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EX-31.1 - EX-31.1 - MOVADO GROUP INCmov-ex311_201410316.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended October 31, 2014

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from               to              

Commission File Number: 1-16497

 

MOVADO GROUP, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

New York

 

13-2595932

(State or Other Jurisdiction

of Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

650 From Road, Ste. 375

Paramus, New Jersey

 

07652-3556

(Address of Principal Executive Offices)

 

(Zip Code)

(201) 267-8000

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for that past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,’’ “accelerated filer’’ and “smaller reporting company’’ in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ¨

Accelerated filer  x

Non-accelerated filer  ¨

Smaller reporting company  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No   x

The number of shares outstanding of the registrant’s Common Stock and Class A Common Stock as of November 19, 2014 were 18,536,397 and 6,642,184, respectively.

 

 

 

 

 


 

MOVADO GROUP, INC.

Index to Quarterly Report on Form 10-Q

October 31, 2014

 

 

 

 

  

Page

Part I

 

Financial Information (Unaudited)

 

 

 

  

 

Item 1.

  

Consolidated Balance Sheets at October 31, 2014, January 31, 2014 and October 31, 2013

  

3

 

  

 

  

 

Consolidated Statements of Operations for the three months and nine months ended October 31, 2014 and October 31, 2013

  

4

 

  

 

  

 

Consolidated Statements of Comprehensive Income for the three months and nine months ended October 31, 2014 and October 31, 2013

  

5

 

  

 

  

 

Consolidated Statements of Cash Flows for the nine months ended October 31, 2014 and October 31, 2013

  

6

 

  

 

  

 

Notes to Consolidated Financial Statements

  

7

 

  

Item 2.

  

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

17

 

  

Item 3.

  

 

Quantitative and Qualitative Disclosures About Market Risk

  

26

 

  

Item 4.

  

 

Controls and Procedures

  

26

Part II

  

 

Other Information

  

27

 

  

 

Item 1.

  

Legal Proceedings

  

27

 

  

 

Item 1A.

  

Risk Factors

  

27

 

  

 

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

27

 

 

 

Item 6.

 

Exhibits

 

28

 

Signature

  

29

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

October 31,

 

 

January 31,

 

 

October 31,

 

 

2014

 

 

2014

 

 

2013

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

157,937

 

 

$

157,659

 

 

$

163,146

 

Short-term investments

 

 

 

 

33,099

 

 

 

 

Trade receivables

 

128,638

 

 

 

68,683

 

 

 

120,043

 

Inventories

 

182,663

 

 

 

181,305

 

 

 

178,714

 

Other current assets

 

37,927

 

 

 

44,564

 

 

 

35,429

 

Total current assets

 

507,165

 

 

 

485,310

 

 

 

497,332

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

45,340

 

 

 

47,796

 

 

 

46,512

 

Deferred income taxes

 

13,899

 

 

 

14,891

 

 

 

21,881

 

Other non-current assets

 

35,365

 

 

 

30,613

 

 

 

29,266

 

Total assets

$

601,769

 

 

$

578,610

 

 

$

594,991

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

29,746

 

 

$

33,598

 

 

$

36,620

 

Accrued liabilities

 

49,933

 

 

 

43,573

 

 

 

51,172

 

Deferred and current income taxes payable

 

12,713

 

 

 

6,422

 

 

 

15,272

 

Total current liabilities

 

92,392

 

 

 

83,593

 

 

 

103,064

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred and non-current income taxes payable

 

3,578

 

 

 

3,518

 

 

 

3,930

 

Other non-current liabilities

 

28,989

 

 

 

25,509

 

 

 

25,329

 

Total liabilities

 

124,959

 

 

 

112,620

 

 

 

132,323

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued

 

 

 

 

 

 

 

 

Common Stock, $0.01 par value, 100,000,000 shares authorized; 26,848,894,

   26,643,108 and 26,639,590 shares issued, respectively

 

268

 

 

 

266

 

 

 

266

 

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,642,184,

   6,638,262 and 6,638,262 shares issued and outstanding, respectively

 

66

 

 

 

66

 

 

 

66

 

Capital in excess of par value

 

173,233

 

 

 

165,342

 

 

 

163,907

 

Retained earnings

 

350,468

 

 

 

316,334

 

 

 

311,174

 

Accumulated other comprehensive income

 

86,882

 

 

 

103,702

 

 

 

103,974

 

Treasury Stock, 8,295,597, 7,945,419 and 7,870,381 shares, respectively, at cost

 

(136,579

)

 

 

(122,406

)

 

 

(119,312

)

Total Movado Group, Inc. shareholders' equity

 

474,338

 

 

 

463,304

 

 

 

460,075

 

Noncontrolling interests

 

2,472

 

 

 

2,686

 

 

 

2,593

 

Total equity

 

476,810

 

 

 

465,990

 

 

 

462,668

 

Total liabilities and equity

$

601,769

 

 

$

578,610

 

 

$

594,991

 

See Notes to Consolidated Financial Statements

 

 

 

3


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Net sales

$

188,557

 

 

$

189,685

 

 

$

453,069

 

 

$

437,996

 

Cost of sales

 

88,715

 

 

 

88,415

 

 

 

210,470

 

 

 

201,989

 

Gross profit

 

99,842

 

 

 

101,270

 

 

 

242,599

 

 

 

236,007

 

Selling, general, and administrative

 

66,509

 

 

 

67,186

 

 

 

181,177

 

 

 

174,878

 

Operating income

 

33,333

 

 

 

34,084

 

 

 

61,422

 

 

 

61,129

 

Other income (Note 12)

 

-

 

 

 

-

 

 

 

-

 

 

 

1,526

 

Interest expense

 

(78

)

 

 

(114

)

 

 

(272

)

 

 

(294

)

Interest income

 

51

 

 

 

14

 

 

 

97

 

 

 

53

 

Income before income taxes

 

33,306

 

 

 

33,984

 

 

 

61,247

 

 

 

62,414

 

Provision for income taxes (Note 9)

 

10,889

 

 

 

10,570

 

 

 

19,231

 

 

 

18,166

 

Net income

 

22,417

 

 

 

23,414

 

 

 

42,016

 

 

 

44,248

 

Less: Net income attributed to noncontrolling interests

 

208

 

 

 

395

 

 

 

291

 

 

 

564

 

Net income attributed to Movado Group, Inc.

$

22,209

 

 

$

23,019

 

 

$

41,725

 

 

$

43,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

25,326

 

 

 

25,495

 

 

 

25,345

 

 

 

25,528

 

Net income per share attributed to Movado Group, Inc.

$

0.88

 

 

$

0.90

 

 

$

1.65

 

 

$

1.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

25,616

 

 

 

25,842

 

 

 

25,661

 

 

 

25,855

 

Net income per share attributed to Movado Group, Inc.

$

0.87

 

 

$

0.89

 

 

$

1.63

 

 

$

1.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

$

0.10

 

 

$

0.08

 

 

$

0.30

 

 

$

0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Consolidated Financial Statements

 

 

 

4


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Comprehensive income, net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

$

22,417

 

 

$

23,414

 

 

$

42,016

 

 

$

44,248

 

Net unrealized (loss) /gain on investments  

 

(31)

 

 

 

97

 

 

 

38

 

 

 

210

 

Gain on available-for-sale securities

 

-

 

 

 

-

 

 

 

(81)

 

 

 

-

 

Foreign currency translation adjustments

 

(16,330)

 

 

 

5,813

 

 

 

(16,963)

 

 

 

1,520

 

Comprehensive income including noncontrolling interests

 

6,056

 

 

 

29,324

 

 

 

25,010

 

 

 

45,978

 

Less: Comprehensive income attributable to noncontrolling    interests

 

40

 

 

 

444

 

 

 

105

 

 

 

591

 

Total comprehensive income attributable to Movado Group, Inc.

$

6,016

 

 

$

28,880

 

 

$

24,905

 

 

$

45,387

 

See Notes to Consolidated Financial Statements

 

 

 

5


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Nine Months Ended October 31,

 

 

2014

 

 

2013

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income including noncontrolling interests

$

42,016

 

 

$

44,248

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

9,195

 

 

 

8,693

 

Transactional (gains) / losses

 

(137

)

 

 

309

 

Write-down of inventories

 

1,923

 

 

 

1,871

 

Deferred income taxes

 

(211

)

 

 

(872

)

Stock-based compensation

 

4,135

 

 

 

2,699

 

Excess tax benefit from stock-based compensation

 

(1,270

)

 

 

(583

)

Gain on available-for-sale securities

 

(131

)

 

-

 

Gain on sale of an asset held for sale

-

 

 

 

(1,526

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Trade receivables

 

(61,355

)

 

 

(58,713

)

Inventories

 

(8,785

)

 

 

(12,787

)

Other current assets

 

213

 

 

 

3,316

 

Accounts payable

 

(3,136

)

 

 

14,432

 

Accrued liabilities

 

7,912

 

 

 

1,581

 

Income taxes payable

 

11,100

 

 

 

15,563

 

Other non-current assets

 

(3,665

)

 

 

(4,360

)

Other non-current liabilities

 

3,545

 

 

 

2,745

 

Net cash provided by operating activities

 

1,349

 

 

 

16,616

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(7,485

)

 

 

(11,895

)

Proceeds from short-term investment

 

33,736

 

 

-

 

Proceeds from available-for-sale securities

 

307

 

 

 

-

 

Trademarks

 

(75

)

 

 

(225

)

Long-term investment

 

(1,200

)

 

 

-

 

Proceeds from sale of an asset held for sale

 

-

 

 

 

2,196

 

Net cash provided by / (used in) investing activities

 

25,283

 

 

 

(9,924

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Stock options exercised and other changes

 

291

 

 

 

(249

)

Excess tax benefit from stock-based compensation

 

1,270

 

 

 

583

 

Dividends paid

 

(7,591

)

 

 

(4,604

)

Distribution of noncontrolling interest earnings

 

(319

)

 

-

 

Stock repurchase

 

(13,150

)

 

 

(7,450

)

Net cash (used in) financing activities

 

(19,499

)

 

 

(11,720

)

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(6,855

)

 

 

285

 

Net increase / (decrease) in cash and cash equivalents

 

278

 

 

 

(4,743

)

Cash and cash equivalents at beginning of period

 

157,659

 

 

 

167,889

 

Cash and cash equivalents at end of period

$

157,937

 

 

$

163,146

 

See Notes to Consolidated Financial Statements

 

 

 

6


 

MOVADO GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

BASIS OF PRESENTATION

The accompanying interim unaudited consolidated financial statements have been prepared by Movado Group, Inc. (the “Company”) in a manner consistent with that used in the preparation of the annual audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014 (the “2014 Annual Report on Form 10-K”). In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the financial position and results of operations for the periods presented. The consolidated balance sheet data at January 31, 2014 is derived from the audited annual financial statements, which are included in the Company’s 2014 Annual Report on Form 10-K and should be read in connection with these interim unaudited financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

 

NOTE 1 – RECLASSIFICATIONS

Certain reclassifications were made to prior years’ financial statement amounts and related note disclosures to conform to the third quarter fiscal 2015 presentation.  In the third quarter fiscal 2014 certain assets were reclassified from accounts receivable to inventory to conform to the third quarter fiscal 2015 presentation.

 

NOTE 2 – FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value into three broad levels as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3 – Unobservable inputs based on the Company’s assumptions.

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands) as of October 31, 2014 and 2013 and January 31, 2014:

 

 

  

 

  

Fair Value at October 31, 2014

 

 

  

Balance Sheet Location

  

Level 1

 

  

Level 2

 

  

Level 3

 

  

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

343

 

 

$

 

 

$

 

 

$

343

 

Long-term investment

 

Other non-current assets

 

 

 

 

 

 

 

 

1,216

 

 

 

1,216

 

SERP assets - employer

 

Other non-current assets

 

 

1,713

 

 

 

 

 

 

 

 

 

1,713

 

SERP assets - employee

 

Other non-current assets

 

 

24,054

 

 

 

 

 

 

 

 

 

24,054

 

Hedge derivatives

 

Other current assets

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Total

 

$

26,110

 

 

$

3

 

 

$

1,216

 

 

$

27,329

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

24,054

 

 

$

 

 

$

 

 

$

24,054

 

Hedge derivatives

 

Accrued liabilities

 

 

 

 

 

2,246

 

 

 

 

 

 

2,246

 

Total

 

$

24,054

 

 

$

2,246

 

 

$

 

 

$

26,300

 

7


 

 

  

 

  

Fair Value at January 31, 2014

 

  

Balance Sheet Location

  

Level 1

 

  

Level 2

 

  

Level 3

 

  

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

576

 

 

$

 

 

$

 

 

$

576

Time deposits

 

Short-term investments

 

 

33,099

 

 

 

 

 

 

 

 

 

 

 

33,099

SERP assets - employer

 

Other non-current assets

 

 

1,117

 

 

 

 

 

 

 

 

 

1,117

SERP assets - employee

 

Other non-current assets

 

 

20,854

 

 

 

 

 

 

 

 

 

20,854

Hedge derivatives

 

Other current assets

 

 

 

 

 

403

 

 

 

 

 

 

403

Total

 

$

55,646

 

 

$

403

 

 

$

 

 

$

56,049

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

20,854

 

 

$

 

 

$

 

 

$

20,854

Hedge derivatives

 

Accrued liabilities

 

 

 

 

 

173

 

 

 

 

 

 

173

Total

 

$

20,854

 

 

$

173

 

 

$

 

 

$

21,027

 

 

  

 

  

Fair Value at October 31, 2013

 

 

  

Balance Sheet Location

  

Level 1

 

  

Level 2

 

  

Level 3

 

  

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

496

 

 

$

 

 

$

 

 

$

496

 

SERP assets - employer

 

Other non-current assets

 

 

1,329

 

 

 

 

 

 

 

 

 

1,329

 

SERP assets - employee

 

Other non-current assets

 

 

19,999

 

 

 

 

 

 

 

 

 

19,999

 

Hedge derivatives

 

Other current assets

 

 

 

 

 

1,391

 

 

 

 

 

 

1,391

 

Total

 

$

21,824

 

 

$

1,391

 

 

$

 

 

$

23,215

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

19,999

 

 

$

 

 

$

 

 

$

19,999

 

Hedge derivatives

 

Accrued liabilities

 

 

 

 

 

93

 

 

 

 

 

 

93

 

Total

 

$

19,999

 

 

$

93

 

 

$

 

 

$

20,092

 

The fair values of the Company’s available-for-sale securities are based on quoted prices. The fair value of the long-term investment is based on the purchase price plus eight percent calculated annually. Time deposits are classified as short-term investments and held to original maturity. The assets related to the Company’s defined contribution supplemental executive retirement plan (“SERP”) consist of both employer (employee unvested) and employee assets which are invested in investment funds with fair values calculated based on quoted market prices. The SERP liability represents the Company’s liability to the employees in the plan for their vested balances. The hedge derivatives are entered into by the Company principally to reduce its exposure to the Swiss franc exchange rate risk. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates, quoted interest rates and market volatility factors.

The following table presents a reconciliation of the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended October 31, 2014 and October 31, 2013.  Level 3 consists of a long-term investment.

 

 

  

  

October 31,

2014

 

October 31,

2013

Balance, beginning of fiscal year

 

 

$

 

$

Purchase of long-term investment

 

 

 

1,200

 

 

Interest income

 

 

 

16

 

 

Balance, end of period

 

 

$

1,216

 

$

 

 

 

 

8


NOTE 3 – EQUITY

The components of equity for the nine months ended October 31, 2014 and 2013 are as follows (in thousands):

 

 

 

Movado Group, Inc. Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

Common Stock (1)

 

 

Class A Common Stock (2)

 

 

Capital in Excess of Par Value

 

 

Retained Earnings

 

 

Treasury Stock

 

 

Accumulated Other Comprehensive Income

 

 

Noncontrolling Interests

 

 

Total

 

Balance, January 31, 2014

 

$

266

 

 

$

66

 

 

$

165,342

 

 

$

316,334

 

 

$

(122,406

)

 

$

103,702

 

 

$

2,686

 

 

$

465,990

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,725

 

 

 

 

 

 

 

 

 

 

291

 

 

 

42,016

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,591

)

Distribution of noncontrolling interest earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(319

)

 

 

(319

)

Stock repurchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,150

)

 

 

 

 

 

 

 

 

 

 

(13,150

)

Stock options exercised, net of tax benefit of $1,270

 

 

2

 

 

 

 

 

 

 

2,967

 

 

 

 

 

 

 

(1,408

)

 

 

 

 

 

 

 

 

 

 

1,561

 

Supplemental executive retirement plan

 

 

 

 

 

 

 

 

 

 

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

118

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

4,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,135

 

Net unrealized gain on investments, net of tax of $42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

 

 

 

 

 

 

38

 

Stock donation

 

 

 

 

 

 

 

 

 

 

671

 

 

 

 

 

 

385

 

 

 

 

 

 

 

 

 

 

 

1,056

 

Gain on available-for-sale securities, net of tax benefit of $50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(81

)

 

 

 

 

 

 

(81

)

Foreign currency translation adjustment (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,777

)

 

 

(186

)

 

 

(16,963

)

Balance, October 31, 2014

 

$

268

 

 

$

66

 

 

$

173,233

 

 

$

350,468

 

 

$

(136,579

)

 

$

86,882

 

 

$

2,472

 

 

$

476,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock (1)

 

 

Class A Common Stock (2)

 

 

Capital in Excess of Par Value

 

 

Retained Earnings

 

 

Treasury Stock

 

 

Accumulated Other Comprehensive Income

 

 

Noncontrolling Interests

 

 

Total

 

Balance, January 31, 2013

 

$

264

 

 

$

66

 

 

$

159,696

 

 

$

272,094

 

 

$

(110,701

)

 

$

102,271

 

 

$

2,002

 

 

$

425,692

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,684

 

 

 

 

 

 

 

 

 

 

 

564

 

 

 

44,248

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,604

)