Attached files
| file | filename |
|---|---|
| 8-K - INTERFACE, INC. FORM 8-K 02/23/10 - INTERFACE INC | form8-k.htm |
|
CONTACT:
|
Daniel
T. Hendrix
|
|
President
and Chief Executive Officer
|
|
|
Patrick
C. Lynch
|
|
|
Senior
Vice President and Chief Financial Officer
|
|
|
(770)
437-6800
|
|
|
FD
|
|
|
Eric
Boyriven, Jessica Greenberger
|
|
|
(212)
850-5600
|
FOR IMMEDIATE
RELEASE
INTERFACE
REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
--
$0.10 Earnings Per Share from Continuing Operations in Fourth Quarter
--
ATLANTA,
Georgia, February 23, 2010 – Interface, Inc. (Nasdaq: IFSIA), a worldwide
floorcoverings company and global leader in sustainability, today announced
results for the fourth quarter and full fiscal year ended January 3,
2010.
Sales for the fourth quarter of 2009
were $230.9 million, compared with sales of $247.2 million in the fourth quarter
of 2008, a decline of 6.6%. On a sequential basis, sales increased
5.7% over the third quarter of 2009. Operating income for the 2009
fourth quarter was $20.1 million, or 8.7% of sales, compared with an
operating loss of $53.8 million in the fourth quarter of the prior
year. (When adjusted to exclude goodwill impairment and restructuring
charges totaling $72.2 million, operating income in the fourth quarter of 2008
was $18.4 million, or 7.4% of sales.) Operating income improved 6.4%
sequentially over operating income of $18.9 million, or 8.7% of sales, in
the third quarter of 2009.
Income from continuing operations for
the 2009 fourth quarter was $6.6 million, or $0.10 per diluted share, compared
with a loss from continuing operations in the year earlier quarter of $78.9
million, or $1.29 per share. (On an adjusted basis, income from continuing
operations in the year earlier quarter was $3.6 million, or $0.05 per
share.) Net income attributable to Interface, Inc. for the 2009
fourth quarter was $5.9 million, or $0.09 per diluted share, compared with a net
loss attributable to Interface, Inc. in the year-ago period of
$79.3 million, or $1.29 per share. (On an adjusted basis, net
income attributable to Interface, Inc. in the year-ago period was
$3.2 million, or $0.05 per share.)
Please
see the tables below for a reconciliation of GAAP to non-GAAP
measures.
- 1
-
“We made
good strides in the fourth quarter, with year-over-year improvements in
operating income and orders, and sequential sales improvements in most market
segments,” said Daniel T. Hendrix, President and Chief Executive
Officer. “As in recent quarters, our business was buoyed by
non-office segments and emerging markets such as India and the Middle
East. Asia-Pacific is our first geographic area to turn positive on a
year-over-year basis, as sales in the region increased more than 8% over the
fourth quarter of the prior year. This was partially driven by China,
where the pipeline of orders continued to strengthen, and Australia made good
progress as well. While the corporate office segment did improve over
the third quarter, it’s still sluggish, particularly in the U.S. and in
Europe. Although the overall sales environment continued to be
challenging in many of our end markets, we remained focused on investing in our
long term strategic initiatives to diversify our end markets and reduce our
exposure to cycles in the corporate office segment.”
Patrick C. Lynch, Senior Vice President
and Chief Financial Officer, commented, “As a result of the actions we took
early in the down cycle to scale our business to lower demand levels, we
steadily improved operational efficiency throughout the year, culminating in
operating margin expansion of 130 basis points despite a year-over-year decline
in sales for the fourth quarter of 2009. Going forward, we will
continue to balance disciplined cost management with selective SG&A
reinvestment to support our long term growth plans. We believe we
began 2010 well positioned to further realize the leverage in our operating
model once demand returns to our end markets.”
For the full year 2009, sales were
$859.9 million, compared with $1.1 billion in 2008, a decrease of
20.6%. Operating income for the full year 2009 was $63.0 million,
compared with operating income of $41.7 million in 2008. Income
from continuing operations in 2009 was $12.7 million, or $0.19 per diluted
share, compared with a loss from continuing operations of $34.5 million, or
$0.58 per share, in the same period a year ago. Net income
attributable to Interface, Inc. was $10.9 million, or $0.17 per diluted share,
in 2009, compared with a net loss attributable to Interface, Inc. of $40.9
million, or $0.67 per share, in 2008.
The Company’s 2009 results included the
following items as previously announced: income of $5.9 million from
patent litigation settlements; pre-tax restructuring charges of $7.6 million
relating to the Company's cost reduction initiatives; and other expenses of $6.1
million associated with the completion of the previously-announced tender offer
for our 10.375% Senior Notes. Excluding these items, full year 2009
operating income was $64.7 million, or 7.5% of sales, income from continuing
operations was $18.2 million, or $0.28 per diluted share, and net income
attributable to Interface, Inc. was $16.4 million, or $0.26 per diluted
share. Excluding the items in the fourth quarter of 2008 mentioned
previously, full year 2008 operating income was $113.8 million, or 10.5% of
sales, income from continuing operations was $48.0 million, or $0.76 per share,
and net income attributable to Interface, Inc. was $41.6 million, or $0.68 per
share.
- 2
-
INTERFACE
REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
Mr. Hendrix concluded, “While we don’t
expect much of a rebound in the mature corporate office markets this year, we’re
optimistic about our prospects for a number of reasons. First, the
market’s secular shift to carpet tile is continuing, and as the category leader
we’re in the best position to take advantage of this trend. In
addition, our success in penetrating non-office segments such as government,
education, retail and healthcare has made us much less dependent on the
corporate office market, and we plan to continue investing and pursuing new
business in these non-office segments. We’re also positioned well to
grow our business in emerging markets such as China, India, the Middle East and
South America. In that regard, our new carpet tile manufacturing
plant in China is expected to be completed late this year, and we will continue
to invest where we see these types of growth opportunities. Further,
as a result of the steps we took early in this downturn to right-size our
business to current market conditions, we are poised for profit margin expansion
when top line growth returns.”
The Company will host a conference call
today, February 23, 2010, at 4:30 p.m. Eastern Time, to discuss its fourth
quarter and full year 2009 results. The conference call will be
simultaneously broadcast live over the Internet. Listeners may access
the conference call live over the Internet at: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=112931&eventID=2733692 or
through the Company’s website at http://www.interfaceglobal.com/Investor-Relations.aspx. The
archived version of the webcast will be available at these sites for one year
beginning approximately one hour after the call ends.
Interface, Inc. is the world’s largest
manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands,
and, through its Bentley
Prince Street brand, enjoys a leading position in the designer quality
segment of the broadloom carpet market. The Company is committed to
the goal of sustainability and doing business in ways that minimize the impact
on the environment while enhancing shareholder value.
- 3
-
INTERFACE
REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995: Except for
historical information contained herein, the other matters set forth in this
news release are forward-looking statements. The forward-looking
statements set forth above involve a number of risks and uncertainties that
could cause actual results to differ materially from any such statement,
including risks and uncertainties associated with economic conditions in the
commercial interiors industry as well as the risks and uncertainties discussed
under the heading “Risk Factors” included in Item 1A of the Company's Annual
Report on Form 10-K for the fiscal year ended December 28, 2008, which
discussion is incorporated herein by this reference, including, but not limited
to, the discussion of specific risks and uncertainties under the headings “Sales
of our principal products have been and may continue to be affected by adverse
economic cycles in the renovation and construction of commercial and
institutional buildings,” “The recent worldwide financial and credit crisis
could have a material adverse effect on our business, financial condition and
results of operations,” “We compete with a large number of manufacturers in the
highly competitive commercial floorcovering products market, and some of these
competitors have greater financial resources than we do,” “Our success depends
significantly upon the efforts, abilities and continued service of our senior
management executives and our principal design consultant, and our loss of any
of them could affect us adversely,” “Our substantial international operations
are subject to various political, economic and other uncertainties that could
adversely affect our business results, including by restrictive taxation or
other government regulation and by foreign currency fluctuations,” “Large
increases in the cost of petroleum-based raw materials could adversely affect us
if we are unable to pass these cost increases through to our customers,”
“Unanticipated termination or interruption of any of our arrangements with our
primary third party suppliers of synthetic fiber could have a material adverse
effect on us,” “We have a significant amount of indebtedness, which could have
important negative consequences to us,” “The market price of our common stock
has been volatile and the value of your investment may decline,” “Our earnings
in a future period could be adversely affected by non-cash adjustments to
goodwill, if a future test of goodwill assets indicates a material impairment of
those assets,” “Our Chairman currently has sufficient voting power to elect a
majority of our Board of Directors,” and “Our Rights Agreement could discourage
tender offers or other transactions for our stock that could result in
shareholders receiving a premium over the market price for our
stock.” Any forward-looking statements are made pursuant to the
Private Securities Litigation Reform Act of 1995 and, as such, speak only as of
the date made. The Company assumes no responsibility to update or
revise forward-looking statements made in this press release and cautions
readers not to place undue reliance on any such forward-looking
statements.
- TABLES
FOLLOW -
- 4
-
INTERFACE
REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
|
Consolidated
Condensed Statements of Operations
|
Three
Months Ended
|
Twelve
Months Ended
|
||||||||||||||
|
(In
thousands, except per share data)
|
01/03/10
|
12/28/08*
|
01/03/10
|
12/28/08*
|
||||||||||||
|
Net
Sales
|
$ | 230,919 | $ | 247,180 | $ | 859,888 | $ | 1,082,344 | ||||||||
|
Cost
of Sales
|
152,589 | 169,611 | 576,871 | 710,299 | ||||||||||||
|
Gross Profit
|
78,330 | 77,569 | 283,017 | 372,045 | ||||||||||||
|
Selling,
General & Administrative Expenses
|
58,200 | 59,151 | 218,322 | 258,198 | ||||||||||||
|
Impairment
of Goodwill
|
-- | 61,213 | -- | 61,213 | ||||||||||||
|
Restructuring
Charges
|
-- | 10,975 | 7,627 | 10,975 | ||||||||||||
|
Income
from Litigation Settlements
|
-- | -- | (5,926 | ) | -- | |||||||||||
|
Operating Income
(Loss)
|
20,130 | (53,770 | ) | 62,994 | 41,659 | |||||||||||
|
Interest
Expense
|
9,361 | 7,371 | 34,297 | 31,480 | ||||||||||||
|
Bond
Retirement Expenses
|
-- | -- | 6,096 | -- | ||||||||||||
|
Other
Expense, Net
|
520 | 1,088 | 576 | 1,652 | ||||||||||||
|
Income (Loss) Before
Taxes
|
10,249 | (62,229 | ) | 22,025 | 8,527 | |||||||||||
|
Income
Tax Expense
|
3,691 | 16,717 | 9,352 | 43,040 | ||||||||||||
|
Income (Loss) from Continuing
Operations
|
6,558 | (78,946 | ) | 12,673 | (34,513 | ) | ||||||||||
|
Discontinued
Operations, Net of Tax
|
(259 | ) | -- | (909 | ) | (5,154 | ) | |||||||||
|
Net
Income (Loss)
|
$ | 6,299 | $ | (78,946 | ) | $ | 11,764 | $ | (39,667 | ) | ||||||
|
Net
Income Attributable to Non-Controlling Interest in
Subsidiary
|
(351 | ) | (355 | ) | (846 | ) | (1,206 | ) | ||||||||
|
Net
Income (Loss) Attributable to Interface, Inc.
|
$ | 5,948 | $ | (79,301 | ) | $ | 10,918 | $ | (40,873 | ) | ||||||
|
Earnings
(Loss) Per Share Attributable to Interface, Inc. – Basic
|
||||||||||||||||
|
Continuing
Operations
|
$ | 0.10 | $ | (1.29 | ) | $ | 0.19 | $ | (0.58 | ) | ||||||
|
Discontinued
Operations
|
(0.01 | ) | -- | (0.01 | ) | (0.08 | ) | |||||||||
|
Earnings
(Loss) Per Share Attributable to Interface, Inc. – Basic
|
$ | 0.09 | $ | (1.29 | ) | $ | 0.17 | $ | (0.67 | ) | ||||||
|
Earnings
(Loss) Per Share Attributable to Interface, Inc. – Diluted
|
||||||||||||||||
|
Continuing
Operations
|
$ | 0.10 | $ | (1.29 | ) | $ | 0.19 | $ | (0.58 | ) | ||||||
|
Discontinued
Operations
|
(0.01 | ) | -- | (0.01 | ) | (0.08 | ) | |||||||||
|
Earnings
(Loss) Per Share Attributable to Interface, Inc. – Diluted
|
$ | 0.09 | $ | (1.29 | ) | $ | 0.17 | $ | (0.67 | ) | ||||||
|
Common
Shares Outstanding – Basic
|
63,265 | 61,603 | 63,213 | 61,439 | ||||||||||||
|
Common
Shares Outstanding – Diluted
|
63,752 | 61,603 | 63,308 | 61,439 | ||||||||||||
|
Orders
from Continuing Operations
|
227,300 | 222,860 | 885,300 | 1,083,900 | ||||||||||||
|
Backlog
(as of 01/03/10 and 12/28/08, respectively)
|
108,200 | 97,200 | ||||||||||||||
________________
|
|
*
Prior year periods have been adjusted for the adoption of accounting
standards relating to the determination of shares used in earnings per
share calculations and related to the presentation of non-controlling
interests in financial
statements.
|
- 5
-
INTERFACE
REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
|
Consolidated
Condensed Balance Sheets
|
||||||||
|
(In
thousands)
|
01/03/10
|
12/28/08*
|
||||||
|
Assets
|
||||||||
|
Cash
|
$ | 115,363 | $ | 71,757 | ||||
|
Accounts
Receivable
|
129,833 | 144,783 | ||||||
|
Inventory
|
112,249 | 128,923 | ||||||
|
Other
Current Assets
|
29,028 | 27,342 | ||||||
|
Assets
of Businesses Held for Sale
|
1,500 | 3,150 | ||||||
|
Total
Current Assets
|
387,973 | 375,955 | ||||||
|
Property,
Plant & Equipment
|
162,269 | 160,717 | ||||||
|
Other
Assets
|
176,997 | 169,363 | ||||||
|
Total
Assets
|
$ | 727,239 | $ | 706,035 | ||||
|
Liabilities
|
||||||||
|
Accounts
Payable
|
$ | 35,614 | $ | 52,040 | ||||
|
Accrued
Liabilities
|
101,143 | 102,592 | ||||||
|
Current
Portion of Long-Term Debt
|
14,586 | -- | ||||||
|
Total
Current Liabilities
|
151,343 | 154,632 | ||||||
|
Senior
and Senior Subordinated Notes
|
280,184 | 287,588 | ||||||
|
Other
Long-Term Liabilities
|
49,531 | 46,378 | ||||||
|
Total
Liabilities
|
481,058 | 488,598 | ||||||
|
Shareholders’
Equity
|
246,181 | 217,437 | ||||||
|
Total
Liabilities and Shareholders’ Equity
|
$ | 727,239 | $ | 706,035 | ||||
|
Consolidated
Condensed Statements of Cash Flows
|
Twelve
Months Ended
|
|||||||||||||||
|
(In
millions)
|
01/03/10
|
12/28/08*
|
||||||||||||||
|
Net
Income (Loss)
|
$ | 11.8 | $ | (39.7 | ) | |||||||||||
|
Adjustments
for Discontinued Operations
|
0.9 | 5.2 | ||||||||||||||
|
Net
Income (Loss) from Continuing Operations
|
$ | 12.7 | $ | (34.5 | ) | |||||||||||
|
Depreciation
and Amortization
|
25.2 | 23.7 | ||||||||||||||
|
Impairment
of Goodwill
|
-- | 61.2 | ||||||||||||||
|
Deferred
Income Taxes and Other Items
|
1.8 | 17.6 | ||||||||||||||
|
Change
in Working Capital
|
||||||||||||||||
|
Accounts
Receivable
|
21.0 | 11.9 | ||||||||||||||
|
Inventories
|
20.8 | (11.4 | ) | |||||||||||||
|
Prepaids
|
0.1 | 5.1 | ||||||||||||||
|
Accounts
Payable and Accrued Expenses
|
(27.1 | ) | (18.5 | ) | ||||||||||||
|
Cash
Provided from Operating Activities
|
54.5 | 55.1 | ||||||||||||||
|
Cash
Used in Investing Activities
|
(7.4 | ) | (33.5 | ) | ||||||||||||
|
Cash
Used in Financing Activities
|
(5.3 | ) | (28.5 | ) | ||||||||||||
|
Effect
of Exchange Rate Changes on Cash
|
1.8 | (3.7 | ) | |||||||||||||
|
Net
Increase (Decrease) in Cash
|
$ | 43.6 | $ | (10.6 | ) | |||||||||||
________________
|
|
*
Prior year periods have been adjusted for the adoption of accounting
standards relating to the determination of shares used in earnings per
share calculations and related to the presentation of non-controlling
interests in financial statements.
|
- 6
-
INTERFACE
REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
Consolidated
Condensed Segment Reporting
(In
millions)
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||||||||||
|
01/03/10
|
12/28/08
|
%
Change
|
01/03/10
|
12/28/08
|
%
Change
|
|||||||||||||||||||
|
Net
Sales
|
||||||||||||||||||||||||
|
Modular
Carpet
|
$ | 208.1 | $ | 218.5 | (4.8 | %) | $ | 765.3 | $ | 946.8 | (19.2 | %) | ||||||||||||
|
Bentley
Prince Street
|
22.8 | 28.7 | (20.6 | %) | 94.6 | 135.5 | (30.2 | %) | ||||||||||||||||
|
Total
|
$ | 230.9 | $ | 247.2 | (6.6 | %) | $ | 859.9 | $ | 1,082.3 | (20.6 | %) | ||||||||||||
|
Operating
Income (Loss)
|
||||||||||||||||||||||||
|
Modular
Carpet
|
$ | 23.7 | $ | 12.8 | 85.2 | % | $ | 68.1 | $ | 109.3 | (37.7 | %) | ||||||||||||
|
Bentley
Prince Street
|
(1.7 | ) | (63.9 | ) | 97.3 | % | (7.7 | ) | (61.4 | ) | 87.5 | % | ||||||||||||
|
Corporate
Income, Expenses and Eliminations
|
(1.9 | ) | (2.7 | ) | 29.6 | % | 2.6 | (6.2 | ) | 141.9 | % | |||||||||||||
|
Total
|
$ | 20.1 | $ | (53.8 | ) | 137.4 | % | $ | 63.0 | $ | 41.7 | 51.1 | % | |||||||||||
Reconciliation
of Non-GAAP Performance Measures to GAAP Performance Measures
(In
millions, except per share amounts)
|
Three
Months Ended
12/28/08
|
Twelve
Months Ended
12/28/08
|
|||||||
|
Operating
Income, Excluding Impairment, Restructuring Charges
|
$ | 18.4 | $ | 113.8 | ||||
|
Impairment
of Goodwill
|
(61.2 | ) | (61.2 | ) | ||||
|
Restructuring
Charges
|
(11.0 | ) | (11.0 | ) | ||||
|
Operating
Income (Loss), As Reported
|
$ | (53.8 | ) | $ | 41.7 | |||
|
Income
from Continuing Operations, Excluding Impairment, Restructuring and
Repatriation Charges
|
$ | 3.6 | $ | 48.0 | ||||
|
Impairment
of Goodwill
|
(61.2 | ) | (61.2 | ) | ||||
|
Restructuring
Charges (net of tax of $3.0 million)
|
(8.0 | ) | (8.0 | ) | ||||
|
Repatriation
Charges
|
(13.3 | ) | (13.3 | ) | ||||
|
Loss
from Continuing Operations, As Reported
|
$ | (78.9 | ) | $ | (34.5 | ) | ||
|
Net
Income Attributable to Interface, Inc., Excluding Impairment,
Restructuring and Repatriation Charges
|
$ | 3.2 | $ | 41.6 | ||||
|
Impairment
of Goodwill
|
(61.2 | ) | (61.2 | ) | ||||
|
Restructuring
Charges (net of tax of $3.0 million)
|
(8.0 | ) | (8.0 | ) | ||||
|
Repatriation
Charges
|
(13.3 | ) | (13.3 | ) | ||||
|
Net
Loss Attributable to Interface, Inc., As Reported
|
$ | (79.3 | ) | $ | (40.9 | ) | ||
- 7
-
INTERFACE
REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
|
Three
Months Ended
12/28/08
|
Twelve
Months Ended
12/28/08
|
|||||||
|
Earnings
Per Share, Excluding Impairment, Restructuring and Repatriation
Charges
|
$ | 0.05 | $ | 0.68 | ||||
|
Impairment
of Goodwill
|
(0.99 | ) | (1.00 | ) | ||||
|
Restructuring
Charges, After Tax
|
(0.13 | ) | (0.13 | ) | ||||
|
Repatriation
Charges
|
(0.22 | ) | (0.22 | ) | ||||
|
Loss
Per Share, As Reported
|
$ | (1.29 | ) | $ | (0.67 | ) | ||
|
Three
Months Ended
12/28/08
|
Twelve
Months
Ended
12/28/08
|
|||||||
|
Earnings
Per Share from Continuing Operations, Excluding Impairment, Restructuring
and Repatriation Charges
|
$ | 0.05 | $ | 0.76 | ||||
|
Impairment
of Goodwill
|
(0.99 | ) | (1.00 | ) | ||||
|
Restructuring
Charges, After Tax
|
(0.13 | ) | (0.13 | ) | ||||
|
Repatriation
Charges
|
(0.22 | ) | (0.22 | ) | ||||
|
Loss
Per Share from Continuing Operations, As Reported
|
$ | (1.29 | ) | $ | (0.58 | ) | ||
|
Twelve
Months Ended
|
||||
|
01/03/10
|
||||
|
Operating
Income, Excluding Restructuring Charge and Income from Litigation
Settlements
|
$ | 64.7 | ||
|
Restructuring
Charge
|
(7.6 | ) | ||
|
Income
from Litigation Settlements
|
5.9 | |||
|
Operating
Income, As Reported
|
$ | 63.0 | ||
|
Twelve
Months Ended
|
||||
|
01/03/10
|
||||
|
Income
from Continuing Operations, Excluding Restructuring Charge, Income from
Litigation Settlements and Bond Retirement Expenses
|
$ | 18.2 | ||
|
Restructuring
Charge (net of tax of $2.2 million)
|
(5.4 | ) | ||
|
Income
from Litigation Settlements (net of tax of
$2.3 million)
|
3.6 | |||
|
Bond
Retirement Expenses (net of tax of $2.4 million)
|
(3.7 | ) | ||
|
Income
from Continuing Operations, As Reported
|
$ | 12.7 | ||
- 8
-
INTERFACE
REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
|
Twelve
Months Ended
|
||||
|
01/03/10
|
||||
|
Diluted
Earnings Per Share from Continuing Operations, Excluding Restructuring
Charge, Income from Litigation Settlements and Bond Retirement
Expenses
|
$ | 0.28 | ||
|
Restructuring
Charge, After Tax
|
(0.09 | ) | ||
|
Income
from Litigation Settlements, After Tax
|
0.06 | |||
|
Bond
Retirement Expenses, After Tax
|
(0.06 | ) | ||
|
Diluted
Earnings Per Share from Continuing Operations, As Reported
|
$ | 0.19 | ||
|
Twelve
Months Ended
|
||||
|
01/03/10
|
||||
|
Net
Income Attributable to Interface, Inc., Excluding Restructuring Charge,
Income from Litigation Settlements and Bond Retirement
Expenses
|
$ | 16.4 | ||
|
Restructuring
Charge (net of tax of $2.2 million)
|
(5.4 | ) | ||
|
Income
from Litigation Settlements (net of tax of
$2.3 million)
|
3.6 | |||
|
Bond
Retirement Expenses (net of tax of $2.4 million)
|
(3.7 | ) | ||
|
Net
Income Attributable to Interface, Inc., As Reported
|
$ | 10.9 | ||
|
Twelve
Months Ended
|
||||
|
01/03/10
|
||||
|
Diluted
Earnings Per Share, Excluding Restructuring Charge, Income from Litigation
Settlements and Bond Retirement Expenses
|
$ | 0.26 | ||
|
Restructuring
Charge After Tax
|
(0.09 | ) | ||
|
Income
from Litigation Settlements After Tax
|
0.06 | |||
|
Bond
Retirement Expenses After Tax
|
(0.06 | ) | ||
|
Diluted
Earnings Per Share, As Reported
|
$ | 0.17 | ||
The
Company believes that the above non-GAAP performance measures, which management
uses in managing and evaluating the Company’s business, may provide users of the
Company’s financial information with additional meaningful bases for comparing
the Company’s current results and results in a prior period, as these measures
reflect factors that are unique to one period relative to the comparable
period. However, these non-GAAP performance measures should be viewed
in addition to, and not as an alternative for, the Company’s reported results
under accounting principles generally accepted in the United
States. Tax effects identified above (when applicable) are calculated
using the statutory tax rate for the jurisdictions in which the charge or income
occurred.
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