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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Armstrong Flooring Inc | NYSE:AFI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.3512 | 0 | 01:00:00 |
|
☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
47-4303305
|
||||
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. employer Identification number)
|
||||
|
|
|
|
|
|
|
2500 Columbia Avenue,
|
Lancaster,
|
PA
|
|
|
17604
|
|
(Address of principal executive offices)
|
|
(Zipcode)
|
|
(717)
|
672-9611
|
|
(Registrant’s telephone number, including area code)
|
Securities registered pursuant to Section 12(b) of the Act:
|
|||
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Common Stock, $0.0001 par value
|
AFI
|
New York Stock Exchange
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☑
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
|
|
|
Page Number
|
|
||
|
|
|
PART I
|
|
|
Item 1.
|
|
|
|
||
|
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
|
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
PART II
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5
|
||
Item 6.
|
||
|
|
|
•
|
global economic conditions;
|
•
|
competition;
|
•
|
availability and costs of raw materials and energy;
|
•
|
key customers;
|
•
|
construction activity;
|
•
|
costs savings and productivity initiatives;
|
•
|
strategic transactions;
|
•
|
information systems and transition services;
|
•
|
personnel;
|
•
|
intellectual property rights;
|
•
|
international operations;
|
•
|
labor;
|
•
|
claims and litigation;
|
•
|
liquidity;
|
•
|
debt;
|
•
|
debt covenants;
|
•
|
outsourcing;
|
•
|
environmental and regulatory matters; and
|
•
|
other risks detailed from time to time in our filings with the Securities and Exchange Commission ("SEC"), press releases and other communications, including those set forth under “Risk Factors” included in our Annual Report on Form 10-K and in the documents incorporated by reference.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
165.6
|
|
|
$
|
208.9
|
|
|
$
|
485.0
|
|
|
$
|
574.4
|
|
Cost of goods sold
|
153.8
|
|
|
163.7
|
|
|
414.9
|
|
|
456.2
|
|
||||
Gross profit
|
11.8
|
|
|
45.2
|
|
|
70.1
|
|
|
118.2
|
|
||||
Selling, general and administrative expenses
|
40.0
|
|
|
40.8
|
|
|
110.2
|
|
|
119.0
|
|
||||
Operating (loss) earnings
|
(28.2
|
)
|
|
4.4
|
|
|
(40.1
|
)
|
|
(0.8
|
)
|
||||
Interest expense
|
0.8
|
|
|
0.9
|
|
|
2.7
|
|
|
2.9
|
|
||||
Other expense, net
|
0.7
|
|
|
0.9
|
|
|
1.2
|
|
|
2.2
|
|
||||
(Loss) earnings from continuing operations before income taxes
|
(29.7
|
)
|
|
2.6
|
|
|
(44.0
|
)
|
|
(5.9
|
)
|
||||
Income tax (benefit)
|
—
|
|
|
(0.7
|
)
|
|
(3.0
|
)
|
|
(1.7
|
)
|
||||
Net (loss) earnings from continuing operations
|
$
|
(29.7
|
)
|
|
$
|
3.3
|
|
|
$
|
(41.0
|
)
|
|
$
|
(4.2
|
)
|
Earnings from discontinued operations, net of tax
|
—
|
|
|
4.6
|
|
|
—
|
|
|
12.2
|
|
||||
(Loss) gain on disposal of discontinued operations, net of tax
|
(1.7
|
)
|
|
—
|
|
|
7.6
|
|
|
—
|
|
||||
Net (loss) earnings from discontinued operations
|
(1.7
|
)
|
|
4.6
|
|
|
7.6
|
|
|
12.2
|
|
||||
Net (loss) earnings
|
$
|
(31.4
|
)
|
|
$
|
7.9
|
|
|
$
|
(33.4
|
)
|
|
$
|
8.0
|
|
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per share of common stock:
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per share of common stock from continuing operations
|
$
|
(1.36
|
)
|
|
$
|
0.13
|
|
|
$
|
(1.65
|
)
|
|
$
|
(0.16
|
)
|
Basic (loss) earnings per share of common stock from discontinued operations
|
(0.08
|
)
|
|
0.18
|
|
|
0.31
|
|
|
0.47
|
|
||||
Basic (loss) earnings per share of common stock
|
$
|
(1.44
|
)
|
|
$
|
0.31
|
|
|
$
|
(1.34
|
)
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted (loss) earnings per share of common stock:
|
|
|
|
|
|
|
|
||||||||
Diluted (loss) earnings per share of common stock from continuing operations
|
$
|
(1.36
|
)
|
|
$
|
0.13
|
|
|
$
|
(1.65
|
)
|
|
$
|
(0.16
|
)
|
Diluted (loss) earnings per share of common stock from discontinued operations
|
(0.08
|
)
|
|
0.17
|
|
|
0.31
|
|
|
0.47
|
|
||||
Diluted (loss) earnings per share of common stock
|
$
|
(1.44
|
)
|
|
$
|
0.30
|
|
|
$
|
(1.34
|
)
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net (loss) earnings
|
$
|
(31.4
|
)
|
|
$
|
7.9
|
|
|
$
|
(33.4
|
)
|
|
$
|
8.0
|
|
Changes in other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(3.7
|
)
|
|
(4.7
|
)
|
|
(4.3
|
)
|
|
(6.2
|
)
|
||||
Derivative gain (loss)
|
0.1
|
|
|
(0.6
|
)
|
|
(0.7
|
)
|
|
1.1
|
|
||||
Pension and postretirement adjustments
|
1.9
|
|
|
0.7
|
|
|
3.7
|
|
|
5.3
|
|
||||
Total other comprehensive (loss) income
|
(1.7
|
)
|
|
(4.6
|
)
|
|
(1.3
|
)
|
|
0.2
|
|
||||
Total comprehensive (loss) income
|
$
|
(33.1
|
)
|
|
$
|
3.3
|
|
|
$
|
(34.7
|
)
|
|
$
|
8.2
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
66.6
|
|
|
$
|
173.8
|
|
Accounts and notes receivable, net
|
43.2
|
|
|
39.0
|
|
||
Inventories, net
|
111.5
|
|
|
139.5
|
|
||
Income tax receivable
|
0.9
|
|
|
0.6
|
|
||
Prepaid expenses and other current assets
|
9.9
|
|
|
18.0
|
|
||
Total current assets
|
232.1
|
|
|
370.9
|
|
||
Property, plant, and equipment, less accumulated depreciation and amortization of $338.2 and $318.8, respectively
|
281.2
|
|
|
296.1
|
|
||
Operating lease assets
|
6.9
|
|
|
—
|
|
||
Intangible assets, less accumulated amortization of $17.3 and $12.0, respectively
|
27.1
|
|
|
32.0
|
|
||
Deferred income taxes
|
5.5
|
|
|
5.6
|
|
||
Other noncurrent assets
|
2.5
|
|
|
3.6
|
|
||
Total assets
|
$
|
555.3
|
|
|
$
|
708.2
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Short-term debt
|
$
|
—
|
|
|
$
|
25.0
|
|
Current installments of long-term debt
|
4.0
|
|
|
3.7
|
|
||
Accounts payable and accrued expenses
|
104.7
|
|
|
141.4
|
|
||
Income tax payable
|
—
|
|
|
0.5
|
|
||
Total current liabilities
|
108.7
|
|
|
170.6
|
|
||
Long-term debt
|
68.1
|
|
|
70.6
|
|
||
Noncurrent operating lease liabilities
|
3.3
|
|
|
—
|
|
||
Postretirement benefit liabilities
|
51.9
|
|
|
55.7
|
|
||
Pension benefit liabilities
|
8.1
|
|
|
11.3
|
|
||
Other long-term liabilities
|
6.5
|
|
|
6.7
|
|
||
Noncurrent income taxes payable
|
0.2
|
|
|
0.2
|
|
||
Deferred income taxes
|
2.0
|
|
|
2.1
|
|
||
Total liabilities
|
248.8
|
|
|
317.2
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock with par value $.0001 per share: 100,000,000 shares authorized; 28,357,078 issued and 21,499,790 outstanding shares as of September 30, 2019 and 28,284,358 issued and 25,832,193 outstanding shares as of December 31, 2018
|
—
|
|
|
—
|
|
||
Preferred stock with par value $.0001 per share: 15,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Treasury stock, at cost, 6,857,288 shares as of September 30, 2019 and 2,452,165 shares as of December 31, 2018
|
(89.2
|
)
|
|
(39.7
|
)
|
||
Additional paid-in capital
|
678.3
|
|
|
678.6
|
|
||
Accumulated deficit
|
(219.7
|
)
|
|
(186.3
|
)
|
||
Accumulated other comprehensive (loss)
|
(62.9
|
)
|
|
(61.6
|
)
|
||
Total stockholders’ equity
|
306.5
|
|
|
391.0
|
|
||
Total liabilities and stockholders’ equity
|
$
|
555.3
|
|
|
$
|
708.2
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive (Loss)
|
|
(Accumulated Deficit)
|
|
Total Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||
December 31, 2018
|
25,832,193
|
|
$
|
—
|
|
|
2,452,165
|
|
$
|
(39.7
|
)
|
|
$
|
678.6
|
|
|
$
|
(61.6
|
)
|
|
$
|
(186.3
|
)
|
|
$
|
391.0
|
|
||
Net (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16.7
|
)
|
|
(16.7
|
)
|
||||||
Stock-based employee compensation, net
|
53,908
|
|
|
—
|
|
|
(50,251
|
)
|
|
0.9
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
0.4
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.9
|
|
|
—
|
|
|
2.9
|
|
||||||
March 31, 2019
|
25,886,101
|
|
|
$
|
—
|
|
|
2,401,914
|
|
|
$
|
(38.8
|
)
|
|
$
|
678.1
|
|
|
$
|
(58.7
|
)
|
|
$
|
(203.0
|
)
|
|
$
|
377.6
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.7
|
|
|
14.7
|
|
||||||
Repurchase of common stock
|
(4,504,504
|
)
|
|
—
|
|
|
4,504,504
|
|
|
(51.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51.3
|
)
|
||||||
Stock-based employee compensation, net
|
93,305
|
|
|
—
|
|
|
(49,130
|
)
|
|
0.9
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
||||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.5
|
)
|
|
—
|
|
|
(2.5
|
)
|
||||||
June 30, 2019
|
21,474,902
|
|
|
$
|
—
|
|
|
6,857,288
|
|
|
$
|
(89.2
|
)
|
|
$
|
678.2
|
|
|
$
|
(61.2
|
)
|
|
$
|
(188.3
|
)
|
|
$
|
339.5
|
|
Net (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31.4
|
)
|
|
(31.4
|
)
|
||||||
Stock-based employee compensation, net
|
24,888
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
(1.7
|
)
|
||||||
September 30, 2019
|
21,499,790
|
|
|
$
|
—
|
|
|
6,857,288
|
|
|
$
|
(89.2
|
)
|
|
$
|
678.3
|
|
|
$
|
(62.9
|
)
|
|
$
|
(219.7
|
)
|
|
$
|
306.5
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive (Loss)
|
|
(Accumulated Deficit)
|
|
Total Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||
December 31, 2017
|
25,734,222
|
|
|
$
|
—
|
|
|
2,448,996
|
|
|
$
|
(39.9
|
)
|
|
$
|
674.2
|
|
|
$
|
(52.5
|
)
|
|
$
|
(31.8
|
)
|
|
$
|
550.0
|
|
Cumulative effect of adoption of ASC 606 new revenue recognition standard as of January 1
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.1
|
)
|
|
(4.1
|
)
|
||||||
Cumulative effect of adoption of ASU 2018-02 related to tax reform as of January 1
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12.6
|
)
|
|
12.6
|
|
|
—
|
|
||||||
Net (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.4
|
)
|
|
(10.4
|
)
|
||||||
Repurchase of common stock
|
(69,353
|
)
|
|
—
|
|
|
69,353
|
|
|
(1.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.0
|
)
|
||||||
Stock-based employee compensation, net
|
77,258
|
|
|
—
|
|
|
(52,486
|
)
|
|
1.0
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
0.9
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.6
|
|
|
—
|
|
|
7.6
|
|
||||||
March 31, 2018
|
25,742,127
|
|
|
$
|
—
|
|
|
2,465,863
|
|
|
$
|
(39.9
|
)
|
|
$
|
674.1
|
|
|
$
|
(57.5
|
)
|
|
$
|
(33.7
|
)
|
|
$
|
543.0
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.5
|
|
|
10.5
|
|
||||||
Stock-based employee compensation, net
|
29,313
|
|
|
—
|
|
|
(13,698
|
)
|
|
0.2
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
||||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.8
|
)
|
|
—
|
|
|
(2.8
|
)
|
||||||
June 30, 2018
|
25,771,440
|
|
|
$
|
—
|
|
|
2,452,165
|
|
|
$
|
(39.7
|
)
|
|
$
|
675.0
|
|
|
$
|
(60.3
|
)
|
|
$
|
(23.2
|
)
|
|
$
|
551.8
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.9
|
|
|
7.9
|
|
||||||
Stock-based employee compensation, net
|
55,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
||||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.6
|
)
|
|
—
|
|
|
(4.6
|
)
|
||||||
September 30, 2018
|
25,827,022
|
|
|
$
|
—
|
|
|
2,452,165
|
|
|
$
|
(39.7
|
)
|
|
$
|
676.7
|
|
|
$
|
(64.9
|
)
|
|
$
|
(15.3
|
)
|
|
$
|
556.8
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(33.4
|
)
|
|
$
|
8.0
|
|
Adjustments to reconcile net (loss) income to net cash (used for) provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
35.2
|
|
|
42.3
|
|
||
Inventory write down
|
13.6
|
|
|
—
|
|
||
Deferred income taxes
|
(3.5
|
)
|
|
1.5
|
|
||
Stock-based compensation
|
2.4
|
|
|
3.6
|
|
||
(Gain) loss on sale/disposal of discontinued operations
|
(7.6
|
)
|
|
—
|
|
||
U.S. pension expense
|
4.2
|
|
|
5.1
|
|
||
Other non-cash adjustments, net
|
(0.2
|
)
|
|
0.6
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
(4.5
|
)
|
|
(41.3
|
)
|
||
Inventories
|
13.7
|
|
|
(31.7
|
)
|
||
Accounts payable and accrued expenses
|
(22.0
|
)
|
|
24.5
|
|
||
Income taxes payable and receivable
|
(0.2
|
)
|
|
3.4
|
|
||
Other assets and liabilities
|
0.5
|
|
|
1.8
|
|
||
Net cash (used for) provided by operating activities
|
(1.8
|
)
|
|
17.8
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property, plant and equipment
|
(22.9
|
)
|
|
(24.3
|
)
|
||
Net payment related to the sale of discontinued operations
|
(1.9
|
)
|
|
—
|
|
||
Other investing activities
|
—
|
|
|
0.1
|
|
||
Net cash used for investing activities
|
(24.8
|
)
|
|
(24.2
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from revolving credit facility
|
—
|
|
|
57.0
|
|
||
Payments on revolving credit facility
|
(25.0
|
)
|
|
(48.0
|
)
|
||
Financing costs
|
(0.1
|
)
|
|
—
|
|
||
Payments on long-term debt
|
(3.0
|
)
|
|
—
|
|
||
Payments on capital lease
|
—
|
|
|
(0.2
|
)
|
||
Purchases of treasury stock
|
(51.3
|
)
|
|
(1.0
|
)
|
||
Proceeds from exercised stock options
|
0.1
|
|
|
0.7
|
|
||
Value of shares withheld related to employee tax withholding
|
(0.8
|
)
|
|
(0.6
|
)
|
||
Net cash (used for) provided by financing activities
|
(80.1
|
)
|
|
7.9
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(0.5
|
)
|
|
(1.1
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(107.2
|
)
|
|
0.4
|
|
||
Cash and cash equivalents at beginning of year
|
173.8
|
|
|
39.0
|
|
||
Cash and cash equivalents at end of period
|
$
|
66.6
|
|
|
$
|
39.4
|
|
Cash and cash equivalents at end of period from discontinued operations
|
—
|
|
|
(3.2
|
)
|
||
Cash and cash equivalents at end of period from continuing operations
|
$
|
66.6
|
|
|
$
|
42.6
|
|
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
|
|
December 31, 2018
|
|
Impact from Adoption
|
|
January 1, 2019
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Operating lease assets
|
|
$
|
—
|
|
|
$
|
8.6
|
|
|
$
|
8.6
|
|
Finance lease assets
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
|||
Total lease assets
|
|
$
|
—
|
|
|
$
|
9.2
|
|
|
$
|
9.2
|
|
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
||||||
Current
|
|
|
|
|
|
|
||||||
Operating
|
|
$
|
—
|
|
|
$
|
3.5
|
|
|
$
|
3.5
|
|
Noncurrent
|
|
|
|
|
|
|
||||||
Operating
|
|
—
|
|
|
5.1
|
|
|
5.1
|
|
|||
Finance
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
|||
Total lease liabilities
|
|
$
|
—
|
|
|
$
|
9.2
|
|
|
$
|
9.2
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
125.1
|
|
|
$
|
163.8
|
|
|
$
|
371.0
|
|
|
$
|
450.3
|
|
China
|
20.6
|
|
|
21.5
|
|
|
51.1
|
|
|
49.9
|
|
||||
Canada
|
8.7
|
|
|
12.7
|
|
|
29.3
|
|
|
39.8
|
|
||||
Other
|
11.2
|
|
|
10.9
|
|
|
33.6
|
|
|
34.4
|
|
||||
Total net sales
|
$
|
165.6
|
|
|
$
|
208.9
|
|
|
$
|
485.0
|
|
|
$
|
574.4
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
(Loss) earnings from continuing operations before income taxes
|
$
|
(29.7
|
)
|
|
$
|
2.6
|
|
|
$
|
(44.0
|
)
|
|
$
|
(5.9
|
)
|
Income tax (benefit)
|
—
|
|
|
(0.7
|
)
|
|
(3.0
|
)
|
|
(1.7
|
)
|
||||
Effective tax rate
|
—
|
%
|
|
(26.9
|
)%
|
|
6.8
|
%
|
|
28.8
|
%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||
|
2018
|
|
2018
|
||||
Net sales
|
$
|
100.8
|
|
|
$
|
299.2
|
|
Cost of goods sold
|
85.3
|
|
|
254.6
|
|
||
Gross profit
|
15.5
|
|
|
44.6
|
|
||
Selling, general and administrative expenses
|
8.7
|
|
|
27.5
|
|
||
Operating earnings
|
6.8
|
|
|
17.1
|
|
||
Interest expense
|
—
|
|
|
—
|
|
||
Other expense, net
|
—
|
|
|
—
|
|
||
Earnings before income tax
|
6.8
|
|
|
17.1
|
|
||
Income tax expense
|
2.2
|
|
|
4.9
|
|
||
Net earnings from discontinued operations
|
$
|
4.6
|
|
|
$
|
12.2
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||
|
2018
|
|
2018
|
||||
Depreciation and Amortization
|
$
|
2.9
|
|
|
$
|
8.8
|
|
Capital Expenditures
|
(1.7
|
)
|
|
(5.4
|
)
|
|
Three Months Ended
September 30, 2019 |
|
Nine Months Ended
September 30, 2019 |
||||
|
2019
|
|
2019
|
||||
(Loss) gain on disposal of discontinued operations before income tax
|
$
|
(2.3
|
)
|
|
10.3
|
|
|
Income tax (benefit) expense
|
(0.6
|
)
|
|
2.7
|
|
||
Net (loss) gain on disposal of discontinued operations
|
$
|
(1.7
|
)
|
|
$
|
7.6
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator
|
|
|
|
|
|
|
|
||||||||
Net (loss) earnings from continuing operations
|
$
|
(29.7
|
)
|
|
$
|
3.3
|
|
|
$
|
(41.0
|
)
|
|
$
|
(4.2
|
)
|
Net (loss) earnings from discontinued operations
|
(1.7
|
)
|
|
4.6
|
|
|
7.6
|
|
|
12.2
|
|
||||
Net (loss) earnings
|
$
|
(31.4
|
)
|
|
$
|
7.9
|
|
|
$
|
(33.4
|
)
|
|
$
|
8.0
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding
|
21,496,319
|
|
|
25,793,019
|
|
|
24,300,804
|
|
|
25,763,550
|
|
||||
Weighted average number of vested shares not yet issued
|
401,402
|
|
|
202,761
|
|
|
552,198
|
|
|
182,091
|
|
||||
Weighted average number of common shares outstanding - Basic
|
21,897,721
|
|
|
25,995,780
|
|
|
24,853,002
|
|
|
25,945,641
|
|
||||
Dilutive impact of stock-based compensation plans
|
—
|
|
|
187,067
|
|
|
—
|
|
|
128,635
|
|
||||
Weighted average number of common shares outstanding - Diluted
|
21,897,721
|
|
|
26,182,847
|
|
|
24,853,002
|
|
|
26,074,276
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||
Potentially dilutive common shares excluded from diluted computation, as inclusion would be anti-dilutive
|
753,898
|
|
|
111,556
|
|
|
535,111
|
|
|
514,910
|
Performance awards excluded from diluted computation, as performance conditions not met
|
330,392
|
|
|
1,003,486
|
|
|
394,632
|
|
|
1,021,883
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Customer receivables
|
$
|
56.8
|
|
|
$
|
45.4
|
|
Miscellaneous receivables
|
4.3
|
|
|
6.2
|
|
||
Less: allowance for product claims, discounts, returns and losses
|
(17.9
|
)
|
|
(12.6
|
)
|
||
Total
|
$
|
43.2
|
|
|
$
|
39.0
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Balance as of January 1
|
$
|
(6.4
|
)
|
|
$
|
(5.6
|
)
|
Cumulative effect of adoption of new revenue recognition standard as of January 1
|
—
|
|
|
(1.7
|
)
|
||
Reductions for payments
|
5.2
|
|
|
5.6
|
|
||
Current year claim accruals
|
(7.5
|
)
|
|
(4.6
|
)
|
||
Balance as of September 30
|
$
|
(8.7
|
)
|
|
$
|
(6.3
|
)
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Finished goods
|
$
|
84.8
|
|
|
$
|
110.5
|
|
Goods in process
|
5.1
|
|
|
5.7
|
|
||
Raw materials and supplies
|
21.6
|
|
|
23.3
|
|
||
Total
|
$
|
111.5
|
|
|
$
|
139.5
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Prepaid expenses
|
|
$
|
5.7
|
|
|
$
|
6.8
|
|
Merchandising materials
|
|
2.7
|
|
|
9.4
|
|
||
Other
|
|
1.5
|
|
|
1.8
|
|
||
Total
|
|
$
|
9.9
|
|
|
$
|
18.0
|
|
|
|
|
|
|
•
|
We have elected to not restate comparative prior periods but instead recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, if a difference existed between the initial lease liability and related right of use asset.
|
•
|
We have elected to use the hindsight practical expedient with respect to determining the lease term allowing us to consider the actual outcome of lease renewals, termination options and purchase options, and in assessing impairment of right-of-use assets for existing leases.
|
•
|
We have elected to combine lease and non-lease components as a single component and account for it as a lease for all asset classes with the exception of land and non-operating buildings. Lease and non-lease components of land and non-operating buildings are generally accounted for separately.
|
•
|
We have elected to use a portfolio approach to determine the discount rate and defined portfolio based on the geographic location of the asset by country and duration of the lease.
|
|
|
Three Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2019
|
||||
Finance lease cost
|
|
|
|
|
||||
Amortization of right-of-use asset
|
|
$
|
—
|
|
|
$
|
0.2
|
|
Operating lease cost
|
|
1.0
|
|
|
3.1
|
|
||
Short-term lease cost
|
|
0.4
|
|
|
1.0
|
|
||
Sublease income
|
|
(0.1
|
)
|
|
(1.5
|
)
|
||
Total lease cost
|
|
$
|
1.3
|
|
|
$
|
2.8
|
|
|
|
Balance Sheet Classification
|
|
September 30, 2019
|
||
Assets
|
|
|
|
|
||
Operating lease assets
|
|
Operating lease assets
|
|
$
|
6.9
|
|
Finance lease assets
|
|
Property, plant and equipment, less accumulated depreciation
|
|
0.5
|
|
|
Total lease assets
|
|
|
|
$
|
7.4
|
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Accounts payable and accrued expenses
|
|
$
|
3.6
|
|
Finance
|
|
Current installments of long-term debt
|
|
0.2
|
|
|
Noncurrent
|
|
|
|
|
||
Operating
|
|
Noncurrent operating lease liabilities
|
|
3.3
|
|
|
Finance
|
|
Long-term debt
|
|
0.3
|
|
|
Total lease liabilities
|
|
|
|
$
|
7.4
|
|
|
|
Nine Months Ended September 30,
|
||
|
|
2019
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
3.1
|
|
Financing cash flows from finance leases
|
|
$
|
0.2
|
|
|
|
September 30, 2019
|
|||
|
|
Weighted Average
|
|||
|
|
Remaining Lease Term (Years)
|
|
Discount Rate
|
|
|
|
|
|
|
|
Operating leases
|
|
3.4
|
|
5.8
|
%
|
Finance leases
|
|
2.7
|
|
5.4
|
%
|
|
|
Operating Leases
|
|
Finance Leases
|
||||
2019 (Remaining)
|
|
$
|
1.1
|
|
|
$
|
0.1
|
|
2020
|
|
3.6
|
|
|
0.2
|
|
||
2021
|
|
1.2
|
|
|
0.1
|
|
||
2022
|
|
0.3
|
|
|
0.1
|
|
||
2023
|
|
0.3
|
|
|
—
|
|
||
Thereafter
|
|
1.3
|
|
|
—
|
|
||
Total
|
|
$
|
7.8
|
|
|
$
|
0.5
|
|
|
September 30, 2019
|
||||||
|
Operating Leases
|
|
Finance Leases
|
||||
Future minimum lease payments
|
$
|
7.8
|
|
|
$
|
0.5
|
|
Less: Unamortized interest
|
0.9
|
|
|
—
|
|
||
Total lease liability
|
$
|
6.9
|
|
|
$
|
0.5
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Payables, trade and other
|
$
|
72.1
|
|
|
$
|
99.5
|
|
Employment costs
|
14.4
|
|
|
25.0
|
|
||
Other accrued expenses
|
14.6
|
|
|
16.9
|
|
||
Current operating lease liabilities
|
3.6
|
|
|
—
|
|
||
Total
|
$
|
104.7
|
|
|
$
|
141.4
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Defined-benefit pension, U.S.
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
0.7
|
|
|
$
|
1.0
|
|
|
$
|
2.0
|
|
|
$
|
2.9
|
|
Interest cost
|
3.7
|
|
|
3.7
|
|
|
11.2
|
|
|
11.0
|
|
||||
Expected return on plan assets
|
(5.4
|
)
|
|
(5.6
|
)
|
|
(16.2
|
)
|
|
(16.7
|
)
|
||||
Amortization of net actuarial loss
|
2.5
|
|
|
2.6
|
|
|
7.3
|
|
|
8.0
|
|
||||
Total, defined-benefit pension, U.S.
|
$
|
1.5
|
|
|
$
|
1.7
|
|
|
$
|
4.3
|
|
|
$
|
5.2
|
|
Defined-benefit pension, Canada
|
|
|
|
|
|
|
|
||||||||
Interest cost
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.4
|
|
|
$
|
0.4
|
|
Expected return on plan assets
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|
(0.6
|
)
|
||||
Amortization of net actuarial loss
|
0.2
|
|
|
0.1
|
|
|
0.3
|
|
|
0.2
|
|
||||
Total, defined-benefit pension, Canada
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
Defined-benefit postretirement, U.S.
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
Interest cost
|
0.6
|
|
|
0.7
|
|
|
1.9
|
|
|
2.0
|
|
||||
Amortization of net actuarial gains
|
(0.8
|
)
|
|
(0.6
|
)
|
|
(2.4
|
)
|
|
(1.9
|
)
|
||||
Total, defined-benefit postretirement, U.S.
|
$
|
(0.1
|
)
|
|
$
|
0.2
|
|
|
$
|
(0.3
|
)
|
|
$
|
0.4
|
|
|
Foreign Currency Translation Adjustments
|
|
Derivative Adjustments
|
|
Pension and Postretirement Adjustments
|
|
Total Accumulated Other Comprehensive (Loss) Income
|
||||||||
Balance, December 31, 2018
|
$
|
1.7
|
|
|
$
|
0.8
|
|
|
$
|
(64.1
|
)
|
|
$
|
(61.6
|
)
|
Other comprehensive (loss) before reclassifications, net of tax impact of $- , $0.2, ($0.2) and $-
|
(4.3
|
)
|
|
(0.1
|
)
|
|
(0.4
|
)
|
|
(4.8
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
(0.6
|
)
|
|
4.1
|
|
|
3.5
|
|
||||
Net current period other comprehensive (loss) income
|
(4.3
|
)
|
|
(0.7
|
)
|
|
3.7
|
|
|
(1.3
|
)
|
||||
Balance, September 30, 2019
|
$
|
(2.6
|
)
|
|
$
|
0.1
|
|
|
$
|
(60.4
|
)
|
|
$
|
(62.9
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance, December 31, 2017
|
$
|
7.7
|
|
|
$
|
(1.0
|
)
|
|
$
|
(59.2
|
)
|
|
$
|
(52.5
|
)
|
Cumulative effect of adoption of ASU 2018-02 as of January 1
|
—
|
|
|
0.1
|
|
|
(12.7
|
)
|
|
(12.6
|
)
|
||||
Other comprehensive (loss) income before reclassifications, net of tax impact of $- , ($0.3), $0.3, and $-
|
(6.2
|
)
|
|
0.7
|
|
|
0.3
|
|
|
(5.2
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
0.4
|
|
|
5.0
|
|
|
5.4
|
|
||||
Net current period other comprehensive (loss) income
|
(6.2
|
)
|
|
1.1
|
|
|
5.3
|
|
|
0.2
|
|
||||
Balance, September 30, 2018
|
$
|
1.5
|
|
|
$
|
0.2
|
|
|
$
|
(66.6
|
)
|
|
$
|
(64.9
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Affected Line Item
|
||||||||
Derivative adjustments
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts - purchases
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
|
Cost of goods sold
|
Foreign exchange contracts - sales
|
(0.1
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
0.4
|
|
|
Net sales
|
||||
Foreign exchange contracts - sales
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
Earnings from discontinued operations
|
||||
Total (income) expense before tax
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.6
|
)
|
|
0.5
|
|
|
|
||||
Tax impact
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
Income tax (benefit)
|
||||
Total (income) expense, net of tax
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.6
|
)
|
|
0.4
|
|
|
|
||||
Pension and postretirement adjustments
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of net actuarial loss
|
1.9
|
|
|
2.1
|
|
|
5.2
|
|
|
6.3
|
|
|
Other expense, net
|
||||
Tax impact
|
(0.4
|
)
|
|
(1.7
|
)
|
|
(1.1
|
)
|
|
(1.3
|
)
|
|
Income tax (benefit)
|
||||
Total expense, net of tax
|
1.5
|
|
|
0.4
|
|
|
4.1
|
|
|
5.0
|
|
|
|
||||
Total reclassifications for the period
|
$
|
1.3
|
|
|
$
|
0.3
|
|
|
$
|
3.5
|
|
|
$
|
5.4
|
|
|
|
•
|
Permit the Consolidated Net Leverage Ratio (as defined in the Amendment) to be greater than: (i) 3.00 to 1.00 from the effective date of the Amendment to December 31, 2019, (ii) 3.75 to 1.00 from January 1, 2020 through March 31, 2020, (iii) 2.50 to 1.00 from April 1, 2020 through June 30, 2020, and (iv) 2.00 to 1.00 from July 1, 2020 and thereafter;
|
•
|
Permit the Consolidated Fixed Charge Coverage Ratio (as defined in the Amendment at any time to be less than 1.25 to 1.00, provided that (i) the aggregate amount of all Capital Expenditures for the period ending September 30, 2019 will be deemed to be $16.5 million for purposes of calculating the Consolidated Fixed Charge Coverage Ratio and (ii) the Consolidated Fixed Charge Coverage Ratio will not be tested for the periods ending December 31, 2019 and March 31, 2020; and
|
•
|
Permit Consolidated EBITDA (as defined in the Amendment) to be less than (i) $20 million for the period ending December 31, 2019 and (ii) $15 million for the period ending March 31, 2020.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||
|
|
|
Change
|
|
|
|
Change
|
||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
Net sales
|
$
|
165.6
|
|
|
$
|
208.9
|
|
|
$
|
(43.3
|
)
|
|
(20.7
|
)%
|
|
$
|
485.0
|
|
|
$
|
574.4
|
|
|
$
|
(89.4
|
)
|
|
(15.6
|
)%
|
Cost of goods sold
|
153.8
|
|
|
163.7
|
|
|
(9.9
|
)
|
|
(6.0
|
)%
|
|
414.9
|
|
|
456.2
|
|
|
(41.3
|
)
|
|
(9.1
|
)%
|
||||||
Gross profit
|
11.8
|
|
|
45.2
|
|
|
(33.4
|
)
|
|
(73.9
|
)%
|
|
70.1
|
|
|
118.2
|
|
|
(48.1
|
)
|
|
(40.7
|
)%
|
||||||
Selling, general and administrative expenses
|
40.0
|
|
|
40.8
|
|
|
(0.8
|
)
|
|
(2.0
|
)%
|
|
110.2
|
|
|
119.0
|
|
|
(8.8
|
)
|
|
(7.4
|
)%
|
||||||
Operating (loss) earnings
|
(28.2
|
)
|
|
4.4
|
|
|
(32.6
|
)
|
|
NM*
|
|
|
(40.1
|
)
|
|
(0.8
|
)
|
|
(39.3
|
)
|
|
NM*
|
|
||||||
Interest expense
|
0.8
|
|
|
0.9
|
|
|
(0.1
|
)
|
|
|
|
2.7
|
|
|
2.9
|
|
|
(0.2
|
)
|
|
|
||||||||
Other expense, net
|
0.7
|
|
|
0.9
|
|
|
(0.2
|
)
|
|
|
|
1.2
|
|
|
2.2
|
|
|
(1.0
|
)
|
|
|
||||||||
(Loss) earnings from continuing operations before income taxes
|
(29.7
|
)
|
|
2.6
|
|
|
(32.3
|
)
|
|
|
|
(44.0
|
)
|
|
(5.9
|
)
|
|
(38.1
|
)
|
|
|
||||||||
Income tax (benefit)
|
—
|
|
|
(0.7
|
)
|
|
0.7
|
|
|
|
|
(3.0
|
)
|
|
(1.7
|
)
|
|
(1.3
|
)
|
|
|
||||||||
Net (loss) earnings from continuing operations
|
(29.7
|
)
|
|
3.3
|
|
|
(33.0
|
)
|
|
|
|
(41.0
|
)
|
|
(4.2
|
)
|
|
(36.8
|
)
|
|
|
||||||||
Earnings from discontinued operations, net of tax
|
—
|
|
|
4.6
|
|
|
(4.6
|
)
|
|
|
|
—
|
|
|
12.2
|
|
|
(12.2
|
)
|
|
|
||||||||
(Loss) gain on disposal of discontinued operations, net of tax
|
(1.7
|
)
|
|
—
|
|
|
(1.7
|
)
|
|
|
|
7.6
|
|
|
—
|
|
|
7.6
|
|
|
|
||||||||
Net (loss) earnings from discontinued operations
|
(1.7
|
)
|
|
4.6
|
|
|
(6.3
|
)
|
|
|
|
7.6
|
|
|
12.2
|
|
|
(4.6
|
)
|
|
|
||||||||
Net (loss) earnings
|
$
|
(31.4
|
)
|
|
$
|
7.9
|
|
|
$
|
(39.3
|
)
|
|
|
|
$
|
(33.4
|
)
|
|
$
|
8.0
|
|
|
$
|
(41.4
|
)
|
|
|
|
Three Months Ended
September 30, |
|
Change
|
|
Percentage Point Change Due to
|
||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
$
|
|
%
|
|
Price
|
|
Volume
|
|
Mix
|
|
Currency
|
||||||||||||
|
$
|
165.6
|
|
|
$
|
208.9
|
|
|
$
|
(43.3
|
)
|
|
(20.7
|
)%
|
|
(0.5
|
)
|
|
(14.9
|
)
|
|
(4.4
|
)
|
|
(0.9
|
)
|
|
Nine Months Ended September 30,
|
|
Change
|
|
Percentage Point Change Due to
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
$
|
|
%
|
|
Price
|
|
Volume
|
|
Mix
|
|
Currency
|
|||||||||||
|
$
|
485.0
|
|
|
$
|
574.4
|
|
|
$
|
(89.4
|
)
|
|
(15.6
|
)%
|
|
0.4
|
|
|
(12.0
|
)
|
|
(2.5
|
)
|
|
(1.5
|
)
|
(Dollars in millions)
|
Nine Months Ended September 30,
|
||||||
2019
|
|
2018
|
|||||
Cash (used for) provided by operating activities
|
$
|
(1.8
|
)
|
|
$
|
17.8
|
|
Cash (used for) investing activities
|
(24.8
|
)
|
|
(24.2
|
)
|
||
Cash (used for) provided by financing activities
|
(80.1
|
)
|
|
7.9
|
|
•
|
Permit the Consolidated Net Leverage Ratio (as defined in the Credit Agreement) at any time to be greater than 3.00 to 1.00; and
|
•
|
Permit the Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) at any time to be less than 1.25 to 1.00.
|
•
|
Permit the Consolidated Net Leverage Ratio (as defined in the Amendment) to be greater than: (i) 3.00 to 1.00 from the effective date of the Amendment to December 31, 2019, (ii) 3.75 to 1.00 from January 1, 2020 through March 31, 2020, (iii) 2.50 to 1.00 from April 1, 2020 through June 30, 2020, and (iv) 2.00 to 1.00 from July 1, 2020 and thereafter;
|
•
|
Permit the Consolidated Fixed Charge Coverage Ratio (as defined in the Amendment at any time to be less than 1.25 to 1.00, provided that (i) the aggregate amount of all Capital Expenditures for the period ending September 30, 2019 will be deemed to be $16.5 million for purposes of calculating the Consolidated Fixed
|
•
|
Permit Consolidated EBITDA (as defined in the Amendment) to be less than (i) $20.0 million for the period ending December 31, 2019 and (ii) $15.0 million for the period ending March 31, 2020.
|
Period
|
Total Number of Shares Purchased 1
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that may yet be Purchased under the Plans or Programs
|
|||||
July 1 - 31, 2019
|
12,169
|
|
|
$
|
9.99
|
|
|
—
|
|
|
—
|
|
August 1 - 31, 2019
|
1,666
|
|
|
$
|
7.70
|
|
|
—
|
|
|
—
|
|
September 1 - 30, 2019
|
349
|
|
|
$
|
6.45
|
|
|
—
|
|
|
—
|
|
Total
|
14,184
|
|
|
|
|
—
|
|
|
—
|
|
Exhibit
Number
|
|
Description
|
|
|
|
10.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.†
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document†
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document†
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document†
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document†
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document†
|
|
|
|
†
|
Filed herewith.
|
|
|
|
|
*
|
Furnished herewith.
|
Armstrong Flooring, Inc.
|
|
(Registrant)
|
|
|
|
Date:
|
November 5, 2019
|
|
|
By:
|
/s/ Douglas B. Bingham
|
|
|
|
Douglas B. Bingham
|
|
Senior Vice President, Chief Financial Officer and Treasurer
|
|
(As Duly Authorized Officer and Principal Financial Officer)
|
|
|
Date:
|
November 5, 2019
|
|
|
By:
|
/s/ Tracy L. Marines
|
|
|
|
Tracy L. Marines
|
|
Vice President and Controller
|
|
(As Duly Authorized Officer and Principal Accounting Officer)
|
1 Year Armstrong Flooring Chart |
1 Month Armstrong Flooring Chart |
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