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INVESTMENTS IN AND LOANS TO AFFILIATES (Tables) | 12 Months Ended
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Jun. 30, 2011
INVESTMENTS IN AND LOANS TO AFFILIATES |
Schedule of carrying amount of investments in and loans to affiliates |
|  | Provalliance |  | Empire Education Group, Inc. |  | MY Style |  | Hair Club for Men, Ltd. |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (Dollars in thousands) |
Balance at June 30, 2009 |  | $ | 82,135 |  | $ | 111,451 |  | $ | 12,718 |  | $ | 5,096 |  | $ | 211,400 |
Payment of loans by affiliates |  |  | — |  |  | (15,000 | ) |  | — |  |  | — |  |  | (15,000 | )
Equity in income of affiliated companies, net of income taxes(1) |  |  | 4,134 |  |  | 6,431 |  |  | — |  |  | 909 |  |  | 11,474 |
Cash dividends received |  |  | (1,141 | ) |  | — |  |  | — |  |  | (1,263 | ) |  | (2,404 | )
Other, primarily translation adjustments |  |  | (9,647 | ) |  | — |  |  | (602 | ) |  | 565 |  |  | (9,684 | )
Balance at June 30, 2010 |  | $ | 75,481 |  | $ | 102,882 |  | $ | 12,116 |  | $ | 5,307 |  | $ | 195,786 |
Acquisition of additional interest(3) |  |  | 57,301 |  |  | — |  |  | — |  |  | — |  |  | 57,301 |
Payment of loans by affiliates |  |  | — |  |  | (15,000 | ) |  | — |  |  | — |  |  | (15,000 | )
Loans to affiliates |  |  | — |  |  | 15,000 |  |  | — |  |  | — |  |  | 15,000 |
Equity in income of affiliated companies, net of income taxes(2) |  |  | 7,752 |  |  | 5,463 |  |  | — |  |  | 567 |  |  | 13,782 |
Other than temporary impairment(4) |  |  | — |  |  | — |  |  | (9,173 | ) |  | — |  |  | (9,173 | )
Cash dividends received |  |  | (4,814 | ) |  | (4,129 | ) |  | — |  |  | (1,080 | ) |  | (10,023 | )
Other, primarily translation adjustments |  |  | 13,525 |  |  | 324 |  |  | (733 | ) |  | 351 |  |  | 13,467 |
Balance at June 30, 2011 |  | $ | 149,245 |  | $ | 104,540 |  | $ | 2,210 |  | $ | 5,145 |  | $ | 261,140 |
Percentage ownership at June 30, 2011 |  |  | 46.7 | % |  | 55.1 | % |  | — |  |  | 50.0 | % |  |  |
(1) Equity in income of affiliated companies, net of income taxes per the Consolidated Statement of Operations includes $4.1 million in equity income of Provalliance and $0.5 million for the increase in the Provalliance equity put valuation. (2) Equity in income of affiliated companies, net of income taxes per the Consolidated Statement of Operations includes $7.8 million in equity income of Provalliance and a $2.4 million gain for the decrease in the Provalliance equity put valuation. (3) In March of 2011, the Company elected to honor and settle a portion of the equity put option and acquired approximately 17 percent additional equity interest in Provalliance for $57.3 million (€ 40.4 million), bringing the Company's total equity interest to approximately 47 percent. (4) Due to the natural disasters in Japan that occurred in March 2011, the Company was required to assess the preferred shares and premium for other than temporary impairment. As a result, the Company recorded an other than temporary impairment during the twelve months ended June 30, 2011 for the carrying value of the preferred shares and premium of $3.9 million (326,700,000 Yen) and $5.3 million (435,000,000 Yen), respectively. Of the total impairment, $9.0 million was recorded through the equity in income of affiliated companies and $0.2 million was recorded through the interest income and other, net, line items in the Consolidated Statement of Operations.
Schedule of summarized financial information of equity method investees |
|  | Equity Method Investee Greater Than 50 Percent Owned |  | Equity Method Investees Less Than 50 Percent Owned |
--- | --- | --- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |  | 2011 |  | 2010 |  | 2009 |
|  | (Dollars in thousands) |
Summarized Balance Sheet Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 34,715 |  | $ | 35,070 |  | $ | 34,990 |  | $ | 93,280 |  | $ | 74,040 |  | $ | 109,700 |
Noncurrent assets |  |  | 113,249 |  |  | 105,469 |  |  | 99,858 |  |  | 314,127 |  |  | 263,472 |  |  | 313,763 |
Current liabilities |  |  | 29,340 |  |  | 27,458 |  |  | 25,583 |  |  | 109,416 |  |  | 91,077 |  |  | 137,169 |
Noncurrent liabilities |  |  | 33,658 |  |  | 32,017 |  |  | 39,661 |  |  | 98,269 |  |  | 93,055 |  |  | 115,067 |
Summarized Statement of Operations Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross revenue |  | $ | 192,864 |  | $ | 176,535 |  | $ | 153,693 |  | $ | 283,442 |  | $ | 299,188 |  | $ | 290,978 |
Gross profit |  |  | 73,068 |  |  | 64,661 |  |  | 48,173 |  |  | 120,992 |  |  | 123,210 |  |  | 124,361 |
Operating income |  |  | 18,994 |  |  | 19,752 |  |  | 7,656 |  |  | 30,084 |  |  | 21,227 |  |  | 19,047 |
Net income |  |  | 11,023 |  |  | 11,082 |  |  | 3,611 |  |  | 21,154 |  |  | 14,763 |  |  | 13,295 |
Schedule of impact of investment in Provalliance on condensed consolidated balance sheet |
|  |  |  | Carrying Value at June 30, |
--- | --- | --- | --- | --- | ---
|  | Classification |  | 2011 |  | 2010 |
|  |  |  | (Dollars in thousands) |
Investment in Provalliance |  | Investment in and loans to affiliates |  | $ | 149,245 |  | $ | 75,481 |
Equity Put Option |  | Other noncurrent liabilities |  |  | 22,700 |  |  | 22,009 |
Schedule of impact of investment in Provalliance on condensed consolidated statement of operations |
|  |  |  | For the Twelve Months Ended June 30, |
--- | --- | --- | --- | --- | ---
|  | Classification |  | 2011 |  | 2010 |  | 2009 |
|  |  |  | (Dollars in thousands) |
Other than temporary impairment(1) |  | Equity in income (loss) of affiliated companies, net of income taxes |  | $ | — |  | $ | — |  | $ | (25,732 | )
Equity in income, net of income taxes |  | Equity in income (loss) of affiliated companies, net of income taxes |  |  | 7,752 |  |  | 4,134 |  |  | 1,979 |
(1) Due to increased debt and reduced earnings expectations, the Company could no longer justify the carrying amount of its investment in Provalliance and recorded a $25.7 million other than temporary impairment charge in its fourth quarter ended June 30, 2009. The exposure to loss related to the Company's involvement with Provalliance is the carrying value of the investment and future changes in fair value of the Equity Put.
Schedule of impact of investment in Provalliance on condensed consolidated statement of cash flows |
|  |  |  | For the Twelve Months Ended June 30, |
--- | --- | --- | --- | --- | ---
|  | Classification |  | 2011 |  | 2010 |  | 2009 |
|  |  |  | (Dollars in thousands) |
Equity in income, net of income taxes |  | Equity in income of affiliated companies |  | $ | (7,752 | ) | $ | (4,134 | ) | $ | (1,979 | )
Cash dividends received |  | Dividends received from affiliated companies |  |  | 4,814 |  |  | 1,141 |  |  | — |

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