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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Regis Corp | NYSE:RGS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.98 | 0 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Minnesota
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41-0749934
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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7201 Metro Boulevard, Edina, Minnesota
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55439
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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(Do not check if a smaller reporting company)
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Emerging growth company
¨
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Common Stock, $.05 par value
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46,126,660
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Class
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Number of Shares
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March 31,
2018 |
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June 30,
2017
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||||
ASSETS
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Current assets:
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Cash and cash equivalents
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$
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105,200
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$
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171,044
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Receivables, net
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33,388
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19,683
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Inventories
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81,131
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98,392
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Other current assets
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46,488
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48,114
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Current assets held for sale (Note 1)
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—
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32,914
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Total current assets
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266,207
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370,147
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Property and equipment, net
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104,127
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123,281
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Goodwill
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415,503
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416,987
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Other intangibles, net
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10,935
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11,965
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Other assets
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60,433
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61,756
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Noncurrent assets held for sale (Note 1)
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—
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27,352
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Total assets
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$
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857,205
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$
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1,011,488
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||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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50,913
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54,501
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Accrued expenses
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101,928
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110,435
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Current liabilities related to assets held for sale (Note 1)
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—
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13,126
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Total current liabilities
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152,841
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178,062
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Long-term debt, net
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90,000
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120,599
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Other noncurrent liabilities
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101,093
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197,374
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Noncurrent liabilities related to assets held for sale (Note 1)
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—
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7,232
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Total liabilities
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343,934
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503,267
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Commitments and contingencies (Note 6)
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Shareholders’ equity:
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Common stock, $0.05 par value; issued and outstanding 46,126,249 and 46,400,367 common shares at March 31, 2018 and June 30, 2017 respectively
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2,306
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2,320
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Additional paid-in capital
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208,149
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214,109
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Accumulated other comprehensive income
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10,407
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3,336
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Retained earnings
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292,409
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288,456
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Total shareholders’ equity
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513,271
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508,221
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Total liabilities and shareholders’ equity
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$
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857,205
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$
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1,011,488
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Three Months Ended
March 31, |
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Nine Months Ended
March 31, |
||||||||||||
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2018
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2017
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2018
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2017
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Revenues:
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Service
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$
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221,926
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$
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237,998
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$
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680,699
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$
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716,698
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Product
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64,887
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63,844
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197,643
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195,789
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Royalties and fees
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13,988
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11,636
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40,847
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35,071
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||||
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300,801
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313,478
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919,189
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947,558
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Operating expenses:
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Cost of service
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132,081
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153,008
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406,767
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454,998
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Cost of product
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37,139
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30,989
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107,165
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96,388
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Site operating expenses
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31,021
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30,604
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96,443
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95,887
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General and administrative
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45,727
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45,694
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129,485
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118,305
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Rent
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39,391
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45,821
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147,280
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137,145
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Depreciation and amortization
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9,558
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13,576
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46,764
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38,331
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||||
Total operating expenses
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294,917
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319,692
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933,904
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941,054
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Operating income (loss)
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5,884
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(6,214
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)
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(14,715
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)
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6,504
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Other (expense) income:
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Interest expense
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(5,095
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)
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(2,125
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)
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(9,402
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)
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(6,441
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)
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Interest income and other, net
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1,785
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357
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5,174
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2,136
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Income (loss) from continuing operations before income taxes
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2,574
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(7,982
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)
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(18,943
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)
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2,199
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Income tax benefit (expense)
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2,225
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(3,858
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)
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73,855
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(7,317
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)
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Income (loss) from continuing operations
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4,799
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(11,840
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)
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54,912
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(5,118
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)
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||||
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Loss from discontinued operations, net of taxes (Note 1)
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(10,605
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)
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(6,615
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)
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(50,973
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)
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(12,275
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)
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||||
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||||||||
Net (loss) income
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$
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(5,806
|
)
|
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$
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(18,455
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)
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$
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3,939
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$
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(17,393
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)
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Net (loss) income per share:
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Basic:
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Income (loss) from continuing operations
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$
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0.10
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$
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(0.26
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)
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$
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1.18
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$
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(0.11
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)
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Loss from discontinued operations
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(0.23
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)
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(0.14
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)
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(1.09
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)
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(0.27
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)
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||||
Net (loss) income per share, basic (1)
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$
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(0.12
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)
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$
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(0.40
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)
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$
|
0.08
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|
|
$
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(0.38
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)
|
Diluted:
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|||||||
Income (loss) from continuing operations
|
|
$
|
0.10
|
|
|
$
|
(0.26
|
)
|
|
$
|
1.17
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|
|
$
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(0.11
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)
|
Loss from discontinued operations
|
|
(0.22
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)
|
|
(0.14
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)
|
|
(1.08
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)
|
|
(0.27
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)
|
||||
Net (loss) income per share, diluted (1)
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|
$
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(0.12
|
)
|
|
$
|
(0.40
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)
|
|
$
|
0.08
|
|
|
$
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(0.38
|
)
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|
|
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||||||||
Weighted average common and common equivalent shares outstanding:
|
|
|
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||||||||
Basic
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|
46,612
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|
|
46,360
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|
|
46,684
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|
|
46,304
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|
||||
Diluted
|
|
47,153
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|
|
46,360
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|
|
47,093
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|
|
46,304
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(1)
|
Total is a recalculation; line items calculated individually may not sum to total due to rounding.
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|
Three Months Ended
March 31, |
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Nine Months Ended
March 31, |
||||||||||||
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2018
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|
2017
|
|
2018
|
|
2017
|
||||||||
Net (loss) income
|
|
$
|
(5,806
|
)
|
|
$
|
(18,455
|
)
|
|
$
|
3,939
|
|
|
$
|
(17,393
|
)
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments during the period:
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|
|
|
|
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Foreign currency translation adjustments
|
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(1,382
|
)
|
|
248
|
|
|
919
|
|
|
(4,590
|
)
|
||||
Reclassification adjustments for losses included in net (loss) income (Note 1)
|
|
—
|
|
|
—
|
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|
6,152
|
|
|
—
|
|
||||
Net current period foreign currency translation adjustments
|
|
(1,382
|
)
|
|
248
|
|
|
7,071
|
|
|
(4,590
|
)
|
||||
Recognition of deferred compensation
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(22
|
)
|
||||
Other comprehensive (loss) income
|
|
(1,382
|
)
|
|
226
|
|
|
7,071
|
|
|
(4,612
|
)
|
||||
Comprehensive (loss) income
|
|
$
|
(7,188
|
)
|
|
$
|
(18,229
|
)
|
|
$
|
11,010
|
|
|
$
|
(22,005
|
)
|
|
|
Nine Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net (loss) income
|
|
$
|
3,939
|
|
|
$
|
(17,393
|
)
|
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
|
|
|
|
|
|
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Non-cash impairment related to discontinued operations
|
|
37,020
|
|
|
—
|
|
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Depreciation and amortization
|
|
29,736
|
|
|
30,709
|
|
||
Depreciation related to discontinued operations
|
|
3,723
|
|
|
10,642
|
|
||
Equity in loss of affiliated companies
|
|
—
|
|
|
50
|
|
||
Deferred income taxes
|
|
(81,006
|
)
|
|
6,419
|
|
||
Gain on life insurance
|
|
(7,986
|
)
|
|
—
|
|
||
Gain from sale of salon assets to franchisees, net(1)
|
|
(255
|
)
|
|
(53
|
)
|
||
Salon asset impairments
|
|
11,099
|
|
|
7,622
|
|
||
Accumulated other comprehensive income reclassification adjustments (Note 1)
|
|
6,152
|
|
|
—
|
|
||
Stock-based compensation
|
|
6,483
|
|
|
9,498
|
|
||
Amortization of debt discount and financing costs
|
|
4,011
|
|
|
1,054
|
|
||
Other non-cash items affecting earnings
|
|
(286
|
)
|
|
150
|
|
||
Changes in operating assets and liabilities, excluding the effects of asset sales
|
|
(35,268
|
)
|
|
(1,884
|
)
|
||
Net cash (used in) provided by operating activities
|
|
(22,638
|
)
|
|
46,814
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|||
Capital expenditures
|
|
(20,065
|
)
|
|
(20,296
|
)
|
||
Capital expenditures related to discontinued operations
|
|
(1,171
|
)
|
|
(5,124
|
)
|
||
Proceeds from sale of assets to franchisees(1)
|
|
5,620
|
|
|
594
|
|
||
Change in restricted cash
|
|
(327
|
)
|
|
999
|
|
||
Proceeds from company-owned life insurance policies
|
|
18,108
|
|
|
876
|
|
||
Net cash provided by (used in) investing activities
|
|
2,165
|
|
|
(22,951
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|||
Borrowings on revolving credit facility
|
|
90,000
|
|
|
—
|
|
||
Repayments of long-term debt
|
|
(124,230
|
)
|
|
—
|
|
||
Repurchase of common stock
|
|
(9,634
|
)
|
|
—
|
|
||
Taxes paid for shares withheld
|
|
(2,279
|
)
|
|
(1,228
|
)
|
||
Cash settlement of equity awards
|
|
(550
|
)
|
|
(440
|
)
|
||
Net cash used in financing activities
|
|
(46,693
|
)
|
|
(1,668
|
)
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
|
(30
|
)
|
|
(852
|
)
|
||
|
|
|
|
|
||||
(Decrease) increase in cash and cash equivalents
|
|
(67,196
|
)
|
|
21,343
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents:
|
|
|
|
|
|
|||
Beginning of period
|
|
171,044
|
|
|
147,346
|
|
||
Cash and cash equivalents included in current assets held for sale
|
|
1,352
|
|
|
—
|
|
||
Beginning of period, total cash and cash equivalents
|
|
172,396
|
|
|
147,346
|
|
||
End of period
|
|
$
|
105,200
|
|
|
$
|
168,689
|
|
1.
|
BASIS OF PRESENTATION OF UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
|
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
Revenues
|
|
$
|
—
|
|
|
$
|
99,125
|
|
|
$
|
101,140
|
|
|
$
|
320,130
|
|
Loss from discontinued operations, before income taxes
|
|
(13,545
|
)
|
|
(6,565
|
)
|
|
(57,385
|
)
|
|
(12,225
|
)
|
||||
Income tax benefit on discontinued operations
|
|
2,940
|
|
|
—
|
|
|
6,412
|
|
|
—
|
|
||||
Equity in loss of affiliated companies, net of tax
|
|
—
|
|
|
(50
|
)
|
|
—
|
|
|
(50
|
)
|
||||
Loss from discontinued operations, net of income taxes
|
|
$
|
(10,605
|
)
|
|
$
|
(6,615
|
)
|
|
$
|
(50,973
|
)
|
|
$
|
(12,275
|
)
|
|
Financial Line Item
|
|
Three Months Ended
March 31, 2018
|
|
Nine Months Ended
March 31, 2018
|
||||
|
|
|
(Dollars in thousands)
|
||||||
Inventory reserves
|
Cost of Product
|
|
$
|
—
|
|
|
$
|
585
|
|
Severance
|
General and administrative
|
|
897
|
|
|
897
|
|
||
Long-lived fixed asset impairment
|
Depreciation and amortization
|
|
42
|
|
|
5,460
|
|
||
Asset retirement obligation
|
Depreciation and amortization
|
|
—
|
|
|
7,462
|
|
||
Lease termination and other related closure costs
|
Rent
|
|
—
|
|
|
27,290
|
|
||
Deferred rent
|
Rent
|
|
—
|
|
|
(3,291
|
)
|
||
Total
|
|
|
$
|
939
|
|
|
$
|
38,403
|
|
|
|
For the Periods Ended March 31, 2018
|
||||
|
|
Three Months
|
|
Nine Months
|
||
Restricted stock units
|
|
10,425
|
|
|
308,394
|
|
Performance-based restricted stock units
|
|
9,960
|
|
|
163,572
|
|
|
|
For the Three Months
Ended March 31,
|
|
For the Nine Months
Ended March 31, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
(Unaudited)
|
|
(Dollars in thousands)
|
||||||||||||||
Gross revenues
|
|
$
|
32,398
|
|
|
$
|
32,660
|
|
|
$
|
97,997
|
|
|
$
|
93,715
|
|
Gross profit
|
|
8,856
|
|
|
10,287
|
|
|
28,254
|
|
|
27,429
|
|
||||
Operating (loss) income
|
|
(1,003
|
)
|
|
554
|
|
|
(142
|
)
|
|
336
|
|
||||
Net (loss) income
|
|
(1,072
|
)
|
|
425
|
|
|
(382
|
)
|
|
(48
|
)
|
3.
|
EARNINGS PER SHARE:
|
4.
|
SHAREHOLDERS’ EQUITY:
|
5.
|
INCOME TAXES:
|
|
|
For the Three Months
Ended March 31,
|
|
For the Nine Months
Ended March 31, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
Income tax benefit (expense)
|
|
$
|
2,225
|
|
|
$
|
(3,858
|
)
|
|
$
|
73,855
|
|
|
$
|
(7,317
|
)
|
Effective tax rate
|
|
86.4
|
%
|
|
48.3
|
%
|
|
389.9
|
%
|
|
332.7
|
%
|
6.
|
COMMITMENTS AND CONTINGENCIES:
|
|
|
Company-owned
|
|
Franchise
|
|
Consolidated
|
||||||
|
|
(Dollars in thousands)
|
||||||||||
Goodwill, net at June 30, 2017
|
|
$
|
188,888
|
|
|
$
|
228,099
|
|
|
$
|
416,987
|
|
Translation rate adjustments
|
|
104
|
|
|
126
|
|
|
230
|
|
|||
Derecognition related to sale of salon assets to franchisees (1)
|
|
(1,714
|
)
|
|
—
|
|
|
(1,714
|
)
|
|||
Goodwill, net at March 31, 2018
|
|
$
|
187,278
|
|
|
$
|
228,225
|
|
|
$
|
415,503
|
|
(1)
|
Goodwill is derecognized for salons sold to franchisees with positive cash flows. The amount of goodwill derecognized is determined by a fraction (the numerator of which is the trailing-twelve months EBITDA of the salon being sold and the denominator of which is the estimated annualized EBITDA of the Company-owned reporting unit) that is applied to the total goodwill balance of the Company-owned reporting unit.
|
|
|
March 31, 2018
|
|
June 30, 2017
|
||||||||||||||||||||
|
|
Cost (1)
|
|
Accumulated
Amortization (1)
|
|
Net
|
|
Cost (1)
|
|
Accumulated
Amortization (1)
|
|
Net
|
||||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||||
Amortized intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Brand assets and trade names
|
|
$
|
8,218
|
|
|
$
|
(4,234
|
)
|
|
$
|
3,984
|
|
|
$
|
8,187
|
|
|
$
|
(4,013
|
)
|
|
$
|
4,174
|
|
Franchise agreements
|
|
9,867
|
|
|
(7,708
|
)
|
|
2,159
|
|
|
9,832
|
|
|
(7,433
|
)
|
|
2,399
|
|
||||||
Lease intangibles
|
|
14,012
|
|
|
(9,606
|
)
|
|
4,406
|
|
|
14,007
|
|
|
(9,077
|
)
|
|
4,930
|
|
||||||
Other
|
|
1,970
|
|
|
(1,584
|
)
|
|
386
|
|
|
1,994
|
|
|
(1,532
|
)
|
|
462
|
|
||||||
|
|
$
|
34,067
|
|
|
$
|
(23,132
|
)
|
|
$
|
10,935
|
|
|
$
|
34,020
|
|
|
$
|
(22,055
|
)
|
|
$
|
11,965
|
|
(1)
|
The change in the gross carrying value and accumulated amortization of other intangible assets is impacted by foreign currency.
|
8.
|
FINANCING ARRANGEMENTS:
|
|
|
Maturity Dates
|
|
Interest Rate
|
|
March 31,
2018 |
|
June 30,
2017 |
||||
|
|
(fiscal year)
|
|
|
|
(Dollars in thousands)
|
||||||
Revolving credit facility (March 2018)
|
|
2023
|
|
3.55%
|
|
$
|
90,000
|
|
|
$
|
—
|
|
Revolving credit facility (June 2011)
|
|
N/A
|
|
—
|
|
—
|
|
|
—
|
|
||
Senior Term Notes, net
|
|
N/A
|
|
5.50%
|
|
—
|
|
|
120,599
|
|
||
|
|
|
|
|
|
$
|
90,000
|
|
|
$
|
120,599
|
|
9.
|
FAIR VALUE MEASUREMENTS:
|
|
|
For the Three Months
Ended March 31,
|
|
For the Nine Months
Ended March 31, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(Dollars in thousands)
|
|
|
|
|
||||||||||
Long-lived assets (1)
|
|
$
|
313
|
|
|
$
|
3,236
|
|
|
$
|
9,565
|
|
|
$
|
7,622
|
|
(1)
|
See Note 1 to the unaudited Condensed Consolidated Financial Statements.
|
(1)
|
Canadian and Puerto Rican salons are included in the North American salon totals.
|
|
|
For the Three Months Ended March 31, 2018
|
||||||||||||||
|
|
Company-owned
|
|
Franchise
|
|
Corporate
|
|
Consolidated
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Service
|
|
$
|
221,926
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
221,926
|
|
Product
|
|
49,956
|
|
|
14,931
|
|
|
—
|
|
|
64,887
|
|
||||
Royalties and fees
|
|
—
|
|
|
13,988
|
|
|
—
|
|
|
13,988
|
|
||||
|
|
271,882
|
|
|
28,919
|
|
|
—
|
|
|
300,801
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of service
|
|
132,081
|
|
|
—
|
|
|
—
|
|
|
132,081
|
|
||||
Cost of product
|
|
25,137
|
|
|
12,002
|
|
|
—
|
|
|
37,139
|
|
||||
Site operating expenses
|
|
31,021
|
|
|
—
|
|
|
—
|
|
|
31,021
|
|
||||
General and administrative
|
|
18,051
|
|
|
6,590
|
|
|
21,086
|
|
|
45,727
|
|
||||
Rent
|
|
39,094
|
|
|
51
|
|
|
246
|
|
|
39,391
|
|
||||
Depreciation and amortization
|
|
7,276
|
|
|
92
|
|
|
2,190
|
|
|
9,558
|
|
||||
Total operating expenses
|
|
252,660
|
|
|
18,735
|
|
|
23,522
|
|
|
294,917
|
|
||||
Operating income (loss)
|
|
19,222
|
|
|
10,184
|
|
|
(23,522
|
)
|
|
5,884
|
|
||||
Other (expense) income:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
(5,095
|
)
|
|
(5,095
|
)
|
||||
Interest income and other, net
|
|
—
|
|
|
—
|
|
|
1,785
|
|
|
1,785
|
|
||||
Income (loss) from continuing operations before income taxes
|
|
$
|
19,222
|
|
|
$
|
10,184
|
|
|
$
|
(26,832
|
)
|
|
$
|
2,574
|
|
|
|
For the Three Months Ended March 31, 2017
|
||||||||||||||
|
|
Company-owned
|
|
Franchise
|
|
Corporate
|
|
Consolidated
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Service
|
|
$
|
237,998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
237,998
|
|
Product
|
|
56,326
|
|
|
7,518
|
|
|
—
|
|
|
63,844
|
|
||||
Royalties and fees
|
|
—
|
|
|
11,636
|
|
|
—
|
|
|
11,636
|
|
||||
|
|
294,324
|
|
|
19,154
|
|
|
—
|
|
|
313,478
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of service
|
|
153,008
|
|
|
—
|
|
|
—
|
|
|
153,008
|
|
||||
Cost of product
|
|
25,499
|
|
|
5,490
|
|
|
—
|
|
|
30,989
|
|
||||
Site operating expenses
|
|
30,604
|
|
|
—
|
|
|
—
|
|
|
30,604
|
|
||||
General and administrative
|
|
11,883
|
|
|
5,013
|
|
|
28,798
|
|
|
45,694
|
|
||||
Rent
|
|
45,606
|
|
|
44
|
|
|
171
|
|
|
45,821
|
|
||||
Depreciation and amortization
|
|
11,195
|
|
|
89
|
|
|
2,292
|
|
|
13,576
|
|
||||
Total operating expenses
|
|
277,795
|
|
|
10,636
|
|
|
31,261
|
|
|
319,692
|
|
||||
Operating income (loss)
|
|
16,529
|
|
|
8,518
|
|
|
(31,261
|
)
|
|
(6,214
|
)
|
||||
Other (expense) income:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
(2,125
|
)
|
|
(2,125
|
)
|
||||
Interest income and other, net
|
|
—
|
|
|
—
|
|
|
357
|
|
|
357
|
|
||||
Income (loss) from continuing operations before income taxes
|
|
$
|
16,529
|
|
|
$
|
8,518
|
|
|
$
|
(33,029
|
)
|
|
$
|
(7,982
|
)
|
|
|
For the Nine Months Ended March 31, 2018
|
||||||||||||||
|
|
Company-owned
|
|
Franchise
|
|
Corporate
|
|
Consolidated
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Service
|
|
$
|
680,699
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
680,699
|
|
Product
|
|
159,922
|
|
|
37,721
|
|
|
—
|
|
|
197,643
|
|
||||
Royalties and fees
|
|
—
|
|
|
40,847
|
|
|
—
|
|
|
40,847
|
|
||||
|
|
840,621
|
|
|
78,568
|
|
|
—
|
|
|
919,189
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of service
|
|
406,767
|
|
|
—
|
|
|
—
|
|
|
406,767
|
|
||||
Cost of product
|
|
77,628
|
|
|
29,537
|
|
|
—
|
|
|
107,165
|
|
||||
Site operating expenses
|
|
96,443
|
|
|
—
|
|
|
—
|
|
|
96,443
|
|
||||
General and administrative
|
|
51,822
|
|
|
19,005
|
|
|
58,658
|
|
|
129,485
|
|
||||
Rent
|
|
146,376
|
|
|
168
|
|
|
736
|
|
|
147,280
|
|
||||
Depreciation and amortization
|
|
39,224
|
|
|
275
|
|
|
7,265
|
|
|
46,764
|
|
||||
Total operating expenses
|
|
818,260
|
|
|
48,985
|
|
|
66,659
|
|
|
933,904
|
|
||||
Operating income (loss)
|
|
22,361
|
|
|
29,583
|
|
|
(66,659
|
)
|
|
(14,715
|
)
|
||||
Other (expense) income:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
(9,402
|
)
|
|
(9,402
|
)
|
||||
Interest income and other, net
|
|
—
|
|
|
—
|
|
|
5,174
|
|
|
5,174
|
|
||||
Income (loss) from continuing operations before income taxes
|
|
$
|
22,361
|
|
|
$
|
29,583
|
|
|
$
|
(70,887
|
)
|
|
$
|
(18,943
|
)
|
|
|
For the Nine Months Ended March 31, 2017
|
||||||||||||||
|
|
Company-owned
|
|
Franchise
|
|
Corporate
|
|
Consolidated
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Service
|
|
$
|
716,698
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
716,698
|
|
Product
|
|
173,275
|
|
|
22,514
|
|
|
—
|
|
|
195,789
|
|
||||
Royalties and fees
|
|
—
|
|
|
35,071
|
|
|
—
|
|
|
35,071
|
|
||||
|
|
889,973
|
|
|
57,585
|
|
|
—
|
|
|
947,558
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of service
|
|
454,998
|
|
|
—
|
|
|
—
|
|
|
454,998
|
|
||||
Cost of product
|
|
79,629
|
|
|
16,759
|
|
|
—
|
|
|
96,388
|
|
||||
Site operating expenses
|
|
95,887
|
|
|
—
|
|
|
—
|
|
|
95,887
|
|
||||
General and administrative
|
|
35,314
|
|
|
15,378
|
|
|
67,613
|
|
|
118,305
|
|
||||
Rent
|
|
136,499
|
|
|
127
|
|
|
519
|
|
|
137,145
|
|
||||
Depreciation and amortization
|
|
30,993
|
|
|
268
|
|
|
7,070
|
|
|
38,331
|
|
||||
Total operating expenses
|
|
833,320
|
|
|
32,532
|
|
|
75,202
|
|
|
941,054
|
|
||||
Operating income (loss)
|
|
56,653
|
|
|
25,053
|
|
|
(75,202
|
)
|
|
6,504
|
|
||||
Other (expense) income:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
(6,441
|
)
|
|
(6,441
|
)
|
||||
Interest income and other, net
|
|
—
|
|
|
—
|
|
|
2,136
|
|
|
2,136
|
|
||||
Income (loss) from continuing operations before income taxes
|
|
$
|
56,653
|
|
|
$
|
25,053
|
|
|
$
|
(79,507
|
)
|
|
$
|
2,199
|
|
|
Financial Line Item
|
|
Three Months Ended
March 31, 2018 |
|
Nine Months Ended
March 31, 2018
|
||||
|
|
|
(Dollars in thousands)
|
||||||
Inventory reserves
|
Cost of Product
|
|
$
|
—
|
|
|
$
|
585
|
|
Severance
|
General and administrative
|
|
897
|
|
|
897
|
|
||
Long-lived fixed asset impairment
|
Depreciation and amortization
|
|
42
|
|
|
5,460
|
|
||
Asset retirement obligation
|
Depreciation and amortization
|
|
—
|
|
|
7,462
|
|
||
Lease termination and other related closure costs
|
Rent
|
|
—
|
|
|
27,290
|
|
||
Deferred rent
|
Rent
|
|
—
|
|
|
(3,291
|
)
|
||
Total
|
|
|
$
|
939
|
|
|
$
|
38,403
|
|
|
For the Periods Ended March 31,
|
||||||||||||||||||||||||||||||||||||||
|
Three Months
|
|
Nine Months
|
||||||||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
|
($ in millions)
|
|
% of Total
Revenues (1) |
|
Basis Point
(Decrease) Increase |
|
($ in millions)
|
|
% of Total
Revenues (1) |
|
Basis Point
(Decrease) Increase |
||||||||||||||||||||||||||||
Service revenues
|
$
|
221.9
|
|
|
$
|
238.0
|
|
|
73.8
|
%
|
|
75.9
|
%
|
|
(210
|
)
|
|
(40
|
)
|
|
$
|
680.7
|
|
|
$
|
716.7
|
|
|
74.1
|
%
|
|
75.6
|
%
|
|
(150
|
)
|
|
—
|
|
Product revenues
|
64.9
|
|
|
63.8
|
|
|
21.6
|
|
|
20.4
|
|
|
120
|
|
|
40
|
|
|
197.6
|
|
|
195.8
|
|
|
21.5
|
|
|
20.7
|
|
|
80
|
|
|
—
|
|
||||
Franchise royalties and fees
|
14.0
|
|
|
11.6
|
|
|
4.6
|
|
|
3.7
|
|
|
90
|
|
|
—
|
|
|
40.8
|
|
|
35.1
|
|
|
4.4
|
|
|
3.7
|
|
|
70
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cost of service (2)
|
132.1
|
|
|
153.0
|
|
|
59.5
|
|
|
64.3
|
|
|
(480
|
)
|
|
170
|
|
|
406.8
|
|
|
455.0
|
|
|
59.8
|
|
|
63.5
|
|
|
(370
|
)
|
|
100
|
|
||||
Cost of product (2)
|
37.1
|
|
|
31.0
|
|
|
57.2
|
|
|
48.5
|
|
|
870
|
|
|
40
|
|
|
107.2
|
|
|
96.4
|
|
|
54.2
|
|
|
49.2
|
|
|
500
|
|
|
30
|
|
||||
Site operating expenses
|
31.0
|
|
|
30.6
|
|
|
10.3
|
|
|
9.8
|
|
|
50
|
|
|
—
|
|
|
96.4
|
|
|
95.9
|
|
|
10.5
|
|
|
10.1
|
|
|
40
|
|
|
(40
|
)
|
||||
General and administrative
|
45.7
|
|
|
45.7
|
|
|
15.2
|
|
|
14.6
|
|
|
60
|
|
|
290
|
|
|
129.5
|
|
|
118.3
|
|
|
14.1
|
|
|
12.5
|
|
|
160
|
|
|
20
|
|
||||
Rent
|
39.4
|
|
|
45.8
|
|
|
13.1
|
|
|
14.6
|
|
|
(150
|
)
|
|
30
|
|
|
147.3
|
|
|
137.1
|
|
|
16.0
|
|
|
14.5
|
|
|
150
|
|
|
20
|
|
||||
Depreciation and amortization
|
9.6
|
|
|
13.6
|
|
|
3.2
|
|
|
4.3
|
|
|
(110
|
)
|
|
20
|
|
|
46.8
|
|
|
38.3
|
|
|
5.1
|
|
|
4.0
|
|
|
110
|
|
|
(20
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating income (loss)
|
5.9
|
|
|
(6.2
|
)
|
|
2.0
|
|
|
(2.0
|
)
|
|
400
|
|
|
(470
|
)
|
|
(14.7
|
)
|
|
6.5
|
|
|
(1.6
|
)
|
|
0.7
|
|
|
(230
|
)
|
|
(60
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest expense
|
5.1
|
|
|
2.1
|
|
|
1.7
|
|
|
0.7
|
|
|
100
|
|
|
—
|
|
|
9.4
|
|
|
6.4
|
|
|
1.0
|
|
|
0.7
|
|
|
30
|
|
|
—
|
|
||||
Interest income and other, net
|
1.8
|
|
|
0.4
|
|
|
0.6
|
|
|
0.1
|
|
|
50
|
|
|
(10
|
)
|
|
5.2
|
|
|
2.1
|
|
|
0.6
|
|
|
0.2
|
|
|
40
|
|
|
(10
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income tax benefit (expense) (3)
|
2.2
|
|
|
(3.9
|
)
|
|
86.4
|
|
|
48.3
|
|
|
N/A
|
|
|
N/A
|
|
|
73.9
|
|
|
(7.3
|
)
|
|
389.9
|
|
|
332.7
|
|
|
N/A
|
|
|
N/A
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loss from discontinued operations, net of taxes
|
(10.6
|
)
|
|
(6.6
|
)
|
|
(3.5
|
)
|
|
(2.1
|
)
|
|
(140
|
)
|
|
(120
|
)
|
|
(51.0
|
)
|
|
(12.3
|
)
|
|
(5.5
|
)
|
|
(1.3
|
)
|
|
(420
|
)
|
|
(80
|
)
|
(1)
|
Cost of service is computed as a percent of service revenues. Cost of product is computed as a percent of product revenues.
|
(2)
|
Excludes depreciation and amortization expense.
|
(3)
|
Computed as a percent of income (loss) from continuing operations before income taxes. The income taxes basis point change is noted as not applicable (N/A) as the discussion within MD&A is related to the effective income tax rate.
|
|
|
For the Three Months
Ended March 31, |
|
For the Nine Months
Ended March 31, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
Company-owned salons:
|
|
|
|
|
|
|
|
|
|
|
||||||
SmartStyle
|
|
$
|
112,857
|
|
|
$
|
132,069
|
|
|
$
|
361,555
|
|
|
$
|
392,009
|
|
Supercuts
|
|
70,448
|
|
|
70,651
|
|
|
212,914
|
|
|
216,566
|
|
||||
Signature Style
|
|
88,577
|
|
|
91,604
|
|
|
266,152
|
|
|
281,398
|
|
||||
Total Company-owned salons
|
|
271,882
|
|
|
294,324
|
|
|
840,621
|
|
|
889,973
|
|
||||
Franchise salons:
|
|
|
|
|
|
|
|
|
||||||||
Product
|
|
14,931
|
|
|
7,518
|
|
|
37,721
|
|
|
22,514
|
|
||||
Royalties and fees
|
|
13,988
|
|
|
11,636
|
|
|
40,847
|
|
|
35,071
|
|
||||
Total Franchise salons
|
|
28,919
|
|
|
19,154
|
|
|
78,568
|
|
|
57,585
|
|
||||
Consolidated revenues
|
|
$
|
300,801
|
|
|
$
|
313,478
|
|
|
$
|
919,189
|
|
|
$
|
947,558
|
|
Percent change from prior year
|
|
(4.0
|
)%
|
|
(2.8
|
)%
|
|
(3.0
|
)%
|
|
(2.0
|
)%
|
||||
Salon same-store sales increase (decrease) (1)
|
|
1.6
|
%
|
|
(1.7
|
)%
|
|
0.4
|
%
|
|
(1.3
|
)%
|
(1)
|
Same-store sales are calculated on a daily basis as the total change in sales for company-owned locations that were open on a specific day of the week during the current period and the corresponding prior period. Quarterly and year-to-date same-store sales are the sum of the same-store sales computed on a daily basis. Locations relocated within a one-mile radius are included in same-store sales as they are considered to have been open in the prior period. Same-store sales are calculated in local currencies to remove foreign currency fluctuations from the calculation.
|
|
|
For the Three Months
Ended March 31, |
|
For the Nine Months
Ended March 31, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
SmartStyle
|
|
0.6
|
%
|
|
(1.5
|
)%
|
|
(0.1
|
)%
|
|
(1.2
|
)%
|
Supercuts
|
|
3.5
|
|
|
(1.0
|
)
|
|
2.2
|
|
|
(0.4
|
)
|
Signature Style
|
|
1.5
|
|
|
(2.5
|
)
|
|
(0.2
|
)
|
|
(2.1
|
)
|
Consolidated same-store sales
|
|
1.6
|
%
|
|
(1.7
|
)%
|
|
0.4
|
%
|
|
(1.3
|
)%
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
|
(Dollars in millions)
|
|
(Decrease) Increase
|
|
(Dollars in millions)
|
|
(Decrease) Increase
|
||||||||||||||||||||||||
Total revenue
|
$
|
271.9
|
|
|
$
|
294.3
|
|
|
$
|
(22.4
|
)
|
|
$
|
(8.8
|
)
|
|
$
|
840.6
|
|
|
$
|
890.0
|
|
|
$
|
(49.4
|
)
|
|
$
|
(18.7
|
)
|
Same-store sales
|
1.6
|
%
|
|
(1.7
|
)%
|
|
330 bps
|
|
|
(330 bps)
|
|
|
0.4
|
%
|
|
(1.3
|
)%
|
|
170 bps
|
|
|
(370 bps)
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating (loss) income
|
$
|
19.2
|
|
|
$
|
16.5
|
|
|
$
|
2.7
|
|
|
$
|
(8.4
|
)
|
|
$
|
22.4
|
|
|
$
|
56.7
|
|
|
$
|
(34.3
|
)
|
|
$
|
(6.1
|
)
|
|
|
Three Months Ended
March 31, |
|
For the Nine Months
Ended March 31, |
||||||||
Factor
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Same-store sales
|
|
1.6
|
%
|
|
(1.7
|
)%
|
|
0.4
|
%
|
|
(1.3
|
)%
|
Closed salons
|
|
(9.8
|
)
|
|
(2.0
|
)
|
|
(6.2
|
)
|
|
(1.9
|
)
|
New stores
|
|
0.1
|
|
|
0.5
|
|
|
0.2
|
|
|
0.5
|
|
Foreign currency
|
|
0.3
|
|
|
0.1
|
|
|
0.3
|
|
|
—
|
|
Other
|
|
0.2
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
0.6
|
|
|
|
(7.6
|
)%
|
|
(2.9
|
)%
|
|
(5.5
|
)%
|
|
(2.1
|
)%
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
|
(Dollars in millions)
|
|
Increase (Decrease)
|
|
(Dollars in millions)
|
|
Increase (Decrease)
|
||||||||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Product
|
$
|
8.4
|
|
|
$
|
7.5
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
24.8
|
|
|
$
|
22.5
|
|
|
$
|
2.3
|
|
|
$
|
(0.7
|
)
|
Product sold to TBG
|
6.5
|
|
|
—
|
|
|
6.5
|
|
|
—
|
|
|
12.9
|
|
|
—
|
|
|
12.9
|
|
|
—
|
|
||||||||
Total Product
|
$
|
14.9
|
|
|
$
|
7.5
|
|
|
$
|
7.4
|
|
|
$
|
—
|
|
|
$
|
37.7
|
|
|
$
|
22.5
|
|
|
$
|
15.2
|
|
|
$
|
(0.7
|
)
|
Royalties and fees (1)
|
14.0
|
|
|
11.6
|
|
|
2.4
|
|
|
(0.1
|
)
|
|
40.8
|
|
|
35.1
|
|
|
5.8
|
|
|
(0.4
|
)
|
||||||||
Total franchise salons revenue (2)
|
$
|
28.9
|
|
|
$
|
19.2
|
|
|
$
|
9.8
|
|
|
$
|
(0.1
|
)
|
|
$
|
78.6
|
|
|
$
|
57.6
|
|
|
$
|
21.0
|
|
|
$
|
(1.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating income
|
$
|
9.9
|
|
|
$
|
8.5
|
|
|
$
|
1.4
|
|
|
$
|
(0.2
|
)
|
|
$
|
29.0
|
|
|
$
|
25.1
|
|
|
$
|
3.9
|
|
|
$
|
0.3
|
|
Operating income from TBG
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
||||||||
Total operating income
|
$
|
10.2
|
|
|
$
|
8.5
|
|
|
$
|
1.7
|
|
|
$
|
(0.2
|
)
|
|
$
|
29.6
|
|
|
$
|
25.1
|
|
|
$
|
4.5
|
|
|
$
|
0.3
|
|
(1)
|
Total includes $0.4 and $0.7 million of royalties related to TBG during the three and nine months ended March 31, 2018, respectively.
|
(2)
|
Total is a recalculation; line items calculated individually may not sum to total due to rounding.
|
As of
|
|
Debt to
Capitalization
|
|
Basis Point
(Decrease) Increase (1)
|
||
March 31, 2018
|
|
14.9
|
%
|
|
(460
|
)
|
June 30, 2017
|
|
19.5
|
%
|
|
40
|
|
Period
|
|
Total Number of Shares Purchased
|
|
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 (in thousands)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||
1/1/18 - 1/31/18
|
|
—
|
|
|
$
|
—
|
|
|
18,396,170
|
|
|
$
|
60,041
|
|
2/1/18 - 2/28/18
|
|
575,744
|
|
|
16.41
|
|
|
18,971,914
|
|
|
50,591
|
|
||
3/1/18 - 3/31/18
|
|
10,223
|
|
|
15.72
|
|
|
18,982,137
|
|
|
50,430
|
|
||
Total
|
|
585,967
|
|
|
$
|
16.40
|
|
|
18,982,137
|
|
|
$
|
50,430
|
|
|
Election of the Company to become governed by Minnesota Statutes Chapter 302A and Restated Articles of Incorporation of the Company, dated March 11, 1983; Articles of Amendment to Restated Articles of Incorporation, dated October 29, 1984; Articles of Amendment to Restated Articles of Incorporation, dated August 14, 1987; Articles of Amendment to Restated Articles of Incorporation, dated October 21, 1987; Articles of Amendment to Restated Articles of Incorporation, dated November 20, 1996; Articles of Amendment to Restated Articles of Incorporation, dated July 25, 2000; Articles of Amendment to Restated Articles of Incorporation, dated October 22, 2013; Articles of Amendment of Restated Articles of Incorporation, dated April 24, 2018.
|
|
|
|
|
|
Bylaws of Regis Corporation. (Incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed on April 27, 2018.)
|
|
|
|
|
|
Credit Agreement dated as of March 26, 2018 among Regis Corporation, the various financial institutions party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Keybank Capital Markets Inc., as Joint Lead Arrangers and Joint Bookrunners. (Incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on March 30, 2018.)
|
|
|
|
|
|
Amendment No. 1 to Credit Agreement dated as of April 25, 2018 by and among Regis Corporation, various financial institutions and Bank of America, N.A. as Administrative Agent. (Incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on April 27, 2018.)
|
|
|
|
|
|
President and Chief Executive Officer of Regis Corporation: Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Executive Vice President and Chief Financial Officer of Regis Corporation: Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Chief Executive Officer and Chief Financial Officer of Regis Corporation: Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
Exhibit 101
|
|
The following financial information from Regis Corporation's Quarterly Report on Form 10-Q for the quarterly and year-to-date periods ended March 31, 2018, formatted in Extensible Business Reporting Language (XBRL) and filed electronically herewith: (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Earnings; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Condensed Consolidated Statements of Cash Flows; and (v) the Notes to the Consolidated Financial Statements.
|
|
REGIS CORPORATION
|
|
|
|
|
Date: May 1, 2018
|
By:
|
/s/ Andrew H. Lacko
|
|
|
Andrew H. Lacko
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Signing on behalf of the registrant and as Principal Financial Officer)
|
|
|
|
|
|
|
Date: May 1, 2018
|
By:
|
/s/ Kersten D. Zupfer
|
|
|
Kersten D. Zupfer
|
|
|
Senior Vice President and Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
|
|
1 Year Regis Chart |
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