MIRA INFORM REPORT
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Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
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Name : |
DELTA GALIL INDUSTRIES LTD. |
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Registered Office : |
2 Kaufman Street, Textile Building, Tel Aviv, 68012 |
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Country : |
Israel |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1975 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Design, Development, Production, Marketing and Sales of underwear and
socks for men, women and children |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Israel |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Delta Galil Industries Ltd.
2 Kaufman Street
Textile Building
Tel Aviv, 68012
Israel
Tel: 972-3-5193636
Fax: 972-3-5193705
Web: www.deltagalil.com
Synthesis
Employees: 6,760
Company Type: Public Parent
Corporate Family: 7
Companies
Traded: Tel Aviv Stock Exchange: DELT
Over The Counter: DELTY
Incorporation Date: 1975
Auditor: PricewaterhouseCoopers LLP
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2010
Reporting Currency: US Dollar
Annual Sales: 620.1
1
Net Income: 21.1
Total Assets: 419.6 2
Market Value: 523.8
(03-Nov-2011)
Business Description
Delta Galil
Industries Ltd. (Delta) is engaged in design, development, production,
marketing and sales of underwear and socks for men, women and children. The
Company markets its products in three ways: manufacturing for international
brands (Private Label) (such as Tommy Hilfiger, Calvin Klein, Hugo Boss) and
for store brands of retail chains (such as Victoria’s Secret, Target, Marks
& Spencer, Wal-Mart; manufacturing and marketing under franchise
agreements, for which the Company is licensed (such as Converse, Wilson, Nicole
Miller, Lucky, Daisy Fuentas, Maidenform, Tommy Hilfiger), and marketing in
Israel under its own Delta brand. Delta designs and develops its products primarily
in Israel and in the United States, whereas production is mostly done through
sub-contractors and in its facilities in the Middle East and in the Far East.
For the six months ended 30 June 2011, Delta Galil Industries Ltd.'s revenue
increased 2% to USD160M. Net income increased 23% to USD6M. Revenue reflects
increased income from the US intimate Apparel U.S upper market and Europe,
business segment. Higher net income reflects higher other income as well as
lower organizational expenses. Delta Galil provides fashion and basic apparel
to address a wide range of customers.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1351 - Clothing
Manufacturing
NACE 2002: 1823 - Manufacture
of underwear
NAICS 2002: 315231 - Women's
and Girls' Cut and Sew Lingerie, Loungewear, and Nightwear Manufacturing
UK SIC 2003: 18232 -
Manufacture of women's underwear
US SIC 1987: 2341 - Women's,
Misses', Children's, and Infants' Underwear and Nightwear
Key Executives
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Name |
Title |
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Issac Dabah |
Chief Executive Officer, Director |
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Yossi Hajaj |
Chief Financial Officer |
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Esti Maoz |
Vice President, Chief Marketing Officer |
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Avraham Avital |
Chief Information Officer |
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Doron Shlomo |
Deputy Chief Executive Officer, Chief Operating Officer |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
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Mergers & Acquisitions |
1 |
The Jones Group Inc. Confirms Discussions With Delta Galil Industries
Ltd. Regarding Possible Sale Of Jeanswear Division |
11-Oct-2011 |
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Divestitures / Spin-offs |
1 |
Delta Galil Industries Ltd. Sells Property in Tel-Aviv |
23-Mar-2011 |
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Officer Changes |
1 |
Delta Galil Industries Ltd. Appoints New Chairman |
3-Apr-2011 |
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Expansion / New Markets / New Units |
1 |
Delta Galil Industries Ltd. Plans Opening Kids Clothing Chain Stores |
20-Feb-2011 |
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Dividends |
1 |
Delta Galil Industries Ltd. Announces Cash Dividend |
29-Nov-2010 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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Delta Galil
Reports Financial Results for Q3 2011: 19% Increase in Net Profit and 9%
Growth in Sales Compared to Corresponding Quarter Last Year |
10-Nov-2011 |
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M&A
Navigator: Deal pipeline - 14 October |
14-Oct-2011 |
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M&A
Navigator: Deal pipeline - 13 October |
13-Oct-2011 |
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M&A
Navigator: Deal pipeline - 12 October |
12-Oct-2011 |
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WSJ
BLOG/Deal Journal: Deals of the Day: On Second Thought H-P Reconsiders PCs |
12-Oct-2011 |
Financial Summary
As of 30-Jun-2011
Key Ratios Company Industry
Current Ratio (MRQ) .73 2.75
Quick Ratio (MRQ) .02 1.45
Debt to Equity (MRQ) 0.63 0.52
Sales 5 Year Growth -1.96 10.05
Net Profit Margin (TTM) % 3.78 7.39
Return on Assets (TTM) % 5.78 7.59
Return on Equity (TTM) % 12.49 15.09
Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
2 Kaufman Street
Textile Building
Tel Aviv, 68012
Israel
Tel: 972-3-5193636
Fax: 972-3-5193705
Web: www.deltagalil.com
Quote Symbol - Exchange
DELT - Tel Aviv
Stock Exchange
Sales USD(mil): 620.1
Assets USD(mil): 419.6
Employees: 6,760
Fiscal Year End: 31-Dec-2010
Industry: Apparel and Accessories
Incorporation Date: 1975
Company Type: Public Parent
Quoted Status: Quoted
Chairman of the Board
and Chief Executive Officer: Noam
Lautman
Company Web Links
· Company Contact/E-mail
· Corporate History/Profile
· Executives
· Home Page
· Investor Relations
· News Releases
· Products/Services
Contents
· Industry Codes
· Business Description
· Financial Data
· Market Data
· Shareholders
· Subsidiaries
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1351 - Clothing Manufacturing
NACE 2002 Codes:
1823 - Manufacture of underwear
NAICS 2002 Codes:
315231 - Women's and Girls' Cut and Sew Lingerie, Loungewear, and
Nightwear Manufacturing
315221 - Men's and Boys' Cut and Sew Underwear and Nightwear
Manufacturing
US SIC 1987:
2341 - Women's, Misses', Children's, and Infants' Underwear and
Nightwear
2322 - Men's and Boys' Underwear and Nightwear
UK SIC 2003:
18231 - Manufacture of men's underwear
18232 - Manufacture of women's underwear
Business
Description
Delta Galil
Industries Ltd. (Delta), incorporated in 1975, is engaged in design,
development, production, marketing and sales of underwear and socks for men,
women and children. The Company markets its products in three ways:
manufacturing for international brands (Private Label) (such as Tommy Hilfiger,
Calvin Klein, Hugo Boss) and for store brands of retail chains (such as
Victoria’s Secret, Target, Marks & Spencer, Wal-Mart; manufacturing and
marketing under franchise agreements, for which the Company is licensed (such
as Converse, Wilson, Nicole Miller, Lucky, Daisy Fuentas, Maidenform, Tommy
Hilfiger), and marketing in Israel under its own Delta brand. Delta designs and
develops its products primarily in Israel and in the United States, whereas
production is mostly done through sub-contractors and in its facilities in the
Middle East and in the Far East.
The Company
operates in three segments: Delta United States mass market, Delta Israel and Delta
Marketing Israel. Delta United States mass market is primarily engaged in
design, development, manufacturing and marketing of underwear and socks for
men, women and children, primarily to retail chains in the United States. Delta
Israel segment is primarily engaged in design, development manufacturing and
marketing of underwear, socks and seamless wear for men, women and children to
retail chains and brands in Europe and in the United States. Delta Marketing
Israel is engaged in design, development, manufacturing and marketing of
underwear for men, women and children, mostly purchased from suppliers in Far
East and distributed through the Company’s stores in Israel. The Company is
also engaged in wholesale operations for retail chains in Israel.
The Company
competes with Ariella Intimate, Saramax Apparel Group Inc., Felina,
Biflex Intimates
Group Inc, Hanes, Fruit of the Loom, Jockey, Vanity Fair, MAS Holdings, ACE,
Tefron, Clover, Regina, Martins, Pacific Dunlop (Courtaulds), Brandix Lanka
Limited, Jeweltex, Renfro Corporation, Gildan Active Wear Inc., Interloop,
Adria, Intima, Triumphs, Gibor Sabrina, Go Under, Jack Kuba and
Srigamish
More Business Descriptions
Delta Galil
Industries Ltd. (Delta) is engaged in design, development, production,
marketing and sales of underwear and socks for men, women and children. The
Company markets its products in three ways: manufacturing for international
brands (Private Label) (such as Tommy Hilfiger, Calvin Klein, Hugo Boss) and
for store brands of retail chains (such as Victoria’s Secret, Target, Marks
& Spencer, Wal-Mart; manufacturing and marketing under franchise
agreements, for which the Company is licensed (such as Converse, Wilson, Nicole
Miller, Lucky, Daisy Fuentas, Maidenform, Tommy Hilfiger), and marketing in
Israel under its own Delta brand. Delta designs and develops its products
primarily in Israel and in the United States, whereas production is mostly done
through sub-contractors and in its facilities in the Middle East and in the Far
East. For the six months ended 30 June 2011, Delta Galil Industries Ltd.'s
revenue increased 2% to USD160M. Net income increased 23% to USD6M. Revenue reflects
increased income from the US intimate Apparel U.S upper market and Europe,
business segment. Higher net income reflects higher other income as well as
lower organizational expenses. Delta Galil provides fashion and basic apparel
to address a wide range of customers.
Source: Reuters
· Design, development, production, marketing and sales of underwear and socks for men, women and children
· Fiber, Yarn, and Thread Mills
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Corporate
Family |
Corporate
Structure News: |
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Delta Galil
Industries Ltd. |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Tel Aviv |
Israel |
Apparel and Accessories |
620.1 |
6,760 |
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Subsidiary |
Tifton, GA |
United States |
Apparel and Accessories |
199.2 |
600 |
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Subsidiary |
Auburn, KY |
United States |
Apparel and Accessories |
9.2 |
55 |
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Subsidiary |
London |
United Kingdom |
Apparel and Accessories |
7.4 |
37 |
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Subsidiary |
London |
United Kingdom |
Apparel and Accessories |
7.7 |
39 |
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Subsidiary |
London |
United Kingdom |
Apparel and Accessories |
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Subsidiary |
London |
United Kingdom |
Apparel and Accessories |
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Competitors Report
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CompanyName |
Location |
Employees |
Ownership |
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Energizer Holdings, Inc. |
St. Louis, Missouri, United States |
15,500 |
Public |
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Etam Developpement SCA |
Paris, France |
19,889 |
Public |
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Frederick's of Hollywood Group Inc. |
New York, New York, United States |
582 |
Public |
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The Warnaco Group, Inc. |
New York, New York, United States |
6,400 |
Public |
Executive report
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Board of
Directors |
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Chairman of the Board |
Chairman |
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Chairman |
Chairman |
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Chairman of the Board and Chief Executive
Officer |
Chairman |
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Director |
Director/Board Member |
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External Director |
Director/Board Member |
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Director |
Director/Board Member |
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Chief Executive Officer, Director |
Director/Board Member |
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Director |
Director/Board Member |
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External Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Chief Operating Officer, Director |
Director/Board Member |
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Executives |
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Chief Executive Officer, Director |
Chief Executive Officer |
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President & Chief Executive Officer |
Chief Executive Officer |
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Chairman of the Board and Chief Executive
Officer |
Chief Executive Officer |
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President of Burlen Corp. |
Division Head Executive |
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Chief Executive Officer of Delta Galil USA Inc. |
Division Head Executive |
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Head of Israel Operations |
Operations Executive |
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Head of Socks & Seamless Operations |
Operations Executive |
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Deputy Chief Executive Officer, Chief
Operating Officer |
Operations Executive |
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Co-Senior Vice President & Chief Operation Officer |
Operations Executive |
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Chief Operating Officer, Director |
Operations Executive |
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Controller, Secretary |
Company Secretary |
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Chief Financial Officer |
Finance Executive |
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Vice President of Human Resources |
Human Resources Executive |
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Vice President, Chief Marketing Officer |
Marketing Executive |
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Chief Information Officer |
Information Executive |
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IT Manager |
Engineering/Technical Executive |
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Senior Vice President & Chief Executive Officer-Delta Galil USA |
Other |
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Significant Developments
The Jones Group
Inc. Confirms Discussions With Delta Galil Industries Ltd. Regarding Possible
Sale Of Jeanswear Division Oct 11, 2011
The Jones Group
Inc. announced that it is in discussions with Delta Galil Industries Ltd., the
manufacturer and marketer of branded and private label apparel products for
men, women and children, regarding the potential sale of Jones' Jeanswear
division for an estimated aggregate amount between $350 and $400 million, which
would be subject to change depending upon the level of net working capital and
additional adjustments. Earlier in compliance with Israeli law and in response
to Israeli media speculation regarding a potential transaction, Delta Galil
issued a press release confirming discussions with Jones. The Company expects
that discussions with Delta Galil will be concluded or terminated within a
month. The Jones Group notes that no agreement has been reached and there can
be no assurances that any transaction will result from these discussions. If a
transaction were to be consummated, Jones currently contemplates using a
substantial portion of the net proceeds from the transaction to conduct share
repurchases. No definitive decisions have been reached regarding the use of
proceeds from a potential transaction, including the terms or timing of any
such actions.
Delta Galil
Industries Ltd. Appoints New Chairman Apr 03, 2011
Delta Galil
Industries Ltd. announced that it has appointed a new Chairman of the Board,
Mr. Noam Lautman, effective March 31, 2011.
Delta Galil
Industries Ltd. Appoints New Chairman Apr 03, 2011
Delta Galil
Industries Ltd. announced that it has appointed a new Chairman of the Board,
Mr. Noam Lautman, effective March 31, 2011.
Delta Galil Industries Ltd. Sells Property in Tel-Aviv Mar 23, 2011
Delta Galil
Industries Ltd. announced that it has signed an agreement for the sale of an
office floor in Tel-Aviv and the rights for 12 stores lease at the ground floor
of the building for USD 3.5 million plus tax.
Delta Galil
Industries Ltd. Sells Property in Tel-Aviv Mar 23, 2011
Delta Galil
Industries Ltd. announced that it has signed an agreement for the sale of an
office floor in Tel-Aviv and the rights for 12 stores lease at the ground floor
of the building for USD 3.5 million plus tax.
Delta Galil
Industries Ltd. Plans Opening Kids Clothing Chain Stores Feb 20, 2011
Delta Galil
Industries Ltd. announced that it plans to open a new network of stores for
kids clothing under the brand name 'Delta Kids', in 2011. According to the
plans the Company intends to open nine independent shops and integrate the new
line into eight existing shops, all based in Israel. The Company estimates the
investment in 2011 in establishing a network of shops will be approximately NIS
20 million.
Delta Galil
Industries Ltd. Plans Opening Kids Clothing Chain Stores Feb 20, 2011
Delta Galil
Industries Ltd. announced that it plans to open a new network of stores for
kids clothing under the brand name 'Delta Kids', in 2011. According to the
plans the Company intends to open nine independent shops and integrate the new
line into eight existing shops, all based in Israel. The Company estimates the
investment in 2011 in establishing a network of shops will be approximately NIS
20 million.
Delta Galil
Industries Ltd. Announces Cash Dividend Nov 29, 2010
Delta Galil
Industries Ltd. announced that it has decided to pay a dividend of NIS 0.18 per
share. The dividend ex-date is April 22, 2010, for shareholders on record on
April 26, 2010, and the payment date is May 10, 2010.
Delta Galil
Industries Ltd. Announces Cash Dividend Nov 29, 2010
Delta Galil
Industries Ltd. announced that it has decided to pay a dividend of NIS 0.18 per
share. The dividend ex-date is April 22, 2010, for shareholders on record on
April 26, 2010, and the payment date is May 10, 2010.
Press clippings
ISRAEL: Delta
Galil books Q3 gains as Jones talks continue
just-style.com
11 November 2011
By Leonie Barrie
[What follows is the full text of the article.]
Apparel and
lingerie maker Delta Galil Industries Ltd yesterday (10 November) said talks to
buy Jones Group's jeanswear division are taking longer than the initial
one-month timeframe, but the deal is likely to be finalised by the end of this
year.
Speaking as the
company booked a 19% jump in third quarter profit, Delta Galil CEO Isaac Dabah
said "The negotiations with the Jones Group and the banks are continuing.
We currently expect that the transaction will be finalised by the end of this
year."
The Israeli
company, which specialises in intimate apparel, underwear, bras and socks,
children's wear, leisurewear and nightwear for customers including Marks &
Spencer, Target, Wal-Mart, JC Penney, Calvin Klein, Nike and Hugo Boss, said
third quarter profit rose to $7.7m, up from $6.5m the year before.
Higher gross
profit and a stronger margin contributed to this rise. Gross profit in the
quarter was $37.2m or 20.1% of overall sales, up 11% on last year's $33.4m or
19.7% of sales.
Revenues were also
up, climbing 9% to $184.8m from $169.7m, with growth in North America, Europe,
the UK and Israel.
Dabah put the
gains down to "our continuing focus on innovation and enhanced customer
service" - including its seamless shapewear and sportswear business.
"In addition, we saw significant growth in our performance sport socks in
Europe, as well as in our upper market business in lingerie and men's underwear,"
he added.
This article was
originally published on just-style.com on 11 November 2011. For authoritative
and timely style business information visit http://www.just-style.com.
ISRAEL: Delta Galil fabric technology boosts
performance
just-style.com
03 November 2011
By Leonie Barrie
[What follows is
the full text of the article.]
Global apparel
supplier Delta Galil has introduced two new fabric technologies that give a
long-lasting smooth touch and enhanced performance to man-made cellulosic
materials.
Cellulose (wood
pulp) fabrics are ideal for women's underwear and sleepwear, men's underwear
and other garments worn next to our skin because of their soft and smooth touch
and appearance, together with a pleasing drape and comfortable breathability.
The downside,
however, is that the fabric has a tendency to pill, which means the softness
and sheen are lost after just a few washes.
The first patent
pending technology, which Tel Aviv based Delta Galil describes as
"groundbreaking," is called "ReaLasting Softness and gives the
fabrics anti-pill properties.
It has also
combined these anti-pill features with moisture management properties in
another new technology called RealCool Softness Pro. This offers enhanced
performance for man-made fabrics used in a range of sporting activities by
wicking away perspiration from the skin to the surface for evaporation, leaving
the body cool, dry and more comfortable.
Delta produces
panties and bras for women and girls, shapewear garments in cut and sew as well
as seamless technology, women's nightwear, men's underwear, nightwear,
leisurewear, T-shirts, and socks for retailers, brands and marketers in the US
and Europe.
This article was
originally published on just-style.com on 3 November 2011. For authoritative
and timely style business information visit http://www.just-style.com.
US: Jones mulls
sale of jeanswear unit to Delta Galil
just-style.com
11 October 2011
By Leonie Barrie
[What follows is
the full text of the article.]
Apparel and
footwear company Jones Group Inc today (11 October) confirmed it is mulling the
sale of its jeanswear division to Israeli apparel and lingerie maker Delta
Galil Industries Ltd for up to $400m.
The New York based
company, whose jeanswear brands include Energie, l.e.i., and Gloria Vanderbilt,
said it expects talks with Delta Galil to be completed within a month.
As well as several
of Jones Group's owned brands, the deal is also likely to include licenses to
other brands related to the jeanswear business.
The sale would
mark a full-circle for Delta Galil's CEO Isaac Dabah who sold the Gloria
Vanderbilt jeanswear business to Jones Apparel Group in 2002 for $100m and
subsequently became group CEO of the Gloria Vanderbilt and l.e.i. Divisions.
It will also
expand Delta Galil's business into new categories and boost its sales in North
America. The Israeli firm currently specialises in intimate apparel, underwear,
bras and socks, children's wear, leisurewear and nightwear for customers
including Marks & Spencer, Target, Wal-Mart, JC Penney, Calvin Klein, Nike
and Hugo Boss.
Jones today
stressed that a deal has not yet been reached and there is no guarantee that a
transaction will result from the discussions. But with a potential sale
expected to fetch between $350m and $400m, it said it would use a substantial
portion of the proceeds to repurchase shares.
The company, whose
brands also include Nine West and Anne Klein, Jones New York, Kurt Geiger and
Rachel Roy, added that it does not intend to make any further comments until an
agreement has been reached or discussions terminated.
In July, the
apparel and footwear firm posted a steep drop in second quarter profit to
US$5.2m from $25.7m, impacted by the cost of recent acquisitions including
Stuart Weitzman and UK shoe retailer Kurt Geiger. But revenues edged up 3.3% to
$888m.
Tel Aviv based
Delta Galil, meanwhile, managed to shrug off softness in the US mass market to
book a 23% jump in second quarter profit to $5.6m as sales climbed 2% to
$160.2m. In July it acquired assets of sleepwear brand KN Karen Neuberger, from
Russell Newman Brands in a deal worth US$4m.
This article was
originally published on just-style.com on 11 October 2011. For authoritative
and timely style business information visit http://www.just-style.com.
ISRAEL: Delta
Galil books 23% jump in Q2 profit
just-style.com
09 August 2011
By Leonie Barrie
[What follows is
the full text of the article.]
Intimate apparel
specialist Delta Galil Industries Ltd has managed to shrug off softness in the
US mass market to book a 23% jump in second quarter profit.
The Tel Aviv based
firm, which makes ladies' intimate apparel, socks, men's underwear, baby-wear
and leisurewear, said an improved performance in its Global Upper Market and
Delta Israel segments helped offset a slowdown in the US Mass Market, where
sales fell 10% to $69.6m and it swung to an operating loss of $1.7m.
An increase in
selling prices to cover higher cotton costs is expected to help this unit
become profitable in the second half of the year.
Global Upper Market
sales increased 4% to $71.2m and operating profit soared 60% to $7.2m on higher
sales and more innovative products. Profit margins were boosted by higher
production volume and profitability of the company's plants.
Sales of Delta
Galil Israel rose 28% to $21.5m and operating profit jumped by 42% to $3.6m,
with growth helped by the launch of the first Delta Galil Kids stores this
year.
This article was
originally published on just-style.com on 9 August 2011. For authoritative and
timely style business information visit http://www.just-style.com.
Delta Galil
Acquires KN Karen Neuburger
Manufacturing
Close-Up
11 July 2011
[What follows is
the full text of the article.]
Delta Galil
Industries, a global manufacturer and marketer of branded and private label
apparel products for men, women and children, announced its acquisition, from
Russell-Newman, Inc., of the assets of KN Karen Neuburger.
Neuburger is a
lifestyle brand of women's sleepwear, loungewear, robes, accessories and home
products sold through department store channels. According to a release, the
brand joins both the Tommy Hilfiger and Lucky intimates branded businesses
marketed by D2 Brands, a division of Delta Galil.
Isaac Dabah, CEO,
Delta Galil Industries, said, "I'm a huge fan of the brand and I'm
confident in its continued success with Delta Galil. Using our strength in
fabric innovation, marketing and distribution, Delta intends to expand the
Karen Neuberger brand on a global scale. We expect sales to be in the
$20,000,000 range for 2012, and for this business to be accretive to the
company's profits in 2012."
ISRAEL: Delta
Galil snaps up KN Karen Neuberger
just-style.com
04 July 2011
By Katie Smith
[What follows is
the full text of the article.]
Intimate apparel
maker Delta Galil has acquired assets of sleepwear brand KN Karen Neuberger,
from Russell Newman Brands in a deal worth US$4m.
The agreement
includes ownership of the Karen Neuberger brand, inventory of finished products
and open purchase orders related activities, the company told just-style.
The KN Karen
Neuberger brand joins the Tommy Hilfiger and Lucky intimates businesses
marketed by D2 Brands, a division of Delta Galil.
"I'm a huge
fan of the brand and I'm confident in its continued success with Delta
Galil," said Isaac Dabah, CEO of Delta Galil Industries Ltd.
"Using our
strength in fabric innovation, marketing and distribution, Delta intends to
expand the Karen Neuberger brand on a global scale."
"We expect
sales to be in the US$20m range for 2012, and for this business to be accretive
to the company's profits in 2012."
This article was
originally published on just-style.com on 4 July 2011. For authoritative and
timely style business information visit http://www.just-style.com.
ISRAEL: Delta
Galil names Noam Lautman chairman
just-style.com
05 April 2011
By just-style.com
[What follows is
the full text of the article.]
Underwear,
sleepwear and intimate apparel maker Delta Galil Industries Ltd has named Noam
Lautman - the son of company founder Dov Lautman - as its new chairman.
He replaces Gideon
Chitayat who is stepping down due to other engagements, but will remain a
member of the board
Noam, who has been
a director of the company for ten years, previously served as director for
strategic planning and new ventures at Teva Pharmaceutical Industries, and is
currently CEO of private investment firm 2gether Capital.
The Lautman family
holds 10.5% of the shares of the company.
Isaac Dabah, CEO
and controlling shareholder of Delta Galil, described the appointment as a
"manifestation of the commitment of the Lautman family to the company.
Noam has many years of experience with the company and he has much to
contribute to its continued success."
This article was
originally published on just-style.com on 5 April 2011. For authoritative and
timely style business information visit http://www.just-style.com.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
620.1 |
572.5 |
622.8 |
647.4 |
706.7 |
|
Revenue |
620.1 |
572.5 |
622.8 |
647.4 |
706.7 |
|
Total Revenue |
620.1 |
572.5 |
622.8 |
647.4 |
706.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
498.8 |
468.8 |
517.2 |
534.7 |
583.9 |
|
Cost of Revenue, Total |
498.8 |
468.8 |
517.2 |
534.7 |
583.9 |
|
Gross Profit |
121.3 |
103.7 |
105.7 |
112.7 |
122.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
90.6 |
35.6 |
42.6 |
35.8 |
38.1 |
|
Labor & Related Expense |
- |
47.6 |
57.5 |
55.8 |
53.8 |
|
Advertising Expense |
- |
2.7 |
3.0 |
2.9 |
2.4 |
|
Total Selling/General/Administrative Expenses |
90.6 |
85.9 |
103.1 |
94.5 |
94.3 |
|
Depreciation |
- |
2.4 |
2.6 |
2.6 |
2.9 |
|
Amortization of Intangibles |
- |
- |
- |
0.7 |
0.7 |
|
Amortization of Acquisition Costs |
0.0 |
0.0 |
7.4 |
- |
- |
|
Depreciation/Amortization |
0.0 |
2.4 |
10.0 |
3.4 |
3.6 |
|
Restructuring Charge |
0.5 |
-1.3 |
9.2 |
11.1 |
1.7 |
|
Impairment-Assets Held for Use |
1.0 |
1.9 |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
-2.5 |
-0.8 |
-0.8 |
-0.8 |
-0.7 |
|
Unusual Expense (Income) |
-1.0 |
-0.1 |
8.4 |
10.3 |
1.0 |
|
Other Operating Expense |
0.7 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.7 |
- |
- |
- |
- |
|
Total Operating Expense |
589.0 |
557.0 |
638.6 |
642.8 |
682.8 |
|
|
|
|
|
|
|
|
Operating Income |
31.1 |
15.6 |
-15.7 |
4.6 |
23.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-6.2 |
-5.3 |
-7.8 |
-12.2 |
-12.2 |
|
Interest Expense, Net Non-Operating |
-6.2 |
-5.3 |
-7.8 |
-12.2 |
-12.2 |
|
Interest Income -
Non-Operating |
0.1 |
0.0 |
0.1 |
0.2 |
0.3 |
|
Investment Income -
Non-Operating |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Interest/Investment Income - Non-Operating |
0.1 |
0.1 |
0.0 |
0.2 |
0.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-6.1 |
-5.3 |
-7.8 |
-12.0 |
-11.9 |
|
Other Non-Operating Income (Expense) |
-1.7 |
-1.1 |
0.3 |
-1.0 |
-3.5 |
|
Other, Net |
-1.7 |
-1.1 |
0.3 |
-1.0 |
-3.5 |
|
Income Before Tax |
23.2 |
9.2 |
-23.3 |
-8.4 |
8.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
2.1 |
1.6 |
2.5 |
4.1 |
5.5 |
|
Income After Tax |
21.2 |
7.7 |
-25.8 |
-12.5 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
0.0 |
-0.6 |
-0.4 |
-0.5 |
|
Net Income Before Extraord Items |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
Net Income |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
18.7 |
18.7 |
18.7 |
18.7 |
18.7 |
|
Basic EPS Excl Extraord Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Basic/Primary EPS Incl Extraord Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
Diluted Weighted Average Shares |
18.7 |
18.7 |
18.7 |
18.7 |
18.7 |
|
Diluted EPS Excl Extraord Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Diluted EPS Incl Extraord Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Dividends per Share - Common Stock Primary Issue |
0.30 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
7.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
6.1 |
5.3 |
7.8 |
14.0 |
14.2 |
|
Depreciation, Supplemental |
9.3 |
11.4 |
11.1 |
12.1 |
14.1 |
|
Total Special Items |
-1.0 |
-0.1 |
15.7 |
10.3 |
1.0 |
|
Normalized Income Before Tax |
22.2 |
9.1 |
-7.5 |
1.9 |
9.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.1 |
0.0 |
2.9 |
3.6 |
0.3 |
|
Inc Tax Ex Impact of Sp Items |
2.0 |
1.5 |
5.4 |
7.7 |
5.8 |
|
Normalized Income After Tax |
20.3 |
7.5 |
-13.0 |
-5.9 |
3.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
20.1 |
7.5 |
-13.6 |
-6.3 |
3.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.07 |
0.40 |
-0.72 |
-0.33 |
0.17 |
|
Diluted Normalized EPS |
1.07 |
0.40 |
-0.72 |
-0.33 |
0.17 |
|
Amort of Acquisition Costs, Supplemental |
0.0 |
0.0 |
7.4 |
- |
- |
|
Amort of Intangibles, Supplemental |
1.7 |
1.9 |
1.5 |
1.1 |
1.5 |
|
Rental Expenses |
- |
- |
- |
8.7 |
8.5 |
|
Advertising Expense, Supplemental |
2.5 |
2.7 |
3.0 |
2.9 |
2.4 |
|
Research & Development Exp, Supplemental |
- |
- |
- |
0.0 |
0.0 |
|
Normalized EBIT |
30.0 |
15.4 |
-7.4 |
14.9 |
24.9 |
|
Normalized EBITDA |
41.1 |
28.7 |
12.6 |
28.2 |
40.5 |
|
Current Tax - Domestic |
2.0 |
0.2 |
0.0 |
2.5 |
2.0 |
|
Current Tax - Foreign |
1.8 |
-0.8 |
0.6 |
3.3 |
3.6 |
|
Current Tax - Total |
3.8 |
-0.7 |
0.6 |
5.8 |
5.6 |
|
Deferred Tax - Domestic |
-1.6 |
0.2 |
0.0 |
-1.5 |
0.2 |
|
Deferred Tax - Foreign |
-0.7 |
1.5 |
1.1 |
0.0 |
0.2 |
|
Deferred Tax - Total |
-2.3 |
1.7 |
1.0 |
-1.5 |
0.4 |
|
Domestic Tax - Other |
-0.2 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Foreign Tax - Other |
0.8 |
0.5 |
0.9 |
-0.1 |
-0.4 |
|
Income Tax - Total |
2.1 |
1.6 |
2.5 |
4.1 |
5.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
46.2 |
27.9 |
4.2 |
16.7 |
10.3 |
|
Short Term Investments |
- |
- |
- |
0.3 |
0.2 |
|
Cash and Short Term Investments |
46.2 |
27.9 |
4.2 |
16.9 |
10.5 |
|
Accounts Receivable -
Trade, Gross |
91.2 |
103.9 |
92.3 |
103.8 |
110.3 |
|
Provision for Doubtful
Accounts |
-0.9 |
-0.7 |
-2.7 |
-0.7 |
-0.6 |
|
Trade Accounts Receivable - Net |
90.3 |
103.1 |
89.6 |
103.1 |
109.7 |
|
Other Receivables |
12.8 |
8.0 |
10.1 |
6.1 |
4.8 |
|
Total Receivables, Net |
103.1 |
111.2 |
99.7 |
109.2 |
114.5 |
|
Inventories - Finished Goods |
107.5 |
69.4 |
96.8 |
121.2 |
111.6 |
|
Inventories - Raw Materials |
11.4 |
8.5 |
13.1 |
13.9 |
14.6 |
|
Inventories - Other |
2.4 |
2.8 |
2.2 |
2.4 |
5.3 |
|
Total Inventory |
121.3 |
80.7 |
112.2 |
137.5 |
131.6 |
|
Prepaid Expenses |
- |
- |
- |
2.0 |
2.6 |
|
Restricted Cash - Current |
- |
- |
- |
0.0 |
4.0 |
|
Discontinued Operations - Current Asset |
2.8 |
2.9 |
2.9 |
5.4 |
4.5 |
|
Other Current Assets, Total |
2.8 |
2.9 |
2.9 |
5.4 |
8.5 |
|
Total Current Assets |
273.4 |
222.7 |
219.0 |
271.0 |
267.7 |
|
|
|
|
|
|
|
|
Land/Improvements |
28.3 |
30.1 |
30.3 |
29.9 |
32.6 |
|
Machinery/Equipment |
131.9 |
134.1 |
137.0 |
142.3 |
153.0 |
|
Property/Plant/Equipment - Gross |
160.2 |
164.2 |
167.4 |
172.2 |
185.6 |
|
Accumulated Depreciation |
-97.5 |
-91.6 |
-87.2 |
-87.2 |
-87.5 |
|
Property/Plant/Equipment - Net |
62.7 |
72.7 |
80.1 |
84.9 |
98.1 |
|
Goodwill, Net |
58.7 |
58.7 |
58.7 |
63.2 |
62.6 |
|
Intangibles - Gross |
54.8 |
51.7 |
43.8 |
37.6 |
27.0 |
|
Accumulated Intangible Amortization |
-38.0 |
-34.4 |
-27.7 |
-14.6 |
-9.5 |
|
Intangibles, Net |
16.7 |
17.3 |
16.1 |
23.1 |
17.6 |
|
Deferred Income Tax - Long Term Asset |
5.1 |
3.5 |
4.6 |
5.6 |
3.7 |
|
Other Long Term Assets |
2.9 |
1.5 |
1.7 |
2.1 |
2.4 |
|
Other Long Term Assets, Total |
8.0 |
5.0 |
6.2 |
7.7 |
6.1 |
|
Total Assets |
419.6 |
376.4 |
380.1 |
450.0 |
452.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
53.0 |
45.1 |
45.5 |
60.9 |
59.0 |
|
Accrued Expenses |
26.6 |
27.7 |
25.5 |
28.0 |
26.1 |
|
Notes Payable/Short Term Debt |
57.4 |
104.1 |
130.0 |
141.3 |
129.4 |
|
Current Portion - Long Term Debt/Capital Leases |
2.1 |
2.1 |
8.2 |
8.2 |
9.2 |
|
Income Taxes Payable |
0.9 |
0.9 |
0.3 |
1.5 |
1.6 |
|
Other Payables |
4.1 |
2.3 |
2.9 |
3.6 |
3.4 |
|
Other Current Liabilities |
10.8 |
5.1 |
11.2 |
7.9 |
6.1 |
|
Other Current liabilities, Total |
15.8 |
8.2 |
14.4 |
13.0 |
11.2 |
|
Total Current Liabilities |
154.9 |
187.2 |
223.6 |
251.4 |
234.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
61.6 |
5.7 |
0.0 |
8.2 |
17.6 |
|
Total Long Term Debt |
61.6 |
5.7 |
0.0 |
8.2 |
17.6 |
|
Total Debt |
121.2 |
112.0 |
138.2 |
157.7 |
156.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.0 |
0.8 |
0.0 |
0.0 |
0.1 |
|
Deferred Income Tax |
0.0 |
0.8 |
0.0 |
0.0 |
0.1 |
|
Minority Interest |
2.5 |
2.5 |
3.0 |
2.7 |
2.8 |
|
Pension Benefits - Underfunded |
0.5 |
0.3 |
0.5 |
0.2 |
0.4 |
|
Other Long Term Liabilities |
5.3 |
3.9 |
6.0 |
13.7 |
9.4 |
|
Other Liabilities, Total |
5.8 |
4.2 |
6.5 |
13.9 |
9.9 |
|
Total Liabilities |
224.8 |
200.5 |
233.1 |
276.3 |
265.2 |
|
|
|
|
|
|
|
|
Common Stock |
23.1 |
23.1 |
21.9 |
21.9 |
21.9 |
|
Common Stock |
23.1 |
23.1 |
21.9 |
21.9 |
21.9 |
|
Additional Paid-In Capital |
179.9 |
162.6 |
134.9 |
161.7 |
175.1 |
|
Treasury Stock - Common |
-9.7 |
-9.7 |
-9.7 |
-9.7 |
-9.7 |
|
Other Comprehensive Income |
1.5 |
- |
0.0 |
-0.2 |
-0.4 |
|
Other Equity, Total |
1.5 |
- |
0.0 |
-0.2 |
-0.4 |
|
Total Equity |
194.8 |
176.0 |
147.1 |
173.7 |
186.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
419.6 |
376.4 |
380.1 |
450.0 |
452.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
23.4 |
23.4 |
18.9 |
18.9 |
18.7 |
|
Total Common Shares Outstanding |
23.4 |
23.4 |
18.9 |
18.9 |
18.7 |
|
Treasury Shares - Common Stock Primary Issue |
1.2 |
1.2 |
1.2 |
1.2 |
- |
|
Employees |
6,760 |
7,500 |
8,340 |
9,700 |
11,000 |
|
Number of Common Shareholders |
- |
- |
- |
21 |
21 |
|
Accumulated Intangible Amort, Suppl. |
38.0 |
34.4 |
27.7 |
14.6 |
9.5 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
36.8 |
43.5 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
0.0 |
10.1 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
7.6 |
9.9 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
6.0 |
6.9 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
8.7 |
6.1 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
7.7 |
5.5 |
|
Long Term Debt Maturing in Year 6 |
- |
- |
- |
6.8 |
4.9 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
13.6 |
16.8 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
16.4 |
11.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
6.8 |
4.9 |
|
Total Operating Leases, Supplemental |
- |
- |
- |
48.4 |
- |
|
Operating Lease Payments Due in Year 1 |
- |
- |
- |
8.9 |
- |
|
Operating Lease Payments Due in Year 2 |
- |
- |
- |
8.3 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
- |
7.2 |
- |
|
Operating Lease Payments Due in Year 4 |
- |
- |
- |
6.1 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
- |
15.5 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
- |
- |
6.1 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
17.9 |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
21.2 |
7.7 |
-25.8 |
-12.5 |
3.1 |
|
Depreciation |
9.3 |
11.4 |
11.1 |
12.1 |
14.1 |
|
Depreciation/Depletion |
9.3 |
11.4 |
11.1 |
12.1 |
14.1 |
|
Amortization of Intangibles |
1.7 |
1.9 |
1.5 |
1.1 |
1.5 |
|
Amortization of Acquisition Costs |
0.7 |
0.0 |
7.4 |
- |
- |
|
Amortization |
2.4 |
1.9 |
8.9 |
1.1 |
1.5 |
|
Deferred Taxes |
-2.3 |
1.7 |
1.0 |
-1.5 |
0.4 |
|
Unusual Items |
0.6 |
1.6 |
8.0 |
7.8 |
0.5 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other Non-Cash Items |
1.8 |
0.2 |
-3.1 |
1.5 |
0.6 |
|
Non-Cash Items |
2.3 |
1.7 |
4.9 |
9.3 |
1.1 |
|
Accounts Receivable |
12.3 |
-11.4 |
12.4 |
6.3 |
-0.7 |
|
Inventories |
-40.8 |
34.0 |
25.3 |
-5.9 |
15.7 |
|
Prepaid Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Accounts Payable |
10.3 |
-6.1 |
-22.0 |
2.1 |
-9.4 |
|
Taxes Payable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Liabilities |
0.0 |
-0.1 |
-0.1 |
-0.5 |
-1.3 |
|
Other Operating Cash Flow |
-0.5 |
- |
- |
- |
- |
|
Changes in Working Capital |
-18.6 |
16.5 |
15.7 |
1.9 |
4.0 |
|
Cash from Operating Activities |
14.3 |
40.8 |
15.8 |
10.4 |
24.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-5.2 |
-4.1 |
-7.8 |
-8.2 |
-5.7 |
|
Capital Expenditures |
-5.2 |
-4.1 |
-7.8 |
-8.2 |
-5.7 |
|
Acquisition of Business |
0.8 |
-8.2 |
-2.1 |
-2.4 |
-1.2 |
|
Sale of Fixed Assets |
1.4 |
1.1 |
2.1 |
1.4 |
1.3 |
|
Sale/Maturity of Investment |
0.6 |
0.0 |
0.0 |
0.3 |
3.1 |
|
Investment, Net |
-0.1 |
0.0 |
0.0 |
4.0 |
-4.1 |
|
Other Investing Cash Flow |
4.4 |
0.3 |
0.0 |
0.0 |
0.1 |
|
Other Investing Cash Flow Items, Total |
7.1 |
-6.9 |
-0.1 |
3.3 |
-0.9 |
|
Cash from Investing Activities |
1.9 |
-11.0 |
-7.8 |
-4.9 |
-6.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.1 |
-0.8 |
-0.6 |
-0.7 |
-0.8 |
|
Financing Cash Flow Items |
-0.1 |
-0.8 |
-0.6 |
-0.7 |
-0.8 |
|
Cash Dividends Paid - Common |
-5.0 |
- |
- |
- |
- |
|
Total Cash Dividends Paid |
-5.0 |
- |
- |
- |
- |
|
Sale/Issuance of
Common |
0.0 |
21.0 |
- |
- |
- |
|
Common Stock, Net |
0.0 |
21.0 |
- |
- |
- |
|
Options Exercised |
0.1 |
- |
- |
0.0 |
0.4 |
|
Issuance (Retirement) of Stock, Net |
0.1 |
21.0 |
- |
0.0 |
0.4 |
|
Short Term Debt, Net |
-47.2 |
-25.9 |
-11.3 |
11.8 |
26.5 |
|
Long Term Debt Issued |
56.3 |
8.3 |
- |
- |
- |
|
Long Term Debt, Net |
54.1 |
-0.4 |
-8.3 |
-10.5 |
-49.1 |
|
Issuance (Retirement) of Debt, Net |
6.9 |
-26.3 |
-19.6 |
1.3 |
-22.6 |
|
Cash from Financing Activities |
1.9 |
-6.1 |
-20.2 |
0.6 |
-23.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
0.0 |
-0.2 |
0.2 |
1.1 |
|
Net Change in Cash |
18.3 |
23.7 |
-12.5 |
6.3 |
-4.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
27.9 |
4.2 |
16.7 |
10.3 |
14.6 |
|
Net Cash - Ending Balance |
46.2 |
27.9 |
4.2 |
16.7 |
10.3 |
|
Cash Interest Paid |
4.0 |
3.8 |
6.1 |
10.5 |
10.0 |
|
Cash Taxes Paid |
3.4 |
1.6 |
5.0 |
5.1 |
8.8 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Revenues |
620.1 |
572.5 |
622.8 |
647.4 |
706.7 |
|
Total Revenue |
620.1 |
572.5 |
622.8 |
647.4 |
706.7 |
|
|
|
|
|
|
|
|
Cost of Revenues |
498.8 |
468.8 |
517.2 |
534.7 |
583.9 |
|
Salaries & Benefits- Selling |
- |
33.7 |
42.3 |
40.0 |
37.6 |
|
Advertising- Selling |
- |
2.7 |
3.0 |
2.9 |
2.4 |
|
Amortization & Depreciation- Selling |
- |
1.7 |
2.0 |
2.1 |
2.3 |
|
Other Selling & Marketing |
65.2 |
28.3 |
31.7 |
27.0 |
29.5 |
|
Salaries & Benefits- General |
- |
13.9 |
15.3 |
15.8 |
16.2 |
|
Amortization & Depreciation- General |
- |
0.7 |
0.5 |
0.6 |
0.5 |
|
Other General & Admin. |
25.3 |
7.3 |
10.9 |
8.8 |
8.6 |
|
Gain on Sales of Assets |
-2.5 |
-0.8 |
-0.8 |
-0.8 |
-0.7 |
|
Amortization of Intangible Assets |
- |
- |
- |
0.7 |
0.7 |
|
Reorganization Expenses |
0.5 |
-1.3 |
9.2 |
11.1 |
1.7 |
|
Impairment of Fixed Assets |
1.0 |
1.9 |
- |
- |
- |
|
Capital Loss |
0.7 |
- |
- |
- |
- |
|
Goodwill Amort. |
0.0 |
0.0 |
7.4 |
- |
- |
|
Total Operating Expense |
589.0 |
557.0 |
638.6 |
642.8 |
682.8 |
|
|
|
|
|
|
|
|
Interest on Credit Loans |
-4.0 |
-5.0 |
-7.3 |
-11.5 |
-11.6 |
|
Interest on Debetures |
-1.8 |
- |
- |
- |
- |
|
Other Interest Expense |
-0.4 |
-0.4 |
-0.5 |
-0.7 |
-0.6 |
|
Capitalization Component of LT Liabiliti |
-0.5 |
-0.6 |
1.6 |
-1.7 |
-1.9 |
|
Derivative Instruments |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.2 |
|
Interest Income |
0.1 |
0.0 |
0.1 |
0.2 |
0.3 |
|
Exchange Rate Differentials |
-1.2 |
-0.4 |
-1.3 |
0.8 |
-1.5 |
|
Equity in Affiliates |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Net Income Before Taxes |
23.2 |
9.2 |
-23.3 |
-8.4 |
8.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
2.1 |
1.6 |
2.5 |
4.1 |
5.5 |
|
Net Income After Taxes |
21.2 |
7.7 |
-25.8 |
-12.5 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
0.0 |
-0.6 |
-0.4 |
-0.5 |
|
Net Income Before Extra. Items |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
Net Income |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
18.7 |
18.7 |
18.7 |
18.7 |
18.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Basic EPS Including ExtraOrdinary Item |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
Diluted Weighted Average Shares |
18.7 |
18.7 |
18.7 |
18.7 |
18.7 |
|
Diluted EPS Excluding ExtraOrd Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Diluted EPS Including ExtraOrd Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
DPS-Common Stock |
0.30 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
7.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
22.2 |
9.1 |
-7.5 |
1.9 |
9.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
2.0 |
1.5 |
5.4 |
7.7 |
5.8 |
|
Normalized Income After Taxes |
20.3 |
7.5 |
-13.0 |
-5.9 |
3.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
20.1 |
7.5 |
-13.6 |
-6.3 |
3.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.07 |
0.40 |
-0.72 |
-0.33 |
0.17 |
|
Diluted Normalized EPS |
1.07 |
0.40 |
-0.72 |
-0.33 |
0.17 |
|
Interest Expense |
6.1 |
5.3 |
7.8 |
14.0 |
14.2 |
|
Depreciation |
9.3 |
11.4 |
11.1 |
12.1 |
14.1 |
|
Amortization of Intangibles |
1.7 |
1.9 |
1.5 |
1.1 |
1.5 |
|
Research & Development |
- |
- |
- |
0.0 |
0.0 |
|
Rental Expense |
- |
- |
- |
8.7 |
8.5 |
|
Advertising Expense |
2.5 |
2.7 |
3.0 |
2.9 |
2.4 |
|
Amort of Acquisition Costs |
0.0 |
0.0 |
7.4 |
- |
- |
|
Current Tax- The Co. & Israeli Subsidi. |
2.0 |
0.2 |
0.0 |
2.5 |
2.0 |
|
Current Tax- Non-Israeli Subsidiaries |
1.8 |
-0.8 |
0.6 |
3.3 |
3.6 |
|
Current Tax - Total |
3.8 |
-0.7 |
0.6 |
5.8 |
5.6 |
|
Deferred Tax- The Co. & Israeli Subsidi. |
-1.6 |
0.2 |
0.0 |
-1.5 |
0.2 |
|
Deferred Tax- Non-Israeli Subsidiaries |
-0.7 |
1.5 |
1.1 |
0.0 |
0.2 |
|
Deferred Tax - Total |
-2.3 |
1.7 |
1.0 |
-1.5 |
0.4 |
|
Previous Year-The Co. & Israeli Subsidi. |
-0.2 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Previous Year- Non-Israeli Subsidiaries |
0.8 |
0.5 |
0.9 |
-0.1 |
-0.4 |
|
Income Tax - Total |
2.1 |
1.6 |
2.5 |
4.1 |
5.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash/Equivalents |
46.2 |
27.9 |
4.2 |
16.7 |
10.3 |
|
Trade Receivables, Gross |
91.2 |
103.9 |
92.3 |
103.8 |
110.3 |
|
Doubtful Accounts |
-0.9 |
-0.7 |
-2.7 |
-0.7 |
-0.6 |
|
Tax Receivable |
0.7 |
2.2 |
2.7 |
0.6 |
0.5 |
|
Other Receivable |
12.0 |
5.8 |
7.4 |
5.5 |
4.3 |
|
Prepaid Expenses |
- |
- |
- |
2.0 |
2.6 |
|
Short Term Deposits |
- |
- |
- |
0.3 |
0.2 |
|
Finished Goods |
103.0 |
61.1 |
87.6 |
106.9 |
99.2 |
|
Goods in Process |
4.5 |
8.3 |
9.3 |
14.3 |
12.5 |
|
Raw Materials |
11.4 |
8.5 |
13.1 |
13.9 |
14.6 |
|
Packaging & Other Materials |
2.4 |
2.8 |
2.2 |
2.4 |
5.3 |
|
Assets Held for Sale |
2.8 |
2.9 |
2.9 |
5.4 |
4.5 |
|
Restricted Cash |
- |
- |
- |
0.0 |
4.0 |
|
Total Current Assets |
273.4 |
222.7 |
219.0 |
271.0 |
267.7 |
|
|
|
|
|
|
|
|
LT Prepaid Expenses |
0.2 |
0.1 |
0.1 |
0.5 |
0.6 |
|
Other LT Receivables |
0.9 |
1.3 |
1.4 |
1.6 |
0.7 |
|
Funds-Employee Rights |
0.0 |
0.1 |
0.2 |
0.0 |
1.1 |
|
Land & Buildings |
28.3 |
30.1 |
30.3 |
29.9 |
32.6 |
|
Machines & Equipment |
87.7 |
90.5 |
93.0 |
97.4 |
107.1 |
|
Office Furniture & Lease Hold Improve. |
44.2 |
43.6 |
44.1 |
44.8 |
45.9 |
|
Accumulated Depreciation |
-97.5 |
-91.6 |
-87.2 |
-87.2 |
-87.5 |
|
Goodwill, Net |
58.7 |
58.7 |
58.7 |
63.2 |
62.6 |
|
Customer Relationships |
16.9 |
16.9 |
14.8 |
14.8 |
14.8 |
|
Trademarks |
31.1 |
29.2 |
24.3 |
19.0 |
9.4 |
|
Computer Software |
6.8 |
5.6 |
4.7 |
3.8 |
2.9 |
|
Accumulated Amortization |
-38.0 |
-34.4 |
-27.7 |
-14.6 |
-9.5 |
|
LT Deferred Taxes |
5.1 |
3.5 |
4.6 |
5.6 |
3.7 |
|
Derivatives |
1.8 |
- |
- |
- |
- |
|
Total Assets |
419.6 |
376.4 |
380.1 |
450.0 |
452.0 |
|
|
|
|
|
|
|
|
ST Bank Credit |
57.4 |
104.1 |
130.0 |
141.3 |
129.4 |
|
Current Portion of LT BAnk Loans |
2.1 |
2.1 |
8.2 |
8.2 |
9.2 |
|
Trade Payable |
53.0 |
45.1 |
45.5 |
60.9 |
59.0 |
|
Tax Payable |
0.9 |
0.9 |
0.3 |
1.5 |
1.6 |
|
Liability Adj. for Purchase Price |
- |
- |
0.0 |
2.0 |
2.4 |
|
Employee Wages Due |
11.5 |
10.8 |
8.9 |
10.0 |
10.2 |
|
Provision for Vacation Pay |
3.4 |
3.4 |
3.3 |
3.4 |
3.6 |
|
Payables Institutions |
2.8 |
1.9 |
- |
- |
- |
|
Liability for Royalty Payments |
4.2 |
5.8 |
4.4 |
3.8 |
2.7 |
|
Accrued Expenses |
10.9 |
11.0 |
12.2 |
14.2 |
13.2 |
|
Deferred Income from Land Sale |
4.9 |
- |
- |
- |
- |
|
Debentures |
1.8 |
- |
- |
- |
- |
|
Restructuring Expenses Payable |
0.8 |
1.6 |
7.9 |
2.6 |
0.1 |
|
Other Accounts Payable |
1.4 |
0.4 |
2.9 |
3.6 |
3.4 |
|
Total Current Liabilities |
154.9 |
187.2 |
223.6 |
251.4 |
234.8 |
|
|
|
|
|
|
|
|
LT Bank Loans |
3.6 |
5.7 |
0.0 |
8.2 |
17.6 |
|
Total Long Term Debt |
3.6 |
5.7 |
0.0 |
8.2 |
17.6 |
|
|
|
|
|
|
|
|
Employee Rights |
0.5 |
0.3 |
0.5 |
0.2 |
0.4 |
|
Deferred Taxes |
0.0 |
0.8 |
0.0 |
0.0 |
0.1 |
|
Debentures |
58.0 |
- |
- |
- |
- |
|
Adj. Purchase Price of Subsidiary |
- |
0.0 |
0.0 |
7.6 |
7.9 |
|
Other LT Liabilities |
5.3 |
3.9 |
6.0 |
6.1 |
1.6 |
|
Minority Int. |
2.5 |
2.5 |
3.0 |
2.7 |
2.8 |
|
Total Liabilities |
224.8 |
200.5 |
233.1 |
276.3 |
265.2 |
|
|
|
|
|
|
|
|
Share Capital |
23.1 |
23.1 |
21.9 |
21.9 |
21.9 |
|
Share Premium |
121.0 |
120.9 |
101.1 |
101.1 |
101.1 |
|
Unassigned Income Balance |
59.0 |
41.7 |
33.8 |
60.6 |
74.0 |
|
Accumul. Other |
1.5 |
- |
0.0 |
-0.2 |
-0.4 |
|
Treasury Shares |
-9.7 |
-9.7 |
-9.7 |
-9.7 |
-9.7 |
|
Total Equity |
194.8 |
176.0 |
147.1 |
173.7 |
186.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
419.6 |
376.4 |
380.1 |
450.0 |
452.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
23.4 |
23.4 |
18.9 |
18.9 |
18.7 |
|
Total Common Shares Outstanding |
23.4 |
23.4 |
18.9 |
18.9 |
18.7 |
|
T/S-Common Stock |
1.2 |
1.2 |
1.2 |
1.2 |
- |
|
Accumulated Intangible Amortization |
38.0 |
34.4 |
27.7 |
14.6 |
9.5 |
|
Full-Time Employees |
6,760 |
7,500 |
8,340 |
9,700 |
11,000 |
|
Number of Common Shareholders |
- |
- |
- |
21 |
21 |
|
LT Debt Maturing Within 1 Year |
- |
- |
- |
0.0 |
10.1 |
|
LT Debt Maturing Within 2 Years |
- |
- |
- |
7.6 |
9.9 |
|
LT Debt Maturing Within 3 Years |
- |
- |
- |
6.0 |
6.9 |
|
LT Debt Maturing Within 4 Years |
- |
- |
- |
8.7 |
6.1 |
|
LT Debt Maturing Within 5 Years |
- |
- |
- |
7.7 |
5.5 |
|
LT Debt Maturing Within 6 Years |
- |
- |
- |
6.8 |
4.9 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
36.8 |
43.5 |
|
Operating Lease Maturing Within 1 Year |
- |
- |
- |
8.9 |
- |
|
Operating Lease Maturing Within 2 Years |
- |
- |
- |
8.3 |
- |
|
Operating Lease Maturing Within 3 Years |
- |
- |
- |
7.2 |
- |
|
Operating Lease Maturing Within 4 Years |
- |
- |
- |
6.1 |
- |
|
Operating Lease Maturing Thereafter |
- |
- |
- |
17.9 |
- |
|
Total Operating Leases |
- |
- |
- |
48.4 |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
21.2 |
7.7 |
-25.8 |
-12.5 |
3.1 |
|
Depreciation |
9.3 |
11.4 |
11.1 |
12.1 |
14.1 |
|
Amortization |
1.7 |
1.9 |
1.5 |
1.1 |
1.5 |
|
Impairment of Fixed Assets |
1.0 |
1.9 |
- |
- |
- |
|
Goodwill Amortization |
0.7 |
0.0 |
7.4 |
- |
- |
|
Equity in Affiliates |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Cash Erosion |
-0.2 |
0.0 |
0.1 |
-0.1 |
-1.1 |
|
Interest Paid |
4.0 |
3.8 |
6.1 |
- |
- |
|
Income Tax Paid |
3.4 |
-1.6 |
5.0 |
- |
- |
|
ADJ. Purchase Price of a Subsidiary |
0.0 |
0.0 |
-3.0 |
1.1 |
1.2 |
|
Deferred Taxes |
-2.3 |
1.7 |
1.0 |
-1.5 |
0.4 |
|
Lib. Due to Employement Terminsation |
0.0 |
-0.1 |
-0.1 |
-0.5 |
-1.3 |
|
Restructuring Expenses |
0.3 |
0.4 |
8.9 |
8.6 |
1.2 |
|
Sale Fixed Assets |
-0.2 |
-0.4 |
-0.8 |
-0.8 |
-0.7 |
|
Capital Gain |
-0.5 |
- |
- |
- |
- |
|
Options Granted to Employees |
1.3 |
0.3 |
-0.2 |
0.5 |
0.4 |
|
Derivatives |
-0.5 |
-0.4 |
-0.1 |
- |
- |
|
LT Pre Paid Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Erosion of loans to employees |
0.8 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Trade Receivables |
13.6 |
-13.5 |
13.5 |
7.0 |
-5.1 |
|
Other Receivable |
-1.4 |
2.2 |
-1.1 |
-0.7 |
4.4 |
|
Trade Payable |
7.9 |
-0.4 |
-14.4 |
1.3 |
-2.2 |
|
Other Payable |
2.4 |
-5.7 |
-7.6 |
0.7 |
-7.2 |
|
Inventories |
-40.8 |
34.0 |
25.3 |
-5.9 |
15.7 |
|
Interest Paid |
-4.0 |
-3.8 |
-6.1 |
- |
- |
|
Income Tax Paid |
-3.4 |
1.6 |
-5.0 |
- |
- |
|
Cash from Operating Activities |
14.3 |
40.8 |
15.8 |
10.4 |
24.2 |
|
|
|
|
|
|
|
|
Consolidation of Purchased Activity |
0.0 |
-8.2 |
- |
- |
- |
|
Acquisition of A Subsidiary |
0.8 |
0.0 |
-2.1 |
-2.4 |
-1.2 |
|
Purch. Fixed Assets |
-5.2 |
-4.1 |
-7.8 |
-8.2 |
-5.7 |
|
Proceeds from Rlzd. of Assets HFS |
0.6 |
0.0 |
0.0 |
0.3 |
3.1 |
|
Proceeds from Rlzd. of Fixed Asset |
0.7 |
1.1 |
1.9 |
1.4 |
1.3 |
|
Proceeds from Sales of Leased Land |
0.7 |
0.0 |
0.2 |
- |
- |
|
Loans Granted to Associated Comp. |
- |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Return on Loan to Affiliate |
4.2 |
0.0 |
0.0 |
- |
- |
|
LT Receivables |
0.1 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Employee Loans |
0.0 |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Collection of Employee Loans |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Restricted Cash |
- |
0.0 |
0.0 |
4.0 |
-4.0 |
|
Long- Term Deposits |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Cash from Investing Activities |
1.9 |
-11.0 |
-7.8 |
-4.9 |
-6.6 |
|
|
|
|
|
|
|
|
Dividend Minority |
-0.1 |
-0.4 |
-0.4 |
-0.5 |
-0.5 |
|
Dividend |
-5.0 |
- |
- |
- |
- |
|
LT Loans |
0.0 |
8.3 |
- |
- |
- |
|
LT Bank Loans, Net |
-2.2 |
-8.7 |
-8.3 |
-10.5 |
-49.1 |
|
ST Bank Credit, Net |
-47.2 |
-25.9 |
-11.3 |
11.8 |
26.5 |
|
Debenture Issuance |
56.3 |
- |
- |
- |
- |
|
Options Proceeds |
0.1 |
- |
- |
- |
- |
|
Amounts Charged for Deferred Charges |
- |
-0.4 |
-0.2 |
-0.2 |
-0.3 |
|
Excercise of Stock Options |
- |
- |
- |
0.0 |
0.4 |
|
Iss. Share Capital |
0.0 |
21.0 |
- |
- |
- |
|
Cash from Financing Activities |
1.9 |
-6.1 |
-20.2 |
0.6 |
-23.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
0.0 |
-0.2 |
0.2 |
1.1 |
|
Net Change in Cash |
18.3 |
23.7 |
-12.5 |
6.3 |
-4.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
27.9 |
4.2 |
16.7 |
10.3 |
14.6 |
|
Net Cash - Ending Balance |
46.2 |
27.9 |
4.2 |
16.7 |
10.3 |
|
Cash Interest Paid |
4.0 |
3.8 |
6.1 |
10.5 |
10.0 |
|
Cash Taxes Paid |
3.4 |
1.6 |
5.0 |
5.1 |
8.8 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio
Comparisons
|
Traded: Over The
Counter: DELTY |
Financials in:
USD (actual units) |
||||
|
Industry: Apparel/Accessories |
As of
27-Oct-2011 |
||||
|
Sector: Consumer Cyclical |
|||||
|
|
Company |
Industry |
Sector |
S&P 500 |
|
|
Valuation Ratios |
|||||
|
P/E Excluding Extraordinary (TTM) |
6.09 |
23.69 |
24.19 |
19.68 |
|
|
P/E High Excluding Extraordinary - Last 5 Yrs |
66.09 |
32.16 |
29.06 |
32.79 |
|
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
10.75 |
7.58 |
9.37 |
10.71 |
|
|
Beta |
- |
1.53 |
1.71 |
1.00 |
|
|
Price/Revenue (TTM) |
0.22 |
1.73 |
1.29 |
2.57 |
|
|
Price/Book (MRQ) |
0.75 |
3.60 |
3.76 |
3.67 |
|
|
Price to Tangible Book (MRQ) |
1.16 |
5.04 |
6.82 |
5.21 |
|
|
Price to Cash Flow Per Share (TTM) |
4.08 |
16.42 |
15.89 |
14.22 |
|
|
Price to Free Cash Flow Per Share (TTM) |
- |
15.92 |
22.86 |
26.26 |
|
|
|
|
|
|
|
|
|
Dividends |
|||||
|
Dividend Yield |
5.52% |
1.45% |
1.69% |
2.26% |
|
|
Dividend Per Share - 5 Yr Avg |
0.04 |
1.04 |
1.64 |
1.99 |
|
|
Dividend 5 Yr Growth |
- |
5.17% |
-29.80% |
0.08% |
|
|
Payout Ratio (TTM) |
31.12% |
21.63% |
13.41% |
25.98% |
|
|
|
|
|
|
|
|
|
Growth Rates (%) |
|||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
2.27% |
17.79% |
17.88% |
15.58% |
|
|
Revenue (TTM) vs TTM 1 Yr Ago |
4.93% |
15.10% |
15.15% |
17.69% |
|
|
Revenue 5 Yr Growth |
-1.96% |
10.05% |
1.89% |
8.97% |
|
|
EPS (MRQ) vs Qtr 1 Yr Ago |
26.32% |
-14.51% |
-0.73% |
19.49% |
|
|
EPS (TTM) vs TTM 1 Yr Ago |
3.06% |
-5.14% |
48.61% |
32.55% |
|
|
EPS 5 Yr Growth |
- |
17.70% |
0.58% |
9.86% |
|
|
Capital Spending 5 Yr Growth |
-18.27% |
2.46% |
-1.26% |
-2.04% |
|
|
|
|
|
|
|
|
|
Financial Strength |
|||||
|
Quick Ratio (MRQ) |
1.02 |
1.45 |
1.36 |
1.24 |
|
|
Current Ratio (MRQ) |
1.73 |
2.75 |
2.26 |
1.79 |
|
|
LT Debt/Equity (MRQ) |
0.31 |
0.49 |
0.52 |
0.64 |
|
|
Total Debt/Equity (MRQ) |
0.63 |
0.52 |
0.65 |
0.73 |
|
|
Interest Coverage (TTM) |
4.42 |
16.91 |
7.89 |
13.80 |
|
|
|
|
|
|
|
|
|
Profitability Ratios (%) |
|||||
|
Gross Margin (TTM) |
19.57% |
48.73% |
26.74% |
45.21% |
|
|
Gross Margin - 5 Yr Avg |
17.86% |
45.98% |
29.20% |
44.91% |
|
|
EBITD Margin (TTM) |
7.02% |
14.67% |
8.96% |
24.43% |
|
|
EBITD Margin - 5 Yr Avg |
3.95% |
15.12% |
9.28% |
22.84% |
|
|
Operating Margin (TTM) |
5.11% |
12.56% |
6.73% |
20.63% |
|
|
Operating Margin - 5 Yr Avg |
1.87% |
13.44% |
5.31% |
18.28% |
|
|
Pretax Margin (TTM) |
4.03% |
9.08% |
6.58% |
17.95% |
|
|
Pretax Margin - 5 Yr Avg |
0.29% |
11.93% |
5.03% |
17.10% |
|
|
Net Profit Margin (TTM) |
3.78% |
7.39% |
4.89% |
13.65% |
|
|
Net Profit Margin - 5 Yr Avg |
-0.20% |
8.30% |
3.66% |
12.10% |
|
|
Effective Tax Rate (TTM) |
6.16% |
33.72% |
24.56% |
28.45% |
|
|
Effective Tax rate - 5 Yr Avg |
168.62% |
32.55% |
31.05% |
29.92% |
|
|
|
|
|
|
|
|
|
Management Effectiveness (%) |
|||||
|
Return on Assets (TTM) |
5.78% |
7.59% |
5.40% |
8.54% |
|
|
Return on Assets - 5 Yr Avg |
-0.30% |
8.46% |
5.11% |
8.40% |
|
|
Return on Investment (TTM) |
9.74% |
7.87% |
5.61% |
7.90% |
|
|
Return on Investment - 5 Yr Avg |
-0.63% |
7.78% |
4.46% |
8.27% |
|
|
Return on Equity (TTM) |
12.49% |
15.09% |
13.72% |
19.72% |
|
|
Return on Equity - 5 Yr Avg |
-0.92% |
15.58% |
15.21% |
20.06% |
|
|
|
|
|
|
|
|
|
Efficiency |
|||||
|
Revenue/Employee (TTM) |
94,751.18 |
470,964.26 |
495,155.30 |
927,613.77 |
|
|
Net Income/Employee (TTM) |
3,582.99 |
80,043.18 |
35,593.51 |
116,121.92 |
|
|
Receivables Turnover (TTM) |
6.25 |
9.32 |
7.92 |
13.25 |
|
|
Inventory Turnover (TTM) |
4.67 |
3.30 |
12.48 |
14.53 |
|
|
Asset Turnover (TTM) |
1.53 |
1.14 |
1.11 |
0.93 |
|
Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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Stock
Report
Stock Snapshot
|
|
|
|
|
|
|
Stock History
|
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|
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
620.1 |
572.5 |
622.8 |
647.4 |
706.7 |
|
Revenue |
620.1 |
572.5 |
622.8 |
647.4 |
706.7 |
|
Total Revenue |
620.1 |
572.5 |
622.8 |
647.4 |
706.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
498.8 |
468.8 |
517.2 |
534.7 |
583.9 |
|
Cost of Revenue, Total |
498.8 |
468.8 |
517.2 |
534.7 |
583.9 |
|
Gross Profit |
121.3 |
103.7 |
105.7 |
112.7 |
122.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
90.6 |
35.6 |
42.6 |
35.8 |
38.1 |
|
Labor & Related Expense |
- |
47.6 |
57.5 |
55.8 |
53.8 |
|
Advertising Expense |
- |
2.7 |
3.0 |
2.9 |
2.4 |
|
Total Selling/General/Administrative Expenses |
90.6 |
85.9 |
103.1 |
94.5 |
94.3 |
|
Depreciation |
- |
2.4 |
2.6 |
2.6 |
2.9 |
|
Amortization of Intangibles |
- |
- |
- |
0.7 |
0.7 |
|
Amortization of Acquisition Costs |
0.0 |
0.0 |
7.4 |
- |
- |
|
Depreciation/Amortization |
0.0 |
2.4 |
10.0 |
3.4 |
3.6 |
|
Restructuring Charge |
0.5 |
-1.3 |
9.2 |
11.1 |
1.7 |
|
Impairment-Assets Held for Use |
1.0 |
1.9 |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
-2.5 |
-0.8 |
-0.8 |
-0.8 |
-0.7 |
|
Unusual Expense (Income) |
-1.0 |
-0.1 |
8.4 |
10.3 |
1.0 |
|
Other Operating Expense |
0.7 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.7 |
- |
- |
- |
- |
|
Total Operating Expense |
589.0 |
557.0 |
638.6 |
642.8 |
682.8 |
|
|
|
|
|
|
|
|
Operating Income |
31.1 |
15.6 |
-15.7 |
4.6 |
23.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-6.2 |
-5.3 |
-7.8 |
-12.2 |
-12.2 |
|
Interest Expense, Net Non-Operating |
-6.2 |
-5.3 |
-7.8 |
-12.2 |
-12.2 |
|
Interest Income -
Non-Operating |
0.1 |
0.0 |
0.1 |
0.2 |
0.3 |
|
Investment Income -
Non-Operating |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Interest/Investment Income - Non-Operating |
0.1 |
0.1 |
0.0 |
0.2 |
0.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-6.1 |
-5.3 |
-7.8 |
-12.0 |
-11.9 |
|
Other Non-Operating Income (Expense) |
-1.7 |
-1.1 |
0.3 |
-1.0 |
-3.5 |
|
Other, Net |
-1.7 |
-1.1 |
0.3 |
-1.0 |
-3.5 |
|
Income Before Tax |
23.2 |
9.2 |
-23.3 |
-8.4 |
8.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
2.1 |
1.6 |
2.5 |
4.1 |
5.5 |
|
Income After Tax |
21.2 |
7.7 |
-25.8 |
-12.5 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
0.0 |
-0.6 |
-0.4 |
-0.5 |
|
Net Income Before Extraord Items |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
Net Income |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
18.7 |
18.7 |
18.7 |
18.7 |
18.7 |
|
Basic EPS Excl Extraord Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Basic/Primary EPS Incl Extraord Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
21.1 |
7.7 |
-26.4 |
-13.0 |
2.6 |
|
Diluted Weighted Average Shares |
18.7 |
18.7 |
18.7 |
18.7 |
18.7 |
|
Diluted EPS Excl Extraord Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Diluted EPS Incl Extraord Items |
1.12 |
0.41 |
-1.41 |
-0.69 |
0.14 |
|
Dividends per Share - Common Stock Primary Issue |
0.30 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
7.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
6.1 |
5.3 |
7.8 |
14.0 |
14.2 |
|
Depreciation, Supplemental |
9.3 |
11.4 |
11.1 |
12.1 |
14.1 |
|
Total Special Items |
-1.0 |
-0.1 |
15.7 |
10.3 |
1.0 |
|
Normalized Income Before Tax |
22.2 |
9.1 |
-7.5 |
1.9 |
9.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.1 |
0.0 |
2.9 |
3.6 |
0.3 |
|
Inc Tax Ex Impact of Sp Items |
2.0 |
1.5 |
5.4 |
7.7 |
5.8 |
|
Normalized Income After Tax |
20.3 |
7.5 |
-13.0 |
-5.9 |
3.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
20.1 |
7.5 |
-13.6 |
-6.3 |
3.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.07 |
0.40 |
-0.72 |
-0.33 |
0.17 |
|
Diluted Normalized EPS |
1.07 |
0.40 |
-0.72 |
-0.33 |
0.17 |
|
Amort of Acquisition Costs, Supplemental |
0.0 |
0.0 |
7.4 |
- |
- |
|
Amort of Intangibles, Supplemental |
1.7 |
1.9 |
1.5 |
1.1 |
1.5 |
|
Rental Expenses |
- |
- |
- |
8.7 |
8.5 |
|
Advertising Expense, Supplemental |
2.5 |
2.7 |
3.0 |
2.9 |
2.4 |
|
Research & Development Exp, Supplemental |
- |
- |
- |
0.0 |
0.0 |
|
Normalized EBIT |
30.0 |
15.4 |
-7.4 |
14.9 |
24.9 |
|
Normalized EBITDA |
41.1 |
28.7 |
12.6 |
28.2 |
40.5 |
|
Current Tax - Domestic |
2.0 |
0.2 |
0.0 |
2.5 |
2.0 |
|
Current Tax - Foreign |
1.8 |
-0.8 |
0.6 |
3.3 |
3.6 |
|
Current Tax - Total |
3.8 |
-0.7 |
0.6 |
5.8 |
5.6 |
|
Deferred Tax - Domestic |
-1.6 |
0.2 |
0.0 |
-1.5 |
0.2 |
|
Deferred Tax - Foreign |
-0.7 |
1.5 |
1.1 |
0.0 |
0.2 |
|
Deferred Tax - Total |
-2.3 |
1.7 |
1.0 |
-1.5 |
0.4 |
|
Domestic Tax - Other |
-0.2 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Foreign Tax - Other |
0.8 |
0.5 |
0.9 |
-0.1 |
-0.4 |
|
Income Tax - Total |
2.1 |
1.6 |
2.5 |
4.1 |
5.5 |
Interim Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
160.2 |
157.4 |
153.2 |
169.7 |
156.7 |
|
Revenue |
160.2 |
157.4 |
153.2 |
169.7 |
156.7 |
|
Total Revenue |
160.2 |
157.4 |
153.2 |
169.7 |
156.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
127.5 |
128.4 |
123.0 |
136.3 |
127.2 |
|
Cost of Revenue, Total |
127.5 |
128.4 |
123.0 |
136.3 |
127.2 |
|
Gross Profit |
32.7 |
29.0 |
30.2 |
33.4 |
29.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
24.7 |
24.0 |
23.1 |
23.1 |
22.5 |
|
Total Selling/General/Administrative Expenses |
24.7 |
24.0 |
23.1 |
23.1 |
22.5 |
|
Amortization of Intangibles |
- |
0.0 |
1.0 |
- |
- |
|
Amortization of Acquisition Costs |
- |
0.0 |
0.0 |
- |
- |
|
Depreciation/Amortization |
- |
0.0 |
1.0 |
- |
- |
|
Restructuring Charge |
- |
0.0 |
0.0 |
- |
- |
|
Impairment-Assets Held for Use |
- |
0.0 |
0.7 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.2 |
-2.6 |
-2.1 |
1.1 |
-0.6 |
|
Other Unusual Expense (Income) |
- |
0.0 |
-0.7 |
- |
- |
|
Unusual Expense (Income) |
0.2 |
-2.6 |
-2.1 |
1.1 |
-0.6 |
|
Total Operating Expense |
152.4 |
149.8 |
145.0 |
160.5 |
149.1 |
|
|
|
|
|
|
|
|
Operating Income |
7.9 |
7.6 |
8.1 |
9.2 |
7.6 |
|
|
|
|
|
|
|
|
Investment Income -
Non-Operating |
- |
- |
0.0 |
- |
0.0 |
|
Interest/Investment Income - Non-Operating |
- |
- |
0.0 |
- |
0.0 |
|
Interest Income (Expense) - Net Non-Operating |
-1.7 |
-1.0 |
-2.1 |
-2.1 |
-1.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.7 |
-1.0 |
-2.1 |
-2.1 |
-1.6 |
|
Income Before Tax |
6.1 |
6.6 |
6.0 |
7.1 |
6.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.5 |
0.7 |
-0.2 |
0.6 |
1.5 |
|
Income After Tax |
5.6 |
5.8 |
6.2 |
6.5 |
4.6 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
5.6 |
5.8 |
6.2 |
6.5 |
4.5 |
|
Net Income |
5.6 |
5.8 |
6.2 |
6.5 |
4.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
5.6 |
5.8 |
6.2 |
6.5 |
4.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
5.6 |
5.8 |
6.2 |
6.5 |
4.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
23.4 |
23.4 |
23.4 |
23.4 |
23.4 |
|
Basic EPS Excl Extraord Items |
0.24 |
0.25 |
0.27 |
0.28 |
0.19 |
|
Basic/Primary EPS Incl Extraord Items |
0.24 |
0.25 |
0.27 |
0.28 |
0.19 |
|
Diluted Net Income |
5.6 |
5.8 |
6.2 |
6.5 |
4.5 |
|
Diluted Weighted Average Shares |
23.4 |
23.4 |
23.4 |
23.4 |
23.4 |
|
Diluted EPS Excl Extraord Items |
0.24 |
0.25 |
0.27 |
0.28 |
0.19 |
|
Diluted EPS Incl Extraord Items |
0.24 |
0.25 |
0.27 |
0.28 |
0.19 |
|
Dividends per Share - Common Stock Primary Issue |
0.09 |
0.09 |
0.09 |
0.09 |
0.06 |
|
Gross Dividends - Common Stock |
2.0 |
2.0 |
2.0 |
2.0 |
1.5 |
|
Depreciation, Supplemental |
2.3 |
2.4 |
1.9 |
2.4 |
2.5 |
|
Total Special Items |
0.2 |
-2.6 |
-2.1 |
1.1 |
-0.6 |
|
Normalized Income Before Tax |
6.3 |
4.0 |
4.0 |
8.2 |
5.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
-0.3 |
-0.7 |
0.1 |
-0.1 |
|
Inc Tax Ex Impact of Sp Items |
0.5 |
0.4 |
-0.9 |
0.6 |
1.3 |
|
Normalized Income After Tax |
5.8 |
3.6 |
4.9 |
7.6 |
4.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
5.8 |
3.5 |
4.9 |
7.5 |
4.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.25 |
0.15 |
0.21 |
0.32 |
0.17 |
|
Diluted Normalized EPS |
0.25 |
0.15 |
0.21 |
0.32 |
0.17 |
|
Amort of Acquisition Costs, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort of Intangibles, Supplemental |
0.5 |
0.5 |
0.5 |
0.4 |
0.4 |
|
Normalized EBIT |
8.1 |
5.0 |
6.1 |
10.3 |
7.0 |
|
Normalized EBITDA |
10.8 |
7.9 |
8.5 |
13.2 |
9.9 |
Annual Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
46.2 |
27.9 |
4.2 |
16.7 |
10.3 |
|
Short Term Investments |
- |
- |
- |
0.3 |
0.2 |
|
Cash and Short Term Investments |
46.2 |
27.9 |
4.2 |
16.9 |
10.5 |
|
Accounts Receivable -
Trade, Gross |
91.2 |
103.9 |
92.3 |
103.8 |
110.3 |
|
Provision for Doubtful
Accounts |
-0.9 |
-0.7 |
-2.7 |
-0.7 |
-0.6 |
|
Trade Accounts Receivable - Net |
90.3 |
103.1 |
89.6 |
103.1 |
109.7 |
|
Other Receivables |
12.8 |
8.0 |
10.1 |
6.1 |
4.8 |
|
Total Receivables, Net |
103.1 |
111.2 |
99.7 |
109.2 |
114.5 |
|
Inventories - Finished Goods |
107.5 |
69.4 |
96.8 |
121.2 |
111.6 |
|
Inventories - Raw Materials |
11.4 |
8.5 |
13.1 |
13.9 |
14.6 |
|
Inventories - Other |
2.4 |
2.8 |
2.2 |
2.4 |
5.3 |
|
Total Inventory |
121.3 |
80.7 |
112.2 |
137.5 |
131.6 |
|
Prepaid Expenses |
- |
- |
- |
2.0 |
2.6 |
|
Restricted Cash - Current |
- |
- |
- |
0.0 |
4.0 |
|
Discontinued Operations - Current Asset |
2.8 |
2.9 |
2.9 |
5.4 |
4.5 |
|
Other Current Assets, Total |
2.8 |
2.9 |
2.9 |
5.4 |
8.5 |
|
Total Current Assets |
273.4 |
222.7 |
219.0 |
271.0 |
267.7 |
|
|
|
|
|
|
|
|
Land/Improvements |
28.3 |
30.1 |
30.3 |
29.9 |
32.6 |
|
Machinery/Equipment |
131.9 |
134.1 |
137.0 |
142.3 |
153.0 |
|
Property/Plant/Equipment - Gross |
160.2 |
164.2 |
167.4 |
172.2 |
185.6 |
|
Accumulated Depreciation |
-97.5 |
-91.6 |
-87.2 |
-87.2 |
-87.5 |
|
Property/Plant/Equipment - Net |
62.7 |
72.7 |
80.1 |
84.9 |
98.1 |
|
Goodwill, Net |
58.7 |
58.7 |
58.7 |
63.2 |
62.6 |
|
Intangibles - Gross |
54.8 |
51.7 |
43.8 |
37.6 |
27.0 |
|
Accumulated Intangible Amortization |
-38.0 |
-34.4 |
-27.7 |
-14.6 |
-9.5 |
|
Intangibles, Net |
16.7 |
17.3 |
16.1 |
23.1 |
17.6 |
|
Deferred Income Tax - Long Term Asset |
5.1 |
3.5 |
4.6 |
5.6 |
3.7 |
|
Other Long Term Assets |
2.9 |
1.5 |
1.7 |
2.1 |
2.4 |
|
Other Long Term Assets, Total |
8.0 |
5.0 |
6.2 |
7.7 |
6.1 |
|
Total Assets |
419.6 |
376.4 |
380.1 |
450.0 |
452.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
53.0 |
45.1 |
45.5 |
60.9 |
59.0 |
|
Accrued Expenses |
26.6 |
27.7 |
25.5 |
28.0 |
26.1 |
|
Notes Payable/Short Term Debt |
57.4 |
104.1 |
130.0 |
141.3 |
129.4 |
|
Current Portion - Long Term Debt/Capital Leases |
2.1 |
2.1 |
8.2 |
8.2 |
9.2 |
|
Income Taxes Payable |
0.9 |
0.9 |
0.3 |
1.5 |
1.6 |
|
Other Payables |
4.1 |
2.3 |
2.9 |
3.6 |
3.4 |
|
Other Current Liabilities |
10.8 |
5.1 |
11.2 |
7.9 |
6.1 |
|
Other Current liabilities, Total |
15.8 |
8.2 |
14.4 |
13.0 |
11.2 |
|
Total Current Liabilities |
154.9 |
187.2 |
223.6 |
251.4 |
234.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
61.6 |
5.7 |
0.0 |
8.2 |
17.6 |
|
Total Long Term Debt |
61.6 |
5.7 |
0.0 |
8.2 |
17.6 |
|
Total Debt |
121.2 |
112.0 |
138.2 |
157.7 |
156.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.0 |
0.8 |
0.0 |
0.0 |
0.1 |
|
Deferred Income Tax |
0.0 |
0.8 |
0.0 |
0.0 |
0.1 |
|
Minority Interest |
2.5 |
2.5 |
3.0 |
2.7 |
2.8 |
|
Pension Benefits - Underfunded |
0.5 |
0.3 |
0.5 |
0.2 |
0.4 |
|
Other Long Term Liabilities |
5.3 |
3.9 |
6.0 |
13.7 |
9.4 |
|
Other Liabilities, Total |
5.8 |
4.2 |
6.5 |
13.9 |
9.9 |
|
Total Liabilities |
224.8 |
200.5 |
233.1 |
276.3 |
265.2 |
|
|
|
|
|
|
|
|
Common Stock |
23.1 |
23.1 |
21.9 |
21.9 |
21.9 |
|
Common Stock |
23.1 |
23.1 |
21.9 |
21.9 |
21.9 |
|
Additional Paid-In Capital |
179.9 |
162.6 |
134.9 |
161.7 |
175.1 |
|
Treasury Stock - Common |
-9.7 |
-9.7 |
-9.7 |
-9.7 |
-9.7 |
|
Other Comprehensive Income |
1.5 |
- |
0.0 |
-0.2 |
-0.4 |
|
Other Equity, Total |
1.5 |
- |
0.0 |
-0.2 |
-0.4 |
|
Total Equity |
194.8 |
176.0 |
147.1 |
173.7 |
186.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
419.6 |
376.4 |
380.1 |
450.0 |
452.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
23.4 |
23.4 |
18.9 |
18.9 |
18.7 |
|
Total Common Shares Outstanding |
23.4 |
23.4 |
18.9 |
18.9 |
18.7 |
|
Treasury Shares - Common Stock Primary Issue |
1.2 |
1.2 |
1.2 |
1.2 |
- |
|
Employees |
6,760 |
7,500 |
8,340 |
9,700 |
11,000 |
|
Number of Common Shareholders |
- |
- |
- |
21 |
21 |
|
Accumulated Intangible Amort, Suppl. |
38.0 |
34.4 |
27.7 |
14.6 |
9.5 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
36.8 |
43.5 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
0.0 |
10.1 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
7.6 |
9.9 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
6.0 |
6.9 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
8.7 |
6.1 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
7.7 |
5.5 |
|
Long Term Debt Maturing in Year 6 |
- |
- |
- |
6.8 |
4.9 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
13.6 |
16.8 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
16.4 |
11.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
6.8 |
4.9 |
|
Total Operating Leases, Supplemental |
- |
- |
- |
48.4 |
- |
|
Operating Lease Payments Due in Year 1 |
- |
- |
- |
8.9 |
- |
|
Operating Lease Payments Due in Year 2 |
- |
- |
- |
8.3 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
- |
7.2 |
- |
|
Operating Lease Payments Due in Year 4 |
- |
- |
- |
6.1 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
- |
15.5 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
- |
- |
6.1 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
17.9 |
- |
Interim Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
43.9 |
46.8 |
46.2 |
35.1 |
36.4 |
|
Cash and Short Term Investments |
43.9 |
46.8 |
46.2 |
35.1 |
36.4 |
|
Trade Accounts Receivable - Net |
107.7 |
99.8 |
90.3 |
91.9 |
97.2 |
|
Other Receivables |
13.5 |
11.8 |
12.8 |
9.5 |
10.4 |
|
Total Receivables, Net |
121.2 |
111.6 |
103.1 |
101.4 |
107.7 |
|
Total Inventory |
116.7 |
111.1 |
121.3 |
118.2 |
103.8 |
|
Discontinued Operations - Current Asset |
1.8 |
1.8 |
2.8 |
2.9 |
2.9 |
|
Other Current Assets, Total |
1.8 |
1.8 |
2.8 |
2.9 |
2.9 |
|
Total Current Assets |
283.5 |
271.2 |
273.4 |
257.6 |
250.8 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
63.5 |
63.4 |
62.7 |
65.5 |
66.8 |
|
Intangibles, Net |
79.6 |
76.9 |
75.5 |
77.3 |
77.3 |
|
Deferred Income Tax - Long Term Asset |
7.3 |
6.5 |
5.1 |
4.6 |
3.3 |
|
Other Long Term Assets |
4.2 |
2.7 |
2.9 |
1.4 |
1.4 |
|
Other Long Term Assets, Total |
11.5 |
9.2 |
8.0 |
6.0 |
4.7 |
|
Total Assets |
438.1 |
420.7 |
419.6 |
406.3 |
399.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
55.5 |
48.7 |
53.0 |
55.6 |
59.8 |
|
Notes Payable/Short Term Debt |
62.9 |
62.0 |
57.4 |
76.6 |
75.7 |
|
Current Portion - Long Term Debt/Capital Leases |
2.1 |
2.1 |
2.1 |
2.1 |
2.1 |
|
Income Taxes Payable |
1.9 |
2.0 |
0.9 |
1.0 |
0.8 |
|
Other Payables |
41.2 |
34.7 |
41.5 |
36.8 |
33.0 |
|
Other Current liabilities, Total |
43.1 |
36.7 |
42.4 |
37.8 |
33.8 |
|
Total Current Liabilities |
163.6 |
149.4 |
154.9 |
172.1 |
171.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
62.8 |
62.6 |
61.6 |
35.1 |
34.7 |
|
Total Long Term Debt |
62.8 |
62.6 |
61.6 |
35.1 |
34.7 |
|
Total Debt |
127.9 |
126.7 |
121.2 |
113.8 |
112.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.0 |
0.0 |
0.0 |
1.0 |
1.0 |
|
Deferred Income Tax |
0.0 |
0.0 |
0.0 |
1.0 |
1.0 |
|
Minority Interest |
2.5 |
2.6 |
2.5 |
2.6 |
2.6 |
|
Pension Benefits - Underfunded |
0.5 |
0.5 |
0.5 |
0.4 |
0.4 |
|
Other Long Term Liabilities |
5.8 |
6.8 |
5.3 |
6.3 |
6.5 |
|
Other Liabilities, Total |
6.3 |
7.2 |
5.8 |
6.7 |
6.9 |
|
Total Liabilities |
235.3 |
221.9 |
224.8 |
217.5 |
216.6 |
|
|
|
|
|
|
|
|
Common Stock |
23.1 |
23.1 |
23.1 |
23.1 |
23.1 |
|
Common Stock |
23.1 |
23.1 |
23.1 |
23.1 |
23.1 |
|
Additional Paid-In Capital |
188.1 |
184.2 |
179.9 |
175.2 |
170.0 |
|
Treasury Stock - Common |
-9.7 |
-9.7 |
-9.7 |
-9.7 |
-9.7 |
|
Other Comprehensive Income |
1.4 |
1.2 |
1.5 |
0.2 |
-0.5 |
|
Other Equity, Total |
1.4 |
1.2 |
1.5 |
0.2 |
-0.5 |
|
Total Equity |
202.9 |
198.8 |
194.8 |
188.8 |
182.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
438.1 |
420.7 |
419.6 |
406.3 |
399.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
23.4 |
23.4 |
23.4 |
23.4 |
23.4 |
|
Total Common Shares Outstanding |
23.4 |
23.4 |
23.4 |
23.4 |
23.4 |
|
Treasury Shares - Common Stock Primary Issue |
1.2 |
1.2 |
1.2 |
1.2 |
1.2 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.72 |
|
UK Pound |
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.68.64 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.