TILE Interface, Inc.
Interface, Inc. is a flooring company, which offers carpet tile & resilient flooring, including luxury vinyl tile and rubber flooring products. The firm designs, manufactures and sells modular carpet, manufactured for the commercial and institutional markets under the interface brand, and for consumer markets as FLOR modular carpets. It also offers Intersept, a proprietary antimicrobial used in a number of interior finishes. The company was founded by Ray C. Anderson in 1973 and is headquartered in Atlanta, GA.
Company profile
Ticker
TILE
Exchange
Website
CEO
Daniel T. Hendrix
Employees
Incorporated in
Location
Fiscal year end
Sector
Industry (SEC)
SEC CIK
Corporate docs
IRS number
581451243
TILE stock data
()
Calendar
12 May 20
15 Jul 20
3 Jan 21
News
Company financial data Financial data
| Quarter (USD) | Apr 20 | Dec 19 | Sep 19 | Jun 19 | |
|---|---|---|---|---|---|
| Revenue | 288.17M | 339.48M | 348.35M | 357.51M | |
| Net income | -102.17M | 16.43M | 26.21M | 29.5M | |
| Diluted EPS | -1.75 | 0.28 | 0.45 | 0.5 | |
| Net profit margin | -35.45% | 4.84% | 7.52% | 8.25% | |
| Operating income | -93.51M | 27.95M | 43.68M | 42.89M | |
| Net change in cash | -8.65M | -3.91M | 956K | 17.28M | |
| Cash on hand | 72.65M | 81.3M | 85.21M | 84.26M | |
| Cost of revenue | 173.86M | 203.78M | 212.59M | 218.92M |
| Annual (USD) | Jan 17 | Jan 16 | Jan 12 | Jan 11 | |
|---|---|---|---|---|---|
| Revenue | 958.62M | 1B | 953.05M | 862.31M | |
| Net income | 54.16M | 72.42M | 38.72M | 9.33M | |
| Diluted EPS | 0.83 | 1.1 | 0.59 | 0.13 | |
| Net profit margin | 5.65% | 7.23% | 4.06% | 1.08% | |
| Operating income | 87.15M | 113.59M | 85.7M | 93.11M | |
| Net change in cash | 89.98M | 25.07M | -18.6M | ||
| Cash on hand | 165.67M | 75.7M | 50.62M | 69.23M | |
| Cost of revenue | 589.97M | 618.97M | 618.3M | 549.18M |
Financial data from Interface earnings reports
Recent insider trades
| Date | Owner | Security | Transaction | Code | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|
| 26 May 20 | Sheryl Palmer | Common Stock | Grant | Aquire A | No | 0 | 15,508 | 0 | 33,456 |
| 26 May 20 | Burke John Patrick | Common Stock | Grant | Aquire A | No | 0 | 15,508 | 0 | 42,506 |
| 26 May 20 | Dwight Audley Konrad Gibson | Common Stock | Grant | Aquire A | No | 0 | 15,508 | 0 | 19,473 |
| 26 May 20 | Kennedy Christopher G | Common Stock | Grant | Aquire A | No | 0 | 15,508 | 0 | 152,229 |
| 26 May 20 | Kilbane Catherine M | Common Stock | Grant | Aquire A | No | 0 | 15,508 | 0 | 23,023 |
Institutional ownership Q1 2020
89.2% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 164 |
| Opened positions | 16 |
| Closed positions | 29 |
| Increased positions | 69 |
| Reduced positions | 44 |
13F shares |
Current |
|---|---|
| Total value | 1.42B |
| Total shares | 52.23M |
| Total puts | 15.5K |
| Total calls | 30K |
| Total put/call ratio | 0.5 |
Largest owners |
Shares | Value |
|---|---|---|
| BLK BlackRock | 8.6M | $65.04M |
| Vanguard | 6.29M | $47.53M |
| Frontier Capital Management | 4.36M | $32.98M |
| IVZ Invesco | 3.15M | $23.8M |
| Dimensional Fund Advisors | 2.72M | $20.54M |
| WHG Westwood | 2.01M | $15.21M |
| STT State Street | 1.83M | $13.93M |
| LSV Asset Management | 1.81M | $13.7M |
| BK Bank Of New York Mellon | 1.47M | $11.13M |
| Deprince Race & Zollo | 1.29M | $9.72M |
Financial report summary
?Risks
- The COVID-19 pandemic could have a material adverse effect on our ability to operate, our ability to keep employees safe from the pandemic, our results of operations, financial condition, liquidity, capital investments, our near term and long term ability to stay in compliance with debt covenants under our Syndicated Credit Facility, our ability to refinance our existing indebtedness, and our ability to obtain financing in capital markets.
- Future earnings could be negatively impacted by additional goodwill, intangible assets and property, plant and equipment impairments.
- We face risks associated with litigation and claims.
Management Discussion
- Below is information regarding our net sales, and analysis of those results, for the three-month periods ended April 5, 2020, and March 31, 2019, respectively.
- For the quarter ended April 5, 2020, net sales decreased $9.5 million (3.2%) versus the comparable period in 2019. The sales decline was partially due to the impact of the COVID-19 pandemic as discussed above. Currency fluctuations had an approximately $4.9 million (1.6%) negative impact on first quarter 2020 sales compared to the first quarter of 2019. This currency impact was mostly due to the weakening of the Euro, British Pound sterling and Australian dollar against the U.S. dollar. On a geographic basis, sales in the Americas decreased 1.6%, Europe increased 1.8% and Asia-Pacific decreased 19.6%. The sales decrease in the Americas was due primarily to lower carpet tile sales that were partially offset by growth in luxury vinyl tile (“LVT”) sales. The sales decrease in the Americas was seen in the retail, healthcare and leisure market segments, partially offset by increases in the office, hospitality, residential and transportation market segments. The sales increase in Europe was due primarily to growth in LVT and rubber flooring products, offset by the weakening of the Euro. On a market segment basis, the sales increase in Europe was most significant in the leisure and transportation market segments, partially offset by declines in the retail and public buildings market segments. The sales decrease in Asia-Pacific was primarily due to the impact of COVID-19 shutdowns in China and the weakening of the Australian dollar. On a market segment basis, the sales decrease in Asia-Pacific was most significant in the healthcare, retail, public buildings and transportation market segments.
- For the quarter ended April 5, 2020, cost of sales decreased $7.3 million (4.0%) compared to the first quarter of 2019. Cost of sales also includes the amortization of acquired intangible assets of $1.3 million and $1.9 million for the first quarters of 2020 and 2019, respectively. Currency translation had an approximately $4.2 million (2.3%) positive impact on the year-over-year comparison. As a percentage of sales, our cost of sales decreased to 60.3% for the first quarter of 2020 versus 60.9% for the first quarter of 2019.
Content analysis
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H.S. junior Avg
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New words:
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Removed:
accelerate, accounted, acquisition, advance, amortized, analyzed, arose, assumed, bringing, calculating, classified, combination, combine, combined, consisted, developed, direct, discounted, education, eliminating, enactment, enterprise, entity, examination, expedient, experience, expired, factor, final, force, foreseeable, forma, frequent, fully, hindsight, historical, Holding, increasing, ineffective, initially, integration, inventory, larger, leader, lessee, line, minimum, mission, opening, package, pattern, positively, practical, pro, pronounced, provisional, purpose, reclassification, reclassify, redeploy, referred, remain, rent, repurchase, retirement, ROU, September, straightforward, stranded, sustainability, sustained, Tangible, transaction, transformation, transition, treatment, ultimate, view
Financial reports
10-Q
2020 Q1
Quarterly report
12 May 20
10-K
2019 FY
Annual report
26 Feb 20
10-Q
2019 Q3
Quarterly report
7 Nov 19
10-Q
2019 Q2
Quarterly report
8 Aug 19
10-Q
2019 Q1
Quarterly report
10 May 19
10-K
2018 FY
Annual report
28 Feb 19
10-Q
2018 Q3
Quarterly report
9 Nov 18
10-Q
2018 Q2
Quarterly report
10 Aug 18
10-Q
2018 Q1
Quarterly report
11 May 18
10-K
2017 FY
Annual report
1 Mar 18
Current reports
8-K
Regulation FD Disclosure
8 Jun 20
8-K
Departure of Directors or Certain Officers
28 May 20
8-K
Departure of Directors or Certain Officers
22 May 20
8-K
Regulation FD Disclosure
8 May 20
8-K
Interface Reports First Quarter 2020 Results
8 May 20
8-K
Departure of Directors or Certain Officers
31 Mar 20
8-K
Departure of Directors or Certain Officers
16 Mar 20
8-K/A
Departure of Directors or Certain Officers
2 Mar 20
8-K
Regulation FD Disclosure
27 Feb 20
8-K
Interface Reports Fourth Quarter and Fiscal Year 2019 Results
26 Feb 20
Registration and prospectus
S-8
Registration of securities for employees
30 Jul 15
S-4/A
Registration of securities issued in business combination transactions (amended)
23 Mar 11
S-4/A
Registration of securities issued in business combination transactions (amended)
10 Mar 11
S-4
Registration of securities issued in business combination transactions
3 Feb 11
S-8
Registration of securities for employees
29 Jul 10
424B3
Prospectus supplement
16 Oct 09
S-4/A
Registration of securities issued in business combination transactions (amended)
13 Oct 09
S-4/A
Registration of securities issued in business combination transactions (amended)
9 Sep 09
S-4
Registration of securities issued in business combination transactions
29 Jul 09
15-12G
Securities registration termination
18 Mar 08
Proxies
DEFA14A
Additional proxy soliciting materials
10 Apr 20
DEF 14A
Definitive proxy
10 Apr 20
DEFA14A
Additional proxy soliciting materials
2 Apr 19
DEF 14A
Definitive proxy
2 Apr 19
DEFA14A
Additional proxy soliciting materials
2 May 18
DEFA14A
Additional proxy soliciting materials
3 Apr 18
DEF 14A
Definitive proxy
3 Apr 18
DEF 14A
Definitive proxy
4 Apr 17
DEFA14A
Additional proxy soliciting materials
4 Apr 17
DEF 14A
Definitive proxy
5 Apr 16
Other
IRAN
Disclosure regarding Iran Threat Reduction and Syria Human Rights Act
12 May 20
UPLOAD
Letter from SEC
15 Oct 18
UPLOAD
Letter from SEC
22 Nov 17
CORRESP
Correspondence with SEC
27 Oct 17
CORRESP
Correspondence with SEC
19 Oct 17
UPLOAD
Letter from SEC
5 Oct 17
CORRESP
Correspondence with SEC
12 Sep 17
UPLOAD
Letter from SEC
28 Aug 17
UPLOAD
Letter from SEC
13 Jul 16
CORRESP
Correspondence with SEC
8 Jul 16
Ownership
4
INTERFACE / Joseph Keough ownership change
28 May 20
4
INTERFACE / John Patrick Burke ownership change
28 May 20
4
INTERFACE / Dwight Audley Konrad Gibson ownership change
28 May 20
4
INTERFACE / CHRISTOPHER G KENNEDY ownership change
28 May 20
4
INTERFACE / CATHERINE M KILBANE ownership change
28 May 20
4
INTERFACE / K David Kohler ownership change
28 May 20
4
INTERFACE / Sheryl Palmer ownership change
28 May 20
3
INTERFACE / Robert Pridgen ownership change
22 May 20
4
INTERFACE / Bruce Andrew Hausmann ownership change
13 Apr 20
4/A
INTERFACE / Bruce Andrew Hausmann ownership change
13 Apr 20
Patents
APP
Utility
Surface Coverings Including Carbon Sequestering Materials and Methods of Making
9 Jul 20
Floor coverings, such as modular panels or tiles, for installation on interior surfaces include an upper wear layer and a backing layer, where the backing layer includes a filler that includes concentrated carbon.
APP
Utility
Axial Force Pressure Transducer
19 Mar 20
A system and method configured to measure applied force and pressure on a load cell.
APP
Utility
Digital Printing for Flooring and Decorative Structures
5 Mar 20
Certain aspects and features relate to using an image modifier to generate digital designs and to printing the digital designs on a structure for flooring or other decoration that can more realistically mimic designs found in nature or otherwise provide designers with the freedom to create aesthetic designs more easily.
GRANT
Utility
Axial force pressure transducer
26 Nov 19
A system and method configured to measure applied force and pressure on a load cell.
GRANT
Design
Load cell
15 Oct 19
Inventors: Lawrence J. Burrow, Robert T. Fuge, Brock Palmer