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Supplemental Condensed Consolidating Guarantor Financial Statements

3 Months Ended

Apr. 01, 2012

Supplemental Condensed Consolidating Guarantor Financial Statements [Abstract]

SUPPLEMENTAL CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS

NOTE 14 – SUPPLEMENTAL CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS

The Guarantor Subsidiaries, which consist of the Company’s principal domestic subsidiaries, are guarantors of the Company’s 11 3/8% Senior Secured Notes due 2013, its 9.5% Senior Subordinated Notes due 2014, and its 7 5/8% Senior Notes due 2018. These guarantees are full and unconditional. The Supplemental Guarantor Financial Statements are presented herein pursuant to requirements of the Commission.

INTERFACE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED APRIL 1, 2012


	GUARANTOR SUBSIDIARIES		NON- GUARANTOR SUBSIDIARIES			INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES			CONSOLIDATED TOTALS
	(In thousands)
Net sales	$	142,784	$	120,655		$	—		$	(30,679	)	$	232,760
Cost of sales		106,343		80,893			—			(30,679	)		156,557

Gross profit on sales		36,441		39,762			—			—			76,203
Selling, general and administrative expenses		26,819		27,605			4,944			—			59,368
Restructuring and asset impairment		1,143		15,173			—			—			16,316

Operating income (loss)		8,479		(3,016	)		(4,944	)		—			519
Interest/Other expense		7,235		3,733			(3,878	)		—			7,090

Income (loss) before taxes on income and equity in income of subsidiaries		1,244		(6,749	)		(1,066	)		—			(6,571	)
Income tax (benefit) expense		121		(655	)		(103	)		—			(637	)
Equity in income (loss) of subsidiaries		—		—			(4,971	)		4,971			—

Net income (loss)	$	1,123	$	(6,094	)	$	(5,934	)	$	4,971		$	(5,934	)

CONDENSED CONSOLIDATING BALANCE SHEET

APRIL 1, 2012


	GUARANTOR SUBSIDIARIES			NON- GUARANTOR SUBSIDIARIES			INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES			CONSOLIDATED TOTALS
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	2,210		$	37,652		$	23,221		$	—		$	63,083
Accounts receivable		50,728			75,356			565			—			126,649
Inventories		93,243			78,659			—			—			171,902
Prepaids and deferred income taxes		10,735			19,812			9,452			—			39,999

Total current assets		156,916			211,479			33,238			—			401,633
Property and equipment less accumulated depreciation		82,631			110,385			3,829			—			196,845
Investment in subsidiaries		278,561			185,088			118,132			(581,781	)		—
Goodwill		6,954			69,543			—			—			76,497
Other assets		5,691			10,952			88,152			—			104,795

	$	530,753		$	587,447		$	243,351		$	(581,781	)	$	779,770

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	35,563		$	91,973		$	27,359		$	—		$	154,895
Senior notes and senior subordinated notes		—			—			294,527			—			294,527
Deferred income taxes		188			11,413			(2,867	)		—			8,734
Other		8,514			1,902			27,930			—			38,346

Total liabilities		44,265			105,288			346,949			—			496,502
Redeemable preferred stock		—			—			—			—			—
Common stock		94,145			102,199			6,594			(196,344	)		6,594
Additional paid-in capital		249,302			12,525			363,841			(261,827	)		363,841
Retained earnings (deficit)		144,740			419,616			(464,751	)		(123,610	)		(24,005	)
AOCI - Foreign currency translation adjustment		(1,699	)		(17,507	)		(6,803	)		—			(26,009	)
AOCI - Pension liability		—			(34,674	)		(2,479	)		—			(37,153	)

	$	530,753		$	587,447		$	243,351		$	(581,781	)	$	779,770

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS

ENDED APRIL 1, 2012


	GUARANTOR SUBSIDIARIES			NON- GUARANTOR SUBSIDIARIES			INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES			CONSOLIDATED TOTALS
	(In thousands)
Net cash provided by (used for) operating activities	$	7,438		$	(609	)	$	14,460		$	3,037		$	24,326

Cash flows from investing activities:
Purchase of plant and equipment		(3,447	)		(6,905	)		(2	)		—			(10,354	)
Other		338			(2	)		(1,371	)		—			(1,035	)

Net cash used for investing activities		(3,109	)		(6,907	)		(1,373	)		—			(11,389	)

Cash flows from financing activities:
Proceeds from issuance of common stock		—			—			131			—			131
Other		(3,220	)		8,607			(2,350	)		(3,037	)		—
Dividends paid		—			—			(1,307	)		—			(1,307	)

Net cash provided by (used for) financing activities		(3,220	)		8,607			(3,526	)		(3,037	)		(1,176	)
Effect of exchange rate change on cash		—			687			—			—			687

Net increase in cash		1,109			1,778			9,561			—			12,448
Cash at beginning of period		1,101			35,874			13,660			—			50,635

Cash at end of period	$	2,210		$	37,652		$	23,221		$	—		$	63,083