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Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements | 6 Months Ended
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Jun. 30, 2013
Supplemental Guarantor Financial Statements [Abstract] |
Supplemental Guarantor Financial Statements [Text Block] | NOTE 14 – SUPPLEMENTAL CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS The Guarantor Subsidiaries, which consist of the Company’s principal domestic subsidiaries and are 100% owned by the Company, are guarantors of the Company’s 11.375% Senior Secured Notes due 2013 and its 7.625% 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 JUNE 30, 2013
|  | GUARANTOR SUBSIDIARIES |  |  | NON-GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTALS |
|  | (In thousands) |
Net sales |  | $ | 165,446 |  |  | $ | 116,756 |  |  | $ | 0 |  |  | $ | (38,719 | ) |  | $ | 243,483 |
Cost of sales |  |  | 118,083 |  |  |  | 77,886 |  |  |  | 0 |  |  |  | (38,719 | ) |  |  | 157,250 |
Gross profit on sales |  |  | 47,363 |  |  |  | 38,870 |  |  |  | 0 |  |  |  | 0 |  |  |  | 86,233 |
Selling, general and administrative expenses |  |  | 27,752 |  |  |  | 29,142 |  |  |  | 7,536 |  |  |  | 0 |  |  |  | 64,430 |
Operating income (loss) |  |  | 19,611 |  |  |  | 9,728 |  |  |  | (7,536 | ) |  |  | 0 |  |  |  | 21,803 |
Interest/Other expense |  |  | 7,883 |  |  |  | 1,985 |  |  |  | (3,963 | ) |  |  | 0 |  |  |  | 5,905 |
Income before taxes on income and equity in income of subsidiaries |  |  | 11,728 |  |  |  | 7,743 |  |  |  | (3,573 | ) |  |  | 0 |  |  |  | 15,898 |
Income tax expense |  |  | 3,639 |  |  |  | 2,403 |  |  |  | (1,109 | ) |  |  | 0 |  |  |  | 4,933 |
Equity in income (loss) of subsidiaries |  |  | 0 |  |  |  | 0 |  |  |  | 13,429 |  |  |  | (13,429 | ) |  |  | 0 |
Net income (loss) |  | $ | 8,089 |  |  | $ | 5,340 |  |  | $ | 10,965 |  |  | $ | (13,429 | ) |  | $ | 10,965 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2013
|  | GUARANTOR SUBSIDIARIES |  |  | NON- GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTALS |
|  | (In thousands) |
Net sales |  | $ | 296,154 |  |  | $ | 228,629 |  |  | $ | 0 |  |  | $ | (70,931 | ) |  | $ | 453,852 |
Cost of sales |  |  | 213,792 |  |  |  | 153,506 |  |  |  | 0 |  |  |  | (70,931 | ) |  |  | 296,367 |
Gross profit on sales |  |  | 82,362 |  |  |  | 75,123 |  |  |  | 0 |  |  |  | 0 |  |  |  | 157,485 |
Selling, general and administrative expenses |  |  | 50,449 |  |  |  | 55,234 |  |  |  | 16,005 |  |  |  | 0 |  |  |  | 121,688 |
Operating income (loss) |  |  | 31,913 |  |  |  | 19,889 |  |  |  | (16,005 | ) |  |  | 0 |  |  |  | 35,797 |
Interest/Other expense |  |  | 13,854 |  |  |  | 4,930 |  |  |  | (6,314 | ) |  |  | 0 |  |  |  | 12,470 |
Income (loss) before taxes on income and equity in income of subsidiaries |  |  | 18,059 |  |  |  | 14,959 |  |  |  | (9,691 | ) |  |  | 0 |  |  |  | 23,327 |
Income tax expense |  |  | 4,007 |  |  |  | 2,822 |  |  |  | (1,464 | ) |  |  | 0 |  |  |  | 5,365 |
Equity in income (loss) of subsidiaries |  |  | 0 |  |  |  | 0 |  |  |  | 26,189 |  |  |  | (26,189 | ) |  |  | 0 |
Net income (loss) |  | $ | 14,052 |  |  | $ | 12,137 |  |  | $ | 17,962 |  |  | $ | (26,189 | ) |  | $ | 17,962 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2013
|  | GUARANTOR SUBSIDIARIES |  |  | NON- GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTAL |
|  | (In thousands) |
Net Income (loss) |  | $ | 8,089 |  |  | $ | 5,340 |  |  | $ | 10,965 |  |  | $ | (13,429 | ) |  | $ | 10,965 |
Currency Translation Adjustment |  |  | (208 | ) |  |  | (6,610 | ) |  |  | 52 |  |  |  | 0 |  |  |  | (6,766 | )
Pension Liability Adjustment |  |  | 0 |  |  |  | (391 | ) |  |  | 73 |  |  |  | 0 |  |  |  | (318 | )
Comprehensive Income (Loss) |  | $ | 7,881 |  |  | $ | (1,661 | ) |  | $ | 11,090 |  |  | $ | (13,429 | ) |  | $ | 3,881 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2013
|  | GUARANTOR SUBSIDIARIES |  |  | NON- GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTAL |
|  | (In thousands) |
Net Income (loss) |  | $ | 14,052 |  |  | $ | 12,137 |  |  | $ | 17,962 |  |  | $ | (26,189 | ) |  | $ | 17,962 |
Currency Translation Adjustment |  |  | (215 | ) |  |  | (12,924 | ) |  |  | 214 |  |  |  | 0 |  |  |  | (12,925 | )
Pension Liability Adjustment |  |  | 0 |  |  |  | 1,421 |  |  |  | 146 |  |  |  | 0 |  |  |  | 1,567 |
Comprehensive Income (Loss) |  | $ | 13,837 |  |  | $ | 634 |  |  | $ | 18,322 |  |  | $ | (26,189 | ) |  | $ | 6,604 |
CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2013
|  | GUARANTOR SUBSIDIARIES |  |  | NON-GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTALS |
|  | (In thousands) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,905 |  |  | $ | 30,966 |  |  | $ | 28,499 |  |  | $ | 0 |  |  | $ | 61,370 |
Accounts receivable |  |  | 57,719 |  |  |  | 72,891 |  |  |  | 674 |  |  |  | 0 |  |  |  | 131,284 |
Inventories |  |  | 72,391 |  |  |  | 85,339 |  |  |  | 0 |  |  |  | 0 |  |  |  | 157,730 |
Prepaids and deferred income taxes |  |  | 5,679 |  |  |  | 32,824 |  |  |  | 14,607 |  |  |  | 0 |  |  |  | 53,110 |
Total current assets |  |  | 137,694 |  |  |  | 222,020 |  |  |  | 43,780 |  |  |  | 0 |  |  |  | 403,494 |
Property and equipment less accumulated depreciation |  |  | 82,218 |  |  |  | 99,161 |  |  |  | 3,068 |  |  |  | 0 |  |  |  | 184,447 |
Investment in subsidiaries |  |  | 566,538 |  |  |  | 182,666 |  |  |  | (107,973 | ) |  |  | (641,231 | ) |  |  | 0 |
Goodwill |  |  | 6,542 |  |  |  | 67,964 |  |  |  | 0 |  |  |  | 0 |  |  |  | 74,506 |
Other assets |  |  | 1,916 |  |  |  | 9,115 |  |  |  | 104,690 |  |  |  | 0 |  |  |  | 115,721 |
|  | $ | 794,908 |  |  | $ | 580,926 |  |  | $ | 43,565 |  |  | $ | (641,231 | ) |  | $ | 778,168 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 50,697 |  |  | $ | 71,578 |  |  | $ | 26,367 |  |  | $ | 0 |  |  | $ | 148,642 |
Senior notes |  |  | 0 |  |  |  | 0 |  |  |  | 275,000 |  |  |  | 0 |  |  |  | 275,000 |
Deferred income taxes |  |  | 0 |  |  |  | 10,406 |  |  |  | (3,449 | ) |  |  | 0 |  |  |  | 6,957 |
Other |  |  | 13 |  |  |  | 419 |  |  |  | 44,967 |  |  |  | 0 |  |  |  | 45,399 |
Total liabilities |  |  | 50,710 |  |  |  | 82,403 |  |  |  | 342,885 |  |  |  | 0 |  |  |  | 475,998 |
Common stock |  |  | 94,145 |  |  |  | 102,199 |  |  |  | 6,618 |  |  |  | (196,344 | ) |  |  | 6,618 |
Additional paid-in capital |  |  | 249,302 |  |  |  | 12,525 |  |  |  | 369,838 |  |  |  | (261,827 | ) |  |  | 369,838 |
Retained earnings (deficit) |  |  | 402,909 |  |  |  | 443,478 |  |  |  | (665,420 | ) |  |  | (183,060 | ) |  |  | (2,093 | )
Foreign currency translation adjustment |  |  | (2,158 | ) |  |  | (29,615 | ) |  |  | (6,496 | ) |  |  | 0 |  |  |  | (38,269 | )
Pension liability |  |  | 0 |  |  |  | (30,064 | ) |  |  | (3,860 | ) |  |  | 0 |  |  |  | (33,924 | )
|  | $ | 794,908 |  |  | $ | 580,926 |  |  | $ | 43,565 |  |  | $ | (641,231 | ) |  | $ | 778,168 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2013
|  | GUARANTOR SUBSIDIARIES |  |  | NON-GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTALS |
|  | (In thousands) |
Net cash provided by (used in) operating activities |  | $ | 3,911 |  |  | $ | (14,112 | ) |  | $ | 1,910 |  |  | $ | (745 | ) |  | $ | (9,036 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of plant and equipment |  |  | (13,188 | ) |  |  | (20,569 | ) |  |  | (65 | ) |  |  | 0 |  |  |  | (33,822 | )
Other |  |  | (435 | ) |  |  | (456 | ) |  |  | (682 | ) |  |  | 0 |  |  |  | (1,573 | )
Cash received from insurance company |  |  | 0 |  |  |  | 19,774 |  |  |  | 0 |  |  |  | 0 |  |  |  | 19,774 |
Net cash used for investing activities |  |  | (13,623 | ) |  |  | (1,251 | ) |  |  | (747 | ) |  |  | 0 |  |  |  | (15,621 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 7,685 |  |  |  | 12,457 |  |  |  | (20,887 | ) |  |  | 745 |  |  |  | 0 |
Proceeds from issuance of common stock |  |  | 0 |  |  |  | 0 |  |  |  | 1,256 |  |  |  | 0 |  |  |  | 1,256 |
Dividends paid |  |  | 0 |  |  |  | 0 |  |  |  | (3,309 | ) |  |  | 0 |  |  |  | (3,309 | )
Net cash provided by (used for) financing activities |  |  | 7,685 |  |  |  | 12,457 |  |  |  | (22,940 | ) |  |  | 745 |  |  |  | (2,053 | )
Effect of exchange rate change on cash |  |  | 0 |  |  |  | (2,453 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2,453 | )
Net increase (decrease) in cash |  |  | (2,027 | ) |  |  | (5,359 | ) |  |  | (21,777 | ) |  |  | 0 |  |  |  | (29,163 | )
Cash at beginning of period |  |  | 3,932 |  |  |  | 36,325 |  |  |  | 50,276 |  |  |  | 0 |  |  |  | 90,533 |
Cash at end of period |  | $ | 1,905 |  |  | $ | 30,966 |  |  | $ | 28,499 |  |  | $ | 0 |  |  | $ | 61,370 |

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