Delaware
|
77-0100596
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer Identification No.)
|
Large
accelerated filer ¨
|
Accelerated
filer x
|
Non-accelerated
filer ¨
|
PART
I – FINANCIAL INFORMATION
|
|
3
|
|
18
|
|
25
|
|
25
|
|
PART
II – OTHER INFORMATION
|
|
26
|
|
26
|
|
26
|
|
27
|
|
27
|
|
27
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
May
27,
|
June
4,
|
May
27,
|
June
4,
|
||||||||||||
(Dollars
in thousands, except per share data)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Sales
|
$ |
156,756
|
$ |
132,657
|
$ |
277,111
|
$ |
258,629
|
||||||||
Cost
of sales
|
(115,994 | ) | (97,886 | ) | (211,029 | ) | (195,276 | ) | ||||||||
Gross
profit
|
40,762
|
34,771
|
66,082
|
63,353
|
||||||||||||
Selling,
general and administrative expenses
|
(25,959 | ) | (23,545 | ) | (47,459 | ) | (46,509 | ) | ||||||||
Other
income, net
|
937
|
9,352
|
1,955
|
9,364
|
||||||||||||
Income
from continuing operations before interest, income taxes and equity
in
earnings of joint venture
|
15,740
|
20,578
|
20,578
|
26,208
|
||||||||||||
Interest
(expense)/income, net
|
(18 | ) | (969 | ) |
348
|
(1,919 | ) | |||||||||
Income
from continuing operations before income taxes and equity in earnings
of
joint venture
|
15,722
|
19,609
|
20,926
|
24,289
|
||||||||||||
Provision
for income taxes
|
(5,137 | ) | (6,227 | ) | (7,057 | ) | (7,912 | ) | ||||||||
Income
from continuing operations before equity in earnings of joint
venture
|
10,585
|
13,382
|
13,869
|
16,377
|
||||||||||||
Equity
in earnings of joint venture, net of taxes
|
4,228
|
3,803
|
9,256
|
4,583
|
||||||||||||
Income
from continuing operations
|
14,813
|
17,185
|
23,125
|
20,960
|
||||||||||||
Income
from discontinued operations, net of taxes
|
990
|
1,517
|
1,146
|
1,353
|
||||||||||||
Net
income
|
$ |
15,803
|
$ |
18,702
|
$ |
24,271
|
$ |
22,313
|
||||||||
|
||||||||||||||||
Basic
earnings per share:
|
||||||||||||||||
Income
from continuing operations
|
$ |
1.64
|
$ |
1.98
|
$ |
2.57
|
$ |
2.43
|
||||||||
Income
from discontinued operations, net of taxes
|
.11
|
.18
|
.13
|
.15
|
||||||||||||
Net
income
|
$ |
1.75
|
$ |
2.16
|
$ |
2.70
|
$ |
2.58
|
||||||||
Diluted
earnings per share:
|
||||||||||||||||
Income
from continuing operations
|
$ |
1.63
|
$ |
1.94
|
$ |
2.55
|
$ |
2.38
|
||||||||
Income
from discontinued operations, net of taxes
|
.11
|
.17
|
.13
|
.15
|
||||||||||||
Net
income
|
$ |
1.74
|
$ |
2.11
|
$ |
2.68
|
$ |
2.53
|
||||||||
|
||||||||||||||||
Weighted-average
shares (basic)
|
9,024,190
|
8,669,661
|
9,009,133
|
8,641,965
|
||||||||||||
Weighted-average
shares (diluted)
|
9,065,681
|
8,843,359
|
9,058,103
|
8,814,700
|
||||||||||||
Cash
dividends per share
|
$ |
.20
|
$ |
.20
|
$ |
.40
|
$ |
.40
|
|
May
27,
|
November
30,
|
||||||
(Dollars
in thousands)
|
2007
|
2006
|
||||||
ASSETS
|
|
|
||||||
|
|
|
||||||
Current
assets
|
|
|
||||||
Cash
and cash equivalents
|
$ |
120,985
|
$ |
139,479
|
||||
Receivables,
less allowances of $5,100 in 2007 and $4,912 in 2006
|
168,562
|
160,173
|
||||||
Inventories
|
120,760
|
77,134
|
||||||
Deferred
income taxes
|
23,861
|
23,861
|
||||||
Prepaid
expenses and other current assets
|
10,661
|
15,921
|
||||||
|
||||||||
Total
current assets
|
444,829
|
416,568
|
||||||
|
||||||||
Investments
in joint ventures
|
||||||||
Equity
method
|
17,954
|
14,501
|
||||||
Cost
method
|
3,784
|
3,784
|
||||||
|
||||||||
Property,
plant and equipment
|
||||||||
Land
|
32,985
|
33,327
|
||||||
Buildings
|
57,821
|
57,434
|
||||||
Machinery
and equipment
|
269,156
|
261,538
|
||||||
Construction
in progress
|
37,239
|
20,657
|
||||||
|
||||||||
Total
property, plant and equipment at cost
|
397,201
|
372,956
|
||||||
Accumulated
depreciation
|
(245,709 | ) | (238,486 | ) | ||||
|
||||||||
Total
property, plant and equipment, net
|
151,492
|
134,470
|
||||||
Goodwill
and intangible assets, net of accumulated amortization of $1,099
in 2007
and $3,017 in 2006
|
2,136
|
2,143
|
||||||
Other
assets
|
61,718
|
63,198
|
||||||
|
||||||||
Total
assets
|
$ |
681,913
|
$ |
634,664
|
|
May
27,
|
November
30,
|
||||||
(Dollars
in thousands, except per share data)
|
2007
|
2006
|
||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
||||||
|
|
|
||||||
Current
liabilities
|
|
|
||||||
Current
portion of long-term debt
|
$ |
10,000
|
$ |
10,000
|
||||
Trade
payables
|
45,090
|
45,650
|
||||||
Accrued
liabilities
|
104,233
|
68,970
|
||||||
Income
taxes payable
|
1,074
|
11,481
|
||||||
|
||||||||
Total
current liabilities
|
160,397
|
136,101
|
||||||
|
||||||||
Long-term
debt, less current portion
|
71,508
|
72,525
|
||||||
Other
long-term liabilities
|
61,236
|
62,813
|
||||||
|
||||||||
Total
liabilities
|
293,141
|
271,439
|
||||||
|
||||||||
Commitments
and contingencies
|
||||||||
Stockholders'
equity
|
||||||||
|
||||||||
Common
stock, par value $2.50 per share, authorized 24,000,000 shares,
outstanding 9,115,971 shares in 2007 and 9,075,094 shares in 2006,
net of
treasury shares
|
29,565
|
29,431
|
||||||
Additional
paid-in capital
|
43,096
|
39,500
|
||||||
Retained
earnings
|
392,526
|
371,894
|
||||||
Accumulated
other comprehensive loss
|
(24,452 | ) | (27,232 | ) | ||||
Treasury
stock (2,710,321 shares in 2007 and 2,697,148 shares in
2006)
|
(51,963 | ) | (50,368 | ) | ||||
|
||||||||
Total
stockholders' equity
|
388,772
|
363,225
|
||||||
|
||||||||
Total
liabilities and stockholders' equity
|
$ |
681,913
|
$ |
634,664
|
Six
Months Ended
|
||||||||
May
27,
|
June
4,
|
|||||||
(Dollars
in thousands)
|
2007
|
2006
|
||||||
OPERATING
ACTIVITIES
|
||||||||
Net
income
|
$ |
24,271
|
$ |
22,313
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
|
7,773
|
9,357
|
||||||
Amortization
|
12
|
99
|
||||||
Net
earnings and distributions from joint ventures
|
(3,453 | ) | (826 | ) | ||||
Gain
from sale of property, plant and equipment
|
(1,006 | ) | (9,118 | ) | ||||
Stock
compensation expense
|
1,264
|
2,383
|
||||||
Other
|
1
|
(102 | ) | |||||
Changes
in operating assets and liabilities:
|
||||||||
Receivables,
net
|
(7,601 | ) | (2,720 | ) | ||||
Inventories
|
(41,799 | ) | (18,438 | ) | ||||
Prepaid
expenses and other current assets
|
5,332
|
(9,009 | ) | |||||
Other
assets
|
(499 | ) |
1,156
|
|||||
Trade
payables
|
(880 | ) |
3,121
|
|||||
Accrued
liabilities and income taxes payable
|
23,625
|
16,426
|
||||||
Other
long-term liabilities
|
(1,669 | ) | (2,604 | ) | ||||
Net
cash provided by operating activities
|
5,371
|
12,038
|
||||||
INVESTING
ACTIVITIES
|
||||||||
Proceeds
from sale of property, plant and equipment
|
3,568
|
659
|
||||||
Additions
to property, plant and equipment
|
(23,694 | ) | (9,864 | ) | ||||
Net
cash used in investing activities
|
(20,126 | ) | (9,205 | ) | ||||
FINANCING
ACTIVITIES
|
||||||||
Issuance
of debt
|
1,099
|
3,416
|
||||||
Repayment
of debt
|
(2,644 | ) | (239 | ) | ||||
Dividends
on common stock
|
(3,639 | ) | (3,509 | ) | ||||
Issuance
of common stock
|
511
|
1,409
|
||||||
Excess
tax benefits related to stock-based compensation
|
1,955
|
-
|
||||||
Purchase
of treasury stock
|
(1,595 | ) | (1,203 | ) | ||||
Net
cash used in financing activities
|
(4,313 | ) | (126 | ) | ||||
Effect
of exchange rate changes on cash and cash equivalents
|
574
|
313
|
||||||
Net
change in cash and cash equivalents
|
(18,494 | ) |
3,020
|
|||||
Cash
and cash equivalents at beginning of period
|
139,479
|
44,671
|
||||||
Cash
and cash equivalents at end of period
|
$ |
120,985
|
$ |
47,691
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
May
27,
|
June
4,
|
May
27,
|
June
4,
|
|||||||||||||
(In
thousands)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Revenue
from discontinued operations
|
$ |
-
|
$ |
61,042
|
$ |
-
|
$ |
110,362
|
||||||||
Income
from discontinued operations, before income taxes
|
$ |
-
|
$ |
3,202
|
$ |
-
|
$ |
3,015
|
||||||||
Income
taxes on income from discontinued operations
|
-
|
(1,685 | ) |
156
|
(1,662 | ) | ||||||||||
Income
from discontinued operations, net of taxes
|
-
|
1,517
|
156
|
1,353
|
||||||||||||
Gain
on sale of discontinued operations
|
990
|
-
|
990
|
-
|
||||||||||||
Income
taxes on gain on sale of discontinued operations
|
-
|
-
|
-
|
-
|
||||||||||||
Gain
on sale of discontinued operations, net of taxes
|
990
|
-
|
990
|
-
|
||||||||||||
Income
from discontinued operations, net of taxes
|
$ |
990
|
$ |
1,517
|
$ |
1,146
|
$ |
1,353
|
May
27,
|
November
30,
|
|||||||
(In
thousands)
|
2007
|
2006
|
||||||
Trade
|
$ |
151,010
|
$ |
124,308
|
||||
Other
|
19,157
|
31,299
|
||||||
Joint
ventures
|
3,495
|
9,478
|
||||||
Allowances
|
(5,100 | ) | (4,912 | ) | ||||
$ |
168,562
|
$ |
160,173
|
May
27,
|
November
30,
|
|||||||
(In
thousands)
|
2007
|
2006
|
||||||
Finished
products
|
$ |
44,859
|
$ |
30,802
|
||||
Materials
and supplies
|
36,614
|
22,224
|
||||||
Products
in process
|
39,287
|
24,108
|
||||||
$ |
120,760
|
$ |
77,134
|
Six
Months Ended
|
||||||||
May
27,
|
June
4,
|
|||||||
(In
thousands)
|
2007
|
2006
|
||||||
Interest
paid
|
$ |
1,005
|
$ |
2,576
|
||||
Income
taxes paid
|
16,612
|
3,331
|
||||||
Restricted
cash
|
-
|
9,001
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
May
27,
|
June
4,
|
May
27,
|
June
4,
|
|||||||||||||
(In
thousands)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Net
sales
|
$ |
71,449
|
$ |
72,702
|
$ |
147,871
|
$ |
123,771
|
||||||||
Gross
profit
|
19,120
|
16,993
|
40,910
|
22,095
|
||||||||||||
Net
income
|
9,539
|
8,490
|
20,875
|
10,231
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
May
27,
|
June
4,
|
May
27,
|
June
4,
|
|||||||||||||
(In
thousands)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Earnings
from joint ventures
|
||||||||||||||||
Equity
in earnings of TAMCO before income taxes
|
$ |
4,770
|
$ |
4,245
|
$ |
10,438
|
$ |
5,116
|
||||||||
Less
provision for income taxes
|
(542 | ) | (442 | ) | (1,182 | ) | (533 | ) | ||||||||
Equity
in earnings of TAMCO, net of taxes
|
$ |
4,228
|
$ |
3,803
|
$ |
9,256
|
$ |
4,583
|
||||||||
Dividends
received from joint ventures
|
||||||||||||||||
TAMCO
|
$ |
6,985
|
$ |
4,015
|
$ |
6,985
|
$ |
4,290
|
||||||||
ASAL
|
-
|
-
|
-
|
-
|
||||||||||||
BL
|
-
|
-
|
-
|
-
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
May
27,
|
June
4,
|
May
27,
|
June
4,
|
|||||||||||||
(In
thousands, except per share data)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Numerator:
|
||||||||||||||||
Income
from continuing operations
|
$ |
14,813
|
$ |
17,185
|
$ |
23,125
|
$ |
20,960
|
||||||||
Income
from discontinuing operations, net of taxes
|
990
|
1,517
|
1,146
|
1,353
|
||||||||||||
Net
income
|
$ |
15,803
|
$ |
18,702
|
$ |
24,271
|
$ |
22,313
|
||||||||
Denominator
for basic income per share:
|
||||||||||||||||
Weighted-average
shares outstanding, basic
|
9,024,190
|
8,669,661
|
9,009,133
|
8,641,965
|
||||||||||||
Denominator
for diluted income per share:
|
||||||||||||||||
Weighted-average
shares outstanding, basic
|
9,024,190
|
8,669,661
|
9,009,133
|
8,641,965
|
||||||||||||
Dilutive
effect of stock options and restricted stock
|
41,491
|
173,698
|
48,970
|
172,735
|
||||||||||||
Weighted-average
shares outstanding, diluted
|
9,065,681
|
8,843,359
|
9,058,103
|
8,814,700
|
||||||||||||
Basic
net income per share:
|
||||||||||||||||
Income
from continuing operations
|
$ |
1.64
|
$ |
1.98
|
$ |
2.57
|
$ |
2.43
|
||||||||
Income
from discontinued operations, net of taxes
|
.11
|
.18
|
.13
|
.15
|
||||||||||||
Net
income
|
$ |
1.75
|
$ |
2.16
|
$ |
2.70
|
$ |
2.58
|
||||||||
Diluted
net income per share:
|
||||||||||||||||
Income
from continuing operations
|
$ |
1.63
|
$ |
1.94
|
$ |
2.55
|
$ |
2.38
|
||||||||
Income
from discontinued operations, net of taxes
|
.11
|
.17
|
.13
|
.15
|
||||||||||||
Net
income
|
$ |
1.74
|
$ |
2.11
|
$ |
2.68
|
$ |
2.53
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
May
27,
|
June
4,
|
May
27,
|
June
4,
|
|||||||||||||
(In
thousands)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Net
income
|
$ |
15,803
|
$ |
18,702
|
$ |
24,271
|
$ |
22,313
|
||||||||
Foreign
currency translation adjustment
|
1,362
|
3,930
|
2,780
|
4,487
|
||||||||||||
Comprehensive
income
|
$ |
17,165
|
$ |
22,632
|
$ |
27,051
|
$ |
26,800
|
May
27,
|
November
30,
|
|||||||
(In
thousands)
|
2007
|
2006
|
||||||
Fixed-rate
notes:
|
||||||||
5.36%,
payable in annual principal installments of $10,000
|
$ |
30,000
|
$ |
30,000
|
||||
4.25%,
payable in Singapore dollars, in annual principal installments of
$6,674,
starting in 2008
|
33,370
|
33,173
|
||||||
Variable-rate
industrial development bonds:
|
||||||||
payable
in 2016 (4.06% at May 27, 2007)
|
7,200
|
7,200
|
||||||
payable
in 2021 (4.06% at May 27, 2007)
|
8,500
|
8,500
|
||||||
Variable-rate
bank revolving credit facility (11.32% at May 27, 2007)
|
2,438
|
3,652
|
||||||
Total
long-term debt
|
81,508
|
82,525
|
||||||
Less
current portion
|
(10,000 | ) | (10,000 | ) | ||||
Long-term
debt, less current portion
|
$ |
71,508
|
$ |
72,525
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
May
27,
|
June
4,
|
May
27,
|
June
4,
|
|||||||||||||
(In
thousands)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Sales
|
||||||||||||||||
Fiberglass-Composite
Pipe
|
$ |
61,120
|
$ |
46,257
|
$ |
107,629
|
$ |
82,849
|
||||||||
Water
Transmission
|
43,258
|
37,906
|
72,851
|
81,087
|
||||||||||||
Infrastructure
Products
|
53,645
|
48,887
|
98,932
|
95,277
|
||||||||||||
Eliminations
|
(1,267 | ) | (393 | ) | (2,301 | ) | (584 | ) | ||||||||
Total
sales
|
$ |
156,756
|
$ |
132,657
|
$ |
277,111
|
$ |
258,629
|
||||||||
Income
from Continuing Operations Before Interest, Income Taxes and Equity
in
Earnings of Joint Venture
|
||||||||||||||||
Fiberglass-Composite
Pipe
|
$ |
16,739
|
$ |
10,097
|
$ |
25,738
|
$ |
15,896
|
||||||||
Water
Transmission
|
800
|
1,533
|
(3,331 | ) |
3,431
|
|||||||||||
Infrastructure
Products
|
10,004
|
7,516
|
16,731
|
14,379
|
||||||||||||
Corporate
& unallocated
|
(11,803 | ) |
1,432
|
(18,560 | ) | (7,498 | ) | |||||||||
Total
Income from Continuing Operations Before Interest, Income Taxes and
Equity
in Earnings of Joint Venture
|
$ |
15,740
|
$ |
20,578
|
$ |
20,578
|
$ |
26,208
|
May
27,
|
November
30,
|
|||||||
2007
|
2006
|
|||||||
Assets
|
||||||||
Fiberglass-Composite
Pipe
|
$ |
228,072
|
$ |
206,326
|
||||
Water
Transmission
|
216,644
|
167,463
|
||||||
Infrastructure
Products
|
109,016
|
97,249
|
||||||
Corporate
& unallocated
|
240,523
|
271,023
|
||||||
Eliminations
|
(112,342 | ) | (107,397 | ) | ||||
Total
Assets
|
$ |
681,913
|
$ |
634,664
|
Six
Months Ended
|
||||||||
May
27,
|
June
4,
|
|||||||
(In
thousands)
|
2007
|
2006
|
||||||
Balance,
beginning of period
|
$ |
3,146
|
$ |
4,026
|
||||
Payments
|
(674 | ) | (1,091 | ) | ||||
Warranties
issued during the period
|
912
|
1,458
|
||||||
Balance,
end of period
|
$ |
3,384
|
$ |
4,393
|
Foreign
|
||||||||||||||||
Currency
|
||||||||||||||||
November
30,
|
Acquisition/
|
Translation
|
May
27,
|
|||||||||||||
(In
thousands)
|
2006
|
(Disposition)
|
Adjustments
|
2007
|
||||||||||||
Fiberglass-Composite
Pipe
|
$ |
1,440
|
$ |
-
|
$ |
-
|
$ |
1,440
|
||||||||
Water
Transmission
|
390
|
-
|
4
|
394
|
||||||||||||
Infrastructure
Products
|
201
|
-
|
-
|
201
|
||||||||||||
$ |
2,031
|
$ |
-
|
$ |
4
|
$ |
2,035
|
May
27, 2007
|
November
30, 2006
|
|||||||||||||||
Gross
Intangible
|
Accumulated
|
Gross
Intangible
|
Accumulated
|
|||||||||||||
(In
thousands)
|
Assets
|
Amortization
|
Assets
|
Amortization
|
||||||||||||
Trademarks
|
$ |
100
|
$ | (100 | ) | $ |
100
|
$ | (100 | ) | ||||||
Non-compete
agreements
|
253
|
(152 | ) |
252
|
(140 | ) | ||||||||||
Patents
|
212
|
(212 | ) |
212
|
(212 | ) | ||||||||||
Leasehold
interests
|
-
|
-
|
1,930
|
(1,930 | ) | |||||||||||
$ |
565
|
$ | (464 | ) | $ |
2,494
|
$ | (2,382 | ) |
Weighted-
|
||||||||||||||||
Weighted-
|
Average
|
|||||||||||||||
Average
|
Remaining
|
Aggregate
|
||||||||||||||
Number
of
|
Exercise
Price
|
Contractual
|
Intrinsic
Value
|
|||||||||||||
Options
|
Options
|
per
Share
|
Term
(Years)
|
(in
thousands)
|
||||||||||||
Outstanding
at November 30, 2006
|
120,500
|
$ |
27.25
|
|||||||||||||
Exercised
|
(22,000 | ) |
23.97
|
|||||||||||||
Outstanding
at February 25, 2007
|
98,500
|
27.98
|
5.40
|
$ |
5,037
|
|||||||||||
Exercised
|
(8,500 | ) |
23.77
|
|||||||||||||
Outstanding
at May 27, 2007
|
90,000
|
28.43
|
5.07
|
$ |
4,416
|
|||||||||||
Options
exercisable at May 27, 2007
|
85,500
|
28.16
|
4.94
|
$ |
4,218
|
U.S.
Postretirement
|
||||||||||||||||||||||||
Pension
Benefits
|
Benefits
|
|||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||||||||||||
Three
Months Ended May 27 and June 4,
|
Three
Months Ended May 27 and June 4,
|
|||||||||||||||||||||||
(In
thousands)
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
||||||||||||||||||
Service
cost
|
$ |
753
|
$ |
814
|
$ |
122
|
$ |
275
|
$ |
88
|
$ |
78
|
||||||||||||
Interest
cost
|
2,781
|
2,548
|
521
|
446
|
202
|
179
|
||||||||||||||||||
Expected
return on plan assets
|
(3,515 | ) | (3,053 | ) | (388 | ) | (332 | ) | (35 | ) | (27 | ) | ||||||||||||
Amortization
of unrecognized
|
||||||||||||||||||||||||
prior
service cost
|
27
|
24
|
65
|
122
|
19
|
(14 | ) | |||||||||||||||||
Curtailment
|
-
|
81
|
-
|
728
|
-
|
-
|
||||||||||||||||||
Amortization
of unrecognized
|
||||||||||||||||||||||||
net
transition obligation
|
-
|
-
|
-
|
-
|
46
|
46
|
||||||||||||||||||
Amortization
of accumulated loss
|
924
|
1,109
|
36
|
79
|
15
|
41
|
||||||||||||||||||
Net
periodic cost
|
$ |
970
|
$ |
1,523
|
$ |
356
|
$ |
1,318
|
$ |
335
|
$ |
303
|
U.S.
Postretirement
|
||||||||||||||||||||||||
Pension
Benefits
|
Benefits
|
|||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||||||||||||
Six
Months Ended May 27 and June 4,
|
Six
Months Ended May 27 and June 4,
|
|||||||||||||||||||||||
(In
thousands)
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
||||||||||||||||||
Service
cost
|
$ |
1,506
|
$ |
1,628
|
$ |
244
|
$ |
550
|
$ |
176
|
$ |
156
|
||||||||||||
Interest
cost
|
5,562
|
5,096
|
1,042
|
892
|
404
|
358
|
||||||||||||||||||
Expected
return on plan assets
|
(7,030 | ) | (6,106 | ) | (776 | ) | (664 | ) | (69 | ) | (54 | ) | ||||||||||||
Amortization
of unrecognized
|
||||||||||||||||||||||||
prior
service cost
|
54
|
48
|
130
|
244
|
38
|
(28 | ) | |||||||||||||||||
Curtailment
|
-
|
162
|
-
|
1,456
|
-
|
-
|
||||||||||||||||||
Amortization
of unrecognized
|
||||||||||||||||||||||||
net
transition obligation
|
-
|
-
|
-
|
-
|
92
|
92
|
||||||||||||||||||
Amortization
of accumulated loss
|
1,848
|
2,218
|
72
|
158
|
30
|
82
|
||||||||||||||||||
Net
periodic cost
|
$ |
1,940
|
$ |
3,046
|
$ |
712
|
$ |
2,636
|
$ |
671
|
$ |
606
|
|
Payments
Due by Period
|
|||||||||||||||||||
Less
than
|
After
5
|
|||||||||||||||||||
Contractual
Obligations
|
Total
|
1
year
|
1-3
years
|
4-5
years
|
years
|
|||||||||||||||
Long-term
debt (a)
|
$ |
81,508
|
$ |
10,000
|
$ |
33,348
|
$ |
15,786
|
$ |
22,374
|
||||||||||
|
||||||||||||||||||||
Interest
payments on debt (b)
|
15,753
|
2,835
|
5,432
|
2,691
|
4,795
|
|||||||||||||||
|
||||||||||||||||||||
Operating
leases
|
31,183
|
3,630
|
6,809
|
4,821
|
15,923
|
|||||||||||||||
|
||||||||||||||||||||
Purchase
obligations (c)
|
2,707
|
2,707
|
-
|
-
|
-
|
|||||||||||||||
|
||||||||||||||||||||
Total
contractual obligations (d)
|
$ |
131,151
|
$ |
19,172
|
$ |
45,589
|
$ |
23,298
|
$ |
43,092
|
Commitments
Expiring Per Period
|
||||||||||||||||||||
Less
than
|
After
|
|||||||||||||||||||
Contractual
Commitments
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
5
years
|
|||||||||||||||
Standby
letters of credit (e)
|
$ |
1,946
|
$ |
1,946
|
$ |
-
|
$ |
-
|
$ |
-
|
||||||||||
Total
commercial commitments (d)
|
$ |
1,946
|
$ |
1,946
|
$ |
-
|
$ |
-
|
$ |
-
|