Attached files

file filename
EX-32.2 - EX-32.2 - MOVADO GROUP INCmov-ex322_9.htm
EX-31.1 - EX-31.1 - MOVADO GROUP INCmov-ex311_6.htm
EX-31.2 - EX-31.2 - MOVADO GROUP INCmov-ex312_7.htm
EX-32.1 - EX-32.1 - MOVADO GROUP INCmov-ex321_12.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 July 31, 2015

¨

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  x

Accelerated filer  ¨

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 August 20, 2015 were 16,554,358 and 6,644,105, respectively.

 

 

 

 


 

MOVADO GROUP, INC.

Index to Quarterly Report on Form 10-Q

July 31, 2015

 

 

 

 

  

Page

Part I

 

Financial Information (Unaudited)

 

 

 

  

 

Item 1.

  

Consolidated Balance Sheets at July 31, 2015, January 31, 2015 and July 31, 2014

  

3

 

  

 

  

 

Consolidated Statements of Operations for the three and six months ended July 31, 2015 and July 31, 2014

  

4

 

  

 

  

 

Consolidated Statements of Comprehensive Income for the three and six months ended July 31, 2015 and July 31, 2014

  

5

 

  

 

  

 

Consolidated Statements of Cash Flows for the six months ended July 31, 2015 and July 31, 2014

  

6

 

  

 

  

 

Notes to Consolidated Financial Statements

  

7

 

  

Item 2.

  

 

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

  

18

 

  

Item 3.

  

 

Quantitative and Qualitative Disclosures About Market Risk

  

26

 

  

Item 4.

  

 

Controls and Procedures

  

27

Part II

  

 

Other Information

  

27

 

  

 

Item 1.

  

Legal Proceedings

  

27

 

  

 

Item 1A.

  

Risk Factors

  

28

 

  

 

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

28

 

 

 

Item 6.

 

Exhibits

 

29

 

Signature

  

30

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

July 31,

 

 

January 31,

 

 

July 31,

 

 

2015

 

 

2015

 

 

2014

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

188,012

 

 

$

199,852

 

 

$

169,649

 

Trade receivables

 

80,818

 

 

 

74,106

 

 

 

91,214

 

Inventories

 

188,515

 

 

 

170,788

 

 

 

195,331

 

Other current assets

 

37,962

 

 

 

40,532

 

 

 

41,018

 

Total current assets

 

495,307

 

 

 

485,278

 

 

 

497,212

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

42,723

 

 

 

46,673

 

 

 

46,141

 

Deferred income taxes

 

13,625

 

 

 

13,550

 

 

 

14,604

 

Other non-current assets

 

38,356

 

 

 

37,522

 

 

 

33,486

 

Total assets

$

590,011

 

 

$

583,023

 

 

$

591,443

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

31,687

 

 

$

27,767

 

 

$

37,604

 

Accrued liabilities

 

38,182

 

 

 

30,933

 

 

 

40,334

 

Deferred and current income taxes payable

 

1,703

 

 

 

7,372

 

 

 

4,819

 

Total current liabilities

 

71,572

 

 

 

66,072

 

 

 

82,757

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans payable to bank

 

40,000

 

 

 

 

 

 

 

Deferred and non-current income taxes payable

 

3,002

 

 

 

3,470

 

 

 

3,360

 

Other non-current liabilities

 

30,353

 

 

 

29,196

 

 

 

28,063

 

Total liabilities

 

144,927

 

 

 

98,738

 

 

 

114,180

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

 

 

 

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;

   26,941,855, 26,849,080 and 26,835,876 shares issued, respectively

 

269

 

 

 

268

 

 

 

268

 

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

   6,644,105, 6,642,184 and 6,642,184 shares issued and outstanding,

   respectively

 

66

 

 

 

66

 

 

 

66

 

Capital in excess of par value

 

178,251

 

 

 

174,826

 

 

 

171,424

 

Retained earnings

 

368,441

 

 

 

358,006

 

 

 

330,791

 

Accumulated other comprehensive income

 

85,544

 

 

 

98,854

 

 

 

103,075

 

Treasury Stock, 10,278,463, 8,784,497 and 8,143,597 shares, respectively,

   at cost

 

(189,576

)

 

 

(149,811

)

 

 

(131,112

)

Total Movado Group, Inc. shareholders' equity

 

442,995

 

 

 

482,209

 

 

 

474,512

 

Noncontrolling interests

 

2,089

 

 

 

2,076

 

 

 

2,751

 

Total equity

 

445,084

 

 

 

484,285

 

 

 

477,263

 

Total liabilities and equity

$

590,011

 

 

$

583,023

 

 

$

591,443

 

 

See Notes to Consolidated Financial Statements

 

 

 

3


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Net sales

$

145,569

 

 

$

143,591

 

 

$

266,030

 

 

$

264,512

 

Cost of sales

 

66,531

 

 

 

65,985

 

 

 

124,543

 

 

 

121,755

 

Gross profit

 

79,038

 

 

 

77,606

 

 

 

141,487

 

 

 

142,757

 

Selling, general, and administrative

 

60,804

 

 

 

60,438

 

 

 

116,378

 

 

 

114,668

 

Operating income

 

18,234

 

 

 

17,168

 

 

 

25,109

 

 

 

28,089

 

Interest expense

 

(256

)

 

 

(100

)

 

 

(408

)

 

 

(194

)

Interest income

 

35

 

 

 

11

 

 

 

88

 

 

 

46

 

Income before income taxes

 

18,013

 

 

 

17,079

 

 

 

24,789

 

 

 

27,941

 

Provision for income taxes (Note 8)

 

6,080

 

 

 

4,909

 

 

 

9,216

 

 

 

8,342

 

Net income

 

11,933

 

 

 

12,170

 

 

 

15,573

 

 

 

19,599

 

Less: Net (loss) / income attributed to noncontrolling interests

 

(120

)

 

 

19

 

 

 

(101

)

 

 

83

 

Net income attributed to Movado Group, Inc.

$

12,053

 

 

$

12,151

 

 

$

15,674

 

 

$

19,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

23,644

 

 

 

25,384

 

 

 

23,956

 

 

 

25,355

 

Net income per share attributed to Movado Group, Inc.

$

0.51

 

 

$

0.48

 

 

$

0.65

 

 

$

0.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

23,904

 

 

 

25,674

 

 

 

24,230

 

 

 

25,685

 

Net income per share attributed to Movado Group, Inc.

$

0.50

 

 

$

0.47

 

 

$

0.65

 

 

$

0.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

$

0.11

 

 

$

0.10

 

 

$

0.22

 

 

$

0.20

 

 

See Notes to Consolidated Financial Statements

 

 

 

4


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Comprehensive income, net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

$

11,933

 

 

$

12,170

 

 

$

15,573

 

 

$

19,599

 

Net unrealized gain / (loss) on investments, net of tax of $3, $0, $7 and $39, respectively

 

5

 

 

 

(1

)

 

 

15

 

 

 

69

 

Gain on available-for-sale securities, net of tax benefit of $0, $50, $0 and $50, respectively

 

-

 

 

 

(81

)

 

 

-

 

 

 

(81

)

Net change in effective portion of hedging contracts, net of tax of $100, $0, $0 and $0, respectively

 

504

 

 

 

-

 

 

 

(4

)

 

 

-

 

Foreign currency translation adjustments

 

(10,070

)

 

 

(8,764

)

 

 

(13,207

)

 

 

(633

)

Comprehensive income including noncontrolling interests

 

2,372

 

 

 

3,324

 

 

 

2,377

 

 

 

18,954

 

Less: Comprehensive (loss) / income attributable to noncontrolling interests

 

(4

)

 

 

(70

)

 

 

13

 

 

 

65

 

Total comprehensive income attributable to Movado Group, Inc.

$

2,376

 

 

$

3,394

 

 

$

2,364

 

 

$

18,889

 

 

See Notes to Consolidated Financial Statements

 

 

 

5


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Six Months Ended July 31,

 

 

2015

 

 

2014

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income including noncontrolling interests

$

15,573

 

 

$

19,599

 

Adjustments to reconcile net income to net cash provided by / (used in) operating

   activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

6,131

 

 

 

6,097

 

Transactional (gains) / losses

 

(1,178

)

 

 

1,077

 

Write-down of inventories

 

798

 

 

 

872

 

Deferred income taxes

 

376

 

 

 

137

 

Stock-based compensation

 

3,100

 

 

 

2,612

 

Excess tax benefit from stock-based compensation

 

(42

)

 

 

(1,204

)

Gain on available-for-sale securities

 

-

 

 

 

(131

)

Operating efficiency initiatives and other items

 

2,670

 

 

-

 

Loss on disposal of fixed assets

 

310

 

 

 

-

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Trade receivables

 

(7,192

)

 

 

(22,450

)

Inventories

 

(21,948

)

 

 

(15,158

)

Other current assets

 

(101

)

 

 

1,444

 

Accounts payable

 

4,329

 

 

 

4,086

 

Accrued liabilities

 

5,247

 

 

 

(2,363

)

Income taxes payable

 

(6,083

)

 

 

124

 

Other non-current assets

 

(645

)

 

 

(2,977

)

Other non-current liabilities

 

1,229

 

 

 

2,556

 

Net cash provided by / (used in) operating activities

 

2,574

 

 

 

(5,679

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(3,668

)

 

 

(4,294

)

Proceeds from short-term investments

 

-

 

 

 

33,736

 

Proceeds from available-for-sale securities

 

-

 

 

 

307

 

Trademarks

 

(138

)

 

 

(32

)

Net cash (used in) / provided by investing activities

 

(3,806

)

 

 

29,717

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from bank borrowings

 

50,000

 

 

 

-

 

Repayments of bank borrowings

 

(10,000

)

 

 

-

 

Stock options exercised and other changes

 

(489

)

 

 

108

 

Excess tax benefit from stock-based compensation

 

42

 

 

 

1,204

 

Dividends paid

 

(5,239

)

 

 

(5,059

)

Stock repurchase

 

(39,129

)

 

 

(7,684

)

Net cash (used in) financing activities

 

(4,815

)

 

 

(11,431

)

Effect of exchange rate changes on cash and cash equivalents

 

(5,793

)

 

 

(617

)

Net (decrease) / increase in cash and cash equivalents

 

(11,840

)

 

 

11,990

 

Cash and cash equivalents at beginning of period

 

199,852

 

 

 

157,659

 

Cash and cash equivalents at end of period

$

188,012

 

 

$

169,649

 

 

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, 2015 (the “2015 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, 2015 is derived from the audited annual financial statements, which are included in the Company’s 2015 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 – 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 July 31, 2015 and 2014 and January 31, 2015:

 

 

  

 

  

Fair Value at July 31, 2015

 

 

  

Balance Sheet Location

  

Level 1

 

  

Level 2

 

  

Level 3

 

  

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

331

 

 

$

 

 

$

 

 

$

331

 

SERP assets - employer

 

Other non-current assets

 

 

1,667

 

 

 

 

 

 

 

 

 

1,667

 

SERP assets - employee

 

Other non-current assets

 

 

26,107

 

 

 

 

 

 

 

 

 

26,107

 

Hedge derivatives

 

Other current assets

 

 

 

 

 

103

 

 

 

 

 

 

103

 

Total

 

$

28,105

 

 

$

103

 

 

$

 

 

$

28,208

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

26,107

 

 

$

 

 

$

 

 

$

26,107

 

Hedge derivatives

 

Accrued liabilities

 

 

 

 

 

645

 

 

 

 

 

 

645

 

Total

 

$

26,107

 

 

$

645

 

 

$

 

 

$

26,752

 

 

 

  

 

  

Fair Value at January 31, 2015

 

 

  

Balance Sheet Location

  

Level 1

 

  

Level 2

 

  

Level 3

 

  

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

314

 

 

$

 

 

$

 

 

$

314

 

Long-term investment

 

Other non-current assets

 

 

 

 

 

 

 

 

1,240

 

 

 

1,240

 

SERP assets - employer

 

Other non-current assets

 

 

1,351

 

 

 

 

 

 

 

 

 

1,351

 

SERP assets - employee

 

Other non-current assets

 

 

24,811

 

 

 

 

 

 

 

 

 

24,811

 

Hedge derivatives

 

Other current assets

 

 

 

 

 

1,298

 

 

 

 

 

 

1,298

 

Total

 

$

26,476

 

 

$

1,298

 

 

$

1,240

 

 

$

29,014

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

24,811

 

 

$

 

 

$

 

 

$

24,811

 

Hedge derivatives

 

Accrued liabilities

 

 

 

 

 

71

 

 

 

 

 

 

71

 

Total

 

$

24,811

 

 

$

71

 

 

$

 

 

$

24,882

 

7


 

 

  

 

  

Fair Value at July 31, 2014

 

 

  

Balance Sheet Location

  

Level 1

 

  

Level 2

 

  

Level 3

 

  

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

377

 

 

$

 

 

$

 

 

$

377

 

SERP assets - employer

 

Other non-current assets

 

 

1,521

 

 

 

 

 

 

 

 

 

1,521

 

SERP assets - employee

 

Other non-current assets

 

 

23,382

 

 

 

 

 

 

 

 

 

23,382

 

Hedge derivatives

 

Other current assets

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Total

 

$

25,280

 

 

$

1

 

 

$

 

 

$

25,281

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

23,382

 

 

$

 

 

$

 

 

$

23,382

 

Hedge derivatives

 

Accrued liabilities

 

 

 

 

 

829

 

 

 

 

 

 

829

 

Total

 

$

23,382

 

 

$

829

 

 

$

 

 

$

24,211

 

The fair values of the Company’s available-for-sale securities are based on quoted prices. The fair value of the long-term investment at January 31, 2015 is based on the purchase price plus eight percent calculated annually. During the three months ended July 31, 2015, this investment converted to common and preferred shares of a privately held company, accounted for under the cost method, with a carrying value of $1.3 million. This investment will be tested quarterly for any impairment. During the three months ended July 31, 2015 no impairment was recorded for this investment. 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 Swiss franc and Euro currency 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.

 

 

8


NOTE 2 – EQUITY

The components of equity for the six months ended July 31, 2015 and 2014 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, 2015

 

$

268

 

 

$

66

 

 

$

174,826

 

 

$

358,006

 

 

$

(149,811

)

 

$

98,854

 

 

$

2,076

 

 

$

484,285

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,674

 

 

 

 

 

 

 

 

 

 

 

(101

)

 

 

15,573

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,239

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,239

)

Stock repurchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,129

)

 

 

 

 

 

 

 

 

 

 

(39,129

)

Stock options exercised, net of

   tax benefit of $42

 

 

1

 

 

 

 

 

 

 

188

 

 

 

 

 

 

 

(636

)

 

 

 

 

 

 

 

 

 

 

(447

)

Supplemental executive

   retirement plan

 

 

 

 

 

 

 

 

 

 

137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

137

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

3,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,100

 

Net unrealized gain on

   investments, net of tax of $7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

 

 

 

 

 

 

 

15

 

Net change in effective

   portion of hedging contracts,

   net of tax of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

 

(4

)

Foreign currency translation

   adjustment (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,321

)

 

 

114

 

 

 

(13,207

)

Balance, July 31, 2015

 

$

269

 

 

$

66

 

 

$

178,251

 

 

$

368,441

 

 

$

(189,576

)

 

$

85,544

 

 

$

2,089

 

 

$

445,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,516

 

 

 

 

 

 

 

 

 

 

 

83

 

 

 

19,599

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,059

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,059

)

Stock repurchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,684

)

 

 

 

 

 

 

 

 

 

 

(7,684

)

Stock options exercised, net of

   tax benefit of $1,204

 

 

2

 

 

 

 

 

 

 

2,717

 

 

 

 

 

 

 

(1,407

)

 

 

 

 

 

 

 

 

 

 

1,312

 

Supplemental executive

   retirement plan

 

 

 

 

 

 

 

 

 

 

82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

2,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,612

 

Net unrealized gain on

   investments, net of

   tax of $39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

 

69

 

Stock donation

 

 

 

 

 

 

 

 

 

 

671

 

 

 

 

 

 

 

385

 

 

 

 

 

 

 

 

 

 

 

1,056

 

Gain on available-for-sale

   securities, net of tax

   benefit of $50