Sealy Corporation Reports Fiscal Third Quarter 2010 Results
-Net Sales of $346 million-
-Income from Operations of $12 million-
-Adjusted EBITDA of $47 million-
TRINITY, N.C., Sept. 28 /PRNewswire-FirstCall/ -- Sealy Corporation (NYSE: ZZ), the bedding industry's largest global bedding manufacturer, today announced results for its third quarter of fiscal year 2010.
Net sales for the third fiscal quarter were $346.2 million, a decrease of (1.0)% compared to the same prior year period.
Gross profit for the third fiscal quarter decreased by $8.5 million to $137.6 million from the prior year quarter. Gross margin declined by 205 basis points to 39.7%, driven primarily by higher discounting on products that are at the end of their life cycle in an increasingly competitive market as well as the impact of inflation on material costs. Partially offsetting these decreases were improvements in operations efficiencies.
Income from operations for the third fiscal quarter of $11.6 million was negatively impacted by a non-cash, impairment charge of $23.0 million related to a write down of the assets of the company's European segment to their fair market value. The impairment is a non-cash charge to earnings and did not affect the Company's liquidity, cash flows from operating activities or Adjusted EBITDA for debt covenant purposes. For more information on these and other various items impacting the period, please refer to the last table of this release. Excluding the impairment, the Company's income from operations would have been $34.5 million, compared to $39.2 million in the same prior year period. The decline was driven by lower sales and higher per unit material costs.
The net loss for the third quarter was $15.8 million or $0.16 per diluted share, using a diluted share count of 97.0 million shares. Excluding the impairment, the Company's net income for the period would have been $7.1 million, or $0.04 per diluted shares, based on a 291.6 million diluted share count, compared to $12.1 million, or $0.05 per diluted share, based on a 279.2 million diluted share count, in the comparable prior year period. For further information on the calculation of diluted shares, please see the attached schedule.
Adjusted EBITDA for the third fiscal quarter decreased 12.6% to $46.9 million from $53.7 million. Adjusted EBITDA margin decreased to 13.5%, compared to 15.4% in the prior year period.
"While our third quarter results reflect the inconsistent industry demand and on-going pressures in the overall macroeconomic and retail environment, we remain focused on actions within our control to drive our future performance. In light of this challenging marketplace, we are actively working with our retail partners to execute promotions that will bring the consumer back into their stores, while continuing to make investments in new product rollouts and new product development to drive future sales growth. The Sealy Promotional line has now been fully rolled out and the specialty Embody line rollout will be completed in Q4. While we would like to have had both rollouts completed faster, both lines are now performing better than their predecessors and have shown improvement from the beginning to the end of the quarter. In addition, our 2009 Stearns & Foster line continues to deliver strong growth. Lastly, we are excited by the progress made on our Next Generation Posturepedic line, which remains on track for a January 2011 launch," stated Larry Rogers, Sealy's President and Chief Executive Officer.
Fiscal 2010 Third Quarter Results
Total U.S. net sales decreased 2.2% to $251.0 million from the third quarter of fiscal 2009. Wholesale unit volume decreased 0.3%, while wholesale average unit selling price decreased 2.3% on a year-over-year basis. The decrease in unit volume is primarily attributable to lower sales related to the company's Posturepedic line, offset by the growth of its Stearns & Foster line. The decrease in wholesale average unit selling price is due to the company's response to competitive pressure including a growing mix of promotional priced bedding as it seeks to capture more sales with its new Sealy branded products.
International net sales increased $2.3 million, or 2.5%, from the third quarter of 2009 to $95.1 million. Excluding the effects of currency fluctuation, international net sales increased 2.6% from the third quarter of 2009. This increase was primarily due to increased sales in the Canadian market driven by strategic promotional activity and the success of the company's new Stearns & Foster line. Canadian unit volume for the quarter increased 7.4% from the comparable prior year quarter.
Gross profit decreased 5.8% to $137.6 million compared to $146.1 million in the third quarter of fiscal 2009. Gross profit margin was 39.7%, a decrease of 205 basis points compared to the prior year third quarter. U.S. gross profit margin decreased 353 basis points to 40.4%. The decrease in percentage of net sales was driven primarily by higher discounting on products that are at the end of their life cycle in an increasingly competitive market, as well as the impact of inflation on material costs. Partially offsetting these decreases were improvements in operations efficiencies.
Selling, general, and administrative (SG&A) expenses were $107.5 million for the third quarter of fiscal 2010, a decrease of $2.8 million versus the comparable period a year earlier primarily due to a decrease in compensation costs.
Fiscal 2010 Nine Month Results
Net sales for the nine months ended August 29, 2010 increased 4.6% to $1,002.3 million from $958.0 million for the comparable period a year earlier. Gross profit was $405.9 million, or 40.5% of net sales, versus $385.7 million, or 40.3% of net sales, for the comparable period a year earlier. The net loss for the period was $9.3 million. Excluding the non-cash impairment discussed above, the company's net income for the period would have been $13.7 million, versus $11.0 million in the prior year period. Adjusted EBITDA increased 3.2% to $135.0 million, or 13.5% of net sales, from $130.8 million, or 13.7% of net sales, compared to the same period in the prior year.
As of August 29, 2010, the Company's debt net of cash was $719.8 million. The Net Debt to Adjusted EBITDA ratio (excluding the Convertible Payment In Kind Notes) was 3.15x as of August 29, 2010.
"Our commitment to new product development leaves us well positioned with products in all technologies and across all price points. Coupled with our on going intense focus on the cost structure, we believe these actions will help drive profitable market share growth and strong EBITDA performance in the future. However, we were not able to overcome the macroeconomic headwinds and the impact from delayed rollouts we faced during the quarter. In light of the current operating environment and our third quarter results, we now expect growth of 4-6% in adjusted EBITDA for the full 2010 year," added Mr. Rogers.
Adjusted EBITDA
Within the information above, Sealy provides information regarding Adjusted EBITDA and Adjusted EBITDA Margin which are not recognized terms under GAAP (Generally Accepted Accounting Principles) and do not purport to be alternatives to operating income or net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. We present Adjusted EBITDA, because the covenants contained in our senior debt agreements are based upon these measures and Adjusted EBITDA is a material component of those covenants. Additionally, management uses Adjusted EBITDA to evaluate the Company's operating performance. We also present Adjusted EBITDA margin, which is Adjusted EBITDA reflected as a percentage of net sales because we believe that this measure provides useful incremental information to investors regarding our operating performance. Additionally, these measures are not intended to be measures of available cash flow for management's discretionary use, as these measures do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Because not all companies use identical calculations, this presentation may not be comparable to other similarly titled measures of other companies. A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to the Company's net income is provided in the attached schedule.
Conference Call
The Company will hold a conference call today to discuss its fiscal third quarter 2010 results at 5:00 p.m. (Eastern Time). The conference call can be accessed live over the phone by dialing 1-877-941-2068, or for international callers, 1-480-629-9712. A replay will be available one hour after the call and can be accessed by dialing 1-877-870-5176, or for international callers, 1-858-384-5517. The passcode for the live call and the replay is 4360177. The replay will be available until October 5, 2010.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors section of the Company's website at www.sealy.com. The on-line replay will be available for a limited time beginning immediately following the call in the Investors section of the Company's website at www.sealy.com.
About Sealy
Sealy is the bedding industry's largest global manufacturer with sales of $1.3 billion in fiscal 2009. The Company manufactures and markets a broad range of mattresses and foundations under the Sealy(R), Sealy Posturepedic(R), Sealy Embody(TM), Stearns & Foster(R), and Bassett(R) brands. Sealy operates 25 plants in North America, and has the largest market share and highest consumer awareness of any bedding brand on the continent. In the United States, Sealy sells its products to approximately 3,000 customers with more than 7,000 retail outlets. Sealy is also a leading supplier to the hospitality industry. For more information, please visit www.sealy.com.
This document contains forward-looking statements within the meaning of the safe harbor provisions of the Securities Litigation Reform Act of 1995. Terms such as "expect," "believe," "continue," and "grow," as well as similar comments, are forward-looking in nature. Although the Company believes its growth plans are based upon reasonable assumptions, it can give no assurances that such expectations can be attained. Factors that could cause actual results to differ materially from the Company's expectations include: general business and economic conditions, competitive factors, raw materials purchasing, and fluctuations in demand. Please refer to the Company's Securities and Exchange Commission filings for further information.
SEALY CORPORATION |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEET |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
August 29, |
November 29, |
August 30, |
||||||
2010 |
2009 |
2009 |
||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and equivalents |
$ 82,510 |
$ 131,427 |
$ 99,840 |
|||||
Accounts receivable, net of allowances for bad debts, cash discounts and returns |
181,758 |
156,850 |
189,446 |
|||||
Inventories |
68,634 |
56,810 |
57,619 |
|||||
Prepaid expenses and other current assets |
19,910 |
21,080 |
23,726 |
|||||
Deferred income tax assets |
15,375 |
20,222 |
18,724 |
|||||
Total current assets |
368,187 |
386,389 |
389,355 |
|||||
Property, plant and equipment - at cost |
416,354 |
446,989 |
440,003 |
|||||
Less accumulated depreciation |
(246,468) |
(239,508) |
(228,869) |
|||||
169,886 |
207,481 |
211,134 |
||||||
Other assets: |
||||||||
Goodwill |
360,878 |
360,583 |
360,817 |
|||||
Intangible assets, net of accumulated amortization |
1,517 |
1,937 |
2,774 |
|||||
Deferred income tax assets |
9,601 |
6,874 |
5,650 |
|||||
Debt issuance costs, net, and other assets |
54,814 |
52,206 |
53,740 |
|||||
426,810 |
421,600 |
422,981 |
||||||
Total assets |
$ 964,883 |
$ 1,015,470 |
$ 1,023,470 |
|||||
LIABILITIES AND STOCKHOLDERS' DEFICIT |
||||||||
Current liabilities: |
||||||||
Current portion - long-term obligations |
$ 7,634 |
$ 13,693 |
$ 11,591 |
|||||
Accounts payable |
89,229 |
88,971 |
105,914 |
|||||
Accrued incentives and advertising |
33,215 |
31,804 |
31,610 |
|||||
Accrued compensation |
26,466 |
43,105 |
33,730 |
|||||
Accrued interest |
17,616 |
15,230 |
14,843 |
|||||
Other accrued liabilities |
32,617 |
36,436 |
45,178 |
|||||
Total current liabilities |
206,777 |
229,239 |
242,866 |
|||||
Long-term obligations, net of current portion |
794,658 |
833,766 |
837,836 |
|||||
Other liabilities |
58,004 |
59,625 |
59,585 |
|||||
Deferred income tax liabilities |
875 |
832 |
1,607 |
|||||
Stockholders' deficit: |
||||||||
Common stock |
977 |
947 |
922 |
|||||
Additional paid-in capital |
908,446 |
885,064 |
878,003 |
|||||
Accumulated deficit |
(1,002,210) |
(992,950) |
(995,133) |
|||||
Accumulated other comprehensive income |
(2,644) |
(1,053) |
(2,216) |
|||||
Total shareholders' deficit |
(95,431) |
(107,992) |
(118,424) |
|||||
Total liabilities and shareholders' deficit |
$ 964,883 |
$ 1,015,470 |
$ 1,023,470 |
|||||
SEALY CORPORATION |
||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||
(In thousands, except per share data) |
||||||
(Unaudited) |
||||||
Three Months Ended |
||||||
August 29, |
August 30, |
|||||
2010 |
2009 |
|||||
Net sales |
$ 346,181 |
$ 349,573 |
||||
Cost of goods sold |
208,616 |
203,508 |
||||
Gross profit |
137,565 |
146,065 |
||||
Selling, general and administrative expenses |
107,498 |
110,256 |
||||
Asset impairment loss |
22,963 |
- |
||||
Amortization expense |
68 |
842 |
||||
Restructuring expenses and asset impairment |
- |
- |
||||
Royalty income, net of royalty expense |
(4,535) |
(4,216) |
||||
Income from operations |
11,571 |
39,183 |
||||
Interest expense |
21,784 |
22,127 |
||||
Loss on rights for convertible notes |
- |
1,820 |
||||
Refinancing and extinguishment of debt and interest rate derivatives |
- |
39 |
||||
Other income, net |
(57) |
(14) |
||||
(Loss) income before income taxes |
(10,156) |
15,211 |
||||
Income tax provision |
6,379 |
3,155 |
||||
Equity in earnings of unconsolidated affiliates |
712 |
- |
||||
Net (loss) income |
$ (15,823) |
$ 12,056 |
||||
(Loss) earnings per common share—Basic |
$ (0.16) |
$ 0.13 |
||||
(Loss) earnings per common share—Diluted |
$ (0.16) |
$ 0.05 |
||||
Weighted average number of common shares outstanding: |
||||||
Basic |
97,043 |
91,884 |
||||
Diluted |
97,043 |
279,156 |
||||
SEALY CORPORATION |
||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||
(In thousands, except per share data) |
||||||
(Unaudited) |
||||||
Nine Months Ended |
||||||
August 29, |
August 30, |
|||||
2010 |
2009 |
|||||
Net sales |
$ 1,002,336 |
$ 958,004 |
||||
Cost of goods sold |
596,413 |
572,353 |
||||
Gross profit |
405,923 |
385,651 |
||||
Selling, general and administrative expenses |
323,636 |
302,533 |
||||
Asset impairment loss |
22,963 |
- |
||||
Amortization expense |
522 |
2,435 |
||||
Restructuring expenses and asset impairment |
- |
1,448 |
||||
Royalty income, net of royalty expense |
(12,343) |
(12,186) |
||||
Income from operations |
71,145 |
91,421 |
||||
Interest expense |
65,890 |
56,551 |
||||
Loss on rights for convertible notes |
- |
4,549 |
||||
Refinancing and extinguishment of debt and interest rate derivatives |
3,759 |
17,461 |
||||
Gain on sale of subsidiary stock |
- |
(1,292) |
||||
Other income, net |
(161) |
(60) |
||||
Income before income taxes |
1,657 |
14,212 |
||||
Income tax provision |
13,619 |
3,201 |
||||
Equity in earnings of unconsolidated affiliates |
2,702 |
- |
||||
Net (loss) income |
$ (9,260) |
$ 11,011 |
||||
(Loss) earnings per common share—Basic |
$ (0.10) |
$ 0.12 |
||||
(Loss) earnings per common share—Diluted |
$ (0.10) |
$ 0.07 |
||||
Weighted average number of common shares outstanding: |
||||||
Basic |
95,384 |
91,836 |
||||
Diluted |
95,384 |
153,602 |
||||
SEALY CORPORATION |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
(Unaudited) |
||||||||
Nine Months Ended |
||||||||
August 29, |
August 30, |
|||||||
2010 |
2009 |
|||||||
Operating activities: |
||||||||
Net (loss) income |
$ (9,260) |
$ 11,011 |
||||||
Adjustments to reconcile net income to |
||||||||
net cash provided by (used in) operating activities: |
||||||||
Depreciation and amortization |
21,813 |
24,655 |
||||||
Deferred income taxes |
4,259 |
(7,565) |
||||||
Impairment charges |
22,963 |
1,326 |
||||||
Amortization of deferred gain on sale-leaseback |
(490) |
(485) |
||||||
Paid in kind interest on convertible notes |
10,830 |
1,820 |
||||||
Amortization of discount on new senior secured notes |
1,702 |
351 |
||||||
Amortization of debt issuance costs and other |
4,191 |
2,925 |
||||||
Loss on rights for convertible notes |
- |
4,549 |
||||||
Share-based compensation |
12,759 |
7,381 |
||||||
Excess tax benefits from share-based payment arrangements |
(942) |
- |
||||||
Loss on sale of assets |
246 |
383 |
||||||
Write-off of debt issuance costs related to debt extinguishments |
2,709 |
2,113 |
||||||
Loss on termination of interest rate swaps |
1,050 |
15,232 |
||||||
Payment to terminate interest rate swaps |
- |
(15,232) |
||||||
Gain on sale of subsidiary stock |
- |
(1,292) |
||||||
Other, net |
(1,635) |
(2,458) |
||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(28,724) |
(27,628) |
||||||
Inventories |
(13,984) |
5,684 |
||||||
Prepaid expenses and other current assets |
(1,279) |
14,080 |
||||||
Other assets |
(5,314) |
(1,434) |
||||||
Accounts payable |
3,822 |
5,195 |
||||||
Accrued expenses |
(18,950) |
6,752 |
||||||
Other liabilities |
386 |
(7,150) |
||||||
Net cash provided by operating activities |
6,152 |
40,213 |
||||||
Investing activities: |
||||||||
Purchase of property, plant and equipment |
(11,369) |
(8,669) |
||||||
Proceeds from sale of property, plant and equipment |
67 |
10,385 |
||||||
Net proceeds from sale of subsidiary stock |
- |
1,237 |
||||||
Investments in and loans to unconsolidated affiliate |
- |
(2,322) |
||||||
Net cash (used in) provided by investing activities |
(11,302) |
631 |
||||||
Financing activities: |
||||||||
Proceeds from issuance of long-term obligations |
2,784 |
3,343 |
||||||
Repayments of long-term obligations |
(10,204) |
(15,668) |
||||||
Repayment of old senior term loans |
- |
(377,181) |
||||||
Proceeds from issuance of new senior secured notes |
- |
335,916 |
||||||
Proceeds from issuance of related party notes |
- |
177,132 |
||||||
Repayment of related party notes |
- |
(83,284) |
||||||
Repayment of senior secured notes, including premium of $1,050 |
(36,050) |
- |
||||||
Proceeds from issuance of convertible notes, net |
- |
83,284 |
||||||
Borrowings under revolving credit facilities |
- |
140,904 |
||||||
Repayments under revolving credit facilities |
- |
(205,304) |
||||||
Exercise of employee stock options, including related excess tax benefits |
1,101 |
(330) |
||||||
Debt issuance costs |
- |
(27,421) |
||||||
Other |
(8) |
- |
||||||
Net cash (used in) provided by financing activities |
(42,377) |
31,391 |
||||||
Effect of exchange rate changes on cash |
(1,390) |
1,009 |
||||||
Change in cash and equivalents |
(48,917) |
73,244 |
||||||
Cash and equivalents: |
||||||||
Beginning of period |
131,427 |
26,596 |
||||||
End of period |
$ 82,510 |
$ 99,840 |
||||||
RECONCILIATION OF EBITDA TO NET INCOME |
||||||||||||||||||||||||||
NON GAAP MEASURES |
||||||||||||||||||||||||||
Three Months Ended: |
Nine Months Ended: |
|||||||||||||||||||||||||
August 29, |
August 30, |
August 29, |
August 30, |
|||||||||||||||||||||||
2010 |
2009 |
2010 |
2009 |
|||||||||||||||||||||||
(in thousands) |
(percentage of net sales) |
(in thousands) |
(percentage of net sales) |
(in thousands) |
(percentage of net sales) |
(in thousands) |
(percentage of net sales) |
|||||||||||||||||||
Net income (loss) |
$ (15,823) |
-4.6% |
$ 12,056 |
3.4% |
$ (9,260) |
-0.9% |
$ 11,011 |
1.1% |
||||||||||||||||||
Interest expense |
21,784 |
6.3% |
22,127 |
6.3% |
65,890 |
6.6% |
56,551 |
5.9% |
||||||||||||||||||
Income taxes |
6,379 |
1.8% |
3,155 |
0.9% |
13,619 |
1.4% |
3,201 |
0.3% |
||||||||||||||||||
Depreciation and amortization |
7,077 |
2.0% |
8,102 |
2.3% |
21,813 |
2.2% |
24,655 |
2.6% |
||||||||||||||||||
EBITDA |
19,417 |
5.6% |
45,440 |
13.0% |
92,062 |
9.2% |
95,418 |
10.0% |
||||||||||||||||||
Adjustments for debt covenants: |
||||||||||||||||||||||||||
Impairment charges |
22,963 |
6.6% |
0 |
0.0% |
22,963 |
2.3% |
0 |
0.0% |
||||||||||||||||||
Refinancing charges |
0 |
0.0% |
40 |
0.0% |
3,759 |
0.4% |
17,461 |
1.8% |
||||||||||||||||||
Non-cash compensation |
3,545 |
1.0% |
5,164 |
1.5% |
12,760 |
1.3% |
7,387 |
0.8% |
||||||||||||||||||
KKR consulting fees |
405 |
0.1% |
655 |
0.2% |
1,425 |
0.1% |
2,196 |
0.2% |
||||||||||||||||||
Severance charges |
640 |
0.2% |
229 |
0.1% |
1,892 |
0.2% |
2,171 |
0.2% |
||||||||||||||||||
Loss on rights for Convertible Notes |
0 |
0.0% |
1,820 |
0.5% |
0 |
0.0% |
4,549 |
0.5% |
||||||||||||||||||
Other (various) (a) |
(91) |
0.0% |
319 |
0.1% |
163 |
0.0% |
1,599 |
0.2% |
||||||||||||||||||
Adjusted EBITDA |
$ 46,879 |
13.5% |
$ 53,667 |
15.4% |
$ 135,024 |
13.5% |
$ 130,781 |
13.7% |
||||||||||||||||||
(a) Consists of various immaterial adjustments |
||||||||||||||||||||||||||
Reconciliation of Adjusted Diluted Earnings per Share |
||||
(in thousands) |
||||
Numerator for diluted earnings per share: |
||||
Three Months Ended |
Nine Months Ended |
|||
Net loss, as reported |
$ (15,823) |
$ (9,260) |
||
Impairment charges, net of tax |
22,963 |
22,963 |
||
Net income, as adjusted |
$ 7,140 |
$ 13,703 |
||
Net income attributable to participating securities, as adjusted |
(15) |
(38) |
||
Interest on convertible notes |
4,318 |
11,929 |
||
Net income available to common shareholders, as adjusted |
$ 11,443 |
$ 25,594 |
||
Denominator for diluted earnings per share: |
||||
Adjusted weighted average shares and assumed conversions, as reported |
97,043 |
95,384 |
||
Convertible debt |
185,413 |
181,798 |
||
Stock options |
1,040 |
1,147 |
||
Restricted share units |
7,786 |
9,220 |
||
Other |
365 |
345 |
||
Adjusted weighted average shares and assumed conversions, as adjusted |
291,647 |
287,894 |
||
Diluted earnings per share, as reported |
$ (0.16) |
$ (0.10) |
||
Diluted earnings per share, as adjusted |
$ 0.04 |
$ 0.09 |
||
Reconciliation of Adjusted Income from Operations |
||||
(in thousands) |
||||
Three Months Ended |
Nine Months Ended |
|||
Income from Operations, as reported |
$ 11,571 |
$ 71,145 |
||
Asset impairment loss |
22,963 |
22,963 |
||
Income from Operations, as adjusted |
$ 34,534 |
$ 94,108 |
||
Reconciliation of Fully Diluted Sharecount |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
August 29, 2010 |
August 30, 2009 |
August 29, 2010 |
August 30, 2009 |
||||||
(in thousands) |
(in thousands) |
||||||||
Numerator: |
|||||||||
Net income (loss), as reported |
$ (15,823) |
$ 12,056 |
$ (9,260) |
$ 11,564 |
|||||
Net income (loss) attributable to participating securities |
34 |
(38) |
26 |
(37) |
|||||
Interest on convertible notes |
- |
1,820 |
- |
1,820 |
|||||
Net income available to common shareholders |
$ (15,789) |
$ 13,838 |
$ (9,234) |
$ 13,347 |
|||||
Denominator: |
|||||||||
Denominator for basic earnings per share—weighted average shares |
97,043 |
91,884 |
95,384 |
91,836 |
|||||
Effect of dilutive securities: |
|||||||||
Convertible debt |
- |
177,088 |
- |
60,549 |
|||||
Stock options |
- |
1,745 |
- |
1,016 |
|||||
Restricted share units |
- |
8,172 |
- |
- |
|||||
Other |
- |
267 |
- |
201 |
|||||
Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions |
97,043 |
279,156 |
95,384 |
153,602 |
|||||
Since the Company reported a net loss for the three and nine months ended August 29, 2010, the 194,604 outstanding options to purchase common stock, restricted shares, share units and Convertible Notes (in thousands) were considered antidilutive and are not included in the computation of diluted earnings per share. |
|||||||||
Sealy Corporation |
||||||||
Interest Expense |
||||||||
Q3 2010 |
||||||||
Three Months Ended |
Nine Months Ended |
|||||||
August 29, 2010 |
August 30, 2009 |
August 29, 2010 |
August 30, 2009 |
|||||
(in thousands) |
(in thousands) |
|||||||
Cash interest expense |
$ 15,920 |
$ 17,940 |
$ 49,089 |
$ 51,119 |
||||
Non-cash interest expense |
5,863 |
4,188 |
16,801 |
5,432 |
||||
Total interest expense |
$ 21,783 |
$ 22,127 |
$ 65,890 |
$ 56,551 |
||||
SOURCE Sealy Corporation
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