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Interface Inc (TILE) SEC Filing 8-K Material Event for the period ending Tuesday, February 19, 2019

Interface Inc

CIK: 715787 Ticker: TILE

FOR IMMEDIATE RELEASE



Media Contact:
Christine Needles
Global Corporate Communications
Christine.Needles@interface.com
+1 404-491-4660
 
Investor Contact:
Bruce Hausmann
Chief Financial Officer
Bruce.Hausmann@interface.com
+1 770-437-6802
 

Interface Reports Fourth Quarter and Fiscal Year 2018 Results

First to Achieve Carbon Neutral Flooring

Q4 Net Sales Up 27%; Q4 Organic Sales Up 2%
Q4 GAAP EPS $0.11; Q4 Adjusted EPS $0.41

FY Net Sales Up 18%; FY Organic Sales Up 7%
FY GAAP EPS $0.84; FY Adjusted EPS $1.49


ATLANTA – February 19, 2019Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the fourth quarter and fiscal year ended December 30, 2018.

“2018 was a great year for Interface and it provides solid momentum as we enter into 2019. We continue to deliver strong results, demonstrating that our value creation strategy is winning in the marketplace,” said Jay Gould, CEO of Interface. “2018’s full year organic sales were up 7% and adjusted EPS was $1.49. Q4 also ended strong with organic growth of 2% and adjusted EPS of $0.41. Our strategic investments in 2018, which included the nora acquisition, advancements in our manufacturing capabilities, and the transformation of our selling system, are successfully fueling growth. Building on a strong 2018 and an energizing kick-off to 2019, we are bringing momentum to the market and remain confident that we can continue to take share in carpet tile, LVT and rubber flooring. Looking forward over a four to six year time horizon, we will be planning and seeking to achieve gross profit margin of 42% and operating income margin of 15%.

Gould added, “We continue to lead industry consistent with our mission – Climate Take Back™ – to create a climate fit for life. We took a strong step forward in achieving our mission in 2018 as we announced that all of our carpet tile and LVT products are carbon neutral at no additional cost to our customers through our industry-first Carbon Neutral Floors™ program. In 2019, we have expanded the program to include all nora® rubber flooring products. We are the only global flooring company and one of the few beyond our industry to offer every flooring product that we make or sell as carbon neutral across the entire product lifecycle. These financial and operational achievements are incredible milestones for Interface, and they continue to differentiate us, and propel us forward.”

“In addition to 2018’s operational and financial achievements, our balance sheet remains strong and allows us to continue funding our value creation strategy. At the end of 2018, total borrowings were $619 million, down from $649 million at the end of the third quarter,” said Bruce Hausmann, CFO of Interface.

Fourth Quarter 2018 Financial Summary

Sales: Fourth quarter net sales were $337 million, up 27% versus $266 million in the prior year period. Nora contributed $71 million of net sales in the quarter. Organic sales were up 2% year-over-year.

Operating Income: Fourth quarter operating income was $4 million, compared with $31 million in the prior year period. Fourth quarter adjusted operating income was $37 million, up 21% compared to $31 million in the prior year period.

As previously announced, the Company recorded a pre-tax restructuring and asset impairment charge in the fourth quarter of 2018 of $20.5 million. The charge was comprised of severance expenses ($10.8 million), impairment of assets ($8.5 million) and other items ($1.2 million).

Gross profit margin was 36.1% in the fourth quarter, which included $12 million of nora purchase accounting amortization. Adjusted gross profit margin was 39.6%, an increase of 140 basis points over the prior year period.

Fourth quarter SG&A expenses were $97 million, or 29% of sales, including $1 million of nora transaction expenses. Excluding transaction expenses, fourth quarter adjusted SG&A expenses were $96 million, or 28% of sales.

Net Income and EPS: The Company recorded net income in the fourth quarter of 2018 of $6 million, or $ 0.11 per diluted share, compared to fourth quarter 2017 net income of $4 million, or $0.07 per diluted share. Adjusted fourth quarter net income was $24 million, or $0.41 per diluted share, which represents a 28% increase in adjusted EPS year over year

Adjusted EBITDA: In the fourth quarter of 2018, adjusted EBITDA was $54 million, or 16% of sales, up 32% compared to $41 million, or 15% of sales in the prior year period.


Fiscal Year 2018 Financial Results

Sales: Net sales in 2018 were $1.2 billion, up 18% compared with $996 million in 2017. Nora contributed $113 million of net sales in 2018. Organic sales grew 7% versus the prior year with solid growth in both carpet tile and LVT.

Operating Income: The Company reported operating income of $76 million in 2018 compared to $112 million in 2017. Adjusted operating income, which excludes nora purchase accounting amortization, nora transaction expenses, and restructuring and asset impairment charges, was $134 million in 2018, up 13% versus adjusted operating income of $119 million in 2017.

Net Income and EPS: The Company reported net income of $50 million, or $0.84 per share, in fiscal year 2018, compared with $53 million, or $0.86 per share, in 2017. Adjusted net income was $89 million for 2018 versus $73 million in the prior year. Adjusted EPS was $1.49 per share in 2018, up 26% versus $1.18 per share in 2017.

Adjusted EBITDA: Adjusted EBITDA was $186 million, or 16% of sales, in 2018 compared to $152 million, or 15% of sales, in the prior year.



Fiscal Year 2019 Outlook

Looking ahead to the full year of 2019, Interface is targeting to achieve:
·
Total net sales growth, including nora, of 16 – 18%
·
Organic sales growth from carpet and LVT of 2 – 4%
·
Adjusted gross profit margin of 40 – 40.5%
·
Adjusted SG&A expenses of 28 – 28.5% as a percentage of net sales

Full year Company interest and other expenses are projected to be $28 million to $29 million, and the effective tax rate is anticipated to be approximately 28%. Capital expenditures for the full year are forecasted to be $65 million to $75 million.

Based on prior year comparables and planned investments in the first quarter of 2019, the Company anticipates adjusted EPS in the first quarter of 2019 to be down compared to the first quarter of 2018 by approximately 13 to 16 cents, with stronger adjusted operating income and double digit adjusted EPS growth percentage in the second, third and fourth quarters.


Webcast and Conference Call Information

The Company will host a conference call tomorrow morning, February 20, at 9:00 a.m. Eastern Time, to discuss its fourth quarter and fiscal year 2018 results. The conference call will be simultaneously broadcast live over the Internet.

Listeners may access the conference call live over the Internet at: https://event.on24.com/wcc/r/1897864/4407F9679F1A15CDBF8D25A011D1E02D, or through the Company's website at: http://investors.interface.com.
The archived version of the webcast will be available at these sites for one year beginning approximately one hour after the call ends.


Non-GAAP Financial Measures

Interface provides adjusted earnings per share, adjusted net income, adjusted operating income, organic sales and organic sales growth, adjusted SG&A expenses, and adjusted EBITDA as additional information regarding its actual and projected operating results in this press release. These measures are not in accordance with – or alternatives to – GAAP, and may be different from non-GAAP measures used by other companies. Adjusted EPS, adjusted net income, adjusted SG&A expenses, and adjusted operating income exclude nora acquisition transaction related expenses and restructuring and asset impairment charges. Organic sales and organic sales growth exclude nora sales, the impact of foreign currency fluctuations, and Interface's exit from its FLOR specialty retail stores. Adjusted EBITDA is GAAP net income excluding interest expense, taxes on income, depreciation and amortization, restructuring and asset impairment charges incurred in Q1 2017 and Q4 2018, stock compensation amortization, and nora transaction related expenses such as purchase price accounting amortization, transaction, and transaction related other expenses. This news release should be read in conjunction with the Company's Current Report on Form 8-K furnished today to the U.S. Securities & Exchange Commission, which explains why Interface believes presentation of these non-GAAP measures provides useful information to investors, as well as any additional material purposes for which Interface uses these non-GAAP measures.



About Interface

Interface, Inc. is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (LVT) and nora® rubber flooring. We help our customers create high-performance interior spaces that support well-being, productivity, and creativity, as well as the sustainability of the planet. Our mission, Climate Take Back™, invites you to join us as we commit to operating in a way that is restorative to the planet and creates a climate fit for life. 
 
Learn more about Interface at interface.com and blog.interface.com, our nora brand at nora.com, and our FLOR® brand at FLOR.com.

Follow us on TwitterYouTubeFacebookPinterestLinkedInInstagram, and Vimeo.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. Forward-looking statements include, without limitation, information under the heading “Fiscal Year 2019 Outlook” in this news release, and any expectations regarding the effect of the nora acquisition on the Company’s results.  Forward-looking statements may be identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate,” “target,” “will” and similar expressions. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including: the risk that the Company may have overestimated the future contribution of the nora business to the Company’s combined results; risks related to integration of the combined businesses; risks related to the increased indebtedness the Company incurred to complete the acquisition; risks related to the increased reliance on international business the Company will experience; and risks and uncertainties associated with economic conditions in the commercial interiors industry.


Additional risks and uncertainties that may cause actual results to differ materially from those predicted in forward-looking statements also include, but are not limited to, the discussion of specific risks and uncertainties under the subheading “If we fail to realize the expected synergies and other benefits of the nora acquisition, our results of operations and stock price may be negatively affected” in “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended July 1, 2018, as well as the following subheadings in “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017: “Sales of our principal products have been and may continue to be affected by adverse economic cycles in the renovation and construction of commercial and institutional buildings”; We compete with a large number of manufacturers in the highly competitive floorcovering products market, and some of these competitors have greater financial resources than we do. We may face challenges competing on price, making investments in our business or on product design”; “Our success depends significantly upon the efforts, abilities and continued service of our senior management executives, our principal design consultant and other key personnel (including sales personnel), and our loss of any of them could affect us adversely”; “Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including by restrictive taxation or other government regulation and by foreign currency fluctuations”; “Concerns regarding the European sovereign debt and market perceptions about the instability of the euro, the potential re-introduction of individual currencies within the Eurozone, the potential dissolution of the euro entirely, or the U.K. exiting the European Union, could adversely affect our business, results of operations or financial condition”; “Large increases in the cost of petroleum-based raw materials could adversely affect us if we are unable to pass these cost increases through to our customers”; “Unanticipated termination or interruption of any of our arrangements with our primary third party suppliers of synthetic fiber or our sole third party supplier for luxury vinyl tile (“LVT”) could have a material adverse effect on us”; “We have a significant amount of indebtedness, which could have important negative consequences to us”; “The market price of our common stock has been volatile and the value of your investment may decline”; “Our earnings in a future period could be adversely affected by non-cash adjustments to goodwill, if a future test of goodwill assets indicates a material impairment of those assets”; “Changes to our facilities could disrupt our operations”; “Our business operations could suffer significant losses from natural disasters, catastrophes, fire or other unexpected events”; and “Disruptions to or failures of our information technology systems could adversely effect on our business.”

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.  The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.

- TABLES FOLLOW -



Consolidated Condensed Statements of Operations
 
Three Months Ended
   
Twelve Months Ended
 
Unaudited
(in thousands, except per share data)
 
12/30/18
   
12/31/17
   
12/30/18
   
12/31/17
 
                         
Net Sales
 
$
337,059
   
$
266,210
   
$
1,179,573
   
$
996,443
 
Cost of Sales
   
215,377
     
164,432
     
755,216
     
610,422
 
Gross Profit
   
121,682
     
101,778
     
424,357
     
386,021
 
Selling, General & Administrative Expenses
   
97,250
     
70,818
     
327,449
     
267,151
 
Restructuring and Asset Impairment Charges
   
20,529
     
--
     
20,529
     
7,299
 
Operating Income
   
3,903
     
30,960
     
76,379
     
111,571
 
Interest Expense
   
6,229
     
1,978
     
15,436
     
7,128
 
Other Expense (Income), Net
   
602
     
761
     
5,952
     
3,904
 
Income Before Taxes
   
(2,928
)
   
28,221
     
54,991
     
100,539
 
Income Tax Expense (Benefit)
   
(9,323
)
   
23,899
     
4,738
     
47,293
 
Net Income
 
$
6,395
   
$
4,322
   
$
50,253
   
$
53,246
 
                                 
                                 
Earnings Per Share – Basic
 
$
0.11
   
$
0.07
   
$
0.84
   
$
0.86
 
                                 
Earnings Per Share – Diluted
 
$
0.11
   
$
0.07
   
$
0.84
   
$
0.86
 
                                 
Common Shares Outstanding – Basic
   
59,514
     
60,073
     
59,544
     
61,996
 
Common Shares Outstanding – Diluted
   
59,531
     
60,122
     
59,566
     
62,040
 
                                 
                                 



Consolidated Condensed Balance Sheets
           
(in thousands)
 
12/30/18
   
12/31/17
 
Assets
           
             
Cash
 
$
80,989
   
$
87,037
 
Accounts Receivable
   
179,004
     
142,808
 
Inventory
   
258,657
     
177,935
 
Other Current Assets
   
40,229
     
23,087
 
Total Current Assets
   
558,879
     
430,867
 
Property, Plant & Equipment
   
292,888
     
212,645
 
Goodwill and Intangible Assets
   
343,542
     
68,754
 
Other Assets
   
89,335
     
88,334
 
Total Assets
 
$
1,284,644
   
$
800,600
 
                 
Liabilities
               
Accounts Payable
   
66,301
     
50,672
 
Accrued Liabilities
   
125,971
     
110,974
 
Current Portion of Long-Term Debt
   
31,315
     
15,000
 
Total Current Liabilities
   
223,587
     
176,646
 
Long-Term Debt
   
587,266
     
214,928
 
Other Long-Term Liabilities
   
119,128
     
78,935
 
Total Liabilities
   
929,981
     
470,509
 
Shareholders’ Equity
   
354,663
     
330,091
 
Total Liabilities and Shareholders’ Equity
 
$
1,284,644
   
$
800,600
 









Consolidated Condensed Statements of Cash Flows
 
Twelve Months Ended
 
(in thousands)
 
12/30/18
   
12/31/17
 
             
Net Income
 
$
50,253
   
$
53,246
 
Depreciation and Amortization
   
39,084
     
30,261
 
Stock Compensation Amortization
   
14,496
     
7,247
 
Asset Impairment Charge
   
8,569
     
--
 
US Tax Act Expenses (Benefit)
   
(6,739
)
   
15,174
 
Amortization of Acquired Intangible Assets
   
32,053
     
--
 
Bad Debt Expense
   
222
     
219
 
Deferred Income Taxes and Other Items
   
(11,710
)
   
8,154
 
Change in Working Capital
               
Accounts Receivable
   
(10,113
)
   
(10,313
)
Inventories
   
(18,784
)
   
(13,629
)
Prepaids and Other Current Assets
   
(15,501
)
   
1,019
 
Accounts Payable and Accrued Expenses
   
9,937
     
11,975
 
Cash Provided by Operating Activities
   
91,767
     
103,353
 
Cash Used in Investing Activities
   
(455,685
)
   
(31,088
)
Cash Provided by (Used in) Financing Activities
   
361,526
     
(156,983
)
Effect of Exchange Rate Changes on Cash
   
(3,656
)
   
6,083
 
Net Increase (Decrease) in Cash
 
$
(6,048
)
 
$
(78,635
)


The proforma nora adjusted EBITDA information for the period 1/1/2018 – 8/7/2018 is intended to give the reader an understanding of the performance of nora for 2018 when it was not owned by Interface, so as to estimate the adjusted proforma EBITDA for the combined organization for the entire year of 2018. The pro forma combined financial information does not necessarily reflect what the combined company’s adjusted EBITDA would have been had Interface owned nora as of the first day of 2018. This information may not be useful in predicting the future adjusted EBITDA of the combined company. The actual adjusted EBITDA may differ significantly from the pro forma amounts reflected herein.   This news release should be read in conjunction with the Company's Current Report on Form 8-K furnished today to the U.S. Securities & Exchange Commission, which explains why Interface believes presentation of these non-GAAP measures provides useful information to investors, as well as any additional material purposes for which Interface uses these non-GAAP measures.


Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(in millions, except per share amounts)

The impacts of changes in foreign currency presented in the tables are calculated based on applying the prior year period's average foreign currency exchange rates to the current year period.

The Company believes that the above non-GAAP performance measures, which management uses in managing and evaluating the Company’s business, may provide users of the Company’s financial information with additional meaningful basis for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States. Tax effects identified above (when applicable) are calculated using the statutory tax rate for the jurisdictions in which the charge or income occurred.
#    #   #
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

                                   

FORM 8-K
                                   

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  February 19, 2019

                                   


                        INTERFACE, INC.                         
(Exact name of Registrant as Specified in its Charter)


Georgia
 
001-33994
 
58-1451243
(State or other Jurisdiction of Incorporation or Organization)
 
(Commission File
Number)
 
(IRS Employer
Identification No.)


1280 West Peachtree St. NW,
Atlanta, Georgia
 
 
30309
(Address of principal executive offices)
 
(Zip code)

Registrant’s telephone number, including area code:  (770) 437-6800


Not Applicable 
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 19, 2019, Interface, Inc. (the “Company”) issued a press release reporting its financial results for the fourth quarter and full year of 2018 (the “Earnings Release”).  A copy of the Earnings Release is included as Exhibit 99.1 hereto and hereby incorporated by reference.  The information set forth in this Item 2.02, including the exhibit hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Non-GAAP Financial Measures in the Earnings Release

The Earnings Release includes, as additional information for investors, the Company’s adjusted net income, adjusted earnings per share, adjusted operating income, adjusted gross profit margin, adjusted selling, general and administrative (“SG&A”) expenses, adjusted earnings before interest taxes, depreciation and amortization (“EBITDA”), organic sales and organic sales growth.  These measures are not in accordance with financial measures calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) and may be different from similarly titled non-GAAP financial measures used by other companies.  Non-GAAP financial measures should not be used as a substitute for, or considered superior to, GAAP financial measures.

Adjusted income and gross profit measures exclude (1) restructuring and asset impairment charges; and (2) purchase price accounting amortization and transaction related expenses in connection with the Company’s acquisition of nora systems.  Adjusted SG&A expenses also exclude transaction costs related to the nora acquisition.  Adjusted EBITDA is GAAP net income excluding interest expense, taxes on income, depreciation and amortization, restructuring and asset impairment charges incurred in the first quarter of 2017 and fourth quarter of 2018, stock compensation amortization, and nora transaction related expenses such as purchase price accounting amortization, transaction expenses, and transaction-related other expenses.

Organic sales and organic sales growth exclude: (1) sales from the Company’s exited FLOR specialty retail store business; (2) foreign currency fluctuations; and (3) sales from the recently acquired nora business.

The Company excludes the FLOR specialty retail stores from adjusted measures because it believes the Company’s exit from the FLOR specialty retail stores is an uncommon and one-time event and does not arise from or constitute normal ongoing operations.  Similarly, since the Company engages in acquisitions only episodically, and not as an everyday matter, the Company believes presenting certain measures excluding the effects of acquisitions facilitates focus on normal ongoing operations.

In addition, since FLOR specialty retail sales will not be a material part of sales going forward, the Company believes presenting organic sales information without historical FLOR specialty retail sales presents meaningful additional information on core ongoing operations.  The Company also believes presenting sales information absent the effect of foreign currency exchange rate fluctuations facilitates comparison of the Company’s operational performance between periods.

Since the Company engages in acquisitions only episodically, and not as an everyday matter, the Company believes presenting certain measures excluding the effects of acquisitions facilitates focus on normal ongoing operations. The Company generally believes reporting its adjusted results helps investors’ understanding of historical operating trends, because it facilitates comparison to prior periods during which unique events affecting more recent results may not have occurred.  The Company also believes that adjusted results provide supplemental information for comparisons to other companies which may not have experienced the same events underlying the adjustments.  Furthermore, the Company uses adjusted results internally as supplemental information to evaluate its own performance, for planning purposes and in connection with its compensation programs.

The Earnings Release also includes certain forward-looking non-GAAP information—specifically, projected organic sales growth, adjusted gross profit margin and adjusted SG&A expense. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these estimates, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable efforts.  Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included, although the majority of the difference is expected to be due to effects from the nora systems acquisition.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(a) Financial Statements of Businesses Acquired.

None.

(b) Pro Forma Financial Information.

None.

(c) Shell Company Transactions.

None.

(d) Exhibits.

Exhibit No.
Description
99.1
Press Release of Interface, Inc., dated February 19, 2019, reporting its financial results for the fourth quarter and full year of 2018 (furnished pursuant to Item 2.02 of this Report).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
INTERFACE, INC.
   
   
By:     
  /s/ David B. Foshee               
 
David B. Foshee
 
Vice President
Date:  February 19, 2019
 








EXHIBIT INDEX


Exhibit No.
Description
Press Release of Interface, Inc., dated February 19, 2019, reporting its financial results for the fourth quarter and full year of 2018 (furnished pursuant to Item 2.02 of this Report).



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Interface Inc provided additional information to their SEC Filing as exhibits

Ticker: TILE
CIK: 715787
Form Type: 8-K Corporate News
Accession Number: 0000715787-19-000004
Submitted to the SEC: Tue Feb 19 2019 4:11:01 PM EST
Accepted by the SEC: Tue Feb 19 2019
Period: Tuesday, February 19, 2019
Industry: Carpets And Rugs
Events:
  1. Earnings Release
  2. Financial Exhibit

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