BLYTH INC

CIK:0000921503|SEC Filings

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales	$ 87,989	$ 104,233	$ 191,716	$ 222,471
Cost of goods sold	36,125	40,307	81,316	84,163
Gross profit	51,864	63,926	110,400	138,308
Selling	41,508	47,587	91,520	102,240
Administrative and other expense	17,453	18,475	35,113	38,336
Total operating expense	58,961	66,062	126,633	140,576
Operating loss	(7,097)	(2,136)	(16,233)	(2,268)
Other expense (income):
Interest expense	790	1,014	2,990	1,991
Interest income	(83)	(98)	(270)	(150)
Foreign exchange and other, net	292	(132)	1,690	88
Total other expense	999	784	4,410	1,929
Loss from continuing operations before income taxes and noncontrolling interest	(8,096)	(2,920)	(20,643)	(4,197)
Income tax expense (benefit)	637	(327)	467	(968)
Loss from continuing operations	(8,733)	(2,593)	(21,110)	(3,229)
Loss from discontinued operations, net of income tax expense	0	(1,760)	0	(3,798)
Net loss	(8,733)	(4,353)	(21,110)	(7,027)
Less: Net earnings attributable to noncontrolling interests	98	87	189	175
Net loss attributable to Blyth, Inc.	$ (8,831)	$ (4,440)	$ (21,299)	$ (7,202)
Basic and Diluted loss per share:
Net loss from continuing operations	$ (0.55)	$ (0.17)	$ (1.32)	$ (0.21)
Net loss from discontinued operations	0.00	(0.11)	0.00	(0.24)
Net loss attributable per share of Blyth, Inc.	$ (0.55)	$ (0.28)	$ (1.32)	$ (0.45)
Weighted average number of shares outstanding	16,193	16,111	16,168	16,096
Cash dividend declared per share	$ 0	$ 0	$ 0	$ 0.05

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Loss from continuing operations	$ (21,110)	$ (3,229)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	3,675	4,274
Loss on sale of assets	90	14
Stock-based compensation expense	483	726
Deferred income taxes	(330)	(2,564)
Loss on impairment of assets	957	0
Changes in operating assets and liabilities:
Accounts receivable	(1,290)	(114)
Inventories	(8,714)	(2,532)
Prepaid and other	(353)	1,622
Other long-term assets	(2,146)	558
Accounts payable	1,105	(7,657)
Accrued expenses	(5,932)	(3,365)
Income taxes payable	(505)	33
Other liabilities and other	(2,026)	(8,068)
Net cash used in operating activities of continuing operations	(36,096)	(20,302)
Net cash used in operating activities of discontinued operations	0	(4,162)
Net cash used in operating activities	(36,096)	(24,464)
Cash flows from investing activities:
Purchases of property, plant and equipment, net of disposals	(1,274)	(1,420)
Purchases of long-term investments	0	(20,000)
Payments to Acquire Long-term Investments	0	32
Proceeds from sale of short-term investments	19,002	4,000
Proceeds from Maturities, Prepayments and Calls of Long-term Investments	1,101	0
Proceeds from sales of assets	11	10
Payment for purchase of business	(4,951)	0
Net Cash Provided by (Used in) Investing Activities, Continuing Operations	13,889	(17,442)
Net cash provided by (used in) investing activities of continuing operations	13,889	(13,965)
Net cash provided by investing activities of discontinued operations	0	3,477
Cash flows from financing activities:
Borrowings on long-term debt	35,000	0
Repayments on long-term debt	(50,359)	(332)
Payments on capital lease obligations	(97)	(179)
Dividends, Paid-in-kind	0	(805)
Distributions to noncontrolling interest	(90)	(90)
Net cash used in financing activities of continuing operations	(15,546)	(1,406)
Effect of exchange rate changes on cash	(2,676)	313
Net decrease in cash and cash equivalents	(40,429)	(39,522)
Cash and cash equivalents at beginning of period	94,329	106,933
Cash and cash equivalents at end of period	$ 53,900	$ 67,411

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 53,900	$ 94,329
Short-term investments	0	18,961
Accounts receivable, less allowance for doubtful receivables of $5,699 and $5,481, respectively	12,291	11,133
Inventories	53,839	45,784
Prepaid assets	13,516	15,168
Deferred income taxes	814	0
Other current assets	9,149	7,515
Assets Held-for-sale, Not Part of Disposal Group, Current	3,508	0
Total current assets	147,017	192,890
Property, plant and equipment, at cost:
Less accumulated depreciation of $133,536 and $152,287, respectively	60,115	68,266
Other assets:
Investments	6,850	7,951
Goodwill	5,872	2,298
Other intangible assets, net of accumulated amortization of $15,400 and $15,372, respectively	7,951	6,593
Deferred income taxes	518	624
Other assets	10,915	8,731
Total other assets	32,106	26,197
Total assets	239,238	287,353
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt	1,360	50,907
Accounts payable	24,898	23,358
Accrued expenses	34,451	41,327
Income taxes payable	1,224	1,193
Deferred income taxes	3,569	4,086
Other current liabilities	3,849	8,387
Total current liabilities	69,351	129,258
Long-term debt, less current maturities	38,669	4,556
Deferred income taxes	11,364	7,309
Other liabilities	11,711	12,087
Stockholders' equity:
Common stock - authorized 50,000,000 shares of $0.02 par value; issued 26,729,416 shares and 26,642,250 shares, respectively	535	533
Additional contributed capital	170,378	169,897
Retained earnings	382,164	403,463
Accumulated other comprehensive income	6,717	11,849
Treasury stock, at cost, 10,591,003 shares and 10,572,020 shares, respectively	(452,322)	(452,171)
Total stockholders' equity	107,472	133,571
Noncontrolling interest	671	572
Total equity	108,143	134,143
Total liabilities and equity	$ 239,238	$ 287,353