dxlg-10q_20151031.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the Quarterly Period Ended October 31, 2015

Commission File Number 01-34219

 

DESTINATION XL GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

04-2623104

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

 

555 Turnpike Street, Canton, MA

 

02021

(Address of principal executive offices)

 

(Zip Code)

(781) 828-9300

(Registrant’s telephone

number, including area code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

¨

  

Accelerated filer

 

x

 

 

 

 

Non-accelerated filer

 

¨  (Do not check if a smaller reporting company)

  

Smaller reporting company

 

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The number of shares of the registrant’s common stock outstanding as of November 16, 2015 was 50,812,682.

 

 

 

 

 


PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements.

DESTINATION XL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

October 31, 2015

 

 

January 31, 2015

 

 

 

(Fiscal 2015)

 

 

(Fiscal 2014)

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,600

 

 

$

4,586

 

Accounts receivable

 

 

6,082

 

 

 

3,619

 

Inventories

 

 

133,312

 

 

 

115,220

 

Prepaid expenses and other current assets

 

 

9,485

 

 

 

8,913

 

Total current assets

 

 

154,479

 

 

 

132,338

 

 

 

 

 

 

 

 

 

 

Property and equipment, net of accumulated depreciation and amortization

 

 

126,768

 

 

 

120,328

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

Intangible assets

 

 

2,823

 

 

 

3,308

 

Other assets

 

 

4,050

 

 

 

3,907

 

Total assets

 

$

288,120

 

 

$

259,881

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

7,332

 

 

$

7,335

 

Current portion of deferred gain on sale-leaseback

 

 

1,465

 

 

 

1,465

 

Accounts payable

 

 

30,327

 

 

 

29,979

 

Accrued expenses and other current liabilities

 

 

32,438

 

 

 

31,972

 

Borrowings under credit facility

 

 

55,866

 

 

 

18,817

 

Total current liabilities

 

 

127,428

 

 

 

89,568

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

20,652

 

 

 

26,171

 

Deferred rent and lease incentives

 

 

31,221

 

 

 

28,850

 

Deferred gain on sale-leaseback, net of current portion

 

 

13,555

 

 

 

14,654

 

Deferred tax liability

 

 

170

 

 

 

91

 

Other long-term liabilities

 

 

6,845

 

 

 

8,157

 

Total long-term liabilities

 

 

72,443

 

 

 

77,923

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 1,000,000 shares  authorized, none issued

 

 

 

 

 

 

Common stock, $0.01 par value, 100,000,000 shares authorized,  61,657,855 and  61,560,544 shares issued at October 31, 2015 and January 31, 2015, respectively

 

 

617

 

 

 

616

 

Additional paid-in capital

 

 

301,976

 

 

 

299,892

 

Treasury stock at cost, 10,877,439 shares at October 31, 2015 and January 31, 2015

 

 

(87,977

)

 

 

(87,977

)

Accumulated deficit

 

 

(118,928

)

 

 

(111,903

)

Accumulated other comprehensive loss

 

 

(7,439

)

 

 

(8,238

)

Total stockholders' equity

 

 

88,249

 

 

 

92,390

 

Total liabilities and stockholders' equity

 

$

288,120

 

 

$

259,881

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

2


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

October 31, 2015

 

 

November 1, 2014

 

 

October 31, 2015

 

 

November 1, 2014

 

 

 

(Fiscal 2015)

 

 

(Fiscal 2014)

 

 

(Fiscal 2015)

 

 

(Fiscal 2014)

 

 

 

 

 

Sales

 

$

99,625

 

 

$

93,640

 

 

$

318,177

 

 

$

294,461

 

Cost of goods sold including occupancy costs

 

 

54,761

 

 

 

53,068

 

 

 

171,191

 

 

 

161,714

 

Gross profit

 

 

44,864

 

 

 

40,572

 

 

 

146,986

 

 

 

132,747

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

42,414

 

 

 

40,053

 

 

 

131,004

 

 

 

126,601

 

Depreciation and amortization

 

 

7,076

 

 

 

6,041

 

 

 

20,526

 

 

 

17,169

 

Total expenses

 

 

49,490

 

 

 

46,094

 

 

 

151,530

 

 

 

143,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(4,626

)

 

 

(5,522

)

 

 

(4,544

)

 

 

(11,023

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(783

)

 

 

(506

)

 

 

(2,290

)

 

 

(1,368

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations before provision for income taxes

 

 

(5,409

)

 

 

(6,028

)

 

 

(6,834

)

 

 

(12,391

)

Provision for income taxes

 

 

63

 

 

 

63

 

 

 

191

 

 

 

173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

 

(5,472

)

 

 

(6,091

)

 

 

(7,025

)

 

 

(12,564

)

Loss from discontinued operations, net of taxes

 

 

 

 

 

(190

)

 

 

 

 

 

(1,285

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(5,472

)

 

$

(6,281

)

 

$

(7,025

)

 

$

(13,849

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(0.11

)

 

$

(0.12

)

 

$

(0.14

)

 

$

(0.26

)

Loss from discontinued operations

 

$

 

 

$

 

 

$

 

 

$

(0.03

)

Net loss per share - basic and diluted

 

$

(0.11

)

 

$

(0.13

)

 

$

(0.14

)

 

$

(0.28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

49,116

 

 

 

48,773

 

 

 

49,072

 

 

 

48,724

 

Diluted

 

 

49,116

 

 

 

48,773

 

 

 

49,072

 

 

 

48,724

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

3


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

October 31, 2015

 

 

November 1, 2014

 

 

October 31, 2015

 

 

November 1, 2014

 

 

 

(Fiscal 2015)

 

 

(Fiscal 2014)

 

 

(Fiscal 2015)

 

 

(Fiscal 2014)

 

Net loss

 

$

(5,472

)

 

$

(6,281

)

 

$

(7,025

)

 

$

(13,849

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(32

)

 

 

(144

)

 

 

30

 

 

 

(37

)

Pension plan

 

 

256

 

 

 

147

 

 

 

769

 

 

 

424

 

Other comprehensive income (loss) before taxes

 

 

224

 

 

 

3

 

 

 

799

 

 

 

387

 

Tax (provision) benefit related to items of other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

224

 

 

 

3

 

 

 

799

 

 

 

387

 

Comprehensive loss

 

$

(5,248

)

 

$

(6,278

)

 

$

(6,226

)

 

$

(13,462

)

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

4


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Treasury Stock

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Amounts

 

 

Capital

 

 

Shares

 

 

Amounts

 

 

Deficit

 

 

Income (Loss)

 

 

Total

 

Balance at January 31, 2015

 

 

61,561

 

 

$

616

 

 

$

299,892

 

 

 

(10,877

)

 

$

(87,977

)

 

$

(111,903

)

 

$

(8,238

)

 

$

92,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

1,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,582

 

Exercises under option program

 

 

22

 

 

 

 

 

 

101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

101

 

Board of Directors compensation

 

 

65

 

 

 

1

 

 

 

401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

402

 

Issuance of restricted stock, net of cancellations

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrecognized gain associated with pension plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

769

 

 

 

769

 

Foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

 

 

30

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,025

)

 

 

 

 

 

 

(7,025

)

Balance at October 31, 2015

 

 

61,658

 

 

$

617

 

 

$

301,976

 

 

 

(10,877

)

 

$

(87,977

)

 

$

(118,928

)

 

$

(7,439

)

 

$

88,249

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

5


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

For the Nine Months Ended

 

 

 

October 31, 2015

 

 

November 1, 2014

 

 

 

(Fiscal 2015)

 

 

(Fiscal 2014)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(7,025

)

 

$

(13,849

)

Adjustments to reconcile net loss to net cash used for operating activities:

 

 

 

 

 

 

 

 

Amortization of deferred gain on sale-leaseback

 

 

(1,099

)

 

 

(1,099

)

Amortization of deferred debt issuance costs

 

 

211

 

 

 

124

 

Depreciation and amortization

 

 

20,526

 

 

 

17,169

 

Deferred taxes, net of valuation allowance

 

 

79

 

 

 

65

 

Stock compensation expense

 

 

1,582

 

 

 

2,203

 

Issuance of common stock to Board of Directors

 

 

402

 

 

 

159

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(2,463

)

 

 

833

 

Inventories

 

 

(18,092

)

 

 

(20,847

)

Prepaid expenses and other current assets

 

 

(572

)

 

 

(1,529

)

Other assets

 

 

(143

)

 

 

(445

)

Accounts payable

 

 

348

 

 

 

(4,400

)

Deferred rent and lease incentives

 

 

2,371

 

 

 

5,589

 

Accrued expenses and other liabilities

 

 

(1,176

)

 

 

651

 

Net cash used for operating activities

 

 

(5,051

)

 

 

(15,376

)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment, net

 

 

(25,352

)

 

 

(30,835

)

Net cash used for investing activities

 

 

(25,352

)

 

 

(30,835

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

101

 

 

 

123

 

Proceeds from the issuance of long-term debt

 

 

 

 

 

23,923

 

Principal payments on long-term debt

 

 

(5,624

)

 

 

(4,640

)

Costs associated with debt issuances

 

 

(15

)

 

 

(598

)

Net borrowings under credit facility

 

 

36,955

 

 

 

28,925

 

Net cash provided by financing activities

 

 

31,417

 

 

 

47,733

 

Net increase in cash and cash equivalents

 

 

1,014

 

 

 

1,522

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

Beginning of period

 

 

4,586

 

 

 

4,544

 

End of period

 

$

5,600

 

 

$

6,066

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

6


DESTINATION XL GROUP, INC.

Notes to Consolidated Financial Statements

 

 

1. Basis of Presentation

In the opinion of management of Destination XL Group, Inc., a Delaware corporation (formerly known as Casual Male Retail Group, Inc. and, collectively with its subsidiaries, referred to as the “Company”), the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the interim financial statements. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the notes to the Company’s audited consolidated financial statements for the fiscal year ended January 31, 2015 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 25, 2015.

The information set forth in these statements may be subject to normal year-end adjustments. The information reflects all adjustments that, in the opinion of management, are necessary to present fairly the Company’s results of operations, financial position and cash flows for the periods indicated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s business historically has been seasonal in nature, and the results of the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The Company’s fiscal year is a 52- or 53- week period ending on the Saturday closest to January 31. Fiscal 2015 and fiscal 2014 are 52-week periods ending January 30, 2016 and January 31, 2015, respectively.

Segment Information

The Company reports its operations as one reportable segment, Big & Tall Men’s Apparel, which consists of two principal operating segments: its retail business and its direct business. The Company considers its operating segments to be similar in terms of economic characteristics, production processes and operations, and have therefore aggregated them into a single reporting segment, consistent with its omni-channel business approach. The direct operating segment includes the operating results and assets for LivingXL® and ShoesXL®.

 

Change in Accounting Principle

The Company historically presented deferred debt issuance costs, or fees directly related to issuing debt, as assets on the consolidated balance sheets. In the first quarter of fiscal 2015, the Company elected early adoption of ASU 2015−03, “Interest − Imputation of Interest (Subtopic 835−30), Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03). The guidance simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected. Therefore, these costs will continue to be amortized as interest expense over the term of the corresponding debt issuance. The Company applied the new guidance retrospectively to all prior periods presented in the financial statements.     

The reclassification did not impact net income (loss) previously reported or any prior amounts reported on the Consolidated Statements of Operations. The following table presents the effect of the retrospective application of this change in accounting

principle on the Company’s Consolidated Balance Sheets as of January 31, 2015.

 

7


 

 

As Reported

 

 

Effect of Change in

 

 

After Change in

 

Consolidated Balance Sheets (in thousands)

 

January 31, 2015

 

 

Accounting Principle

 

 

Accounting Principle

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

9,190

 

 

$

(277

)

 

$

8,913

 

Total current assets

 

 

132,615

 

 

 

(277

)

 

 

132,338

 

Noncurrent assets:

 

 

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

4,849

 

 

 

(942

)

 

 

3,907

 

Total assets

 

 

261,100

 

 

 

(1,219

)

 

 

259,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

7,489

 

 

$

(154

)

 

$

7,335

 

Borrowings under credit facility

 

 

19,402

 

 

 

(585

)

 

 

18,817

 

Total current liabilities

 

 

90,307

 

 

 

(739

)

 

 

89,568

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

26,651

 

 

 

(480

)

 

 

26,171

 

Total long-term liabilities

 

 

78,403

 

 

 

(480

)

 

 

77,923

 

Total liabilities and stockholders' equity

 

 

261,100

 

 

 

(1,219

)

 

 

259,881

 

 

Reclassification

As a result of the Company’s adopting ASU 2015-03, for the first nine months of fiscal 2014, the Company has reclassified $124,000 from “Change in Other Assets” to “Amortization of Deferred Debt Issuance Costs” in the Consolidated Statement of Cash Flows.

Intangibles

At October 31, 2015, the “Casual Male” trademark had a carrying value of $1.1 million and is considered a definite-lived asset. The Company is amortizing the remaining carrying value on an accelerated basis, consistent with projected cash flows through fiscal 2018, its estimated remaining useful life.

The Company’s “Rochester” trademark is considered an indefinite-lived intangible asset and has a carrying value of $1.5 million. During the first nine months ended October 31, 2015, no event or circumstance occurred which would cause a reduction in the fair value of the Company’s reporting units, requiring interim testing of the Company’s “Rochester” trademark.

 

Fair Value of Financial Instruments

ASC Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments. ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements.

The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible.

The fair value of long-term debt is classified within Level 2 of the valuation hierarchy. At October 31, 2015, the fair value approximates the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities.

The fair value of indefinite-lived assets, which consists of the Company’s “Rochester” trademark, is measured on a non-recurring basis in connection with the Company’s annual impairment test. The fair value of the trademark is determined using a projected

8


discounted cash flow analysis based on unobservable inputs and are classified within Level 3 of the valuation hierarchy. See Intangibles above.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these instruments.

 

Accumulated Other Comprehensive Income (Loss) - (“AOCI”)

Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income and reclassifications from AOCI for the three and nine months ended October 31, 2015 and November 1, 2014, respectively, are as follows:

 

 

 

 

October 31, 2015

 

 

November 1, 2014

 

For the three months ended:

 

(in thousands)

 

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

Balance at beginning of the quarter

 

$

(7,282

)

 

$

(381

)

 

$

(7,663

)

 

$

(4,270

)

 

$

94

 

 

$

(4,176

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before

   reclassifications, net of taxes

 

 

94

 

 

 

(32

)

 

 

62

 

 

 

82

 

 

 

(144

)

 

 

(62

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified from accumulated other

   comprehensive income, net of taxes  (1)

 

 

162

 

 

 

 

 

 

162

 

 

 

65

 

 

 

 

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) for the period

 

 

256

 

 

 

(32

)

 

 

224

 

 

 

147

 

 

 

(144

)

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of quarter

 

$

(7,026

)

 

$

(413

)

 

$

(7,439

)

 

$

(4,123

)

 

$

(50

)

 

$

(4,173)

 

 

 

 

 

October 31, 2015

 

 

November 1, 2014

 

For the nine months ended:

 

(in thousands)

 

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

Balance at beginning of fiscal year

 

$

(7,795

)

 

$

(443

)

 

$

(8,238

)

 

$

(4,547

)

 

$

(13

)

 

$

(4,560

)