$TILE
INTERFACE INC

2016 Q2 Form 10-Q Financial Statement

#000143774916031638 Filed on May 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $222.6M $236.9M
YoY Change -6.06% -9.1%
Cost Of Revenue $135.9M $151.5M
YoY Change -10.28% -11.01%
Gross Profit $86.63M $85.40M
YoY Change 1.44% -5.52%
Gross Profit Margin 38.93% 36.05%
Selling, General & Admin $65.61M $64.00M
YoY Change 2.51% -3.09%
% of Gross Profit 75.73% 74.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.517M $7.800M
YoY Change -3.63% 18.18%
% of Gross Profit 8.68% 9.13%
Operating Expenses $65.61M $64.00M
YoY Change 2.51% -3.09%
Operating Profit $21.03M $21.40M
YoY Change -1.74% -12.09%
Interest Expense $1.519M -$1.900M
YoY Change -179.95% -135.06%
% of Operating Profit 7.22% -8.88%
Other Income/Expense, Net -$449.0K -$1.300M
YoY Change -65.46% -1400.0%
Pretax Income $19.06M $18.20M
YoY Change 4.72% -4.47%
Income Tax $6.165M $5.900M
% Of Pretax Income 32.35% 32.42%
Net Earnings $12.89M $12.30M
YoY Change 4.83% -5.9%
Net Earnings / Revenue 5.79% 5.19%
Basic Earnings Per Share $0.20
Diluted Earnings Per Share $0.20 $185.0K
COMMON SHARES
Basic Shares Outstanding 65.69M
Diluted Shares Outstanding 65.72M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.20M $59.00M
YoY Change 41.02% 18.0%
Cash & Equivalents $83.21M $59.00M
Short-Term Investments
Other Short-Term Assets $31.10M $34.20M
YoY Change -9.06% 0.0%
Inventory $173.6M $158.7M
Prepaid Expenses
Receivables $118.7M $121.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $406.6M $373.4M
YoY Change 8.89% -8.17%
LONG-TERM ASSETS
Property, Plant & Equipment $212.9M $215.9M
YoY Change -1.39% -10.82%
Goodwill $65.97M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.10M $89.00M
YoY Change -27.97% -8.25%
Total Long-Term Assets $359.9M $368.0M
YoY Change -2.21% -11.73%
TOTAL ASSETS
Total Short-Term Assets $406.6M $373.4M
Total Long-Term Assets $359.9M $368.0M
Total Assets $766.5M $741.4M
YoY Change 3.38% -9.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.84M $53.30M
YoY Change -14.0% -6.65%
Accrued Expenses $70.84M $75.60M
YoY Change -6.3% -3.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.50M $5.000M
YoY Change 150.0%
Total Short-Term Liabilities $129.2M $133.9M
YoY Change -3.53% -1.18%
LONG-TERM LIABILITIES
Long-Term Debt $220.1M $254.0M
YoY Change -13.34% -8.96%
Other Long-Term Liabilities $47.78M $47.70M
YoY Change 0.16% 38.26%
Total Long-Term Liabilities $267.9M $301.7M
YoY Change -11.21% -3.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $129.2M $133.9M
Total Long-Term Liabilities $267.9M $301.7M
Total Liabilities $407.1M $446.4M
YoY Change -8.8% -4.1%
SHAREHOLDERS EQUITY
Retained Earnings $109.9M
YoY Change
Common Stock $374.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $359.3M $295.0M
YoY Change
Total Liabilities & Shareholders Equity $766.5M $741.4M
YoY Change 3.38% -9.97%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $12.89M $12.30M
YoY Change 4.83% -5.9%
Depreciation, Depletion And Amortization $7.517M $7.800M
YoY Change -3.63% 18.18%
Cash From Operating Activities -$4.296M $22.10M
YoY Change -119.44% 550.0%
INVESTING ACTIVITIES
Capital Expenditures $4.461M -$4.600M
YoY Change -196.98% -64.34%
Acquisitions
YoY Change
Other Investing Activities $270.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.731M -$4.500M
YoY Change 5.13% -67.15%
FINANCING ACTIVITIES
Cash Dividend Paid $3.273M
YoY Change
Common Stock Issuance & Retirement, Net $75.00K
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 9.700M -10.40M
YoY Change -193.27% 316.0%
NET CHANGE
Cash From Operating Activities -4.296M 22.10M
Cash From Investing Activities -4.731M -4.500M
Cash From Financing Activities 9.700M -10.40M
Net Change In Cash -9.027M 7.200M
YoY Change -225.38% -156.25%
FREE CASH FLOW
Cash From Operating Activities -$4.296M $22.10M
Capital Expenditures $4.461M -$4.600M
Free Cash Flow -$8.757M $26.70M
YoY Change -132.8% 63.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q2 tile Condensed Footnotes Textblock
CondensedFootnotesTextblock
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">NOTE 1 &#x2013; CONDENSED FOOTNOTES </div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 14.4pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As contemplated by the Securities and Exchange Commission (the &#x201c;Commission&#x201d;) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company&#x2019;s year-end financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended January 3, 2016, as filed with the Commission.</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 14.4pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments (all of which are normal and recurring) necessary for a fair presentation of the results for the interim periods. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The January 3, 2016 consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The first quarter of 2016 was comprised of 13 weeks, while the first quarter of 2015 was comprised of 14 weeks.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 14.4pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 14.4pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certain prior period amounts have been reclassified to conform to the current period presentation.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">NOTE 11 &#x2013; ITEMS RECLASSIFIED FROM OTHER COMPREHENSIVE INCOME</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 14.4pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">During the first quarter of 2016, the Company did not reclassify any significant amounts out of accumulated other comprehensive income. The reclassifications that occurred in that period were primarily comprised of $0.4 million related to the Company&#x2019;s defined benefit retirement plan and salary continuation plan. These reclassifications were included in the selling, general and administrative expenses line item of the Company&#x2019;s consolidated condensed statement of operations.</div></div></div>
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100270000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
222554000
us-gaap Sales Revenue Net
SalesRevenueNet
236904000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
65605000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
64032000
CY2014Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
500000
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
359349000
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
342366000
CY2016Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
17.31
CY2016Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4300
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
28600000
CY2016Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
300000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65723000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66471000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65685000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66420000

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