Swank, Inc.

CIK:0000095779|SEC Filings

Condensed Statements Of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2012	Dec. 31, 2011
Condensed Statements Of Operations [Abstract]
Net sales	$ 28,408	$ 26,084
Cost of goods sold	20,528	17,855
Gross profit	7,880	8,229
Selling and administrative expenses	8,390	8,153
Transaction costs	935
Total selling and administrative expenses	9,325	8,153
(Loss) income from operations	(1,445)	76
Interest expense	37	42
(Loss) income from operations before income taxes	(1,482)	34
(Benefit) provision for income taxes	(563)	2
Net (loss) income	(919)	32
Share and per share information:
Weighted average common shares outstanding - basic and diluted	5,549,593	5,623,511
Basic and diluted net (loss) income per common share	$ (0.17)	$ 0.01
Comprehensive (loss) income	$ (919)	$ 32

Condensed Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net (loss) income	$ (919)	$ 32
Adjustments to reconcile net (loss) income to net cash (used in) operations:
Depreciation and amortization	95	94
Provision (recoveries) for bad debts	2	(126)
Stock-based compensation expense	42	63
Proceeds from life insurance, net of benefits paid	154
Changes in assets and liabilities :
Decrease in accounts receivable	4,077	3,382
(Increase) in inventories	(1,951)	(2,036)
(Increase) in prepaid and other assets	(763)	(374)
(Decrease) in accounts payable	(855)	(976)
(Decrease) in accrued royalties	(538)	(621)
(Decrease) in all other current liabilities	(2,702)	(1,918)
Increase in long-term obligations	92	99
Net cash (used in) operations	(3,266)	(2,381)
Cash flows from investing activities:
Capital expenditures	(27)	(21)
Premiums on life insurance	(53)	(20)
Net cash (used in) investing activities	(80)	(41)
Cash flows from financing activities:
Borrowing under revolving credit agreements	10,036	11,316
Payments of revolving credit obligations	(6,587)	(11,774)
Treasury stock repurchased	(19)	(16)
Net cash provided by (used in) financing activities	3,430	(474)
Net increase (decrease) in cash and cash equivalents	84	(2,896)
Cash and cash equivalents at beginning of period		3,235
Cash and cash equivalents at end of period	371
Cash paid during the three months for:
Interest	37	42
Taxes	$ 831	$ 958

Condensed Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 371
Accounts receivable, less allowances of $4,840 and $6,637, respectively	19,196	23,275
Inventories, net:
Work in process	931	930
Finished goods	26,034	24,084
Total inventories, net	26,965	25,014
Deferred taxes, current	2,101	2,101
Prepaid expenses and other current assets	1,920	1,185
Total current assets	50,553	51,862
Property, plant and equipment, net of accumulated depreciation	914	975
Deferred taxes, noncurrent	2,258	2,258
Other assets	2,467	2,547
Total assets	56,192	57,642
LIABILITIES
Note payable to bank	4,118	669
Current portion of long-term obligations	1,967	1,967
Accounts payable	3,398	4,253
Accrued employee compensation	799	2,564
Accrued royalties	725	1,263
Income taxes payable	148	772
Other current liabilities	1,135	1,448
Total current liabilities	12,290	12,936
Long-term obligations	5,422	5,330
Total liabilities	17,712	18,266
STOCKHOLDERS' EQUITY
Preferred stock, par value $1.00 Authorized - 300,000 shares
Common stock, par value $.10: Authorized - 43,000,000 shares Issued -- 6,429,095 shares	642	642
Capital in excess of par value	2,900	2,858
Retained earnings	38,449	39,368
Accumulated other comprehensive (loss), net of tax	(907)	(907)
Treasury stock, at cost, 879,502 and 874,843 shares, respectively	(2,604)	(2,585)
Total stockholders' equity	38,480	39,376
Total liabilities and stockholders' equity	$ 56,192	$ 57,642