XNAS:HELE Helen of Troy, Ltd. Quarterly Report 10-Q Filing - 5/31/2012

Effective Date 5/31/2012

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

T

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the quarterly period ended May 31, 2012

 

 

or

 

 

£

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the transition period from ..... to .....

 

Commission file number: 001-14669

 

 

HELEN OF TROY LIMITED

 

(Exact name of registrant as specified in its charter)

 

Bermuda

 

74-2692550

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

Clarenden House

Church Street

Hamilton, Bermuda

 

 

(Address of principal executive offices)

 

 

 

 

 

1 Helen of Troy Plaza

 

 

El Paso, Texas

 

79912

(Registrant’s United States Mailing Address)

 

(Zip Code)

 

(915) 225-8000

(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 T        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 T       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 T

Accelerated filer £

 

 

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 T

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at July 2, 2012

Common Shares, $0.10 par value, per share

 

31,736,452 shares

 


 



 

HELEN OF TROY LIMITED AND SUBSIDIARIES

 

INDEX – FORM 10-Q

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

 

 

Consolidated Condensed Balance Sheets (unaudited)
as of May 31, 2012 and February 29, 2012

3

 

 

 

 

 

 

Consolidated Condensed Statements of Income (unaudited)
for the Three Months Ended
May 31, 2012 and May 31, 2011

4

 

 

 

 

 

 

Consolidated Condensed Statements of Comprehensive Income (unaudited)
for the Three Months Ended
May 31, 2012 and May 31, 2011

5

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows (unaudited)
for the Three Months Ended
May 31, 2012 and May 31, 2011

6

 

 

 

 

 

 

Notes to Consolidated Condensed Financial Statements (unaudited)

7

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition
and Results of Operations

19

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

30

 

 

 

 

 

Item 4.

Controls and Procedures

34

 

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

35

 

 

 

 

 

Item 1A.

Risk Factors

35

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

 

 

 

 

 

Item 6.

Exhibits

36

 

 

 

 

 

Signatures

37

 

- 2 -



 

PART I.   FINANCIAL INFORMATION

 

ITEM 1.   FINANCIAL STATEMENTS

 

HELEN OF TROY LIMITED AND SUBSIDIARIES

Consolidated Condensed Balance Sheets (unaudited)

(in thousands, except shares and par value)

 

 

 

May 31,

 

February 29,

 

 

 

2012

 

2012

 

 

 

 

 

 

 

Assets

 

 

 

 

 

Assets, current:

 

 

 

 

 

Cash and cash equivalents

 

$

20,880

 

$

21,846

 

Receivables - principally trade, less allowances of $5,153 and $5,541

 

188,264

 

195,283

 

Inventory, net

 

259,989

 

246,142

 

Prepaid expenses and other current assets

 

8,093

 

7,645

 

Deferred tax assets, net

 

14,724

 

17,620

 

Total assets, current

 

491,950

 

488,536

 

 

 

 

 

 

 

Property and equipment, net of accumulated depreciation of $67,498 and $62,550

 

100,830

 

100,690

 

Goodwill

 

452,285

 

452,350

 

Other intangible assets, net of accumulated amortization of $57,800 and $52,268

 

371,709

 

377,150

 

Deferred tax assets, net

 

627

 

976

 

Other assets, net of accumulated amortization of $4,377 and $3,938

 

15,877

 

16,021

 

Total assets

 

$

1,433,278

 

$

1,435,723

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Liabilities, current:

 

 

 

 

 

Revolving line of credit

 

$

158,000

 

$

171,100

 

Accounts payable, principally trade

 

72,911

 

69,845

 

Accrued expenses and other current liabilities

 

113,451

 

131,632

 

Income taxes payable

 

498

 

352

 

Deferred tax liabilities, net

 

887

 

2,960

 

Long-term debt, current maturities

 

3,000

 

3,000

 

Total liabilities, current

 

348,747

 

378,889

 

 

 

 

 

 

 

Long-term debt, excluding current maturities

 

175,000

 

175,000

 

Deferred tax liabilities, net

 

58,261

 

60,576

 

Other liabilities, noncurrent

 

23,800

 

24,529

 

Total liabilities

 

605,808

 

638,994

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Cumulative preferred stock, non-voting, $1.00 par. Authorized 2,000,000 shares; none issued

 

-

 

-

 

Common stock, $0.10 par. Authorized 50,000,000 shares; 31,732,256 and 31,681,067 shares issued and outstanding

 

3,173

 

3,168

 

Additional paid in capital

 

157,615

 

151,006

 

Accumulated other comprehensive loss

 

(4,464

)

(5,589

)

Retained earnings

 

671,146

 

648,144

 

Total stockholders’ equity

 

827,470

 

796,729

 

Total liabilities and stockholders’ equity

 

$

1,433,278

 

$

1,435,723

 

 

 

See accompanying notes to consolidated condensed financial statements.

 

- 3 -



 

HELEN OF TROY LIMITED AND SUBSIDIARIES

Consolidated Condensed Statements of Income (unaudited)

(in thousands, except per share data)

                                               

 

 

 

Three Months Ended May 31,

 

 

 

2012

 

2011

 

XNAS:HELE Helen of Troy, Ltd. Quarterly Report 10-Q Filling

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