$TILE
INTERFACE INC

2016 Q4 Form 10-Q Financial Statement

#000143774916041710 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $248.3M $254.7M
YoY Change -2.49% -6.4%
Cost Of Revenue $155.4M $156.7M
YoY Change -0.82% -13.27%
Gross Profit $92.92M $97.97M
YoY Change -5.15% 7.23%
Gross Profit Margin 37.41% 38.47%
Selling, General & Admin $67.18M $66.66M
YoY Change 0.77% 3.04%
% of Gross Profit 72.29% 68.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.514M $7.649M
YoY Change -1.76% -27.84%
% of Gross Profit 8.09% 7.81%
Operating Expenses $67.18M $66.66M
YoY Change 0.77% 3.04%
Operating Profit $25.74M $31.30M
YoY Change -17.76% 17.41%
Interest Expense $1.654M $1.348M
YoY Change 22.7% -131.35%
% of Operating Profit 6.43% 4.31%
Other Income/Expense, Net -$739.0K -$657.0K
YoY Change 12.48% -34.3%
Pretax Income $23.35M $29.30M
YoY Change -20.3% 211.67%
Income Tax $7.446M $9.170M
% Of Pretax Income 31.89% 31.3%
Net Earnings $15.90M $20.13M
YoY Change -20.98% 148.85%
Net Earnings / Revenue 6.4% 7.9%
Basic Earnings Per Share $0.25 $0.31
Diluted Earnings Per Share $0.25 $0.31
COMMON SHARES
Basic Shares Outstanding 64.81M 65.85M
Diluted Shares Outstanding 64.84M 65.91M

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.7M $73.70M
YoY Change 54.27% 34.24%
Cash & Equivalents $165.7M $73.73M
Short-Term Investments
Other Short-Term Assets $31.60M $24.40M
YoY Change 29.51% -20.0%
Inventory $164.2M $163.4M
Prepaid Expenses
Receivables $128.7M $132.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $438.3M $394.4M
YoY Change 11.13% 2.53%
LONG-TERM ASSETS
Property, Plant & Equipment $213.6M $215.0M
YoY Change -0.66%
Goodwill $65.36M $65.15M
YoY Change 0.32% -7.6%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.51M $55.54M
YoY Change 12.55% -6.26%
Total Long-Term Assets $349.3M $355.5M
YoY Change -1.76% -192.42%
TOTAL ASSETS
Total Short-Term Assets $438.3M $394.4M
Total Long-Term Assets $349.3M $355.5M
Total Assets $787.5M $749.9M
YoY Change 5.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.38M $49.00M
YoY Change -1.28% -0.93%
Accrued Expenses $90.49M $85.06M
YoY Change 6.39% -9.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $10.00M
YoY Change 50.0%
Total Short-Term Liabilities $153.9M $144.1M
YoY Change 6.81% 0.19%
LONG-TERM LIABILITIES
Long-Term Debt $202.6M $222.5M
YoY Change -8.96% -15.49%
Other Long-Term Liabilities $45.06M $46.06M
YoY Change -2.18% -8.16%
Total Long-Term Liabilities $247.7M $268.6M
YoY Change -7.79% -14.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $153.9M $144.1M
Total Long-Term Liabilities $247.7M $268.6M
Total Liabilities $410.0M $422.9M
YoY Change -3.04% -9.69%
SHAREHOLDERS EQUITY
Retained Earnings $139.3M $85.32M
YoY Change 63.27% 114.7%
Common Stock $365.5M $377.2M
YoY Change -3.09% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $377.5M $327.0M
YoY Change
Total Liabilities & Shareholders Equity $787.5M $749.9M
YoY Change 5.02% -3.23%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $15.90M $20.13M
YoY Change -20.98% 148.85%
Depreciation, Depletion And Amortization $7.514M $7.649M
YoY Change -1.76% -27.84%
Cash From Operating Activities $44.40M $41.80M
YoY Change 6.22% 263.48%
INVESTING ACTIVITIES
Capital Expenditures -$8.100M -$11.60M
YoY Change -30.17% 70.59%
Acquisitions
YoY Change
Other Investing Activities -$500.0K $400.0K
YoY Change -225.0% -90.91%
Cash From Investing Activities -$8.600M -$11.20M
YoY Change -23.21% 366.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.20M -28.30M
YoY Change -60.42% 31.63%
NET CHANGE
Cash From Operating Activities 44.40M 41.80M
Cash From Investing Activities -8.600M -11.20M
Cash From Financing Activities -11.20M -28.30M
Net Change In Cash 24.60M 2.300M
YoY Change 969.57% -118.55%
FREE CASH FLOW
Cash From Operating Activities $44.40M $41.80M
Capital Expenditures -$8.100M -$11.60M
Free Cash Flow $52.50M $53.40M
YoY Change -1.69% 191.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Period End Date
DocumentPeriodEndDate
2016-10-02
dei Document Type
DocumentType
10-Q
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 nine months of 2016 were comprised of 39 weeks, while the first nine months of 2015 were comprised of 40 weeks. Each of the third quarters of 2016 and 2015 were 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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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-28647000
CY2016Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-834000
CY2015Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-796000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-3632000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1441000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
1200000
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
45056000
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
48380000
CY2016Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-739000
CY2015Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-657000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1072000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1483000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1140000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
80000
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
10429000
us-gaap Payments Of Dividends
PaymentsOfDividends
8592000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
20912000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23734000
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
22682000
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
20329000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
us-gaap Profit Loss
ProfitLoss
49455000
us-gaap Profit Loss
ProfitLoss
54171000
CY2016Q4 us-gaap Profit Loss
ProfitLoss
15904000
CY2015Q4 us-gaap Profit Loss
ProfitLoss
20127000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
213574000
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 nine 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 $1.2 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>
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
17500000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
28000000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
139297000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
100270000
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
248349000
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
254686000
us-gaap Sales Revenue Net
SalesRevenueNet
719110000
us-gaap Sales Revenue Net
SalesRevenueNet
755227000
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
67175000
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
66664000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
200108000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
198729000
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
700000
CY2014Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
500000
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
377497000
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
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
28200000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-100000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64842000
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65907000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65322000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66139000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64805000
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65854000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65285000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66091000

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