FORT WORTH, Texas--(BUSINESS WIRE)--Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the third quarter ended November 30, 2019 and provided a business update.
Third Quarter Fiscal 2020 Financial Summary
- Company comparable sales decreased 11.4% compared to the third quarter of fiscal 2019; the Company estimates that the shift of certain holiday selling days, which were included in last year’s fiscal third quarter, negatively impacted third quarter fiscal 2020 company comparable sales by approximately 650 basis points. The impact of this timing shift is expected to reverse in the fourth quarter of fiscal 2020;
- Net sales decreased 13.3% to $358.4 million compared to the third quarter of fiscal 2019;
- Net loss of $59.0 million, or ($14.15) per share;
- Impairment charges totaling $14.1 million which consisted of $9.2 million for lease right-of-use assets and $4.9 million for fixed assets;
- Inventory of $328.9 million, down approximately 15.3% year-over-year; and
- Cash and cash equivalents of $11.1 million at quarter end, $189.5 million outstanding under its senior secured term loan, $50.0 million of borrowings under the Company’s FILO tranche, $96 million of borrowings under its $350 million revolving credit facility and $46.5 million in letters of credit outstanding under the Revolving Credit Facility, with $158.5 million remaining available for cash borrowings, all as of November 30, 2019.
Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer, said, “Fiscal third quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise. Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives. To further advance our progress, we are announcing additional actions today that will enable us to move forward with an appropriately sized store footprint and operating structure as an omni-channel retailer, and better position Pier 1 to meet our customers where they shop.”
Business Update
In order to better align its business with the current operating environment, Pier 1 intends to reduce its store footprint by up to 450 locations. To reflect the revised store footprint, the Company also plans to close certain distribution centers and reduce its corporate expenses. This includes a reduction in corporate headcount.
In order to maintain the same high standards customers have come to expect and ensure a seamless experience for customers at these locations, the Company is utilizing the services of a third-party liquidator to help manage the store closings.
On January 6, 2020, the Company received consent from its lenders under the Revolving Credit Facility to permit the reduction to the store footprint and related actions.
Mr. Riesbeck added, “Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision. We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”
Third Quarter Fiscal 2020 Results of Operations
Net sales for the third quarter of fiscal 2020 decreased 13.3% to $358.4 million, compared to $413.2 million for the third quarter of fiscal 2019. Company comparable sales decreased 11.4% compared to the year ago period, primarily as a result of lower traffic. In addition, the Company estimates that the shift of certain holiday selling days, which were included in last year’s fiscal third quarter, negatively impacted third quarter fiscal 2020 company comparable sales by approximately 650 basis points. The impact of this timing shift is expected to reverse in the fourth quarter of fiscal 2020. The Company operated 942 stores at the end of the third quarter, a decrease of 45 from the third quarter of fiscal 2019.
Gross profit for the third quarter of fiscal 2020 totaled $110.3 million, or 30.8% of net sales, compared to $130.5 million, or 31.6% of net sales, for the third quarter of fiscal 2019. The year-over-year decline in gross margin rate primarily reflects increased promotional and clearance activity, as well as 190 basis points deleverage in store occupancy costs due to lower sales.
SG&A expenses for the third quarter of fiscal 2020 were $151.4 million, or 42.2% of net sales, compared to $147.0 million, or 35.6% of net sales, for the third quarter of fiscal 2019. The following table details the breakdown of SG&A expenses for the third quarter of fiscal 2020 as compared to the prior year period (in millions).
| 13 Weeks Ended | ||||||||||||||
| November 30, 2019 | December 1, 2018 | |||||||||||||
Expense |
% of Sales |
Expense |
% of Sales |
|||||||||||
| Compensation for operations | $ |
|
54.7 |
15.3 |
% |
$ |
|
61.0 |
14.8 |
% |
||||
| Operational expenses |
|
14.7 |
4.1 |
% |
|
19.8 |
4.8 |
% |
||||||
| Marketing |
|
25.2 |
7.0 |
% |
|
35.4 |
8.6 |
% |
||||||
| Other selling, general and administrative |
|
42.7 |
11.9 |
% |
|
30.8 |
7.5 |
% |
||||||
| Impairment |
|
14.1 |
3.9 |
% |
|
- |
0.0 |
% |
||||||
| Total selling, general and administrative | $ |
|
151.4 |
42.2 |
% |
$ |
|
147.0 |
35.6 |
% |
||||
Operating loss for the third quarter of fiscal 2020 was $53.3 million compared to operating loss of $28.9 million for the prior year period. Net loss for the third quarter of fiscal 2020 totaled $59.0 million, or ($14.15) per share, which includes transformation costs of approximately $10 million, primarily related to professional fees, and a non-cash charge of $14.1 million related to store impairment. This compares to net loss of $50.4 million, or ($12.49) per share a year ago. Per share figures have been adjusted to reflect the Company’s 1-for-20 reverse stock split effected on June 20, 2019. EBITDA in the third quarter of fiscal 2020 was ($41.0) million, which includes the transformation costs and impairment charge referred to above, compared to EBITDA of ($16.9) million in the third quarter of fiscal 2019. A reconciliation of this non-GAAP measure to GAAP is provided below.
Year-to-Date Results of Operations
Net sales for the 39 weeks ended November 30, 2019 were $977.3 million, a decrease of 14.3% compared to $1.140 billion for the same period of fiscal 2019. Company comparable sales for the year-to-date period decreased 12.5% from the prior year, reflecting lower average customer spend, which is primarily attributable to changes in the Company’s merchandise mix, as well as decreased store traffic.
Gross profit for the year-to-date period of fiscal 2020 totaled $239.9 million, or 24.5% of net sales, compared to $344.1 million, or 30.2% of net sales, for the same period a year ago.
SG&A expenses for the 39 weeks ended November 30, 2019 were $426.3 million, or 43.6% of net sales, compared to $428.7 million, or 37.6% of net sales, for the period ended December 1, 2018. The following table details the breakdown of SG&A expenses for fiscal 2020 as compared to last year (in millions).
| 39 Weeks Ended | ||||||||||||
| November 30, 2019 | December 1, 2018 | |||||||||||
| Expense | % of Sales | Expense | % of Sales | |||||||||
| Compensation for operations | $ |
167.1 |
17.1 |
% |
$ |
176.6 |
15.5 |
% |
||||
| Operational expenses |
|
51.4 |
5.3 |
% |
|
60.2 |
5.3 |
% |
||||
| Marketing |
|
64.1 |
6.6 |
% |
|
95.5 |
8.4 |
% |
||||
| Other selling, general and administrative |
|
125.0 |
12.8 |
% |
|
96.4 |
8.5 |
% |
||||
| Impairment |
|
18.7 |
1.9 |
% |
|
- |
0.0 |
% |
||||
| Total selling, general and administrative | $ |
426.3 |
43.6 |
% |
$ |
428.7 |
37.6 |
% |
||||
For the 39-week period ended November 30, 2019, operating loss was $222.9 million compared to operating loss of $122.8 million in the same period a year ago. Net loss for the 39 weeks ended November 30, 2019 totaled $241.2 million, or ($58.36) per share, which includes transformation costs of approximately $36 million, primarily related to professional fees, and a non-cash charge of $18.7 million related to store impairment. This compares to net loss of $130.0 million, or ($32.31) per share, in the year ago period. Per share figures have been adjusted to reflect the Company’s 1-for-20 reverse stock split effected on June 20, 2019. EBITDA for the 39-week period was ($186.1) million in fiscal 2020, which includes the transformation costs and impairment charge referred to above, compared to EBITDA of ($84.8) million in the same period of fiscal 2019. A reconciliation of this non-GAAP measure to GAAP is provided below.
Balance Sheet and Financial Position
As of November 30, 2019, inventories totaled $328.9 million compared to $388.3 million a year ago. At quarter end, the Company had $11.1 million in cash and cash equivalents, $189.5 million outstanding under its senior secured term loan, $50.0 million of borrowings under its FILO tranche, $96.0 million of borrowings under its $350 million revolving credit facility and $46.5 million in letters of credit outstanding under the Revolving Credit Facility, with $158.5 million remaining available for cash borrowings, all as of November 30, 2019.
Financial Disclosure Advisory
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release references EBITDA, a non-GAAP financial measure.
The Company believes that EBITDA allows management and investors to understand and compare results in a more consistent manner for the periods presented. EBITDA, as a non-GAAP financial measure, should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented.
EBITDA represents earnings before interest, taxes, depreciation and amortization. Management believes EBITDA is a meaningful indicator of the Company’s performance, which provides useful information to investors regarding its financial condition and results of operations. Management uses EBITDA, together with financial measures prepared in accordance with GAAP, to assess the Company’s operating performance, to enhance its understanding of core operating performance and to compare the Company’s operating performance to other retailers. EBITDA should not be considered in isolation or used as an alternative to GAAP financial measures and does not purport to be an alternative to net income (loss) as a measure of operating performance. A reconciliation of net loss to EBITDA is shown below for the periods indicated (in millions).
| 13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||||||||||||||||
| November 30, 2019 | December 1, 2018 | November 30, 2019 | December 1, 2018 | ||||||||||||||||||||||||||||
| $ Amount | % of Sales | $ Amount | % of Sales | $ Amount | % of Sales | $ Amount | % of Sales | ||||||||||||||||||||||||
| Net loss (GAAP) | $ |
(59.0 |
) |
(16.4 |
)% |
$ |
(50.4 |
) |
(12.2 |
)% |
$ |
(241.2 |
) |
(24.7 |
)% |
$ |
(130.0 |
) |
(11.4 |
)% |
|||||||||||
| Add back: | Income tax provision (benefit) |
|
0.3 |
|
0.1 |
% |
|
17.9 |
|
4.3 |
% |
|
3.0 |
|
0.3 |
% |
|
(2.3 |
) |
(0.2 |
)% |
||||||||||
| Interest expense, net |
|
5.5 |
|
1.5 |
% |
|
3.3 |
|
0.8 |
% |
|
15.6 |
|
1.6 |
% |
|
9.5 |
|
0.8 |
% |
|||||||||||
| Depreciation |
|
12.2 |
|
3.4 |
% |
|
12.4 |
|
3.0 |
% |
|
36.6 |
|
3.7 |
% |
|
38.1 |
|
3.4 |
% |
|||||||||||
| EBITDA (non-GAAP) | $ |
(41.0 |
) |
(11.4 |
)% |
$ |
(16.9 |
) |
(4.1 |
)% |
$ |
(186.1 |
) |
(19.0 |
)% |
$ |
(84.8 |
) |
(7.4 |
)% |
|||||||||||
Except for historical information contained herein, the statements in this press release or otherwise made by our management in connection with the subject matter of this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This press release includes forward-looking statements that are based on management’s current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and similar expressions. Management’s expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this press release. These risks and uncertainties include, but are not limited to: actions intended to return the Company to profitable growth; fiscal 2020 action plans and expense reduction initiatives intended to reset the Company’s gross margin and cost structure, including the potential closure of up to 450 stores; the Company’s ability to increase cash flows to support its operating activities and to fund its obligations and working capital needs through the next 12 months; the results of the evaluation of strategic alternatives and the terms, value and timing of any transaction resulting from that process, or the failure of any such transaction to occur; the Company’s ability to finalize or fully execute actions that would be probable of mitigating the existence of “substantial doubt” regarding the Company’s ability to continue as a going concern within the next year; the Company’s ability to obtain necessary consents, waivers and amendments and to avoid defaults under its senior secured credit facilities, including defaults that would result from the Company’s auditors qualifying their opinion on the Company’s fiscal 2020 financial statements expected to be filed with the SEC; the effectiveness of the Company’s marketing campaigns, merchandising and promotional strategies and customer databases; consumer spending patterns; inventory levels and values; the effectiveness of the Company’s relationships with, and operations of, its key suppliers; risks related to changes in U.S. policy related to imported merchandise, particularly with regard to the impact of tariffs on goods imported from China and strategies undertaken to mitigate such impact; changes in foreign currency values relative to the U.S. dollar; the Company’s ability to retain its senior management team; continued volatility in the price of the Company’s common stock; and the Company’s ability to execute its business plan to return to compliance with the continued listing criteria of the New York Stock Exchange (“NYSE”), as accepted by the NYSE, its ability to continue to comply with the applicable NYSE listing standards within the available cure period, and risks arising from the potential suspension of trading of the Company’s common stock on the NYSE. These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this press release can be found in the Company’s Annual Report on Form 10-K and in other filings with the SEC. Refer to the Company’s most recent SEC filings for any updates concerning these and other risks and uncertainties that may affect the Company’s operations and performance. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements, except as may be required by applicable law.
About Pier 1 Imports, Inc.
Founded with a single store in 1962, Pier 1 Imports is a leading omni-channel retailer of unique home décor and accessories. The Company’s products are available through 936 Pier 1 stores in the U.S. and online at pier1.com. For more information or to find the nearest store, please visit pier1.com.
| Pier 1 Imports, Inc. | ||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (in thousands except per share amounts) | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
| 13 Weeks Ended | ||||||||||||||||||
| November 30, | % of | December 1, | % of | |||||||||||||||
2019 |
Sales |
2018 |
Sales |
|||||||||||||||
| Net sales | $ |
358,416 |
|
100.0 |
% |
$ |
413,232 |
|
100.0 |
% |
||||||||
| Cost of sales |
|
248,146 |
|
69.2 |
% |
|
282,740 |
|
68.4 |
% |
||||||||
| Gross profit |
|
110,270 |
|
30.8 |
% |
|
130,492 |
|
31.6 |
% |
||||||||
| Selling, general and administrative expenses |
|
151,405 |
|
42.2 |
% |
|
147,012 |
|
35.6 |
% |
||||||||
| Depreciation |
|
12,176 |
|
3.4 |
% |
|
12,423 |
|
3.0 |
% |
||||||||
| Operating loss |
|
(53,311 |
) |
(14.8 |
%) |
|
(28,943 |
) |
(7.0 |
%) |
||||||||
| Nonoperating (income) and expenses: | ||||||||||||||||||
| Interest, investment income and other |
|
(191 |
) |
|
96 |
|
||||||||||||
| Interest expense |
|
5,586 |
|
|
3,526 |
|
||||||||||||
|
5,395 |
|
1.5 |
% |
|
3,622 |
|
0.9 |
% |
|||||||||
| Loss before income taxes |
|
(58,706 |
) |
(16.3 |
%) |
|
(32,565 |
) |
(7.9 |
%) |
||||||||
| Income tax provision |
|
250 |
|
0.1 |
% |
|
17,876 |
|
4.3 |
% |
||||||||
| Net loss | $ |
(58,956 |
) |
(16.4 |
%) |
$ |
(50,441 |
) |
(12.2 |
%) |
||||||||
| Loss per share: | ||||||||||||||||||
| Basic | $ |
(14.15 |
) |
$ |
(12.49 |
) |
||||||||||||
| Diluted | $ |
(14.15 |
) |
$ |
(12.49 |
) |
||||||||||||
| Average shares outstanding during period: | ||||||||||||||||||
| Basic |
|
4,168 |
|
|
4,039 |
|
||||||||||||
| Diluted |
|
4,168 |
|
|
4,039 |
|
||||||||||||
| Pier 1 Imports, Inc. | ||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (in thousands except per share amounts) | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
| 39 Weeks Ended | ||||||||||||||||||
| November 30, | % of | December 1, | % of | |||||||||||||||
2019 |
Sales |
2018 |
Sales |
|||||||||||||||
| Net sales | $ |
977,330 |
|
100.0 |
% |
$ |
1,140,432 |
|
100.0 |
% |
||||||||
| Cost of sales |
|
737,402 |
|
75.5 |
% |
|
796,295 |
|
69.8 |
% |
||||||||
| Gross profit |
|
239,928 |
|
24.5 |
% |
|
344,137 |
|
30.2 |
% |
||||||||
| Selling, general and administrative expenses |
|
426,259 |
|
43.6 |
% |
|
428,741 |
|
37.6 |
% |
||||||||
| Depreciation |
|
36,600 |
|
3.7 |
% |
|
38,146 |
|
3.4 |
% |
||||||||
| Operating loss |
|
(222,931 |
) |
(22.8 |
%) |
|
(122,750 |
) |
(10.8 |
%) |
||||||||
| Nonoperating (income) and expenses: | ||||||||||||||||||
| Interest, investment income and other |
|
(549 |
) |
|
(1,067 |
) |
||||||||||||
| Interest expense |
|
15,883 |
|
|
10,670 |
|
||||||||||||
|
15,334 |
|
1.6 |
% |
|
9,603 |
|
0.8 |
% |
|||||||||
| Loss before income taxes |
|
(238,265 |
) |
(24.4 |
%) |
|
(132,353 |
) |
(11.6 |
%) |
||||||||
| Income tax provision (benefit) |
|
2,955 |
|
0.3 |
% |
|
(2,321 |
) |
(0.2 |
%) |
||||||||
| Net loss | $ |
(241,220 |
) |
(24.7 |
%) |
$ |
(130,032 |
) |
(11.4 |
%) |
||||||||
| Loss per share: | ||||||||||||||||||
| Basic | $ |
(58.36 |
) |
$ |
(32.31 |
) |
||||||||||||
| Diluted | $ |
(58.36 |
) |
$ |
(32.31 |
) |
||||||||||||
| Average shares outstanding during period: | ||||||||||||||||||
| Basic |
|
4,133 |
|
|
4,025 |
|
||||||||||||
| Diluted |
|
4,133 |
|
|
4,025 |
|
||||||||||||
| Pier 1 Imports, Inc. | |||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
| (in thousands except share amounts) | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| November 30, | March 2, | December 1, | |||||||||||||||
2019 |
2019 |
2018 |
|||||||||||||||
| ASSETS | |||||||||||||||||
| Current assets: | |||||||||||||||||
| Cash and cash equivalents, including temporary investments | |||||||||||||||||
| of $2,727, $49,532 and $63,330, respectively | $ |
11,077 |
|
$ |
54,878 |
|
$ |
71,109 |
|
||||||||
| Accounts receivable, net |
|
36,489 |
|
|
21,189 |
|
|
36,283 |
|
||||||||
| Inventories |
|
328,916 |
|
|
347,584 |
|
|
388,275 |
|
||||||||
| Prepaid expenses and other current assets |
|
50,103 |
|
|
49,876 |
|
|
56,656 |
|
||||||||
| Total current assets |
|
426,585 |
|
|
473,527 |
|
|
552,323 |
|
||||||||
| Properties and equipment, net of accumulated depreciation | |||||||||||||||||
| of $586,592, $556,426 and $551,065, respectively |
|
106,260 |
|
|
149,356 |
|
|
159,705 |
|
||||||||
| Operating lease right-of-use assets |
|
588,573 |
|
|
- |
|
|
- |
|
||||||||
| Other noncurrent assets |
|
28,821 |
|
|
33,407 |
|
|
33,264 |
|
||||||||
$ |
1,150,239 |
|
$ |
656,290 |
|
$ |
745,292 |
|
|||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | |||||||||||||||||
| Current liabilities: | |||||||||||||||||
| Accounts payable | $ |
144,972 |
|
$ |
121,969 |
|
$ |
172,744 |
|
||||||||
| Gift cards and other deferred revenue |
|
36,709 |
|
|
37,655 |
|
|
44,028 |
|
||||||||
| Borrowings under revolving line of credit |
|
96,000 |
|
|
- |
|
|
- |
|
||||||||
| Accrued income taxes payable |
|
24 |
|
|
302 |
|
|
- |
|
||||||||
| Current portion of long-term debt |
|
2,875 |
|
|
2,000 |
|
|
2,000 |
|
||||||||
| Current portion of operating lease liabilities |
|
146,931 |
|
|
- |
|
|
- |
|
||||||||
| Other accrued liabilities |
|
106,268 |
|
|
107,539 |
|
|
118,236 |
|
||||||||
| Total current liabilities |
|
533,779 |
|
|
269,465 |
|
|
337,008 |
|
||||||||
| Long-term debt |
|
258,254 |
|
|
245,624 |
|
|
197,011 |
|
||||||||
| Long-term operating lease liabilities |
|
487,872 |
|
|
- |
|
|
- |
|
||||||||
| Other noncurrent liabilities |
|
18,032 |
|
|
51,672 |
|
|
54,087 |
|
||||||||
| Shareholders' equity (deficit): | |||||||||||||||||
| Common stock, $0.001 par, 25,000,000 shares authorized, | |||||||||||||||||
| 6,262,000 issued |
|
6 |
|
|
6 |
|
|
6 |
|
||||||||
| Paid-in capital |
|
141,875 |
|
|
138,469 |
|
|
149,044 |
|
||||||||
| Retained earnings |
|
294,742 |
|
|
534,419 |
|
|
603,220 |
|
||||||||
| Cumulative other comprehensive loss |
|
(7,812 |
) |
|
(7,861 |
) |
|
(8,219 |
) |
||||||||
| Less -- 1,986,000, 1,981,000 and 2,019,000 | |||||||||||||||||
| common shares in treasury, at cost, respectively |
|
(576,509 |
) |
|
(575,504 |
) |
|
(586,865 |
) |
||||||||
| Total shareholders' equity (deficit) |
|
(147,698 |
) |
|
89,529 |
|
|
157,186 |
|
||||||||
$ |
1,150,239 |
|
$ |
656,290 |
|
$ |
745,292 |
|
|||||||||
Pier 1 Imports, Inc. |
|||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||
(in thousands) |
|||||||||||||
(unaudited) |
|||||||||||||
| 39 Weeks Ended | |||||||||||||
| November 30, | December 1, | ||||||||||||
2019 |
2018 |
||||||||||||
| Cash flows from operating activities: | |||||||||||||
Net loss |
$ |
(241,220 |
) |
$ |
(130,032 |
) |
|||||||
Adjustments to reconcile to net cash used in |
|||||||||||||
operating activities: |
|||||||||||||
Depreciation |
|
42,097 |
|
|
44,121 |
|
|||||||
Non-cash operating lease expense |
|
2,665 |
|
|
- |
|
|||||||
Right-of-use asset impairment |
|
10,629 |
|
|
- |
|
|||||||
Fixed asset impairment |
|
8,103 |
|
|
- |
|
|||||||
Stock-based compensation expense |
|
1,847 |
|
|
2,266 |
|
|||||||
Deferred compensation, net |
|
380 |
|
|
2,065 |
|
|||||||
Deferred income taxes |
|
2,337 |
|
|
(1,361 |
) |
|||||||
Other |
|
5,192 |
|
|
1,486 |
|
|||||||
Changes in cash from: |
|||||||||||||
Inventories |
|
18,681 |
|
|
(41,257 |
) |
|||||||
Prepaid expenses and other assets |
|
(15,342 |
) |
|
(18,210 |
) |
|||||||
Accounts payable and other liabilities |
|
19,051 |
|
|
104,888 |
|
|||||||
Accrued income taxes payable, net of payments |
|
(277 |
) |
|
(2,313 |
) |
|||||||
Net cash used in operating activities |
|
(145,857 |
) |
|
(38,347 |
) |
|||||||
|
|
|
|
|
|||||||||
Cash flows from investing activities: |
|
||||||||||||
Capital expenditures |
|
(10,060 |
) |
|
(31,466 |
) |
|||||||
Proceeds from disposition of properties |
|
627 |
|
|
1,732 |
|
|||||||
Proceeds from sale of restricted investments |
|
2,985 |
|
|
11,236 |
|
|||||||
Purchase of restricted investments |
|
(804 |
) |
|
(6,605 |
) |
|||||||
Net cash used in investing activities |
|
(7,252 |
) |
|
(25,103 |
) |
|||||||
|
|
|
|
|
|||||||||
Cash flows from financing activities: |
|
||||||||||||
Stock purchase plan and other, net |
|
554 |
|
|
1,104 |
|
|||||||
Repayments of long-term debt |
|
(1,500 |
) |
|
(1,500 |
) |
|||||||
Borrowings under revolving line of credit |
|
251,000 |
|
|
- |
|
|||||||
Repayments of borrowings under revolving line of credit |
|
(155,000 |
) |
|
- |
|
|||||||
Borrowings under company owned life insurance |
|
14,246 |
|
|
- |
|
|||||||
Net cash provided by (used in) financing activities |
|
109,300 |
|
|
(396 |
) |
|||||||
| Effect of exchange rate changes on cash |
|
8 |
|
|
(424 |
) |
|||||||
| Change in cash and cash equivalents |
|
(43,801 |
) |
|
(64,270 |
) |
|||||||
| Cash and cash equivalents at beginning of period |
|
54,878 |
|
|
135,379 |
|
|||||||
| Cash and cash equivalents at end of period | $ |
11,077 |
|
$ |
71,109 |
|
|||||||
