Supercuts 2010 Annual Report Download - page 108
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Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. INVESTMENTS IN AND LOANS TO AFFILIATES
The table below presents the carrying amount of investments in and loans to affiliates as of June 30, 2010 and 2009:
104
Provalliance
Empire
Education
Group, Inc.
Intelligent
Nutrients,
LLC MY Style
Hair Club
for
Men, Ltd. Total
(Dollars in thousands)
Balance at June 30,
2008
$
119,353
$
109,307
$
5,657
$
7,756
$
5,029
$
247,102
Loans to affiliates
—
15,000
3,000
2,971
—
20,971
Payment of loans by
affiliates
—
(
15,000
)
—
(
613
)
—
(
15,613
)
Equity in income
(loss) of affiliated
companies, net of
income taxes(2)
1,979
2,065
(541
)
(1,331
)
600
2,772
Impairment(1)(2)
(25,732
)
—
(
4,800
)
—
—
(
30,532
)
Cash dividends
received
—
—
—
—
(
906
)
(906
)
Other, primarily
translation rate
adjustments(3)
(13,465
)
79
(3,316
)
3,935
373
(12,394
)
Balance at June 30,
2009
$
82,135
$
111,451
$
—
$
12,718
$
5,096
$
211,400
Payment of loans by
affiliates
—
(
15,000
)
—
—
—
(
15,000
)
Equity in income of
affiliated
companies, net of
income taxes(4)
4,134
6,431
—
—
909
11,474
Cash dividends
received
—
—
—
—
(
1,263
)
(1,263
)
Other, primarily
translation rate
adjustments
(10,788
)
—
—
(
602
)
565
(10,825
)
Balance at June 30,
2010
$
75,481
$
102,882
$
—
$
12,116
$
5,307
$
195,786
Percentage ownership
at June 30, 2010
30.0
%
55.1
%
—
—
50.0
%
(1) During fiscal year 2009, the Company recorded impairments of $25.7 and $7.8 million ($4.8 million net of tax) related to
its interest in Provalliance and Intelligent Nutrients, LLC, respectively.
(2) Equity in (loss) income of affiliated companies, net of income taxes per the Consolidated Statement of Operations
includes $2.8 million in equity income, $30.5 million of impairments and $2.1 million for the increase in the Provalliance
equity put valuation.
(3) The $3.3 million of other change for Intelligent Nutrients, LLC relates to the tax affect of the fiscal year 2009
impairment.
(4) Equity in income of affiliated companies, net of income taxes per the Consolidated Statement of Operations includes
$4.1 million in equity income of Provalliance and $0.5 million for the increase in the Provalliance equity put valuation.