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Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements

9 Months Ended

Sep. 28, 2014

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, 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.

	GUARANTOR SUBSIDIARIES			NON-GUARANTOR SUBSIDIARIES			INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES			CONSOLIDATED TOTALS
	(In thousands)
Net sales	$	165,513		$	124,193		$	0		$	(37,515	)	$	252,191
Cost of sales		122,076			84,035			0			(37,515	)		168,596
Gross profit on sales		43,437			40,158			0			0			83,595
Selling, general and administrative expenses		27,925			29,952			6,081			0			63,958
Restructuring and asset impairment charge		4,592			7,794			0			0			12,386
Operating income (loss)		10,920			2,412			(6,081	)		0			7,251
Interest/other expense		7,120			3,217			(3,792	)		0			6,545
Income (loss) before taxes on income and equity in income of subsidiaries		3,800			(805	)		(2,289	)		0			706
Income tax expense (benefit)		5,824			(1,234	)		(3,508	)		0			1,082
Equity in income (loss) of subsidiaries		0			0			(1,595	)		1,595			0
Net income (loss)	$	(2,024	)	$	429		$	(376	)	$	1,595		$	(376	)

	GUARANTOR SUBSIDIARIES		NON- GUARANTOR SUBSIDIARIES		INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES			CONSOLIDATED TOTALS
	(In thousands)
Net sales	$	472,358	$	371,778	$	0		$	(112,329	)	$	731,807
Cost of sales		343,496		251,974		0			(112,329	)		483,141
Gross profit on sales		128,862		119,804		0			0			248,666
Selling, general and administrative expenses		84,068		88,434		20,157			0			192,659
Restructuring and asset impairment charge		4,592		7,794		0			0			12,386
Operating income (loss)		40,202		23,576		(20,157	)		0			43,621
Interest/other expense		20,448		8,680		(11,819	)		0			17,309
Income (loss) before taxes on income and equity in income of subsidiaries		19,754		14,896		(8,338	)		0			26,312
Income tax expense		11,234		4,119		(5,761	)		0			9,592
Equity in income (loss) of subsidiaries		0		0		19,297			(19,297	)		0
Net income (loss)	$	8,520	$	10,777	$	16,720		$	(19,297	)	$	16,720

	GUARANTOR SUBSIDIARIES			NON- GUARANTOR SUBSIDIARIES			INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES		CONSOLIDATED TOTAL
	(In thousands)
Net Income (Loss)	$	(2,024	)	$	429		$	(376	)	$	1,595	$	(376	)
Currency Translation Adjustment		(270	)		(15,601	)		(120	)		0		(15,991	)
Pension Liability Adjustment		0			2,006			43			0		2,049
Comprehensive Income (Loss)	$	(2,294	)	$	13,166		$	(453	)	$	1,595	$	(14,318	)

	GUARANTOR SUBSIDIARIES		NON- GUARANTOR SUBSIDIARIES			INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES			CONSOLIDATED TOTAL
	(In thousands)
Net Income (Loss)	$	8,520	$	10,777		$	16,720		$	(19,297	)	$	16,720
Currency Translation Adjustment		29		(11,727	)		(111	)		0			(11,809	)
Pension Liability Adjustment		0		705			131			0			836
Comprehensive Income (Loss)	$	8,549	$	(245	)	$	16,740		$	(19,297	)	$	5,747

	GUARANTOR SUBSIDIARIES			NON-GUARANTOR SUBSIDIARIES			INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES			CONSOLIDATED TOTALS
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,874		$	33,749		$	32,840		$	0		$	68,463
Accounts receivable		56,296			83,394			524			0			140,214
Inventories		75,686			86,278			0			0			161,964
Prepaids and deferred income taxes		5,451			22,558			5,380			0			33,389
Total current assets		139,307			225,979			38,744			0			404,030
Property and equipment less accumulated depreciation		86,344			147,334			2,711			0			236,389
Investment in subsidiaries		579,844			207,421			(90,979	)		(696,286	)		0
Goodwill		6,542			66,782			0			0			73,324
Other assets		1,653			10,375			83,505			0			95,533
	$	813,690		$	657,891		$	33,981		$	(696,286	)	$	809,276

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	46,745		$	78,931		$	18,624		$	0		$	144,300
Senior notes		0			0			247,500			0			247,500
Long term debt		0			27,988			0			0			27,988
Deferred income taxes		0			18,281			(2,369	)		0			15,912
Other		35			6,954			25,882			0			32,871
Total liabilities		46,780			132,154			289,637			0			468,571

Common stock		94,145			102,199			6,645			(196,344	)		6,645
Additional paid-in capital		249,302			12,525			375,401			(261,827	)		375,401
Retained earnings (deficit)		425,896			475,546			(629,028	)		(238,115	)		34,299
Foreign currency translation adjustment		(2,433	)		(33,784	)		(6,177	)		0			(42,394	)
Pension liability		0			(30,749	)		(2,497	)		0			(33,246	)
	$	813,690		$	657,891		$	33,981		$	(696,286	)	$	809,276

	GUARANTOR SUBSIDIARIES			NON-GUARANTOR SUBSIDIARIES			INTERFACE, INC. (PARENT CORPORATION)			CONSOLIDATION AND ELIMINATION ENTRIES			CONSOLIDATED TOTALS
	(In thousands)
Net cash provided by operating activities	$	12,014		$	19,367		$	9,219		$	(5,703	)	$	34,897
Cash flows from investing activities:
Purchase of plant and equipment		(16,020	)		(21,250	)		(266	)		5,413			(32,123	)
Other		151			(894	)		(1,207	)		0			(1,950	)
Net cash used for investing activities		(15,869	)		(22,144	)		(1,473	)		5,413			(34,073	)
Cash flows from financing activities:
Borrowing of long-term debt		0			1,877			0			0			1,877
Debt issuance costs		0			0			(106	)		0			(106	)
Other		3,234			(17,538	)		14,014			290			0
Proceeds from issuance of common stock		0			0			159			0			159
Dividends paid		0			0			(6,647	)		0			(6,647	)
Net cash provided by (used for) financing activities		3,234			(15,661	)		7,420			290			(4,717	)
Effect of exchange rate change on cash		0			(527	)		0			0			(527	)
Net increase (decrease) in cash		(621	)		(18,965	)		15,166			0			(4,420	)
Cash at beginning of period		2,495			52,714			17,674			0			72,883
Cash at end of period	$	1,874		$	33,749		$	32,840		$	0		$	68,463