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Consolidating Condensed Financial Information of Guarantor Subsidiaries | 6 Months Ended
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Mar. 29, 2014
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Consolidating Condensed Financial Information of Guarantor Subsidiaries |
13. | Consolidating Condensed Financial Information of Guarantor Subsidiaries
Certain 100% wholly-owned subsidiaries of the Company (as listed below, collectively the “Guarantor Subsidiaries”) have guaranteed fully and unconditionally, on a joint and several basis, the obligation to pay principal and interest on the Company’s 2018 Notes. Certain subsidiaries and operating divisions are not guarantors of the Notes (collectively, the “Non-Guarantor entities”) and have been included in the financial results of the Parent in the information below. These Non-Guarantor entities are not material to the Parent. Those subsidiaries that are guarantors and co-obligors of the Notes are as follows:
Farnam Companies, Inc.
Four Paws Products Ltd.
Gulfstream Home & Garden, Inc.
Kaytee Products, Inc.
Matson, LLC
New England Pottery, LLC
Pennington Seed, Inc. (including Gro Tec, Inc. and All-Glass Aquarium Co., Inc.)
Pets International, Ltd.
T.F.H. Publications, Inc.
Wellmark International (including B2E Corporation and B2E Biotech LLC)
In lieu of providing separate audited financial statements for the Guarantor Subsidiaries, the Company has included the accompanying consolidating condensed financial statements based on the Company’s understanding of the Securities and Exchange Commission’s interpretation and application of Rule 3-10 of the Securities and Exchange Commission’s Regulation S-X.
|  | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Three Months Ended March 29, 2014 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net sales |  | $ | 170,227 |  |  | $ | 344,890 |  |  | $ | (13,506 | ) |  | $ | 501,611 |
Cost of products sold and occupancy |  |  | 125,449 |  |  |  | 242,072 |  |  |  | (13,506 | ) |  |  | 354,015 |
Gross profit |  |  | 44,778 |  |  |  | 102,818 |  |  |  | 0 |  |  |  | 147,596 |
Selling, general and administrative expenses |  |  | 34,843 |  |  |  | 67,984 |  |  |  | 0 |  |  |  | 102,827 |
Income from operations |  |  | 9,935 |  |  |  | 34,834 |  |  |  | 0 |  |  |  | 44,769 |
Interest – net |  |  | (10,384 | ) |  |  | (5 | ) |  |  | 0 |  |  |  | (10,389 | )
Other income (loss ) |  |  | (2,376 | ) |  |  | 2,484 |  |  |  | 0 |  |  |  | 108 |
Income (loss) before income taxes |  |  | (2,825 | ) |  |  | 37,313 |  |  |  | 0 |  |  |  | 34,488 |
Income taxes (tax benefit) |  |  | (798 | ) |  |  | 13,797 |  |  |  | 0 |  |  |  | 12,999 |
Income (loss) including noncontrolling interest |  |  | (2,027 | ) |  |  | 23,516 |  |  |  |  |  |  |  | 21,489 |
Income attributable to noncontrolling interest |  |  | 594 |  |  |  | 0 |  |  |  | 0 |  |  |  | 594 |
Income (loss) attributable to Central Garden & Pet Co. before equity in undistributed income of guarantor subsidiaries |  |  | (2,621 | ) |  |  | 23,516 |  |  |  | 0 |  |  |  | 20,895 |
Equity in undistributed income of guarantor subsidiaries |  |  | 23,516 |  |  |  | 0 |  |  |  | (23,516 | ) |  |  | 0 |
Net income attributable to Central Garden & Pet Co. |  | $ | 20,895 |  |  | $ | 23,516 |  |  | $ | (23,516 | ) |  | $ | 20,895 |
|  | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Three Months Ended March 30, 2013 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net sales |  | $ | 158,939 |  |  | $ | 351,581 |  |  | $ | (12,351 | ) |  | $ | 498,169 |
Cost of products sold and occupancy |  |  | 116,559 |  |  |  | 240,791 |  |  |  | (12,351 | ) |  |  | 344,999 |
Gross profit |  |  | 42,380 |  |  |  | 110,790 |  |  |  | 0 |  |  |  | 153,170 |
Selling, general and administrative expenses |  |  | 36,927 |  |  |  | 69,497 |  |  |  | 0 |  |  |  | 106,424 |
Income from operations |  |  | 5,453 |  |  |  | 41,293 |  |  |  | 0 |  |  |  | 46,746 |
Interest – net |  |  | (10,922 | ) |  |  | 12 |  |  |  | 0 |  |  |  | (10,910 | )
Other income (loss ) |  |  | (3,065 | ) |  |  | 3,017 |  |  |  | 0 |  |  |  | (48 | )
Income (loss) before income taxes |  |  | (8,534 | ) |  |  | 44,322 |  |  |  | 0 |  |  |  | 35,788 |
Income taxes (tax benefit) |  |  | (2,605 | ) |  |  | 15,433 |  |  |  | 0 |  |  |  | 12,828 |
Income (loss) including noncontrolling interest |  |  | (5,929 | ) |  |  | 28,889 |  |  |  |  |  |  |  | 22,960 |
Income attributable to noncontrolling interest |  |  | 764 |  |  |  | 0 |  |  |  | 0 |  |  |  | 764 |
Income (loss) attributable to Central Garden & Pet Co. before equity in undistributed income of guarantor subsidiaries |  |  | (6,693 | ) |  |  | 28,889 |  |  |  | 0 |  |  |  | 22,196 |
Equity in undistributed income of guarantor subsidiaries |  |  | 28,889 |  |  |  | 0 |  |  |  | (28,889 | ) |  |  | 0 |
Net income attributable to Central Garden & Pet Co. |  | $ | 22,196 |  |  | $ | 28,889 |  |  | $ | (28,889 | ) |  | $ | 22,196 |
|  | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Six Months Ended March 29, 2014 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net sales |  | $ | 266,566 |  |  | $ | 550,196 |  |  | $ | (24,630 | ) |  | $ | 792,132 |
Cost of products sold and occupancy |  |  | 202,196 |  |  |  | 387,229 |  |  |  | (24,630 | ) |  |  | 564,795 |
Gross profit |  |  | 64,370 |  |  |  | 162,967 |  |  |  | 0 |  |  |  | 227,337 |
Selling, general and administrative expenses |  |  | 63,218 |  |  |  | 127,705 |  |  |  | 0 |  |  |  | 190,923 |
Income from operations |  |  | 1,152 |  |  |  | 35,262 |  |  |  | 0 |  |  |  | 36,414 |
Interest – net |  |  | (22,568 | ) |  |  | (25 | ) |  |  | 0 |  |  |  | (22,593 | )
Other income (loss ) |  |  | (1,961 | ) |  |  | 1,901 |  |  |  | 0 |  |  |  | (60 | )
Income (loss) before income taxes |  |  | (23,377 | ) |  |  | 37,138 |  |  |  | 0 |  |  |  | 13,761 |
Income taxes (tax benefit) |  |  | (8,646 | ) |  |  | 13,730 |  |  |  | 0 |  |  |  | 5,084 |
Income (loss) including noncontrolling interest |  |  | (14,731 | ) |  |  | 23,408 |  |  |  |  |  |  |  | 8,677 |
Income attributable to noncontrolling interest |  |  | 490 |  |  |  | 0 |  |  |  | 0 |  |  |  | 490 |
Income (loss) attributable to Central Garden & Pet Co. before equity in undistributed income of guarantor subsidiaries |  |  | (15,221 | ) |  |  | 23,408 |  |  |  | 0 |  |  |  | 8,187 |
Equity in undistributed income of guarantor subsidiaries |  |  | 23,408 |  |  |  | 0 |  |  |  | (23,408 | ) |  |  | 0 |
Net income attributable to Central Garden & Pet Co. |  | $ | 8,187 |  |  | $ | 23,408 |  |  | $ | (23,408 | ) |  | $ | 8,187 |
|  | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Six Months Ended March 30, 2013 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net sales |  | $ | 254,942 |  |  | $ | 560,626 |  |  | $ | (24,902 | ) |  | $ | 790,666 |
Cost of products sold and occupancy |  |  | 191,402 |  |  |  | 394,037 |  |  |  | (24,902 | ) |  |  | 560,537 |
Gross profit |  |  | 63,540 |  |  |  | 166,589 |  |  |  | 0 |  |  |  | 230,129 |
Selling, general and administrative expenses |  |  | 65,446 |  |  |  | 131,031 |  |  |  | 0 |  |  |  | 196,477 |
Income (loss) from operations |  |  | (1,906 | ) |  |  | 35,558 |  |  |  | 0 |  |  |  | 33,652 |
Interest – net |  |  | (21,221 | ) |  |  | 61 |  |  |  | 0 |  |  |  | (21,160 | )
Other income (loss ) |  |  | (2,817 | ) |  |  | 1,788 |  |  |  | 0 |  |  |  | (1,029 | )
Income (loss) before income taxes |  |  | (25,944 | ) |  |  | 37,407 |  |  |  | 0 |  |  |  | 11,463 |
Income taxes (tax benefit) |  |  | (8,988 | ) |  |  | 12,838 |  |  |  | 0 |  |  |  | 3,850 |
Income (loss) including noncontrolling interest |  |  | (16,956 | ) |  |  | 24,569 |  |  |  |  |  |  |  | 7,613 |
Income attributable to noncontrolling interest |  |  | 686 |  |  |  | 0 |  |  |  | 0 |  |  |  | 686 |
Income (loss) attributable to Central Garden & Pet Co. before equity in undistributed income of guarantor subsidiaries |  |  | (17,642 | ) |  |  | 24,569 |  |  |  | 0 |  |  |  | 6,927 |
Equity in undistributed income of guarantor subsidiaries |  |  | 24,569 |  |  |  | 0 |  |  |  | (24,569 | ) |  |  | 0 |
Net income attributable to Central Garden & Pet Co. |  | $ | 6,927 |  |  | $ | 24,569 |  |  | $ | (24,569 | ) |  | $ | 6,927 |
|  | CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 29, 2014 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net income (loss) |  | $ | (2,027 | ) |  | $ | 23,516 |  |  | $ | 0 |  |  | $ | 21,489 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | 2 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |
Total comprehensive income (loss) |  |  | (2,025 | ) |  |  | 23,516 |  |  |  | 0 |  |  |  | 21,491 |
Comprehensive income attributable to noncontrolling interests |  |  | 594 |  |  |  | 0 |  |  |  | 0 |  |  |  | 594 |
Comprehensive income (loss) attributable to Central Garden & Pet Company |  | $ | (2,619 | ) |  | $ | 23,516 |  |  | $ | 0 |  |  | $ | 20,897 |
|  | CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 30, 2013 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net income (loss) |  | $ | (5,929 | ) |  | $ | 28,889 |  |  | $ | 0 |  |  | $ | 22,960 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | (566 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (566 | )
Total comprehensive income (loss) |  |  | (6,495 | ) |  |  | 28,889 |  |  |  | 0 |  |  |  | 22,394 |
Comprehensive income attributable to noncontrolling interests |  |  | 764 |  |  |  | 0 |  |  |  | 0 |  |  |  | 764 |
Comprehensive income (loss) attributable to Central Garden & Pet Company |  | $ | (7,259 | ) |  | $ | 28,889 |  |  | $ | 0 |  |  | $ | 21,630 |
|  | CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended March 29, 2014 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net income (loss) |  | $ | (14,731 | ) |  | $ | 23,408 |  |  | $ | 0 |  |  | $ | 8,677 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | 87 |  |  |  | 0 |  |  |  | 0 |  |  |  | 87 |
Total comprehensive income (loss) |  |  | (14,644 | ) |  |  | 23,408 |  |  |  | 0 |  |  |  | 8,764 |
Comprehensive income attributable to noncontrolling interests |  |  | 490 |  |  |  | 0 |  |  |  | 0 |  |  |  | 490 |
Comprehensive income (loss) attributable to Central Garden & Pet Company |  | $ | (15,134 | ) |  | $ | 23,408 |  |  | $ | 0 |  |  | $ | 8,274 |
|  | CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended March 30, 2013 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net income (loss) |  | $ | (16,956 | ) |  | $ | 24,569 |  |  | $ | 0 |  |  | $ | 7,613 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | (607 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (607 | )
Total comprehensive income (loss) |  |  | (17,563 | ) |  |  | 24,569 |  |  |  | 0 |  |  |  | 7,006 |
Comprehensive income attributable to noncontrolling interests |  |  | 686 |  |  |  | 0 |  |  |  | 0 |  |  |  | 686 |
Comprehensive income (loss) attributable to Central Garden & Pet Company |  | $ | (18,249 | ) |  | $ | 24,569 |  |  | $ | 0 |  |  | $ | 6,320 |
|  | CONSOLIDATING CONDENSED BALANCE SHEET March 29, 2014 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 14,820 |  |  | $ | 1,928 |  |  | $ | 0 |  |  | $ | 16,748 |
Short term investments |  |  | 14,220 |  |  |  | 0 |  |  |  | 0 |  |  |  | 14,220 |
Accounts receivable, net |  |  | 104,384 |  |  |  | 226,821 |  |  |  | (8,022 | ) |  |  | 323,183 |
Inventories |  |  | 129,367 |  |  |  | 273,353 |  |  |  | 0 |  |  |  | 402,720 |
Prepaid expenses and other assets |  |  | 25,719 |  |  |  | 30,163 |  |  |  | 0 |  |  |  | 55,882 |
Total current assets |  |  | 288,510 |  |  |  | 532,265 |  |  |  | (8,022 | ) |  |  | 812,753 |
Land, buildings, improvements and equipment, net |  |  | 77,903 |  |  |  | 107,451 |  |  |  | 0 |  |  |  | 185,354 |
Goodwill |  |  | 0 |  |  |  | 205,756 |  |  |  | 0 |  |  |  | 205,756 |
Investment in guarantors |  |  | 741,485 |  |  |  | 0 |  |  |  | (741,485 | ) |  |  | 0 |
Deferred income taxes and other assets |  |  | 57,247 |  |  |  | 33,237 |  |  |  | 0 |  |  |  | 90,484 |
Total |  | $ | 1,165,145 |  |  | $ | 878,709 |  |  | $ | (749,507 | ) |  | $ | 1,294,347 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 63,803 |  |  | $ | 86,371 |  |  | $ | (8,022 | ) |  | $ | 142,152 |
Accrued expenses and other current liabilities |  |  | 35,455 |  |  |  | 45,734 |  |  |  | 0 |  |  |  | 81,189 |
Total current liabilities |  |  | 99,258 |  |  |  | 132,105 |  |  |  | (8,022 | ) |  |  | 223,341 |
Long-term debt |  |  | 544,917 |  |  |  | 115 |  |  |  | 0 |  |  |  | 545,032 |
Other long-term obligations |  |  | 35,466 |  |  |  | 5,004 |  |  |  | 0 |  |  |  | 40,470 |
Shareholders’ equity attributable to Central Garden & Pet Co. |  |  | 484,301 |  |  |  | 741,485 |  |  |  | (741,485 | ) |  |  | 484,301 |
Noncontrolling interest |  |  | 1,203 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,203 |
Total equity |  |  | 485,504 |  |  |  | 741,485 |  |  |  | (741,485 | ) |  |  | 485,504 |
Total |  | $ | 1,165,145 |  |  | $ | 878,709 |  |  | $ | (749,507 | ) |  | $ | 1,294,347 |
|  | CONSOLIDATING CONDENSED BALANCE SHEET September 28, 2013 (in thousands) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 12,441 |  |  | $ | 2,715 |  |  | $ | 0 |  |  | $ | 15,156 |
Short term investments |  |  | 17,820 |  |  |  | 0 |  |  |  | 0 |  |  |  | 17,820 |
Accounts receivable, net |  |  | 43,660 |  |  |  | 153,734 |  |  |  | (3,134 | ) |  |  | 194,260 |
Inventories |  |  | 114,662 |  |  |  | 277,272 |  |  |  | 0 |  |  |  | 391,934 |
Prepaid expenses and other assets |  |  | 24,747 |  |  |  | 28,737 |  |  |  | 0 |  |  |  | 53,484 |
Total current assets |  |  | 213,330 |  |  |  | 462,458 |  |  |  | (3,134 | ) |  |  | 672,654 |
Land, buildings, improvements and equipment, net |  |  | 78,662 |  |  |  | 110,251 |  |  |  | 0 |  |  |  | 188,913 |
Goodwill |  |  | 0 |  |  |  | 205,756 |  |  |  | 0 |  |  |  | 205,756 |
Investment in guarantors |  |  | 693,615 |  |  |  | 0 |  |  |  | (693,615 | ) |  |  | 0 |
Other assets |  |  | 57,255 |  |  |  | 36,582 |  |  |  | 0 |  |  |  | 93,837 |
Total |  | $ | 1,042,862 |  |  | $ | 815,047 |  |  | $ | (696,749 | ) |  | $ | 1,161,160 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 36,869 |  |  | $ | 69,834 |  |  | $ | (3,134 | ) |  | $ | 103,569 |
Accrued expenses and other liabilities |  |  | 33,664 |  |  |  | 45,096 |  |  |  | 0 |  |  |  | 78,760 |
Total current liabilities |  |  | 70,533 |  |  |  | 114,930 |  |  |  | (3,134 | ) |  |  | 182,329 |
Long-term debt |  |  | 472,418 |  |  |  | 27 |  |  |  | 0 |  |  |  | 472,445 |
Other long-term obligations |  |  | 29,887 |  |  |  | 6,475 |  |  |  | 0 |  |  |  | 36,362 |
Shareholders’ equity attributable to Central Garden & Pet |  |  | 468,678 |  |  |  | 693,615 |  |  |  | (693,615 | ) |  |  | 468,678 |
Noncontrolling interest |  |  | 1,346 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,346 |
Total equity |  |  | 470,024 |  |  |  | 693,615 |  |  |  | (693,615 | ) |  |  | 470,024 |
Total |  | $ | 1,042,862 |  |  | $ | 815,047 |  |  | $ | (696,749 | ) |  | $ | 1,161,160 |
|  | CONSOLIDATING CONDENSED BALANCE SHEET March 30, 2013 (in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8,906 |  |  | $ | 2,378 |  |  | $ | 0 |  |  | $ | 11,284 |
Short term investments |  |  | 17,820 |  |  |  | 0 |  |  |  | 0 |  |  |  | 17,820 |
Accounts receivable, net |  |  | 108,938 |  |  |  | 224,199 |  |  |  | (10,947 | ) |  |  | 322,190 |
Inventories |  |  | 145,781 |  |  |  | 290,102 |  |  |  | 0 |  |  |  | 435,883 |
Prepaid expenses and other assets |  |  | 30,013 |  |  |  | 29,395 |  |  |  | 0 |  |  |  | 59,408 |
Total current assets |  |  | 311,458 |  |  |  | 546,074 |  |  |  | (10,947 | ) |  |  | 846,585 |
Land, buildings, improvements and equipment, net |  |  | 82,948 |  |  |  | 110,725 |  |  |  | 0 |  |  |  | 193,673 |
Goodwill |  |  | 0 |  |  |  | 210,223 |  |  |  | 0 |  |  |  | 210,223 |
Investment in guarantors |  |  | 772,514 |  |  |  | 0 |  |  |  | (772,514 | ) |  |  | 0 |
Deferred income taxes and other assets |  |  | 53,747 |  |  |  | 42,353 |  |  |  | 0 |  |  |  | 96,100 |
Total |  | $ | 1,220,667 |  |  | $ | 909,375 |  |  | $ | (783,461 | ) |  | $ | 1,346,581 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 79,227 |  |  | $ | 97,411 |  |  | $ | (10,947 | ) |  | $ | 165,691 |
Accrued expenses and other current liabilities |  |  | 39,520 |  |  |  | 37,666 |  |  |  | 0 |  |  |  | 77,186 |
Total current liabilities |  |  | 118,747 |  |  |  | 135,077 |  |  |  | (10,947 | ) |  |  | 242,877 |
Long-term debt |  |  | 593,376 |  |  |  | 48 |  |  |  | 0 |  |  |  | 593,424 |
Other long-term obligations |  |  | 32,915 |  |  |  | 1,736 |  |  |  | 0 |  |  |  | 34,651 |
Shareholders’ equity attributable to Central Garden & Pet Co. |  |  | 474,626 |  |  |  | 772,514 |  |  |  | (772,514 | ) |  |  | 474,626 |
Noncontrolling interest |  |  | 1,003 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,003 |
Total equity |  |  | 475,629 |  |  |  | 772,514 |  |  |  | (772,514 | ) |  |  | 475,629 |
Total |  | $ | 1,220,667 |  |  | $ | 909,375 |  |  | $ | (783,461 | ) |  | $ | 1,346,581 |
|  | CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Six Months Ended March 29, 2014 ( in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net cash used by operating activities |  | $ | (16,606 | ) |  | $ | (20,029 | ) |  | $ | (23,408 | ) |  | $ | (60,043 | )
Additions to property and equipment |  |  | (4,979 | ) |  |  | (5,045 | ) |  |  | 0 |  |  |  | (10,024 | )
Proceeds from short term investments |  |  | 3,600 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,600 |
Payment to acquire companies |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Investment in guarantor subsidiaries |  |  | (47,870 | ) |  |  | 24,462 |  |  |  | 23,408 |  |  |  | 0 |
Net cash provided (used) by investing activities |  |  | (49,249 | ) |  |  | 19,417 |  |  |  | 23,408 |  |  |  | (6,424 | )
Repayments of long-term debt |  |  | (104 | ) |  |  | (99 | ) |  |  | 0 |  |  |  | (203 | )
Borrowings under revolving line of credit |  |  | 188,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 188,000 |
Repayments under revolving line of credit |  |  | (116,000 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (116,000 | )
Repurchase of common stock |  |  | (924 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (924 | )
Proceeds from issuance of common stock |  |  | 461 |  |  |  | 0 |  |  |  | 0 |  |  |  | 461 |
Payment of deferred financing costs |  |  | (3,087 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (3,087 | )
Distribution to minority interest |  |  | (633 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (633 | )
Excess tax benefits from stock-based awards |  |  | 321 |  |  |  | 0 |  |  |  | 0 |  |  |  | 321 |
Net cash provided (used) by financing activities |  |  | 68,034 |  |  |  | (99 | ) |  |  | 0 |  |  |  | 67,935 |
Effect of exchange rate changes on cash |  |  | 200 |  |  |  | (76 | ) |  |  | 0 |  |  |  | 124 |
Net increase (decrease) in cash and cash equivalents |  |  | 2,379 |  |  |  | (787 | ) |  |  | 0 |  |  |  | 1,592 |
Cash and cash equivalents at beginning of period |  |  | 12,441 |  |  |  | 2,715 |  |  |  | 0 |  |  |  | 15,156 |
Cash and cash equivalents at end of period |  | $ | 14,820 |  |  | $ | 1,928 |  |  | $ | 0 |  |  | $ | 16,748 |
|  | CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Six Months Ended March 30, 2013 ( in thousands) (unaudited) |
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net cash used by operating activities |  | $ | (56,490 | ) |  | $ | (81,105 | ) |  | $ | (24,569 | ) |  | $ | (162,164 | )
Additions to property and equipment |  |  | (7,000 | ) |  |  | (9,164 | ) |  |  | 0 |  |  |  | (16,164 | )
Proceeds from short term investments |  |  | 4,885 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,885 |
Payment to acquire companies |  |  | 0 |  |  |  | (4,835 | ) |  |  | 0 |  |  |  | (4,835 | )
Investment in guarantor subsidiaries |  |  | (118,152 | ) |  |  | 93,583 |  |  |  | 24,569 |  |  |  | 0 |
Net cash provided (used) by investing activities |  |  | (120,267 | ) |  |  | 79,584 |  |  |  | 24,569 |  |  |  | (16,114 | )
Repayments of long-term debt |  |  | (111 | ) |  |  | (59 | ) |  |  | 0 |  |  |  | (170 | )
Borrowings under revolving line of credit |  |  | 186,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 186,000 |
Repayments under revolving line of credit |  |  | (42,000 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (42,000 | )
Repurchase of common stock |  |  | (2,454 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2,454 | )
Proceeds from issuance of common stock |  |  | 475 |  |  |  | 0 |  |  |  | 0 |  |  |  | 475 |
Distribution to minority interest |  |  | (629 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (629 | )
Excess tax benefits from stock-based awards |  |  | 289 |  |  |  | 0 |  |  |  | 0 |  |  |  | 289 |
Net cash provided (used) by financing activities |  |  | 141,570 |  |  |  | (59 | ) |  |  | 0 |  |  |  | 141,511 |
Effect of exchange rate changes on cash |  |  | (569 | ) |  |  | 145 |  |  |  | 0 |  |  |  | (424 | )
Net decrease in cash and cash equivalents |  |  | (35,756 | ) |  |  | (1,435 | ) |  |  | 0 |  |  |  | (37,191 | )
Cash and cash equivalents at beginning of period |  |  | 44,662 |  |  |  | 3,813 |  |  |  | 0 |  |  |  | 48,475 |
Cash and cash equivalents at end of period |  | $ | 8,906 |  |  | $ | 2,378 |  |  | $ | 0 |  |  | $ | 11,284 |
The Company and its guarantor subsidiaries participate in a cash pooling program. As part of this program, cash balances are generally swept on a daily basis between the guarantor subsidiary bank accounts and those of the Company. In addition, the Company pays expenses on behalf of its guarantor subsidiaries on a regular basis. These types of transactions have been accounted for as investments in guarantor subsidiaries within investing activities.

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