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Quotes & Info
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| CFI > SEC Filings for CFI > Form 8-K on 31-Aug-2009 | All Recent SEC Filings |
31-Aug-2009
Results of Operations and Financial Condition
On August 31, 2009, the Company issued a news release to announce its financial results for the first quarter ended August 2, 2009. The news release is attached hereto as Exhibit 99(a).
Also on August 31, 2009, the Company released a Financial Information Release containing additional financial information and disclosures about the Company's first quarter ended August 2, 2009. The Financial Information Release is attached hereto as Exhibit 99(b).
The news release and Financial Information Release contain disclosures about free cash flow, a non-GAAP liquidity measure that the Company defines as net cash provided by operating activities, less cash capital expenditures and capital lease expenditures, plus any proceeds from sales of fixed assets, and plus any excess tax benefits related to stock options exercised. Management believes the disclosure of free cash flow provides useful information to investors because it measures our available cash flow for potential debt repayment, stock repurchases and additions to cash and cash equivalents. We note, however, that not all of the Company's free cash flow is available for discretionary spending, as we have mandatory debt payments and other cash requirements that must be deducted from our cash available for future use. In operating our business, management uses free cash flow to make decisions about what commitments of cash to make for operations, such as capital expenditures (and financing arrangements for these expenditures), purchases of inventory or supplies, SG&A expenditure levels, compensation, and other commitments of cash, while still allowing for adequate cash to meet known future commitments for cash, such as debt repayment. Also, free cash flow is used by the Company as a financial goal for purposes of determining management incentive bonuses.
Item 9.01 (d) -- Exhibits
99(a) News Release dated August 31, 2009
99(b) Financial Information Release dated August 31, 2009
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