Company Quick10K Filing
Shoe Carnival
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 15 $481
10-Q 2019-12-05 Quarter: 2019-11-02
10-Q 2019-09-09 Quarter: 2019-08-03
10-Q 2019-06-11 Quarter: 2019-05-04
10-K 2019-04-02 Annual: 2019-02-02
10-Q 2018-12-07 Quarter: 2018-11-03
10-Q 2018-09-11 Quarter: 2018-08-04
10-Q 2018-06-11 Quarter: 2018-05-05
10-K 2018-04-02 Annual: 2018-02-03
10-Q 2017-12-05 Quarter: 2017-10-28
10-Q 2017-08-31 Quarter: 2017-07-29
10-Q 2017-05-31 Quarter: 2017-04-29
10-K 2017-03-29 Annual: 2017-01-28
10-Q 2016-11-30 Quarter: 2016-10-29
10-Q 2016-09-07 Quarter: 2016-07-30
10-Q 2016-06-03 Quarter: 2016-04-30
10-K 2016-04-04 Annual: 2016-01-30
10-Q 2015-12-08 Quarter: 2015-10-31
10-Q 2015-09-09 Quarter: 2015-08-01
10-Q 2015-06-10 Quarter: 2015-05-02
10-K 2015-04-16 Annual: 2015-01-31
10-Q 2014-12-11 Quarter: 2014-11-01
10-Q 2014-09-08 Quarter: 2014-08-02
10-Q 2014-06-12 Quarter: 2014-05-03
10-K 2014-04-10 Annual: 2014-02-01
10-Q 2013-09-12 Quarter: 2013-08-03
10-Q 2013-06-13 Quarter: 2013-05-04
10-K 2013-04-15 Annual: 2013-02-02
10-Q 2012-12-06 Quarter: 2012-10-27
10-Q 2012-09-06 Quarter: 2012-07-28
10-Q 2012-06-07 Quarter: 2012-04-28
10-K 2012-04-12 Annual: 2012-01-28
10-Q 2011-12-08 Quarter: 2011-10-29
10-Q 2011-09-07 Quarter: 2011-07-30
10-Q 2011-06-09 Quarter: 2011-04-30
10-K 2011-04-14 Annual: 2011-01-29
10-Q 2010-12-09 Quarter: 2010-10-30
10-Q 2010-09-09 Quarter: 2010-07-31
10-Q 2010-06-10 Quarter: 2010-05-01
10-K 2010-04-15 Annual: 2010-01-30
8-K 2019-12-12 Other Events, Exhibits
8-K 2019-11-21 Earnings, Exhibits
8-K 2019-09-19 Officers, Regulation FD, Exhibits
8-K 2019-08-28 Earnings, Exhibits
8-K 2019-06-13 Shareholder Vote
8-K 2019-05-22 Earnings, Exhibits
8-K 2019-04-26 Regulation FD
8-K 2019-03-26 Earnings, Exhibits
8-K 2019-03-20 Officers, Exhibits
8-K 2019-01-14 Regulation FD, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-11-15 Earnings, Exhibits
8-K 2018-08-28 Earnings, Exhibits
8-K 2018-06-14 Shareholder Vote
8-K 2018-05-24 Earnings, Exhibits
8-K 2018-04-13 Officers, Exhibits
8-K 2018-03-27 Earnings, Exhibits
8-K 2018-01-23 Other Events
SCVL 2019-11-02
Item 1. Financial Statements
Note 1 - Description of Business and Basis of Presentation
Note 2 - Net Income per Share
Note 3 - Recently Issued Accounting Pronouncements
Note 4 - Fair Value Measurements
Note 5 - Stock-Based Compensation
Note 6 - Revenue
Note 7 - Leases
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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 scvl-ex311_8.htm
EX-31.2 scvl-ex312_9.htm
EX-32.1 scvl-ex321_7.htm
EX-32.2 scvl-ex322_6.htm

Shoe Carnival Earnings 2019-11-02

SCVL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
GCO 699 1,756 1,171 2,371 1,150 -43 35 717 49% 20.5 -2%
CHS 497 1,626 1,077 2,051 699 -10 86 447 34% 5.2 -1%
SCVL 481 693 390 1,026 305 39 74 443 30% 6.0 6%
LE 456 1,110 797 1,405 595 10 65 759 42% 11.7 1%
CATO 404 657 323 863 346 51 72 376 40% 5.2 8%
DLTH 322 434 281 593 318 12 40 344 54% 8.6 3%
TLYS 286 540 366 609 183 24 56 224 30% 4.0 4%
TLRD 258 2,675 2,670 3,169 1,318 62 276 1,393 42% 5.0 2%
CTRN 215 448 260 764 0 15 38 188 0% 5.0 3%
EXPR 184 2,053 1,494 2,067 580 -13 81 30 28% 0.4 -1%

10-Q 1 scvl-10q_20191102.htm 10-Q scvl-10q_20191102.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended November 2, 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:

0-21360

 

 

Shoe Carnival, Inc.

(Exact name of registrant as specified in its charter)

 

Indiana

 

35-1736614

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification Number)

 

 

 

7500 East Columbia Street

Evansville, IN

 

47715

(Address of principal executive offices)

 

(Zip code)

 

(812) 867-6471

(Registrant’s telephone number, including area code)

 

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

SCVL

 

The Nasdaq Stock Market, LLC

 

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 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

 

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Number of Shares of Common Stock, par value $0.01 per share, outstanding at November 27, 2019 was 14,193,253.

 

 


SHOE CARNIVAL, INC.

INDEX TO FORM 10-Q

 

 

 

 

Page

Part I

Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

Condensed Consolidated Balance Sheets

3

 

 

Condensed Consolidated Statements of Income

4

 

 

Condensed Consolidated Statements of Shareholders’ Equity

5

 

 

Condensed Consolidated Statements of Cash Flows

7

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

 

 

Item 2.

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

17

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

23

 

 

 

 

 

Item 4.

Controls and Procedures

23

 

 

 

Part II

Other Information

 

 

 

 

 

 

Item 1A.

Risk Factors

24

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

24

 

 

 

 

 

Item 6.

Exhibits

24

 

 

 

 

Signature

25

2


SHOE CARNIVAL, INC.
PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

 

(In thousands, except share data)

 

November 2, 2019

 

 

February 2, 2019

 

 

November 3, 2018

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

33,707

 

 

$

67,021

 

 

$

39,699

 

Accounts receivable

 

 

2,470

 

 

 

1,219

 

 

 

2,322

 

Merchandise inventories

 

 

298,002

 

 

 

257,539

 

 

 

300,510

 

Other

 

 

10,868

 

 

 

11,534

 

 

 

11,762

 

Total Current Assets

 

 

345,047

 

 

 

337,313

 

 

 

354,293

 

Property and equipment – net

 

 

69,147

 

 

 

70,605

 

 

 

74,471

 

Deferred income taxes

 

 

7,678

 

 

 

9,622

 

 

 

8,866

 

Other noncurrent assets

 

 

3,692

 

 

 

459

 

 

 

389

 

Operating lease right-of-use assets

 

 

222,148

 

 

0

 

 

 

0

 

Total Assets

 

$

647,712

 

 

$

417,999

 

 

$

438,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

66,089

 

 

$

48,715

 

 

$

56,270

 

Accrued and other liabilities

 

 

22,052

 

 

 

22,069

 

 

 

28,094

 

Current portion of operating lease liabilities

 

 

42,481

 

 

 

0

 

 

 

0

 

Total Current Liabilities

 

 

130,622

 

 

 

70,784

 

 

 

84,364

 

Long-term portion of operating lease liabilities

 

 

202,138

 

 

 

0

 

 

 

0

 

Deferred lease incentives

 

 

0

 

 

 

22,171

 

 

 

23,478

 

Accrued rent

 

 

0

 

 

 

8,436

 

 

 

8,808

 

Deferred compensation

 

 

13,220

 

 

 

12,108

 

 

 

11,811

 

Other

 

 

984

 

 

 

67

 

 

 

806

 

Total Liabilities

 

 

346,964

 

 

 

113,566

 

 

 

129,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $.01 par value, 50,000,000 shares authorized,

   20,527,244 shares, 20,529,227 shares and 20,529,227 shares issued,

   respectively

 

 

205

 

 

 

205

 

 

 

205

 

Additional paid-in capital

 

 

78,859

 

 

 

75,631

 

 

 

73,103

 

Retained earnings

 

 

393,497

 

 

 

360,443

 

 

 

360,335

 

Treasury stock, at cost, 6,338,584 shares, 5,154,243

   shares and 4,958,854 shares, respectively

 

 

(171,813

)

 

 

(131,846

)

 

 

(124,891

)

Total Shareholders’ Equity

 

 

300,748

 

 

 

304,433

 

 

 

308,752

 

Total Liabilities and Shareholders’ Equity

 

$

647,712

 

 

$

417,999

 

 

$

438,019

 

 

See notes to Condensed Consolidated Financial Statements.

3


SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Unaudited

 

(In thousands, except per share data)

 

Thirteen

Weeks Ended

November 2, 2019

 

 

Thirteen

Weeks Ended

November 3, 2018

 

 

Thirty-nine

Weeks Ended

November 2, 2019

 

 

Thirty-nine

Weeks Ended

November 3, 2018

 

Net sales

 

$

274,645

 

 

$

269,181

 

 

$

796,676

 

 

$

794,992

 

Cost of sales (including buying, distribution

   and occupancy costs)

 

 

189,911

 

 

 

187,963

 

 

 

554,707

 

 

 

552,666

 

Gross profit

 

 

84,734

 

 

 

81,218

 

 

 

241,969

 

 

 

242,326

 

Selling, general and administrative expenses

 

 

66,584

 

 

 

65,202

 

 

 

192,537

 

 

 

194,063

 

Operating income

 

 

18,150

 

 

 

16,016

 

 

 

49,432

 

 

 

48,263

 

Interest income

 

 

(163

)

 

 

(273

)

 

 

(580

)

 

 

(392

)

Interest expense

 

 

34

 

 

 

37

 

 

 

155

 

 

 

113

 

Income before income taxes

 

 

18,279

 

 

 

16,252

 

 

 

49,857

 

 

 

48,542

 

Income tax expense

 

 

4,553

 

 

 

4,206

 

 

 

10,426

 

 

 

11,766

 

Net income

 

$

13,726

 

 

$

12,046

 

 

$

39,431

 

 

$

36,776

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.95

 

 

$

0.80

 

 

$

2.71

 

 

$

2.40

 

Diluted

 

$

0.94

 

 

$

0.76

 

 

$

2.66

 

 

$

2.36

 

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,404

 

 

 

15,071

 

 

 

14,544

 

 

 

15,282

 

Diluted

 

 

14,556

 

 

 

15,812

 

 

 

14,826

 

 

 

15,544

 

 

See notes to Condensed Consolidated Financial Statements.

4


SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Unaudited

 

 

 

Thirteen Weeks Ended

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Treasury

 

 

 

 

 

(In thousands, except per share data)

 

Issued

 

 

Treasury

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Stock

 

 

Total

 

Balance at August 3, 2019

 

 

20,528

 

 

 

(5,822

)

 

$

205

 

 

$

77,374

 

 

$

381,012

 

 

$

(155,031

)

 

$

303,560

 

Dividends declared ($0.085 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,241

)

 

 

 

 

 

 

(1,241

)

Employee stock purchase plan purchases

 

 

 

 

 

 

1

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

43

 

 

 

44

 

Restricted stock awards

 

 

(1

)

 

 

7

 

 

 

 

 

 

 

(178

)

 

 

 

 

 

 

178

 

 

 

0

 

Shares surrendered by employees to pay taxes

   on restricted stock

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100

)

 

 

(100

)

Purchase of common stock for treasury

 

 

 

 

 

 

(522

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,903

)

 

 

(16,903

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,662

 

 

 

 

 

 

 

 

 

 

 

1,662

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,726

 

 

 

 

 

 

 

13,726

 

Balance at November 2, 2019

 

 

20,527

 

 

 

(6,339

)

 

$

205

 

 

$

78,859

 

 

$

393,497

 

 

$

(171,813

)

 

$

300,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at August 4, 2018

 

 

20,529

 

 

 

(4,440

)

 

$

205

 

 

$

68,892

 

 

$

349,549

 

 

$

(104,882

)

 

$

313,764

 

Dividends declared ($0.080 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,257

)

 

 

 

 

 

 

(1,257

)

Employee stock purchase plan purchases

 

 

 

 

 

 

1

 

 

 

 

 

 

 

10

 

 

 

 

 

 

 

31

 

 

 

41

 

Shares surrendered by employees to pay taxes

   on restricted stock

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37

)

 

 

(37

)

Purchase of common stock for treasury

 

 

 

 

 

 

(519

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,003

)

 

 

(20,003

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,201

 

 

 

 

 

 

 

 

 

 

 

4,201

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

(3

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,046

 

 

 

 

 

 

 

12,046

 

Balance at November 3, 2018

 

 

20,529

 

 

 

(4,959

)

 

$

205

 

 

$

73,103

 

 

$

360,335

 

 

$

(124,891

)

 

$

308,752

 

 

See notes to Condensed Consolidated Financial Statements.

5


SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Unaudited

 

 

 

Thirty-nine Weeks Ended

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Treasury

 

 

 

 

 

(In thousands, except per share data)

 

Issued

 

 

Treasury

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Stock

 

 

Total

 

Balance at February 2, 2019

 

 

20,529

 

 

 

(5,154

)

 

$

205

 

 

$

75,631

 

 

$

360,443

 

 

$

(131,846

)

 

$

304,433

 

Adoption of Accounting Standards Codification

   842 (see Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,649

)

 

 

 

 

 

 

(2,649

)

Dividends declared ($0.250 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,728

)

 

 

 

 

 

 

(3,728

)

Employee stock purchase plan purchases

 

 

 

 

 

 

5

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

146

 

 

 

148

 

Restricted stock awards

 

 

(2

)

 

 

67

 

 

 

 

 

 

 

(1,842

)

 

 

 

 

 

 

1,842

 

 

 

0

 

Shares surrendered by employees to pay taxes

   on restricted stock

 

 

 

 

 

 

(324

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,040

)

 

 

(11,040

)

Purchase of common stock for treasury

 

 

 

 

 

 

(933

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,915

)

 

 

(30,915

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,068

 

 

 

 

 

 

 

 

 

 

 

5,068

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,431

 

 

 

 

 

 

 

39,431

 

Balance at November 2, 2019

 

 

20,527

 

 

 

(6,339

)

 

$

205

 

 

$

78,859

 

 

$

393,497

 

 

$

(171,813

)

 

$

300,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at February 3, 2018

 

 

20,529

 

 

 

(3,582

)

 

$

205

 

 

$

65,458

 

 

$

326,738

 

 

$

(85,099

)

 

$

307,302

 

Adoption of Accounting Standards

   Codification 606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

620

 

 

 

 

 

 

 

620

 

Dividends declared ($0.235 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,799

)

 

 

 

 

 

 

(3,799

)

Employee stock purchase plan purchases

 

 

 

 

 

 

6

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

143

 

 

 

148

 

Restricted stock awards

 

 

 

 

 

 

(41

)

 

 

 

 

 

 

577

 

 

 

 

 

 

 

(577

)

 

 

0

 

Shares surrendered by employees to pay taxes

   on restricted stock

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(312

)

 

 

(312

)

Purchase of common stock for treasury

 

 

 

 

 

 

(1,330

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,046

)

 

 

(39,046

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,063

 

 

 

 

 

 

 

 

 

 

 

7,063

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,776

 

 

 

 

 

 

 

36,776

 

Balance at November 3, 2018

 

 

20,529

 

 

 

(4,959

)

 

$

205

 

 

$

73,103

 

 

$

360,335

 

 

$

(124,891

)

 

$

308,752

 

 

See notes to Condensed Consolidated Financial Statements.

6


SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

 

(In thousands)

 

Thirty-nine

Weeks Ended

November 2, 2019

 

 

Thirty-nine

Weeks Ended

November 3, 2018

 

Cash Flows From Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

39,431

 

 

$

36,776

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

12,652

 

 

 

16,551

 

Stock-based compensation

 

 

5,207

 

 

 

7,604

 

Loss/(gain) on retirement and impairment of assets

 

 

767

 

 

 

(1,412

)

Deferred income taxes

 

 

1,944

 

 

 

(684

)

Non-cash operating lease expense

 

 

30,932

 

 

 

0

 

Lease incentives

 

 

0

 

 

 

298

 

Other

 

 

1,111

 

 

 

(6,882

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,251

)

 

 

4,218

 

Merchandise inventories

 

 

(40,463

)

 

 

(40,010

)

Operating lease liabilities

 

 

(34,306

)

 

 

0

 

Accounts payable and accrued liabilities

 

 

17,173

 

 

 

23,330

 

Other

 

 

(5,165

)

 

 

(2,009

)

Net cash provided by operating activities

 

 

28,032

 

 

 

37,780

 

Cash Flows From Investing Activities

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(15,081

)

 

 

(5,021

)

Other

 

 

8

 

 

 

1,489

 

Net cash used in investing activities

 

 

(15,073

)

 

 

(3,532

)

Cash Flows From Financing Activities

 

 

 

 

 

 

 

 

Borrowings under line of credit

 

 

20,000

 

 

 

0

 

Payments on line of credit

 

 

(20,000

)

 

 

0

 

Proceeds from issuance of stock

 

 

148

 

 

 

148

 

Dividends paid

 

 

(4,466

)

 

 

(3,593

)

Purchase of common stock for treasury

 

 

(30,915

)

 

 

(39,046

)

Shares surrendered by employees to pay taxes on restricted stock

 

 

(11,040

)

 

 

(312

)

Net cash used in financing activities

 

 

(46,273

)

 

 

(42,803

)

Net decrease in cash and cash equivalents

 

 

(33,314

)

 

 

(8,555

)

Cash and cash equivalents at beginning of period

 

 

67,021

 

 

 

48,254

 

Cash and cash equivalents at end of period

 

$

33,707

 

 

$

39,699

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during period for interest

 

$

155

 

 

$

113

 

Cash paid during period for income taxes