X RITE INC

CIK:0000790818|SEC Filings

Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Apr. 02, 2011
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) [Abstract]
Net Sales	$ 56,450	$ 57,506
Cost of sales	22,479	23,036
Gross profit	33,971	34,470
Operating expenses:
Selling and marketing	15,295	14,744
Research, development and engineering	5,789	5,689
General and administrative	6,092	5,019
Total operating expenses	27,176	25,452
Operating income	6,795	9,018
Interest expense	(1,851)	(5,627)
Loss on redemption of preferred shares and debt refinancing costs		(13,828)
Other expense	(1,728)	(562)
Income (loss) before income taxes	3,216	(10,999)
Income tax expense	2,233	37
Net income (loss)	983	(11,036)
Basic and diluted net income (loss) per share	$ 0.01	$ (0.13)
Comprehensive income (loss)	$ 3,119	$ (9,103)

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Apr. 02, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 983	$ (11,036)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	1,585	1,585
Amortization	4,311	4,084
Amortization of deferred financing costs	308	669
Amortization of discount on mandatorily redeemable preferred stock		863
Deferred income tax (credit)	1,992	(118)
Share-based compensation	617	285
Gain on sale of assets	(63)	(85)
Loss on redemption of preferred shares and debt refinancing costs		13,828
Pension and postretirement benefit expense	361	513
Derivative fair value adjustments and charges	51	424
Changes in operating assets and liabilities:
Accounts receivable	754	(31)
Inventories	(482)	(894)
Prepaid expenses and other current assets	(1,931)	(1,612)
Accounts payable	(918)	(1,185)
Income taxes	95	(115)
Accrued payroll and employee benefits	(2,211)	(6,590)
Other current and non-current liabilities	(243)	540
Net cash provided by operating activities	5,209	1,125
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,106)	(1,051)
Increase in capitalized software	(1,850)	(2,016)
Proceeds from sales of assets	78	104
Net cash used for investing activities	(2,878)	(2,963)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt		185,000
Payment of long-term debt	(6,000)	(136,598)
Redemption of mandatorily redeemable preferred stock		(46,980)
Debt amendment and refinancing costs		(5,625)
Other	35	42
Net cash used for financing activities	(5,965)	(4,161)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	1,644	1,191
NET DECREASE IN CASH	(1,990)	(4,808)
CASH AT BEGINNING OF YEAR	6,323	11,709
CASH AT END OF PERIOD	$ 4,333	$ 6,901

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash	$ 4,333	$ 6,323
Accounts receivable, net of allowance of $1,234 in 2012 and $1,203 in 2011	35,442	35,740
Inventories, net	26,904	26,192
Deferred income taxes	12,768	12,767
Prepaid expenses and other current assets	5,820	4,403
Total current assets	85,267	85,425
Property plant and equipment:
Land	2,796	2,796
Buildings and improvements	23,771	23,802
Machinery and equipment	38,926	37,967
Furniture and office equipment	24,496	24,984
Construction in progress	5,591	5,300
Property plant and equipment (gross)	95,580	94,849
Less accumulated depreciation	(57,042)	(56,121)
Property plant and equipment (net)	38,538	38,728
Other assets:
Goodwill	233,986	233,941
Indefinite-lived intangibles	13,433	13,433
Other intangibles, net of accumulated amortization of $53,887 in 2012 and $50,921 in 2011	40,680	43,646
Deferred income taxes	23,671	25,914
Other noncurrent assets	22,410	22,041
Total other assets	334,180	338,975
Total assets	457,985	463,128
Current liabilities:
Current portion of long-term debt	10,369	11,783
Accounts payable	10,920	11,685
Accrued liabilities:
Payroll and employee benefits	7,162	9,221
Income taxes	895	809
Deferred income taxes	922	885
Deferred revenue	3,503	3,251
Other	4,227	4,821
Total current liabilities	37,998	42,455
Other liabilities:
Long-term debt, less current portion	133,445	138,031
Deferred income taxes	1,233	1,500
Accrued income taxes	7,808	7,764
Other	7,116	6,764
Total long-term liabilities	149,602	154,059
Shareholders' investment:
Common stock, $0.10 par value, 150,000,000 shares authorized; 85,853,921 and 85,374,669 shares issued and outstanding, in 2012 and 2011, respectively	8,585	8,538
Additional paid-in capital	277,588	276,983
Retained deficit	(22,767)	(23,750)
Accumulated other comprehensive income	6,979	4,843
Total shareholders' investment	270,385	266,614
Total liabilities and shareholders' investment	$ 457,985	$ 463,128