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): October 18, 2018
TILE SHOP HOLDINGS, INC.
(Exact name of Registrant as Specified in its Charter)
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Delaware |
001-35629 |
45-5538095 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
14000 Carlson Parkway, Plymouth, Minnesota 55441
(Address of principal executive offices, including ZIP code)
(763) 852-2950
(Registrant’s telephone number, including area code)
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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☐ |
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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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☐ |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b—2 of the Securities Exchange Act of 1934 (§ 240.12b—2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 |
Results of Operations and Financial Condition. |
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On October 18, 2018, Tile Shop Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended September 30, 2018. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this Item 2.02 have been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section nor shall they be deemed 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 filing regardless of any general incorporation language.
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Item 7.01 |
Regulation FD Disclosure |
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On October 18, 2018, the Company issued a press release announcing its declaration of a cash dividend of $0.05 per share to stockholders of record as of October 29, 2018. The dividend will be paid on November 9, 2018. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this Item 7.01 have been furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liability under that section nor shall they be deemed 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 filing regardless of any general incorporation language.
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Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
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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TILE SHOP HOLDINGS, INC. |
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By /s/ Kirk L. Geadelmann |
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Date: October 18, 2018 |
Name: Kirk L. Geadelmann |
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Title: Chief Financial Officer |
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THE TILE SHOP REPORTS third QUARTER 2018 RESULTS
DECLARES CASH DIVIDEND
MINNEAPOLIS – October 18, 2018 – Tile Shop Holdings, Inc. (Nasdaq: TTS) (the “Company”), a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories, today announced results for its third quarter ended September 30, 2018.
Third Quarter Summary
Net Sales Increased 5.7%
Comparable Store Sales Increased 2.1%
Gross Margin of 70.6%
Diluted Earnings per Share of $0.05
Net Income of $2.6 million; Adjusted EBITDA of $11.9 million
Completed 3 store remodels in Q3; Completed 10 store remodels year-to-date in 2018
Management Commentary
“We made good progress in the third quarter on our strategy to deliver the best product, the best presentation and the best service in our industry,” said Robert Rucker, interim CEO. “We are nearly complete with our year-long product assortment initiative and we continue to attract pros who share in our focus on serving a higher-end demographic. With the improvement we are now beginning to see in our sales execution, we continued to make additional investments in inventory, store merchandising, and service during the third quarter. We are extremely focused on improving our key metrics as we fully restore and further enhance the model which has proven successful for over 30 years.”
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Three Months Ended |
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Nine Months Ended |
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(unaudited, amounts in thousands, except per |
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September 30, |
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September 30, |
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share data) |
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2018 |
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2017 |
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2018 |
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2017 |
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Net sales |
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$ |
89,259 |
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$ |
84,421 |
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$ |
273,307 |
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$ |
266,020 |
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Net sales growth(1) |
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5.7 |
% |
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7.5 |
% |
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2.7 |
% |
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7.5 |
% |
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Comparable store sales growth (decline)(2) |
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2.1 |
% |
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1.1 |
% |
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(2.3) |
% |
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2.2 |
% |
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Gross margin rate |
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70.6 |
% |
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67.1 |
% |
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70.4 |
% |
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69.1 |
% |
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Income from operations as a % of net sales |
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4.3 |
% |
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5.2 |
% |
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6.4 |
% |
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11.1 |
% |
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Net income |
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$ |
2,553 |
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$ |
2,438 |
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$ |
11,522 |
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$ |
18,170 |
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Net income per diluted share |
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$ |
0.05 |
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$ |
0.05 |
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$ |
0.22 |
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$ |
0.35 |
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Adjusted EBITDA |
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$ |
11,857 |
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$ |
12,203 |
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$ |
40,675 |
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$ |
51,796 |
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Adjusted EBITDA as a % of net sales |
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13.3 |
% |
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14.5 |
% |
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14.9 |
% |
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19.5 |
% |
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Number of stores open at the end of period |
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140 |
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134 |
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140 |
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134 |
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(1) |
As compared to the prior year period. |
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(2) |
Comparable store sales growth (decline) is the percentage change in sales of comparable stores period over period. A store is considered comparable on the first day of the 13th full month of operation. When a store is relocated, it is excluded from the comparable store sales growth calculation. Comparable store sales growth (decline) amounts include total charges to customers less any actual returns. Comparable store sales data reported by other companies may be prepared on a different basis and therefore may not be useful for purposes of comparing the Company’s results to those of other businesses. |
third QUARTER 2018
Net Sales
Net sales increased $4.8 million, or 5.7%, from $84.4 million in the third quarter of 2017 to $89.3 million in the third quarter of 2018. The increase was due to $3.0 million in net sales generated by stores not included in the comparable store base and an increase of $1.8 million in net sales generated by comparable store sales. Comparable store sales growth was 2.1% for the third quarter of 2018 versus 1.1% for the third quarter of 2017.
Gross Profit
Gross profit increased $6.3 million, or 11.2%, from $56.7 million in the third quarter of 2017 to $63.0 million in the third quarter of 2018. The gross margin rate was 70.6% for the third quarter of 2018 and 67.1% for the third quarter of 2017. The improvement in the gross margin rate was primarily due to decreased promotional activity.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased $6.8 million, or 13.1%, from $52.3 million in the third quarter of 2017 to $59.1 million in the third quarter of 2018. The $6.8 million increase was due to $2.0 million of costs associated with opening and operating six new stores over the past twelve months and $1.9 million of planned strategic investments in store and distribution center compensation, regional sales leadership and pro market managers. Additionally, the Company incurred approximately $1.0 million of incremental legal expense during the quarter to resolve its derivative securities litigation.
Inventory
Inventory increased to $106.3 million from $100.4 million at the end of the second quarter of 2018, or 5.9%, as the Company continued to expand its product assortment. The increase was attributable to the continued investment in new products added to the Company’s assortment during the quarter.
Long-Term Debt
Long-term debt increased $16.5 million from $29.5 million in the second quarter of 2018 to $46.0 million in the third quarter of 2018. The increase was attributable to the continued expansion of the Company’s product assortment resulting in an increase in inventory and capital investments associated with store remodels and merchandising fixtures.
As disclosed in a Form 8-K filed on September 19, 2018, the Company entered into a new credit facility to provide greater financial flexibility, increase the line of credit to $100 million, and extend the term to September 18, 2023.
Store Investment
As of September 30, 2018, the Company operated 140 stores in 31 states and the District of Columbia. The Company remodeled three stores during the third quarter of 2018.
DIVIDEND
The Board of Directors has declared a quarterly dividend of $0.05 per common share. The dividend is payable November 9, 2018 to shareholders of record at the close of business on October 29, 2018.
OUTLOOK
The Company is updating its previously communicated 2018 annual outlook as follows:
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Capital investment of approximately $35 million, including investments for 12 store remodels, and merchandising and fixture investments for all 140 stores. |
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Inventory at year-end of approximately $106 million to $110 million, reflecting the Company’s year-long product assortment initiative. |
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Selling, general and administrative (“SG&A”) expense increase of approximately $7 million to support the Company’s service strategy, including increased expenses for (1) the addition of regional sales leader positions, (2) sales and warehouse associate compensation, (3) customer relationship management and content management capabilities, and (4) the addition of approximately 20 professional market managers. The approximate $7 million increase in SG&A expense is incremental to the expected SG&A expense increases associated with a full year of operations for the fifteen stores opened in 2017 and the two new stores opened in 2018. |
Longer term, the Company remains committed to achieving both Adjusted EBITDA margin and pretax return on capital employed of greater than 20%.
2
NON-GAAP INFORMATION
Adjusted EBITDA
Adjusted EBITDA for the third quarter of 2018 was $11.9 million compared with $12.2 million for the third quarter of 2017. See the table below for a reconciliation of GAAP net income to Adjusted EBITDA.
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Three Months Ended |
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($ in thousands) |
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September 30, |
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2018 |
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% of net sales |
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2017 |
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% of net sales(1) |
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Net income |
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$ |
2,553 |
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2.9 |
% |
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$ |
2,438 |
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2.9 |
% |
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Interest expense |
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715 |
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0.8 |
% |
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505 |
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0.6 |
% |
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Income taxes |
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652 |
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0.7 |
% |
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1,468 |
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1.7 |
% |
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Depreciation & amortization |
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7,202 |
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8.1 |
% |
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6,803 |
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8.1 |
% |
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Stock based compensation |
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735 |
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0.8 |
% |
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989 |
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1.2 |
% |
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Adjusted EBITDA |
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$ |
11,857 |
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13.3 |
% |
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$ |
12,203 |
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14.5 |
% |
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Nine Months Ended |
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($ in thousands) |
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September 30, |
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2018 |
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% of net sales |
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2017 |
% of net sales(1)(2) |
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Net income |
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$ |
11,522 |
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4.2 |
% |
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$ |
18,170 |
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6.8 |
% |
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Interest expense |
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1,866 |
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0.7 |
% |
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1,438 |
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0.5 |
% |
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Income taxes |
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4,157 |
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1.5 |
% |
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10,034 |
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3.8 |
% |
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Depreciation & amortization |
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21,180 |
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7.7 |
% |
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19,395 |
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7.3 |
% |
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Stock based compensation |
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1,950 |
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0.7 |
% |
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2,759 |
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1.0 |
% |
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Adjusted EBITDA |
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$ |
40,675 |
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14.9 |
% |
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$ |
51,796 |
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19.5 |
% |
(1) In prior periods, the Company also adjusted for special charges, including shareholder and other litigation costs. The Company has recast the Adjusted EBITDA presentation for the three and nine months ended September 30, 2017 to conform to the current presentation.
(2) Amounts do not foot due to rounding.
Pretax Return on Capital Employed
Pretax Return on Capital Employed was calculated based on GAAP information. The Company believes this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate Pretax Return on Capital Employed differently, limiting the usefulness of the measure for comparative purposes.
Pretax Return on Capital Employed was 7.7% for the trailing twelve months as of the end of the third quarter 2018 compared to 18.3% for the trailing twelve months as of the end of the third quarter 2017. See the Pretax Return on Capital Employed calculation in the table below.
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($ in thousands) |
September 30, |
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2018(1) |
2017(1) |
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Income from operations (trailing twelve months) |
$ |
13,769 |
$ |
31,160 | |||
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Total Assets |
281,996 | 263,140 | |||||
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Less: Accounts payable |
(29,015) | (21,669) | |||||
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Less: Income tax payable |
(71) | (844) | |||||
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Less: Other accrued liabilities |
(26,751) | (26,482) | |||||
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Less: Deferred rent |
(42,401) | (38,815) | |||||
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Less: Other long-term liabilities |
(4,346) | (5,409) | |||||
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Capital Employed |
179,412 | 169,921 | |||||
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Pretax Return on Capital Employed |
7.7 |
% |
18.3 |
% |
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(1) Income statement accounts represent the activity for the trailing twelve months ended as of each of the balance sheet dates. Balance sheet accounts represent the average account balance for the four quarters ended as of each of the balance sheet dates.
3
Webcast and Conference Call
As announced on October 3, 2018, the Company will host a conference call via live webcast for investors and other interested parties beginning at 9:00 a.m. Eastern Time on Thursday, October 18, 2018. The call will be hosted by Bob Rucker, interim CEO, Kirk Geadelmann, CFO, Cabell Lolmaugh, Senior Vice President and COO, and Ken Cooper, Investor Relations.
Participants may access the live webcast by visiting the Company’s Investor Relations page at www.tileshop.com. The call can also be accessed by dialing (844) 421-0597, or (716) 247-5787 for international participants. A webcast replay of the call will be available on the Company’s Investor Relations page at www.tileshop.com.
Additional details can be located at www.tileshop.com under the Financial Information – SEC Filings section of the Company’s Investor Relations page.
Contacts:
Investors and Media:
Ken Cooper
763-852-2950
ken.cooper@tileshop.com
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About The Tile Shop
The Tile Shop is a leading specialty retailer of man-made and natural stone tiles, setting and maintenance materials, and related accessories in the United States. The Tile Shop offers a wide selection of high quality products, exclusive designs, knowledgeable staff and exceptional customer service, in an extensive showroom environment with up to 50 full-room tiled displays which are enhanced by the complimentary Design Studio – a collaborative platform to create customized 3D design renderings to scale, allowing customers to bring their design ideas to life. The Tile Shop currently operates 140 stores in 31 states and the District of Columbia, with an average size of 20,200 square feet. For more information, visit www.tileshop.com.
The Tile Shop is a proud member of the American Society of Interior Designers (ASID), National Association of Homebuilders (NAHB), National Kitchen and Bath Association (NKBA), and the National Tile Contractors Association (NTCA). Visit www.tileshop.com. Join The Tile Shop (#thetileshop) on Facebook, Instagram, Pinterest and Twitter.
Non-GAAP Financial Measures
The Company calculates Adjusted EBITDA by taking net income calculated in accordance with GAAP, and adjusting for interest expense, income taxes, depreciation and amortization, and stock based compensation. In prior periods, the Company also adjusted for special charges, including shareholder and other litigation costs. The Company has recast the Adjusted EBITDA presentation for the three and nine months ended September 30, 2017 to conform to the current presentation. Adjusted EBITDA margin is equal to Adjusted EBITDA divided by net sales. The Company calculates pretax return on capital employed by taking income from operations divided by capital employed. Capital employed equals total assets less accounts payable, income taxes payable, other accrued liabilities, deferred rent and other long-term liabilities.
The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. Company management uses these non-GAAP measures to compare Company performance to that of prior periods for trend analyses, for purposes of determining management incentive compensation, and for budgeting and planning purposes. These measures are used in monthly financial reports prepared for management and the Board of Directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other specialty retailers, many of which present similar non-GAAP financial measures to investors.
Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the Company’s consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. The Company urges investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate the business.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward looking statements include any statements regarding the Company’s strategic and operational plan and expected financial performance (including the financial performance of new stores). Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements, including but not limited to unforeseen events that may affect the retail market or the performance of the Company’s stores. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Investors are referred to the most recent reports filed with the SEC by the Company.
5
Tile Shop Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
($ in thousands, except share data)
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(Unaudited) |
(Audited) |
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September 30, |
December 31, |
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2018 |
2017 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
10,105 |
$ |
6,621 | ||
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Restricted cash |
835 | 855 | ||||
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Trade receivables, net |
3,723 | 2,381 | ||||
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Inventories |
106,310 | 85,259 | ||||
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Income tax receivable |
3,362 | 5,726 | ||||
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Other current assets, net |
6,921 | 4,717 | ||||
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Total Current Assets |
131,256 | 105,559 | ||||
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Property, plant and equipment, net |
153,453 | 151,405 | ||||
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Deferred tax assets |
10,239 | 11,654 | ||||
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Other assets |
1,952 | 2,107 | ||||
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Total Assets |
$ |
296,900 |
$ |
270,725 | ||
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
$ |
25,725 |
$ |
30,771 | ||
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Current portion of long-term debt |
- |
8,833 | ||||
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Income tax payable |
172 | 17 | ||||
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Other accrued liabilities |
27,790 | 22,413 | ||||
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Total Current Liabilities |
53,687 | 62,034 | ||||
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Long-term debt, net |
46,000 | 18,182 | ||||
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Capital lease obligation, net |
473 | 576 | ||||
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Deferred rent |
43,419 | 41,290 | ||||
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Other long-term liabilities |
3,931 | 4,769 | ||||
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Total Liabilities |
147,510 | 126,851 | ||||
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Stockholders’ Equity: |
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Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 52,678,584 and 52,156,850 shares, respectively |
5 | 5 | ||||
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Preferred stock, par value $0.0001; authorized: 10,000,000 shares; issued and outstanding: 0 shares |
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- |
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Additional paid-in-capital |
174,207 | 180,109 | ||||
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Accumulated deficit |
(24,777) | (36,239) | ||||
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Accumulated other comprehensive loss |
(45) | (1) | ||||
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Total Stockholders' Equity |
149,390 | 143,874 | ||||
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Total Liabilities and Stockholders' Equity |
$ |
296,900 |
$ |
270,725 | ||
6
Tile Shop Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
($ in thousands, except share, and per share data)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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Net sales |
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$ |
89,259 |
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$ |
84,421 |
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$ |
273,307 |
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$ |
266,020 |
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Cost of sales |
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26,248 |
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27,759 |
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80,946 |
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82,265 |
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Gross profit |
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63,011 |
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56,662 |
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192,361 |
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183,755 |
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Selling, general and administrative expenses |
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59,131 |
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52,285 |
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174,928 |
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154,245 |
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Income from operations |
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3,880 |
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4,377 |
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17,433 |
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29,510 |
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Interest expense |
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(715) |
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(505) |
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(1,866) |
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(1,438) |
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Other income |
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40 |
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34 |
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112 |
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132 |
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Income before income taxes |
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3,205 |
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3,906 |
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15,679 |
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28,204 |
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Provision for income taxes |
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(652) |
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(1,468) |
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(4,157) |
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(10,034) |
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Net income |
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$ |
2,553 |
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$ |
2,438 |
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$ |
11,522 |
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$ |
18,170 |
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|
|
|
|
|
|
|
|
|
|
|
Income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.22 |
|
$ |
0.35 |
|
Diluted |
|
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.22 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
51,920,830 |
|
|
51,757,248 |
|
|
51,896,678 |
|
|
51,638,864 |
|
Diluted |
|
|
52,303,777 |
|
|
52,053,655 |
|
|
52,056,136 |
|
|
52,011,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.15 |
|
$ |
0.15 |
Tile Shop Holdings, Inc. and Subsidiaries
Rate Analysis
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
September 30, |
|
September 30, |
||||||||
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
||||
|
Gross margin rate |
|
70.6 |
% |
|
67.1 |
% |
|
70.4 |
% |
|
69.1 |
% |
|
SG&A expense rate |
|
66.2 |
% |
|
61.9 |
% |
|
64.0 |
% |
|
58.0 |
% |
|
Income from operations margin rate |
|
4.3 |
% |
|
5.2 |
% |
|
6.4 |
% |
|
11.1 |
% |
|
Adjusted EBITDA margin rate |
|
13.3 |
% |
|
14.5 |
% |
|
14.9 |
% |
|
19.5 |
% |
7
Tile Shop Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
($ in thousands)
(Unaudited)
|
|
||||||
|
|
Nine Months Ended |
|||||
|
|
September 30, |
|||||
|
|
2018 |
2017 |
||||
|
Cash Flows From Operating Activities |
||||||
|
Net income |
$ |
11,522 |
$ |
18,170 | ||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||
|
Depreciation & amortization |
21,180 | 19,395 | ||||
|
Amortization of debt issuance costs |
607 | 526 | ||||
|
Loss on disposals of property, plant and equipment |
76 | 205 | ||||
|
Impairment charges on property, plant and equipment |
319 |
- |
||||
|
Deferred rent |
2,345 | 2,911 | ||||
|
Stock based compensation |
1,950 | 2,759 | ||||
|
Deferred income taxes |
1,415 | 3,472 | ||||
|
Changes in operating assets and liabilities: |
- |
|||||
|
Trade receivables |
(1,342) | (249) | ||||
|
Inventories |
(21,051) | 3,369 | ||||
|
Prepaid expenses and other assets |
(2,374) | 4,163 | ||||
|
Accounts payable |
(6,550) | 5,421 | ||||
|
Income tax receivable / payable |
2,520 | (1,163) | ||||
|
Accrued expenses and other liabilities |
5,104 | (9,624) | ||||
|
Net cash provided by operating activities |
15,721 | 49,355 | ||||
|
Cash Flows From Investing Activities |
||||||
|
Purchases of property, plant and equipment |
(22,893) | (28,031) | ||||
|
Proceeds from the sale of property, plant and equipment |
13 |
- |
||||
|
Net cash used in investing activities |
(22,880) | (28,031) | ||||
|
Cash Flows From Financing Activities |
||||||
|
Payments of long-term debt and capital lease obligations |
(95,235) | (44,672) | ||||
|
Advances on line of credit |
114,095 | 30,000 | ||||
|
Dividends paid |
(7,800) | (7,764) | ||||
|
Proceeds from exercise of stock options |
- |
1,635 | ||||
|
Employee taxes paid for shares withheld |
(52) | (217) | ||||
|
Debt issuance costs |
(374) |
- |
||||
|
Net cash provided by (used in) financing activities |
10,634 | (21,018) | ||||
|
Effect of exchange rate changes on cash |
(11) | 30 | ||||
|
Net change in cash |
3,464 | 336 | ||||
|
Cash, cash equivalents and restricted cash beginning of period |
7,476 | 12,948 | ||||
|
Cash, cash equivalents and restricted cash end of period |
$ |
10,940 |
$ |
13,284 | ||
|
|
||||||
|
Cash and cash equivalents |
$ |
10,105 |
$ |
12,429 | ||
|
Restricted cash |
835 | 855 | ||||
|
Cash, cash equivalents and restricted cash end of period |
$ |
10,940 |
$ |
13,284 | ||
|
|
||||||
|
Supplemental disclosure of cash flow information |
||||||
|
Purchases of property, plant and equipment included in accounts payable and accrued expenses |
$ |
2,229 |
$ |
4,935 | ||
|
Cash paid for interest |
1,846 | 1,453 | ||||
|
Cash paid (received) for income taxes, net |
240 | 7,575 | ||||
8