Provides Updated Financial Guidance
Declares Quarterly Cash Dividend
Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results
for the third quarter ended November 25, 2017.
Third Quarter Fiscal 2018 Highlights
- Net sales decreased 1.4% to $469.2
million;
- Company comparable sales decreased 0.7%
and reflect an estimated impact of approximately 100 basis points
related to the hurricanes in Texas and Florida;
- E-Commerce sales penetration reached
26%; and
- Earnings per share of $0.09 compared to
earnings per share of $0.17 (GAAP) and adjusted earnings per share
of $0.22 (non-GAAP) in the third quarter of fiscal 2017.
Alasdair James, President and CEO, stated, “Our third quarter
financial performance was impacted by the hurricanes in Texas and
Florida, as well as deeper than expected promotional activity in
October and November. We saw improved sales in November, including
a solid Black Friday weekend, driven by our strong promotional
message. However, overall trends dropped considerably during the
first two weeks of December. We have adjusted our promotional plans
for the remainder of the holiday season, and significantly revised
our financial guidance to reflect the current tone and volatility
of business.”
“We recently completed a rigorous strategic review of the Pier 1
Imports brand and enterprise,” continued James. “Importantly, we
see compelling go-forward opportunities to broaden the appeal of
the brand, maximize the role of stores and e-Commerce, and
substantially improve our operating margins. We are building a
three-year strategic plan to transform the business, and are
beginning to set things in motion with initiatives, testing and
select organizational changes in the key areas of sourcing, supply
chain, real estate, marketing and promotional effectiveness. We
look forward to sharing our detailed blueprint in early 2018.”
Third Quarter Fiscal 2018 Results of Operations
Net sales for the third quarter of fiscal 2018 decreased 1.4% to
$469.2 million, compared to $475.9 million in the same period last
year. Company comparable sales for the quarter decreased 0.7%
versus the year-ago period. E-Commerce represented approximately
26% of net sales in the third quarter of fiscal 2018, as compared
to approximately 20% of net sales in the third quarter of fiscal
2017. Taking into account e-Commerce orders placed in or picked up
in-store, approximately 90% of the Company’s third quarter fiscal
2018 net sales directly touched a store.
Gross profit for the third quarter of fiscal 2018 totaled $176.7
million, or 37.7% of net sales, compared to $196.4 million, or
41.3% of net sales, in the third quarter of fiscal 2017. Third
quarter merchandise margin (the result of adding back delivery and
fulfillment net costs and store occupancy costs to gross profit)
totaled $269.0 million, or 57.3% of net sales, compared to $286.4
million, or 60.2% of net sales, in the third quarter of fiscal
2017. The year-over-year decline is attributable to heightened
promotional activity. For the three months ended November 25, 2017,
contribution from operations (gross profit less compensation for
operations and operational expenses) totaled $94.0 million,
compared to $111.4 million during the same period last year.
Third quarter fiscal 2018 selling, general and administrative
(“SG&A”) expenses were $150.4 million, or 32.1% of net sales,
compared to $160.8 million, or 33.8% of net sales, in the year-ago
period. The year-over-year decline is primarily attributable to
approximately $8.0 million of costs in the third quarter of fiscal
2017 associated with the departure of the Company’s former CEO. In
the fiscal 2018 third quarter, reductions in store compensation
were partially offset by increases in operational expenses and
marketing. The following table details the breakdown of SG&A
expenses for the third quarter of fiscal 2018 as compared to the
same period last year (in millions).
Three Months Ended November 25, 2017
November 26, 2016 Expense % Sales Expense
% Sales Compensation for operations $ 59.6
12.7 % $ 63.5 13.3 % Operational expenses 23.1 4.9 % 21.5 4.5 %
Marketing 34.0 7.2 % 32.5 6.8 % Other selling, general and
administrative 33.7 7.2 % 43.4 9.1 % Total selling,
general and administrative $ 150.4 32.1 % $ 160.8 33.8 %
Third quarter fiscal 2018 operating income was $13.4 million
compared to $22.3 million in the same period last year. Net income
for the third quarter ended November 25, 2017, was $7.4 million, or
$0.09 per share. This compares to net income of $13.6 million, or
$0.17 per share, and adjusted net income (non-GAAP) of $17.6
million, or $0.22 per share, in the third quarter of fiscal 2017
(see reconciliation below of non-GAAP measures to GAAP). Adjusted
net income in the fiscal 2017 period excludes costs related to the
departure of the Company’s former CEO and the related tax benefit.
Third quarter EBITDA (earnings before interest, taxes, depreciation
and amortization) in fiscal 2018 was $26.7 million compared to
$35.9 million in the third quarter of fiscal 2017.
Year-to-Date Results of Operations
Net sales for the nine months ended November 25, 2017, were
$1.286 billion, a decrease of 1.1% from the same period last year.
Company comparable sales for the nine months ended November 25,
2017, increased 0.2%. For the nine months ended November 25, 2017,
e-Commerce represented approximately 26% of net sales, compared to
approximately 20% for the same period last year.
Gross profit for the nine months ended November 25, 2017,
totaled $468.4 million, or 36.4% of net sales, compared to $490.4
million, or 37.7% of net sales, for the nine months ended November
26, 2016. Merchandise margin for the nine months ended November 25,
2017, totaled $741.4 million, or 57.6% of net sales, compared to
$748.7 million, or 57.6% of net sales, for the same period last
year. For the nine-month period ended November 25, 2017,
contribution from operations totaled $230.0 million, compared to
$241.6 million during the same period last year.
SG&A expenses for the nine months ended November 25, 2017,
were $428.7 million, or 33.3% of net sales, compared to $439.3
million, or 33.8% of net sales, during the same period a year ago.
The year-over-year decline is primarily attributable to costs
associated with the departure of the Company’s former CEO incurred
in fiscal 2017. In the first nine months of fiscal 2018, reductions
in store compensation were offset by marketing, legal and
regulatory costs relating to a California wage-and-hour matter and
an ongoing Consumer Product Safety Commission (“CPSC”) inquiry, and
investments in brand consulting. The following table details the
breakdown of SG&A expenses for the nine months ended November
25, 2017, as compared to the same period last year (in
millions).
Nine Months Ended November 25, 2017
November 26, 2016 Expense % of Sales Expense
% of Sales Compensation for operations $ 174.1
13.5 % $ 185.2 14.2 % Operational expenses 64.4 5.0 % 63.6 4.9 %
Marketing 82.6 6.4 % 80.2 6.2 % Other selling, general and
administrative 107.6 8.4 % 110.4 8.5 % Total selling,
general and administrative (1) $ 428.7 33.3 % $ 439.3 33.8 %
(1) The period ended November 25, 2017 includes legal and
regulatory costs and investments in brand consulting totaling
approximately $11 million incurred in the second and third quarters
of fiscal 2018.
Operating loss for the nine months ended November 25, 2017 was
$0.2 million, compared to operating income of $10.1 million for the
nine months ended November 26, 2016. Net loss for the nine months
ended November 25, 2017 was $3.4 million, or ($0.04) per share.
Adjusted net income for the nine months ended November 25, 2017,
which excludes $6.6 million ($3.7 million, or $0.05 per share, net
of tax) of expense related to the legal and regulatory costs
described above, totaled $0.3 million, or $0.01 per share, on an
adjusted basis. This compares to net income of $3.5 million, or
$0.04 per share, and adjusted net income of $7.5 million, or $0.09
per share, in the fiscal 2017 period. Adjusted net income for the
fiscal 2017 period excludes costs related to the departure of the
Company’s former CEO and the related tax benefit. EBITDA for the
nine months ended November 25, 2017, totaled $41.2 million, or
$47.8 million as adjusted for the legal and regulatory costs
described above, compared to EBITDA of $52.1 million in the
year-ago period, or $60.1 million as adjusted for the former CEO
departure costs described above.
Balance Sheet Highlights and Share Repurchase Program
As of November 25, 2017, the Company had $80.2 million of cash
and cash equivalents, $193.5 million outstanding under its senior
secured term loan and no working capital borrowings outstanding
under its $350 million secured revolving credit facility.
Inventories at the end of the third quarter of fiscal 2018
decreased 12.7% to $418.9 million, compared to $479.8 million a
year ago.
During the third quarter ended November 25, 2017, the Company
repurchased 1,302 shares of its common stock at a cost of
approximately $5,000. Of the Company’s $200 million share
repurchase program announced in April 2014, $26.6 million remains
available for repurchases.
Real Estate Optimization Initiative
During the third quarter of fiscal 2018, the Company closed one
store. The Company expects to close a total of approximately 17
stores in fiscal 2018.
Store Statistics
Store Count Three Months Ended Start
Openings Closures End
Relocations (1) May 27, 2017 1,018 1 (3) 1,016 1 August 26,
2017 1,016 - (4) 1,012 - November 25, 2017 1,012 - (1) 1,011 -
Fiscal 2018 Year-to-Date 1,018 1 (8) 1,011 1 May 28, 2016
1,032 3 (8) 1,027 3 August 27, 2016 1,027 2 (6) 1,023 2 November
26, 2016 1,023 2 (3) 1,022 1 Fiscal 2017 Year-to-Date 1,032 7 (17)
1,022 6
(1) Relocations are noted only in the period in which the new
store opens.
Updated Financial Guidance
Fiscal 2018 fourth quarter and full year financial guidance is
being provided on a 14-week and 53-week basis, respectively, with
the exception of company comparable sales growth, which is being
provided on a 13-week and 52-week basis. Earnings per share (GAAP)
guidance for the full year is $0.10 to $0.18 versus prior guidance
of $0.31 to $0.41 and adjusted earnings per share (non-GAAP)
guidance is $0.17 to $0.25 versus prior guidance of $0.38 to $0.48,
reflecting the current tone and volatility of the business in the
first two weeks of December.
Guidance Metric Fourth Quarter
Full Year Fiscal 2018 · Comparable sales growth % (52
weeks): (3.5%) to (1.5%) (1%) to flat ·
Net sales growth % (53 weeks): 1% to 3%
Approximately flat · Merchandise margin (% of net sales):
Approximately 54% Approximately 56.5% ·
SG&A expenses: $150 million to $155 million
Approximately 32% of net sales · Marketing spend (%
of net sales): Approximately 6%
of net sales · Depreciation:
Approximately $54 million · Effective tax rate:
Approximately 41% · Earnings per share (GAAP):
$0.14 to $0.22 $0.10 to $0.18 ·
Adjusted earnings per share (non-GAAP): $0.16 to
$0.24 $0.17 to $0.25 · Fully diluted share count:
Approximately 80.3 million
shares · Capital expenditures:
Approximately $60 million
The Company’s adjusted earnings per share guidance excludes the
following: legal costs, net of tax, related to a California
wage-and-hour matter recorded during the second quarter of fiscal
2018; and regulatory costs recorded in the second quarter for an
ongoing CPSC matter and the related income tax effects in the
second, third and fourth quarters of fiscal 2018. The Company’s
full year fiscal 2018 effective tax rate will be negatively
impacted by the non-deductibility of the CPSC matter.
Declaration of Quarterly Cash Dividend
The Company announced that its Board of Directors declared a
$0.07 per share quarterly cash dividend on the Company’s
outstanding shares of common stock. The $0.07 quarterly cash
dividend will be paid on January 31, 2018, to shareholders of
record on January 17, 2018. As of December 12, 2017, approximately
83.6 million shares of the Company’s common stock were
outstanding.
Third Quarter Fiscal 2018 Financial Results Conference
Call
The Company will host a conference call to discuss third quarter
fiscal 2018 financial results at 4:00 p.m. Central Time/5:00 p.m.
Eastern Time on Wednesday, December 13, 2017. A live audio webcast
will be accessible at the Company’s website at
https://investors.pier1.com. The call can also be accessed
domestically at (866) 378-2926 and internationally at (409)
350-3152, conference ID 4954519.
Financial Disclosure Advisory
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (“GAAP”). This press
release references non-GAAP financial measures including
merchandise margin, contribution from operations, EBITDA, adjusted
EBITDA, adjusted net income, adjusted earnings per share and
forward-looking adjusted earnings per share.
The Company believes that the non-GAAP financial measures
included in this press release allow management and investors to
understand and compare results in a more consistent manner for the
three- and nine-month periods ended November 25, 2017, and November
26, 2016. Non-GAAP financial measures should be considered
supplemental and not a substitute for the Company’s results
reported in accordance with GAAP for the periods presented.
Merchandise margin represents the result of adding back delivery
and fulfillment net costs and store occupancy costs to gross
profit. Contribution from operations represents gross profit less
compensation for operations (which includes store and customer
service payroll) and operational expenses. EBITDA represents
earnings before interest, taxes, depreciation and amortization.
Management believes merchandise margin, contribution from
operations and EBITDA are meaningful indicators of the Company’s
performance which provide useful information to investors regarding
its financial condition and results of operations. Management uses
merchandise margin, contribution from operations and EBITDA,
together with financial measures prepared in accordance with GAAP,
to assess the Company’s operating performance, to enhance its
understanding of core operating performance and to compare the
Company’s operating performance to other retailers. These non-GAAP
financial measures should not be considered in isolation or used as
an alternative to GAAP financial measures and do not purport to be
an alternative to net income (loss) or gross profit as a measure of
operating performance. A reconciliation of net income (loss) to
EBITDA to contribution from operations to merchandise margin is
shown below for the periods indicated (in millions).
Three Months Ended
Nine Months Ended
November 25, 2017
November 26, 2016 November 25,
2017 November 26, 2016
$ Amount % of Sales
$ Amount % of Sales
$ Amount % of Sales
$ Amount % of Sales
Merchandise margin (non-GAAP) $ 269.0 57.3 % $ 286.4 60.2 %
$ 741.4 57.6 % $ 748.7 57.6 % Less: Delivery and fulfillment
net costs 20.5 4.4 % 17.3 3.6 % 55.9 4.3 % 38.8 3.0 % Store
occupancy costs
71.8 15.3
% 72.7 15.3
% 217.0 16.9
% 219.6 16.9
% Gross profit (GAAP) 176.7 37.7 % 196.4 41.3 % 468.4
36.4 % 490.4 37.7 % Less: Compensation for operations 59.6
12.7 % 63.5 13.3 % 174.1 13.5 % 185.2 14.2 % Operational expenses
23.1 4.9 %
21.5 4.5 %
64.4 5.0 %
63.6 4.9 %
Contribution from operations (non-GAAP) 94.0 20.0 % 111.4 23.4 %
230.0 17.9 % 241.6 18.6 % Less: Other nonoperating income
(0.4 ) (0.1 )% (0.3 ) (0.1 )% (1.4 ) (0.1 )% (1.1 ) (0.1 )%
Marketing and other SG&A
67.7
14.4 % 75.9
15.9 % 190.2
14.8 % 190.6
14.7 % EBITDA (non-GAAP) 26.7 5.7 % 35.9
7.5 % 41.2 3.2 % 52.1 4.0 % Less: Income tax provision
(benefit) 3.7 0.8 % 6.0 1.2 % (4.2 ) (0.3 )% (0.9 ) (0.1 )%
Interest expense, net 2.8 0.6 % 3.0 0.6 % 8.9 0.7 % 8.6 0.7 %
Depreciation
12.8 2.7
% 13.3 2.8
% 40.0 3.1
% 41.0 3.1
% Net income (loss) (GAAP)
$
7.4 1.6 %
$ 13.6 2.9
% $ (3.4 )
(0.3 )% $ 3.5
0.3 %
This press release also references adjusted EBITDA, adjusted net
income, adjusted earnings per share and forward-looking adjusted
earnings per share, each of which excludes legal and regulatory
costs relating to a California wage-and-hour matter and an ongoing
CPSC inquiry in fiscal 2018 and CEO departure related costs in
fiscal 2017. Management believes these non-GAAP financial measures
are useful in comparing the Company’s year-over-year operating
performance and should be considered supplemental and not a
substitute for the Company’s net income, net loss, loss per share,
earnings per share or forward-looking earnings per share results
reported in accordance with GAAP for the periods presented.
Three Months Ended Nine Months
Ended November 25, 2017 November 26, 2016 November
25, 2017 November 26, 2016 EBITDA (Non-GAAP) $
26.7 $ 35.9 $ 41.2 $ 52.1 Add back: CEO departure-related costs -
8.0 - 8.0 Legal and regulatory matters - - 6.6
- Adjusted EBITDA (Non-GAAP) $ 26.7 $ 43.9 $ 47.8
$ 60.1 Net income (loss) (GAAP) $ 7.4 $ 13.6 $
(3.4 ) $ 3.5 Add back: CEO departure-related costs, net of tax (1)
- 4.0 - 4.0 Legal and regulatory matters, net of tax (2) 0.1
- 3.7 - Adjusted net income (Non-GAAP)
$ 7.5 $ 17.6 $ 0.3 $ 7.5 Earnings (loss) per
share (GAAP) $ 0.09 $ 0.17 $ (0.04 ) $ 0.04 Add back: CEO
departure-related costs, net of tax (1) - 0.05 - 0.05 Legal and
regulatory matters, net of tax (2) -
-
0.05
-
Adjusted earnings per share (Non-GAAP) $ 0.09 $ 0.22 $ 0.01
$ 0.09
(1) For the three and nine months ended November 26, 2016, costs
related to the departure of the former Chief Executive Officer
totaled $8.0 million, or $4.0 million after adjusting for the tax
impact.
(2) For the nine months ended November 25, 2017, legal and
regulatory costs relating to a California wage-and-hour matter and
an ongoing CPSC inquiry totaled $6.6 million, or $3.7 million after
adjusting for the tax impact.
Except for historical information contained herein, the
statements in this press release or otherwise made by our
management in connection with the subject matter of this press
release are forward-looking statements (as such term is defined in
the Private Securities Litigation Reform Act of 1995) and involve
risks and uncertainties and are subject to change based on various
important factors. This press release includes forward-looking
statements that are based on management’s current estimates or
expectations of future events or future results. These statements
are not historical in nature and can generally be identified by
such words as “believe,” “expect,” “estimate,” “anticipate,”
“plan,” “may,” “will,” “intend” and similar expressions.
Management’s expectations and assumptions regarding future results
are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from the anticipated
results or other expectations expressed in the forward-looking
statements included in this press release. These risks and
uncertainties include, but are not limited to: the effectiveness of
the Company’s marketing campaigns, merchandising and promotional
strategies and customer databases; consumer spending patterns;
inventory levels and values; the Company’s ability to implement
planned cost control measures and its three-year strategic plan;
expected benefits from the real estate optimization initiative,
including cost savings and increases in efficiency; risks related
to U.S. import policy; and changes in foreign currency values
relative to the U.S. Dollar. These and other factors that could
cause results to differ materially from those described in the
forward-looking statements contained in this press release can be
found in the Company’s Annual Report on Form 10-K and in other
filings with the SEC. Refer to the Company’s most recent SEC
filings for any updates concerning these and other risks and
uncertainties that may affect the Company’s operations and
performance. Undue reliance should not be placed on forward-looking
statements, which are only current as of the date they are made.
The Company assumes no obligation to update or revise its
forward-looking statements.
Pier 1 Imports is dedicated to offering customers
exclusive, one-of-a-kind products that reflect high quality at a
great value. Starting with a single store in 1962, Pier 1 Imports’
product is now available in retail stores throughout the U.S.
and Canada and online at pier1.com. For more information
about Pier 1 Imports or to find the nearest store, please
visit pier1.com.
Pier 1 Imports,
Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except per
share amounts) (unaudited) Three Months Ended November 25, %
of November 26, % of 2017 Sales 2016 Sales Net sales $
469,161 100.0 % $ 475,901 100.0 % Cost of sales
292,485 62.3 % 279,508 58.7 % Gross
profit 176,676 37.7 % 196,393 41.3 % Selling, general and
administrative expenses 150,395 32.1 % 160,833 33.8 % Depreciation
12,833 2.7 % 13,307 2.8 %
Operating income 13,448 2.9 % 22,253 4.7 % Nonoperating
(income) and expenses: Interest, investment income and other (597 )
(438 ) Interest expense 2,960 3,113
2,363 0.5 % 2,675 0.6 %
Income before income taxes 11,085 2.4 % 19,578 4.1 % Income
tax provision 3,704 0.8 % 6,001 1.2 %
Net income $ 7,381 1.6 % $ 13,577 2.9 %
Earnings per share: Basic $ 0.09 $ 0.17
Diluted $ 0.09 $ 0.17 Dividends declared per
share: $ 0.07 $ 0.07 Average shares
outstanding during period: Basic 79,658 80,680
Diluted 79,658 80,683
Pier 1 Imports,
Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except per
share amounts) (unaudited) Nine Months Ended November 25, %
of November 26, % of 2017 Sales 2016 Sales Net sales $
1,286,293 100.0 % $ 1,300,094 100.0 % Cost of sales
817,856 63.6 % 809,698 62.3 % Gross
profit 468,437 36.4 % 490,396 37.7 % Selling, general and
administrative expenses 428,677 33.3 % 439,334 33.8 % Depreciation
39,973 3.1 % 40,956 3.1 %
Operating income (loss) (213 ) 0.0 % 10,106 0.8 %
Nonoperating (income) and expenses: Interest, investment income and
other (1,575 ) (1,677 ) Interest expense 8,991
9,177 7,416 0.6 % 7,500
0.6 % Income (loss) before income taxes (7,629 ) (0.6
%) 2,606 0.2 % Income tax benefit (4,201 ) (0.3 %)
(882 ) (0.1 %) Net income (loss) $ (3,428 ) (0.3 %) $ 3,488
0.3 % Earnings (loss) per share: Basic $ (0.04 ) $
0.04 Diluted $ (0.04 ) $ 0.04 Dividends
declared per share: $ 0.21 $ 0.21 Average
shares outstanding during period: Basic 80,363
80,926 Diluted 80,363 80,927
Pier 1 Imports,
Inc.
CONSOLIDATED BALANCE
SHEETS (in thousands except share amounts) (unaudited)
November 25, February 25, November 26, 2017 2017 2016 ASSETS
Current assets: Cash and cash equivalents, including temporary
investments of $67,719, $149,375 and $78,302, respectively $ 80,234
$ 154,460 $ 86,207 Accounts receivable, net 43,062 22,945 39,089
Inventories 418,868 400,976 479,832 Prepaid expenses and other
current assets 43,960 31,607
36,378 Total current assets 586,124 609,988 641,506
Properties and equipment, net of accumulated depreciation of
$547,520, $505,555 and $498,174, respectively 178,481 191,476
189,787 Other noncurrent assets 39,006 41,618
36,113 $ 803,611 $ 843,082 $
867,406 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Accounts payable $ 94,279 $ 68,981 $ 96,511
Gift cards and other deferred revenue 57,280 60,398 61,078
Borrowings under revolving line of credit - - 25,000 Accrued income
taxes payable - 26,058 3,964 Current portion of long-term debt
2,000 2,000 2,000 Other accrued liabilities 120,274
133,866 145,198 Total current
liabilities 273,833 291,303 333,751 Long-term debt 198,188
199,077 199,373 Other noncurrent liabilities 64,058 60,674 66,050
Shareholders' equity: Common stock, $0.001 par, 500,000,000
shares authorized, 125,232,000 issued 125 125 125 Paid-in capital
162,677 191,501 192,917 Retained earnings 716,719 737,165 716,154
Cumulative other comprehensive loss (6,599 ) (7,414 ) (8,871 ) Less
-- 41,710,000, 42,050,000 and 42,218,000 common shares in treasury,
at cost, respectively (605,390 ) (629,349 )
(632,093 ) Total shareholders' equity 267,532
292,028 268,232 $ 803,611 $ 843,082
$ 867,406
Pier 1 Imports,
Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
(unaudited) Nine Months Ended November
25, November 26, 2017 2016
Cash flows from operating
activities: Net income (loss) ($3,428 ) $3,488 Adjustments to
reconcile to net cash (used in) provided by operating activities:
Depreciation 45,934 45,250 Stock-based compensation expense 3,087
7,436 Deferred compensation, net 1,940 5,738 Deferred income taxes
5,663 (5,694 ) Amortization of deferred gains (814 ) (804 ) Other
2,982 4,240 Changes in cash from: Inventories (17,892 ) (73,973 )
Prepaid expenses and other assets (33,366 ) (20,194 ) Accounts
payable and other liabilities 14,914 41,946 Accrued income taxes
payable, net of payments (26,058 ) (2,360 ) Net cash (used in)
provided by operating activities (7,038 ) 5,073
Cash flows from investing activities: Capital expenditures
(41,057 ) (32,019 ) Proceeds from disposition of properties 71 66
Proceeds from sale of restricted investments 27,428 2,058 Purchase
of restricted investments (25,742 ) (1,043 ) Net cash used in
investing activities (39,300 ) (30,938 )
Cash flows from
financing activities: Cash dividends (16,753 ) (16,871 )
Purchases of treasury stock (10,000 ) (10,566 ) Stock purchase plan
and other, net 1,626 788 Repayments of long-term debt (1,500 )
(1,500 ) Debt issuance costs (1,261 ) - Borrowings under revolving
line of credit 8,000 38,000 Repayments of borrowings under
revolving line of credit (8,000 ) (13,000 ) Net cash used in
financing activities (27,888 ) (3,149 ) Change in cash and
cash equivalents (74,226 ) (29,014 ) Cash and cash
equivalents at beginning of period 154,460 115,221
Cash and cash equivalents at end of period $80,234
$86,207
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171213006126/en/
The Blueshirt GroupChristine Greany,
858-523-1732christine@blueshirtgroup.com
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