Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Statements

v2.4.0.6
Condensed Consolidating Financial Statements
9 Months Ended
Dec. 31, 2011
Condensed Consolidating Financial Statements  
Condensed Consolidating Financial Statements

Note 14. Condensed Consolidating Financial Statements

 

The 10.5% Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by certain of the Company’s 100% owned domestic subsidiaries (“Guarantor Subsidiaries”) and secured by a first priority lien on 51% of the capital stock of certain of our foreign restricted subsidiaries (“Non-Guarantor Subsidiaries”).  The Company’s Guarantor Subsidiaries and Non-Guarantor Subsidiaries are not consistent with the Company’s business groups or geographic operations; accordingly this basis of presentation is not intended to present the Company’s financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for subsidiary guarantor reporting. We are required to present condensed consolidating financial information in order for the subsidiary guarantors of the Company’s public debt to be exempt from reporting under the Securities Exchange Act of 1934, as amended.

 

Condensed consolidating financial statements for the Company’s Guarantor Subsidiaries and Non-Guarantor Subsidiaries are presented in the following tables (amounts in thousands):

 

Condensed Consolidating Balance Sheet

December 31, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,803

 

$

99,567

 

$

29,679

 

$

 

$

136,049

 

Accounts receivable, net

 

 

41,621

 

60,811

 

 

102,432

 

Intercompany receivable

 

131,265

 

141,989

 

159,727

 

(432,981

)

 

Inventories, net

 

 

111,800

 

100,318

 

 

212,118

 

Restricted cash

 

 

 

 

 

 

Prepaid expenses and other

 

208

 

8,377

 

14,951

 

 

23,536

 

Deferred income taxes

 

 

(205

)

4,232

 

 

4,027

 

Total current assets

 

138,276

 

403,149

 

369,718

 

(432,981

)

478,162

 

Property and equipment, net

 

36

 

98,779

 

191,230

 

 

290,045

 

Investments in subsidiaries

 

376,050

 

346,498

 

(5,686

)

(716,862

)

 

Goodwill and intangible assets, net

 

 

10,680

 

9,799

 

 

20,479

 

Other assets

 

5,612

 

6,193

 

1,188

 

 

12,993

 

Long-term intercompany receivable

 

76,713

 

93,192

 

 

(169,905

)

 

Total assets

 

$

596,687

 

$

958,491

 

$

566,249

 

$

(1,319,748

)

$

801,679

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

1

 

$

 

$

1,218

 

$

 

$

1,219

 

Accounts payable

 

 

31,643

 

39,429

 

 

71,072

 

Intercompany payable

 

2,586

 

331,594

 

98,800

 

(432,980

)

 

Accrued expenses

 

4,247

 

22,816

 

38,010

 

 

65,073

 

Income taxes payable

 

(2,785

)

2,779

 

4,245

 

 

4,239

 

Total current liabilities

 

4,049

 

388,832

 

181,702

 

(432,980

)

141,603

 

Long-term debt, less current portion

 

227,416

 

 

2,431

 

 

229,847

 

Other non-current obligations

 

 

5,504

 

52,609

 

 

58,113

 

Deferred income taxes

 

 

672

 

6,222

 

 

6,894

 

Long-term intercompany payable

 

 

76,713

 

93,193

 

(169,906

)

 

Stockholders’ equity

 

365,222

 

486,770

 

230,092

 

(716,862

)

365,222

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

596,687

 

$

958,491

 

$

566,249

 

$

(1,319,748

)

$

801,679

 

 

 

Condensed Consolidating Balance Sheet

March 31, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,417

 

$

119,326

 

$

26,308

 

$

 

$

152,051

 

Accounts receivable, net

 

 

64,380

 

85,990

 

 

150,370

 

Intercompany receivable

 

190,973

 

176,233

 

197,329

 

(564,535

)

 

Inventories, net

 

 

113,908

 

92,830

 

(298

)

206,440

 

Prepaid expenses and other

 

302

 

11,034

 

16,761

 

 

28,097

 

Deferred income taxes

 

(596

)

1,373

 

4,524

 

 

5,301

 

Total current assets

 

197,096

 

486,254

 

423,742

 

(564,833

)

542,259

 

Property and equipment, net

 

122

 

82,962

 

227,328

 

 

310,412

 

Investments in subsidiaries

 

347,997

 

333,801

 

(5,686

)

(676,112

)

 

Intangible assets, net

 

 

8,666

 

11,426

 

 

20,092

 

Other assets

 

6,160

 

4,356

 

1,030

 

 

11,546

 

Long-term intercompany receivable

 

84,231

 

102,324

 

 

(186,555

)

 

Total assets

 

$

635,606

 

$

1,018,363

 

$

657,840

 

$

(1,427,500

)

$

884,309

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

39,012

 

$

 

$

3,089

 

$

 

$

42,101

 

Accounts payable

 

40

 

32,762

 

58,195

 

 

90,997

 

Intercompany payable

 

732

 

419,043

 

145,058

 

(564,833

)

 

Accrued expenses

 

10,837

 

31,330

 

46,124

 

 

88,291

 

Income taxes payable

 

(1,380

)

1,434

 

4,211

 

 

4,265

 

Total current liabilities

 

49,241

 

484,569

 

256,677

 

(564,833

)

225,654

 

Long-term debt, less current portion

 

227,208

 

 

4,007

 

 

231,215

 

Other non-current obligations

 

 

7,989

 

51,738

 

 

59,727

 

Deferred income taxes

 

(596

)

2,169

 

6,387

 

 

7,960

 

Long-term intercompany payable

 

 

84,231

 

102,324

 

(186,555

)

 

Stockholders’ equity

 

359,753

 

439,405

 

236,707

 

(676,112

)

359,753

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

635,606

 

$

1,018,363

 

$

657,840

 

$

(1,427,500

)

$

884,309

 

 

Condensed Consolidating Statement of Operations

For the Quarter Ended December 31, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

218,614

 

$

200,560

 

$

(200,379

)

$

218,795

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

265

 

184,345

 

193,591

 

(199,896

)

178,305

 

Selling, general and administrative expenses

 

6,269

 

8,038

 

10,913

 

(483

)

24,737

 

Research and development

 

 

4,809

 

2,363

 

 

7,172

 

Restructuring charges

 

 

(19

)

10,767

 

 

10,748

 

Write down of long-lived assets

 

 

 

15,786

 

 

15,786

 

Net (gain) loss on sales and disposals of assets

 

 

78

 

(69

)

 

9

 

Total operating costs and expenses

 

6,534

 

197,251

 

233,351

 

(200,379

)

236,757

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(6,534

)

21,363

 

(32,791

)

 

(17,962

)

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(3

)

(19

)

(40

)

 

(62

)

Interest expense

 

6,734

 

107

 

195

 

 

7,036

 

Other (income) expense, net

 

(6,039

)

7,749

 

(696

)

(298

)

716

 

Equity in earnings of subsidiaries

 

20,545

 

 

 

(20,545

)

 

Income (loss) before income taxes

 

(27,771

)

13,526

 

(32,250

)

20,843

 

(25,652

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

49

 

2,070

 

 

2,119

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(27,771

)

$

13,477

 

$

(34,320

)

$

20,843

 

$

(27,771

)

 

Condensed Consolidating Statement of Operations

For the Quarter Ended December 31, 2010

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

241,995

 

$

242,693

 

$

(220,034

)

$

264,654

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

97

 

182,653

 

222,229

 

(212,847

)

192,132

 

Selling, general and administrative expenses

 

4,651

 

19,719

 

10,291

 

(7,208

)

27,453

 

Research and development

 

 

5,038

 

1,909

 

 

6,947

 

Restructuring charges

 

 

654

 

448

 

 

1,102

 

Net loss on sales and disposals of assets

 

 

6

 

23

 

 

29

 

Total operating costs and expenses

 

4,748

 

208,070

 

234,900

 

(220,055

)

227,663

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(4,748

)

33,925

 

7,793

 

21

 

36,991

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expenses:

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(4

)

48

 

(12

)

(60

)

(28

)

Interest expense

 

7,081

 

47

 

568

 

60

 

7,756

 

Other (income) expense, net

 

(4,369

)

6,365

 

(525

)

 

1,471

 

Equity in earnings of subsidiaries

 

(34,623

)

 

 

34,623

 

 

Income before income taxes

 

27,167

 

27,465

 

7,762

 

(34,602

)

27,792

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

39

 

586

 

 

625

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

27,167

 

$

27,426

 

$

7,176

 

$

(34,602

)

$

27,167

 

 

Condensed Consolidating Statement of Operations

For the Nine Months Ended December 31, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

738,052

 

$

725,897

 

$

(689,784

)

$

774,165

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

551

 

610,850

 

653,281

 

(672,554

)

592,128

 

Selling, general and administrative expenses

 

23,335

 

41,249

 

36,628

 

(17,844

)

83,368

 

Research and development

 

 

15,112

 

6,508

 

 

21,620

 

Restructuring charges

 

 

1,819

 

11,559

 

 

13,378

 

Write down of long-lived assets

 

 

 

 

 

15,786

 

 

 

15,786

 

Net (gain) loss on sales and disposals of assets

 

3

 

107

 

(18

)

 

92

 

Total operating costs and expenses

 

23,889

 

669,137

 

723,744

 

(690,398

)

726,372

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(23,889

)

68,915

 

2,153

 

614

 

47,793

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expenses:

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(9

)

(46

)

(81

)

 

(136

)

Interest expense

 

20,868

 

265

 

585

 

 

21,718

 

Other (income) expense, net

 

(27,833

)

31,569

 

(1,589

)

(229

)

1,918

 

Equity in earnings of subsidiaries

 

(34,119

)

 

 

34,119

 

 

Income before income taxes

 

17,204

 

37,127

 

3,238

 

(33,276

)

24,293

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

(1,192

)

146

 

6,943

 

 

5,897

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

18,396

 

$

36,981

 

$

(3,705

)

$

(33,276

)

$

18,396

 

 

Condensed Consolidating Statement of Operations

For the Nine Months Ended December 31, 2010

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

714,040

 

$

727,531

 

$

(684,535

)

$

757,036

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

97

 

547,261

 

663,229

 

(656,699

)

553,888

 

Selling, general and administrative expenses

 

25,265

 

48,018

 

29,649

 

(26,265

)

76,667

 

Research and development

 

 

14,200

 

5,002

 

 

19,202

 

Restructuring charges

 

 

3,726

 

1,471

 

 

5,197

 

Net (gain) loss on sales and disposals of assets

 

 

(1,777

)

371

 

 

(1,406

)

Total operating costs and expenses

 

25,362

 

611,428

 

699,722

 

(682,964

)

653,548

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(25,362

)

102,612

 

27,809

 

(1,571

)

103,488

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(17

)

(89

)

(27

)

 

(133

)

Interest expense

 

21,293

 

141

 

1,114

 

 

22,548

 

Loss on early extinguishment of debt

 

38,248

 

 

 

 

38,248

 

Other (income) expense, net

 

(19,049

)

18,625

 

(1,320

)

97

 

(1,647

)

Equity in earnings of subsidiaries

 

(107,816

)

 

 

107,816

 

 

Income before income taxes

 

41,979

 

83,935

 

28,042

 

(109,484

)

44,472

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

146

 

2,347

 

 

2,493

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

41,979

 

$

83,789

 

$

25,695

 

$

(109,484

)

$

41,979

 

 

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended December 31, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Sources (uses) of cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

40,743

 

$

9,764

 

$

21,396

 

$

 

$

71,903

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(1

)

(17,903

)

(13,889

)

 

(31,793

)

Acquisitions

 

 

(11,584

)

 

 

(11,584

)

Net cash used in investing activities

 

(1

)

(29,487

)

(13,889

)

 

(43,377

)

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

Payments of long-term debt

 

(40,581

)

 

 

 

(40,581

)

Net payments under other credit facilities

 

 

 

(3,153

)

 

(3,153

)

Proceeds from exercise of stock options

 

225

 

 

 

 

225

 

Debt issuance costs

 

 

(36

)

 

 

(36

)

Net cash used in financing activities

 

(40,356

)

(36

)

(3,153

)

 

(43,545

)

Net increase (decrease) in cash and cash equivalents

 

386

 

(19,759

)

4,354

 

 

(15,019

)

Effect of foreign currency fluctuations on cash

 

 

 

(983

)

 

(983

)

Cash and cash equivalents at beginning of fiscal period

 

6,417

 

119,326

 

26,308

 

 

152,051

 

Cash and cash equivalents at end of fiscal period

 

$

6,803

 

$

99,567

 

$

29,679

 

$

 

$

136,049

 

 

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended December 31, 2010

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Sources (uses) of cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

(13,966

)

$

56,998

 

$

32,069

 

$

 

$

75,101

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(7,228

)

(12,331

)

 

(19,559

)

Proceeds from sales of assets

 

 

5,425

 

 

 

5,425

 

Net cash used in investing activities

 

 

(1,803

)

(12,331

)

 

(14,134

)

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt

 

226,976

 

 

549

 

 

227,525

 

Payments of long-term debt

 

(210,604

)

(15,000

)

(4,696

)

 

(230,300

)

Net payments under other credit facilities

 

 

 

(2,626

)

 

(2,626

)

Debt issuance costs

 

(7,472

)

(278

)

 

 

(7,750

)

Debt extinguishment costs

 

(207

)

 

 

 

(207

)

Proceeds from exercise of stock options

 

21

 

 

 

 

21

 

Net cash provided by (used in) financing activities

 

8,714

 

(15,278

)

(6,773

)

 

(13,337

)

Net increase (decrease) in cash and cash equivalents

 

(5,252

)

39,917

 

12,965

 

 

47,630

 

Effect of foreign currency fluctuations on cash

 

 

(28

)

971

 

 

943

 

Cash and cash equivalents at beginning of fiscal period

 

11,602

 

54,707

 

12,890

 

 

79,199

 

Cash and cash equivalents at end of fiscal period

 

$

6,350

 

$

94,596

 

$

26,826

 

$

 

$

127,772