Culp, Inc. (NYSE: CFI) today reported financial and operating
results for the first quarter ended August 3, 2014.
Fiscal 2015 first quarter highlights:
-
Net sales were $76.1 million, up 8.4 percent, with mattress fabric
sales up 12.2 percent and upholstery fabric sales up 3.9 percent. The
first quarter of fiscal 2015 had 14 weeks compared with 13 weeks for
the first quarter of fiscal 2014.
-
Pre-tax income was $5.5 million, compared with $5.5 million for the
prior year period.
-
Adjusted net income (non-GAAP) was $4.5 million, or $0.37 per diluted
share, for the current quarter, compared with $4.7 million, or $0.38
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 $3.3
million, or $0.27 per diluted share, compared with net income of
$3.2 million, or $0.26 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 $31.0 million and total debt
of $5.0 million as of August 3, 2014.
-
Consolidated return on capital was 27 percent compared with 32 percent
in the prior year period.
-
Free cash flow was $1.4 million compared with $1.9 million a year ago.
-
The company paid a cash dividend of $0.05 per share, and a special
cash dividend of $0.40 per share during the quarter, totaling $5.5
million.
-
The projection for the second quarter of fiscal 2015 is for overall
sales to be in the range of one to five percent higher as compared
with the same period last year. Pre-tax income is expected to be in
the range of $4.2 million to $4.9 million. Pre-tax income for the
second quarter of fiscal 2014 was $4.8 million.
-
The company expects fiscal 2015 to be a good year for free cash flow
even after the planned $10 million in capital expenditures.
-
Since June 2011, the company has returned a total of $26.2 million to
shareholders in the form of regular quarterly and special dividends
and share repurchases.
Overview
For the first quarter ended August 3, 2014, net sales were $76.1
million, compared with $70.1 million a year ago. The company reported
net income of $3.3 million, or $0.27 per diluted share, for the
first quarter of fiscal 2015, compared with net income of $3.2 million,
or $0.26 per diluted share, for the first quarter of fiscal 2014. The
first quarter of fiscal 2015 had 14 weeks compared with 13 weeks for the
first quarter of fiscal 2014.
Given the volatility in the income tax area during fiscal 2014 and
previous years, the company is also 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 $45.7 million
in U.S. net operating loss carryforwards as of the end of fiscal 2014.
For the first quarter of fiscal 2015, adjusted net income was
$4.5 million, or $0.37 per diluted share, compared with $4.7 million, or
$0.38 per diluted share, for the first quarter of fiscal 2014. On a
pre-tax basis, the company reported income of $5.5 million compared with
the same level of pre-tax income for the first quarter of fiscal 2014.
Commenting on the results, Frank Saxon, president and chief executive
officer of Culp, Inc., said, “Overall, our first fiscal quarter
performance was in line with our expectations, marking a solid start to
fiscal 2015. We continue to experience favorable customer response to
our creative designs and wide range of innovative products. Our focused
effort on product excellence has been the key driver of our growth, and
we will continue to pursue this same strategy in fiscal 2015.
Importantly, we have a scalable and flexible manufacturing platform that
supports our ability to compete in a fashion-driven business that is
always changing. We also have the financial strength to make the
strategic investments to support our continued growth as reflected in
our plan to significantly increase capital expenditures for fiscal 2015.”
Mattress Fabrics Segment
Mattress fabrics sales for the first quarter were $42.8 million, up 12.2
percent compared with $38.2 million for the first quarter of fiscal 2014.
“We are pleased with our continued growth in mattress fabrics sales and
our ability to keep pace with changing customer demand across all price
points and fabric styles in the mattress industry,” said Iv Culp,
president of Culp’s mattress fabrics division. “Our outstanding designs
and innovative product offerings are resonating with customers, many of
whom are looking for a much more fashionable and decorative look in
mattress fabrics and covers. We are well positioned to capitalize on
this trend with our extensive manufacturing platform, technical
expertise and reactive capacity.
“Since the end of fiscal 2014, we have continued to experience increased
demand for premium decorative mattress fabrics, which has also amplified
our production complexity. As expected, we had some short-term
production challenges during the first quarter related to this growth.
As previously announced, in order to meet this growing demand and to
improve our efficiency and throughput, we are currently underway with a
$9.5 million expansion plan to increase our production capacity and
finishing capabilities. We are pleased with our progress to date with
these expansion activities and expect to meet our targeted completion
dates in the second half of fiscal 2015. These investments will
significantly enhance our production capabilities and further
demonstrate Culp’s commitment to our customers and to the continued
growth of our mattress fabrics business.
“We continue to make good progress with respect to Culp-Lava, our
mattress cover operation,” added Culp. “With the initial set-up,
staffing and training complete, we believe Culp-Lava will continue to
show steady growth and make a positive contribution to our business. We
are excited about the future growth opportunities for this category.
“Overall, the fundamentals of our mattress fabrics business are strong,
and Culp has a solid competitive position as we continue to outpace the
overall industry growth. While we have many changes underway in our
operations, we remain confident about our ability to execute our
strategy with continued success in fiscal 2015,” Culp concluded.
Upholstery Fabrics Segment
Sales for this segment were $33.2 million for the first quarter, a 3.9
percent improvement compared with sales of $32.0 million in the first
quarter of fiscal 2014.
“We are pleased with our upholstery fabrics sales performance for
the first quarter of fiscal 2015, especially when compared with the
exceptionally high level of sales for the first quarter of last fiscal
year,” noted Boyd Chumbley, executive vice president of Culp’s
upholstery fabrics division. “Notably, we increased our sales of cut and
sewn kits compared with a year ago, reflecting increased demand for this
product category.
“The key drivers of our sales performance continue to be our creative
designs and product innovation. We are seeing a positive response from
our key customers, especially for our latest product introductions. We
have also continued to pursue marketing strategies to diversify our
customer base. Our flexible and global platform supports our marketing
efforts and allows us to quickly adapt to changing market trends and
consumer style preferences. China produced fabrics accounted for 92
percent of Culp’s upholstery fabrics sales during the first quarter,
reflecting our ability to offer a diverse product mix of fabric styles
and price points with excellent service and quality. Our product
diversity has also allowed us to target additional end-user markets for
upholstery fabrics, including the recreational vehicle and hospitality
markets.
“Our U.S. operation continued to deliver a consistent performance and
contributed to our sales growth in the first quarter. However, sales for
Culp Europe, which represented two percent of total sales for the
upholstery fabrics business, continue to be challenged, and we are
currently assessing the future strategy for taking advantage of this
market’s opportunities,” said Chumbley.
Balance Sheet
“Maintaining a strong financial position and generating free cash flow
will continue to be top priorities for fiscal 2015,” added Saxon.
“During the first quarter, we achieved $1.4 million of free cash flow,
after investing $5.0 million in capital expenditures, working capital
and long term investments. As of August 3, 2014, we reported $31.0
million in cash and cash equivalents and short-term investments compared
with $27.6 million a year ago. Consistent with our capital allocation
strategy, the company paid a $0.05 per share quarterly cash dividend and
a $0.40 per share special dividend during the first quarter, totaling
$5.5 million. Total debt was $5.0 million at the end of the quarter,
which includes long-term debt plus current maturities of long-term debt
and our line of credit. After the end of the first quarter, we made a
scheduled annual principal payment of $2.2 million, thus further
lowering our total debt to $2.8 million.”
Dividends and Share Repurchases
The company also announced that the Board of Directors approved the
payment of the company’s quarterly cash dividend of $0.05 per share.
This payment will be made on October 15, 2014, to shareholders of record
as of October 1, 2014. Future dividend payments are subject to Board
approval and may be adjusted at the Board’s discretion as business needs
or market conditions change.
During the first quarter of fiscal 2015, the company purchased
approximately 32,000 shares of Culp common stock for $556,000, pursuant
to the $5.0 million share repurchase program authorized by the Board of
Directors in February 2014.
Since June 2011, the company has returned a total of $26.2 million to
shareholders in the form of regular quarterly and special dividends and
share repurchases.
Outlook
Commenting on the outlook for the second quarter of fiscal 2015, Saxon
remarked, “We expect overall sales to be one percent to five percent
higher as compared with the second quarter of last year.
“We expect sales in our mattress fabrics segment to be two percent to
five percent higher compared with the same period a year ago. Operating
income and margin in this segment are expected to be slightly lower than
the same period a year ago as we continue to address the impact to
operating efficiency caused by the increased demand for knitted fabrics.
Although this segment continues to experience margin pressure during the
first and second quarters, we expect profitability to return to higher
levels during the second half of the fiscal year, especially for the
fourth quarter.
“In our upholstery fabrics segment, we expect sales to be flat to
slightly higher as compared to the same period last year. We believe the
upholstery fabric segment’s operating income and margin will be slightly
lower than the second quarter of fiscal 2014 due primarily to margin
pressure relating to Culp Europe.
“Considering these factors, the company expects to report pre-tax income
for the second fiscal quarter of 2015 in the range of $4.2 million to
$4.9 million. Pre-tax income for last year’s second quarter was
$4.8 million.
“For the full fiscal year, we expect sales and pre-tax income to be
higher than fiscal 2014, with improvement in profitability expected in
the second half of this fiscal year as compared with the first half of
this fiscal year. Capital expenditures for fiscal 2015 are expected to
be approximately $10 million, mostly related to expansion projects for
mattress fabrics. Additionally, the company expects a good year of free
cash flow, even with an unusually high level of capital expenditures and
modest growth in working capital.”
In closing, Saxon remarked, “We are pleased with a solid start to fiscal
2015 and with the leadership positions we have in both businesses. We
will continue to leverage our strengths - outstanding design
capabilities, innovative product offerings and a scalable and global
manufacturing platform, to move the company forward in the year ahead.
We believe Culp is favorably positioned for continued growth with a
proven ability to keep pace with changing consumer style preferences. At
the same time, we have maintained a solid financial position and
generated strong free cash flow, allowing us to reward our shareholders
with significant dividend payments and share repurchases. 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 furniture. The company markets a
variety of innovative fabrics to its global customer base of leading
bedding and furniture companies, including fabrics produced at Culp’s
manufacturing facilities and fabrics sourced from 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, profit margins,
profitability, operating income, SG&A or other expenses, pre-tax income,
earnings, cash flow, 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, is
included in Item 1A “Risk Factors” in our Form 10-K filed with the
Securities and Exchange Commission on July 11, 2014, for the fiscal year
ended April 27, 2014. In addition, please note that the company
is not responsible for changes made to this release by wire services,
internet sources, or other media.
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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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August 3,
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July 28,
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2014
|
|
2013
|
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|
|
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|
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Net sales
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$
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76,060,000
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$
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70,141,000
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Income before income taxes
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|
$
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5,459,000
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$
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5,535,000
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Net income
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$
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3,344,000
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$
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3,230,000
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Net income per share:
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Basic
|
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$
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0.27
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$
|
0.27
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Diluted
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$
|
0.27
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$
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0.26
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Adjusted net income
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$
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4,547,000
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$
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4,749,000
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Adjusted net income per share
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|
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Basic
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$
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0.37
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$
|
0.39
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Diluted
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$
|
0.37
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$
|
0.38
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Average shares outstanding:
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Basic
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12,212,000
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12,148,000
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Diluted
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12,404,000
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12,366,000
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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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August 3,
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July 28,
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2014
|
|
2013
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
5,459,000
|
|
$
|
5,535,000
|
|
Adjusted income taxes (2)
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|
$
|
912,000
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|
$
|
786,000
|
|
Adjusted net income
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|
$
|
4,547,000
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|
$
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4,749,000
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|
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(1)
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Culp, Inc. currently does not incur cash income tax expense in the
U.S. due to its $45.7 million in net operating loss carryforwards
as of April 27, 2014. Therefore, adjusted net income is calculated
using only income tax expense for the company’s subsidiaries in
Canada and China.
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(2)
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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 16.7% for fiscal 2015 and
14.2% for fiscal 2014.
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Consolidated Adjusted Effective Income Tax Rate, Net Income and
Earnings Per Share
|
For the Three Months Ended August 3, 2014, and July 28, 2013
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(Unaudited)
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(Amounts in Thousands)
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|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
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|
Amounts
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 3,
|
|
July 28,
|
|
|
|
|
|
|
|
|
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2014
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|
2013
|
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|
Consolidated Effective GAAP Income Tax Rate
|
(1)
|
|
|
38.7
|
%
|
|
|
41.6
|
%
|
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|
|
|
|
|
|
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Non-Cash U.S. Income Tax Expense
|
|
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(21.2
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)%
|
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|
(27.0
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)%
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|
Non-Cash Foreign Income Tax Expense
|
|
|
|
(0.8
|
)%
|
|
|
(0.4
|
)%
|
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|
|
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|
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|
Consolidated Adjusted Effective Income Tax Rate
|
(2)
|
|
|
16.7
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%
|
|
|
14.2
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%
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THREE MONTHS ENDED
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As reported
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|
As Adjusted
|
|
As reported
|
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|
As Adjusted
|
|
|
|
|
|
|
|
|
August 3,
|
|
|
|
August 3,
|
|
July 28,
|
|
|
|
July 28,
|
|
|
|
|
|
|
|
|
2014
|
|
Adjustments
|
|
2014
|
|
2013
|
|
Adjustments
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
$
|
5,459
|
|
|
|
|
$
|
5,459
|
|
$
|
5,535
|
|
|
|
$
|
5,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes (3)
|
|
|
|
2,115
|
|
|
$
|
(1,203
|
)
|
|
|
912
|
|
|
2,305
|
|
$
|
(1,519
|
)
|
|
|
786
|
|
Net income
|
|
|
$
|
3,344
|
|
|
$
|
1,203
|
|
|
$
|
4,547
|
|
$
|
3,230
|
|
$
|
1,519
|
|
|
$
|
4,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share-basic
|
|
|
$
|
0.27
|
|
|
$
|
(0.10
|
)
|
|
$
|
0.37
|
|
$
|
0.27
|
|
$
|
(0.13
|
)
|
|
$
|
0.39
|
|
Net income per share-diluted
|
|
|
$
|
0.27
|
|
|
$
|
(0.10
|
)
|
|
$
|
0.37
|
|
$
|
0.26
|
|
$
|
(0.12
|
)
|
|
$
|
0.38
|
|
Average shares outstanding-basic
|
|
|
|
12,212
|
|
|
|
12,212
|
|
|
|
12,212
|
|
|
12,148
|
|
|
12,148
|
|
|
|
12,148
|
|
Average shares outstanding-diluted
|
|
|
|
12,404
|
|
|
|
12,404
|
|
|
|
12,404
|
|
|
12,366
|
|
|
12,366
|
|
|
|
12,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Calculated by dividing consolidated income tax expense 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)
|
Adjusted income taxes calculated using the Consolidated Adjusted
Effective Income Tax Rate as reflected above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow and Return on Capital
|
|
For the Three Months Ended August 3, 2014, and July 28, 2013
|
|
(Unaudited)
|
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
|
|
|
|
|
August 3, 2014
|
|
July 28, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
4,051
|
|
|
$
|
2,675
|
|
|
|
|
|
|
Minus: Capital Expenditures
|
|
|
(2,333
|
)
|
|
|
(884
|
)
|
|
|
|
|
|
Add: Proceeds from the sale of equipment
|
|
|
391
|
|
|
|
104
|
|
|
|
|
|
|
Add: Excess tax benefits related to stock-based compensation
|
|
|
99
|
|
|
|
114
|
|
|
|
|
|
|
Minus: Purchase of long-term investments
|
|
|
(984
|
)
|
|
|
-
|
|
|
|
|
|
|
Effects of exchange rate changes on cash and cash equivalents
|
|
|
223
|
|
|
|
(109
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
$
|
1,447
|
|
|
$
|
1,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Capital Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
|
|
|
|
|
August 3, 2014
|
|
|
|
July 28, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Income from Operations
|
|
$
|
5,296
|
|
|
|
|
$
|
5,974
|
|
|
|
|
Average Capital Employed (2)
|
|
|
78,455
|
|
|
|
|
|
75,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Capital Employed (1)
|
|
|
27.0
|
%
|
|
|
|
|
31.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Capital Employed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 3, 2014
|
|
April 27, 2014
|
|
July 28, 2013
|
|
April 28, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
154,212
|
|
|
$
|
160,935
|
|
|
$
|
151,101
|
|
|
$
|
144,706
|
|
|
Total liabilities
|
|
|
(45,065
|
)
|
|
|
(49,191
|
)
|
|
|
(52,516
|
)
|
|
|
(49,123
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
$
|
109,147
|
|
|
$
|
111,744
|
|
|
$
|
98,585
|
|
|
$
|
95,583
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
(24,665
|
)
|
|
|
(29,303
|
)
|
|
|
(21,423
|
)
|
|
|
(23,530
|
)
|
|
Short-term investments
|
|
|
(6,311
|
)
|
|
|
(6,294
|
)
|
|
|
(6,174
|
)
|
|
|
(5,286
|
)
|
|
Long-term investments
|
|
|
(1,749
|
)
|
|
|
(765
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Income taxes receivable
|
|
|
(136
|
)
|
|
|
(121
|
)
|
|
|
(292
|
)
|
|
|
(318
|
)
|
|
Deferred income taxes - current
|
|
|
(6,203
|
)
|
|
|
(6,230
|
)
|
|
|
(7,747
|
)
|
|
|
(7,709
|
)
|
|
Deferred income taxes - non-current
|
|
|
(973
|
)
|
|
|
(2,040
|
)
|
|
|
(651
|
)
|
|
|
(753
|
)
|
|
Current maturities of long-term debt
|
|
|
2,200
|
|
|
|
2,200
|
|
|
|
2,200
|
|
|
|
2,200
|
|
|
Line of credit
|
|
|
569
|
|
|
|
586
|
|
|
|
560
|
|
|
|
561
|
|
|
Income taxes payable - current
|
|
|
387
|
|
|
|
442
|
|
|
|
320
|
|
|
|
285
|
|
|
Income taxes payable - long-term
|
|
|
4,037
|
|
|
|
3,962
|
|
|
|
4,176
|
|
|
|
4,191
|
|
|
Deferred income taxes - non-current
|
|
|
1,013
|
|
|
|
1,013
|
|
|
|
4,335
|
|
|
|
3,075
|
|
|
Long-term debt, less current maturities
|
|
|
2,200
|
|
|
|
2,200
|
|
|
|
4,400
|
|
|
|
4,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Employed
|
|
$
|
79,516
|
|
|
$
|
77,394
|
|
|
$
|
78,289
|
|
|
$
|
72,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Capital Employed (2)
|
|
$
|
78,455
|
|
|
|
|
$
|
75,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Return on average capital employed represents operating income
for the three month period ending August 3, 2014 or July 28, 2013
times four quarters to arrive at an annualized value then divided
by average capital employed. Average capital employed does not
include cash and cash equivalents, short-term investments,
long-term investments, long-term debt, including current
maturities, line of credit, current and noncurrent deferred tax
assets and liabilities, and income taxes receivable and payable.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Average capital employed used for the three months ending
August 3, 2014 was computed using the two quarterly periods ending
August 3, 2014 and April 27, 2014.
|
|
Average capital employed used for the three months ending July
28, 2013 was computed using the two quarterly periods ending July
28, 2013 and April 28, 2013.
|
Copyright Business Wire 2014