Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Statements (Tables)

v2.4.0.6
Condensed Consolidating Financial Statements (Tables)
6 Months Ended
Sep. 30, 2012
Condensed Consolidating Financial Statements  
Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

September 30, 2012

(Unaudited)

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,398

 

$

118,578

 

$

33,519

 

$

 

$

160,495

 

Accounts receivable, net

 

 

41,154

 

58,006

 

 

99,160

 

Intercompany receivable

 

268,826

 

214,603

 

215,640

 

(699,069

)

 

Inventories, net

 

 

129,429

 

95,344

 

 

224,773

 

Prepaid expenses and other

 

276

 

14,258

 

26,507

 

 

41,041

 

Deferred income taxes

 

 

872

 

4,786

 

 

5,658

 

Total current assets

 

277,500

 

518,894

 

433,802

 

(699,069

)

531,127

 

Property and equipment, net

 

14

 

114,612

 

201,556

 

 

316,182

 

Investments in subsidiaries

 

431,379

 

467,565

 

10,678

 

(909,622

)

 

Goodwill

 

 

35,584

 

 

 

35,584

 

Intangible assets, net

 

 

30,899

 

9,203

 

 

40,102

 

Other assets

 

7,404

 

6,347

 

4,051

 

 

17,802

 

Long-term intercompany receivable

 

76,659

 

60,250

 

2,881

 

(139,790

)

 

Total assets

 

$

792,956

 

$

1,234,151

 

$

662,171

 

$

(1,748,481

)

$

940,797

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

 

$

25

 

$

1,551

 

$

 

$

1,576

 

Accounts payable, trade

 

57

 

38,862

 

43,237

 

 

82,156

 

Intercompany payable

 

60,976

 

451,005

 

159,226

 

(671,207

)

 

Accrued expenses

 

35,523

 

17,008

 

36,092

 

 

88,623

 

Income taxes payable

 

(2,947

)

3,055

 

514

 

 

622

 

Total current liabilities

 

93,609

 

509,955

 

240,620

 

(671,207

)

172,977

 

Long-term debt, less current portion

 

359,066

 

 

555

 

 

359,621

 

Other non-current obligations

 

26,968

 

4,504

 

58,626

 

 

90,098

 

Deferred income taxes

 

 

1,007

 

3,781

 

 

4,788

 

Long-term intercompany payable

 

 

76,659

 

63,131

 

(139,790

)

 

Stockholders’ equity

 

313,313

 

642,026

 

295,458

 

(937,484

)

313,313

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

792,956

 

$

1,234,151

 

$

662,171

 

$

(1,748,481

)

$

940,797

 

 

 

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

 

55,863

 

171,921

 

(479,754

)

 

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

 

412,114

 

373,765

 

(479,754

)

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

 

$

1,099,400

 

$

582,529

 

$

(1,508,104

)

$

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

 

637,368

 

253,964

 

(891,332

)

358,996

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

801,727

 

$

1,099,400

 

$

582,529

 

$

(1,508,104

)

$

975,552

 

 

 

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

For the Quarter Ended September 30, 2012

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

233,867

 

$

226,355

 

$

(244,231

)

$

215,991

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

675

 

214,546

 

201,726

 

(233,894

)

183,053

 

Selling, general and administrative expenses

 

13,436

 

10,977

 

13,907

 

(10,337

)

27,983

 

Research and development

 

59

 

4,741

 

2,033

 

 

6,833

 

Restructuring charges

 

 

1,797

 

6,725

 

 

8,522

 

Goodwill impairment

 

 

1,092

 

 

 

1,092

 

Write down of long-lived assets

 

 

 

4,234

 

 

4,234

 

Settlement gain on benefit plan

 

 

 

(1,675

)

 

(1,675

)

Net gain on sales and disposals of assets

 

 

 

(31

)

 

(31

)

Total operating costs and expenses

 

14,170

 

233,153

 

226,919

 

(244,231

)

230,011

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(14,170

)

714

 

(564

)

 

(14,020

)

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense, net

 

(3,224

)

11,493

 

845

 

 

9,114

 

Equity in earnings of subsidiaries

 

13,975

 

 

 

(13,975

)

 

Income (loss) before income taxes

 

(24,921

)

(10,779

)

(1,409

)

13,975

 

(23,134

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

47

 

1,740

 

 

1,787

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(24,921

)

$

(10,826

)

$

(3,149

)

$

13,975

 

$

(24,921

)

 

Condensed Consolidating Statement of Operations

For the Quarter Ended September 30, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

249,751

 

$

245,315

 

$

(229,552

)

$

265,514

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

124

 

200,097

 

225,122

 

(222,024

)

203,319

 

Selling, general and administrative expenses

 

5,617

 

17,496

 

13,621

 

(8,379

)

28,355

 

Research and development

 

 

5,276

 

2,086

 

 

7,362

 

Restructuring charges

 

 

1,357

 

248

 

 

1,605

 

Net (gain) loss on sales and disposals of assets

 

 

10

 

(50

)

 

(40

)

Total operating costs and expenses

 

5,741

 

224,236

 

241,027

 

(230,403

)

240,601

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(5,741

)

25,515

 

4,288

 

851

 

24,913

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense, net

 

(3,221

)

15,907

 

(4,138

)

 

8,548

 

Equity in earnings of subsidiaries

 

(16,584

)

 

 

16,584

 

 

Income before income taxes

 

14,064

 

9,608

 

8,426

 

(15,733

)

16,365

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

(254

)

(506

)

2,807

 

 

2,047

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

14,318

 

$

10,114

 

$

5,619

 

$

(15,733

)

$

14,318

 

 

Condensed Consolidating Statement of Operations

For the Six Months Ended September 30, 2012

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

474,811

 

$

455,070

 

$

(490,258

)

$

439,623

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

1,093

 

432,864

 

409,303

 

(468,886

)

374,374

 

Selling, general and administrative expenses

 

15,041

 

31,720

 

29,849

 

(21,372

)

55,238

 

Research and development

 

100

 

10,029

 

4,437

 

 

14,566

 

Restructuring charges

 

 

1,960

 

7,826

 

 

9,786

 

Goodwill impairment

 

 

1,092

 

 

 

1,092

 

Write down of long-lived assets

 

 

 

4,234

 

 

4,234

 

Settlement gain on benefit plan

 

 

 

(1,675

)

 

(1,675

)

Net loss on sales and disposals of assets

 

 

33

 

40

 

 

73

 

Total operating costs and expenses

 

16,234

 

477,698

 

454,014

 

(490,258

)

457,688

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(16,234

)

(2,887

)

1,056

 

 

(18,065

)

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense, net

 

6,963

 

14,652

 

(564

)

 

21,051

 

Equity in earnings of subsidiaries

 

19,477

 

 

 

(19,477

)

 

Income (loss) before income taxes

 

(42,674

)

(17,539

)

1,620

 

19,477

 

(39,116

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

107

 

3,451

 

 

3,558

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(42,674

)

$

(17,646

)

$

(1,831

)

$

19,477

 

$

(42,674

)

 

Condensed Consolidating Statement of Operations

For the Six Months Ended September 30, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Net sales

 

$

 

$

519,438

 

$

525,337

 

$

(489,405

)

$

555,370

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

286

 

426,505

 

459,690

 

(472,658

)

413,823

 

Selling, general and administrative expenses

 

17,066

 

33,211

 

25,715

 

(17,361

)

58,631

 

Research and development

 

 

10,303

 

4,145

 

 

14,448

 

Restructuring charges

 

 

1,838

 

792

 

 

2,630

 

Net loss on sales and disposals of assets

 

3

 

29

 

51

 

 

83

 

Total operating costs and expenses

 

17,355

 

471,886

 

490,393

 

(490,019

)

489,615

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(17,355

)

47,552

 

34,944

 

614

 

65,755

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense, net

 

(7,666

)

23,951

 

(544

)

69

 

15,810

 

Equity in earnings of subsidiaries

 

(54,664

)

 

 

54,664

 

 

Income before income taxes

 

44,975

 

23,601

 

35,488

 

(54,119

)

49,945

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

(1,192

)

97

 

4,873

 

 

3,778

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

46,167

 

$

23,504

 

$

30,615

 

$

(54,119

)

$

46,167

 

 

Condensed Consolidating Statement of Comprehensive Loss

Condensed Consolidating Statement of Comprehensive Income (Loss)

Quarter Ended September 30, 2012

 

Comprehensive income (loss)

 

$

2,015

 

$

(663

)

$

1,079

 

$

 

$

2,431

 

 

 

Condensed Consolidating Statement of Comprehensive Loss

Quarter Ended September 30, 2011

 

Comprehensive loss

 

$

(5,633

)

$

(1,300

)

$

(4,650

)

$

 

$

(11,583

)

 

Condensed Consolidating Statement of Comprehensive Income (Loss)

Six Months Ended September 30, 2012

 

Comprehensive income (loss)

 

$

(2,526

)

$

379

 

$

(3,215

)

$

 

$

(5,362

)

 

Condensed Consolidating Statement of Comprehensive Loss

Six Months Ended September 30, 2011

 

Comprehensive loss

 

$

(4,174

)

$

(1,059

)

$

(3,199

)

$

 

$

(8,432

)

 

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended September 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

 

$

(9,510

)

$

(48,750

)

$

31,636

 

$

 

$

(26,624

)

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(9,877

)

(20,466

)

 

(30,343

)

Net cash used in investing activities

 

 

(9,877

)

(20,466

)

 

(30,343

)

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt

 

15,825

 

 

 

 

15,825

 

Deferred acquisition payments

 

(5,617

)

(1,000

)

 

 

(6,617

)

Payments of long-term debt

 

 

 

(1,576

)

 

(1,576

)

Proceeds from exercise of stock options

 

42

 

 

 

 

42

 

Debt issuance costs

 

(275

)

 

 

 

(275

)

Net cash provided by (used in) financing activities

 

9,975

 

(1,000

)

(1,576

)

 

7,399

 

Net increase (decrease) in cash and cash equivalents

 

465

 

(59,627

)

9,594

 

 

(49,568

)

Effect of foreign currency fluctuations on cash

 

 

 

(458

)

 

(458

)

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

 

$

8,398

 

$

118,578

 

$

33,519

 

$

 

$

160,495

 

 

 

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended September 30, 2011

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Reclassifications
and Eliminations

 

Consolidated

 

Sources (uses) of cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

4,214

 

$

32,545

 

$

14,230

 

$

 

$

50,989

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(1

)

(11,505

)

(8,599

)

 

(20,105

)

Acquisition, net of cash received

 

 

(11,584

)

 

 

(11,584

)

Net cash used in investing activities

 

(1

)

(23,089

)

(8,599

)

 

(31,689

)

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

Payments of long-term debt

 

(4,084

)

 

 

 

(4,084

)

Net payments under other credit facilities

 

 

 

(3,153

)

 

(3,153

)

Proceeds from exercise of stock options

 

159

 

 

 

 

159

 

Debt issuance costs

 

 

(29

)

 

 

(29

)

Change in restricted cash

 

 

(36,497

)

 

 

(36,497

)

Net cash used in financing activities

 

(3,925

)

(36,526

)

(3,153

)

 

(43,604

)

Net increase (decrease) in cash and cash equivalents

 

288

 

(27,070

)

2,478

 

 

(24,304

)

Effect of foreign currency fluctuations on cash

 

 

 

(584

)

 

(584

)

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

 

$

6,705

 

$

92,256

 

$

28,202

 

$

 

$

127,163