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Blyth Inc. Reports Operating Results (10-Q)

September 02, 2010 | About:
10qk

10qk

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Blyth Inc. (BTH) filed Quarterly Report for the period ended 2010-07-31.

Blyth Inc. has a market cap of $353.4 million; its shares were traded at around $40.18 with a P/E ratio of 10 and P/S ratio of 0.4. The dividend yield of Blyth Inc. stocks is 0.5%.BTH is in the portfolios of Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

Interest expense for the six months ended July 31, 2010 decreased approximately $0.6 million to $3.6 million from $4.2 million in the comparable prior year period. Interest expense for the three months ended July 31, 2010 decreased approximately $0.3 million to $1.8 million from $2.1 million in the comparable prior year period. This

Interest income for the six months ended July 31, 2010 decreased approximately $0.4 million to $0.5 million from $0.9 million in the comparable prior year period. Interest income for the three months ended July 31, 2010 decreased approximately $0.1 million to $0.2 million from $0.3 million in the comparable prior year period. The decrease in interest income is primarily due to lower interest rates being earned on invested cash.

Foreign exchange and other for the six months ended July 31, 2010 was a loss of $0.5 million, compared to income of $0.7 million in the comparable prior year period. Foreign exchange and other for the three months ended July 31, 2010 was a loss of $0.7 million, compared to income of $0.2 million in the comparable prior year period. The decrease is mainly due to the foreign exchange losses recorded this year primarily resulting from the decline in the Euro versus the U.S. dollar, partially offset by $0.4 million gain from the sale of preferred stock in fiscal 2011.

For the six months ended July 31, 2010 basic earnings per Blyth common share was $0.61 and diluted earnings per Blyth common share was $0.60. For the six months ended July 31, 2009 basic and diluted earnings per Blyth common share was a loss of $1.47. The basic and diluted earnings per share for the three month period ended July 31, 2010 was $0.09 compared to a loss of $1.74 in the prior year period.

Cash and cash equivalents decreased $89.3 million to $118.1 million at July 31, 2010 from $207.4 million at January 31, 2010. This decrease in cash during the first six months of fiscal 2011 was primarily attributed to normal seasonal working capital requirements. In addition, we purchased treasury stock of $20.6 million and paid dividends of $9.7 million in fiscal 2011.

Cash used in operations was $50.9 million in fiscal 2011. This was a decrease of $54.3 million compared to cash provided by operations of $3.4 million in the prior year. The decrease in cash from operations is due to the impact of our aggressive working capital management program initiated in the latter part of fiscal 2009, which also benefited fiscal 2010. Our cash outflow from operations in fiscal 2011 returned to be more typical as we prepare for the upcoming holiday season which includes various new product offerings. In addition, in fiscal 2011 we endeavored to take advantage of early payment discounts on our accounts payable, thus decreasing the outstanding balance. Included in current period operating earnings were non-cash charges for depreciation and amortization, and amortization of unearned stock-based compensation of $7.0 million and $1.3 million, respectively.

Read the The complete Report

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