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Note 13 - Supplemental Condensed Consolidating Guarantor Financial Statements | 3 Months Ended
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Mar. 30, 2014
Supplemental Guarantor Financial Statements [Abstract] |
Supplemental Guarantor Financial Statements [Text Block] | NOTE 13 – SUPPLEMENTAL CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS The Guarantor Subsidiaries, which consist of the Company’s principal domestic subsidiaries, are guarantors of the Company’s 7.625% Senior Notes due 2018. The Guarantor Subsidiaries are 100% owned by the Company, and 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 MARCH 30, 2014
|  | GUARANTOR SUBSIDIARIES |  |  | NON- GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTALS |
|  | (In thousands) |
Net sales |  | $ | 135,949 |  |  | $ | 115,963 |  |  | $ | 0 |  |  | $ | (32,920 | ) |  | $ | 218,992 |
Cost of sales |  |  | 98,250 |  |  |  | 78,976 |  |  |  | 0 |  |  |  | (32,920 | ) |  |  | 144,306 |
Gross profit on sales |  |  | 37,699 |  |  |  | 36,987 |  |  |  | 0 |  |  |  | 0 |  |  |  | 74,686 |
Selling, general and administrative expenses |  |  | 26,298 |  |  |  | 28,267 |  |  |  | 8,094 |  |  |  | 0 |  |  |  | 62,659 |
Operating income (loss) |  |  | 11,401 |  |  |  | 8,720 |  |  |  | (8,094 | ) |  |  | 0 |  |  |  | 12,027 |
Interest/Other expense |  |  | 5,823 |  |  |  | 2,826 |  |  |  | (3,177 | ) |  |  | 0 |  |  |  | 5,472 |
Income (loss) before taxes on income and equity in income of subsidiaries |  |  | 5,578 |  |  |  | 5,894 |  |  |  | (4,917 | ) |  |  | 0 |  |  |  | 6,555 |
Income tax expense (benefit) |  |  | 2,153 |  |  |  | 2,275 |  |  |  | (1,898 | ) |  |  | 0 |  |  |  | 2,530 |
Equity in income (loss) of subsidiaries |  |  | 0 |  |  |  | 0 |  |  |  | 7,044 |  |  |  | (7,044 | ) |  |  | 0 |
Net income (loss) |  | $ | 3,425 |  |  | $ | 3,619 |  |  | $ | 4,025 |  |  | $ | (7,044 | ) |  | $ | 4,025 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 30, 2014
|  | GUARANTOR SUBSIDIARIES |  |  | NON- GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTAL |
|  | (In thousands) |
Net Income (loss) |  | $ | 3,425 |  |  | $ | 3,619 |  |  | $ | 4,025 |  |  | $ | (7,044 | ) |  | $ | 4,025 |
Currency Translation Adjustment |  |  | 72 |  |  |  | 2,909 |  |  |  | 123 |  |  |  | 0 |  |  |  | 3,104 |
Pension Liability Adjustment |  |  | 0 |  |  |  | (481 | ) |  |  | 44 |  |  |  | 0 |  |  |  | (437 | )
Comprehensive Income (Loss) |  | $ | 3,497 |  |  | $ | 6,047 |  |  | $ | 4,192 |  |  | $ | (7,044 | ) |  | $ | 6,692 |
CONDENSED CONSOLIDATING BALANCE SHEET MARCH 30, 2014
|  | GUARANTOR SUBSIDIARIES |  |  | NON- GUARANTOR SUBSIDIARIES |  |  | INTERFACE, INC. (PARENT CORPORATION) |  |  | CONSOLIDATION AND ELIMINATION ENTRIES |  |  | CONSOLIDATED TOTALS |
|  | (In thousands) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,078 |  |  | $ | 37,197 |  |  | $ | 23,217 |  |  | $ | 0 |  |  | $ | 62,492 |
Accounts receivable |  |  | 50,013 |  |  |  | 76,657 |  |  |  | 534 |  |  |  | 0 |  |  |  | 127,204 |
Inventories |  |  | 82,088 |  |  |  | 88,419 |  |  |  | 0 |  |  |  | 0 |  |  |  | 170,507 |
Prepaids and deferred income taxes |  |  | 5,762 |  |  |  | 24,089 |  |  |  | 4,568 |  |  |  | 0 |  |  |  | 34,419 |
Total current assets |  |  | 139,941 |  |  |  | 226,362 |  |  |  | 28,319 |  |  |  | 0 |  |  |  | 394,622 |
Property and equipment less accumulated depreciation |  |  | 85,577 |  |  |  | 146,920 |  |  |  | 2,909 |  |  |  | 0 |  |  |  | 235,406 |
Investment in subsidiaries |  |  | 567,639 |  |  |  | 204,415 |  |  |  | (88,021 | ) |  |  | (684,033 | ) |  |  | 0 |
Goodwill |  |  | 6,542 |  |  |  | 71,931 |  |  |  | 0 |  |  |  | 0 |  |  |  | 78,473 |
Other assets |  |  | 1,314 |  |  |  | 11,022 |  |  |  | 86,854 |  |  |  | 0 |  |  |  | 99,190 |
|  | $ | 801,013 |  |  | $ | 660,650 |  |  | $ | 30,061 |  |  | $ | (684,033 | ) |  | $ | 807,691 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 39,139 |  |  | $ | 69,777 |  |  | $ | 21,848 |  |  | $ | 0 |  |  | $ | 130,764 |
Senior notes |  |  | 0 |  |  |  | 0 |  |  |  | 247,500 |  |  |  | 0 |  |  |  | 247,500 |
Long term debt |  |  | 0 |  |  |  | 30,907 |  |  |  | 0 |  |  |  | 0 |  |  |  | 30,907 |
Deferred income taxes |  |  | 0 |  |  |  | 18,110 |  |  |  | (2,410 | ) |  |  | 0 |  |  |  | 15,700 |
Other |  |  | 16 |  |  |  | 9,827 |  |  |  | 26,422 |  |  |  | 0 |  |  |  | 36,265 |
Total liabilities |  |  | 39,155 |  |  |  | 128,621 |  |  |  | 293,360 |  |  |  | 0 |  |  |  | 461,136 |
Redeemable preferred stock |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Common stock |  |  | 94,145 |  |  |  | 102,199 |  |  |  | 6,647 |  |  |  | (196,344 | ) |  |  | 6,647 |
Additional paid-in capital |  |  | 249,302 |  |  |  | 12,525 |  |  |  | 375,652 |  |  |  | (261,827 | ) |  |  | 375,652 |
Retained earnings (deficit) |  |  | 420,801 |  |  |  | 468,388 |  |  |  | (637,071 | ) |  |  | (225,862 | ) |  |  | 26,256 |
AOCI - Foreign currency translation adjustment |  |  | (2,390 | ) |  |  | (19,148 | ) |  |  | (5,943 | ) |  |  | 0 |  |  |  | (27,481 | )
AOCI - Pension liability |  |  | 0 |  |  |  | (31,935 | ) |  |  | (2,584 | ) |  |  | 0 |  |  |  | (34,519 | )
|  | $ | 801,013 |  |  | $ | 660,650 |  |  | $ | 30,061 |  |  | $ | (684,033 | ) |  | $ | 807,691 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 30, 2014
|  | 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 |  | $ | (13,928 | ) |  | $ | 3,719 |  |  | $ | 12,844 |  |  | $ | (5,195 | ) |  | $ | (2,560 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of plant and equipment |  |  | (6,205 | ) |  |  | (8,075 | ) |  |  | (195 | ) |  |  | 5,413 |  |  |  | (9,062 | )
Other |  |  | 142 |  |  |  | (814 | ) |  |  | (286 | ) |  |  | 0 |  |  |  | (958 | )
Net cash provided by (used for) investing activities |  |  | (6,063 | ) |  |  | (8,889 | ) |  |  | (481 | ) |  |  | 5,413 |  |  |  | (10,020 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowing of long term debt |  |  | 0 |  |  |  | 4,140 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,140 |
Other |  |  | 19,574 |  |  |  | (14,426 | ) |  |  | (4,930 | ) |  |  | (218 | ) |  |  | 0 |
Proceeds from issuance of common stock |  |  | 0 |  |  |  | 0 |  |  |  | 105 |  |  |  | 0 |  |  |  | 105 |
Dividends paid |  |  | 0 |  |  |  | 0 |  |  |  | (1,995 | ) |  |  | 0 |  |  |  | (1,995 | )
Net cash provided by (used for) financing activities |  |  | 19,574 |  |  |  | (10,286 | ) |  |  | (6,820 | ) |  |  | (218 | ) |  |  | 2,250 |
Effect of exchange rate change on cash |  |  | 0 |  |  |  | (61 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (61 | )
Net increase (decrease) in cash |  |  | (417 | ) |  |  | (15,517 | ) |  |  | 5,543 |  |  |  | 0 |  |  |  | (10,391 | )
Balance at beginning of period |  |  | 2,495 |  |  |  | 52,714 |  |  |  | 17,674 |  |  |  | 0 |  |  |  | 72,883 |
Balance at end of period |  | $ | 2,078 |  |  | $ | 37,197 |  |  | $ | 23,217 |  |  | $ | 0 |  |  | $ | 62,492 |

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