-----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, IitQpkaulGLLOUAyTX/b7jzHQPtUT81vtE4OQt+Gk8XqVp9rCEzr2OViTTGamlU9 +RQTwSHBfrconDKSbP+zkw== 0000931763-99-001717.txt : 19990518 0000931763-99-001717.hdr.sgml : 19990518 ACCESSION NUMBER: 0000931763-99-001717 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 19990403 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOHAWK INDUSTRIES INC CENTRAL INDEX KEY: 0000851968 STANDARD INDUSTRIAL CLASSIFICATION: CARPETS AND RUGS [2273] IRS NUMBER: 521604305 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13697 FILM NUMBER: 99627434 BUSINESS ADDRESS: STREET 1: 160 S INDUSTRIAL BLVD STREET 2: PO BOX 12069 CITY: CALHOUN STATE: GA ZIP: 30701 BUSINESS PHONE: 7066297721 MAIL ADDRESS: STREET 1: P O BOX 12069 CITY: CALHOUN STATE: GA ZIP: 30703 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission File Number: 01-19826 MOHAWK INDUSTRIES, INC. (Exact name of registrant as specified in its charter)
Delaware 52-1604305 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Post Office Box 12069, 160 South Industrial Boulevard, Calhoun, Georgia 30703 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (706) 629-7721
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 ------ ------- The number of shares outstanding of the issuer's classes of capital stock as of May 12, 1999, the latest practicable date, is as follows: 60,598,978 shares of Common Stock, $.01 par value. INDEX Page No. ------- Part I. Financial Information:
Item 1. Financial Statements Condensed Consolidated Balance Sheets - April 3, 1999 and December 31, 1998 3 Condensed Consolidated Statements of Earnings - Three months ended April 3, 1999 and March 28, 1998 5 Condensed Consolidated Statements of Cash Flows - Three months ended April 3, 1999 and March 28, 1998 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3. Quantitative and Qualitative Disclosures About Market Risk 12
Part II. Other Information 12 PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS (In thousands) (Unaudited) April 3, 1999 December 31, 1998 ------------- ----------------- Current assets: Cash $ - 2,384 Receivables 360,676 331,574 Inventories 499,003 423,837 Prepaid expenses 8,649 21,605 Deferred income taxes 52,304 52,304 ---------- --------- Total current assets 920,632 831,704 ---------- --------- Property, plant and equipment, at cost 1,043,092 883,942 Less accumulated depreciation and amortization 451,466 429,045 ---------- --------- Net property, plant and equipment 591,626 454,897 ---------- --------- Other assets 111,411 102,341 ---------- --------- Total assets $1,623,669 1,388,942 ========== ========= See accompanying notes to condensed consolidated financial statements. 3 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS, CONTINUED LIABILITIES AND STOCKHOLDERS' EQUITY (In thousands, except per share data) (Unaudited) April 3, 1999 December 31, 1999 ------------- ----------------- Current liabilities: Current portion of long-term debt $ 197,087 44,424 Accounts payable and accrued expenses 381,556 364,369 ---------- ------- Total current liabilities 578,643 408,793 Deferred income taxes 31,045 31,045 Long-term debt, less current portion 363,369 332,665 Other long-term liabilities 4,905 5,380 ---------- ------- Total liabilities 977,962 777,883 ---------- ------- Stockholders' equity: Preferred stock, $.01 par value; 60 shares authorized; no shares issued - - Common stock, $.01 par value; 150,000 shares authorized; 60,580 and 60,533 shares issued in 1999 and 1998, respectively 606 606 Additional paid-in capital 178,434 172,045 Retained earnings 466,667 438,408 ---------- ------- Total stockholders' equity 645,707 611,059 ---------- ------- Total liabilities and stockholders' equity $1,623,669 1,388,942 ========== ========= See accompanying notes to condensed consolidated financial statements. 4 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three Months Ended -------------------------------- April 3, 1999 March 28, 1998 ------------- -------------- Net sales $709,217 589,521 Cost of sales 529,518 452,778 -------- ------- Gross profit 179,699 136,743 Selling, general and administrative expenses 124,090 98,464 -------- ------- Operating income 55,609 38,279 -------- ------- Other expense: Interest expense 7,854 7,990 Other expense (income), net 1,469 (56) -------- ------- 9,323 7,934 -------- ------- Earnings before income taxes 46,286 30,345 Income taxes 18,394 13,210 -------- ------- Net earnings $ 27,892 17,135 ======== ======= Basic earnings per share $ 0.46 0.28 ======== ======= Weighted-average common shares outstanding 60,565 60,266 ======== ======= Diluted earnings per share $ 0.46 0.28 ======== ======= Weighted-average common and dilutive potential common shares outstanding 61,285 60,977 ======== ======= See accompanying notes to condensed consolidated financial statements. 5 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
Three Months Ended ---------------------------------- April 3, 1999 March 28, 1998 ------------- -------------- Cash flows from operating activities: Net earnings $ 27,892 17,135 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 23,473 19,459 Deferred taxes - 1,857 Provision for doubtful accounts 3,408 2,185 Loss on sale of property, plant and equipment 44 Changes in operating assets and liabilities, net of effects of acquisitions: Receivables (8,923) (29,062) Inventories (37,908) (32,450) Accounts payable and accrued expenses (13,682) 42,147 Other assets and prepaid expenses 13,533 6,399 Other liabilities (475) (699) --------- ------- Net cash provided by operating activities 7,362 26,971 --------- ------- Cash flows from investing activities: Additions to property, plant and equipment, net (30,449) (14,427) Acquisitions (158,786) 25 --------- ------- Net cash used in investing activities (189,235) (14,402) --------- ------- Cash flows from financing activities: Net change in revolving line of credit 184,864 (16,565) Redemption of acquisition indebtedness (20,917) (583) Redemption of IRBs and other, net of proceeds (4,951) 241 Change in outstanding checks in excess of cash 13,737 2,394 Common stock transactions 6,756 1,824 --------- ------- Net cash provided by (used in) financing activities 179,489 (12,689) --------- ------- Net change in cash (2,384) (120) Cash, beginning of period 2,384 200 --------- ------- Cash, end of period $ - 80 ========= ======= Net cash paid during the period for: Interest $ 10,621 9,757 ========= ======= Income taxes $ 16,088 5,430 ========= =======
See accompanying notes to condensed consolidated financial statements. 6 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands) (Unaudited) 1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the financial statements and notes thereto included in the Company's 1998 Annual Report filed on Form 10-K, as filed with the Securities and Exchange Commission, which includes consolidated financial statements for the fiscal year ended December 31, 1998. The Company's basic earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding, and diluted earnings per share are computed by dividing net earnings by the weighted-average common and dilutive potential common shares outstanding. Dilutive common stock options are included in the diluted earnings per share calculation using the treasury stock method. Certain prior year financial statement balances have been reclassified to conform with the current year's presentation. 2. Acquisitions On January 29, 1999, the Company acquired certain assets of Image Industries, Inc. ("Image") for approximately $193,000, including acquisition costs and the assumption of $30,000 of tax exempt debt. The Image acquisition has been accounted for under the purchase method of accounting and, accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The estimated fair values were $201,689 for assets acquired and $42,903 for the liabilities assumed. The operating results of Image are included in the Company's consolidated statement of earnings from the date of acquisition. The following unaudited pro forma information presents a summary of consolidated results of operations of the Company and Image as if the acquisition had occurred at the beginning of 1998. Three Months Ended ------------------------------------- April 3, 1999 March 28,1998 ------------- ------------- Net sales $725,066 635,017 Net earnings $ 27,533 17,860 Basic earnings per share $ 0.45 0.30 Diluted earnings per share $ 0.45 0.29 On March 9, 1999, the Company acquired all the outstanding capital stock of Durkan Patterned Carpets, Inc. ("Durkan") for 3,150 shares of the Company's common stock valued at $116,500 based on the closing stock price the day the letter of intent was executed. The Durkan acquisition has been accounted for using the pooling-of-interests method of accounting and, accordingly, the Company's historical consolidated financial statements have been restated to include the accounts and results of operations of Durkan. 7 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED (In thousands) (Unaudited) 3. Receivables Receivables are as follows: April 3, 1999 December 31, 1998 ------------- ----------------- Customers, trade $414,540 385,768 Other 7,222 3,687 -------- ------- 421,762 389,455 Less allowance for discounts, returns, claims and doubtful accounts 61,086 57,881 -------- ------- Net receivables $360,676 331,574 ======== ======= 4. Inventories The components of inventories are as follows: April 3, 1999 December 31, 1998 ------------- ----------------- Finished goods $249,984 219,776 Work in process 69,367 60,266 Raw materials 179,652 143,795 -------- ------- Total inventories $499,003 423,837 ======== ======= 5. Other assets Other assets are as follows: April 3, 1999 December 31, 1998 ------------- ----------------- Goodwill, net of accumulated amortization of $11,018 and $10,363, respectively $ 94,467 85,972 Other assets 16,944 16,369 -------- ------- Total other assets $111,411 102,341 ======== ======= 8 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (In thousands, except per share data) (Unaudited) 6. Accounts payable and accrued expenses Accounts payable and accrued expenses are as follows: April 3, 1999 December 31, 1998 ------------- ----------------- Outstanding checks in excess of cash $ 40,631 26,894 Accounts payable, trade 164,961 158,929 Accrued expenses 119,366 126,702 Accrued compensation 56,598 51,844 -------- ------- Total accounts payable and accrued expenses $381,556 364,369 ======== ======= 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations General On January 29, 1999, the Company acquired certain assets of Image Industries, Inc. ("Image") for approximately $193 million, including acquisition costs and the assumption of $30 million of tax exempt debt. The Image acquisition has been accounted for under the purchase method of accounting. On March 9, 1999, the Company acquired all of the outstanding capital stock of Durkan Patterned Carpets, Inc. ("Durkan") for approximately 3.1 million shares of the Company's common stock valued at $116.5 million based on the closing stock price the day the letter of intent was executed. The Durkan acquisition has been accounted for using the pooling of interests method of accounting and, accordingly, the Company's historical consolidated financial statements have been restated to include the accounts and results of operations of Durkan. These acquisitions have created opportunities to enhance Mohawk's operations by (i) broadening price points, (ii) increasing vertical integration efforts, (iii) expanding distribution capabilities and (iv) facilitating entry into niche businesses. Through the Company's restructuring efforts over the past three years, new information technology systems have been installed throughout all of the organization, all of which are Year 2000 compliant. In addition, the Company has concluded identification of all other significant information technology systems that are not Year 2000 compliant. The Company has completed its review of equipment and software with the respective vendors from whom the equipment and software was purchased to address any noncompliance issues. The Company has identified certain Year 2000 issues with respect to its business systems. The Company has formed a committee of employees familiar with its information technology systems to assess and prioritize the need to act, on the basis of each system's importance, to ensure that its business systems will be made Year 2000 compliant. The Company has also completed a review of all process control systems, both proprietary and non-proprietary. This review revealed that certain Year 2000 issues exist. Although the Company can provide no assurances, it estimates that it will cost no more than $500,000 of incremental costs to make its business systems Year 2000 compliant. These upgrades have been substantially completed, and the upgrades that are still in process will be completed in the second quarter of 1999. Testing of these upgrades is underway and will be completed in the third quarter of 1999. The Company has completed the review of its top suppliers and customers to determine its progress in becoming Year 2000 compliant. The review indicated that all of its major suppliers and customers appear to be in the process of resolving any of their Year 2000 compliance issues and that they do not foresee any material problems. The Company continues to follow-up with all of its suppliers and customers to insure that all potential problems, including those of its individual plant locations and local suppliers, are managed correctly. If the Company cannot successfully and timely resolve its Year 2000 issues, its business, results of operations and financial condition could be materially adversely affected. The Company has not developed a contingency plan in the event of a Year 2000 problem, however, based upon the results of its internal review, the Company does not believe a contingency plan is necessary. The Company will, however, continue to evaluate the need for a contingency plan. Results of Operations Quarter Ended April 3, 1999 As Compared With Quarter Ended March 28, 1998 - ------------------------------------------------------------------------- Net sales for the quarter ended April 3, 1999 were $709.2 million, which represented an increase of 20% from the $589.5 million reported for the first quarter of 1998. The Company believes the first quarter 1999 net sales comparison to the first quarter of 1998 was impacted by internal growth, four additional business days in the 1999 first quarter and the impact of 1998 and 1999 acquisitions. Sales, excluding the effect of acquisitions, increased 15% over the same period in 1998. Four additional business days in the first quarter of 1999 compared to the first quarter of 1998 were somewhat offset by harsher winter conditions in the Midwest and Northeast during 1999. Excluding the additional days and acquisitions, sales increased approximately 8% during the first quarter of 1999 compared to the first quarter of 1998. Gross profit for the first quarter of the current year was $179.7 million (25.3% of net sales). In the first quarter of 1998, gross profit was $136.7 million (23.2% of net sales). The improvement in gross margin primarily resulted from manufacturing efficiencies and favorable material costs. Selling, general and administrative expenses for the current quarter were $124.1 million (17.5% of net sales) compared to $98.5 million (16.7% of net sales) for the prior year's first period. The percentage increase was primarily due to higher sampling and other marketing costs related to new marketing initiatives under the Floorscapes and Color Center programs. 10 Interest expense for the current period was $7.9 million compared to $8.0 million in the first quarter of 1998. The primary factor for the decrease was a reduction in the average borrowing rate in the first quarter of 1999 as compared to the first quarter of 1998. In the current period, income tax expense was $18.4 million, or 39.7% of earnings before income taxes, compared to $13.2 million, or 43.5% of earnings before income taxes, in the first quarter of 1998. The higher income tax rate in 1998 is due to the impact of prior year restatements related to the acquisitions of World Carpets, Inc. ("World") and Durkan. Liquidity and Capital Resources The Company's primary capital requirements are for working capital, capital expenditures and acquisitions. The Company's capital needs are met through a combination of internally-generated funds, bank credit lines and credit terms from suppliers. The level of accounts receivable increased from $331.6 million at the beginning of 1999 to $360.7 million at April 3, 1999. The $29.1 million increase resulted primarily from seasonally higher sales volume in the first quarter as compared to December. Inventories rose from $423.8 million at the beginning of 1999 to $499.0 million at April 3, 1999, due to requirements to meet seasonal customer demand. Capital expenditures totaled $189.2 million in the first three months of 1999 (including amounts paid for the Image acquisition) and were incurred primarily to modernize and expand manufacturing facilities and equipment. The Company's capital projects are primarily focused on increasing capacity, improving productivity and reducing costs. Capital spending for the remainder of 1999 is expected to range from $145 million to $155 million, the majority of which will be used to increase capacity and productivity. On January 28, 1999, the Company amended and restated its revolving credit agreement to increase total availability to $450 million, comprised of the Tranche A commitment of $250 million due on January 28, 2004 and the Tranche B commitment of $200 million due on January 27, 2000. Impact of Inflation Inflation affects the Company's manufacturing costs and operating expenses. The carpet industry has experienced moderate inflation in the prices of certain raw materials and outside processing for the last three years. The Company has generally passed along nylon fiber cost increases to its customers. Seasonality The carpet business is seasonal, with the Company's second, third and fourth quarters typically producing higher net sales and operating income. By comparison, results for the first quarter tend to be the weakest. This seasonality is primarily attributable to consumer residential spending patterns and higher installation levels during the spring and summer months. Forward-Looking Information Certain of the matters discussed in the preceding pages, particularly regarding anticipating future financial performance, business prospects, growth and operating strategies, proposed acquisitions, new products, Year 2000 compliance and similar matters, and those preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," or similar expressions constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended. For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties. The following important factors, in addition to those discussed elsewhere in this document, affect the future results of Mohawk and could cause those results to differ materially from those expressed in the forward-looking statements: materially adverse changes in economic conditions generally in the carpet, rug and floorcovering markets served by Mohawk; failure of our vendors, customers and suppliers to timely identify and adequately address Year 2000 compliance issues; competition from other carpet, rug and floorcovering manufacturers, raw material prices, timing and level of capital expenditures, the successful integration of acquisitions including the challenges inherent in diverting Mohawk's management attention and resources from other strategic matters and from operational matters for an extended period of time, the successful introduction of new products, the successful rationalization of existing operations, and other risks identified from time to time in the Company's SEC reports and public announcements. 11 Item 3. Quantitative and Qualitative Disclosures About Market Risk The Company's market risk-sensitive instruments do not subject the Company to material market risk exposures. PART II. OTHER INFORMATION Item 1. Legal Proceedings The Company is involved in routine litigation from time to time in the regular course of its business. Except as noted below, there are no material legal proceedings pending or known to be contemplated to which the Company is a party or to which any of its property is subject. In December 1995, the Company and four other carpet manufacturers were added as defendants in a purported class action lawsuit, In re Carpet Antitrust Litigation, pending in the United States District Court for the Northern District of Georgia, Rome Division. The amended complaint alleges price fixing regarding polypropylene products in violation of Section One of the Sherman Act. In September 1997, the Court determined that the plaintiffs met their burden of establishing the requirements for class certification and granted the plaintiffs' motion to certify the class. The Company is a party to two consolidated lawsuits captioned Gaehwiler v. Sunrise Carpet Industries, Inc. et. al. and Patco Enterprises, Inc. v. Sunrise Carpet Industries, Inc. et. al.; both of which were filed in the Superior Court of the State of California, City and County of San Francisco in 1996. Both complaints were brought on behalf of a purported class of indirect purchasers of carpet in the State of California and seek damages for alleged violations of California antitrust and unfair competition laws. The complaints filed do not specify any amount of damages but do request for any unlawful conduct to be enjoined and treble damages plus reimbursement for fees and costs. In October 1998, two plaintiffs, on behalf of an alleged class of purchasers of nylon carpet products, filed a complaint in the United States District Court for the Northern District of Georgia against the Company and two of its subsidiaries as well as a competitor and one of its subsidiaries. The complaint alleges that the Company acted in concert with other carpet manufacturers to restrain competition in the sale of certain nylon carpet products. The Company has filed an answer and denied the allegations in the complaint and set forth its defenses. In February 1999, a similar complaint was filed in the Superior Court of the State of California, City and County of San Francisco, on behalf of a purported class based on indirect purchases of nylon carpet in the State of California and alleges violations of California antitrust and unfair competition laws. The complaints described above do not specify any specific amount of damages but do request injunctive relief and treble damages plus reimbursement for fees and costs. The Company believes it has meritorious defenses and intends to vigorously defend against these actions. Item 2. Changes in Securities None. Item 3. Defaults Upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. 12 Item 6. Exhibits and Reports on Form 8-K (a) Exhibits No. Description - --- --------------------------------------------------------------------- 11 Statement re: Computation of Per Share Earnings 27 Financial Data Schedule (b) Reports on Form 8-K Current report on Form 8-K dated January 29, 1999 related to the closing of the Company's acquisition of Image. Current report on Form 8-K dated February 2, 1999 related to the amendment of the Company's credit agreement. Current report on Form 8-K dated February 4, 1999 related to the Company's announcement of its 1998 fourth quarter earnings. Current report on Form 8-K dated February 19, 1999 related to the Stock Restriction and Registration Rights Agreement entered into by the Company and the former shareholders of World. Current report on Form 8-K dated April 22, 1999 related to the Company's announcement of its 1999 first quarter earnings. 13 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 thereunto duly authorized. MOHAWK INDUSTRIES, INC. Dated: May 12, 1999 By: /s/ David L. Kolb ------------------------------------ DAVID L. KOLB, Chairman of the Board and Chief Executive Officer (principal executive officer) Dated: May 12, 1999 By: /s/ John D. Swift ------------------------------------ JOHN D. SWIFT, Chief Financial Officer, Vice President-Finance and Assistant Secretary (principal financial and accounting officer) 14 EXHIBIT INDEX No. Description - --- ------------------------------------------------------------------------ 11 Statement re: Computation of Per Share Earnings 27 Financial Data Schedule 15 EX-11 2 COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (In thousands, except per share data) (Unaudited) NOTE: Earnings per share are presented in accordance with Regulation S-K, Item 601(b)(11) and FAS No. 128.
Three Months Ended ------------------------------- April 3, 1999 March 28, 1998 ------------- -------------- Net earnings $ 27,892 17,135 ========= ======= Weighted-average common and dilutive potential common shares outstanding: Weighted-average common shares outstanding 60,565 60,266 Add weighted-average dilutive potential common shares - options to purchase common shares, net 720 711 ---------- ------- Weighted-average common and dilutive potential common shares outstanding 61,285 60,977 ========= ======= Basic earnings per share $ 0.46 0.28 ========= ======= Diluted earnings per share $ 0.46 0.28 ========= =======
EX-27.1 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MOHAWK INDUSTRIES, INC.'S QUARTERLY REPORT TO STOCKHOLDERS FOR THE QUARTER ENDED APRIL 3, 1999. 1,000 3-MOS DEC-31-1999 JAN-01-1999 APR-03-1999 0 0 421,762 61,086 499,003 920,632 1,043,092 451,466 1,623,669 578,643 363,369 0 0 606 645,101 1,623,669 709,217 709,217 529,518 529,518 0 3,408 7,854 46,286 18,394 27,892 0 0 0 27,892 .46 .46
EX-27.2 4 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MOHAWK INDUSTRIES, INC.'S ANNUAL REPORT TO STOCKHOLDERS FOR THE YEARS ENDED DECEMBER 31, 1998, DECEMBER 31, 1997. 1,000 YEAR YEAR DEC-31-1998 DEC-31-1997 JAN-01-1998 JAN-01-1997 DEC-31-1998 DEC-31-1997 2,384 220 0 0 389,455 351,717 57,881 52,235 423,837 377,888 831,704 732,439 883,942 789,987 429,045 366,963 1,388,942 1,233,361 408,793 343,061 332,665 359,348 0 0 0 0 606 603 610,453 493,238 1,388,942 1,233,361 2,745,000 2,429,085 2,745,000 2,429,085 2,060,816 1,869,221 2,060,816 1,869,221 20,600 8,100 13,173 8,458 31,023 36,474 194,806 131,429 79,552 51,866 115,254 79,563 0 0 0 0 0 0 115,254 79,563 1.91 1.33 1.89 1.32 Non recurring charges of $17,700 for acquisition costs related to World Merger and $2,900 for carrying value reduction of assets held for sale pursuant to FAS 121. Non recurring charges of $5,500 for carrying value reduction of assets held for sale pursuant to FAS 121 and $2,600 for compensation expense related to stock option exercises.
EX-27.3 5 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MOHAWK INDUSTRIES, INC.'S QUARTERLY REPORT TO STOCKHOLDERS FOR THE QUARTERS ENDED MARCH 28, 1999, JUNE 27, 1998. 1,000 3-MOS 3-MOS DEC-31-1998 DEC-31-1998 JAN-01-1998 MAR-29-1998 MAR-28-1998 JUN-27-1999 80 145 0 0 379,025 391,751 50,397 52,362 407,689 416,328 787,844 803,030 797,051 818,347 381,664 398,504 1,279,719 1,299,742 387,481 400,378 346,979 315,721 0 0 0 0 603 604 509,525 509,525 1,279,719 1,299,742 589,521 689,369 589,521 689,369 452,778 511,436 452,778 511,436 0 0 2,185 3,198 7,990 8,101 30,345 58,916 13,210 22,969 17,135 35,947 0 0 0 0 0 0 17,135 35,947 .28 .60 .28 .59
EX-27.4 6 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1998 JUN-28-1998 SEP-26-1998 72 0 429,327 58,392 443,107 859,861 862,241 415,541 1,406,325 424,729 360,216 0 0 605 584,234 1,406,323 718,899 718,899 540,320 540,320 0 2,674 7,245 61,434 24,374 37,060 0 0 0 0 .61 .61
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