Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Statements

v2.4.0.6
Condensed Consolidating Financial Statements
3 Months Ended
Jun. 30, 2012
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

June 30, 2012

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,432

 

$

158,239

 

$

21,175

 

$

 

$

187,846

 

Accounts receivable, net

 

 

43,194

 

62,974

 

 

106,168

 

Intercompany receivable

 

267,797

 

168,956

 

194,111

 

(630,864

)

 

Inventories, net

 

 

127,285

 

89,018

 

 

216,303

 

Prepaid expenses and other

 

276

 

13,346

 

20,838

 

 

34,460

 

Deferred income taxes

 

 

1,889

 

5,069

 

 

6,958

 

Total current assets

 

276,505

 

512,909

 

393,185

 

(630,864

)

551,735

 

Property and equipment, net

 

17

 

113,699

 

196,870

 

 

310,586

 

Investments in subsidiaries

 

444,952

 

440,424

 

(5,324

)

(880,052

)

 

Goodwill

 

 

36,676

 

 

 

36,676

 

Intangible assets, net

 

 

31,264

 

9,138

 

 

40,402

 

Other assets

 

7,735

 

6,173

 

3,463

 

 

17,371

 

Long-term intercompany receivable

 

74,644

 

58,666

 

2,879

 

(136,189

)

 

Total assets

 

$

803,853

 

$

1,199,811

 

$

600,211

 

$

(1,647,105

)

$

956,770

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

 

$

25

 

$

1,510

 

$

 

$

1,535

 

Accounts payable, trade

 

 

42,882

 

43,674

 

 

86,556

 

Intercompany payable

 

54,732

 

433,125

 

143,007

 

(630,864

)

 

Accrued expenses

 

22,222

 

14,090

 

33,522

 

 

69,834

 

Income taxes payable

 

(2,962

)

3,050

 

2,098

 

 

2,186

 

Total current liabilities

 

73,992

 

493,172

 

223,811

 

(630,864

)

160,111

 

Long-term debt, less current portion

 

359,211

 

 

540

 

 

359,751

 

Other non-current obligations

 

36,080

 

4,347

 

56,463

 

 

96,890

 

Deferred income taxes

 

 

1,997

 

3,451

 

 

5,448

 

Long-term intercompany payable

 

 

74,644

 

61,545

 

(136,189

)

 

Stockholders’ equity

 

334,570

 

625,651

 

254,401

 

(880,052

)

334,570

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

803,853

 

$

1,199,811

 

$

600,211

 

$

(1,647,105

)

$

956,770

 

 

Condensed Consolidating Balance Sheet

March 31, 2012

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

7,933

 

$

178,205

 

$

24,383

 

$

 

$

210,521

 

Accounts receivable, net

 

 

42,706

 

62,244

 

 

104,950

 

Intercompany receivable

 

251,970

 

28,002

 

171,921

 

(451,893

)

 

Inventories, net

 

 

121,611

 

90,623

 

 

212,234

 

Prepaid expenses and other

 

306

 

13,537

 

18,416

 

 

32,259

 

Deferred income taxes

 

 

192

 

6,178

 

 

6,370

 

Total current assets

 

260,209

 

384,253

 

373,765

 

(451,893

)

566,334

 

Property and equipment, net

 

20

 

114,615

 

201,213

 

 

315,848

 

Investments in subsidiaries

 

454,517

 

435,970

 

(4,622

)

(885,865

)

 

Goodwill

 

 

36,676

 

 

 

36,676

 

Intangible assets, net

 

 

31,630

 

9,897

 

 

41,527

 

Other assets

 

7,796

 

6,160

 

1,211

 

 

15,167

 

Long-term intercompany receivable

 

79,185

 

62,235

 

1,065

 

(142,485

)

 

Total assets

 

$

801,727

 

$

1,071,539

 

$

582,529

 

$

(1,480,243

)

$

975,552

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

 

$

25

 

$

1,926

 

$

 

$

1,951

 

Accounts payable, trade

 

460

 

35,206

 

39,490

 

(752

)

74,404

 

Intercompany payable

 

34,830

 

315,906

 

122,799

 

(473,535

)

 

Accrued expenses

 

30,747

 

23,007

 

35,325

 

 

89,079

 

Income taxes payable

 

(2,778

)

3,031

 

2,003

 

 

2,256

 

Total current liabilities

 

63,259

 

377,175

 

201,543

 

(474,287

)

167,690

 

Long-term debt, less current portion

 

343,539

 

 

1,841

 

 

345,380

 

Other non-current obligations

 

35,933

 

5,400

 

59,896

 

 

101,229

 

Deferred income taxes

 

 

272

 

1,985

 

 

2,257

 

Long-term intercompany payable

 

 

79,185

 

63,300

 

(142,485

)

 

Stockholders’ equity

 

358,996

 

609,507

 

253,964

 

(863,471

)

358,996

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

801,727

 

$

1,071,539

 

$

582,529

 

$

(1,480,243

)

$

975,552

 

 

Condensed Consolidating Statement of Operations

For the Quarter Ended June 30, 2012

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

240,944

 

$

228,715

 

$

(246,027

)

$

223,632

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

418

 

218,318

 

207,577

 

(234,992

)

191,321

 

Selling, general and administrative expenses

 

1,605

 

20,743

 

15,942

 

(11,035

)

27,255

 

Research and development

 

41

 

5,288

 

2,404

 

 

7,733

 

Restructuring charges

 

 

163

 

1,101

 

 

1,264

 

Net (gain) loss on sales and disposals of assets

 

 

33

 

71

 

 

104

 

Total operating costs and expenses

 

2,064

 

244,545

 

227,095

 

(246,027

)

227,677

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(2,064

)

(3,601

)

1,620

 

 

(4,045

)

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense, net

 

10,187

 

3,159

 

(1,409

)

 

11,937

 

Equity in losses of subsidiaries

 

5,502

 

 

 

(5,502

)

 

Income before income taxes

 

(17,753

)

(6,760

)

3,029

 

5,502

 

(15,982

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

60

 

1,711

 

 

1,771

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(17,753

)

$

(6,820

)

$

1,318

 

$

5,502

 

$

(17,753

)

 

Condensed Consolidating Statement of Operations

For the Quarter Ended June 30, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

269,687

 

$

280,022

 

$

(259,853

)

$

289,856

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

162

 

226,408

 

234,568

 

(250,634

)

210,504

 

Selling, general and administrative expenses

 

11,449

 

15,715

 

12,094

 

(8,982

)

30,276

 

Research and development

 

 

5,027

 

2,059

 

 

7,086

 

Restructuring charges

 

 

481

 

544

 

 

1,025

 

Net (gain) loss on sales and disposals of assets

 

3

 

19

 

101

 

 

123

 

Total operating costs and expenses

 

11,614

 

247,650

 

249,366

 

(259,616

)

249,014

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(11,614

)

22,037

 

30,656

 

(237

)

40,842

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(4

)

(17

)

(22

)

 

(43

)

Interest expense

 

7,103

 

74

 

223

 

 

7,400

 

Other (income) expense, net

 

(11,544

)

7,987

 

3,393

 

69

 

(95

)

Equity in earnings of subsidiaries

 

(38,080

)

 

 

38,080

 

 

Income before income taxes

 

30,911

 

13,993

 

27,062

 

(38,386

)

33,580

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(938

)

603

 

2,066

 

 

1,731

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

31,849

 

$

13,390

 

$

24,996

 

$

(38,386

)

$

31,849

 

 

Condensed Consolidating Statement of Cash Flows

For the Quarter Ended June 30, 2012

 

 

 

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

 

$

(14,653

)

$

(15,306

)

$

8,752

 

$

 

$

(21,207

)

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(3,660

)

(9,441

)

 

(13,101

)

Acquisition, net of cash received

 

(439

)

(1,000

)

 

 

(1,439

)

Net cash used in investing activities

 

(439

)

(4,660

)

(9,441

)

 

(14,540

)

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

15,825

 

 

 

 

 

 

Proceeds from issuance of debt

 

 

 

 

 

 

 

 

 

15,825

 

Payments of long-term debt

 

 

 

(1,576

)

 

(1,576

)

Proceeds from exercise of stock options

 

41

 

 

 

 

41

 

Debt issuance costs

 

(275

)

 

 

 

(275

)

Net cash provided by (used in) financing activities

 

15,591

 

 

(1,576

)

 

14,015

 

Net increase (decrease) in cash and cash equivalents

 

499

 

(19,966

)

(2,265

)

 

(21,732

)

Effect of foreign currency fluctuations on cash

 

 

 

(943

)

 

(943

)

Cash and cash equivalents at beginning of fiscal period

 

7,933

 

178,205

 

24,383

 

 

210,521

 

Cash and cash equivalents at end of fiscal period

 

$

8,432

 

$

158,239

 

$

21,175

 

$

 

$

187,846

 

 

Condensed Consolidating Statement of Cash Flows

For the Quarter Ended June 30, 2011

 

 

 

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

 

$

3,114

 

$

(11,943

)

$

14,157

 

$

 

$

5,328

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(1

)

(3,700

)

(2,037

)

 

(5,738

)

Acquisition, net of cash received

 

 

(11,584

)

 

 

(11,584

)

Net cash used in investing activities

 

(1

)

(15,284

)

(2,037

)

 

(17,322

)

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

Payments of long-term debt

 

(3,015

)

 

 

 

(3,015

)

Net payments under other credit facilities

 

 

 

(3,081

)

 

(3,081

)

Debt issuance costs

 

 

(29

)

 

 

(29

)

Proceeds from exercise of stock options

 

16

 

 

 

 

16

 

Net cash used in financing activities

 

(2,999

)

(29

)

(3,081

)

 

(6,109

)

Net increase (decrease) in cash and cash equivalents

 

114

 

(27,256

)

9,039

 

 

(18,103

)

Effect of foreign currency fluctuations on cash

 

 

 

50

 

 

50

 

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

 

$

6,531

 

$

92,070

 

$

35,397

 

$

 

$

133,998