-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UinkQazAZsxPsVjqlBjUveJrVWff8x7bXaqVfSxz0frjBot2rAWtz4k6E2IuESx+ mcrOPCJf3cgYCj/Xh1tgpg== 0000071023-97-000002.txt : 20030406 0000071023-97-000002.hdr.sgml : 20030406 19970214093239 ACCESSION NUMBER: 0000071023-97-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970214 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NELSON THOMAS INC CENTRAL INDEX KEY: 0000071023 STANDARD INDUSTRIAL CLASSIFICATION: BOOKS: PUBLISHING OR PUBLISHING AND PRINTING [2731] IRS NUMBER: 620679364 STATE OF INCORPORATION: TN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13788 FILM NUMBER: 97532667 BUSINESS ADDRESS: STREET 1: P O BOX 141000 CITY: NASHVILLE STATE: TN ZIP: 37214-1000 BUSINESS PHONE: 6158899000 MAIL ADDRESS: STREET 1: P O BOX 141000 CITY: NASHVILLE STATE: TN ZIP: 37214-1000 FORMER COMPANY: FORMER CONFORMED NAME: ROYAL PUBLISHERS INC DATE OF NAME CHANGE: 19721019 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1996 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-4095 THOMAS NELSON, INC. (Exact name of Registrant as specified in its charter) Tennessee 62-0679364 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification number) 501 Nelson Place, Nashville, Tennessee 37214-1000 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (615) 889-9000 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No At February 7, 1997 the Registrant had outstanding 16,001,178 shares of Common Stock and 1,112,071 shares of Class B Common Stock. THOMAS NELSON, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
December 31, March 31, December 31, 1996 1996 1995 ------------ -------- ------------ (Unaudited) (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,150 $ 672 $ 3,290 Accounts receivable, less allowances of $7,516, $7,068 and $7,400, respectively 67,555 72,001 70,811 Income tax refunds receivable 3,604 4,440 - Inventories 71,456 79,308 81,422 Prepaid expenses 8,494 11,221 13,189 Deferred tax asset 14,970 14,970 9,499 Net assets of discontinued operations 68,657 62,514 79,364 ------------ -------- ------------ Total Current Assets 236,886 245,126 257,575 PROPERTY, PLANT AND EQUIPMENT 33,308 35,357 34,851 OTHER ASSETS 12,209 10,201 16,079 DEFERRED CHARGES 2,949 3,284 3,977 GOODWILL 59,262 61,115 59,626 ------------ -------- ------------ TOTAL ASSETS $ 344,614 $355,083 $ 372,108 ============ ======== ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 16,935 $ 23,187 $ 18,905 Accrued expenses 16,839 21,502 22,791 Dividends payable 685 685 657 Income taxes currently payable 4,996 - 2,157 Current portion of long-term debt & capital lease obligation 3,322 2,625 2,581 ------------ -------- ------------ Total Current Liabilities 42,777 47,999 47,091 LONG-TERM DEBT 168,239 179,489 191,160 CAPITAL LEASE OBLIGATION 349 527 726 DEFFERRED TAX LIABILITY 3,127 3,127 4,837 OTHER LIABILITIES 1,093 1,876 1,380 SHAREHOLDERS' EQUITY Preferred stock, $1.00 par value, authorized 1,000,000 shares; none issued - - - Common stock, $1.00 par value, authorized 20,000,000 shares; issued 16,003,971, 16,004,368 and 15,305,019 shares, respectively 16,004 16,004 15,305 Class B common stock, $1.00 par value, authorized 5,000,000 shares; issued 1,112,075, 1,112,075 and 1,109,993 shares, respectively 1,112 1,112 1,110 Additional paid-in capital 79,320 78,825 69,678 Retained earnings 32,858 26,952 41,871 Deferred compensation (265) (828) (1,050) ------------ -------- ------------ Total Shareholders' Equity 129,029 122,065 126,914 ------------ -------- ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 344,614 $355,083 $ 372,108 ============ ======== ============ See Accompanying Notes
THOMAS NELSON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data)
Nine Months Ended Three Months Ended December 31, December 31, 1996 1995 1996 1995 ---------- --------- --------- --------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) NET REVENUES $ 183,942 $ 155,117 $ 63,557 $ 62,978 COST AND EXPENSES: Cost of goods sold 98,977 82,119 35,599 34,708 Selling, general and administrative 65,107 56,942 19,622 22,131 Amortization of goodwill and non-compete agreements 1,485 619 496 208 ---------- --------- --------- --------- Total expenses 165,569 139,680 55,717 57,047 ---------- --------- --------- --------- OPERATING INCOME 18,373 15,437 7,840 5,931 Other income 312 338 104 100 Interest expense 7,021 6,036 2,391 2,571 ---------- --------- --------- --------- Income from continuing operations before income taxes 11,664 9,739 5,553 3,460 Provision for income taxes 4,432 3,601 2,110 1,279 ---------- --------- --------- --------- Income from continuing operations, net 7,232 6,138 3,443 2,181 Income (Loss) from discontinued operations, net 728 (1,406) 803 (535) ---------- --------- --------- --------- NET INCOME $ 7,960 $ 4,732 $ 4,246 $ 1,646 ========== ========= ========= ========= Weighted average number of shares outstanding: Primary 17,138 15,310 17,136 16,484 ========== ========= ========= ========= Fully-diluted 20,373 18,545 20,371 19,719 ========== ========= ========= ========= NET INCOME PER SHARE: Primary-- Income from continuing operations $ 0.42 $ 0.40 $ 0.20 $ 0.13 Income (Loss) from discontinued operations 0.04 (0.09) 0.05 (0.03) ---------- --------- --------- --------- $ 0.46 $ 0.31 $ 0.25 $ 0.10 ========== ========= ========= ========= Fully-diluted-- Income from continuing operations $ 0.42 $ 0.40 $ 0.19 $ 0.13 Income (Loss) from discontinued operations 0.04 (0.09) 0.04 (0.03) ---------- --------- --------- --------- $ 0.46 $ 0.31 $ 0.23 $ 0.10 ========== ========= ========= ========= DIVIDENDS DECLARED PER SHARE $ 0.120 $ 0.120 $ 0.040 $ 0.040 ========== ========= ========= ========= See Accompanying Notes
THOMAS NELSON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands)
Nine Months Ended December 31, ------------------------------ 1996 1995 ------------ ------------- (Unaudited) (Unaudited) CASH FLOWS FROM CONTINUING OPERATING ACTIVITIES: Net Income $ 7,232 $ 6,138 Adjustments to reconcile net income to net cash provided by (used in) operations: Depreciation and amortization 8,257 5,634 Gain on sale of fixed assets (22) (502) Deferred compensation 563 - Changes in assets and liabilities, net of acquisitions and disposals: Accounts receivable, net 4,446 2,527 Income tax refunds receivable 836 - Inventories 7,852 (12,441) Prepaid expenses 2,727 (121) Accounts payable and accrued expenses (10,915) (9,592) Income taxes currently payable and deferred 4,996 3,307 ------------ ------------- Net cash provided by (used in) continuing operations 25,972 (5,050) ------------ ------------- Discontinued operations: Income (Loss) from discontinued operations 728 (1,406) Items not affecting cash, net 801 (875) Cash used in discontinued operations (7,259) (24,028) ------------ ------------- Net cash used in discontinued operations (5,730) (26,309) ------------ ------------- Net cash provided by (used in) operating activities 20,242 (31,359) ------------ ------------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (1,290) (2,942) Proceeds from sale of property, plant & equipment 139 903 Purchase of net assets of acquired companies - net of cash received (170) (69,527) Changes in other assets and deferred charges (4,369) 2,259 ------------ ------------- Net cash used in investing activities (5,690) (69,307) ------------ ------------- CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings (payments) under line of credit (9,025) 59,753 Payments under capital lease obligation (198) (694) Payments on long-term debt (1,508) (8,252) Dividends paid (2,055) (1,848) Changes in other liabilities (783) (223) Proceeds from issuance of common stock 651 54,611 Common stock retired (156) (158) ------------ ------------- Net cash provided by (used in) financing activities (13,074) 103,189 ------------ ------------- Net increase in cash and cash equivalents 1,478 2,523 Cash and cash equivalents at beginning of period 672 767 ------------ ------------- Cash and cash equivalents at end of period $ 2,150 $ 3,290 ============ ============= Supplemental disclosures of non-cash investing and financing activities: Dividends accrued and unpaid $ 685 $ 657 Capital lease obligations incurred to lease new equipment $ 50 $ 685
THOMAS NELSON, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note A - Basis of Presentation The accompanying unaudited consolidated financial statements reflect all adjustments (which are of a normal recurring nature) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to SEC rules and regulations. The statements should be read in conjunction with the Summary of Significant Accounting Policies and notes to the consolidated financial statements included in the Company's annual report for the year ended March 31, 1996. The balance sheet and related information in these notes as of March 31, 1996, have been taken from the audited consolidated financial statements as of that date. Certain reclassifications have been made to conform presentation of the fiscal 1996 Financial Statements with fiscal 1997 presentation. Note B - Inventories Components of inventories consisted of the following (in thousands):
December 31, March 31, December 31, 1996 1996 1995 ----------- ----------- ----------- Finished goods $ 55,450 $ 61,002 $ 62,742 Raw materials and work in process 16,006 18,306 18,680 ----------- ----------- ----------- $ 71,456 $ 79,308 $ 81,422 =========== =========== ===========
Note C - Cash Dividend On May 23, 1996, the Company's directors declared a cash dividend of $.04 per share of Common and Class B Common Stock. The dividend was paid August 9, 1996, to shareholders of record on August 5, 1996. On August 22, 1996, the Company's directors declared a cash dividend of $.04 per share of Common and Class B Common Stock. The dividend was paid November 18, 1996, to shareholders of record on November 4, 1996. On November 15, 1996, the Company's directors declared a cash dividend of $.04 per share of Common and Class B Common Stock. The dividend is payable February 17, 1997, to shareholders of record on February 3, 1997. Note D - Subsequent Event On November 21, 1996, the Company, its wholly owned subsidiary, Word, Incorporated, a Delaware corporation ("Word"), and Word Direct Partners, L.P., a Texas limited partnership whose sole general partner and sole limited partner are direct or indirect wholly owned subsidiaries of the Company (collectively, the "Sellers") entered into an Asset Purchase Agreement (together with Amendment No. 1 thereto dated as of January 6, 1997, the "Asset Purchase Agreement") among the Sellers and Gaylord Entertainment Company, a Delaware corporation ("Gaylord"). The Asset Purchase Agreement provided for the purchase by Gaylord of certain assets of Sellers (the "Purchased Assets"), which Purchased Assets comprised the music division of the Company (the "Music Business") including the production of recorded music and related products, the distribution of recordings for other companies and music publishing, including songwriter development, print music publishing and copyright administration. Gaylord also agreed to assume certain liabilities associated with the Music Business. In connection with the transactions contemplated by the Asset Purchase Agreement, subsidiaries of Gaylord purchased certain assets relating primarily to the Music Business of Word Communications, Ltd., a Canadian corporation, and Nelson Word, Ltd., a United Kingdom corporation, both of which are direct or indirect wholly owned subsidiaries of the Company. On January 6, 1997, the transactions contemplated by the Asset Purchase Agreement were consummated. Pursuant to adjustments contemplated by the Asset Purchase Agreement, including a working capital adjustment based on changes in the estimated balance sheet of the Music Business at the closing from the balance sheet of the Music Business at June 30, 1996 to the date of closing, Gaylord paid to Sellers $120,693,000 at the closing. The purchase price is subject to further adjustment based on a post-closing audit of the balance sheet of the Music Business as of the closing date. Pursuant to the Asset Purchase Agreement, Sellers entered into an agreement with Gaylord whereby Sellers will provide, and Gaylord will compensate them for, certain administrative support services to the Music Business (such as billing, collection, accounting, inventory warehousing and shipping) during a transition period not to exceed twelve months following the closing. The proceeds received by the Company were used to retire $35 million of the Series A Senior Notes pursuant to the Company's Note Purchase Agreement dated January 3, 1996, and to pay the outstanding balance of approximately $50 million under the Company's Amended and Restated Credit Agreement dated December 13, 1995, as amended, with the remainder of the proceeds to be invested in short-term government securities or similar investments pending application by the Company. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW The Company's net revenues have grown in recent years as a result of increased sales of the existing product lines and through the development and acquisition of new product lines. In October 1995, the Company acquired The C. R. Gibson Company ("Gibson") for approximately $67 million in cash which expanded its gift product lines and distribution network. As a result, the Company's gift revenues have grown significantly for the first nine months of fiscal 1997 as compared to the same period in the prior year. As a result of operating trends and the softness of the retail markets for the Company's products which began to adversely affect fiscal 1996 operating results in the second quarter of fiscal 1996, the Company decided during the fourth quarter of fiscal 1996 to discontinue the operations of its Royal Media division, a division which published magazines and operated radio networks directed toward Christian markets. The disposal of the Royal Media division has been consummated. The operating results of the Royal Media division for the three months and nine months ended December 31, 1995, are reported as a loss from discontinued operations. On January 6, 1997, the Company consumated the sale of the Music Business. The operating results of the Music Business for the three months and nine months ended December 31, 1996 and 1995 are reported as if the transaction was consummated on April 1, 1995. The operating results of the Music Business for the three months and nine months ended December 31, 1996, are reported as income from discontinued operations and for the three months and nine months ended December 31, 1995, are reported as a loss from discontinued operations. The following table sets forth for the periods indicated certain selected statements of income data of the Company expressed as a percentage of net revenues and the percentage change in dollars in such data from the prior fiscal year.
Nine Months Ended Fiscal Year-to-Year December 31, Increase ------------------ (Decrease) 1996 1995 -------- -------- ---------- (%) (%) (%) Net revenues: Publishing: Book 34.7 34.1 (3.2) Bible 27.8 45.6 (9.8) ------- ------- Total publishing 62.5 79.7 (7.0) Gift 36.5 18.8 130.3 Other 1.0 1.5 (23.6) ------- ------- Total net revenues 100.0 100.0 18.6 ------- ------- Expenses: Cost of goods sold 53.8 52.9 20.5 Selling, general and administrative 35.4 36.7 14.3 Amortization of goodwill and non-compete agreements 0.8 0.4 139.9 ------- ------- Total expenses 90.0 90.0 18.5 ------- ------- Operating income 10.0 10.0 19.0 Income from continuing operations before income taxes 6.3 6.3 19.8 Income (loss) from discontinued operations, net of taxes 0.4 (0.9) -- Net income 4.3 3.1 68.2
The Company's net revenues fluctuate seasonally, with net revenues in the first fiscal quarter being lower than those for the remainder of the year. This seasonality is the result of increased consumer purchases of the Company's products during the traditional holiday periods. Due to this seasonality, the Company has historically incurred a loss during the first quarter of each fiscal year. In addition, the Company's quarterly operating results may fluctuate significantly due to the seasonality of new product introductions, the timing of selling and marketing expenses and changes in sales and product mixes. The following discussion includes certain forward-looking statements. Actual results could differ materially from those reflected by the forward-looking statements and a number of factors may affect future results, liquidity and capital resources. These factors include softness in the general retail environment, the timing of products being introduced to the market, the level of returns experienced by operating divisions, the level of margins achievable in the marketplace and the ability to minimize operating expenses. Although the Company believes it has the business strategy and resources needed for improved operations, future revenue and margin trends cannot be reliably predicted and may cause the Company to adjust its business strategy during the remainder of fiscal 1997. Results of Operations Net revenues for the first nine months of fiscal 1997 increased by $28.8 million, or 18.6%, over the same period in fiscal 1996. Net revenues decreased in each of the Company's product lines, except gift, as follows: Bible products decreased by $1.7 million, or 3.2%, and book products decreased by $6.9 million, or 9.8%. Net revenues from gift products, including Gibson, increased by $38.0 million, or 130.3%. Net revenues for the third quarter of fiscal 1997 increased by $0.6 million, or 0.9%, over the same period in fiscal 1996. Net revenues from gift products, including Gibson, increased by $1.8 million, or 10.5%. The remaining product lines of books and Bibles decreased by $0.2 million, or 1.0%, and $0.6 million, or 2.8%, respectively. Price increases did not have a material effect on net revenues. The increases in net revenues for the first nine months and third quarter were primarily attributable to the increases in revenues in the gift products division due to the acquisition of Gibson, which was consummated on October 31, 1995. The Company's cost of goods sold for the first nine months of fiscal 1997 increased by $16.8 million, or 20.5%, over the same period in fiscal 1996 and, as a percentage of net revenues, increased to 53.8% for the first nine months of fiscal 1997 from 52.9% in the comparable period in fiscal 1996. Cost of goods sold for the third fiscal quarter increased by $0.9 million, or 2.6%, over the same period in fiscal 1996 and, as a percentage of net revenues, increased from 55.1% to 56.0%. The increase of cost of goods sold, as a percentage of net revenues, for the first nine months and third quarter resulted from a change in the mix of distribution channels. Sales through the gift market channels increased over the prior year as a result of the Gibson acquisition. The gift division's products have a higher cost of sales as a percentage of net revenues since they are sold nonreturnable and lower gross margins than publishing products are acceptable. Therefore, as gift sales increased as a percentage of the Company's revenues, cost of sales as a percentage of net revenues increased for the third quarter and first nine months of fiscal 1997 over the same periods in fiscal 1996. In addition to the mix of products, cost of goods sold increased because the Company has focused on reducing inventories and has made selected sales of publishing products at lower margins to reduce slow moving products. Selling, general and administrative expenses for the first nine months of fiscal 1997 increased by $8.2 million, or 14.3%, and decreased for the third quarter by $2.5 million, or 11.3%, from the same periods in fiscal 1996. These expenses, expressed as a percentage of net revenues, decreased to 35.4% for the first nine months of fiscal 1997 from 36.7% and to 30.9% for the third fiscal quarter from 35.1% in the same periods in fiscal 1996 primarily due to the reductions in staff and general expenditures, including reductions in the Company's publishing direct marketing to consumers program. Interest expense for the first nine months of fiscal 1997 increased by $1.0 million, or 16.3%, over the same period in fiscal 1996 due to increased borrowings for the October 1995 acquisition of Gibson. Interest expense for the third quarter of 1997 decreased by $0.2 million, or 7.0%, from the same period in fiscal 1996 due to decreased borrowings for working capital. Liquidity and Capital Resources The primary sources of liquidity to meet the Company's future obligations and working capital needs are cash generated from operations and borrowings available under bank credit facilities. At December 31, 1996, the Company had working capital of $194.1 million. At December 31, 1996, the Company had $49.2 million outstanding, and $85.8 million available for borrowing under its two credit facilities. Seasonality has a major impact on the Company's revenues which in turn have a direct bearing on the level of borrowings. Subsequent to the sale of the Music Business on January 6, 1997, the entire outstanding borrowing under the credit facilities was repaid (See Note D-Subsequent Event). Net cash provided by (used in) operating activities was $20.2 million and ($31.4) million for the first nine months of fiscal 1997 and 1996, respectively. Cash provided by operations during the first nine months of fiscal 1997 was principally attributable to the decrease in inventories and income from continuing operations. Cash used in operations during the first nine months of fiscal 1996 was principally attributable to the cash used in discontinued operations and to the increase in inventories. During the first nine months of fiscal 1997, capital expenditures totaled approximately $1.3 million, which was used primarily to purchase computer equipment and warehousing and manufacturing equipment. During the remainder of fiscal 1997, the Company anticipates capital expenditures of approximately $1.0 million primarily consisting of computer equipment, warehousing and manufacturing equipment and building improvements. In connection with the sale of the Company's Music Business on January 7, 1997, the Company's $125 million credit facility was amended to decrease the facility to $75 million. The $75 million credit facility and the Company's $10 million credit facility (collectively, the "Credit Agreements") are both unsecured. The $75 million credit facility bears interest at either the prime rate or, at the Company's option, LIBOR plus a percentage, subject to adjustment based on certain financial ratios and matures on December 13, 2002. The $10 million credit facility bears interest at the prime rate and matures on July 31, 1998. Due to the seasonality of the Company's business, borrowings under the Credit Agreements typically peak during the third quarter of the fiscal year. At December 31, 1996, the Company had outstanding $61 million of unsecured senior notes ("Senior Notes"). The Senior Notes bear interest at rates from 6.93% to 9.5% due through fiscal 2008. Subsequent to the sale of the Music Business, $35 million of the Senior Notes was retired. Under the terms of the Credit Agreements and the Senior Notes, the Company has agreed to limit the payment of dividends and to maintain certain interest coverage and debt-to-capital ratios which are similarly calculated for each debt agreement. At December 31, 1996, the Company was in compliance with all covenants of these debt agreements, as amended. The Company also has outstanding $55 million of 5.75% convertible subordinated notes ("Convertible Subordinated Notes") due November 30, 1999. The Convertible Subordinated Notes presently are convertible into common stock at $17.00 per share and are redeemable at the Company's option after November 30, 1995, at 103.29% of the principal amount, declining annually thereafter to 100% on November 30, 1999. Management believes cash reserves from the sale of the Music Business, cash generated by operations and borrowings available through its Credit Agreements, will be sufficient to fund antici- pated working capital requirements for existing operations through the remainder of fiscal 1997. PART II Item 6. Exhibits and Reports on Form 8-K (a) Exhibits required by Item 601 of Regulation S-K Exhibit 4.1- Second Amendment to Credit Agreement dated November 15, 1996, among Thomas Nelson, Inc., SunTrust Bank, Nashville, N.A., National City Bank of Louisville, First American National Bank in Nashville, NationsBank of Texas, N.A. in Dallas, Creditanstalt-Bankverein in New York (filed as Exhibit 4.1 to the Company's Report on Form 8-K dated January 6, 1997 and incorporated herein by reference). Exhibit 11 - Statement of Re-Computation of Per Share Earnings Exhibit 27 - Financial Data Schedule (b) No Form 8-K was filed by the Company during the quarter ended December 31, 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Thomas Nelson, Inc. (Registrant) February 14, 1997 BY /s/ Joe L. Powers - - -------------------------- ----------------------- Joe L. Powers Executive Vice President (Principal Financial and Accounting Officer) EX-27 2
5 This schedule contains summary financial information extracted from the Company's 10-Q for the period ended December 31, 1996, and is qualified in its entirety by reference to such financial statements and the notes thereto. 1,000 9-MOS MAR-31-1997 APR-01-1996 DEC-31-1996 2,150 0 75,071 7,516 71,456 236,886 47,249 13,941 344,614 42,777 168,588 0 0 17,116 111,913 344,614 176,798 183,942 98,977 164,084 1,485 1,396 7,021 11,664 4,432 7,232 728 0 0 7,960 0.46 0.46
EX-11 3 EXHIBIT 11 STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS (Dollars in thousands, except per share data)
Nine Months Ended Three Months Ended December 31, December 31, 1996 1995 1996 1995 ---------- --------- --------- --------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Primary Earnings Per Share: Weighted average shares outstanding 17,138 15,310 17,136 16,484 ========== ========= ========= ========= Income from continuing operations $ 7,232 $ 6,138 $ 3,443 $ 2,181 Income (Loss) from discontinued operations 728 (1,406) 803 (535) ---------- --------- --------- --------- Net Income $ 7,960 $ 4,732 $ 4,246 $ 1,646 ========== ========= ========= ========= Income Per Share from continuing operations $ 0.42 $ 0.40 $ 0.20 $ 0.13 Income (Loss) Per Share from discontinued operations 0.04 (0.09) 0.05 (0.03) ---------- --------- --------- --------- Net Income Per Share $ 0.46 $ 0.31 $ 0.25 $ 0.10 ========== ========= ========= ========= Fully-diluted Earnings Per Share: Weighted average shares outstanding 17,138 15,310 17,136 16,484 Convertible Notes 3,235 3,235 3,235 3,235 ---------- --------- --------- --------- Total Shares 20,373 18,545 20,371 19,719 ========== ========= ========= ========= Income from continuing operations(1) $ 8,815 $ 7,725 $ 3,971 $ 2,710 Income (Loss) from discon- tinued operations 728 (1,406) 803 (535) ---------- --------- --------- --------- Net Income $ 9,543 $ 6,319 $ 4,774 $ 2,175 ========== ========= ========= ========= Income Per Share from continuing operations $ 0.42 $ 0.40 $ 0.19 $ 0.13 Income (Loss) Per Share from discontinued operations 0.04 (0.09) 0.04 (0.03) ---------- --------- --------- --------- Net Income Per Share $ 0.46 (2) $ 0.31 (2) $ 0.23 $ 0.10(2) ========== ========= ========= ========= (1) Adjusted for interest on convertible debt (2) Anti-dilutive; use primary earnings per share
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