Tumi Holdings, Inc.

CIK:0001535031|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Income Statement [Abstract]
Net sales	$ 147,517	$ 138,520	$ 265,859	$ 248,981
Cost of sales	61,339	56,905	110,331	102,095
Gross margin	86,178	81,615	155,528	146,886
OPERATING EXPENSES
Selling	9,373	8,207	18,768	16,843
Marketing	4,437	4,472	9,214	8,759
Retail operations	37,200	31,782	70,752	61,040
General and administrative	14,399	11,874	28,264	25,401
Total operating expenses	65,409	56,335	126,998	112,043
Operating income	20,769	25,280	28,530	34,843
OTHER INCOME (EXPENSES)
Interest expense	41	(80)	13	(185)
Gain on existing joint venture investment	0	0	3,480	0
Earnings from joint venture investment	0	90	0	302
Foreign exchange gains (losses)	(246)	353	(687)	671
Other non-operating expenses	(28)	78	(39)	(104)
Total other income	(233)	441	2,767	684
Income before income taxes	20,536	25,721	31,297	35,527
Provision for income taxes	7,336	9,002	10,194	12,434
Net income	$ 13,200	$ 16,719	$ 21,103	$ 23,093
Weighted average common shares outstanding:
Basic (in shares)	67,649,322	67,874,098	67,548,236	67,871,526
Diluted (in shares)	67,884,203	67,920,124	67,688,883	67,919,295
Basic earnings per common share (in dollars per share)	$ 0.20	$ 0.25	$ 0.31	$ 0.34
Diluted earnings per common share (in dollars per share)	$ 0.19	$ 0.25	$ 0.31	$ 0.34

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 21,103	$ 23,093
Net income
Depreciation and amortization	11,938	10,101
Share-based compensation expense	2,471	2,526
Amortization of deferred financing costs	82	83
Allowance for doubtful accounts	(41)	(4)
Gain on existing joint venture investment	(3,480)	0
Earnings from joint venture	0	(302)
Loss on disposal of fixed assets	224	260
Impairment of long lived assets	0	639
Other non-cash charges	739	886
Changes in operating assets and liabilities
Accounts receivable	1,761	1,111
Other receivables	1,702	230
Inventories	(1,509)	(7,764)
Prepaid expenses and other current assets	955	2,041
Prepaid income taxes	(5,767)	(1,887)
Other assets	60	(185)
Accounts payable	(1,910)	4,954
Accrued expenses	(1,963)	1,103
Income taxes payable	(394)	(2,231)
Other liabilities	2,097	547
Total adjustments	6,965	12,108
Net cash provided by operating activities	28,068	35,201
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired from business combination, Tumi Japan acquisition	2,414	0
Capital expenditures	(14,748)	(15,006)
Net cash used in investing activities	(12,334)	(15,006)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from short-term debt	15,903	0
Payments on short-term debt	(13,222)	0
Borrowings on notes payable	9,054	0
Payments on notes payable	(14,484)	0
Options exercise	5,025	0
Repurchases of common stock, including shares withheld in satisfaction of tax obligations	(60)	(10)
Net cash provided by financing activities	2,216	(10)
Effect of exchange rate changes on cash	500	(249)
Net increase in cash and cash equivalents	18,450	19,936
Cash and cash equivalents at beginning of period	94,632	52,796
Cash and cash equivalents at end of period	$ 113,082	$ 72,732

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 113,082	$ 94,632
Accounts receivable, less allowance for doubtful accounts of approximately $918 and $877 at June 26, 2016 and December 31, 2015, respectively	34,710	32,434
Other receivables	1,861	3,543
Inventories, net	113,907	99,688
Prepaid expenses and other current assets	7,524	12,096
Prepaid income taxes	6,763	996
Total current assets	277,847	243,389
Property, plant and equipment, net	88,409	83,501
Deferred tax assets, noncurrent	0	771
Joint venture investment	0	1,840
Goodwill	145,178	142,773
Intangible assets, net	130,925	130,400
Other assets	11,101	9,270
Total assets	653,460	611,944
CURRENT LIABILITIES
Accounts payable	38,969	35,844
Notes payable	2,204	0
Accrued expenses	37,539	39,130
Income taxes payable	571	615
Short-term debt	4,407	0
Total current liabilities	83,690	75,589
Other long-term liabilities	15,507	12,775
Deferred tax liabilities	43,310	42,734
Total liabilities	142,507	131,098
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock—$0.01 par value; 350,000,000 shares authorized, 68,427,321 shares issued and 67,661,362 shares outstanding as of June 26, 2016; 68,158,428 shares issued and 67,394,756 shares outstanding as of December 31, 2015	684	681
Preferred stock—$0.01 par value; 75,000,000 shares authorized and no shares issued or outstanding as of June 26, 2016 and December 31, 2015	0	0
Additional paid-in capital	324,633	317,140
Treasury stock, at cost; 765,959 and 763,672 shares as of June 26, 2016 and December 31, 2015, respectively	(13,398)	(13,338)
Retained earnings	203,850	182,747
Accumulated other comprehensive loss	(4,816)	(6,384)
Total stockholders’ equity	510,953	480,846
Total liabilities and stockholders’ equity	$ 653,460	$ 611,944