Delaware (State or Other Jurisdiction of Incorporation) |
01-13697 (Commission File Number) |
52-1604305 (IRS Employer Identification No.) |
160 South Industrial Blvd., Calhoun, Georgia (Address of Principal Executive Offices) |
30701 (Zip Code) |
o | Written communication pursuant to Rule 425 under Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act CFR 240.17R 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. | ||
Item 9.01 | Financial Statements and Exhibits. | ||
99.1 | Press release dated May 5, 2011. |
Mohawk Industries, Inc. |
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Date: May 5, 2011 | By: | /s/ JAMES F. BRUNK | ||
James F. Brunk | ||||
V.P. & Corporate Controller |
Exhibit | ||
99.1 | Press release dated May 5, 2011. |
NEWS RELEASE
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For Release:
|
Immediately | |
Contact:
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Frank H. Boykin, Chief Financial Officer (706) 624-2695 |
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Consolidated Statement of Operations | Three Months Ended | |||||||
(Amounts in thousands, except per share data) | April 2, 2011 | April 3, 2010 | ||||||
Net sales |
$ | 1,343,595 | 1,347,236 | |||||
Cost of sales |
1,002,003 | 1,005,990 | ||||||
Gross profit |
341,592 | 341,246 | ||||||
Selling, general and administrative expenses |
285,508 | 287,625 | ||||||
Operating income |
56,084 | 53,621 | ||||||
Interest expense |
26,595 | 33,908 | ||||||
Other expense (income), net |
(15 | ) | (4,531 | ) | ||||
Earnings before income taxes |
29,504 | 24,244 | ||||||
Income tax expense |
4,966 | 2,974 | ||||||
Net earnings |
24,538 | 21,270 | ||||||
Net earnings attributable to noncontrolling interest |
(1,096 | ) | (732 | ) | ||||
Net earnings attributable to Mohawk Industries, Inc. |
$ | 23,442 | 20,538 | |||||
Basic earnings per share attributable to Mohawk Industries, Inc. |
$ | 0.34 | 0.30 | |||||
Weighted-average common shares outstanding basic |
68,674 | 68,523 | ||||||
Diluted earnings per share attributable to Mohawk Industries Inc. |
$ | 0.34 | 0.30 | |||||
Weighted-average common shares outstanding diluted |
68,904 | 68,730 | ||||||
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Other Financial Information |
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(Amounts in thousands) |
||||||||
Net cash used in operating activities |
$ | 67,413 | 46,192 | |||||
Depreciation and amortization |
$ | 74,253 | 76,798 | |||||
Capital expenditures |
$ | 52,811 | 23,309 | |||||
Consolidated Balance Sheet Data | ||||||||
(Amounts in thousands) | April 2, 2011 | April 3, 2010 | ||||||
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 256,231 | 452,335 | |||||
Receivables, net |
754,826 | 788,124 | ||||||
Inventories |
1,075,613 | 932,785 | ||||||
Prepaid expenses |
97,846 | 109,968 | ||||||
Deferred income taxes and other current assets |
155,159 | 160,246 | ||||||
Total current assets |
2,339,675 | 2,443,458 | ||||||
Property, plant and equipment, net |
1,715,895 | 1,719,051 | ||||||
Goodwill |
1,406,731 | 1,377,518 | ||||||
Intangible assets, net |
689,703 | 736,353 | ||||||
Deferred income taxes and other non-current assets |
114,229 | 42,520 | ||||||
$ | 6,266,233 | 6,318,900 | ||||||
LIABILITIES AND EQUITY |
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Current liabilities: |
||||||||
Current portion of long-term debt |
$ | 52,706 | 551,426 | |||||
Accounts payable and accrued expenses |
739,768 | 859,690 | ||||||
Total current liabilities |
792,474 | 1,411,116 | ||||||
Long-term debt, less current portion |
1,577,188 | 1,303,437 | ||||||
Deferred income taxes and other long-term liabilities |
449,984 | 452,858 | ||||||
Total liabilities |
2,819,646 | 3,167,411 | ||||||
Noncontrolling interest |
33,255 | 29,866 | ||||||
Total stockholders equity |
3,413,332 | 3,121,623 | ||||||
$ | 6,266,233 | 6,318,900 | ||||||
Segment Information | As of or for the Three Months Ended | |||||||
(Amounts in thousands) | April 2, 2011 | April 3, 2010 | ||||||
Net sales: |
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Mohawk |
$ | 691,165 | 716,583 | |||||
Dal-Tile |
344,415 | 341,396 | ||||||
Unilin |
325,832 | 305,880 | ||||||
Intersegment sales |
(17,817 | ) | (16,623 | ) | ||||
Consolidated net sales |
$ | 1,343,595 | 1,347,236 | |||||
Operating income: |
||||||||
Mohawk |
$ | 17,040 | 16,628 | |||||
Dal-Tile |
17,700 | 15,395 | ||||||
Unilin |
26,250 | 26,458 | ||||||
Corporate and eliminations |
(4,906 | ) | (4,860 | ) | ||||
Consolidated operating income |
$ | 56,084 | 53,621 | |||||
Assets: |
||||||||
Mohawk |
$ | 1,749,625 | 1,673,264 | |||||
Dal-Tile |
1,674,408 | 1,568,605 | ||||||
Unilin |
2,654,268 | 2,525,731 | ||||||
Corporate and eliminations |
187,932 | 551,300 | ||||||
Consolidated assets |
$ | 6,266,233 | 6,318,900 | |||||
Three Months Ended | ||||||||
April 2, 2011 | April 3, 2010 | |||||||
Net earnings attributable to Mohawk Industries,
Inc. |
$ | 23,442 | 20,538 | |||||
Unusual items: |
||||||||
Business restructurings |
6,813 | 4,004 | ||||||
Income taxes |
(1,018 | ) | (469 | ) | ||||
Adjusted net earnings |
$ | 29,237 | 24,073 | |||||
|
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Adjusted diluted earnings per share |
$ | 0.42 | 0.35 | |||||
Weighted-average common shares outstanding -
diluted |
68,904 | 68,730 |
As of | ||||
(Amounts in thousands) | April 2, 2011 | |||
Current portion of long-term debt |
$ | 52,706 | ||
Long-term debt, less current portion |
1,577,188 | |||
Less: Cash and cash equivalents |
256,231 | |||
Net Debt |
$ | 1,373,663 | ||
Three Months Ended | Trailing Twelve | |||||||||||||||||||
Months Ended | ||||||||||||||||||||
July 3, 2010 | October 2, 2010 | December 31, 2010 | April 2, 2011 | April 2, 2011 | ||||||||||||||||
Operating income |
$ | 89,726 | 85,182 | 85,640 | 56,084 | 316,632 | ||||||||||||||
Other income (expense) |
(544 | ) | (1,124 | ) | 1,037 | (15 | ) | (646 | ) | |||||||||||
U.S. customs refund |
| 5,765 | 1,965 | | 7,730 | |||||||||||||||
Net earnings attributable to noncontrolling
interest |
(884 | ) | (1,170 | ) | (1,678 | ) | (1,096 | ) | (4,828 | ) | ||||||||||
Depreciation and amortization |
72,497 | 72,956 | 74,522 | 74,253 | 294,228 | |||||||||||||||
EBITDA |
160,795 | 161,609 | 161,486 | 129,226 | 613,116 | |||||||||||||||
Business restructurings |
4,929 | 3,330 | | 6,813 | 15,072 | |||||||||||||||
Adjusted EBITDA |
$ | 165,724 | 164,939 | 161,486 | 136,039 | 628,188 | ||||||||||||||
Net Debt to Adjusted EBITDA |
2.2 | |||||||||||||||||||
Three Months Ended | ||||||||
Unilin segment | April 2, 2011 | April 3, 2010 | ||||||
Net sales |
$ | 325,832 | 305,880 | |||||
Adjustments to net sales: |
||||||||
Exchange rate |
2,319 | | ||||||
Adjusted net sales |
$ | 328,151 | 305,880 | |||||
Three Months Ended | ||||||||
April 2, 2011 | April 3, 2010 | |||||||
Gross profit |
$ | 341,592 | 341,246 | |||||
Adjustments to gross profit: |
||||||||
Business restructurings |
6,347 | 3,857 | ||||||
Adjusted gross profit |
$ | 347,939 | 345,103 | |||||
Adjusted gross profit as a percent of net sales |
25.9 | % | 25.6 | % |
Three Months Ended | ||||||||
April 2, 2011 | April 3, 2010 | |||||||
Operating income |
$ | 56,084 | 53,621 | |||||
Adjustments to operating income: |
||||||||
Business restructurings |
6,813 | 4,004 | ||||||
Adjusted operating income |
$ | 62,897 | 57,625 | |||||
Adjusted operating income as a percent of net
sales |
4.7 | % | 4.3 | % | ||||
Three Months Ended | ||||||||
Mohawk segment | April 2, 2011 | April 3, 2010 | ||||||
Operating income |
$ | 17,040 | 16,628 | |||||
Adjustments to operating income: |
||||||||
Business restructurings |
6,813 | 3,229 | ||||||
Adjusted operating income |
$ | 23,853 | 19,857 | |||||
Adjusted operating income as a percent of net
sales |
3.5 | % | 2.8 | % | ||||
Three Months Ended | ||||||||
Unilin segment | April 2, 2011 | April 3, 2010 | ||||||
Operating income |
$ | 26,250 | 26,458 | |||||
Adjustments to operating income: |
||||||||
Business restructurings |
| 775 | ||||||
Adjusted operating income |
$ | 26,250 | 27,233 | |||||
Adjusted operating income as a percent of net
sales |
8.1 | % | 8.9 | % |
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