and other current assets
|
24,209 | 20,372 | ||||||
Total current assets
|
268,431 | 268,528 | ||||||
Property, plant and equipment, net
|
297,211 | 294,853 | ||||||
Goodwill and other intangible assets
|
45,128 | 45,128 | ||||||
Restricted cash and investments (note 4)
|
15,410 | 16,391 | ||||||
Other assets
|
7,251 | 3,425 | ||||||
Total assets
|
$ | 633,431 | $ | 628,325 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of long-term debt (note 9)
|
$ | 192 | $ | 19 | ||||
Customer deposits
|
61,512 | 62,649 | ||||||
Accounts payable
|
26,655 | 26,958 | ||||||
Accrued compensation and benefits
|
26,458 | 28,359 | ||||||
Accrued expenses and other current liabilities (note 7)
|
29,117 | 36,631 | ||||||
Total current liabilities
|
143,934 | 154,616 | ||||||
Long-term debt (note 9)
|
154,058 | 165,013 | ||||||
Other long-term liabilities
|
17,719 | 18,975 | ||||||
Deferred income taxes
|
- | 8,034 | ||||||
Total liabilities
|
315,711 | 346,638 | ||||||
Shareholders' equity:
|
||||||||
Class A common stock, par value $0.01; 150,000,000 shares authorized; 48,486,704 shares issued at March 31, 2012 and 48,350,065 shares issued at June 30, 2011
|
485 | 484 | ||||||
Class B common stock, par value $0.01; 600,000 shares authorized; no shares issued and outstanding at March 31, 2012 and June 30, 2011
|
- | - | ||||||
Preferred stock, par value $0.01; 1,055,000 shares authorized; no shares issued and outstanding at March 31, 2012 and June 30, 2011
|
- | - | ||||||
Additional paid-in-capital
|
360,518 | 359,728 | ||||||
Less: Treasury stock (at cost), 19,623,385 shares at March 31, 2012 and 19,571,092 shares at June 30, 2011
|
(583,538 | ) | (582,691 | ) | ||||
Retained earnings
|
538,224 | 501,908 | ||||||
Accumulated other comprehensive income (note 13)
|
1,825 | 2,258 | ||||||
Total Ethan Allen Interiors Inc. shareholders' equity
|
317,514 | 281,687 | ||||||
Noncontrolling interests (note 1)
|
206 | - | ||||||
Total shareholders equity
|
317,720 | 281,687 | ||||||
Total liabilities and shareholders' equity
|
$ | 633,431 | $ | 628,325 |
See accompanying notes to consolidated financial statements.
|
Three months ended
|
Nine months ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net sales
|
$ | 175,861 | $ | 162,822 | $ | 544,057 | $ | 501,008 | ||||||||
Cost of sales
|
81,586 | 79,753 | 253,678 | 245,697 | ||||||||||||
Gross profit
|
94,275 | 83,069 | 290,379 | 255,311 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Selling
|
44,281 | 39,147 | 130,147 | 118,542 | ||||||||||||
General and administrative
|
42,191 | 39,056 | 124,864 | 115,758 | ||||||||||||
Restructuring and impairment charge, net (note 7)
|
16 | 109 | 5 | 393 | ||||||||||||
Total operating expenses
|
86,488 | 78,312 | 255,016 | 234,693 | ||||||||||||
Operating income
|
7,787 | 4,757 | 35,363 | 20,618 | ||||||||||||
Interest and other miscellaneous income, net
|
157 | 1,128 | 362 | 5,453 | ||||||||||||
Interest and other related financing costs (note 9)
|
2,189 | 2,773 | 6,814 | 8,649 | ||||||||||||
Income before income taxes
|
5,755 | 3,112 | 28,911 | 17,422 | ||||||||||||
Income tax benefit (note 3)
|
(21,793 | ) | (406 | ) | (13,484 | ) | (4,653 | ) | ||||||||
Net income
|
$ | 27,548 | $ | 3,518 | $ | 42,395 | $ | 22,075 | ||||||||
Per share data (note 12):
|
||||||||||||||||
Basic earnings per common share:
|
||||||||||||||||
Net income per basic share
|
$ | 0.95 | $ | 0.12 | $ | 1.47 | $ | 0.77 | ||||||||
Basic weighted average common shares
|
28,857 | 28,751 | 28,813 | 28,753 | ||||||||||||
Diluted earnings per common share:
|
||||||||||||||||
Net income per diluted share
|
$ | 0.94 | $ | 0.12 | $ | 1.46 | $ | 0.76 | ||||||||
Diluted weighted average common shares
|
29,236 | 28,987 | 29,085 | 28,953 |
See accompanying notes to consolidated financial statements.
|
ETHAN ALLEN INTERIORS INC.
|
Consolidated Statements of Cash Flows (Unaudited)
|
(In thousands)
|
Nine months ended
|
||||||||
March 31,
|
||||||||
2012 |
2011
|
|||||||
Operating activities:
|
||||||||
Net income
|
$ | 42,395 | $ | 22,075 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
14,092 | 16,120 | ||||||
Compensation expense related to share-based awards
|
1,218 | 669 | ||||||
Provision (benefit) for deferred income taxes
|
(20,501 | ) | 15 | |||||
Loss on disposal of property, plant and equipment
|
1,645 | 310 | ||||||
Other
|
193 | (268 | ) | |||||
Change in assets and liabilities, net of the effects from acquired and divested businesses:
|
||||||||
Accounts receivable
|
(3,108 | ) | (3,875 | ) | ||||
Inventories
|
946 | 3,462 | ||||||
Prepaid and other current assets
|
(2,497 | ) | 4,854 | |||||
Other assets
|
150 | 473 | ||||||
Customer deposits
|
(1,622 | ) | (90 | ) | ||||
Accounts payable
|
(303 | ) | 1,418 | |||||
Accrued expenses
|
(3,519 | ) | (5,288 | ) | ||||
Other liabilities
|
(1,256 | ) | 711 | |||||
Net cash provided by operating activities
|
27,833 | 40,586 | ||||||
Investing activities:
|
||||||||
Proceeds from the disposal of property, plant & equipment
|
1,792 | 145 | ||||||
Change in restricted cash and investments
|
981 | 953 | ||||||
Capital expenditures
|
(19,836 | ) | (5,731 | ) | ||||
Acquistions
|
(520 | ) | (611 | ) | ||||
Purchases of marketable securities
|
(3,290 | ) | (8,214 | ) | ||||
Sales of marketable securities
|
4,675 | 6,069 | ||||||
Other
|
773 | (456 | ) | |||||
Net cash used in investing activities
|
(15,425 | ) | (7,845 | ) | ||||
Financing activities:
|
||||||||
Payments on long-term debt and capital lease obligations
|
(12,145 | ) | (26,070 | ) | ||||
Proceeds from issuance of common stock
|
225 | 29 | ||||||
Proceeds from non controlling interest
|
275 | - | ||||||
Payments of deferred financing costs
|
- | (125 | ) | |||||
Payment of cash dividends
|
(6,046 | ) | (4,313 | ) | ||||
Purchases and other retirements of company stock
|
(847 | ) | (5,377 | ) | ||||
Net cash used in financing activities
|
(18,538 | ) | (35,856 | ) | ||||
Effect of exchange rate changes on cash
|
741 | 75 | ||||||
Net decrease in cash & cash equivalents
|
(5,389 | ) | (3,040 | ) | ||||
Cash & cash equivalents at beginning of period
|
78,519 | 73,852 | ||||||
Cash & cash equivalents at end of period
|
$ | 73,130 | $ | 70,812 |
See accompanying notes to consolidated financial statements.
|
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
Other
|
Non-
|
||||||||||||||||||||||||||
Common
|
Paid-in
|
Treasury
|
Comprehensive
|
Retained
|
Controlling
|
|||||||||||||||||||||||
Stock
|
Capital
|
Stock
|
Income
|
Earnings
|
Interests
|
Total
|
||||||||||||||||||||||
Balance at June 30, 2011
|
$ | 484 | $ | 359,728 | $ | (582,691 | ) | $ | 2,258 | $ | 501,908 | $ | - | $ | 281,687 | |||||||||||||
Issuance of common shares upon the exercise of share-based awards
|
1 | 224 | - | - | - | - | 225 | |||||||||||||||||||||
Compensation expense associated with share-based awards (note 11)
|
- | 1,218 | - | - | - | - | 1,218 | |||||||||||||||||||||
Tax benefit associated with exercise of share based awards
|
- | (652 | ) | - | - | - | - | (652 | ) | |||||||||||||||||||
Purchase/retirement of 52,293 shares of company stock
|
- | - | (847 | ) | - | - | - | (847 | ) | |||||||||||||||||||
Dividends declared on common stock
|
- | - | - | - | (6,079 | ) | (6,079 | ) | ||||||||||||||||||||
Increase from business combination
|
275 | 275 | ||||||||||||||||||||||||||
Other comprehensive income (note 13):
|
||||||||||||||||||||||||||||
Currency translation adjustments
|
- | - | - | (467 | ) | - | - | (467 | ) | |||||||||||||||||||
Unrealized gain (loss) on investments
|
- | - | - | (6 | ) | - | - | (6 | ) | |||||||||||||||||||
Loss on derivatives, net of tax
|
- | - | - | 40 | - | - | 40 | |||||||||||||||||||||
Net income
|
- | - | - | - | 42,395 | (69 | ) | 42,326 | ||||||||||||||||||||
Total comprehensive income
|
41,893 | |||||||||||||||||||||||||||
Balance at March 31, 2012
|
$ | 485 | $ | 360,518 | $ | (583,538 | ) | $ | 1,825 | $ | 538,224 | $ | 206 | $ | 317,720 |
See accompanying notes to consolidated financial statements.
|
March 31,
|
June 30,
|
|||||||
2012
|
2011
|
|||||||
Finished goods
|
$ | 109,256 | $ | 108,438 | ||||
Work in process
|
8,882 | 8,868 | ||||||
Raw materials
|
24,124 | 24,386 | ||||||
$ | 142,262 | $ | 141,692 |
March 31,
|
June 30,
|
|||||||
2012
|
2011
|
|||||||
5.375% Senior Notes due 2015
|
$ | 152,955 | $ | 164,821 | ||||
Capital leases
|
1,295 | - | ||||||
Other debt
|
- | 211 | ||||||
Total debt
|
154,250 | 165,032 | ||||||
Less current maturities
|
192 | 19 | ||||||
Total long-term debt
|
$ | 154,058 | $ | 165,013 |
Three months ended
|
Nine months ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Weighted average common shares outstanding for basic calculation
|
28,857 | 28,751 | 28,813 | 28,753 | ||||||||||||
Effect of dilutive stock options and other share-based awards
|
379 | 236 | 272 | 200 | ||||||||||||
Weighted average common shares outstanding adjusted for dilution calculation
|
29,236 | 28,987 | 29,085 | 28,953 |
Level 1
|
Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.
|
Level 2
|
Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
Level 3
|
Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.
|
March 31, 2012
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Balance
|
|||||||||||||
Cash equivalents
|
$ | 88,540 | - | - | $ | 88,540 | ||||||||||
Available-for-sale securities
|
- | 11,259 | - | 11,259 | ||||||||||||
Total
|
$ | 88,540 | $ | 11,259 | $ | - | $ | 99,799 |
June 30, 2011
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Balance
|
|||||||||||||
Cash equivalents
|
$ | 94,910 | - | - | $ | 94,910 | ||||||||||
Available-for-sale securities
|
- | 12,909 | - | 12,909 | ||||||||||||
Total
|
$ | 94,910 | $ | 12,909 | $ | - | $ | 107,819 |
March 31, 2012
|
||||||||
Cost
|
Estimated Fair Value
|
|||||||
Due in one year or less
|
$ | 9,105 | $ | 9,213 | ||||
Due after one year through five years
|
$ | 2,023 | $ | 2,046 | ||||
June 30, 2011
|
||||||||
Cost
|
Estimated Fair Value
|
|||||||
Due in one year or less
|
$ | 7,311 | $ | 7,393 | ||||
Due after one year through five years
|
$ | 5,428 | $ | 5,517 |
Three months ended
|
Nine months ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Case Goods
|
39 | % | 43 | % | 39 | % | 40 | % | ||||||||
Upholstered Products
|
43 | % | 41 | % | 44 | % | 45 | % | ||||||||
Home Accessories and Other
|
18 | % | 16 | % | 17 | % | 15 | % | ||||||||
100 | % | 100 | % | 100 | % | 100 | % |
Three months ended
|
Nine months ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net sales:
|
||||||||||||||||
Wholesale segment
|
$ | 121,044 | $ | 104,119 | $ | 344,069 | $ | 312,467 | ||||||||
Retail segment
|
131,402 | 117,029 | 415,687 | 369,066 | ||||||||||||
Elimination of inter-company sales
|
(76,585 | ) | (58,326 | ) | (215,699 | ) | (180,525 | ) | ||||||||
Consolidated Total
|
$ | 175,861 | $ | 162,822 | $ | 544,057 | $ | 501,008 | ||||||||
Operating income (loss):
|
||||||||||||||||
Wholesale segment
|
$ | 18,191 | $ | 13,253 | $ | 49,584 | $ | 35,076 | ||||||||
Retail segment (1)(2)
|
(6,549 | ) | (7,271 | ) | (10,578 | ) | (12,767 | ) | ||||||||
Adjustment of inter-company profit (3)
|
(3,855 | ) | (1,225 | ) | (3,643 | ) | (1,691 | ) | ||||||||
Consolidated Total
|
$ | 7,787 | $ | 4,757 | $ | 35,363 | $ | 20,618 | ||||||||
Depreciation & Amortization:
|
||||||||||||||||
Wholesale segment
|
$ | 1,733 | $ | 2,350 | $ | 5,717 | $ | 7,313 | ||||||||
Retail segment
|
2,777 | 2,841 | 8,375 | 8,807 | ||||||||||||
Consolidated Total
|
$ | 4,510 | $ | 5,191 | $ | 14,092 | $ | 16,120 | ||||||||
Capital expenditures:
|
||||||||||||||||
Wholesale segment
|
$ | 1,366 | $ | 1,450 | $ | 9,769 | $ | 4,136 | ||||||||
Retail segment
|
7,078 | 309 | 10,067 | 1,595 | ||||||||||||
Acquisitions
|
520 | 426 | 520 | 611 | ||||||||||||
Consolidated Total
|
$ | 8,964 | $ | 2,185 | $ | 20,356 | $ | 6,342 |
March 31,
|
June 30,
|
|||||||
2012
|
2011
|
|||||||
Total Assets:
|
||||||||
Wholesale segment
|
$ | 298,460 | $ | 309,081 | ||||
Retail segment
|
366,418 | 347,044 | ||||||
Inventory profit elimination (4)
|
(31,447 | ) | (27,800 | ) | ||||
Consolidated Total
|
$ | 633,431 | $ | 628,325 |
(1)
|
Operating income (loss) for the retail segment for the three months ended March 31, 2011 includes pre-tax restructuring and impairment charges of $0.1 million.
|
(2)
|
Operating income (loss) for the retail segment for the nine months ended March 31, 2011 includes pre-tax restructuring and impairment charges of $0.4 million.
|
(3)
|
Represents the change in wholesale profit contained in the retail segment inventory at the end of the period.
|
(4)
|
Represents the wholesale profit contained in the retail segment inventory that has not yet been realized. These profits are realized when the related inventory is sold.
|
Parent
|
Issuer
|
Guarantors
|
Non-Guarantors
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | - | $ | 61,042 | $ | 9,381 | $ | 2,707 | $ | - | $ | 73,130 | ||||||||||||
Marketable securities
|
- | 11,259 | - | - | - | 11,259 | ||||||||||||||||||
Accounts receivable, net
|
- | 17,019 | 552 | - | - | 17,571 | ||||||||||||||||||
Inventories
|
- | - | 168,992 | 4,717 | (31,447 | ) | 142,262 | |||||||||||||||||
Prepaid expenses and other current assets
|
- | 6,948 | 14,552 | 2,709 | - | 24,209 | ||||||||||||||||||
Intercompany receivables
|
- | 820,578 | 267,656 | (9,029 | ) | (1,079,205 | ) | - | ||||||||||||||||
Total current assets
|
- | 916,846 | 461,133 | 1,104 | (1,110,652 | ) | 268,431 | |||||||||||||||||
Property, plant and equipment, net
|
- | 8,501 | 274,047 | 14,663 | - | 297,211 | ||||||||||||||||||
Goodwill and other intangible assets
|
- | 37,905 | 7,223 | - | - | 45,128 | ||||||||||||||||||
Restricted cash and investments
|
- | 15,410 | - | - | - | 15,410 | ||||||||||||||||||
Other assets
|
- | 6,445 | 806 | - | - | 7,251 | ||||||||||||||||||
Investment in affiliated companies
|
645,567 | (106,422 | ) | - | - | (539,145 | ) | - | ||||||||||||||||
Total assets
|
$ | 645,567 | $ | 878,685 | $ | 743,209 | $ | 15,767 | $ | (1,649,797 | ) | $ | 633,431 | |||||||||||
Liabilities and Shareholders’ Equity
|
||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||
Current maturities of long-term debt
|
$ | - | $ | - | $ | 192 | $ | - | $ | - | $ | 192 | ||||||||||||
Customer deposits
|
- | - | 59,040 | 2,472 | - | 61,512 | ||||||||||||||||||
Accounts payable
|
- | 8,949 | 17,382 | 324 | - | 26,655 | ||||||||||||||||||
Accrued expenses and other current liabilities
|
2,163 | 37,238 | 15,156 | 1,018 | - | 55,575 | ||||||||||||||||||
Intercompany payables
|
325,684 | 327 | 743,874 | 9,320 | (1,079,205 | ) | - | |||||||||||||||||
Total current liabilities
|
327,847 | 46,514 | 835,644 | 13,134 | (1,079,205 | ) | 143,934 | |||||||||||||||||
Long-term debt
|
- | 152,955 | 1,103 | - | - | 154,058 | ||||||||||||||||||
Other long-term liabilities
|
- | 3,789 | 13,843 | 87 | - | 17,719 | ||||||||||||||||||
Total liabilities
|
327,847 | 203,258 | 850,590 | 13,221 | (1,079,205 | ) | 315,711 | |||||||||||||||||
Shareholders’ equity
|
317,720 | 675,427 | (107,381 | ) | 2,546 | (570,592 | ) | 317,720 | ||||||||||||||||
Total liabilities and shareholders’ equity
|
$ | 645,567 | $ | 878,685 | $ | 743,209 | $ | 15,767 | $ | (1,649,797 | ) | $ | 633,431 |
Parent
|
Issuer
|
Guarantors
|
Non-Guarantors
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | - | $ | 69,763 | $ | 7,716 | $ | 1,040 | $ | - | $ | 78,519 | ||||||||||||
Marketable securities
|
- | 12,909 | - | - | - | 12,909 | ||||||||||||||||||
Accounts receivable, net
|
- | 13,609 | 174 | 1,253 | - | 15,036 | ||||||||||||||||||
Inventories
|
- | - | 164,938 | 4,554 | (27,800 | ) | 141,692 | |||||||||||||||||
Prepaid expenses and other current assets
|
- | 4,598 | 14,866 | 908 | - | 20,372 | ||||||||||||||||||
Intercompany receivables
|
- | 784,285 | 249,461 | (8,423 | ) | (1,025,323 | ) | - | ||||||||||||||||
Total current assets
|
- | 885,164 | 437,155 | (668 | ) | (1,053,123 | ) | 268,528 | ||||||||||||||||
Property, plant and equipment, net
|
- | 8,023 | 276,057 | 10,773 | - | 294,853 | ||||||||||||||||||
Goodwill and other intangible assets
|
- | 37,905 | 7,223 | - | - | 45,128 | ||||||||||||||||||
Restricted cash and investments
|
- | 16,391 | - | - | - | 16,391 | ||||||||||||||||||
Other assets
|
- | 2,700 | 725 | - | - | 3,425 | ||||||||||||||||||
Investment in affiliated companies
|
602,699 | (93,132 | ) | - | - | (509,567 | ) | - | ||||||||||||||||
Total assets
|
$ | 602,699 | $ | 857,051 | $ | 721,160 | $ | 10,105 | $ | (1,562,690 | ) | $ | 628,325 | |||||||||||
Liabilities and Shareholders’ Equity
|
||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||
Current maturities of long-term debt
|
$ | - | $ | - | $ | 19 | $ | - | $ | - | $ | 19 | ||||||||||||
Customer deposits
|
- | - | 59,633 | 3,016 | - | 62,649 | ||||||||||||||||||
Accounts payable
|
- | 7,333 | 19,233 | 392 | - | 26,958 | ||||||||||||||||||
Accrued expenses and other current liabilities
|
2,130 | 43,212 | 18,746 | 902 | - | 64,990 | ||||||||||||||||||
Intercompany payables
|
318,882 | 597 | 702,748 | 3,096 | (1,025,323 | ) | - | |||||||||||||||||
Total current liabilities
|
321,012 | 51,142 | 800,379 | 7,406 | (1,025,323 | ) | 154,616 | |||||||||||||||||
Long-term debt
|
- | 164,832 | 181 | - | - | 165,013 | ||||||||||||||||||
Other long-term liabilities
|
- | 4,392 | 14,474 | 109 | - | 18,975 | ||||||||||||||||||
Deferred income taxes
|
- | 8,034 | - | - | - | 8,034 | ||||||||||||||||||
Total liabilities
|
321,012 | 228,400 | 815,034 | 7,515 | (1,025,323 | ) | 346,638 | |||||||||||||||||
Shareholders’ equity
|
281,687 | 628,651 | (93,874 | ) | 2,590 | (537,367 | ) | 281,687 | ||||||||||||||||
Total liabilities and shareholders’ equity
|
$ | 602,699 | $ | 857,051 | $ | 721,160 | $ | 10,105 | $ | (1,562,690 | ) | $ | 628,325 |
Parent
|
Issuer
|
Guarantors
|
Non-Guarantors
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net sales
|
$ | - | $ | 121,425 | $ | 191,275 | $ | 7,971 | $ | (144,810 | ) | $ | 175,861 | |||||||||||
Cost of sales
|
- | 89,850 | 127,738 | 4,704 | (140,706 | ) | 81,586 | |||||||||||||||||
Gross profit
|
- | 31,575 | 63,537 | 3,267 | (4,104 | ) | 94,275 | |||||||||||||||||
Selling, general and administrative expenses
|
45 | 11,969 | 70,748 | 3,710 | - | 86,472 | ||||||||||||||||||
Restructuring and impairment charge, (credit) net
|
- | - | 16 | - | - | 16 | ||||||||||||||||||
Total operating expenses
|
45 | 11,969 | 70,764 | 3,710 | - | 86,488 | ||||||||||||||||||
Operating income (loss)
|
(45 | ) | 19,606 | (7,227 | ) | (443 | ) | (4,104 | ) | 7,787 | ||||||||||||||
Interest and other miscellaneous income, net
|
27,593 | (6,598 | ) | 66 | (36 | ) | (20,868 | ) | 157 | |||||||||||||||
Interest and other related financing costs
|
- | 2,180 | 9 | - | - | 2,189 | ||||||||||||||||||
Income before income tax expense
|
27,548 | 10,828 | (7,170 | ) | (479 | ) | (24,972 | ) | 5,755 | |||||||||||||||
Income tax expense
|
- | (20,869 | ) | (947 | ) | 23 | - | (21,793 | ) | |||||||||||||||
Net income/(loss)
|
$ | 27,548 | $ | 31,697 | $ | (6,223 | ) | $ | (502 | ) | $ | (24,972 | ) | $ | 27,548 |
Parent
|
Issuer
|
Guarantors
|
Non-Guarantors
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net sales
|
$ | - | $ | 104,481 | $ | 167,548 | $ | 6,692 | $ | (115,899 | ) | $ | 162,822 | |||||||||||
Cost of sales
|
- | 78,061 | 112,671 | 3,641 | (114,620 | ) | 79,753 | |||||||||||||||||
Gross profit
|
- | 26,420 | 54,877 | 3,051 | (1,279 | ) | 83,069 | |||||||||||||||||
Selling, general and administrative expenses
|
45 | 10,330 | 64,404 | 3,424 | - | 78,203 | ||||||||||||||||||
Restructuring and impairment charge, (credit) net
|
- | - | 109 | - | - | 109 | ||||||||||||||||||
Total operating expenses
|
45 | 10,330 | 64,513 | 3,424 | - | 78,312 | ||||||||||||||||||
Operating income (loss)
|
(45 | ) | 16,090 | (9,636 | ) | (373 | ) | (1,279 | ) | 4,757 | ||||||||||||||
Interest and other miscellaneous income, net
|
3,563 | (8,956 | ) | (1 | ) | (1 | ) | 6,523 | 1,128 | |||||||||||||||
Interest and other related financing costs
|
- | 2,698 | 75 | - | - | 2,773 | ||||||||||||||||||
Income before income tax expense
|
3,518 | 4,436 | (9,712 | ) | (374 | ) | 5,244 | 3,112 | ||||||||||||||||
Income tax expense
|
- | (406 | ) | - | - | - | (406 | ) | ||||||||||||||||
Net income/(loss)
|
$ | 3,518 | $ | 4,842 | $ | (9,712 | ) | $ | (374 | ) | $ | 5,244 | $ | 3,518 |
Parent
|
Issuer
|
Guarantors
|
Non-Guarantors
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net sales
|
$ | - | $ | 343,988 | $ | 582,651 | $ | 25,399 | $ | (407,981 | ) | $ | 544,057 | |||||||||||
Cost of sales
|
- | 256,237 | 387,435 | 14,340 | (404,334 | ) | 253,678 | |||||||||||||||||
Gross profit
|
- | 87,751 | 195,216 | 11,059 | (3,647 | ) | 290,379 | |||||||||||||||||
Selling, general and administrative expenses
|
135 | 34,427 | 209,903 | 10,546 | - | 255,011 | ||||||||||||||||||
Restructuring and impairment charge, (credit) net
|
- | - | 5 | - | - | 5 | ||||||||||||||||||
Total operating expenses
|
135 | 34,427 | 209,908 | 10,546 | - | 255,016 | ||||||||||||||||||
Operating income (loss)
|
(135 | ) | 53,324 | (14,692 | ) | 513 | (3,647 | ) | 35,363 | |||||||||||||||
Interest and other miscellaneous income, net
|
42,530 | (13,108 | ) | 211 | (30 | ) | (29,241 | ) | 362 | |||||||||||||||
Interest and other related financing costs
|
- | 6,805 | 9 | - | - | 6,814 | ||||||||||||||||||
Income before income tax expense
|
42,395 | 33,411 | (14,490 | ) | 483 | (32,888 | ) | 28,911 | ||||||||||||||||
Income tax expense
|
- | (12,766 | ) | (777 | ) | 59 | - | (13,484 | ) | |||||||||||||||
Net income/(loss)
|
$ | 42,395 | $ | 46,177 | $ | (13,713 | ) | $ | 424 | $ | (32,888 | ) | $ | 42,395 |
Parent
|
Issuer
|
Guarantors
|
Non-Guarantors
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net sales
|
$ | - | $ | 312,979 | $ | 525,023 | $ | 21,504 | $ | (358,498 | ) | $ | 501,008 | |||||||||||
Cost of sales
|
- | 237,882 | 352,821 | 11,551 | (356,557 | ) | 245,697 | |||||||||||||||||
Gross profit
|
- | 75,097 | 172,202 | 9,953 | (1,941 | ) | 255,311 | |||||||||||||||||
Selling, general and administrative expenses
|
135 | 32,381 | 192,283 | 9,501 | - | 234,300 | ||||||||||||||||||
Restructuring and impairment charge, (credit) net
|
- | - | 393 | - | - | 393 | ||||||||||||||||||
Total operating expenses
|
135 | 32,381 | 192,676 | 9,501 | - | 234,693 | ||||||||||||||||||
Operating income (loss)
|
(135 | ) | 42,716 | (20,474 | ) | 452 | (1,941 | ) | 20,618 | |||||||||||||||
Interest and other miscellaneous income, net
|
22,210 | (14,797 | ) | (30 | ) | 4 | (1,934 | ) | 5,453 | |||||||||||||||
Interest and other related financing costs
|
- | 8,421 | 228 | - | - | 8,649 | ||||||||||||||||||
Income before income tax expense
|
22,075 | 19,498 | (20,732 | ) | 456 | (3,875 | ) | 17,422 | ||||||||||||||||
Income tax expense
|
- | (4,653 | ) | - | - | - | (4,653 | ) | ||||||||||||||||
Net income/(loss)
|
$ | 22,075 | $ | 24,151 | $ | (20,732 | ) | $ | 456 | $ | (3,875 | ) | $ | 22,075 |
Parent
|
Issuer
|
Guarantors
|
Non-Guarantors
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net cash provided by (used in) operating activities
|
$ | 6,668 | $ | 2,161 | $ | 16,667 | $ | 2,337 | $ | - | $ | 27,833 | ||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||||||
Capital expenditures
|
- | (1,592 | ) | (16,833 | ) | (1,411 | ) | - | (19,836 | ) | ||||||||||||||
Acquisitions
|
- | - | (520 | ) | - | - | (520 | ) | ||||||||||||||||
Proceeds from the disposal of property, plant and equipment
|
- | - | 1,792 | - | - | 1,792 | ||||||||||||||||||
Change in restricted cash and investments
|
- | 981 | - | - | - | 981 | ||||||||||||||||||
Purchase of marketable securities
|
- | (3,290 | ) | - | - | - | (3,290 | ) | ||||||||||||||||
Proceeds from the sale of marketable securities
|
- | 4,675 | - | - | - | 4,675 | ||||||||||||||||||
Other
|
- | 262 | 511 | - | - | 773 | ||||||||||||||||||
Net cash provided by (used in) investing activities
|
- | 1,036 | (15,050 | ) | (1,411 | ) | - | (15,425 | ) | |||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||||||
Payments on long-term debt
|
- | (11,918 | ) | (227 | ) | - | - | (12,145 | ) | |||||||||||||||
Purchases and other retirements of company stock
|
(847 | ) | - | - | - | - | (847 | ) | ||||||||||||||||
Proceeds from issuance of common stock
|
225 | - | - | - | - | 225 | ||||||||||||||||||
Proceeds from noncontrolling interest
|
- | - | 275 | - | - | 275 | ||||||||||||||||||
Dividends paid
|
(6,046 | ) | - | - | - | - | (6,046 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities
|
(6,668 | ) | (11,918 | ) | 48 | - | - | (18,538 | ) | |||||||||||||||
Effect of exchange rate changes on cash
|
- | - | - | 741 | - | 741 | ||||||||||||||||||
Net decrease in cash and cash equivalents
|
- | (8,721 | ) | 1,665 | 1,667 | - | (5,389 | ) | ||||||||||||||||
Cash and cash equivalents – beginning of period
|
- | 69,763 | 7,716 | 1,040 | - | 78,519 | ||||||||||||||||||
|
||||||||||||||||||||||||
Cash and cash equivalents – end of period
|
$ | - | $ | 61,042 | $ | 9,381 | $ | 2,707 | $ | - | $ | 73,130 |
Parent
|
Issuer
|
Guarantors
|
Non-Guarantors
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net cash provided by operating activities
|
$ | 9,661 | $ | 25,531 | $ | 3,709 | $ | 1,685 | $ | - | $ | 40,586 | ||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||||||
Capital expenditures
|
- | (473 | ) | (3,585 | ) | (1,673 | ) | - | (5,731 | ) | ||||||||||||||
Acquistions
|
- |