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CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
 9 Months Ended
Jun. 30, 2013
Consolidating Guarantor And Non Guarantor Financial Information [Abstract]  
Consolidating Guarantor And Non Guarantor Financial Information [Text Block]

NOTE 19 — CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION


Griffon’s Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the domestic assets of Clopay Building Products Company, Inc., Clopay Plastic Products Company, Inc., Telephonics Corporation, Ames True Temper, Inc. and ATT Southern, Inc. In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, presented below are condensed consolidating financial information as of June 30, 2013 and September 30, 2012 and for the three and nine months ended June 30, 2013 and 2012. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor companies or non-guarantor companies operated as independent entities. The guarantor companies and the non-guarantor companies include the consolidated financial results of their wholly-owned subsidiaries accounted for under the equity method. On June 29, 2012, ATT Southern, Inc. was added as a guarantor. On June 30, 2012, to allocate debt related to operations, three guarantors entered into intercompany debt agreements with a non-guarantor to borrow a total of $491,372.


CONDENSED CONSOLIDATING BALANCE SHEETS
At June 30, 2013


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent
Company

 

Guarantor
Companies

 

Non-Guarantor
Companies

 

Elimination

 

Consolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and equivalents

 

$

35,260

 

$

23,036

 

$

67,808

 

$

—

 

$

126,104

 

Accounts receivable, net of allowances

 

 

—

 

 

230,970

 

 

73,943

 

 

(33,170

)

 

271,743

 

Contract costs and recognized income not yet billed, net of progress payments

 

 

—

 

 

117,281

 

 

(8

)

 

—

 

 

117,273

 

Inventories, net

 

 

—

 

 

161,642

 

 

57,395

 

 

292

 

 

219,329

 

Prepaid and other current assets

 

 

1,185

 

 

24,258

 

 

18,659

 

 

14,609

 

 

58,711

 

Assets of discontinued operations

 

 

—

 

 

—

 

 

554

 

 

—

 

 

554

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Current Assets

 

 

36,445

 

 

557,187

 

 

218,351

 

 

(18,269

)

 

793,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT, net

 

 

987

 

 

246,079

 

 

101,374

 

 

—

 

 

348,440

 

GOODWILL

 

 

—

 

 

288,147

 

 

68,228

 

 

—

 

 

356,375

 

INTANGIBLE ASSETS, net

 

 

—

 

 

161,421

 

 

60,362

 

 

—

 

 

221,783

 

INTERCOMPANY RECEIVABLE

 

 

576,447

 

 

889,614

 

 

590,955

 

 

(2,057,016

)

 

—

 

EQUITY INVESTMENTS IN SUBSIDIARIES

 

 

2,187,091

 

 

532,330

 

 

2,690,519

 

 

(5,409,940

)

 

—

 

OTHER ASSETS

 

 

47,265

 

 

57,942

 

 

7,659

 

 

(87,198

)

 

25,668

 

ASSETS OF DISCONTINUED OPERATIONS

 

 

—

 

 

—

 

 

2,646

 

 

—

 

 

2,646

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Assets

 

$

2,848,235

 

$

2,732,720

 

$

3,740,094

 

$

(7,572,423

)

$

1,748,626

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable and current portion of long-term debt

 

$

1,156

 

$

1,070

 

$

11,158

 

$

—

 

$

13,384

 

Accounts payable and accrued liabilities

 

 

26,463

 

 

163,612

 

 

67,137

 

 

(18,561

)

 

238,651

 

Liabilities of discontinued operations

 

 

—

 

 

—

 

 

1,690

 

 

—

 

 

1,690

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Current Liabilities

 

 

27,619

 

 

164,682

 

 

79,985

 

 

(18,561

)

 

253,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM DEBT, net of debt discounts

 

 

656,230

 

 

9,277

 

 

12,800

 

 

—

 

 

678,307

 

INTERCOMPANY PAYABLES

 

 

20,519

 

 

817,784

 

 

1,187,936

 

 

(2,026,239

)

 

—

 

OTHER LIABILITIES

 

 

64,419

 

 

176,856

 

 

27,512

 

 

(87,198

)

 

181,589

 

LIABILITIES OF DISCONTINUED OPERATIONS

 

 

—

 

 

—

 

 

2,631

 

 

—

 

 

2,631

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Liabilities

 

 

768,787

 

 

1,168,599

 

 

1,310,864

 

 

(2,131,998

)

 

1,116,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

2,079,448

 

 

1,564,121

 

 

2,429,230

 

 

(5,440,425

)

 

632,374

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Liabilities and Shareholders’ Equity

 

$

2,848,235

 

$

2,732,720

 

$

3,740,094

 

$

(7,572,423

)

$

1,748,626

 

 

 

   

 

   

 

   

 

   

 

   

 


CONDENSED CONSOLIDATING BALANCE SHEETS
At September 30, 2012


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent
Company

 

Guarantor
Companies

 

Non-Guarantor
Companies

 

Elimination

 

Consolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and equivalents

 

$

125,093

 

$

34,782

 

$

49,779

 

$

—

 

$

209,654

 

Accounts receivable, net of allowances

 

 

—

 

 

187,487

 

 

81,274

 

 

(28,904

)

 

239,857

 

Contract costs and recognized income not yet billed, net of progress payments

 

 

—

 

 

69,216

 

 

1,561

 

 

—

 

 

70,777

 

Inventories, net

 

 

—

 

 

194,618

 

 

63,203

 

 

47

 

 

257,868

 

Prepaid and other current assets

 

 

(851

)

 

23,929

 

 

21,968

 

 

2,426

 

 

47,472

 

Assets of discontinued operations

 

 

—

 

 

—

 

 

587

 

 

—

 

 

587

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Current Assets

 

 

124,242

 

 

510,032

 

 

218,372

 

 

(26,431

)

 

826,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT, net

 

 

1,224

 

 

244,261

 

 

111,394

 

 

—

 

 

356,879

 

GOODWILL

 

 

—

 

 

288,147

 

 

70,225

 

 

—

 

 

358,372

 

INTANGIBLE ASSETS, net

 

 

—

 

 

164,633

 

 

65,840

 

 

—

 

 

230,473

 

INTERCOMPANY RECEIVABLE

 

 

508,984

 

 

648,347

 

 

542,025

 

 

(1,699,356

)

 

—

 

EQUITY INVESTMENTS IN SUBSIDIARIES

 

 

2,143,427

 

 

528,411

 

 

2,650,083

 

 

(5,321,921

)

 

—

 

OTHER ASSETS

 

 

49,718

 

 

60,609

 

 

8,188

 

 

(87,198

)

 

31,317

 

ASSETS OF DISCONTINUED OPERATIONS

 

 

—

 

 

—

 

 

2,936

 

 

—

 

 

2,936

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Assets

 

$

2,827,595

 

$

2,444,440

 

$

3,669,063

 

$

(7,134,906

)

$

1,806,192

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable and current portion of long-term debt

 

$

1,625

 

$

1,032

 

$

15,046

 

$

—

 

$

17,703

 

Accounts payable and accrued liabilities

 

 

44,649

 

 

167,230

 

 

66,640

 

 

(26,478

)

 

252,041

 

Liabilities of discontinued operations

 

 

—

 

 

—

 

 

3,639

 

 

—

 

 

3,639

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Current Liabilities

 

 

46,274

 

 

168,262

 

 

85,325

 

 

(26,478

)

 

273,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM DEBT, net of debt discounts

 

 

655,023

 

 

9,782

 

 

17,102

 

 

—

 

 

681,907

 

INTERCOMPANY PAYABLES

 

 

—

 

 

558,905

 

 

1,149,748

 

 

(1,708,653

)

 

—

 

OTHER LIABILITIES

 

 

68,827

 

 

183,989

 

 

27,489

 

 

(87,198

)

 

193,107

 

LIABILITIES OF DISCONTINUED OPERATIONS

 

 

—

 

 

—

 

 

3,643

 

 

—

 

 

3,643

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Liabilities

 

 

770,124

 

 

920,938

 

 

1,283,307

 

 

(1,822,329

)

 

1,152,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

2,057,471

 

 

1,523,502

 

 

2,385,751

 

 

(5,312,572

)

 

654,152

 

 

 

   

 

   

 

   

 

   

 

   

 

Total Liabilities and Shareholders’ Equity

 

$

2,827,595

 

$

2,444,440

 

$

3,669,058

 

$

(7,134,901

)

$

1,806,192

 

 

 

   

 

   

 

   

 

   

 

   

 


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended June 30, 2013


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Parent
Company

 

Guarantor
Companies

 

Non-Guarantor
Companies

 

Elimination

 

Consolidation

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

—

 

$

408,371

 

$

114,005

 

$

(12,550

)

$

509,826

 

Cost of goods and services

 

 

—

 

 

317,156

 

 

95,461

 

 

(11,102

)

 

401,515

 

 

 

   

 

   

 

   

 

   

 

   

 

Gross profit

 

 

—

 

 

91,215

 

 

18,544

 

 

(1,448

)

 

108,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

4,141

 

 

69,014

 

 

14,794

 

 

(1,604

)

 

86,345

 

Restructuring and other related charges

 

 

—

 

 

1,565

 

 

39

 

 

—

 

 

1,604

 

 

 

   

 

   

 

   

 

   

 

   

 

Total operating expenses

 

 

4,141

 

 

70,579

 

 

14,833

 

 

(1,604

)

 

87,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

(4,141

)

 

20,636

 

 

3,711

 

 

156

 

 

20,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(3,559

)

 

(6,982

)

 

(2,596

)

 

—

 

 

(13,137

)

Other, net

 

 

12

 

 

2,767

 

 

(1,710

)

 

(462

)

 

607

 

 

 

   

 

   

 

   

 

   

 

   

 

Total other income (expense)

 

 

(3,547

)

 

(4,215

)

 

(4,306

)

 

(462

)

 

(12,530

)

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

 

(7,688

)

 

16,421

 

 

(595

)

 

(306

)

 

7,832

 

Provision (benefit) for income taxes

 

 

(2,912

)

 

6,744

 

 

397

 

 

—

 

 

4,229

 

 

 

   

 

   

 

   

 

   

 

   

 

Income (loss) before equity in net income of subsidiaries

 

 

(4,776

)

 

9,677

 

 

(992

)

 

(306

)

 

3,603

 

Equity in net income (loss) of subsidiaries

 

 

8,685

 

 

(969

)

 

9,677

 

 

(17,393

)

 

—

 

 

 

   

 

   

 

   

 

   

 

   

 

Net income (loss)

 

$

3,909

 

$

8,708

 

$

8,685

 

$

(17,699

)

$

3,603

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

3,909

 

$

8,708

 

$

8,685

 

$

(17,699

)

$

3,603

 

Other comprehensive income (loss), net of taxes

 

 

211

 

 

1,092

 

 

(8,855

)

 

—

 

 

(7,552

)

 

 

   

 

   

 

   

 

   

 

   

 

Comprehensive income (loss)

 

$

4,120

 

$

9,800

 

$

(170

)

$

(17,699

)

$

(3,949

)

 

 

   

 

   

 

   

 

   

 

   

 


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended June 30, 2012


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Parent
Company

 

Guarantor
Companies

 

Non-Guarantor
Companies

 

Elimination

 

Consolidation

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

—

 

$

375,836

 

$

120,457

 

$

(16,047

)

$

480,246

 

Cost of goods and services

 

 

—

 

 

270,653

 

 

104,030

 

 

(10,082

)

 

364,601

 

 

 

   

 

   

 

   

 

   

 

   

 

Gross profit

 

 

—

 

 

105,183

 

 

16,427

 

 

(5,965

)

 

115,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

5,420

 

 

72,300

 

 

15,405

 

 

(5,682

)

 

87,443

 

 

 

   

 

   

 

   

 

   

 

   

 

Total operating expenses

 

 

5,420

 

 

72,300

 

 

15,405

 

 

(5,682

)

 

87,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

(5,420

)

 

32,883

 

 

1,022

 

 

(283

)

 

28,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(3,801

)

 

(6,094

)

 

(2,960

)

 

—

 

 

(12,855

)

Other, net

 

 

(40

)

 

2,761

 

 

(2,613

)

 

(462

)

 

(354

)

 

 

   

 

   

 

   

 

   

 

   

 

Total other income (expense)

 

 

(3,841

)

 

(3,333

)

 

(5,573

)

 

(462

)

 

(13,209

)

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

 

(9,261

)

 

29,550

 

 

(4,551

)

 

(745

)

 

14,993

 

Provision (benefit) for income taxes

 

 

(4,824

)

 

10,604

 

 

165

 

 

—

 

 

5,945

 

 

 

   

 

   

 

   

 

   

 

   

 

Income (loss) before equity in net income of subsidiaries

 

 

(4,437

)

 

18,946

 

 

(4,716

)

 

(745

)

 

9,048

 

Equity in net income (loss) of subsidiaries

 

 

14,231

 

 

(4,694

)

 

18,947

 

 

(28,484

)

 

—

 

 

 

   

 

   

 

   

 

   

 

   

 

Net income (loss)

 

$

9,794

 

$

14,252

 

$

14,231

 

$

(29,229

)

$

9,048

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

9,794

 

$

14,252

 

$

14,231

 

$

(29,229

)

$

9,048

 

Other comprehensive income (loss), net of taxes

 

 

238

 

 

(10,190

)

 

(8,052

)

 

—

 

 

(18,004

)

 

 

   

 

   

 

   

 

   

 

   

 

Comprehensive income (loss)

 

$

10,032

 

$

4,062

 

$

6,179

 

$

(29,229

)

$

(8,956

)

 

 

   

 

   

 

   

 

   

 

   

 


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Nine Months Ended June 30, 2013


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent
Company

 

Guarantor
Companies

 

Non-Guarantor
Companies

 

Elimination

 

Consolidation

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

—

 

$

1,109,275

 

$

352,514

 

$

(39,471

)

$

1,422,318

 

Cost of goods and services

 

 

—

 

 

848,342

 

 

297,826

 

 

(35,328

)

 

1,110,840

 

 

 

   

 

   

 

   

 

   

 

   

 

Gross profit

 

 

—

 

 

260,933

 

 

54,688

 

 

(4,143

)

 

311,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

15,419

 

 

198,601

 

 

45,327

 

 

(4,724

)

 

254,623

 

Restructuring and other related charges

 

 

—

 

 

8,045

 

 

4,003

 

 

—

 

 

12,048

 

 

 

   

 

   

 

   

 

   

 

   

 

Total operating expenses

 

 

15,419

 

 

206,646

 

 

49,330

 

 

(4,724

)

 

266,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

(15,419

)

 

54,287

 

 

5,358

 

 

581

 

 

44,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(10,781

)

 

(20,685

)

 

(7,659

)

 

—

 

 

(39,125

)

Other, net

 

 

367

 

 

7,032

 

 

(4,498

)

 

(1,386

)

 

1,515

 

 

 

   

 

   

 

   

 

   

 

   

 

Total other income (expense)

 

 

(10,414

)

 

(13,653

)

 

(12,157

)

 

(1,386

)

 

(37,610

)

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

 

(25,833

)

 

40,634

 

 

(6,799

)

 

(805

)

 

7,197

 

Provision (benefit) for income taxes

 

 

(12,672

)

 

15,693

 

 

834

 

 

—

 

 

3,855

 

 

 

   

 

   

 

   

 

   

 

   

 

Income (loss) before equity in net income of subsidiaries

 

 

(13,161

)

 

24,941

 

 

(7,633

)

 

(805

)

 

3,342

 

Equity in net income (loss) of subsidiaries

 

 

17,308

 

 

(7,565

)

 

24,941

 

 

(34,684

)

 

—

 

 

 

   

 

   

 

   

 

   

 

   

 

Net income (loss)

 

$

4,147

 

$

17,376

 

$

17,308

 

$

(35,489

)

$

3,342

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

4,147

 

$

17,376

 

$

17,308

 

$

(35,489

)

$

3,342

 

Other comprehensive income (loss), net of taxes

 

 

633

 

 

(41,047

)

 

34,461

 

 

—

 

 

(5,953

)

 

 

   

 

   

 

   

 

   

 

   

 

Comprehensive income (loss)

 

$

4,780

 

$

(23,671

)

$

51,769

 

$

(35,489

)

$

(2,611

)

 

 

   

 

   

 

   

 

   

 

   

 


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Nine Months Ended June 30, 2012


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent
Company

 

Guarantor
Companies

 

Non-Guarantor
Companies

 

Elimination

 

Consolidation

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

—

 

$

1,077,454

 

$

379,617

 

$

(43,362

)

$

1,413,709

 

Cost of goods and services

 

 

—

 

 

804,521

 

 

325,917

 

 

(37,883

)

 

1,092,555

 

 

 

   

 

   

 

   

 

   

 

   

 

Gross profit

 

 

—

 

 

272,933

 

 

53,700

 

 

(5,479

)

 

321,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

14,665

 

 

200,474

 

 

47,389

 

 

(5,867

)

 

256,661

 

Restructuring and other related charges

 

 

—

 

 

1,779

 

 

16

 

 

—

 

 

1,795

 

 

 

   

 

   

 

   

 

   

 

   

 

Total operating expenses

 

 

14,665

 

 

202,253

 

 

47,405

 

 

(5,867

)

 

258,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

(14,665

)

 

70,680

 

 

6,295

 

 

388

 

 

62,698

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(10,545

)

 

(18,156

)

 

(10,074

)

 

—

 

 

(38,775

)

Other, net

 

 

135

 

 

8,350

 

 

(6,376

)

 

(1,386

)

 

723

 

 

 

   

 

   

 

   

 

   

 

   

 

Total other income (expense)

 

 

(10,410

)

 

(9,806

)

 

(16,450

)

 

(1,386

)

 

(38,052

)

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

 

(25,075

)

 

60,874

 

 

(10,155

)

 

(998

)

 

24,646

 

Provision (benefit) for income taxes

 

 

(12,583

)

 

23,401

 

 

265

 

 

—

 

 

11,083

 

 

 

   

 

   

 

   

 

   

 

   

 

Income (loss) before equity in net income of subsidiaries

 

 

(12,492

)

 

37,473

 

 

(10,420

)

 

(998

)

 

13,563

 

Equity in net income (loss) of subsidiaries

 

 

27,053

 

 

(10,296

)

 

37,473

 

 

(54,230

)

 

—

 

 

 

   

 

   

 

   

 

   

 

   

 

Net income (loss)

 

$

14,561

 

$

27,177

 

$

27,053

 

$

(55,228

)

$

13,563

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

14,561

 

$

27,177

 

$

27,053

 

$

(55,228

)

$

13,563

 

Other comprehensive income (loss), net of taxes

 

 

714

 

 

22,778

 

 

(35,409

)

 

—

 

 

(11,917

)

 

 

   

 

   

 

   

 

   

 

   

 

Comprehensive income (loss)

 

$

15,275

 

$

49,955

 

$

(8,356

)

$

(55,228

)

$

1,646

 

 

 

   

 

   

 

   

 

   

 

   

 


CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Nine Months Ended June 30, 2013


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent
Company

 

Guarantor
Companies

 

Non-Guarantor
Companies

 

Elimination

 

Consolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

4,147

 

$

17,376

 

$

17,308

 

$

(35,489

)

$

3,342

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

 

(67,628

)

 

23,214

 

 

46,968

 

 

—

 

 

2,554

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of property, plant and equipment

 

 

(33

)

 

(40,324

)

 

(5,529

)

 

—

 

 

(45,886

)

Intercompany distributions

 

 

10,000

 

 

(10,000

)

 

—

 

 

—

 

 

—

 

Proceeds from sale of investment

 

 

—

 

 

1,172

 

 

154

 

 

—

 

 

1,326

 

 

 

   

 

   

 

   

 

   

 

   

 

Net cash provided by (used in) investing activities

 

 

9,967

 

 

(49,152

)

 

(5,375

)

 

—

 

 

(44,560

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of shares for treasury

 

 

(25,689

)

 

—

 

 

—

 

 

—

 

 

(25,689

)

Proceeds from issuance of long-term debt

 

 

—

 

 

303

 

 

—

 

 

—

 

 

303

 

Payments of long-term debt

 

 

(1,751

)

 

(772

)

 

(10,319

)

 

—

 

 

(12,842

)

Change in short-term borrowings

 

 

—

 

 

—

 

 

2,408

 

 

—

 

 

2,408

 

Financing costs

 

 

(759

)

 

—

 

 

—

 

 

—

 

 

(759

)

Tax effect from exercise/vesting of equity awards, net

 

 

150

 

 

—

 

 

—

 

 

—

 

 

150

 

Dividend

 

 

(4,384

)

 

—

 

 

—

 

 

—

 

 

(4,384

)

Other, net

 

 

261

 

 

14,661

 

 

(14,661

)

 

—

 

 

261

 

 

 

   

 

   

 

   

 

   

 

   

 

Net cash provided by (used in) financing activities

 

 

(32,172

)

 

14,192

 

 

(22,572

)

 

—

 

 

(40,552

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM DISCONTINUED OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in discontinued operations

 

 

—

 

 

—

 

 

(486

)

 

—

 

 

(486

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and equivalents

 

 

—

 

 

—

 

 

(506

)

 

—

 

 

(506

)

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS

 

 

(89,833

)

 

(11,746

)

 

18,029

 

 

—

 

 

(83,550

)

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD

 

 

125,093

 

 

34,782

 

 

49,779

 

 

—

 

 

209,654

 

 

 

   

 

   

 

   

 

   

 

   

 

CASH AND EQUIVALENTS AT END OF PERIOD

 

$

35,260

 

$

23,036

 

$

67,808

 

$

—

 

$

126,104

 

 

 

   

 

   

 

   

 

   

 

   

 


CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Nine Months Ended June 30, 2012


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent
Company

 

Guarantor
Companies

 

Non-Guarantor
Companies

 

Elimination

 

Consolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

14,561

 

$

27,177

 

$

27,053

 

$

(55,228

)

$

13,563

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

 

(52,124

)

 

48,598

 

 

33,873

 

 

—

 

 

30,347

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of property, plant and equipment

 

 

(91

)

 

(51,582

)

 

(6,022

)

 

—

 

 

(57,695

)

Acquired business, net of cash acquired

 

 

—

 

 

(22,432

)

 

—

 

 

—

 

 

(22,432

)

Intercompany distributions

 

 

10,000

 

 

(10,000

)

 

—

 

 

—

 

 

—

 

Proceeds from sale of investment

 

 

—

 

 

183

 

 

98

 

 

—

 

 

281

 

 

 

   

 

   

 

   

 

   

 

   

 

Net cash provided by (used in) investing activities

 

 

9,909

 

 

(83,831

)

 

(5,924

)

 

—

 

 

(79,846

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of shares for treasury

 

 

(5,670

)

 

—

 

 

—

 

 

—

 

 

(5,670

)

Proceeds from issuance of long-term debt

 

 

—

 

 

491,372

 

 

4,000

 

 

(491,372

)

 

4,000

 

Payments of long-term debt

 

 

(1,219

)

 

(4,101

)

 

(9,243

)

 

—

 

 

(14,563

)

Change in short-term borrowings

 

 

—

 

 

—

 

 

(1,262

)

 

—

 

 

(1,262

)

Intercompany debt

 

 

(23,000

)

 

—

 

 

(468,372

)

 

491,372

 

 

—

 

Financing costs

 

 

(65

)

 

—

 

 

(32

)

 

—

 

 

(97

)

Tax effect from exercise/vesting of equity awards, net

 

 

834

 

 

—

 

 

—

 

 

—

 

 

834

 

Dividend

 

 

(3,564

)

 

(219,516

)

 

219,516

 

 

—

 

 

(3,564

)

Other, net

 

 

67

 

 

(221,132

)

 

221,132

 

 

—

 

 

67

 

 

 

   

 

   

 

   

 

   

 

   

 

Net cash provided by (used in) financing activities

 

 

(32,617

)

 

46,623

 

 

(34,261

)

 

—

 

 

(20,255

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM DISCONTINUED OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in discontinued operations

 

 

—

 

 

—

 

 

(1,690

)

 

—

 

 

(1,690

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and equivalents

 

 

—

 

 

—

 

 

327

 

 

—

 

 

327

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS

 

 

(74,832

)

 

11,390

 

 

(7,675

)

 

—

 

 

(71,117

)

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD

 

 

178,448

 

 

15,164

 

 

49,417

 

 

—

 

 

243,029

 

 

 

   

 

   

 

   

 

   

 

   

 

CASH AND EQUIVALENTS AT END OF PERIOD

 

$

103,616

 

$

26,554

 

$

41,742

 

$

—

 

$

171,912