LACROSSE FOOTWEAR INC

CIK:0000919443|SEC Filings

Comprehensive (Loss)

6 Months Ended

Jun. 30, 2012

Note 9. Comprehensive Income (Loss)

Comprehensive Income (Loss): Comprehensive income (loss) represents net income (loss) plus revenue, expenses, gains and losses that are specifically excluded from net income (loss) and recognized directly as a component of shareholders’ equity. Comprehensive income (loss) is presented on the Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited).

Accumulated Other Comprehensive Loss: Accumulated other comprehensive loss reported on our condensed consolidated balance sheets consists of adjustments related to foreign currency translation and liabilities for pension benefits. The components of accumulated other comprehensive loss are as follows (in thousands):


	June 30, 2012			December 31, 2011			June 25, 2011
Pension actuarial loss, net of tax	$	(5,574	)	$	(5,574	)	$	(3,308	)
Foreign currency translation adjustment		(498	)		(484	)		(316	)

Accumulated other comprehensive loss		(6,072	)	$	(6,058	)	$	(3,624	)

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 25, 2011
Cash flows from operating activities:
Net income (loss)	$ (671)	$ (835)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,888	1,783
Stock-based compensation expense (Note 7)	342	404
Deferred income taxes	(516)	270
Loss on disposal of property and equipment	49	97
Changes in operating assets and liabilities:
Trade and other accounts receivable	5,152	7,503
Inventories	4,840	(13,242)
Accounts payable	3,360	(5,791)
Accrued expenses and other	(2,234)	(4,073)
Net cash provided by (used in) operating activities	12,210	(13,884)
Cash flows from investing activities:
Purchases of property and equipment	(2,380)	(2,048)
Cash flows from financing activities:
Net proceeds from short-term borrowings (Note 6)	(8,085)	13,404
Cash dividends paid (Note 9)	(1,627)	(1,625)
Proceeds from exercise of stock options	54	480
Net cash provided by (used in) financing activities	(9,658)	12,259
Effect of foreign currency exchange rate changes on cash and cash equivalents	80	21
Net decrease in cash and cash equivalents	252	(3,652)
Cash and cash equivalents:
Beginning of period	774	4,274
End of period	1,026	622
Supplemental information:
Cash payments for income taxes	2,343	1,335
Cash payments for interest	$ 126	$ 53

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 25, 2011
Current Assets:
Cash and cash equivalents (Note 2)	$ 1,026	$ 774	$ 622
Trade and other accounts receivable, less allowances of $431, $679, and $474, respectively	17,569	22,726	15,358
Inventories, net (Note 3)	43,717	48,648	53,400
Prepaid expenses and other	1,379	1,398	1,156
Deferred tax assets	1,738	1,771	1,754
Total current assets	65,429	75,317	72,290
Property and equipment, net of accumulated depreciation of $16,547, $15,092, and $13,405, respectively	16,672	16,143	16,002
Goodwill	10,753	10,753	10,753
Other assets	272	222	235
Total assets	93,125	102,435	99,280
Current Liabilities:
Short-term borrowings (Notes 2 and 6)	8,784	16,869	13,404
Accounts payable	10,930	7,463	10,470
Accrued compensation	1,300	1,789	1,806
Product warranty and other accruals (Note 4)	1,645	2,939	1,928
Total current liabilities	22,659	29,060	27,608
Long-term debt	78	138	201
Deferred revenue	578	550	549
Deferred lease obligations	912	895	811
Compensation and benefits (Note 8)	6,784	7,214	3,939
Deferred tax liabilities	902	1,450	3,142
Total liabilities	31,913	39,307	36,250
Shareholders' Equity:
Common stock, par value $.01 per share; authorized 50,000,000 shares; issued 6,717,627 shares	67	67	67
Additional paid-in capital	31,972	31,600	31,288
Accumulated other comprehensive loss (Note 10)	(6,072)	(6,058)	(3,624)
Retained earnings (Notes 9 and 11)	36,242	38,538	36,329
Less cost of 207,878, 213,003 and 215,784 shares of treasury stock, respectively	(997)	(1,019)	(1,030)
Total shareholders' equity	61,212	63,128	63,030
Total liabilities and shareholders' equity	$ 93,125	$ 102,435	$ 99,280