-----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, IdeaajF3YgRr+YbQ5gzgPl3J84G9njbTMI4x8BYi/Qp95Wq8jj8kipJ/KrpYXx7Q t19BBMBV486Ks8WmkdxvEA== 0000931763-96-000396.txt : 19960805 0000931763-96-000396.hdr.sgml : 19960805 ACCESSION NUMBER: 0000931763-96-000396 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960629 FILED AS OF DATE: 19960802 SROS: NASD 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: 1934 Act SEC FILE NUMBER: 000-19826 FILM NUMBER: 96602714 BUSINESS ADDRESS: STREET 1: 160 S INDUSTRIAL BLVD 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 FOR PERIOD ENDED JUNE 29, 1996 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 June 29, 1996 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 (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) 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 July 29, 1996, the latest practicable date, is as follows: 34,373,639 shares of Common Stock, $.01 par value. MOHAWK INDUSTRIES, INC. INDEX
Page No. ------- Part I. Financial Information: Item 1. Financial Statements Condensed Consolidated Balance Sheets - June 29, 1996 and December 31, 1995 3 Condensed Consolidated Statements of Earnings - Three months ended June 29, 1996 and July 1, 1995 5 Six months ended June 29, 1996 and July 1, 1995 6 Condensed Consolidated Statements of Cash Flows - Six months ended June 29, 1996 and July 1, 1995 7 Notes to Condensed Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Part II. Other Information 12
2 PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS (In thousands) (Unaudited)
June 29, 1996 December 31, 1995 ------------- ----------------- Current assets: Receivables $228,322 177,778 Inventories 326,202 299,191 Prepaid expenses 16,424 17,607 Deferred income taxes 12,858 12,858 -------- ------- Total current assets 583,806 507,434 -------- ------- Property, plant and equipment, at cost 506,554 471,048 Less accumulated depreciation and amortization 177,175 153,082 -------- ------- Net property, plant and equipment 329,379 317,966 -------- ------- Other assets 81,673 77,752 -------- ------- Total assets $994,858 903,152 ======== =======
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)
June 29, 1996 December 31, 1995 ------------- ----------------- Current liabilities: Current portion of long-term debt and notes payable $ 81,089 61,262 Accounts payable and accrued expenses 229,761 201,372 ------------- ----------------- Total current liabilities 310,850 262,634 Deferred income taxes 21,742 21,742 Long-term debt 353,247 341,775 Other long-term liabilities 5,063 2,098 ------------- ----------------- Total liabilities 690,902 628,249 ------------- ----------------- Stockholders' equity: Preferred stock, $.01 par value; 60,000 shares authorized; no shares issued - - Common stock, $.01 par value; 75,000 shares authorized; 34,372 and 34,394 shares issued in 1996 and 1995, respectively 344 344 Additional paid-in capital 129,792 122,747 Retained earnings 173,977 152,244 ------------- ----------------- 304,113 275,335 Less: Treasury stock, at cost; 1,302 shares in 1995 - 115 Deferred compensation from stock options 157 317 ------------- ----------------- Total stockholders' equity 303,956 274,903 ------------- ----------------- Total liabilities and stockholders' equity $ 994,858 903,152 ============= =================
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 ------------------------------ June 29, 1996 July 1, 1995 ------------- ------------ Net sales $ 474,552 429,241 Cost of sales 357,438 335,144 ----------- ---------- Gross profit 117,114 94,097 Selling, general and administrative expenses 80,213 69,356 Restructuring costs - 2,674 Carrying value reduction of property, plant and equipment - 2,711 ----------- ---------- Operating income 36,901 19,356 ----------- ---------- Other expense: Interest expense 8,691 9,454 Other expense, net 1,114 738 ----------- ---------- 9,805 10,192 ----------- ---------- Earnings before income taxes 27,096 9,164 Income taxes 10,701 3,545 ----------- ---------- Net earnings $ 16,395 5,619 =========== ========== Earnings per common and common equivalent share $ 0.48 0.17 =========== ========== Weighted average common and common equivalent shares outstanding 34,514 33,747 =========== ==========
See accompanying notes to condensed consolidated financial statements. 5 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited)
Six Months Ended ------------------------------ June 29, 1996 July 1, 1995 -------------- ------------- Net sales $858,219 808,002 Cost of sales 653,921 631,987 -------- ------- Gross profit 204,298 176,015 Selling, general and administrative expenses 149,352 134,619 Restructuring costs - 2,674 Carrying value reduction of property, plant and equipment - 2,711 -------- ------- Operating income 54,946 36,011 -------- ------- Other expense: Interest expense 17,182 18,478 Other expense, net 1,845 1,341 -------- ------- 19,027 19,819 -------- ------- Earnings before income taxes 35,919 16,192 Income taxes 14,186 6,266 -------- ------- Net earnings $ 21,733 9,926 ======== ======= Earnings per common and common equivalent share $ 0.63 0.29 ======== ======= Weighted average common and common equivalent shares outstanding 34,306 33,717 ======== =======
See accompanying notes to condensed consolidated financial statements. 6 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
Six Months Ended ----------------------------- June 29, 1996 July 1, 1995 ------------- ------------ Cash flows from operating activities: Net earnings $ 21,733 9,926 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 27,061 28,295 Provision for doubtful accounts 6,315 3,769 Carrying value reduction of property, plant and equipment - 2,711 Changes in operating assets and liabilities, net of effect of acquisition: Receivables (62,889) (19,331) Inventories (27,011) (12,020) Accounts payable and accrued expenses 48,814 21,611 Other assets and prepaid expenses (343) 816 Other liabilities (123) (9,577) -------- ------- Net cash provided by operating activities 13,557 26,200 -------- ------- Cash flows from investing activities: Additions to property, plant and equipment, net (16,350) (25,471) Acquisition, net of cash acquired - (43,982) -------- ------- Net cash used in investing activities (16,350) (69,453) -------- ------- Cash flows from financing activities: Net change in revolving line of credit 17,999 98,737 Payments on term loans (7,900) (4,250) Redemption of Galaxy indebtedness - (44,487) Change in outstanding checks in excess of cash (14,626) (7,212) Common stock transactions 7,320 465 -------- ------- Net cash provided by financing activities 2,793 43,253 -------- ------- Net change in cash - - Cash, beginning of year - - -------- ------- Cash, end of period $ - - ======== ======= Net cash paid (received) during the period for: Interest $ 15,392 17,321 ======== ======= Income taxes $ 6,616 (5,376) ======== =======
See accompanying notes to condensed consolidated financial statements. 7 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except per share data) (Unaudited) 1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the 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 1995 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, 1995. The Company's earnings per share are computed by dividing net earnings by the weighted average common and common equivalent shares outstanding. Dilutive common stock options are included in the earnings per share calculation using the treasury stock method. During the six months ended June 29, 1996, the Company recorded a direct increase in stockholders' equity of $6,809 as a result of the tax benefit from the exercise of stock options that were granted primarily in 1988 and 1989 in connection with the Company's 1988 leveraged buyout. Certain prior year financial statement balances have been reclassified to conform with the current year's presentation. 2. Receivables Receivables are as follows:
June 29, 1996 December 31, 1995 ------------- ----------------- Customers, trade $254,829 206,015 Income tax receivable 714 1,298 Other 4,144 2,610 -------- ------- 259,687 209,923 Less allowance for discounts, returns, claims and doubtful accounts 31,365 32,145 -------- ------- Net receivables $228,322 177,778 ======== =======
3. Inventories The components of inventories are as follows:
June 29, 1996 December 31, 1995 ------------- ----------------- Finished goods $173,458 165,137 Work in process 45,025 47,125 Raw materials 107,719 86,929 -------- ------- Total inventories $326,202 299,191 ======== =======
8 MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED (In thousands, except per share data) (Unaudited)
4. Other assets Other assets are as follows: June 29, 1996 December 31, 1995 ------------- ----------------- Goodwill, net of accumulated amortization of $4,851 and $4,108, respectively $ 54,417 55,160 Other assets 27,256 22,592 ------------- ----------------- Total other assets $ 81,673 77,752 ============= =================
5. Accounts payable and accrued expenses Accounts payable and accrued expenses are as follows:
June 29, 1996 December 31, 1995 ------------- ----------------- Outstanding checks in excess of cash $ 16,225 30,881 Accounts payable, trade 133,426 98,122 Accrued expenses 65,889 53,574 Accrued compensation 14,221 18,795 ------------- ----------------- Total accounts payable and accrued expenses $ 229,761 201,372 ============= =================
6. Notes payable and long-term debt On June 6, 1996, the Company amended and restated its revolving credit agreement to decrease its credit availability from $300,000 to $250,000 due to decreasing external financing needs. During the second quarter of 1996, the Company acquired certain equipment, primarily used for the extrusion of polypropylene yarn, valued at $21,200 in exchange for a promissory note due in April 1997. The promissory note pays interest at a variable rate that ranges from 0.25% to 0.875% above LIBOR. 7. Nonrecurring costs During the second quarter of 1995, the Company recorded restructuring costs to operating income of $2,674 related to employee termination benefits, relocating inventories and equipment and other costs associated with certain mill closings. In connection with the adoption of FAS No. 121, the Company also recorded an impairment loss to operating income of $2,711 during the second quarter of 1995 for the write-down of property, plant and equipment to be disposed of related to these mill closings. The after-tax effect of the restructuring costs and the impairment loss for the three months and six months ended July 1, 1995 was $3,301, or $0.10 per share. 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Quarter Ended June 29, 1996 As Compared With Quarter Ended July 1, 1995 - ----------------------------------------------------------------------- Net sales for the quarter ended June 29, 1996 were $474.6 million, which represented an increase of 11% from the $429.2 million reported for the second quarter of 1995. This sales increase was attributable to an improvement in the Company's market share and an acceleration of customer orders from the third quarter. The Company believes the customers accelerated orders in anticipation of a July 1996 price increase which was in response to fiber cost increases. Gross profit for the second quarter of the current year was $117.1 million (24.7% of net sales). In the second quarter of 1995, gross profit was $94.1 million (21.9% of net sales). This change is due to increased sales, manufacturing improvements from restructuring the residential operations, raw material cost reductions in latex and polypropylene-based materials, higher production levels resulting in better absorption of fixed costs and other manufacturing improvements. The manufacturing consolidations include the closing of five residential manufacturing facilities during 1995 as well as the realignment of the remaining residential mills to better utilize the strengths of each mill. The Company's integration of the manufacturing, distribution and information systems areas is progressing as planned and has started contributing to the margin improvement. Selling, general and administrative expenses for the current quarter were $80.2 million (16.9% of net sales) compared to $69.4 million (16.2% of net sales) for the prior year's second quarter. The percentage increase was primarily due to higher sample costs, which the Company believes are the result of increased dealer sample orders in response to a competitor's recent move into retail operations, and a higher provision for bad debts. Interest expense for the current period was $8.7 million compared to $9.5 million in the second quarter of 1995. The primary factors for the decrease were a reduction in debt levels and lower interest rates on the Company's revolving credit agreement. In the current period, income tax expense was $10.7 million, or 39.5% of earnings before income taxes. In the second quarter of 1995, income tax expense was $3.5 million, or 38.7% of earnings before income taxes. The primary reason for the lower effective tax rate in 1995 was certain nonrecurring deductions that were treated as permanent differences in 1995. Six Months Ended June 29, 1996 As Compared With Six Months Ended July 1, 1995 - ----------------------------------------------------------------------------- Net sales for the six months ended June 29, 1996 were $858.2 million, which represented an increase of 6% from the $808.0 million reported for the first six months of 1995. This sales increase was primarily attributable to the growth achieved in the second quarter of 1996. Gross profit for the first half of the current year was $204.3 million (23.8% of net sales). In the first half of 1995, gross profit was $176.0 million (21.8% of net sales). This increase is due to increased sales, manufacturing improvements from restructuring the residential operations, raw material cost reductions in latex and polypropylene-based materials, higher production levels resulting in better absorption of fixed costs and other manufacturing improvements. The manufacturing consolidations include the closing of five residential manufacturing facilities during 1995 as well as the realignment of the remaining residential mills to better utilize the strengths of each mill. The Company's integration of the manufacturing, distribution and information systems areas is progressing as planned and has started contributing to the margin improvement. Selling, general and administrative expenses for the first six months of the current year were $149.4 million (17.4% of net sales) compared to $134.6 million (16.7% of net sales) for the prior year's first six months. The percentage increase was primarily due to higher sample costs, which the Company believes are the result of increased dealer sample orders in response to a competitor's recent move into retail operations, and a higher provision for bad debts. During the second quarter of 1995, the Company recorded restructuring costs of $2.7 million related to employee termination benefits, relocating inventories and equipment and other costs associated with certain mill closings. In connection with the adoption of FAS No. 121, the Company also recorded an impairment loss to 10 operating income of $2.7 million during the second quarter of 1995 for the write-down of property, plant and equipment to be disposed of related to these mill closings. The after-tax effect of the restructuring costs and the impairment loss for the three months and six months ended July 1, 1995 was $3.3 million, or $0.10 per share. Interest expense for the current period was $17.2 million compared to $18.5 million in the first six months of 1995. The primary factors for the decrease were a reduction in debt levels and lower interest rates on the Company's revolving credit agreement. In the current period, income tax expense was $14.2 million, or 39.5% of earnings before income taxes. In the first half of 1995, income tax expense was $6.3 million, or 38.7% of earnings before income taxes. The primary reason for the lower effective tax rate in 1995 was certain nonrecurring deductions that were treated as permanent differences in 1995. 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. On June 6, 1996, the Company amended and restated its revolving credit agreement to decrease its credit availability from $300 million to $250 million due to decreasing external financing needs. The level of accounts receivable increased from $177.8 million at the beginning of 1996 to $228.3 million at June 29, 1996. The $50.5 million increase resulted primarily from seasonally higher sales volume in June as compared to December. Inventories rose from $299.2 million at the beginning of 1996 to $326.2 million at June 29, 1996, due to requirements to meet seasonal customer demand. Capital expenditures totaled $37.6 million in the first half of 1996, which included $21.2 million of equipment used primarily for the extrusion of polypropylene yarn that was acquired in a noncash transaction in exchange for a promissory note due in April 1997. The promissory note pays interest at a variable rate that ranges from 0.25% to 0.875% above LIBOR. The capital expenditures 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 1996 is expected to approximate from $17.4 to $27.4 million, the majority of which will be used to purchase equipment and expand existing plants. Some of the statements contained in this document are forward looking statements that involve risks and uncertainties. A variety of factors could cause actual results to differ materially from those anticipated, some of which are market conditions in the carpet industry, raw material prices, timing of capital expenditures and other risk factors that are discussed from time to time in the Company's SEC reports. 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. 11 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 June 1994, the Company and several other carpet manufacturers received subpoenas to produce documents from a grand jury of the United States District Court in Atlanta. The subpoenas were requested by the Antitrust Division of the U. S. Department of Justice in connection with an investigation of the industry. The Company believes that the results of this investigation will not have a material adverse impact on the financial condition of the Company. 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. The Company is a party to a lawsuit captioned Gaehwiler v. Sunrise Carpet Industries, Inc. et. al. which was filed in the Superior Court of the State of California, City and County of San Francisco on May 17, 1996. The Gaehwiler complaint is brought on behalf of a purported class of indirect purchasers of carpet in the State of California and seeks damages for alleged violations of California antitrust and unfair competition laws. The Company believes both of these lawsuits are without merit and intends to vigorously defend against them. ITEM 2. CHANGES IN SECURITIES None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Annual Meeting of Stockholders was held on May 23, 1996, at which time stockholders were asked to elect a class of Directors to serve a three-year term beginning in 1996. Messrs. Jeffrey S. Lorberbaum and Robert N. Pokelwaldt were elected as Directors of the Company for a term expiring in 1999. Mr. Lorberbaum was elected by stockholders owning 26,810,504 shares of common stock, with stockholders owning 20,347 shares withholding authority. Mr. Pokelwaldt was elected by stockholders owning 26,809,910 shares of common stock, with stockholders owning 20,941 shares withholding authority. Messrs. David L. Kolb, Leo Benatar, Bruce C. Bruckmann, Alan S. Lorberbaum and Larry W. McCurdy continued their terms of office as Directors. ITEM 5. OTHER INFORMATION None. 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 None. 12 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: July 30, 1996 By: /s/ David L. Kolb ---------------------------------------------- DAVID L. KOLB, Chairman of the Board and Chief Executive Officer (principal executive officer) Dated: July 30, 1996 By: /s/ John D. Swift ---------------------------------------- JOHN D. SWIFT, Chief Financial Officer, Vice President-Finance and Assistant Secretary (principal financial and accounting officer) 13 EXHIBIT INDEX NO. DESCRIPTION - --- ----------------------------------------------------- 11 Statement re: Computation of Per Share Earnings 27 Financial Data Schedule 14 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 APB Opinion No. 15.
Three Months Ended Six Months Ended ----------------------------- --------------------------- June 29, 1996 July 1, 1995 June 29, 1996 July 1, 1995 ------------- ------------ ------------- ------------ Net earnings $ 16,395 5,619 21,733 9,926 ============= ============ ============= =========== Weighted average common and common equivalent shares outstanding: Weighted average common shares outstanding 34,360 32,565 33,915 32,539 Add weighted average common equivalent shares - options to purchase common shares, net 154 1,182 391 1,178 ------------- ------------ ------------- ----------- Weighted average common and common equivalent shares outstanding 34,514 33,747 34,306 33,717 ============= ============ ============= =========== Earnings per common and common equivalent share $ 0.48 0.17 0.63 0.29 ============= ============ ============= ===========
EX-27 3 ARTICLE 5 FDS
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MOHAWK INDUSTRIES, INC.'S QUARTERLY REPORT TO STOCKHOLDERS FOR THE QUARTER ENDED JUNE 29, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1996 JAN-01-1996 JUN-29-1996 0 0 259,687 31,365 326,202 583,806 506,554 177,175 994,858 310,850 353,247 0 0 344 303,612 994,858 858,219 858,219 653,921 653,921 0 6,315 17,363 35,919 14,186 21,733 0 0 0 21,733 0.63 0.63
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