$TILE
INTERFACE INC

2016 Q3 Form 10-Q Financial Statement

#000143774916037105 Filed on August 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $248.2M $263.6M
YoY Change -5.85% 4.54%
Cost Of Revenue $149.1M $162.4M
YoY Change -8.19% -3.68%
Gross Profit $99.13M $101.3M
YoY Change -2.1% 21.12%
Gross Profit Margin 39.94% 38.41%
Selling, General & Admin $67.33M $68.03M
YoY Change -1.04% 6.37%
% of Gross Profit 67.92% 67.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.443M $7.750M
YoY Change -3.96% 13.97%
% of Gross Profit 7.51% 7.65%
Operating Expenses $67.33M $68.03M
YoY Change -1.04% 6.37%
Operating Profit $31.80M $33.22M
YoY Change -4.28% 358.13%
Interest Expense $1.590M $1.790M
YoY Change -11.17% -68.12%
% of Operating Profit 5.0% 5.39%
Other Income/Expense, Net $116.0K $446.0K
YoY Change -73.99% -149.56%
Pretax Income $30.32M $31.88M
YoY Change -4.87% 4414.87%
Income Tax $9.667M $10.15M
% Of Pretax Income 31.88% 31.85%
Net Earnings $20.66M $21.72M
YoY Change -4.9% -5877.13%
Net Earnings / Revenue 8.32% 8.24%
Basic Earnings Per Share $0.32 $0.33
Diluted Earnings Per Share $0.32 $0.33
COMMON SHARES
Basic Shares Outstanding 65.37M 66.00M
Diluted Shares Outstanding 65.41M 66.04M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.40M $71.80M
YoY Change 23.12% 4.82%
Cash & Equivalents $88.36M $71.82M
Short-Term Investments
Other Short-Term Assets $30.90M $31.60M
YoY Change -2.22% -5.39%
Inventory $168.7M $164.2M
Prepaid Expenses
Receivables $128.5M $137.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $416.5M $405.2M
YoY Change 2.79% 0.29%
LONG-TERM ASSETS
Property, Plant & Equipment $210.8M $216.7M
YoY Change -2.71% -8.34%
Goodwill $64.87M $64.53M
YoY Change 0.53%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $61.86M $58.79M
YoY Change 5.23% -38.44%
Total Long-Term Assets $348.6M $365.0M
YoY Change -4.48% -9.95%
TOTAL ASSETS
Total Short-Term Assets $416.5M $405.2M
Total Long-Term Assets $348.6M $365.0M
Total Assets $765.1M $770.2M
YoY Change -0.66% -4.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.17M $56.27M
YoY Change -19.72% 7.8%
Accrued Expenses $79.50M $80.42M
YoY Change -1.14% -12.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.75M $7.500M
YoY Change 83.33%
Total Short-Term Liabilities $138.4M $144.2M
YoY Change -4.0% -0.07%
LONG-TERM LIABILITIES
Long-Term Debt $210.6M $251.6M
YoY Change -16.31% -8.67%
Other Long-Term Liabilities $45.95M $47.22M
YoY Change -2.69% 43.52%
Total Long-Term Liabilities $256.5M $298.8M
YoY Change -14.16% -3.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.4M $144.2M
Total Long-Term Liabilities $256.5M $298.8M
Total Liabilities $404.0M $454.3M
YoY Change -11.07% -3.06%
SHAREHOLDERS EQUITY
Retained Earnings $127.3M $68.48M
YoY Change 85.85%
Common Stock $364.8M $375.3M
YoY Change -2.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $361.1M $315.9M
YoY Change
Total Liabilities & Shareholders Equity $765.1M $770.2M
YoY Change -0.66% -4.84%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $20.66M $21.72M
YoY Change -4.9% -5877.13%
Depreciation, Depletion And Amortization $7.443M $7.750M
YoY Change -3.96% 13.97%
Cash From Operating Activities $34.20M $28.80M
YoY Change 18.75% -15.54%
INVESTING ACTIVITIES
Capital Expenditures -$8.300M -$7.500M
YoY Change 10.67% -25.74%
Acquisitions
YoY Change
Other Investing Activities $1.900M -$500.0K
YoY Change -480.0% 66.67%
Cash From Investing Activities -$6.500M -$8.100M
YoY Change -19.75% -22.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.20M -8.000M
YoY Change 165.0% 77.78%
NET CHANGE
Cash From Operating Activities 34.20M 28.80M
Cash From Investing Activities -6.500M -8.100M
Cash From Financing Activities -21.20M -8.000M
Net Change In Cash 6.500M 12.70M
YoY Change -48.82% -33.85%
FREE CASH FLOW
Cash From Operating Activities $34.20M $28.80M
Capital Expenditures -$8.300M -$7.500M
Free Cash Flow $42.50M $36.30M
YoY Change 17.08% -17.87%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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 audited consolidated 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. Each of the second quarters of 2016 and 2015 was comprised of 13 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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-2798000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-645000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
800000
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
45947000
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
48380000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
116000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
446000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-333000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-826000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1585000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
462000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10443000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10469000
us-gaap Payments Of Dividends
PaymentsOfDividends
6547000
us-gaap Payments Of Dividends
PaymentsOfDividends
5300000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12752000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12126000
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
22402000
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
22490000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
359000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
20167000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
us-gaap Profit Loss
ProfitLoss
33551000
us-gaap Profit Loss
ProfitLoss
34044000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
20657000
CY2015Q3 us-gaap Profit Loss
ProfitLoss
21722000
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
210818000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
211489000
us-gaap Reclassifications
Reclassifications
<div style="display: inline; font-family: times new roman; font-size: 10pt"><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">NOTE 11 &#x2013; ITEMS RECLASSIFIED FROM OTHER COMPREHENSIVE INCOME </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">During the first six months 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 $0.8 million related to the Company&#x2019;s defined retirement benefit 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>
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
10000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3000000
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
127274000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
100270000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
248207000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
263637000
us-gaap Sales Revenue Net
SalesRevenueNet
470761000
us-gaap Sales Revenue Net
SalesRevenueNet
500541000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
67328000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
68033000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
132933000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
132065000
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2014Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
500000
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
361140000
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
342366000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
15.73
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
662500
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
28100000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-200000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65405000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66044000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65564000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66253000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65367000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65995000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65526000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66208000

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