Company Quick10K Filing
Quick10K
Avon Products
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$2.90 445 $1,290
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-07-31 Enter Agreement, Shareholder Rights, Exhibits
8-K 2019-07-03 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-06-25 Other Events, Exhibits
8-K 2019-06-19 Other Events, Exhibits
8-K 2019-05-22 Enter Agreement, Other Events, Exhibits
8-K 2019-05-22 Other Events, Exhibits
8-K 2019-05-16 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-05-01 Officers, Other Events, Exhibits
8-K 2019-04-25 Other Events, Exhibits
8-K 2019-04-02 Shareholder Vote
8-K 2019-03-19
8-K 2019-02-22 M&A
8-K 2019-02-14 Earnings, Exhibits
8-K 2019-02-12 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-30 Exit Costs, Other Events, Exhibits
8-K 2019-01-09
8-K 2019-01-08 Enter Agreement
8-K 2018-12-20 Officers
8-K 2018-12-13 Officers
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-09-21 Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-05-16 Shareholder Vote
8-K 2018-04-02 Shareholder Vote
8-K 2018-03-26 Enter Agreement, Exhibits
8-K 2018-03-19 Officers, Shareholder Vote
8-K 2018-02-15 Earnings, Exhibits
8-K 2018-02-03 Officers, Other Events, Exhibits
8-K 2018-01-12 Officers
NFLX Netflix 158,600
NEE Nextera Energy 90,330
UHAL AMERCO 7,570
WOR Worthington Industries 2,250
FATE Fate Therapeutics 1,080
WOW Wideopenwest 706
VEC Vectrus 437
WSCC Waterside Capital 0
GSHT Gores Holdings II 0
NUMD Nu-Med Plus 0
AVP 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.3 ex103.htm
EX-10.4 ex104.htm
EX-10.5 ex105.htm
EX-10.6 ex106.htm
EX-10.7 ex107.htm
EX-10.8 ex108.htm
EX-10.9 ex109.htm
EX-10.10 ex1010.htm
EX-31.1 a2019630-ex311.htm
EX-31.2 a2019630-ex312.htm
EX-32.1 a2019630-ex321.htm
EX-32.2 a2019630-ex322.htm

Avon Products Earnings 2019-06-30

AVP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
_________________________
FORM 10-Q
_________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019
OR
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 1-4881
_________________________
AVON PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
_________________________
New York
 
13-0544597
(State or other jurisdiction of
Incorporation or organization)
 
(I.R.S. Employer
Identification No.)
Building 6, Chiswick Park, London W4 5HR
United Kingdom
(Address of principal executive offices)
+44-1604-232425
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.25 per share
AVP
NYSE

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 the past 90 days.    Yes     No  
 
Indicate by check mark whether the registrant has submitted electronically 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 such files).    Yes      No  
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer
  
Accelerated filer
Non-accelerated filer
  
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares of Common Stock (par value $0.25) outstanding at June 30, 2019 was 443,332,735.
 




TABLE OF CONTENTS
 
 
 
Page
Numbers
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 


 
 
 
 

 
 
 
 

 
 
 
 
 
 
 
 
13 - 40
 
 
 
Item 2.
40 - 60
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 
 
 



2



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended
(In millions, except per share data)
June 30, 2019
 
June 30, 2018
Product sales
$
1,108.8

 
$
1,268.8

Other revenue
66.0

 
83.1

Total revenue
1,174.8

 
1,351.9

Costs, expenses and other:
 
 
 
Cost of sales
(497.5
)
 
(539.7
)
Selling, general and administrative expenses
(646.8
)
 
(759.2
)
Operating profit
30.5

 
53.0

 
 
 
 
Interest expense
(30.7
)
 
(34.5
)
Loss on extinguishment of debt and credit facilities

 
(2.9
)
Interest income
1.5

 
3.5

Other income (expense), net
6.8

 
(19.4
)
Gain on sale of business / assets
13.2

 

Total other expenses
(9.2
)
 
(53.3
)
 
 
 
 
Income (loss) from continuing operations, before income taxes
21.3

 
(.3
)
Income taxes
(27.2
)
 
(36.7
)
Loss from continuing operations, net of tax
(5.9
)
 
(37.0
)
Loss from discontinued operations, net of tax
(13.2
)
 

Net loss
(19.1
)
 
(37.0
)
Net (income) loss attributable to noncontrolling interests
(.4
)
 
.9

Net loss attributable to Avon
$
(19.5
)
 
$
(36.1
)
 
 
 
 
Loss per share
 
 
 
Basic
 
 
 
Basic from continuing operations
$
(0.03
)
 
$
(0.09
)
Basic from discontinued operations
(0.03
)
 

Basic attributable to Avon
$
(0.06
)
 
$
(0.09
)
 
 
 
 
Diluted
 
 
 
Diluted from continuing operations
$
(0.03
)
 
$
(0.09
)
Diluted from discontinued operations
(0.03
)
 

Diluted attributable to Avon
$
(0.06
)
 
$
(0.09
)
The accompanying notes are an integral part of these statements.


3



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Six Months Ended
(In millions, except per share data)
June 30, 2019
 
June 30, 2018
Product sales
$
2,225.0

 
$
2,578.4

Other revenue
136.7

 
167.0

Total revenue
2,361.7

 
2,745.4

Costs, expenses and other:
 
 
 
Cost of sales
(1,014.5
)
 
(1,119.4
)
Selling, general and administrative expenses
(1,320.6
)
 
(1,528.1
)
Operating profit
26.6

 
97.9

 
 
 
 
Interest expense
(63.9
)
 
(70.7
)
Loss on extinguishment of debt
(2.0
)
 
(2.9
)
Interest income
3.2

 
7.7

Other income (expense), net
29.4

 
(21.9
)
Gain on sale of business / assets
23.5

 

Total other expenses
(9.8
)
 
(87.8
)
 
 
 
 
Income before income taxes
16.8

 
10.1

Income taxes
(46.7
)
 
(68.2
)
Loss from continuing operations, net of tax
(29.9
)
 
(58.1
)
Loss from discontinued operations, net of tax
(22.7
)
 

Net loss
(52.6
)
 
(58.1
)
Net loss attributable to noncontrolling interests
.4

 
1.7

Net loss attributable to Avon
$
(52.2
)
 
$
(56.4
)
 
 
 
 
Loss per share
 
 
 
Basic
 
 
 
Basic from continuing operations
$
(0.09
)
 
$
(0.15
)
Basic from discontinued operations
(0.05
)
 

Basic attributable to Avon
$
(0.14
)
 
$
(0.15
)
 
 
 
 
Diluted
 
 
 
Diluted from continuing operations
$
(0.09
)
 
$
(0.15
)
Diluted from discontinued operations
(0.05
)
 

Diluted attributable to Avon
$
(0.14
)
 
$
(0.15
)
The accompanying notes are an integral part of these statements.


4



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
 
Three Months Ended
(In millions)
June 30, 2019
 
June 30, 2018
Net loss
$
(19.1
)
 
$
(37.0
)
Other comprehensive income (loss):
 
 
 
Foreign currency translation adjustments
4.1

 
(45.5
)
Unrealized gains (losses) on revaluation of long-term intercompany balances, net of taxes of $0.0
.3

 
(81.1
)
Change in unrealized gains/losses on cash flow hedges, net of taxes of $0.0
(.7
)
 

Adjustments of and amortization of net actuarial loss and prior service cost, net of taxes of $0.2 and $0.1
1.8


2.8

Total other comprehensive income (loss), net of income taxes
5.5

 
(123.8
)
Comprehensive (loss)
(13.6
)
 
(160.8
)
Less: comprehensive income (loss) attributable to noncontrolling interests
.3

 
(1.2
)
Comprehensive loss attributable to Avon
$
(13.9
)
 
$
(159.6
)
The accompanying notes are an integral part of these statements.





































5



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)

 
Six Months Ended
(In millions)
June 30, 2019
 
June 30, 2018
Net loss
$
(52.6
)
 
$
(58.1
)
Other comprehensive income (loss):
 
 
 
Foreign currency translation adjustments
1.2

 
(49.8
)
Unrealized (losses) on revaluation of long-term intercompany balances, net of taxes of $0.0
(.2
)
 
(44.1
)
Change in unrealized gains/losses on cash flow hedges, net of taxes of $0.0
(2.6
)
 

Adjustments of and amortization of net actuarial loss and prior service cost, net of taxes of $0.3 and $0.3
3.1

 
5.7

Total other comprehensive income (loss), net of income taxes
1.5

 
(88.2
)
Comprehensive loss
(51.1
)
 
(146.3
)
Less: comprehensive loss attributable to noncontrolling interests
(.4
)
 
(1.8
)
Comprehensive loss attributable to Avon
$
(50.7
)
 
$
(144.5
)

The accompanying notes are an integral part of these statements.


6



AVON PRODUCTS, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2018 (Audited) and June 30, 2019 (Unaudited)
(In millions)
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
421.0

 
$
532.7

Accounts receivable, net
332.8

 
349.7

Inventories
515.6

 
542.0

Prepaid expenses and other
264.2

 
272.0

Assets held for sale
10.1

 
65.6

Total current assets
1,543.7

 
1,762.0

Property, plant and equipment, at cost
1,177.8

 
1,207.8

Less accumulated depreciation
(657.6
)
 
(650.2
)
Property, plant and equipment, net
520.2

 
557.6

Right-of-use assets
174.9

 

Goodwill
89.9

 
87.4

Deferred tax asset
208.2

 
212.6

Other assets
434.3

 
390.4

Total assets
$
2,971.2

 
$
3,010.0

Liabilities, Series C Convertible Preferred Stock and Shareholders’ Deficit
 
 
 
Current Liabilities
 
 
 
Debt maturing within one year
$
398.5

 
$
12.0

Accounts payable
682.2

 
816.5

Accrued compensation
94.1

 
85.5

Other accrued liabilities
436.1

 
451.3

Sales taxes and taxes other than income
116.0

 
103.9

Income taxes
11.7

 
15.9

Held for sale liabilities

 
11.4

Current liabilities of discontinued operations
18.1

 

Total current liabilities
1,756.7

 
1,496.5

Long-term debt
1,197.0

 
1,581.6

Long-term operating lease liability
144.8

 

Employee benefit plans
129.6

 
128.3

Long-term income taxes
140.9

 
136.2

Other liabilities
54.8

 
72.1

Total liabilities
3,423.8

 
3,414.7

 
 
 
 
Series C convertible preferred stock
504.7

 
492.1

 
 
 
 
Shareholders’ Deficit
 
 
 
Common stock
190.7

 
190.3

Additional paid-in capital
2,307.5

 
2,303.6

Retained earnings
2,169.5

 
2,234.3

Accumulated other comprehensive loss
(1,028.9
)
 
(1,030.4
)
Treasury stock, at cost
(4,603.3
)
 
(4,602.3
)
Total Avon shareholders’ deficit
(964.5
)
 
(904.5
)
Noncontrolling interests
7.2

 
7.7

Total shareholders’ deficit
(957.3
)
 
(896.8
)
Total liabilities, series C convertible preferred stock and shareholders’ deficit
$
2,971.2

 
$
3,010.0


7



The accompanying notes are an integral part of these statements.

8



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended
 
Six Months Ended
(In millions)
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Cash Flows from Operating Activities
 
 
 
 
 
 
 
Net loss
$
(19.1
)
 
$
(37.0
)
 
$
(52.6
)
 
$
(58.1
)
Loss from discontinued operations, net of tax
(13.2
)
 

 
(22.7
)
 

Loss from continuing operations, net of tax
(5.9
)
 
(37.0
)
 
(29.9
)
 
(58.1
)
Adjustments to reconcile net loss to net cash used by operating activities:
 
 
 
 
 
 
 
Depreciation
15.9

 
20.8

 
36.5

 
41.6

Amortization
6.2

 
6.7

 
12.8

 
13.8

Provision for doubtful accounts
28.8

 
43.1

 
58.7

 
86.2

Provision for obsolescence
9.5

 
3.6

 
16.2

 
13.3

Share-based compensation
5.7

 
3.7

 
5.2

 
7.5

Foreign exchange losses (gains)
11.9

 
8.9

 
(7.3
)
 
13.5

Deferred income taxes
(.9
)
 
(2.0
)
 
7.3

 
(.2
)
Impairment loss on assets
13.3

 

 
13.3

 

Gain on sale of business / assets
(13.2
)
 

 
(23.5
)
 

Other
3.5

 

 
5.2

 
3.2

Changes in assets and liabilities:
 
 
 
 
 
 
 
Accounts receivable
(16.6
)
 
(45.6
)
 
(40.9
)
 
(50.0
)
Inventories
13.2

 
(41.3
)
 
18.0

 
(99.7
)
Prepaid expenses and other
(23.2
)
 
1.6

 
15.2

 
1.7

Accounts payable and accrued liabilities
(47.1
)
 
29.7

 
(211.3
)
 
(76.6
)
Income and other taxes
19.2

 
.6

 
7.2

 
(.3
)
Noncurrent assets and liabilities
(13.2
)
 
(3.2
)
 
(18.3
)
 
(2.6
)
Net cash provided (used) by operating activities of continuing operations
7.1

 
(10.4
)
 
(135.6
)
 
(106.7
)
Cash Flows from Investing Activities
 
 
 
 
 
 
 
Capital expenditures
(11.3
)
 
(20.2
)
 
(32.5
)
 
(48.0
)
Disposal of assets
.4

 
.6

 
.8

 
1.4

Net proceeds from sale of business / assets
30.1

 

 
76.5

 

Other investing activities

 
(3.3
)
 

 
(3.3
)
Net cash provided (used) by investing activities of continuing operations
19.2

 
(22.9
)
 
44.8

 
(49.9
)
Cash Flows from Financing Activities
 
 
 
 
 
 
 
Debt, net (maturities of three months or less)
(26.7
)
 
(14.0
)
 
.5

 
(10.4
)
Repayment of debt
(.3
)
 
(238.1
)
 
(.3
)
 
(238.6
)
Repurchase of common stock
(1.1
)
 
(.5
)
 
(1.1
)
 
(3.2
)
Other financing activities

 
(.1
)
 
(9.2
)
 
(.1
)
Net cash used by financing activities of continuing operations
(28.1
)
 
(252.7
)
 
(10.1
)
 
(252.3
)
Cash Flows from Discontinued Operations
 
 
 
 
 
 
 
Net cash used by operating activities of discontinued operations
(4.6
)
 

 
(4.6
)
 

Net cash used by discontinued operations
(4.6
)
 

 
(4.6
)
 

Effect of exchange rate changes on cash and cash equivalents, and restricted cash
4.0

 
(42.6
)
 
(2.3
)
 
(28.7
)
Net decrease in cash and cash equivalents, and restricted cash
(2.4
)
 
(328.6
)
 
(107.8
)
 
(437.6
)
Cash and cash equivalents, and restricted cash at beginning of period(1)
431.0

 
772.5

 
536.4

 
881.5

Cash and cash equivalents, and restricted cash at end of period (2)
$
428.6

 
$
443.9