x
|
Quarterly
report under Section 13 or 15(d) of the Securities Exchange Act of
1934
|
PENNSYLVANIA
|
25-0644320
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
Incorporation
or organization)
|
Identification
No.)
|
TWO
NORTHSHORE CENTER, PITTSBURGH, PA
|
15212-5851
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant's
telephone number, including area code
|
(412)
442-8200
|
Yes
x
|
No
o
|
Yes
o
|
No
o
|
Large
accelerated filer x
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Smaller
reporting company o
|
Yes
o
|
No
x
|
December
31, 2009
|
September
30, 2009
|
|||||||||||||||
(unaudited)
|
||||||||||||||||
ASSETS
|
||||||||||||||||
Current
assets:
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 59,828 | $ | 57,732 | ||||||||||||
Short-term
investments
|
62 | 62 | ||||||||||||||
Accounts
receivable, net
|
125,778 | 138,927 | ||||||||||||||
Inventories
|
95,319 | 94,455 | ||||||||||||||
Deferred
income taxes
|
1,800 | 1,816 | ||||||||||||||
Other
current assets
|
11,550 | 12,430 | ||||||||||||||
Total current
assets
|
294,337 | 305,422 | ||||||||||||||
Investments
|
15,350 | 13,389 | ||||||||||||||
Property,
plant and equipment: Cost
|
308,770 | 305,098 | ||||||||||||||
Less accumulated
depreciation
|
(171,304 | ) | (167,038 | ) | ||||||||||||
137,466 | 138,060 | |||||||||||||||
Deferred
income taxes
|
32,322 | 32,563 | ||||||||||||||
Other
assets
|
25,570 | 19,999 | ||||||||||||||
Goodwill
|
389,193 | 385,219 | ||||||||||||||
Other
intangible assets, net
|
55,548 | 55,001 | ||||||||||||||
Total
assets
|
$ | 949,786 | $ | 949,653 | ||||||||||||
LIABILITIES
|
||||||||||||||||
Current
liabilities:
|
||||||||||||||||
Long-term
debt, current maturities
|
$ | 13,582 | $ | 14,188 | ||||||||||||
Accounts
payable
|
26,188 | 28,604 | ||||||||||||||
Accrued
compensation
|
31,188 | 35,592 | ||||||||||||||
Accrued
income taxes
|
10,917 | 8,120 | ||||||||||||||
Other
current liabilities
|
45,432 | 45,836 | ||||||||||||||
Total current
liabilities
|
127,307 | 132,340 | ||||||||||||||
Long-term
debt
|
237,942 | 237,530 | ||||||||||||||
Accrued
pension
|
54,787 | 53,734 | ||||||||||||||
Postretirement
benefits
|
24,753 | 24,599 | ||||||||||||||
Deferred
income taxes
|
13,180 | 13,464 | ||||||||||||||
Environmental
reserve
|
6,352 | 6,482 | ||||||||||||||
Other
liabilities and deferred revenue
|
14,105 | 15,489 | ||||||||||||||
Total
liabilities
|
478,426 | 483,638 | ||||||||||||||
Arrangement
with noncontrolling interest
|
26,531 | 27,131 | ||||||||||||||
SHAREHOLDERS’
EQUITY
|
||||||||||||||||
Shareholders'
equity-Matthews:
|
||||||||||||||||
Common stock
|
36,334 | 36,334 | ||||||||||||||
Additional paid in
capital
|
43,605 | 47,436 | ||||||||||||||
Retained
earnings
|
570,655 | 559,786 | ||||||||||||||
Accumulated other comprehensive
loss
|
(32,663 | ) | (29,884 | ) | ||||||||||||
Treasury stock, at
cost
|
(178,428 | ) | (179,454 | ) | ||||||||||||
Total
shareholders’ equity-Matthews
|
439,503 | 434,218 | ||||||||||||||
Noncontrolling
interests
|
5,326 | 4,666 | ||||||||||||||
Total
shareholders’ equity
|
444,829 | 438,884 | ||||||||||||||
Total
liabilities and shareholders' equity
|
$ | 949,786 | $ | 949,653 |
Three
Months Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Sales
|
$ | 192,973 | $ | 191,286 | ||||
Cost
of sales
|
(119,583 | ) | (123,434 | ) | ||||
Gross
profit
|
73,390 | 67,852 | ||||||
Selling
and administrative expenses
|
(51,214 | ) | (47,773 | ) | ||||
Operating
profit
|
22,176 | 20,079 | ||||||
Investment
income (loss)
|
1,195 | (388 | ) | |||||
Interest
expense
|
(1,939 | ) | (3,264 | ) | ||||
Other
deductions, net
|
(98 | ) | (111 | ) | ||||
Income
before income taxes
|
21,334 | 16,316 | ||||||
Income
taxes
|
(7,678 | ) | (5,036 | ) | ||||
Net
income
|
13,656 | 11,280 | ||||||
Less:
net income (loss) attributable to noncontrolling interests
|
660 | (9 | ) | |||||
Net
income attributable to Matthews’ shareholders
|
$ | 12,996 | $ | 11,289 | ||||
Earnings
per share attributable to Matthews’ shareholders:
|
||||||||
Basic
|
$.43 | $.37 | ||||||
Diluted
|
$.43 | $.37 |
Shareholders’
Equity - Matthews
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||
Additional
|
Comprehensive
|
Non-
|
||||||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Income
(Loss)
|
Treasury
|
controlling
|
|||||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
(net
of tax)
|
Stock
|
interests
|
Total
|
||||||||||||||||||||||
Balance,
September
30, 2009
|
$ | 36,334 | $ | 47,436 | $ | 559,786 | $ | (29,884 | ) | $ | (179,454 | ) | $ | 4,666 | $ | 438,884 | ||||||||||||
Net
income
|
- | - | 12,996 | - | - | 660 | 13,656 | |||||||||||||||||||||
Minimum
pension liability
|
- | - | - | 789 | - | - | 789 | |||||||||||||||||||||
Translation
adjustment
|
- | - | - | (3,967 | ) | - | - | (3,967 | ) | |||||||||||||||||||
Fair
value of derivatives
|
- | - | - | 399 | - | - | 399 | |||||||||||||||||||||
Total
comprehensive income
|
10,877 | |||||||||||||||||||||||||||
Stock-based
compensation
|
- | 1,609 | - | - | - | - | 1,609 | |||||||||||||||||||||
Treasury
stock transactions:
|
||||||||||||||||||||||||||||
Purchase
of 146,636 shares
|
- | - | - | - | (5,143 | ) | - | (5,143 | ) | |||||||||||||||||||
Issuance
of 28,950 shares under stock plans
|
- | (5,440 | ) | - | - | 6,169 | - | 729 | ||||||||||||||||||||
Dividends,
$.07 per share
|
- | - | (2,127 | ) | - | - | - | (2,127 | ) | |||||||||||||||||||
Balance,
December
31, 2009
|
$ | 36,334 | $ | 43,605 | $ | 570,655 | $ | (32,663 | ) | $ | (178,428 | ) | $ | 5,326 | $ | 444,829 |
Shareholders’
Equity - Matthews
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||
Additional
|
Comprehensive
|
Non-
|
||||||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Income
(Loss)
|
Treasury
|
controlling
|
|||||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
(net
of tax)
|
Stock
|
interests
|
Total
|
||||||||||||||||||||||
Balance,
September
30, 2008
|
$ | 36,334 | $ | 47,250 | $ | 511,130 | $ | (2,979 | ) | $ | (157,780 | ) | $ | 4,963 | $ | 438,918 | ||||||||||||
Net
income
|
- | - | 11,289 | - | - | (9 | ) | 11,280 | ||||||||||||||||||||
Minimum
pension liability
|
- | 129 | - | - | 129 | |||||||||||||||||||||||
Translation
adjustment
|
- | (10,749 | ) | - | - | (10,749 | ) | |||||||||||||||||||||
Fair
value of derivatives
|
- | (3,723 | ) | - | - | (3,723 | ) | |||||||||||||||||||||
Total
comprehensive loss
|
(3,063 | ) | ||||||||||||||||||||||||||
Stock-based
compensation
|
- | 1,336 | - | - | - | - | 1,336 | |||||||||||||||||||||
Pension
liability adjustment
|
- | - | (702 | ) | - | - | - | (702 | ) | |||||||||||||||||||
Arrangement
with noncontrolling interest
|
- | - | (59 | ) | - | - | - | (59 | ) | |||||||||||||||||||
Treasury
stock transactions:
|
||||||||||||||||||||||||||||
Purchase
of 380,266 shares
|
- | - | - | - | (15,837 | ) | - | (15,837 | ) | |||||||||||||||||||
Issuance
of 12,200 shares under stock plans
|
- | (4,623 | ) | - | - | 4,937 | - | 314 | ||||||||||||||||||||
Dividends,
$.065 per share
|
- | - | (2,127 | ) | - | - | - | (2,127 | ) | |||||||||||||||||||
Balance,
December
31, 2008
|
$ | 36,334 | $ | 43,963 | $ | 519,531 | $ | (17,322 | ) | $ | (168,680 | ) | $ | 4,954 | $ | 418,780 |
Three
Months Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net income
|
$ | 13,656 | $ | 11,280 | ||||
Adjustments to reconcile net
income to net cash
provided
by operating activities:
|
||||||||
Depreciation and
amortization
|
6,331 | 6,951 | ||||||
(Gain)
loss on investments
|
(351 | ) | 777 | |||||
Loss
on sale of assets
|
46 | 59 | ||||||
Stock-based compensation
expense
|
1,609 | 1,336 | ||||||
Change in deferred
taxes
|
(1,083 | ) | (616 | ) | ||||
Changes in working capital
items
|
6,824 | 153 | ||||||
Increase in other
assets
|
(2,421 | ) | (899 | ) | ||||
Decrease in other
liabilities
|
(3,467 | ) | (489 | ) | ||||
Increase in pension and
postretirement benefits
|
2,501 | 1,084 | ||||||
Net cash provided by operating
activities
|
23,645 | 19,636 | ||||||
Cash
flows from investing activities:
|
||||||||
Capital
expenditures
|
(4,176 | ) | (3,087 | ) | ||||
Proceeds from sale of
assets
|
58 | 108 | ||||||
Acquisitions, net of cash
acquired
|
(9,511 | ) | (21 | ) | ||||
Proceeds from sale of
investments
|
- | 65 | ||||||
Purchases of
investments
|
(1,612 | ) | (2,606 | ) | ||||
Net
cash used in investing activities
|
(15,241 | ) | (5,541 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds from long-term
debt
|
14,210 | 32,161 | ||||||
Payments on long-term
debt
|
(12,822 | ) | (16,157 | ) | ||||
Proceeds from the sale of
treasury stock
|
672 | 255 | ||||||
Purchases of treasury
stock
|
(5,143 | ) | (19,268 | ) | ||||
Tax benefit of exercised stock
options
|
56 | 58 | ||||||
Dividends
|
(2,127 | ) | (2,127 | ) | ||||
Distributions to minority
interests
|
- | (2,291 | ) | |||||
Net
cash used in financing activities
|
(5,154 | ) | (7,369 | ) | ||||
Effect
of exchange rate changes on cash
|
(1,154 | ) | (4,242 | ) | ||||
Net
increase in cash and cash equivalents
|
$ | 2,096 | $ | 2,484 | ||||
Non-cash
investing and financing activities:
|
||||||||
Acquisition
of equipment under capital lease
|
$ | - | $ | 2,068 |
Level
1
|
Level
2
|
Level
3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Short
term investments
|
$ | 62 | - | - | $ | 62 | ||||||||||
Trading
securities
|
12,736 | - | - | 12,736 | ||||||||||||
Total
assets at fair value
|
$ | 12,798 | - | - | $ | 12,798 | ||||||||||
Liabilities:
|
||||||||||||||||
Derivatives
(1)
|
- | $ | 5,054 | - | $ | 5,054 | ||||||||||
Total
liabilities at fair value
|
- | $ | 5,054 | - | $ | 5,054 | ||||||||||
(1) Interest
rate swaps are valued based on observable market swap rates and are
classified within Level 2 of the fair value hierarchy.
|
December
31, 2009
|
September
30, 2009
|
|||||||
Materials
and finished goods
|
$ | 80,572 | $ | 80,692 | ||||
Labor
and overhead in process
|
14,747 | 13,763 | ||||||
$ | 95,319 | $ | 94,455 |
Date
|
Initial
Amount
|
Fixed
Interest Rate
|
Interest
Rate Spread at December 31, 2009
|
Maturity
Date
|
|||||||||
September
2007
|
$ | 25,000 | 4.77% | .60% |
September
2012
|
||||||||
May
2008
|
40,000 | 3.72 | .60 |
September
2012
|
|||||||||
October
2008
|
20,000 | 3.21 | .60 |
October
2010
|
|||||||||
October
2008
|
20,000 | 3.46 | .60 |
October
2011
|
Liability Derivatives
|
||||||||
Balance
Sheet Location:
|
December
31, 2009
|
September
30, 2009
|
||||||
Current
liabilities:
|
||||||||
Other
current liabilities
|
$ | 2,355 | $ | 2,441 | ||||
Long-term
liabilities
|
||||||||
Other
accrued liabilities and deferred revenue
|
2,699 | 3,267 | ||||||
Total
derivatives
|
$ | 5,054 | $ | 5,708 | ||||
Location
of
|
Amount
of
|
||||||||
Derivatives
in
|
Gain
or (Loss)
|
Gain
or (Loss)
|
|||||||
Cash
Flow
|
Recognized
in
|
Recognized
in Income
|
|||||||
Hedging
|
Income
on
|
on
Derivatives
|
|||||||
Relationships
|
Derivative
|
Three
Months Ended December 31,
|
|||||||
2009
|
2008
|
||||||||
Interest
rate swaps
|
Interest
expense
|
$ | (947 | ) | $ | (365 | ) | ||
Location
of
|
|||||||||||||||||
Gain
or
|
|||||||||||||||||
(Loss)
|
|||||||||||||||||
Reclassified
|
Amount
of Gain or (Loss)
|
||||||||||||||||
from
|
Reclassified
from
|
||||||||||||||||
Amount
of Gain or
|
Accumulated
|
Accumulated
OCL into
|
|||||||||||||||
Derivatives
in
|
(Loss)
Recognized in
|
OCL
into
|
Income
|
||||||||||||||
Cash
Flow
|
OCL
on Derivatives
|
Income
|
(Effective
Portion*)
|
||||||||||||||
Hedging
Relationships
|
December
31,
2009
|
September
30, 2009
|
(Effective
Portion*)
|
December
31, 2009
|
September
30, 2009
|
||||||||||||
Interest
rate swaps
|
$ | (3,083 | ) | $ | (3,482 | ) |
Interest
expense
|
$ | (578 | ) | $ | (2,134 | ) | ||||
*There is no ineffective portion or
amount excluded from effectiveness testing.
|
Carrying
Value included
|
||||||||||||||||
in
the Balance Sheet
|
Fair
Value
|
|||||||||||||||
December
31, 2009
|
September
30, 2009
|
December
31, 2009
|
September
30, 2009
|
|||||||||||||
Long-term
debt, including current maturities
|
$ | 251,524 | $ | 251,718 | $ | 231,964 | $ | 230,482 |
Weighted-
|
||||||||
average
|
||||||||
grant-date
|
||||||||
Shares
|
fair
value
|
|||||||
Non-vested
at September 30, 2009
|
271,656 | $ | 37.61 | |||||
Granted
|
178,009 | 33.65 | ||||||
Vested
|
- | - | ||||||
Expired
or forfeited
|
- | - | ||||||
Non-vested
at December 31, 2009
|
449,665 | 36.04 |
Weighted-
|
||||||||||||||||
Weighted-
|
average
|
Aggregate
|
||||||||||||||
average
|
remaining
|
intrinsic
|
||||||||||||||
Shares
|
exercise
price
|
contractual
term
|
value
|
|||||||||||||
Outstanding,
September 30, 2009
|
1,224,909 | $ | 35.94 | |||||||||||||
Granted
|
- | - | ||||||||||||||
Exercised
|
(28,950 | ) | 23.23 | |||||||||||||
Expired
or forfeited
|
(3,050 | ) | 37.17 | |||||||||||||
Outstanding,
December 31, 2009
|
1,192,909 | 36.25 | 5.6 | $ | - | |||||||||||
Exercisable,
December 31, 2009
|
838,224 | 34.87 | 5.2 | $ | 467 |
Weighted-average
|
||||||||
grant-date
|
||||||||
Non-vested shares
|
Shares
|
fair
value
|
||||||
Non-vested
at September 30, 2009
|
673,035 | $ | 12.17 | |||||
Granted
|
- | - | ||||||
Vested
|
(316,667 | ) | 10.77 | |||||
Expired
or forfeited
|
(1,683 | ) | 9.79 | |||||
Non-vested
at December 31, 2009
|
354,685 | 13.43 |
Three
Months Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Expected
volatility
|
30.0 | % | 27.0 | % | ||||
Dividend
yield
|
.8 | % | .6 | % | ||||
Average
risk free interest rate
|
2.3 | % | 2.4 | % | ||||
Average
expected term (years)
|
2.2 | 2.3 |
Three
Months Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Net
income attributable to Matthews’ shareholders
|
$ | 12,996 | $ | 11,289 | ||||
Weighted-average
common shares outstanding
|
29,974,606 | 30,482,249 | ||||||
Dilutive
securities, primarily stock options
|
214,441 | 71,822 | ||||||
Diluted
weighted-average common shares outstanding
|
30,189,047 | 30,554,071 | ||||||
Basic
earnings per share
|
$.43 | $.37 | ||||||
Diluted
earnings per share
|
$.43 | $.37 |
Pension
|
Other
Postretirement
|
|||||||||||||||
Three
months ended December 31,
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Service
cost
|
$ | 1,078 | $ | 856 | $ | 173 | $ | 143 | ||||||||
Interest
cost
|
1,853 | 1,868 | 346 | 386 | ||||||||||||
Expected
return on plan assets
|
(1,717 | ) | (1,900 | ) | - | - | ||||||||||
Amortization:
|
||||||||||||||||
Prior
service cost
|
(10 | ) | (9 | ) | (181 | ) | (322 | ) | ||||||||
Net
actuarial loss
|
1,338 | 456 | 130 | 71 | ||||||||||||
Net
benefit cost
|
$ | 2,542 | $ | 1,271 | $ | 468 | $ | 278 |
United
States – Federal
|
2007
and forward
|
|
United
States – State
|
2006
and forward
|
|
Canada
|
2004
and forward
|
|
Europe
|
2002
and forward
|
|
United
Kingdom
|
2008
and forward
|
|
Australia
|
2005
and forward
|
Three
Months Ended
|
||||||||
December
31,
|
||||||||
|
2009
|
2008
|
||||||
Sales
to external customers:
|
||||||||
Memorialization:
|
||||||||
Bronze
|
$ | 49,259 | $ | 49,734 | ||||
Casket
|
50,664 | 52,599 | ||||||
Cremation
|
8,500 | 6,283 | ||||||
108,423 | 108,616 | |||||||
Brand Solutions:
|
||||||||
Graphics Imaging
|
59,806 | 57,194 | ||||||
Marking Products
|
11,566 | 11,585 | ||||||
Merchandising
Solutions
|
13,178 | 13,891 | ||||||
84,550 | 82,670 | |||||||
$ | 192,973 | $ | 191,286 |
Three
Months Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Operating
profit:
|
||||||||
Memorialization:
|
||||||||
Bronze
|
$ | 10,360 | $ | 9,260 | ||||
Casket
|
5,808 | 6,401 | ||||||
Cremation
|
1,130 | 813 | ||||||
17,298 | 16,474 | |||||||
Brand Solutions:
|
||||||||
Graphics Imaging
|
3,989 | 2,635 | ||||||
Marking Products
|
600 | 671 | ||||||
Merchandising
Solutions
|
289 | 299 | ||||||
4,878 | 3,605 | |||||||
$ | 22,176 | $ | 20,079 |
Graphics
|
Marking
|
Merchandising
|
||||||||||||||||||||||||||
Bronze
|
Casket
|
Cremation
|
Imaging
|
Products
|
Solutions
|
Consolidated
|
||||||||||||||||||||||
Goodwill
|
$ | 79,707 | $ | 122,896 | $ | 13,887 | $ | 158,863 | $ | 9,980 | $ | 9,138 | $ | 394,471 | ||||||||||||||
Accumulated
impairment losses
|
(412 | ) | - | (5,000 | ) | (3,840 | ) | - | - | (9,252 | ) | |||||||||||||||||
Balance
at September 30, 2009
|
79,295 | 122,896 | 8,887 | 155,023 | 9,980 | 9,138 | 385,219 | |||||||||||||||||||||
Additions
during period
|
7,399 | - | - | (488 | ) | - | - | 6,911 | ||||||||||||||||||||
Translation
and other adjustments
|
(548 | ) | (15 | ) | (52 | ) | (2,349 | ) | 27 | - | (2,937 | ) | ||||||||||||||||
Goodwill
|
86,558 | 122,881 | 13,835 | 156,026 | 10,007 | 9,138 | 398,445 | |||||||||||||||||||||
Accumulated
impairment losses
|
(412 | ) | - | (5,000 | ) | (3,840 | ) | - | - | (9,252 | ) | |||||||||||||||||
Balance
at December 31, 2009
|
$ | 86,146 | $ | 122,881 | $ | 8,835 | $ | 152,186 | $ | 10,007 | $ | 9,138 | $ | 389,193 |
Carrying
|
Accumulated
|
|||||||||||
Amount
|
Amortization
|
Net
|
||||||||||
December
31, 2009:
|
||||||||||||
Trade
names
|
$ | 24,688 | $ | - | * | $ | 24,688 | |||||
Trade
names
|
1,563 | (526 | ) | 1,037 | ||||||||
Customer
relationships
|
36,223 | (8,836 | ) | 27,387 | ||||||||
Copyrights/patents/other
|
8,212 | (5,776 | ) | 2,436 | ||||||||
$ | 70,686 | $ | (15,138 | ) | $ | 55,548 | ||||||
September
30, 2009:
|
||||||||||||
Trade
names
|
$ | 24,418 | $ | - | * | $ | 24,418 | |||||
Trade
names
|
1,598 | (458 | ) | 1,140 | ||||||||
Customer
relationships
|
35,568 | (8,232 | ) | 27,336 | ||||||||
Copyrights/patents/other
|
7,777 | (5,670 | ) | 2,107 | ||||||||
$ | 69,361 | $ | (14,360 | ) | $ | 55,001 | ||||||
*
Not subject to
amortization
|
Three
months ended
|
Years
ended
|
|||||||||||||||
December 31,
|
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Gross
profit
|
38.0 | % | 35.5 | % | 37.7 | % | 39.5 | % | ||||||||
Operating
profit
|
11.5 | % | 10.5 | % | 12.9 | % | 16.2 | % | ||||||||
Income
before taxes
|
11.1 | % | 8.5 | % | 11.3 | % | 14.9 | % | ||||||||
Net
income
|
7.1 | % | 5.9 | % | 7.6 | % | 10.0 | % | ||||||||
Net
income attributable to Matthews’ shareholders
|
6.7 | % | 5.9 | % | 7.4 | % | 9.7 | % |
Date
|
Initial
Amount
|
Fixed
Interest Rate
|
Interest
Rate Spread at December 31, 2009
|
Maturity
Date
|
||||||
September
2007
|
$25
million
|
4.77% | .60% |
September
2012
|
||||||
May
2008
|
40
million
|
3.72 | .60 |
September
2012
|
||||||
October
2008
|
20
million
|
3.21 | .60 |
October
2010
|
||||||
October
2008
|
20
million
|
3.46 | .60 |
October
2011
|
Payments
due in fiscal year:
|
||||||||||||||||||||
2010
|
After
|
|||||||||||||||||||
Total
|
Remainder
|
2011
to 2012
|
2013
to 2014
|
2014
|
||||||||||||||||
Contractual
Cash Obligations:
|
(Dollar
amounts in thousands)
|
|||||||||||||||||||
Revolving
credit facilities
|
$ | 206,769 | $ | - | $ | 206,769 | $ | - | $ | - | ||||||||||
Notes
payable to banks
|
34,332 | 4,702 | 14,797 | 11,821 | 3,012 | |||||||||||||||
Short-term
borrowings
|
2,797 | 2,797 | - | - | - | |||||||||||||||
Capital
lease obligations
|
6,800 | 2,550 | 3,846 | 404 | - | |||||||||||||||
Non-cancelable
operating leases
|
19,573 | 6,154 | 9,806 | 3,118 | 495 | |||||||||||||||
Other
|
1,361 | 1,361 | - | - | - | |||||||||||||||
Total
contractual cash obligations
|
$ | 271,632 | < |