Company Declares Regular Quarterly Cash Dividend of $0.03 Per Share
Culp, Inc. (NYSE: CFI) today reported financial and operating
results for the third quarter and nine months ended January 27, 2013.
Fiscal 2013 Third Quarter Highlights:
-
Net sales were $63.7 million, up 5.4 percent, with mattress fabric
sales up 2.3 percent and upholstery fabric sales up 9.5 percent, as
compared with the same quarter last year.
-
Pre-tax income was $4.5 million, up from $2.9 million in the third
quarter of fiscal 2012.
-
Adjusted net income (non-GAAP) was $3.9 million, or $0.32 per diluted
share, for the current quarter, compared with $2.4 million, or $0.19
per diluted share, for the prior year period. (Adjusted net income is
calculated using estimated cash income tax expense. See the
reconciliation to net income on page 6).
-
Net income (GAAP) was $2.8 million, or $0.23 per diluted share,
compared with net income of $1.8 million, or $0.14 per diluted share,
in the prior year period.
-
The company’s financial position remained strong with cash and cash
equivalents and short term investments of $24.7 million and total debt
of $7.3 million as of January 27, 2013.
-
The company paid a special cash dividend of $0.50 per share and the
quarterly cash dividend of $0.03 per share, totaling $6.5 million.
Fiscal 2013 Year to Date Highlights
-
The company has returned $12.2 million to shareholders, which, on a
per share basis, equals $1.00 per share, in the form of $7.2 million
in cash dividends and $5.0 million in share repurchases
-
Sales were $198.4 million, up 11.0 percent from the same period a year
ago, with mattress fabrics segment sales up 10.8 percent and
upholstery fabrics segment sales up 11.3 percent over the same period
a year ago.
-
Pre-tax income was $14.4 million, up from $8.7 million for the same
period last year.
-
Adjusted net income (non-GAAP) was $12.3 million, or $.99 per diluted
share, compared with $7.1 million, or $0.55 per diluted share, for the
prior year period.
-
Net income (GAAP) was $14.6 million, or $1.17 per diluted share,
compared with net income of $9.9 million, or $0.76 per diluted share,
for the same period a year ago. Year to date net income included a
$188,000 income tax benefit, while net income for the previous year
included a $1.2 million income tax benefit.
-
Return on capital was 28 percent, up from 18 percent for the same
period a year ago.
-
Cash flow from operations was $10.8 million, up from $2.7 million for
the same period a year ago.
-
The projection for fourth quarter fiscal 2013 is for overall sales to
be 4 percent to 9 percent lower compared with the previous year’s
fourth quarter, which had stronger industry demand. Pre-tax income for
the fourth quarter of fiscal 2013 is expected to be in the range of
$5.2 million to $5.8 million. Pre-tax income for the fourth quarter of
fiscal 2012 was $5.5 million.
-
The projection for the full year is for overall sales to be up
approximately 5 percent. Pretax income is expected to be $19.6 million
to $20.2 million, up significantly from $14.2 million last fiscal year.
Overview
For the third quarter ended January 27, 2013, net sales were $63.7
million, a 5.4 percent increase compared with $60.5 million a year ago.
The company reported net income of $2.8 million, or $0.23 per diluted
share, for the third quarter of fiscal 2013, compared with net income of
$1.8 million, or $0.14 per diluted share, for the third quarter of
fiscal 2012.
Given the volatility in the income tax area during fiscal 2013 and
previous years, the company is reporting adjusted net income (non-GAAP),
which is calculated using estimated cash income tax expense for its
foreign subsidiaries. (A presentation of adjusted net income and
reconciliation to net income is set forth on page 6). The company
currently does not incur cash income tax expense in the U.S., nor does
it expect to for a number of years, due to approximately $60 million in
U.S. net operating loss carryforwards as of the beginning of this fiscal
year. For the third quarter of fiscal 2013, adjusted net income was
$3.9 million, or $0.32 per diluted share, compared with $2.4 million, or
$0.19 per diluted share, for the third quarter of fiscal 2012. On a
pre-tax basis, the company reported income of $4.5 million compared with
pre-tax income of $2.9 million for the third quarter of fiscal 2012.
Commenting on the results, Frank Saxon, president and chief executive
officer of Culp, Inc., said, “We are pleased with our results for the
third quarter of fiscal 2013, with higher sales and profitability
compared with the same period last year. Both of our businesses
delivered a solid performance by remaining focused on what is important
to our customers – creative designs, a wide range of innovative products
and outstanding service. We have continued to leverage our efficient
global manufacturing platform to enhance our service capabilities and to
meet the changing style demands of our customers. This strategy has
enabled us to improve our return on capital from 18 percent to 28
percent. This improvement in return on capital was achieved by
increasing operating income by 66 percent thus far this fiscal year,
while only growing capital employed by two percent. In addition, our
strong cash flow and balance sheet provide us with the financial
flexibility to pursue organic growth initiatives, make strategic
investments in both of our businesses and return substantial funds to
shareholders by the way of dividends and share repurchases.”
Mattress Fabrics Segment
Mattress fabric sales for the third quarter were $35.5 million, up 2.3
percent compared with $34.7 million for the third quarter of fiscal 2012.
“Our mattress fabrics business had a solid performance in the third
quarter of fiscal 2013,” said Iv Culp, president of Culp’s mattress
fabrics division. “While our overall sales moderated later in the
quarter, in tandem with industry demand, we continued to achieve
consistent growth over the prior year. Our improved profitability
reflects our innovation and ability to maximize the efficiencies and
flexibility of our manufacturing platform.
“As market demand has evolved for higher-end bedding and more decorative
mattress fabrics, Culp has effectively responded to this trend by
providing our customers with the high quality fabrics they need,” Culp
continued. “More than ever, the bedding industry is demanding
innovation, and Culp is uniquely positioned with a flexible and diverse
manufacturing platform that offers a wide range of product offerings and
rapid speed-to-market. In addition to Culp’s wide array of mattress
fabrics, we can support this functionality with our excellent design
capabilities and expertise from our upholstery fabrics business to
achieve today’s fashionable look. This flexibility allows us to maintain
our focus on design development and product innovation to drive our
sales growth as more decorative fabrics are being used in bedding
products.
“We are also making excellent progress with respect to our latest
business venture, the cutting and sewing of mattress covers, known as
Culp-Lava. Our new Stokesdale, North Carolina, manufacturing facility,
developed specifically for this operation, further leverages our design
expertise with the ability to produce and market mattress covers. With
this expanded capability, Culp now has a manufacturing platform that
adds further value to the mattress industry supply chain - from weaving,
knitting and finishing to our latest cut and sew operation for mattress
sewn covers. We are pleased with the production results to date and the
favorable operating synergies we are beginning to realize. The initial
equipment installation has been completed and we expect to incrementally
add more capacity for this product category to meet anticipated demand.
Looking ahead, we are very excited about the potential growth
opportunities for this operation as we continue to enhance Culp’s
leadership position in the bedding industry,” Culp concluded.
Upholstery Fabrics Segment
Sales for this segment were $28.2 million for the third quarter, a 9.5
percent improvement compared with sales of $25.7 million in the third
quarter of fiscal 2012.
“We continue to be pleased with the performance of our upholstery
fabrics business in fiscal 2013,” noted Saxon. “The higher sales in the
third quarter primarily reflect a favorable response to our innovative
designs and diverse product offering.
“Sales of China produced fabrics accounted for 90 percent of upholstery
fabric sales in the third quarter. It is important to note we have
significant manufacturing flexibility and the ability to offer a variety
of product categories through our China platform, allowing us to meet
changing demand in a global marketplace. Our customers are increasingly
recognizing the value in our creativity, innovation and relevance to
current furniture style trends. As a result, we have continued to
enhance our competitive position and expand our global sales with key
customers.”
Saxon continued, “We are making steady progress with respect to Culp
Europe, even as we continue to face a weak European business climate. We
continue to be optimistic about the long-term opportunities for Culp
Europe, and we believe building a significant European market presence
is strategically important for Culp.”
Balance Sheet
“Our strong financial position continues to be an important advantage
for Culp in fiscal 2013,” added Saxon. “As of January 27, 2013, we
reported $24.7 million in cash and cash equivalents and short-term
investments, after payment of a special cash dividend of $0.50 per share
and the accelerated payment of the company’s quarterly cash dividend of
$0.03 per share, both payments totaling $6.5 million. During fiscal
2013, we have also spent $5.0 million to repurchase 502,595 shares at an
average price of $10.00 per share. Since June 2011, the company has
repurchased 1.1 million shares, or 8.5 percent of its outstanding
shares, for a total of $10.4 million at an average price of $9.23 per
share. Total debt at the end of the third quarter was $7.3 million,
which includes long-term debt plus current maturities of long-term debt
and our line of credit.”
Dividend Payment
The company also announced that its Board of Directors has approved the
payment of a quarterly cash dividend of $0.03 per share, to be paid on
or about April 15, 2013, to shareholders of record as of the close of
business on April 1, 2013. Future dividend payments are subject to Board
approval and may be adjusted at the Board’s discretion as business needs
or market conditions change.
Outlook
Commenting on the outlook for the fourth quarter of fiscal 2013, Saxon
remarked, “While we expect overall sales to be 4 percent to 9 percent
lower as compared with the fourth quarter of fiscal 2012, which had
stronger industry demand, we expect overall fiscal 2013 annual sales to
exceed last year’s annual sales by approximately five percent.
“We expect sales in our mattress fabrics business to be 4 percent to 9
percent lower than the same period a year ago, due to softer industry
demand for the fourth quarter of this fiscal year, as compared with
stronger industry demand in last year’s fourth quarter. Operating income
and margins in this segment are expected to be flat to slightly lower
than the same period a year ago.
“For the full fiscal year, we expect mattress fabrics sales to be
approximately five percent higher than fiscal 2012, and operating income
and margins are expected to be up approximately 20 percent compared with
last fiscal year.
“In our upholstery fabrics business, we expect sales to be 3 percent to
8 percent lower than the previous year’s fourth quarter results. Because
the Chinese New Year holiday falls entirely in the fourth quarter of
fiscal 2013 versus occurring mostly in the third quarter of last year,
our sales and production schedules will be affected. Additionally,
industry demand was stronger in the fourth quarter of last year. We
believe the upholstery fabric segment’s operating income and margins
will be comparable to the same quarter of last year.
“For the full fiscal year, we expect upholstery fabric sales to be
approximately six percent higher than last fiscal year. Operating income
and margins are expected to be approximately 80 percent higher as
compared to last year’s results.
“Considering these factors, the company expects to report pre-tax income
for the fourth fiscal quarter of 2013 in the range of $5.2 million to
$5.8 million. Pre-tax income for last year’s fourth quarter was
$5.5 million. For fiscal 2013 as a whole, we expect pre-tax income in
the range of $19.6 million to $20.2 million, compared with $14.2 million
last fiscal year.”
In closing, Saxon remarked, “We are pleased with our results to date in
fiscal 2013 and our consistent ability to execute our strategy in a
dynamic global marketplace. Our creative designs and innovative products
are resonating with our customers and are allowing us to grow our
business with existing and new customers. Culp has a unique operating
structure with a flexible and scalable global manufacturing platform,
supported by design expertise, product innovation and outstanding
customer service. We believe this business model is a distinct
competitive advantage for Culp and will provide for further profitable
growth as the economy improves and consumers gain more confidence. Above
all, we are committed to outstanding performance for our customers as a
financially stable and trusted source for innovative fabrics.”
About the Company
Culp, Inc. is one of the world’s largest marketers of mattress fabrics
for bedding and upholstery fabrics for residential and commercial
furniture. The company markets a variety of fabrics to its global
customer base of leading bedding and furniture companies, including
fabrics produced at Culp’s manufacturing facilities and fabrics sourced
through other suppliers. Culp has operations located in the United
States, Canada, China and Poland.
This release contains “forward-looking statements” within the meaning
of the federal securities laws, including the Private Securities
Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933
and Section 27A of the Securities and Exchange Act of 1934). Such
statements are inherently subject to risks and uncertainties. Further,
forward looking statements are intended to speak only as of the date on
which they are made, and we disclaim any duty to update such statements.
Forward-looking statements are statements that include projections,
expectations or beliefs about future events or results or otherwise are
not statements of historical fact. Such statements are often but
not always characterized by qualifying words such as “expect,”
“believe,” “estimate,” “plan” and “project” and their derivatives, and
include but are not limited to statements about expectations for our
future operations, production levels, sales, gross profit margins,
operating income, SG&A or other expenses, earnings, and other
performance measures, as well as any statements regarding future
economic or industry trends or future developments. Factors that could
influence the matters discussed in such statements include the level of
housing starts and sales of existing homes, consumer confidence, trends
in disposable income, and general economic conditions. Decreases
in these economic indicators could have a negative effect on our
business and prospects. Likewise, increases in interest rates,
particularly home mortgage rates, and increases in consumer debt or the
general rate of inflation, could affect us adversely. Changes in
consumer tastes or preferences toward products not produced by us could
erode demand for our products. Changes in the value of the U.S. dollar
versus other currencies could affect our financial results because a
significant portion of our operations are located outside the United
States. Strengthening of the U.S. dollar against other currencies could
make our products less competitive on the basis of price in markets
outside the United States, and strengthening of currencies in Canada and
China can have a negative impact on our sales of products produced in
those places. Also, economic and political instability in international
areas could affect our operations or sources of goods in those areas, as
well as demand for our products in international markets. Further
information about these factors, as well as other factors that could
affect our future operations or financial results and the matters
discussed in forward-looking statements, are included in Item 1A “Risk
Factors” section in our Form 10-K filed with the Securities and Exchange
Commission on July 12, 2012 for the fiscal year ended April 29, 2012.
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CULP, INC.
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Condensed Financial Highlights
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(Unaudited)
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Three Months Ended
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Nine Months Ended
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January 27,
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January 29,
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January 27,
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January 29,
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2013
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2012
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2013
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2012
|
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|
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|
|
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|
|
Net sales
|
|
$
|
63,695,000
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|
$
|
60,450,000
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|
$
|
198,439,000
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|
$
|
178,733,000
|
Income before income taxes
|
|
$
|
4,523,000
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|
$
|
2,877,000
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|
$
|
14,426,000
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|
$
|
8,705,000
|
Net income
|
|
$
|
2,823,000
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|
$
|
1,802,000
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|
$
|
14,614,000
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|
$
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9,873,000
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Net income per share:
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Basic
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$
|
0.23
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$
|
0.14
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|
$
|
1.19
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|
$
|
0.77
|
Diluted
|
|
$
|
0.23
|
|
$
|
0.14
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|
$
|
1.17
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|
$
|
0.76
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|
|
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|
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|
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|
|
Adjusted net income
|
|
$
|
3,872,000
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|
$
|
2,353,000
|
|
$
|
12,349,000
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|
$
|
7,121,000
|
Adjusted net income per share
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.32
|
|
$
|
0.19
|
|
$
|
1.01
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|
$
|
0.56
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Diluted
|
|
$
|
0.32
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|
$
|
0.19
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|
$
|
0.99
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|
$
|
0.55
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Average shares outstanding:
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Basic
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12,095,000
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|
12,536,000
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|
|
12,279,000
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|
|
12,777,000
|
Diluted
|
|
|
12,290,000
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|
|
12,677,000
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|
|
12,467,000
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|
12,918,000
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Presentation of Adjusted Net Income and Adjusted Income Taxes
(1)
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Three Months Ended
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Nine Months Ended
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|
January 27,
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January 29,
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January 27,
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January 29,
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2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
4,523,000
|
|
$
|
2,877,000
|
|
$
|
14,426,000
|
|
$
|
8,705,000
|
Adjusted income taxes (2)
|
|
$
|
651,000
|
|
$
|
524,000
|
|
$
|
2,077,000
|
|
$
|
1,584,000
|
Adjusted net income
|
|
$
|
3,872,000
|
|
$
|
2,353,000
|
|
$
|
12,349,000
|
|
$
|
7,121,000
|
|
|
(1) Culp, Inc. currently does not incur cash income tax expense in
the U.S. due to its $59.9 million in net operating loss
carryforwards. Adjusted net income is calculated using only
estimated cash income tax expense for the company’s subsidiaries
in Canada and China.
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(2) Represents estimated cash income tax expense for the company’s
subsidiaries in Canada and China, calculated with a consolidated
adjusted effective income tax rate of 14.4% for fiscal 2013 and
18.2% for fiscal 2012.
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Consolidated Adjusted Effective Income Tax Rate, Net Income and
Earnings Per Share For the Nine Months Ended January
27, 2013, and January 29, 2012 (Unaudited) (Amounts
in Thousands)
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|
2013
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|
2012
|
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Consolidated Effective GAAP Income Tax Rate
|
(1)
|
|
|
(1.3
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)%
|
|
|
(13.4
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)%
|
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|
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|
|
|
|
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|
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Reduction of U.S. Valuation Allowance
|
|
|
|
83.7
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%
|
|
|
50.2
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%
|
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Undistributed earnings from foreign subsidiaries
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(46.3
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)%
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|
-
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Non-Cash U.S. Income Tax Expense
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|
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(20.2
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)%
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|
|
(18.1
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)%
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|
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|
|
Non-Cash Foreign Income Tax Expense
|
|
|
|
(1.5
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)%
|
|
|
(0.5
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)%
|
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|
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|
|
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|
|
Consolidated Adjusted Effective Income Tax Rate
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(2)
|
|
|
14.4
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%
|
|
|
18.2
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%
|
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THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
As reported
|
|
|
|
January 27, 2013
|
|
As reported
|
|
|
|
January 29, 2012
|
|
|
|
|
|
|
|
|
January 27,
|
|
|
|
Proforma Net
|
|
January 29,
|
|
|
|
Proforma Net
|
|
|
|
|
|
|
|
|
2013
|
|
Adjustments
|
|
of Adjustments
|
|
2012
|
|
Adjustments
|
|
of Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
$
|
4,523
|
|
|
$
|
-
|
|
|
$
|
4,523
|
|
$
|
2,877
|
|
|
|
|
$
|
2,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes (3)
|
|
1,700
|
|
|
$
|
(1,049
|
)
|
|
|
651
|
|
|
1,075
|
|
|
$
|
(551
|
)
|
|
|
524
|
|
Net income
|
$
|
2,823
|
|
|
$
|
1,049
|
|
|
$
|
3,872
|
|
$
|
1,802
|
|
|
$
|
551
|
|
|
$
|
2,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share-basic
|
$
|
0.23
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.32
|
|
$
|
0.14
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.19
|
|
Net income per share-diluted
|
$
|
0.23
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.32
|
|
$
|
0.14
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.19
|
|
Average shares outstanding-basic
|
|
12,095
|
|
|
|
12,095
|
|
|
|
12,095
|
|
|
12,536
|
|
|
|
12,536
|
|
|
|
12,536
|
|
Average shares outstanding-diluted
|
|
12,290
|
|
|
|
12,290
|
|
|
|
12,290
|
|
|
12,677
|
|
|
|
12,677
|
|
|
|
12,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED
|
|
|
|
|
|
|
|
|
As reported
|
|
|
|
January 27, 2013
|
|
As reported
|
|
|
|
January 29, 2012
|
|
|
|
|
|
|
|
|
January 27,
|
|
|
|
Proforma Net
|
|
January 29,
|
|
|
|
Proforma Net
|
|
|
|
|
|
|
|
|
2013
|
|
Adjustments
|
|
of Adjustments
|
|
2012
|
|
Adjustments
|
|
of Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
$
|
14,426
|
|
|
$
|
-
|
|
|
$
|
14,426
|
|
$
|
8,705
|
|
|
$
|
-
|
|
|
$
|
8,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes (3)
|
|
(188
|
)
|
|
$
|
2,265
|
|
|
|
2,077
|
|
|
(1,168
|
)
|
|
$
|
2,752
|
|
|
|
1,584
|
|
Net income
|
$
|
14,614
|
|
|
$
|
(2,265
|
)
|
|
$
|
12,349
|
|
$
|
9,873
|
|
|
$
|
(2,752
|
)
|
|
$
|
7,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share-basic
|
$
|
1.19
|
|
|
$
|
0.18
|
|
|
$
|
1.01
|
|
$
|
0.77
|
|
|
$
|
0.22
|
|
|
$
|
0.56
|
|
Net income per share-diluted
|
$
|
1.17
|
|
|
$
|
0.18
|
|
|
$
|
0.99
|
|
$
|
0.76
|
|
|
$
|
0.21
|
|
|
$
|
0.55
|
|
Average shares outstanding-basic
|
|
12,279
|
|
|
|
12,279
|
|
|
|
12,279
|
|
|
12,777
|
|
|
|
12,777
|
|
|
|
12,777
|
|
Average shares outstanding-diluted
|
|
12,467
|
|
|
|
12,467
|
|
|
|
12,467
|
|
|
12,918
|
|
|
|
12,918
|
|
|
|
12,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculated by dividing consolidated income tax benefit by
consolidated income before income taxes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents estimated cash income tax expense for our
subsidiaries located in Canada and China divided by consolidated
income before income taxes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Proforma taxes calculated using the Consolidated Adjusted
Effective Income Tax Rate as reflected above.
|
|
|
|
|