e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 9, 2009
Oxford Industries, Inc.
(Exact name of registrant as specified in its charter)
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Georgia
(State or other jurisdiction
of incorporation)
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001-04365
(Commission
File Number)
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58-0831862
(IRS Employer
Identification No.) |
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222 Piedmont Avenue, N.E., Atlanta, GA
(Address of principal executive offices)
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30308
(Zip Code) |
Registrants telephone number, including area code (404) 659-2424
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On December 9, 2009, Oxford Industries, Inc. issued a press release announcing, among other things,
its financial results for the third quarter of fiscal 2009, which ended on October 31, 2009. The
press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Form 8-K (including Exhibit 99.1) shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or
otherwise be subject to the liabilities of that section, nor shall it be incorporated by reference
in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit |
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Number |
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99.1
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Press Release of Oxford Industries, Inc., dated December 9, 2009. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OXFORD INDUSTRIES, INC.
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December 9, 2009 |
/s/ Thomas E. Campbell
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Name: |
Thomas E. Campbell |
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Title: |
Senior Vice President, General Counsel and
Secretary |
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exv99w1
Exhibit 99.1
Oxford Industries, Inc. Press Release
222 Piedmont Avenue, N.E. l Atlanta, Georgia 30308
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Contact:
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Anne M. Shoemaker |
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Telephone:
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(404) 653-1455 |
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Fax:
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(404) 653-1545 |
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E-Mail:
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ashoemaker@oxfordinc.com |
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FOR IMMEDIATE RELEASE |
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December 9, 2009 |
Oxford Industries Reports Third Quarter Results
Reports Sales of $200.5 million and Earnings of $0.27 per Share; Adjusted Earnings of $0.32 per Share
Raises Full Year Adjusted EPS Estimate to a range of $1.20-$1.25
ATLANTA,
GA Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its
fiscal 2009 third quarter, which ended October 31, 2009. Consolidated net sales were $200.5 million
in the third quarter of fiscal 2009 compared to $244.2 million in the third quarter of fiscal 2008.
Diluted net earnings per share were $0.27 compared to $0.31 in the third quarter of fiscal 2008.
During the quarter, the Company recorded a LIFO accounting charge of $1.3 million. Excluding the
impact of this charge, adjusted diluted net earnings per share in the third quarter of fiscal 2009
were $0.32 compared to adjusted diluted net earnings per share of $0.37 in the third quarter of
fiscal 2008. A table reconciling GAAP net earnings per share to adjusted net earnings per share for
the third quarter and first nine months of fiscal 2009 and fiscal 2008 is included at the end of
this release.
J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford Industries, Inc., commented, We
continue to be pleased with the positioning and strength of our brands and the way our teams have
executed our strategies. Effective risk management, inventory control, and operating discipline
allowed each of our operating groups to contribute positive operating results. We are particularly
encouraged by the fact that, for the months of September, October and November, we have realized
modest same store sales growth in our Tommy Bahama retail stores.
Operating Results
Tommy Bahama reported net sales of $75.4 million for the third quarter of fiscal 2009 compared to
$83.7 million in the third quarter of fiscal 2008. The sales decrease was due to the difficult
wholesale environment partially offset by sales in retail stores opened after the beginning of the
third quarter of fiscal 2008 and increased e-commerce sales. Tommy Bahamas operating
income for
the third quarter of fiscal 2009 was $2.1 million
compared to $0.7 million in the third quarter of fiscal 2008. The increase in operating income was
primarily due to reduced SG&A partially offset by the reduction in wholesale sales and decreased
royalty income. At the end of the third quarter, Tommy Bahama operated 85 retail stores compared to
79 on November 1, 2008.
Ben Sherman reported net sales of $29.8 million for the third quarter of fiscal 2009 compared to
$38.2 million in the third quarter of fiscal 2008. The reduction in sales was primarily due to
reduced wholesale shipments resulting from the challenging market conditions, a 10% reduction in
the average exchange rate of the British pound versus the United States dollar and the transition
of the footwear and kids businesses to third party licensees. Ben Sherman reported operating
income of $2.3 million in the third quarter of fiscal 2009 compared to operating income of $3.2
million in the third quarter of fiscal 2008. The reduction in operating income was primarily due to
lower sales and the unfavorable impact on cost of goods sold related to inventory purchases
denominated in U.S. dollars but sold in other currencies, partially offset by reductions in SG&A.
Net sales for Lanier Clothes were $35.6 million in the third quarter of fiscal 2009 compared to
$44.3 million reported in the third quarter of fiscal 2008. The reduction in revenue was primarily
due to the Companys exit from certain underperforming licensed businesses last year. Operating
income in the third quarter of fiscal 2009 was $5.2 million compared to operating income of $4.5
million in the third quarter of fiscal 2008. The increase in operating income was primarily due to
reduced SG&A and increased gross margins partially offset by reduced sales.
Oxford Apparel reported net sales of $60.2 million for the third quarter of fiscal 2009 compared to
$78.1 million in the third quarter of fiscal 2008. The reduction in sales was due to the exit from
certain lines of business as well as the difficult economic environment. Operating income for
Oxford Apparel was $6.3 million in the third quarter of fiscal 2009 compared to $7.3 million in the
third quarter of fiscal 2008. The impact of decreased sales was partially offset by reductions in
SG&A related to reduced employment costs and other operating expenses.
The Corporate and Other operating loss increased to $4.9 million for the third quarter of fiscal
2009 from $2.9 million in the third quarter of fiscal 2008. The increased loss was due primarily
to a LIFO accounting charge of $1.3 million.
Consolidated gross margins for the third quarter of fiscal 2009 increased to 40.0% compared to
38.3% in the third quarter of fiscal 2008. Gross margins were positively impacted by the sales mix
between our retail operations and wholesale operations. Retail sales, which generally have higher
gross margins, represented a higher proportion of our net sales during the quarter. Gross margins
were negatively impacted by the $1.3 million LIFO accounting charge.
SG&A for the third quarter of fiscal 2009 decreased to $72.4 million, or 36.1% of net sales,
compared to $84.6 million, or 34.7% of net sales, in the third quarter of fiscal 2008. The decrease
in SG&A was primarily due to significant reductions in the Companys
employment and other overhead costs, expense reductions associated with the exit from
certain
businesses and the impact of the decline in the British pound versus the United States dollar.
These cost savings were partially offset by expenses associated with the operation of additional
retail stores which opened subsequent to the beginning of the third quarter of fiscal 2008.
Royalties and other operating income for the third quarter of fiscal 2009 were $3.6 million
compared to $4.6 million in the third quarter of fiscal 2008. The decrease was primarily due to
Tommy Bahamas termination of its license agreement for footwear, the challenging economic
conditions and the decline in the British pound versus the United States dollar, which impacted Ben
Sherman royalty income.
Interest expense for the third quarter of fiscal 2009 was $5.3 million compared to $6.4 million in
the third quarter of fiscal 2008. In the third quarter of fiscal 2008, the Company recorded a
charge of $0.9 million associated with the write-off of unamortized financing cost as a result of
the amendment and restatement of its U.S. revolving credit agreement. The Company expects to
incur approximately $5.3 million of interest expense in the fourth quarter of fiscal 2009.
For the first nine months of fiscal 2009 consolidated net sales decreased to $610.2 million from
$747.6 million in the first nine months of fiscal 2008. Excluding the impact of restructuring
charges and other unusual items, adjusted diluted net earnings per share in the first nine months
of fiscal 2009 decreased to $1.11 from adjusted diluted net earnings per share of $1.36 in the
first nine months of fiscal 2008. Including the restructuring charges and other unusual items, in
the first nine months of fiscal 2009, earnings per diluted share were $0.72 compared to $1.00 in
the first nine months of fiscal 2008.
Balance Sheet and Liquidity
Total inventories at October 31, 2009 were $83.7 million, down 23% from November 1, 2008.
Inventory levels at Ben Sherman, Lanier Clothes and Oxford Apparel have each decreased as the
Company has focused on mitigating inventory markdown risk and promotional pressure, as well as
exiting certain lines of business. Inventory levels increased slightly year over year at Tommy
Bahama to support additional retail stores. Receivables totaled $94.5 million at quarter end, down
21% from the end of last years third quarter. The decrease was attributable to lower wholesale
sales.
As a result of strong cash flow from operations, total debt was reduced from $235.6 million at
November 1, 2008 to $178.7 million at October 31, 2009. As of October 31, 2009, the Company had
approximately $105 million in unused availability under its U.S. revolving credit facility and $11
million in unused availability under its U.K. revolving credit facility.
The Companys capital expenditures for fiscal 2009 are expected to be approximately $10 million,
including $8.4 million incurred during the first nine months of fiscal 2009. These expenditures
consist primarily of additional Tommy Bahama and Ben Sherman
retail stores and the costs associated with the implementation of a new integrated financial
system.
Fiscal 2009 Guidance
For the full fiscal year 2009, the Company expects net sales in the range of $790 million to $800
million compared to previously issued guidance of net sales in the range of $765 million to $780
million. Adjusted diluted net earnings per share for fiscal 2009 are expected to be between $1.20
and $1.25 compared to previously issued guidance of adjusted diluted net earnings per share between
$0.90 and $1.05.
Dividend
The Company also announced that its Board of Directors has approved a cash dividend of $0.09 per
share payable on January 29, 2010 to shareholders of record as of the close of business on January
15, 2010. The Company has paid dividends every quarter since it became publicly owned in 1960.
Conference Call
The Company will hold a conference call with senior management to discuss its financial results at
4:30 p.m. ET today. A live web cast of the conference call will be available on the Companys
website at www.oxfordinc.com. Please visit the website at least 15 minutes before the call
to register for the teleconference web cast and download any necessary software. A replay of the
call will be available through December 23, 2009. To access the telephone replay, participants
should dial (719)457-0820. The access code for the replay is 4451514. A replay of the web cast
will also be available following the teleconference on the Companys website at
www.oxfordinc.com.
About Oxford:
Oxford Industries, Inc. is an international apparel design, sourcing and marketing company
featuring a diverse portfolio of owned and licensed brands and a collection of private label
apparel businesses. Oxfords brands include Tommy Bahama®, Ben Sherman®,
Billy London®, Arnold Brant®, Ely®, and Oxford Golf®.
The Company also holds exclusive licenses to produce and sell certain product categories under the
Kenneth Cole®, Geoffrey Beene® and Dockers® labels. Oxfords
wholesale customers are found in every major channel of distribution, including national chains,
specialty catalogs, mass merchants, department stores, specialty stores and Internet retailers. The
Company operates retail stores, restaurants and Internet websites for some of its brands. The
Company also has license arrangements with select third parties to produce and sell certain product
categories under its Tommy Bahama and/or Ben Sherman brands.
Oxfords stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more
information, please visit Oxfords website at www.oxfordinc.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release may include statements that are forward-looking statements within the meaning of
the federal securities laws. Generally, the words believe, expect, intend, estimate,
anticipate, project, will and similar expressions identify forward-looking statements, which
generally are not historical in nature. We intend for all forward-looking statements contained
herein or on our website, and all subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities
Litigation Reform Act of 1995). Important assumptions relating to these forward-looking statements
include, among others, assumptions regarding the impact on consumer demand and spending of recent
economic conditions, demand for our products, timing of shipments requested by our wholesale
customers, expected pricing levels, competitive conditions, the timing and cost of planned capital
expenditures, costs of products and raw materials we purchase, access to capital and/or credit
markets, particularly in light of recent conditions in those markets, expected outcomes of pending
or potential litigation and regulatory actions and disciplined execution by key management.
Forward-looking statements reflect our current expectations, based on currently available
information, and are not guarantees of performance. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, these expectations could prove
inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability
to control or predict. Should one or more of these risks or uncertainties, or other risks or
uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or
should underlying assumptions prove incorrect, actual results may vary materially from those
anticipated, estimated or projected. Important factors relating to these risks and uncertainties
include, but are not limited to, those described in Part I, Item 1A. Risk Factors contained in our
Form 10-Q for the quarterly period ended August 1, 2009 under the heading Risk Factors and those
described from time to time in our future reports filed with the SEC.
OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts)
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First |
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First |
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Third |
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Third |
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Nine |
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Nine |
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Quarter |
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Quarter |
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Months |
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Months |
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Fiscal |
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Fiscal |
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Fiscal |
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Fiscal |
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2009 |
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2008 |
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2009 |
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2008 |
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Net sales |
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$ |
200,538 |
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$ |
244,186 |
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$ |
610,156 |
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$ |
747,648 |
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Cost of goods sold |
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120,283 |
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150,557 |
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361,587 |
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441,039 |
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Gross profit |
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80,255 |
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93,629 |
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248,569 |
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306,609 |
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SG&A |
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72,426 |
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84,637 |
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224,746 |
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273,243 |
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Amortization and impairment of intangible assets |
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317 |
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692 |
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940 |
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5,538 |
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72,743 |
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85,329 |
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225,686 |
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278,781 |
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Royalties and other operating income |
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3,596 |
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4,584 |
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8,981 |
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13,123 |
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Operating income |
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11,108 |
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12,884 |
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31,864 |
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40,951 |
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Interest expense, net |
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5,302 |
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6,437 |
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16,112 |
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18,754 |
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Earnings before income taxes |
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5,806 |
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6,447 |
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15,752 |
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22,197 |
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Income taxes |
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1,568 |
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1,672 |
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4,469 |
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6,432 |
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Net earnings |
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$ |
4,238 |
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$ |
4,775 |
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$ |
11,283 |
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$ |
15,765 |
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Net earnings per common share: |
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Basic |
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$ |
0.27 |
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$ |
0.31 |
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$ |
0.73 |
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$ |
1.01 |
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Diluted |
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$ |
0.27 |
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$ |
0.31 |
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$ |
0.72 |
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$ |
1.00 |
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Weighted average common shares outstanding: |
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Basic |
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15,599 |
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15,489 |
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15,562 |
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15,682 |
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Dilution |
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366 |
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92 |
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167 |
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91 |
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Diluted |
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15,965 |
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15,581 |
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15,729 |
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15,773 |
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Dividends declared per common share |
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$ |
0.09 |
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$ |
0.18 |
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$ |
0.27 |
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$ |
0.54 |
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OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except par amounts)
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October 31, |
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November 1, |
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2009 |
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2008 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
5,995 |
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$ |
8,034 |
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Receivables, net |
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94,503 |
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119,960 |
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Inventories, net |
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83,675 |
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108,622 |
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Prepaid expenses |
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19,908 |
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21,120 |
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Total current assets |
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204,081 |
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257,736 |
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Property, plant and equipment, net |
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83,769 |
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93,348 |
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Goodwill, net |
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248,569 |
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Intangible assets, net |
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138,409 |
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208,315 |
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Other non-current assets, net |
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23,741 |
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26,928 |
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Total Assets |
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$ |
450,000 |
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$ |
834,896 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current Liabilities: |
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Trade accounts payable and other accrued expenses |
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$ |
74,624 |
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$ |
89,242 |
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Accrued compensation |
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11,656 |
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14,972 |
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Short-term debt and current maturities of long-term debt |
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17,479 |
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16,038 |
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Total current liabilities |
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103,759 |
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120,252 |
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Long-term debt, less current maturities |
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161,244 |
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219,548 |
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Other non-current liabilities |
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47,432 |
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50,562 |
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Non-current deferred income taxes |
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29,444 |
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54,416 |
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Commitments and contingencies |
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Shareholders Equity: |
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Common stock, $1.00 par value; 60,000 authorized and
16,528 issued and outstanding at October 31, 2009; and
15,866 issued and outstanding at November 1, 2008 |
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16,528 |
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15,866 |
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Additional paid-in capital |
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90,511 |
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87,465 |
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Retained earnings |
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23,314 |
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300,867 |
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Accumulated other comprehensive income (loss) |
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(22,232 |
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(14,080 |
) |
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Total shareholders equity |
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108,121 |
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390,118 |
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Total Liabilities and Shareholders Equity |
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$ |
450,000 |
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$ |
834,896 |
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OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
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First Nine |
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First Nine |
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Months |
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Months |
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Fiscal 2009 |
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Fiscal 2008 |
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Cash Flows From Operating Activities: |
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Net earnings |
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$ |
11,283 |
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$ |
15,765 |
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Adjustments to reconcile net earnings to net cash provided by
operating activities: |
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Depreciation |
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14,096 |
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|
15,006 |
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Amortization and impairment of intangible assets |
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|
940 |
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5,538 |
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Amortization of deferred financing costs and bond discount |
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2,881 |
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2,572 |
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Stock compensation expense |
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2,787 |
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2,629 |
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Loss on sale of property, plant and equipment |
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339 |
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416 |
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Equity method investment income |
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(901 |
) |
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(875 |
) |
Deferred income taxes |
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(3,271 |
) |
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(1,556 |
) |
Changes in working capital: |
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Receivables |
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(13,817 |
) |
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(17,779 |
) |
Inventories |
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47,582 |
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47,086 |
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Prepaid expenses |
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(2,530 |
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(3,490 |
) |
Current liabilities |
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(17,595 |
) |
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(7,781 |
) |
Other non-current assets |
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59 |
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3,997 |
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Other non-current liabilities |
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135 |
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(242 |
) |
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Net cash provided by operating activities |
|
|
41,988 |
|
|
|
61,286 |
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
Investments in unconsolidated entities |
|
|
|
|
|
|
(666 |
) |
Purchases of property, plant and equipment |
|
|
(8,419 |
) |
|
|
(17,280 |
) |
Proceeds from sale of property, plant and equipment |
|
|
|
|
|
|
16 |
|
|
|
|
Net cash used in investing activities |
|
|
(8,419 |
) |
|
|
(17,930 |
) |
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
Repayment of revolving credit arrangements |
|
|
(188,575 |
) |
|
|
(266,952 |
) |
Proceeds from revolving credit arrangements |
|
|
187,477 |
|
|
|
230,430 |
|
Repurchase of 8 7/8% Senior Unsecured Notes |
|
|
(166,805 |
) |
|
|
|
|
Proceeds from the issuance of 11 3/8% Senior Secured Notes |
|
|
146,029 |
|
|
|
|
|
Deferred financing costs paid |
|
|
(5,043 |
) |
|
|
(1,665 |
) |
Proceeds from issuance of common stock |
|
|
316 |
|
|
|
264 |
|
Dividends on common stock |
|
|
(4,406 |
) |
|
|
(11,557 |
) |
|
|
|
Net cash used in financing activities |
|
|
(31,007 |
) |
|
|
(49,480 |
) |
|
|
|
Net change in cash and cash equivalents |
|
|
2,562 |
|
|
|
(6,124 |
) |
Effect of foreign currency translation on cash and cash equivalents |
|
|
143 |
|
|
|
(754 |
) |
Cash and cash equivalents at the beginning of year |
|
|
3,290 |
|
|
|
14,912 |
|
|
|
|
Cash and cash equivalents at the end of period |
|
$ |
5,995 |
|
|
$ |
8,034 |
|
|
|
|
OXFORD INDUSTRIES, INC.
OPERATING GROUP INFORMATION
(UNAUDITED)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Nine |
|
First Nine |
|
|
Third Quarter |
|
Third Quarter |
|
Months |
|
Months Fiscal |
|
|
Fiscal 2009 |
|
Fiscal 2008 |
|
Fiscal 2009 |
|
2008 |
|
|
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tommy Bahama |
|
$ |
75,403 |
|
|
$ |
83,726 |
|
|
$ |
268,262 |
|
|
$ |
324,991 |
|
Ben Sherman |
|
|
29,844 |
|
|
|
38,235 |
|
|
|
77,690 |
|
|
|
107,317 |
|
Lanier Clothes |
|
|
35,555 |
|
|
|
44,314 |
|
|
|
92,266 |
|
|
|
111,185 |
|
Oxford Apparel |
|
|
60,155 |
|
|
|
78,082 |
|
|
|
172,823 |
|
|
|
204,790 |
|
Corporate and Other |
|
|
(419 |
) |
|
|
(171 |
) |
|
|
(885 |
) |
|
|
(635 |
) |
|
|
|
Total Net Sales |
|
$ |
200,538 |
|
|
$ |
244,186 |
|
|
$ |
610,156 |
|
|
$ |
747,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tommy Bahama |
|
$ |
2,143 |
|
|
$ |
689 |
|
|
$ |
27,772 |
|
|
$ |
38,315 |
|
Ben Sherman |
|
|
2,323 |
|
|
|
3,242 |
|
|
|
(5,961 |
) |
|
|
1,495 |
|
Lanier Clothes |
|
|
5,243 |
|
|
|
4,482 |
|
|
|
10,681 |
|
|
|
(6,894 |
) |
Oxford Apparel |
|
|
6,342 |
|
|
|
7,346 |
|
|
|
15,664 |
|
|
|
16,409 |
|
Corporate and Other |
|
|
(4,943 |
) |
|
|
(2,875 |
) |
|
|
(16,292 |
) |
|
|
(8,374 |
) |
|
|
|
Total Operating Income (loss) |
|
$ |
11,108 |
|
|
$ |
12,884 |
|
|
$ |
31,864 |
|
|
$ |
40,951 |
|
Interest Expense, net |
|
|
5,302 |
|
|
|
6,437 |
|
|
|
16,112 |
|
|
|
18,754 |
|
|
|
|
Earnings Before Income Taxes |
|
$ |
5,806 |
|
|
$ |
6,447 |
|
|
$ |
15,752 |
|
|
$ |
22,197 |
|
|
|
|
(MORE)
RECONCILIATION OF GAAP NET EARNINGS (LOSS) PER DILUTED SHARE TO
ADJUSTED NET EARNINGS PER DILUTED SHARE
Set forth below is our reconciliation of net earnings (loss) per diluted share, calculated in
accordance with generally accepted accounting principles, or GAAP, to adjusted net earnings per
diluted share for the third quarter, first nine months and full year for fiscal 2009 and fiscal
2008. Adjusted net earnings per diluted share excludes the impact of (i) certain restructuring
charges, (ii) other unusual items, (iii) the write off of unamortized financing costs associated
with changes in our debt structure, (iv) certain goodwill, intangible asset and investment in joint
venture impairment charges, (v) certain property, plant and equipment impairment charges, (vi) LIFO
accounting adjustments, (vii) the gain on the repurchase of $33.2 million face value of our senior
unsecured notes and (viii) certain adjustments to tax expense primarily resulting from changes in
contingency reserves. We believe that investors often look at ongoing operations as a measure of
assessing performance and as a basis for comparing past results against future results. Therefore,
we believe that presenting our results excluding these items provides useful information to
investors because this allows investors to make decisions based on our ongoing operations. We use
the results excluding these items to discuss our business with investment institutions, our board
of directors and others. Further, we believe that presenting our results excluding these items
provides useful information to investors because this allows investors to compare our results for
the periods presented to other periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First |
|
First |
|
|
|
|
|
|
Third |
|
Third |
|
Nine |
|
Nine |
|
|
|
|
|
|
Quarter |
|
Quarter |
|
Months |
|
Months |
|
Full Year |
|
Full Year |
|
|
Fiscal 2009 |
|
Fiscal 2008 |
|
Fiscal 2009 |
|
Fiscal 2008 |
|
Fiscal 2009 |
|
Fiscal 2008 |
|
|
Actual |
|
Actual |
|
Actual |
|
Actual |
|
Guidance |
|
Actual |
|
|
|
Per Diluted Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net earnings (loss) |
|
$ |
0.27 |
|
|
$ |
0.31 |
|
|
$ |
0.72 |
|
|
$ |
1.00 |
|
|
$ |
0.80-$0.85 |
|
|
$ |
(17.00 |
) |
Restructuring charges (1) |
|
|
|
|
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.34 |
|
|
|
0.06 |
|
|
|
0.45 |
|
Net gain from other
unusual items (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04 |
) |
|
|
|
|
|
|
(0.04 |
) |
Unamortized financing
costs written off |
|
|
|
|
|
|
0.04 |
|
|
|
0.08 |
|
|
|
0.04 |
|
|
|
0.08 |
|
|
|
0.04 |
|
Impairment charges for
goodwill, intangible
assets and investment in
joint venture |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.14 |
|
|
|
|
|
|
|
18.66 |
|
Impairment charges for
property, plant and
equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
0.06 |
|
LIFO accounting adjustments |
|
|
0.06 |
|
|
|
|
|
|
|
0.26 |
|
|
|
(0.12 |
) |
|
|
0.26 |
|
|
|
(0.38 |
) |
Gain on repurchase of
Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.33 |
) |
Adjustments to tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.02 |
) |
|
|
|
Adjusted net earnings (3) |
|
$ |
0.32 |
|
|
$ |
0.37 |
|
|
$ |
1.11 |
|
|
$ |
1.36 |
|
|
$ |
1.20-$1.25 |
|
|
$ |
1.44 |
|
|
|
|
|
|
|
(1) |
|
Charges relate to inventory disposal, payments related to license termination,
severance costs and charges related to vacated leased office space. |
|
(2) |
|
Unusual items include the resolution of a contingent liability and the sale of a
trademark, partially offset by an increase in bad debt expense due to certain significant
customer bankruptcies during the second quarter of fiscal 2008. |
|
(3) |
|
Columns may not add due to rounding. |
(XXXX)