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EX-31.2 - EX-31.2 - MOVADO GROUP INCmov-ex312_6.htm
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EX-31.1 - EX-31.1 - MOVADO GROUP INCmov-ex311_9.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, 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 November 19, 2015 were 16,384,852 and 6,644,105, respectively.

 

 

 

 


 

MOVADO GROUP, INC.

Index to Quarterly Report on Form 10-Q

October 31, 2015

 

 

 

 

  

Page

Part I

 

Financial Information (Unaudited)

 

 

 

  

 

Item 1.

  

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

  

3

 

  

 

  

 

Consolidated Statements of Operations for the three and nine months ended October 31, 2015 and October 31, 2014

  

4

 

  

 

  

 

Consolidated Statements of Comprehensive Income for the three and nine months ended October 31, 2015 and October 31, 2014

  

5

 

  

 

  

 

Consolidated Statements of Cash Flows for the nine months ended October 31, 2015 and October 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

  

27

 

  

Item 4.

  

 

Controls and Procedures

  

28

Part II

  

 

Other Information

  

28

 

  

 

Item 1.

  

Legal Proceedings

  

28

 

  

 

Item 1A.

  

Risk Factors

  

28

 

  

 

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

29

 

 

 

Item 6.

 

Exhibits

 

30

 

Signature

  

31

 

 

 

 


 

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,

 

 

2015

 

 

2015

 

 

2014

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

181,180

 

 

$

199,852

 

 

$

157,937

 

Trade receivables, net

 

124,438

 

 

 

74,106

 

 

 

128,638

 

Inventories

 

178,965

 

 

 

170,788

 

 

 

182,663

 

Other current assets

 

35,972

 

 

 

40,532

 

 

 

37,927

 

Total current assets

 

520,555

 

 

 

485,278

 

 

 

507,165

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

41,331

 

 

 

46,673

 

 

 

45,340

 

Deferred income taxes

 

13,476

 

 

 

13,550

 

 

 

13,899

 

Other non-current assets

 

37,756

 

 

 

37,522

 

 

 

35,365

 

Total assets

$

613,118

 

 

$

583,023

 

 

$

601,769

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

29,514

 

 

$

27,767

 

 

$

29,746

 

Accrued liabilities

 

50,661

 

 

 

30,933

 

 

 

49,933

 

Deferred and current income taxes payable

 

6,951

 

 

 

7,372

 

 

 

12,713

 

Total current liabilities

 

87,126

 

 

 

66,072

 

 

 

92,392

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans payable to bank

 

40,000

 

 

 

 

 

 

 

Deferred and non-current income taxes payable

 

3,165

 

 

 

3,470

 

 

 

3,578

 

Other non-current liabilities

 

29,918

 

 

 

29,196

 

 

 

28,989

 

Total liabilities

 

160,209

 

 

 

98,738

 

 

 

124,959

 

 

 

 

 

 

 

 

 

 

 

 

 

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;

   26,952,421, 26,849,080 and 26,848,894 shares issued, respectively

 

270

 

 

 

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

 

179,879

 

 

 

174,826

 

 

 

173,233

 

Retained earnings

 

387,432

 

 

 

358,006

 

 

 

350,468

 

Accumulated other comprehensive income

 

79,173

 

 

 

98,854

 

 

 

86,882

 

Treasury Stock, 10,553,569, 8,784,497 and 8,295,597 shares, respectively,

   at cost

 

(196,379

)

 

 

(149,811

)

 

 

(136,579

)

Total Movado Group, Inc. shareholders' equity

 

450,441

 

 

 

482,209

 

 

 

474,338

 

Noncontrolling interests

 

2,468

 

 

 

2,076

 

 

 

2,472

 

Total equity

 

452,909

 

 

 

484,285

 

 

 

476,810

 

Total liabilities and equity

$

613,118

 

 

$

583,023

 

 

$

601,769

 

 

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,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Net sales

$

185,629

 

 

$

188,557

 

 

$

451,659

 

 

$

453,069

 

Cost of sales

 

85,537

 

 

 

88,715

 

 

 

210,080

 

 

 

210,470

 

Gross profit

 

100,092

 

 

 

99,842

 

 

 

241,579

 

 

 

242,599

 

Selling, general, and administrative

 

66,638

 

 

 

66,509

 

 

 

183,016

 

 

 

181,177

 

Operating income

 

33,454

 

 

 

33,333

 

 

 

58,563

 

 

 

61,422

 

Interest expense

 

(319

)

 

 

(78

)

 

 

(727

)

 

 

(272

)

Interest income

 

17

 

 

 

51

 

 

 

105

 

 

 

97

 

Income before income taxes

 

33,152

 

 

 

33,306

 

 

 

57,941

 

 

 

61,247

 

Provision for income taxes (Note 8)

 

11,242

 

 

 

10,889

 

 

 

20,458

 

 

 

19,231

 

Net income

 

21,910

 

 

 

22,417

 

 

 

37,483

 

 

 

42,016

 

Less: Net income attributed to noncontrolling interests

 

378

 

 

 

208

 

 

 

277

 

 

 

291

 

Net income attributed to Movado Group, Inc.

$

21,532

 

 

$

22,209

 

 

$

37,206

 

 

$

41,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

23,167

 

 

 

25,326

 

 

 

23,690

 

 

 

25,345

 

Net income per share attributed to Movado Group, Inc.

$

0.93

 

 

$

0.88

 

 

$

1.57

 

 

$

1.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

23,411

 

 

 

25,616

 

 

 

23,966

 

 

 

25,661

 

Net income per share attributed to Movado Group, Inc.

$

0.92

 

 

$

0.87

 

 

$

1.55

 

 

$

1.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

$

0.11

 

 

$

0.10

 

 

$

0.33

 

 

$

0.30

 

 

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,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Comprehensive income, net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

$

21,910

 

 

$

22,417

 

 

$

37,483

 

 

$

42,016

 

Net unrealized (loss) / gain on investments, net of (tax benefit) / tax of ($10), $3, ($3) and $42, respectively

 

(20

)

 

 

(31

)

 

 

(5

)

 

 

38

 

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

 

 

 

 

 

 

 

 

 

 

(81

)

Net change in effective portion of hedging contracts, net of tax of $3, $0, $3 and $0, respectively

 

16

 

 

 

 

 

 

12

 

 

 

 

Foreign currency translation adjustments

 

(6,366

)

 

 

(16,330

)

 

 

(19,573

)

 

 

(16,963

)

Comprehensive income including noncontrolling interests

 

15,540

 

 

 

6,056

 

 

 

17,917

 

 

 

25,010

 

Less: Comprehensive income attributed to noncontrolling interests

 

379

 

 

 

40

 

 

 

392

 

 

 

105

 

Total comprehensive income attributed to Movado Group, Inc.

$

15,161

 

 

$

6,016

 

 

$

17,525

 

 

$

24,905

 

 

See Notes to Consolidated Financial Statements

 

 

 

5


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Nine Months Ended October 31,

 

 

2015

 

 

2014

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income including noncontrolling interests

$

37,483

 

 

$

42,016

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

9,438

 

 

 

9,195

 

Transactional (gains)

 

(1,822

)

 

 

(137

)

Write-down of inventories

 

1,811

 

 

 

1,923

 

Deferred income taxes

 

679

 

 

 

(211

)

Stock-based compensation

 

4,496

 

 

 

4,135

 

Excess tax shortfall / (benefit) from stock-based compensation

 

21

 

 

 

(1,270

)

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

 

(51,213

)

 

 

(61,355

)

Inventories

 

(15,183

)

 

 

(8,785

)

Other current assets

 

1,030

 

 

 

213

 

Accounts payable

 

2,442

 

 

 

(3,136

)

Accrued liabilities

 

18,219

 

 

 

7,912

 

Income taxes payable

 

(866

)

 

 

11,100

 

Other non-current assets

 

(89

)

 

 

(3,665

)

Other non-current liabilities

 

814

 

 

 

3,545

 

Net cash provided by operating activities

 

10,240

 

 

 

1,349

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(5,827

)

 

 

(7,485

)

Proceeds from short-term investment

 

 

 

 

33,736

 

Proceeds from available-for-sale securities

 

 

 

 

307

 

Trademarks

 

(193

)

 

 

(75

)

Long-term investment

 

 

 

 

(1,200

)

Net cash (used in) / provided by investing activities

 

(6,020

)

 

 

25,283

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from bank borrowings

 

50,000

 

 

 

 

Repayments of bank borrowings

 

(10,000

)

 

 

 

Stock options exercised and other changes

 

(227

)

 

 

291

 

Excess tax (shortfall) / benefit from stock-based compensation

 

(21

)

 

 

1,270

 

Dividends paid

 

(7,780

)

 

 

(7,591

)

Debt issuance cost

 

(339

)

 

 

 

Distribution of noncontrolling interest earnings

 

 

 

 

(319

)

Stock repurchase

 

(45,932

)

 

 

(13,150

)

Net cash (used in) financing activities

 

(14,299

)

 

 

(19,499

)

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(8,593

)

 

 

(6,855

)

Net (decrease) / increase in cash and cash equivalents

 

(18,672

)

 

 

278

 

Cash and cash equivalents at beginning of period

 

199,852

 

 

 

157,659

 

Cash and cash equivalents at end of period

$

181,180

 

 

$

157,937

 

 

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”). The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. 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 October 31, 2015 and 2014 and January 31, 2015:

 

 

  

 

  

Fair Value at October 31, 2015

 

 

  

Balance Sheet Location

  

Level 1

 

  

Level 2

 

  

Level 3

 

  

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

300

 

 

$

 

 

$

 

 

$

300

 

SERP assets - employer

 

Other non-current assets

 

 

1,762

 

 

 

 

 

 

 

 

 

1,762

 

SERP assets - employee

 

Other non-current assets

 

 

25,730

 

 

 

 

 

 

 

 

 

25,730

 

Hedge derivatives

 

Other current assets

 

 

 

 

 

71

 

 

 

 

 

 

71

 

Total

 

$

27,792

 

 

$

71

 

 

$

 

 

$

27,863

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

25,730

 

 

$

 

 

$

 

 

$

25,730

 

Hedge derivatives

 

Accrued liabilities

 

 

 

 

 

1,121

 

 

 

 

 

 

1,121

 

Total

 

$

25,730

 

 

$

1,121

 

 

$

 

 

$

26,851

 

7


 

 

  

 

  

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

 

 

 

  

 

  

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

 

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 and October 31, 2014 was based on the purchase price plus eight percent calculated annually. During the second quarter of fiscal 2016, 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 is tested quarterly for impairment. During the three and nine months ended October 31, 2015 no impairment was recorded for this investment. 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 transaction exchange rate risk. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates and quoted interest rates.

 

 

8


NOTE 2 – EQUITY

The components of equity for the nine months ended October 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,206

 

 

 

 

 

 

 

 

 

 

 

277

 

 

 

37,483

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,780

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,780

)

Stock repurchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,932

)

 

 

 

 

 

 

 

 

 

 

(45,932

)

Stock options exercised, net of

   tax of $21

 

 

2

 

 

 

 

 

 

 

386

 

 

 

 

 

 

 

(636

)

 

 

 

 

 

 

 

 

 

 

(248

)

Supplemental executive

   retirement plan

 

 

 

 

 

 

 

 

 

 

171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

171

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

4,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,496

 

Net unrealized loss on  

  investments, net of

  tax benefit of $3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

(5

)

Net change in effective

   portion of hedging contracts,

   net of tax of $3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

12

 

Foreign currency translation

   adjustment (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,688

)

 

 

115

 

 

 

(19,573

)

Balance, October 31, 2015

 

$

270

 

 

$

66

 

 

$

179,879

 

 

$

387,432

 

 

$

(196,379

)

 

$

79,173

 

 

$

2,468

 

 

$

452,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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