Georgia
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001-33994
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58-1451243
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||
(State or other Jurisdiction of Incorporation or Organization)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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1280 West Peachtree Street NW
Atlanta, Georgia
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30309
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|
(Address of principal executive offices)
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(Zip code)
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☐
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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))
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Exhibit No.
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Description
|
99.1
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Press Release of Interface, Inc., dated April 24, 2019, reporting its financial results for the first quarter of 2019 (furnished pursuant
to Item 2.02 of this Report).
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INTERFACE, INC.
|
|
By:
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/s/ David B. Foshee
|
|
David B. Foshee
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Vice President
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|
Date: April 24, 2019
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Exhibit No.
|
Description
|
Press Release of Interface, Inc., dated April 24, 2019, reporting its financial results for the first quarter of 2019 (furnished pursuant
to Item 2.02 of this Report).
|
Media Contact:
Christine Needles
Global Corporate Communications
Christine.Needles@interface.com
+1 404-491-4660
|
Investor Contact:
Bruce Hausmann
Chief Financial Officer
Bruce.Hausmann@interface.com
+1 770-437-6802
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·
|
Total net sales growth, including nora, of 14 – 16%,
which includes 200 basis points of currency headwinds.
|
·
|
Organic sales growth from carpet and LVT of 2 – 4%
|
·
|
Adjusted gross profit margin of 40 – 40.5%
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·
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Adjusted SG&A expenses of 28 – 28.5% as a percentage of net sales
|
Consolidated Condensed Statements of Operations
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Three Months Ended
|
|||||||
(In thousands, except per share data)
|
3/31/19
|
4/1/18
|
||||||
Net Sales
|
$
|
297,688
|
$
|
240,563
|
||||
Cost of Sales
|
182,290
|
146,981
|
||||||
Gross Profit
|
115,398
|
93,582
|
||||||
Selling, General & Administrative Expenses
|
99,011
|
70,594
|
||||||
Operating Income
|
16,387
|
22,988
|
||||||
Interest Expense
|
6,793
|
2,094
|
||||||
Other Expense, Net
|
1,014
|
519
|
||||||
Income Before Taxes
|
8,580
|
20,375
|
||||||
Income Tax Expense
|
1,521
|
5,291
|
||||||
Net Income
|
$
|
7,059
|
$
|
15,084
|
||||
Earnings Per Share – Basic
|
$
|
0.12
|
$
|
0.25
|
||||
Earnings Per Share – Diluted
|
$
|
0.12
|
$
|
0.25
|
||||
Common Shares Outstanding – Basic
|
59,632
|
59,671
|
||||||
Common Shares Outstanding – Diluted
|
59,642
|
59,717
|
||||||
Consolidated Condensed Balance Sheets
|
||||||||
(in thousands)
|
3/31/19
|
12/30/18
|
||||||
Assets
|
||||||||
Cash
|
$
|
66,972
|
$
|
80,989
|
||||
Accounts Receivable
|
164,976
|
179,004
|
||||||
Inventory
|
285,738
|
258,657
|
||||||
Other Current Assets
|
46,799
|
40,229
|
||||||
Total Current Assets
|
564,485
|
558,879
|
||||||
Property, Plant & Equipment
|
300,405
|
292,888
|
||||||
Operating Lease Right-of-Use Lease Asset
|
113,640
|
--
|
||||||
Goodwill and Intangible Assets
|
334,059
|
343,542
|
||||||
Other Assets
|
92,478
|
89,335
|
||||||
Total Assets
|
$
|
1,405,067
|
$
|
1,284,644
|
||||
Liabilities
|
||||||||
Accounts Payable
|
72,994
|
66,301
|
||||||
Accrued Liabilities
|
112,409
|
125,971
|
||||||
Current Portion of Operating Lease Liabilities
|
16,014
|
--
|
||||||
Current Portion of Long-Term Debt
|
31,105
|
31,315
|
||||||
Total Current Liabilities
|
232,522
|
223,587
|
||||||
Long-Term Debt
|
610,895
|
587,266
|
||||||
Operating Lease Liabilities
|
97,316
|
--
|
||||||
Other Long-Term Liabilities
|
114,675
|
119,128
|
||||||
Total Liabilities
|
1,055,408
|
929,981
|
||||||
Shareholders’ Equity
|
349,659
|
354,663
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
1,405,067
|
$
|
1,284,644
|
Consolidated Condensed Statements of Cash Flows
|
Three Months Ended
|
|||||||||||||||
(In thousands)
|
3/31/19
|
4/1/18
|
||||||||||||||
Net Income
|
$
|
7,059
|
$
|
15,084
|
||||||||||||
Depreciation and Amortization
|
11,344
|
8,731
|
||||||||||||||
Stock Compensation Amortization
|
2,817
|
2,858
|
||||||||||||||
Amortization of Acquired Intangible Assets
|
1,909
|
--
|
||||||||||||||
Deferred Income Taxes and Other Items
|
(6,088
|
)
|
1,800
|
|||||||||||||
Change in Working Capital
|
||||||||||||||||
Accounts Receivable
|
13,729
|
6,338
|
||||||||||||||
Inventories
|
(28,855
|
)
|
(17,240
|
)
|
||||||||||||
Prepaids and Other Current Assets
|
(5,692
|
)
|
(16,273
|
)
|
||||||||||||
Accounts Payable and Accrued Expenses
|
(7,924
|
)
|
(7,077
|
)
|
||||||||||||
Cash Used in Operating Activities
|
(11,701
|
)
|
(5,779
|
)
|
||||||||||||
Cash Used in Investing Activities
|
(20,012
|
)
|
(7,167
|
)
|
||||||||||||
Cash Provided by (Used in) Financing Activities
|
17,640
|
(5,756
|
)
|
|||||||||||||
Effect of Exchange Rate Changes on Cash
|
56
|
(478
|
)
|
|||||||||||||
Net Decrease in Cash
|
$
|
(14,017
|
)
|
$
|
(19,180
|
)
|