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Exhibit No. | Description |
Press Release of Interface, Inc., dated May 8, 2020, reporting its financial results for the first quarter of 2020 (furnished pursuant to Item 2.02 of this Report). | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
INTERFACE, INC. | |
By: | /s/ David B. Foshee |
David B. Foshee | |
Vice President | |
Date: May 8, 2020 |
Media Contact: Christine Needles Global Corporate Communications +1 404-491-4660 | Investor Contact: Bruce Hausmann Chief Financial Officer +1 770-437-6802 |
• | Strong liquidity of $309 million at quarter end comprised of $73 million of cash and $236 million of borrowing availability under the revolving credit facility |
• | Q1 net sales down 3%; Q1 organic sales down 2% |
• | $121 million non-cash charge for impairment of goodwill and intangible assets driven by COVID-19 impact |
• | Including impairment charge, Q1 2020 GAAP loss per share of $1.75 vs. Q1 2019 GAAP EPS of $0.12; Q1 2020 adjusted EPS of $0.32 |
• | Providing update on COVID-19 impact and response strategies |
(In thousands) | 2019 | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FYE | |||||||||||||||
2019 Cost of Sales as reported in 2019 | $ | 182,290 | $ | 218,917 | $ | 212,590 | $ | 203,778 | $ | 817,575 | |||||||||
2019 Cost of Sales as reported in 2020 | 181,166 | 216,777 | 210,608 | 201,511 | 810,062 | ||||||||||||||
Reclassification | (1,124 | ) | (2,140 | ) | (1,982 | ) | (2,267 | ) | (7,513 | ) | |||||||||
2019 SG&A Expense as reported in 2019 | 99,011 | 95,698 | 91,414 | 95,481 | 381,604 | ||||||||||||||
2019 SG&A Expense as reported in 2020 | 100,135 | 97,838 | 93,396 | 97,748 | 389,117 | ||||||||||||||
Reclassification | 1,124 | 2,140 | 1,982 | 2,267 | 7,513 | ||||||||||||||
Net Impact to Operating Income | $ | — | $ | — | $ | — | $ | — | $ | — |
Consolidated Condensed Statements of Operations | Three Months Ended | ||||||
(In thousands, except per share data) | 4/5/20 | 3/31/19 | |||||
Net Sales | $ | 288,169 | $ | 297,688 | |||
Cost of Sales | 173,858 | 181,166 | |||||
Gross Profit | 114,311 | 116,522 | |||||
Selling, General & Administrative Expenses | 87,683 | 100,135 | |||||
Restructuring Charges | (1,118 | ) | — | ||||
Goodwill and Intangible Asset Impairment Charge | 121,258 | — | |||||
Operating Income (Loss) | (93,512 | ) | 16,387 | ||||
Interest Expense | 5,630 | 6,793 | |||||
Other Expense | 1,491 | 1,014 | |||||
Income (Loss) Before Taxes | (100,633 | ) | 8,580 | ||||
Income Tax Expense | 1,534 | 1,521 | |||||
Net Income (Loss) | $ | (102,167 | ) | $ | 7,059 | ||
Earnings (Loss) Per Share – Basic | $ | (1.75 | ) | $ | 0.12 | ||
Earnings (Loss) Per Share – Diluted | $ | (1.75 | ) | $ | 0.12 | ||
Common Shares Outstanding – Basic | 58,450 | 59,632 | |||||
Common Shares Outstanding – Diluted | 58,452 | 59,642 |
Consolidated Condensed Balance Sheets | |||||||
(In thousands) | 4/5/20 | 12/29/19 | |||||
Assets | |||||||
Cash | $ | 72,651 | $ | 81,301 | |||
Accounts Receivable | 145,339 | 177,482 | |||||
Inventory | 271,151 | 253,584 | |||||
Other Current Assets | 44,770 | 35,768 | |||||
Total Current Assets | 533,911 | 548,135 | |||||
Property, Plant & Equipment | 328,726 | 324,585 | |||||
Operating Lease Right-of Use Asset | 103,637 | 107,044 | |||||
Goodwill and Intangible Assets | 219,812 | 346,474 | |||||
Other Assets | 100,997 | 96,811 | |||||
Total Assets | $ | 1,287,083 | $ | 1,423,049 | |||
Liabilities | |||||||
Accounts Payable | $ | 68,695 | $ | 75,687 | |||
Accrued Liabilities | 115,934 | 140,652 | |||||
Current Portion of Operating Lease Liabilities | 14,812 | 15,914 | |||||
Current Portion of Long-Term Debt | 30,850 | 31,022 | |||||
Total Current Liabilities | 230,291 | 263,275 | |||||
Long-Term Debt | 596,423 | 565,178 | |||||
Operating Lease Liabilities | 87,847 | 91,829 | |||||
Other Long-Term Liabilities | 133,867 | 134,565 | |||||
Total Liabilities | 1,048,428 | 1,054,847 | |||||
Shareholders’ Equity | 238,655 | 368,202 | |||||
Total Liabilities and Shareholders’ Equity | $ | 1,287,083 | $ | 1,423,049 |
Consolidated Condensed Statements of Cash Flows | Three Months Ended | ||||||
(In thousands) | 4/5/20 | 3/31/19 | |||||
Net Income/(Loss) | $ | (102,167 | ) | $ | 7,059 | ||
Depreciation and Amortization | 10,940 | 11,344 | |||||
Stock Compensation Amortization/(Benefit) | (2,932 | ) | 2,817 | ||||
Goodwill and Intangible Asset Impairment Charge | 121,258 | — | |||||
Amortization of Acquired Intangible Assets | 1,315 | 1,909 | |||||
Deferred Income Taxes and Other Non-Cash Items | (15,732 | ) | (6,088 | ) | |||
Change in Working Capital | |||||||
Accounts Receivable | 28,635 | 13,729 | |||||
Inventories | (22,514 | ) | (28,855 | ) | |||
Prepaids and Other Current Assets | (7,464 | ) | (5,692 | ) | |||
Accounts Payable and Accrued Expenses | (27,056 | ) | (7,924 | ) | |||
Cash Used in Operating Activities | (15,717 | ) | (11,701 | ) | |||
Cash Used in Investing Activities | (22,294 | ) | (20,012 | ) | |||
Cash Provided from Financing Activities | 32,475 | 17,640 | |||||
Effect of Exchange Rate Changes on Cash | (3,114 | ) | 56 | ||||
Net Decrease in Cash | $ | (8,650 | ) | $ | (14,017 | ) |
First Quarter 2020 | First Quarter 2019 | ||||||
Net Sales as Reported (GAAP) | $ | 288.2 | $ | 297.7 | |||
Impact of Changes in Currency | 4.9 | — | |||||
Organic Sales | $ | 293.1 | $ | 297.7 | |||
Gross Profit as Reported (GAAP) | $ | 114.3 | $ | 116.5 | |||
Purchase Accounting Amortization | 1.3 | 1.9 | |||||
Adjusted Gross Profit | $ | 115.6 | $ | 118.4 | |||
Operating Income (Loss) as Reported (GAAP) | $ | (93.5 | ) | $ | 16.4 | ||
Purchase Accounting Amortization | 1.3 | 1.9 | |||||
Goodwill and Intangible Asset Impairment Charge | 121.3 | — | |||||
Impact of Change in Equity Award Forfeiture Accounting | 1.4 | — | |||||
Restructuring Charges | (1.1 | ) | — | ||||
Adjusted Operating Income | $ | 29.4 | $ | 18.3 | |||
Selling, General & Administrative Expenses (GAAP) | $ | 87.7 | |||||
Impact of Change in Equity Award Forfeiture Accounting | (1.4 | ) | |||||
Adjusted Selling, General and Administrative Expenses | $ | 86.3 | |||||
Net Income (Loss) as Reported (GAAP) | $ | (102.2 | ) | $ | 7.1 | ||
Purchase Accounting Amortization (after tax impact of $0.4 million and $0.6 million for 2020 and 2019) | 0.9 | 1.3 | |||||
Goodwill and Intangible Asset Impairment Charge (after tax impact of $1.5 million) | 119.8 | — | |||||
Impact of Change in Equity Award Forfeiture Accounting (after tax impact of $0.3 million) | 1.1 | — | |||||
Restructuring Charges (after tax impact of $0.2 million) | (0.9 | ) | — | ||||
Adjusted Net Income | $ | 18.7 | $ | 8.4 | |||
Diluted Earnings (Loss) per Share as Reported (GAAP) | $ | (1.75 | ) | $ | 0.12 | ||
Purchase Accounting Amortization (after tax impact of $0.4 million and $0.6 million for 2020 and 2019) | 0.02 | 0.02 | |||||
Goodwill and Intangible Asset Impairment Charge (after tax impact of $1.5 million) | 2.05 | — | |||||
Impact of Change in Equity Award Forfeiture Accounting (after tax impact of $0.3 million) | 0.02 | — | |||||
Restructuring Charges (after tax impact of $0.2 million) | (0.02 | ) | — | ||||
Adjusted Diluted Earnings per Share * | $ | 0.32 | $ | 0.14 | |||
* Sum of reconciling items may differ from total due to rounding of individual components |
First Quarter 2020 | First Quarter 2019 | ||||||
Net Income (Loss) as Reported (GAAP) | $ | (102.2 | ) | $ | 7.1 | ||
Income Tax Expense | 1.5 | 1.5 | |||||
Interest Expense | 5.6 | 6.8 | |||||
Depreciation and Amortization | 11.0 | 11.3 | |||||
Stock Compensation Amortization (Benefit) | (2.9 | ) | 2.8 | ||||
Purchase Accounting Amortization | 1.3 | 1.9 | |||||
Goodwill and Intangible Asset Impairment Charge | 121.3 | — | |||||
Restructuring Charges | (1.1 | ) | — | ||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (AEBITDA) | $ | 34.5 | $ | 31.4 | |||
Last Twelve Months (LTM) Ended | Full Year | ||||||
4/5/2020 | 2019 | ||||||
Net Income (Loss) as Reported (GAAP) | $ | (30.1 | ) | $ | 79.2 | ||
Income Tax Expense | 22.6 | 22.6 | |||||
Interest Expense | 24.5 | 25.7 | |||||
Depreciation and Amortization | 44.6 | 44.9 | |||||
Stock Compensation Amortization | 3.0 | 8.7 | |||||
Purchase Accounting Amortization | 5.3 | 5.9 | |||||
Goodwill and Intangible Asset Impairment Charge | 121.3 | — | |||||
Restructuring and Other Charges | 11.8 | 12.9 | |||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (AEBITDA) | $ | 203.0 | $ | 199.9 | |||
As of 04/05/20 | |||||||
Total Debt | $ | 627.3 | |||||
Total Cash on Hand | (72.7 | ) | |||||
Total Debt, Net of Cash on Hand (Net Debt) | $ | 554.6 | |||||
4/5/2020 | |||||||
Total Debt / LTM Net Income | (20.8x) | ||||||
Net Debt / LTM AEBITDA | 2.7x |
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Document and Entity Information Document |
May 08, 2020 |
---|---|
Cover page. | |
Title of 12(b) Security | Common Stock, $0.10 Par Value Per Share |
Document Type | 8-K |
Document Period End Date | May 08, 2020 |
Entity Registrant Name | INTERFACE INC |
Entity Incorporation, State or Country Code | GA |
Entity File Number | 001-33994 |
Entity Tax Identification Number | 58-1451243 |
Entity Address, Address Line One | 1280 West Peachtree Street NW |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30309 |
City Area Code | 770 |
Local Phone Number | 437-6800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000715787 |
Amendment Flag | false |
Trading Symbol | TILE |
Security Exchange Name | NASDAQ |