View printer-friendly version | << Back | Movado Group, Inc. Announces Third Quarter Results |
~ Maintains Full Year Net Sales, Operating Profit and Earnings per
Share Guidance ~
~ Board Declares Quarterly Dividend ~
PARAMUS, N.J.--(BUSINESS WIRE)--Nov. 24, 2015--
Movado Group, Inc. (NYSE:MOV) today announced third quarter results for
the period ended October 31, 2015.
Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We are
pleased with our third quarter results which reflect the successful
execution of our growth and efficiency strategies during an extremely
challenging retail environment. Our solid results were driven by both
Movado and our licensed brands portfolio which continue to outperform
the overall watch category at retail. We are very excited about our
recent launches of both Movado Edge, a watch collection developed in
collaboration with world-renowned industrial designer Yves Behar, as
well as our connected Movado timepieces which merge modern iconic design
and technology. This marks our first entrance into the wearable
technology category. We believe these new product launches, combined
with the strength of our existing brand portfolio, position us well for
the upcoming holiday season.”
The Company recorded no unusual items in the third quarter of fiscal
2016. During the first quarter of fiscal 2016, the Company recorded a
$2.7 million pre-tax charge, or $0.10 per diluted share, related to
operating efficiency initiatives and other items. There were no unusual
items recorded in the first nine months of fiscal 2015.
Third Quarter Fiscal 2016 (See attached table
for GAAP and Non-GAAP measures)
-
Net sales decreased 1.6% to $185.6 million compared to $188.6 million
in the third quarter of fiscal 2015. Net sales on a constant dollar
basis increased 2.1% compared to net sales in the third quarter of
fiscal 2015.
-
Gross profit was $100.1 million, or 53.9% of sales, compared to $99.8
million, or 53.0% of sales, in the third quarter last year. The
increase in gross margin percentage was primarily due to channel and
product mix, selective price increases and certain sourcing
improvements, partially offset by the unfavorable impact of changes in
foreign currency exchange rates.
-
Operating expenses increased $0.1 million, or 0.2%, to $66.6 million
compared to $66.5 million in the third quarter last year. This
increase was primarily the result of an increase in compensation and
benefit expenses mostly offset by the favorable impact of foreign
currency exchange rates, as well as lower marketing and selling
related expenses.
-
Operating income increased to $33.5 million compared to operating
income of $33.3 million in the same period last year.
-
The Company recorded a tax provision of $11.2 million in the third
quarter of fiscal 2016 as compared to a tax provision of $10.9 million
in the prior year. The effective tax rate in the third quarter of
fiscal 2016 was 33.9% compared to an effective tax rate of 32.7% in
the third quarter of fiscal 2015.
-
Net income was $21.5 million, or $0.92 per diluted share, compared to
net income of $22.2 million, or $0.87 per diluted share, in the third
quarter of fiscal 2015.
Nine Month Results Fiscal 2016 (See attached
table for GAAP and Non-GAAP measures)
-
Net sales decreased 0.3% to $451.7 million compared to $453.1 million
in the same period of fiscal 2015. Net sales on a constant dollar
basis increased 4.1% compared to net sales in the first nine months of
fiscal 2015.
-
Gross profit was $241.6 million, or 53.5% of sales, compared to $242.6
million, or 53.5% of sales in the same period last year. Adjusted
gross profit for the first nine months of fiscal 2016, which excludes
$0.7 million in charges related to operating efficiency initiatives
and other items in the first quarter of fiscal 2016, was $242.3
million, or 53.6% of sales. The increase in adjusted gross margin
percentage was primarily impacted by a favorable shift in channel and
product mix, selective price increases and certain sourcing
improvements, mostly offset by the unfavorable impact of changes in
foreign currency exchange rates.
-
Operating expenses were $183.0 million as compared to $181.2 million
in the same period last year. For the first nine months of fiscal
2016, adjusted operating expenses were $181.0 million, which excludes
$2.0 million of expenses related to operating efficiency initiatives
and other items recorded in the first quarter. Adjusted operating
expenses remained relatively flat due to the favorable impact of
foreign currency exchange rates as well as lower marketing expenses
mostly offset by an increase in compensation and benefit expenses.
-
Operating income was $58.6 million compared to operating income of
$61.4 million in the same period last year. Adjusted operating income
for the first nine months of fiscal 2016, which excludes $2.7 million
of expenses related to operating efficiency initiatives and other
items recorded in the first quarter, was $61.2 million or 13.6% of net
sales.
-
The Company recorded a tax provision of $20.5 million for the nine
month period of fiscal 2016 as compared to a tax provision of $19.2
million for the nine month period of fiscal 2015. The effective tax
rate in the fiscal 2016 period was 35.3% compared to an effective tax
rate of 31.4% in the fiscal 2015 period. The adjusted effective tax
rate for first nine months of fiscal 2016 was 34.0%.
-
Net income was $37.2 million, or $1.55 per diluted share, compared to
net income for the nine month period of fiscal 2015 of $41.7 million,
or $1.63 per diluted share. Adjusted net income for the first nine
months of fiscal 2016 was $39.7 million, or $1.65 per diluted share,
which excludes $2.5 million in expenses, net of tax, related to
operating efficiency initiatives and other items in the first quarter
of fiscal 2016.
Rick Coté, Vice Chairman and Chief Operating Officer, stated, “Despite a
difficult global marketplace, our third quarter results are a testament
to our continued focus on our strategic approach to grow our business
and capture the full potential of our brand portfolio. We are
particularly pleased with our performance in Europe in the third
quarter, where we continued to see strong sell through at retail. The
benefits from our price increases, operating efficiencies and sourcing
improvements across our supply chain are materializing and we are
continuing to manage our operating expenses prudently.”
Mr. Coté continued “Additionally, our balance sheet remains strong with
approximately $181 million in cash and decreased inventory levels in the
third quarter compared to the prior year period. We remain focused on
returning value to shareholders as demonstrated by the repurchase of
approximately 275,000 of our shares in the third quarter, as well as our
Board’s approval of another $0.11 per share regular quarterly dividend
today.”
Fiscal 2016 Guidance
The Company continues to expect net sales to be in the range of $590
million to $600 million, operating income to increase to approximately
$72.0 million to $75.0 million and earnings per share (“EPS”) of $2.00
to $2.10 per diluted share. The Company now anticipates net income for
fiscal 2016 to be in the range of approximately $47.5 million to $50.0
million, reflecting a higher than previously anticipated effective tax
rate. The Company’s EPS guidance reflects the higher effective tax rate
offset by a lower share count resulting from its share repurchase
program. The Company's guidance reflects its current outlook and does
not take into account a potential worsening in the global economies or
retail environment. This guidance also assumes no further significant
fluctuations from prevailing foreign currency exchange rates as well as
no unusual items for fiscal 2016.
Quarterly Dividend and Share Repurchase Program
The Company also announced that on November 24, 2015, the Board of
Directors approved the payment on December 18, 2015 of a cash dividend
in the amount of $0.11 for each share of the Company’s outstanding
common stock and class A common stock held by shareholders of record as
of the close of business on December 4, 2015.
During the third quarter of fiscal 2016, the Company repurchased
approximately 275,000 shares under its share repurchase program. As of
October 31, 2015, the Company had $17.2 million remaining under the
$100.0 million share repurchase authorization.
Conference Call
The Company’s management will host a conference call and audio webcast
to discuss its results today, November 24th at 9:00 a.m.
Eastern Time. The conference call may be accessed by dialing
888-438-5525. Additionally, a live webcast of the call can be accessed
at www.movadogroup.com.
The webcast will be archived on the Company’s website approximately one
hour after the conclusion of the call. Additionally, a telephonic
re-play of the call will be available at 12:00 p.m. ET on November 24,
2015 until 11:59 p.m. ET on December 1, 2015 and can be accessed by
dialing (877) 870-5176 and entering replay pin number 894113.
Movado Group, Inc. designs, sources, and distributes MOVADO®, EBEL®,
CONCORD®, ESQ® Movado, COACH®, TOMMY HILFIGER®, HUGO BOSS®, JUICY
COUTURE®, LACOSTE® and SCUDERIA FERRARI® watches worldwide, and operates
Movado company stores in the United States.
In this release, the Company presents certain financial measures that
are not calculated according to generally accepted accounting principles
in the United States (“GAAP”). Specifically, the Company is
presenting adjusted gross profit and adjusted operating expenses, which
are relevant measures under GAAP, adjusted to eliminate a charge for the
operating efficiency initiatives and other items. The Company is
also presenting adjusted operating income, which is operating income
under GAAP, adjusted to eliminate a charge for the operating efficiency
initiatives and other items. The Company believes these adjusted
measures are useful because they give investors information about the
Company’s financial performance without the effect of certain items that
the Company believes are not characteristic of its usual operations. The
Company is also presenting adjusted net income, adjusted earnings per
share and adjusted effective tax rate, which is net income, earnings per
share and effective tax rate under GAAP adjusted to eliminate the after
tax impact of the charge for the operating efficiency initiatives and
other items. The Company believes that adjusted net income,
adjusted earnings per share and adjusted effective tax rate are useful
measures of performance because they give investors information about
the Company’s financial performance without the effect of certain items
that the Company believes are not characteristic of its usual operations.
Additionally, the Company is presenting constant currency information
to provide a framework to assess how its business performed excluding
the effects of foreign currency exchange rate fluctuations in the
current year. Comparisons of financial results on a constant dollar
basis are calculated by translating each foreign currency at the same US
dollar exchange rate as in effect for the prior-year period for both
periods being compared. The Company believes this information is
useful to investors to facilitate comparisons of operating results. These
non-GAAP financial measures are designed to complement the GAAP
financial information presented in this release. The non-GAAP
financial measures presented should not be considered in isolation from
or as a substitute for the comparable GAAP financial measures, and the
methods of their calculation may differ substantially from similarly
titled measures used by other companies.
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
Company has tried, whenever possible, to identify these forward-looking
statements using words such as “expects,” “anticipates,”
“believes,” “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,”
“estimates,” “may,” “will,” “should” and variations of such words and
similar expressions. Similarly, statements in this press release that
describe the Company's business strategy, outlook, objectives, plans,
intentions or goals are also forward-looking statements. Accordingly,
such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's actual
results, performance or achievements and levels of future dividends to
differ materially from those expressed in, or implied by, these
statements. These risks and uncertainties may include, but are not
limited to general economic and business conditions which may impact
disposable income of consumers in the United States and the other
significant markets (including Europe) where the Company’s products are
sold, uncertainty regarding such economic and business conditions,
trends in consumer debt levels and bad debt write-offs, general
uncertainty related to possible terrorist attacks, natural disasters,
the stability of the European Union and defaults on or downgrades of
sovereign debt and the impact of any of those events on consumer
spending, changes in consumer preferences and popularity of particular
designs, new product development and introduction, the ability of the
Company to successfully implement its business strategies, competitive
products and pricing, the impact of “smart” watches and other wearable
tech products on the traditional watch market, seasonality, availability
of alternative sources of supply in the case of the loss of any
significant supplier or any supplier’s inability to fulfill the
Company’s orders, the loss of or curtailed sales to significant
customers, the Company’s dependence on key employees and officers, the
ability to successfully integrate the operations of acquired businesses
without disruption to other business activities, the continuation of the
company’s major warehouse and distribution centers, the continuation of
licensing arrangements with third parties, losses possible from pending
or future litigation, the ability to secure and protect trademarks,
patents and other intellectual property rights, the ability to lease new
stores on suitable terms in desired markets and to complete construction
on a timely basis, the ability of the Company to successfully manage its
expenses on a continuing basis, information systems failure or breaches
of network security, the continued availability to the Company of
financing and credit on favorable terms, business disruptions, disease,
general risks associated with doing business outside the United States
including, without limitation, import duties, tariffs, quotas, political
and economic stability, changes to existing laws or regulations, and
success of hedging strategies with respect to currency exchange rate
fluctuations, and the other factors discussed in the Company’s Annual
Report on Form 10-K and other filings with the Securities and Exchange
Commission. These statements reflect the Company's current beliefs and
are based upon information currently available to it. Be advised that
developments subsequent to this press release are likely to cause these
statements to become outdated with the passage of time. The Company
assumes no duty to update its forward looking statements and this
release shall not be construed to indicate the assumption by the Company
of any duty to update its guidance in the future.
(Tables to follow)
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MOVADO GROUP, INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except per share data)
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(Unaudited)
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Three Months Ended
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Nine Months Ended
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October 31,
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October 31,
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2015
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2014
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2015
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2014
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Net sales
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$185,629
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$188,557
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$451,659
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$453,069
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Cost of sales
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85,537
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88,715
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210,080
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210,470
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Gross profit
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100,092
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99,842
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241,579
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242,599
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Operating expenses
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66,638
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66,509
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183,016
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181,177
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Operating income
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33,454
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33,333
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58,563
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61,422
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Interest expense
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(319
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(78
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(727
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(272
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Interest income
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17
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51
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105
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97
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Income before income taxes
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33,152
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33,306
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57,941
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61,247
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Provision for income taxes
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11,242
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10,889
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20,458
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19,231
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Net income
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21,910
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22,417
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37,483
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42,016
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Less: Net income attributed to noncontrolling interests
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378
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208
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277
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291
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Net income attributed to Movado Group, Inc.
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$21,532
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$22,209
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$37,206
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$41,725
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Per Share Information:
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Net income attributed to Movado Group, Inc.
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$0.92
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$0.87
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$1.55
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$1.63
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Weighted diluted average shares outstanding
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23,411
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25,616
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23,966
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25,661
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MOVADO GROUP, INC.
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GAAP AND NON-GAAP MEASURES
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(In thousands, except for percentage data)
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(Unaudited)
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As Reported
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% Change
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Three Months Ended
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% Change
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Constant
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October 31,
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As Reported
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Dollar
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2015
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2014
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Total Net sales
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185,629
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188,557
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-1.6%
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2.1%
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As Reported
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% Change
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Nine Months Ended
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% Change
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Constant
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October 31,
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As Reported
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Dollar
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2015
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2014
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Total Net sales
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451,659
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453,069
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-0.3%
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4.1%
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MOVADO GROUP, INC.
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GAAP AND NON-GAAP MEASURES
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(In thousands, except per share data)
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(Unaudited)
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Net Sales
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Gross Profit
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Operating Income
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Pre-tax Income
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Net Income Attributed to Movado Group, Inc.
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EPS
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Three Months Ended October 31, 2015
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported (GAAP)
|
|
|
|
|
$185,629
|
|
|
|
$100,092
|
|
|
|
$33,454
|
|
|
|
$33,152
|
|
|
|
$21,532
|
|
|
|
$0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended October 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported (GAAP)
|
|
|
|
|
$188,557
|
|
|
|
$99,842
|
|
|
|
$33,333
|
|
|
|
$33,306
|
|
|
|
$22,209
|
|
|
|
$0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended October 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported (GAAP)
|
|
|
|
|
$451,659
|
|
|
|
$241,579
|
|
|
|
$58,563
|
|
|
|
$57,941
|
|
|
|
$37,206
|
|
|
|
$1.55
|
|
Operating Efficiency Initiatives and Other Items (1)
|
|
|
|
-
|
|
|
|
693
|
|
|
|
2,670
|
|
|
|
2,670
|
|
|
|
2,536
|
|
|
|
0.10
|
|
Adjusted Results (Non-GAAP)
|
|
|
|
|
$451,659
|
|
|
|
$242,272
|
|
|
|
$61,233
|
|
|
|
$60,611
|
|
|
|
$39,742
|
|
|
|
$1.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended October 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported (GAAP)
|
|
|
|
|
$453,069
|
|
|
|
$242,599
|
|
|
|
$61,422
|
|
|
|
$61,247
|
|
|
|
$41,725
|
|
|
|
$1.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Related to a charge for severance, occupancy expenses and the
write-off of certain fixed assets.
|
|
|
|
MOVADO GROUP, INC.
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
(In thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31,
|
|
|
|
January 31,
|
|
|
|
October 31,
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
$181,180
|
|
|
|
$199,852
|
|
|
|
$157,937
|
|
|
Trade receivables, net
|
|
|
|
|
|
|
124,438
|
|
|
|
74,106
|
|
|
|
128,638
|
|
|
Inventories
|
|
|
|
|
|
|
178,965
|
|
|
|
170,788
|
|
|
|
182,663
|
|
|
Other current assets
|
|
|
|
|
|
|
35,972
|
|
|
|
40,532
|
|
|
|
37,927
|
|
|
Total current assets
|
|
|
|
|
|
|
520,555
|
|
|
|
485,278
|
|
|
|
507,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
|
|
41,331
|
|
|
|
46,673
|
|
|
|
45,340
|
|
|
Deferred income taxes
|
|
|
|
|
|
|
13,476
|
|
|
|
13,550
|
|
|
|
13,899
|
|
|
Other non-current assets
|
|
|
|
|
|
|
37,756
|
|
|
|
37,522
|
|
|
|
35,365
|
|
|
Total assets
|
|
|
|
|
|
|
$613,118
|
|
|
|
$583,023
|
|
|
|
$601,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
$29,514
|
|
|
|
$27,767
|
|
|
|
$29,746
|
|
|
Accrued liabilities
|
|
|
|
|
|
|
50,661
|
|
|
|
30,933
|
|
|
|
49,933
|
|
|
Deferred and current income taxes payable
|
|
|
|
|
|
6,951
|
|
|
|
7,372
|
|
|
|
12,713
|
|
|
Total current liabilities
|
|
|
|
|
|
|
87,126
|
|
|
|
66,072
|
|
|
|
92,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans payable to bank
|
|
|
|
|
|
|
40,000
|
|
|
|
-
|
|
|
|
-
|
|
|
Deferred and non-current income taxes payable
|
|
|
|
|
3,165
|
|
|
|
3,470
|
|
|
|
3,578
|
|
|
Other non-current liabilities
|
|
|
|
|
|
|
29,918
|
|
|
|
29,196
|
|
|
|
28,989
|
|
|
Noncontrolling interests
|
|
|
|
|
|
|
2,468
|
|
|
|
2,076
|
|
|
|
2,472
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
450,441
|
|
|
|
482,209
|
|
|
|
474,338
|
|
|
Total liabilities and equity
|
|
|
|
|
|
|
$613,118
|
|
|
|
$583,023
|
|
|
|
$601,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVADO GROUP, INC.
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
(In thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
$37,483
|
|
|
|
|
$42,016
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
9,438
|
|
|
|
|
9,195
|
|
|
|
Other non-cash adjustments
|
|
|
|
|
|
|
5,495
|
|
|
|
|
4,309
|
|
|
|
Operating efficiency initiatives and other items
|
|
|
|
|
2,670
|
|
|
|
|
-
|
|
|
|
Changes in working capital
|
|
|
|
|
|
|
(45,571
|
)
|
|
|
|
(54,051
|
)
|
|
|
Changes in non-current assets and liabilities
|
|
|
|
|
725
|
|
|
|
|
(120
|
)
|
|
|
Net cash provided by operating activities
|
|
|
|
|
|
10,240
|
|
|
|
|
1,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
|
(5,827
|
)
|
|
|
|
(7,485
|
)
|
|
|
Proceeds from short-term investments
|
|
|
|
|
|
-
|
|
|
|
|
33,736
|
|
|
|
Long-term investments
|
|
|
|
|
|
|
-
|
|
|
|
|
(1,200
|
)
|
|
|
Other investing
|
|
|
|
|
|
|
(193
|
)
|
|
|
|
232
|
|
|
|
Net cash (used in) / provided by investing activities
|
|
|
|
|
(6,020
|
)
|
|
|
|
25,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank borrowings
|
|
|
|
|
|
|
50,000
|
|
|
|
|
-
|
|
|
|
Repayments of bank borrowings
|
|
|
|
|
|
|
(10,000
|
)
|
|
|
|
-
|
|
|
|
Dividends paid
|
|
|
|
|
|
|
(7,780
|
)
|
|
|
|
(7,591
|
)
|
|
|
Stock repurchase
|
|
|
|
|
|
|
(45,932
|
)
|
|
|
|
(13,150
|
)
|
|
|
Other financing
|
|
|
|
|
|
|
(587
|
)
|
|
|
|
1,242
|
|
|
|
Net cash (used in) financing activities
|
|
|
|
|
|
|
(14,299
|
)
|
|
|
|
(19,499
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
(8,593
|
)
|
|
|
|
(6,855
|
)
|
|
|
Net change in cash and cash equivalents
|
|
|
|
|
|
(18,672
|
)
|
|
|
|
278
|
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
|
|
199,852
|
|
|
|
|
157,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
|
$181,180
|
|
|
|
|
$157,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20151124005261/en/
Source: Movado Group, Inc.
ICR, Inc. Rachel Schacter/Allison Malkin 203-682-8200
|
 |
|