|
17. SUPPLEMENTAL GUARANTOR INFORMATION
Georgia Gulf Corporation is in essence a holding company for all of its wholly and majority owned subsidiaries. Our payment obligations under the indenture for our 9.0 percent senior secured notes are guaranteed by Georgia Gulf Lake Charles, LLC, Georgia Gulf Chemicals & Vinyls, LLC, Royal Mouldings Limited, Royal Plastics Group (USA) Limited, Rome Delaware Corporation, Plastic Trends, Inc., Royal Group Sales (USA) Limited, Royal Outdoor Products, Inc., Royal Window and Door Profiles Plant 13 Inc., and Royal Window and Door Profiles Plant 14 Inc., and Exterior Portfolio LLC, all of which are wholly-owned subsidiaries (the "Guarantor Subsidiaries") of Georgia Gulf Corporation. The guarantees are full, unconditional and joint and several. Investments in subsidiaries in the following tables reflect investments in wholly owned entities within Georgia Gulf Corporation. 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 included 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.
The following condensed consolidating balance sheet information, statements of operations information and statements of cash flows information present the combined financial statements of the parent company, and the combined financial statements of our Guarantor Subsidiaries and our remaining subsidiaries (the "Non-Guarantor Subsidiaries"). Separate financial statements of the Guarantor Subsidiaries are not presented because we have determined that they would not be material to investors.
Georgia Gulf Corporation and Subsidiaries
Supplemental Condensed Consolidating Balance Sheet Information
June 30, 2011
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Parent
Company |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
|
$ |
32,779 |
|
$ |
8,907 |
|
$ |
|
|
$ |
41,686 |
|
|
Receivables, net |
|
|
|
|
|
665,167 |
|
|
124,408 |
|
|
(369,946 |
) |
|
419,629 |
|
|
Inventories |
|
|
|
|
|
251,072 |
|
|
118,071 |
|
|
|
|
|
369,143 |
|
|
Prepaid expenses |
|
|
71 |
|
|
15,269 |
|
|
4,891 |
|
|
|
|
|
20,231 |
|
|
Income tax receivable |
|
|
|
|
|
113 |
|
|
319 |
|
|
|
|
|
432 |
|
|
Deferred income taxes |
|
|
|
|
|
10,769 |
|
|
|
|
|
|
|
|
10,769 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total current assets |
|
|
71 |
|
|
975,169 |
|
|
256,596 |
|
|
(369,946 |
) |
|
861,890 |
|
|
Property, plant and equipment, net |
|
|
789 |
|
|
424,689 |
|
|
238,395 |
|
|
|
|
|
663,873 |
|
|
Long term receivablesaffiliates |
|
|
471,653 |
|
|
|
|
|
|
|
|
(471,653 |
) |
|
|
|
|
Goodwill |
|
|
|
|
|
100,463 |
|
|
115,526 |
|
|
|
|
|
215,989 |
|
|
Intangibles, net |
|
|
|
|
|
44,858 |
|
|
2,561 |
|
|
|
|
|
47,419 |
|
|
Deferred income taxes |
|
|
|
|
|
|
|
|
8,666 |
|
|
|
|
|
8,666 |
|
|
Other assets |
|
|
18,876 |
|
|
66,829 |
|
|
10,153 |
|
|
|
|
|
95,858 |
|
|
Investment in subsidiaries |
|
|
1,141,530 |
|
|
|
|
|
|
|
|
(1,141,530 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total assets |
|
$ |
1,632,919 |
|
$ |
1,612,008 |
|
$ |
631,897 |
|
$ |
(1,983,129 |
) |
$ |
1,893,695 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
37,557 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
37,557 |
|
|
Accounts payable |
|
|
351,612 |
|
|
188,628 |
|
|
48,801 |
|
|
(360,546 |
) |
|
228,495 |
|
|
Interest payable |
|
|
22,629 |
|
|
|
|
|
79 |
|
|
|
|
|
22,708 |
|
|
Income taxes payable |
|
|
91 |
|
|
(91 |
) |
|
1,269 |
|
|
|
|
|
1,269 |
|
|
Accrued compensation |
|
|
3,538 |
|
|
8,747 |
|
|
10,043 |
|
|
|
|
|
22,328 |
|
|
Liability for unrecognized income tax benefits and other tax reserves |
|
|
|
|
|
2,940 |
|
|
|
|
|
|
|
|
2,940 |
|
|
Other accrued liabilites |
|
|
419 |
|
|
32,792 |
|
|
31,447 |
|
|
|
|
|
64,658 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total current liabilities |
|
|
415,846 |
|
|
233,016 |
|
|
91,639 |
|
|
(360,546 |
) |
|
379,955 |
|
|
Long-term debt |
|
|
598,980 |
|
|
|
|
|
145,595 |
|
|
|
|
|
744,575 |
|
|
Long-term payablesaffiliates |
|
|
|
|
|
|
|
|
481,053 |
|
|
(481,053 |
) |
|
|
|
|
Liability for unrecognized income tax benefits |
|
|
|
|
|
7,207 |
|
|
39,559 |
|
|
|
|
|
46,766 |
|
|
Deferred income taxes |
|
|
24,470 |
|
|
177,707 |
|
|
|
|
|
|
|
|
202,177 |
|
|
Other non-current liabilities |
|
|
112,893 |
|
|
43,595 |
|
|
2,360 |
|
|
(119,356 |
) |
|
39,492 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities |
|
|
1,152,189 |
|
|
461,525 |
|
|
760,206 |
|
|
(960,955 |
) |
|
1,412,965 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity (deficit) |
|
|
480,730 |
|
|
1,150,483 |
|
|
(128,309 |
) |
|
(1,022,174 |
) |
|
480,730 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and stockholders' equity |
|
$ |
1,632,919 |
|
$ |
1,612,008 |
|
$ |
631,897 |
|
$ |
(1,983,129 |
) |
$ |
1,893,695 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Georgia Gulf Corporation and Subsidiaries
Supplemental Condensed Consolidating Balance Sheet Information
December 31, 2010
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Parent
Company |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
Cash and cash equivalents |
|
$ |
|
|
$ |
93,681 |
|
$ |
29,077 |
|
$ |
|
|
$ |
122,758 |
|
|
Receivables, net |
|
|
72 |
|
|
580,625 |
|
|
66,537 |
|
|
(379,572 |
) |
|
267,662 |
|
|
Inventories |
|
|
|
|
|
174,231 |
|
|
87,004 |
|
|
|
|
|
261,235 |
|
|
Prepaid expenses |
|
|
147 |
|
|
12,712 |
|
|
3,747 |
|
|
|
|
|
16,606 |
|
|
Income tax receivable |
|
|
|
|
|
844 |
|
|
55 |
|
|
|
|
|
899 |
|
|
Deferred income taxes |
|
|
|
|
|
7,266 |
|
|
|
|
|
|
|
|
7,266 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total current assets |
|
|
219 |
|
|
869,359 |
|
|
186,420 |
|
|
(379,572 |
) |
|
676,426 |
|
|
Property, plant and equipment, net |
|
|
228 |
|
|
413,137 |
|
|
239,772 |
|
|
|
|
|
653,137 |
|
|
Long term receivablesaffiliates |
|
|
457,500 |
|
|
|
|
|
|
|
|
(457,500 |
) |
|
|
|
|
Goodwill |
|
|
|
|
|
97,572 |
|
|
112,059 |
|
|
|
|
|
209,631 |
|
|
Intangible assets, net |
|
|
|
|
|
11,875 |
|
|
2,476 |
|
|
|
|
|
14,351 |
|
|
Deferred income taxes |
|
|
|
|
|
|
|
|
8,078 |
|
|
|
|
|
8,078 |
|
|
Other assets |
|
|
18,572 |
|
|
75,416 |
|
|
10,090 |
|
|
|
|
|
104,078 |
|
|
Investment in subsidiaries |
|
|
1,081,369 |
|
|
|
|
|
|
|
|
(1,081,369 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total assets |
|
$ |
1,557,888 |
|
$ |
1,467,359 |
|
$ |
558,895 |
|
$ |
(1,918,441 |
) |
$ |
1,665,701 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
22,128 |
|
$ |
4 |
|
$ |
|
|
$ |
|
|
$ |
22,132 |
|
|
Accounts payable |
|
|
375,604 |
|
|
112,422 |
|
|
24,185 |
|
|
(379,572 |
) |
|
132,639 |
|
|
Interest payable |
|
|
22,528 |
|
|
|
|
|
30 |
|
|
|
|
|
22,558 |
|
|
Income taxes payable |
|
|
|
|
|
1,683 |
|
|
1,227 |
|
|
|
|
|
2,910 |
|
|
Accrued compensation |
|
|
|
|
|
23,863 |
|
|
14,519 |
|
|
|
|
|
38,382 |
|
|
Liability for unrecognized income tax benefits and other tax reserves |
|
|
|
|
|
2,897 |
|
|
5,925 |
|
|
|
|
|
8,822 |
|
|
Other accrued liabilities |
|
|
419 |
|
|
23,162 |
|
|
24,955 |
|
|
|
|
|
48,536 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total current liabilities |
|
|
420,679 |
|
|
164,031 |
|
|
70,841 |
|
|
(379,572 |
) |
|
275,979 |
|
|
Long-term debt |
|
|
555,425 |
|
|
|
|
|
112,385 |
|
|
|
|
|
667,810 |
|
|
Long-term payablesaffiliates |
|
|
|
|
|
|
|
|
457,500 |
|
|
(457,500 |
) |
|
|
|
|
Liability for unrecognized income tax benefits |
|
|
|
|
|
6,919 |
|
|
39,965 |
|
|
|
|
|
46,884 |
|
|
Deferred income taxes |
|
|
19,144 |
|
|
170,661 |
|
|
|
|
|
|
|
|
189,805 |
|
|
Other non-current liabilities |
|
|
118,048 |
|
|
44,379 |
|
|
2,913 |
|
|
(124,709 |
) |
|
40,631 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities |
|
|
1,113,296 |
|
|
385,990 |
|
|
683,604 |
|
|
(961,781 |
) |
|
1,221,109 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity (deficit) |
|
|
444,592 |
|
|
1,081,369 |
|
|
(124,709 |
) |
|
(956,660 |
) |
|
444,592 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and stockholders' equity |
|
$ |
1,557,888 |
|
$ |
1,467,359 |
|
$ |
558,895 |
|
$ |
(1,918,441 |
) |
$ |
1,665,701 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Georgia Gulf Corporation and Subsidiaries
Supplemental Condensed Consolidating Statement of Operations Information
Three Months Ended June 30, 2011
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
|
Parent
Company |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
Net sales |
|
$ |
|
|
$ |
676,426 |
|
$ |
211,083 |
|
$ |
(55,798 |
) |
$ |
831,711 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of sales |
|
|
|
|
|
632,746 |
|
|
171,777 |
|
|
(55,798 |
) |
|
748,725 |
|
| |
Selling, general and administrative expenses |
|
|
10,201 |
|
|
18,391 |
|
|
19,591 |
|
|
|
|
|
48,183 |
|
| |
Restructuring (income) expense |
|
|
|
|
|
(1,134 |
) |
|
427 |
|
|
|
|
|
(707 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total operating costs and expenses |
|
|
10,201 |
|
|
650,003 |
|
|
191,795 |
|
|
(55,798 |
) |
|
796,201 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(10,201 |
) |
|
26,423 |
|
|
19,288 |
|
|
|
|
|
35,510 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest (expense) income, net |
|
|
(18,361 |
) |
|
7,612 |
|
|
(6,170 |
) |
|
|
|
|
(16,919 |
) |
| |
Loss on redemption of debt |
|
|
(1,100 |
) |
|
|
|
|
|
|
|
|
|
|
(1,100 |
) |
| |
Foreign exchange (loss) gain |
|
|
(19 |
) |
|
35 |
|
|
(356 |
) |
|
|
|
|
(340 |
) |
| |
Equity in income of subsidiaries |
|
|
39,169 |
|
|
1,003 |
|
|
|
|
|
(40,172 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
9,488 |
|
|
35,073 |
|
|
12,762 |
|
|
(40,172 |
) |
|
17,151 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit) provision for income taxes |
|
|
(5,100 |
) |
|
10,196 |
|
|
(2,533 |
) |
|
|
|
|
2,563 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,588 |
|
$ |
24,877 |
|
$ |
15,295 |
|
$ |
(40,172 |
) |
$ |
14,588 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Georgia Gulf Corporation and Subsidiaries
Supplemental Condensed Consolidating Statement of Operations Information
Three Months Ended June 30, 2010
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Parent
Company |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
Net sales |
|
$ |
4,222 |
|
$ |
604,959 |
|
$ |
186,422 |
|
$ |
(59,897 |
) |
$ |
735,706 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of sales |
|
|
|
|
|
563,005 |
|
|
153,085 |
|
|
(55,676 |
) |
|
660,414 |
|
| |
Selling, general and administrative expenses |
|
|
6,912 |
|
|
20,251 |
|
|
14,017 |
|
|
(4,221 |
) |
|
36,959 |
|
| |
Restructuring expense |
|
|
|
|
|
42 |
|
|
397 |
|
|
|
|
|
439 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses |
|
|
6,912 |
|
|
583,298 |
|
|
167,499 |
|
|
(59,897 |
) |
|
697,812 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(2,690 |
) |
|
21,661 |
|
|
18,923 |
|
|
|
|
|
37,894 |
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest (expense) income, net |
|
|
(18,446 |
) |
|
5,048 |
|
|
(4,027 |
) |
|
|
|
|
(17,425 |
) |
| |
Foreign exchange loss |
|
|
(81 |
) |
|
|
|
|
(348 |
) |
|
|
|
|
(429 |
) |
| |
Equity in (loss) income of subsidiaries |
|
|
(8,993 |
) |
|
1,723 |
|
|
|
|
|
7,270 |
|
|
|
|
| |
Intercompany interest income (expense) |
|
|
1,218 |
|
|
|
|
|
(1,218 |
) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
(Loss) income before income taxes |
|
|
(28,992 |
) |
|
28,432 |
|
|
13,330 |
|
|
7,270 |
|
|
20,040 |
|
|
(Benefit) provision for income taxes |
|
|
(50,681 |
) |
|
52,932 |
|
|
(3,900 |
) |
|
|
|
|
(1,649 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
21,689 |
|
$ |
(24,500 |
) |
$ |
17,230 |
|
$ |
7,270 |
|
$ |
21,689 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Georgia Gulf Corporation and Subsidiaries
Supplemental Condensed Consolidating Statement of Operations Information
Six Months Ended June 30, 2011
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
|
Parent
Company |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
Net sales |
|
$ |
|
|
$ |
1,382,761 |
|
$ |
340,341 |
|
$ |
(103,454 |
) |
$ |
1,619,648 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of sales |
|
|
|
|
|
1,274,512 |
|
|
289,895 |
|
|
(103,454 |
) |
|
1,460,953 |
|
| |
Selling, general and administrative expenses |
|
|
18,817 |
|
|
34,896 |
|
|
32,956 |
|
|
|
|
|
86,669 |
|
| |
Restructuring (income) expense |
|
|
|
|
|
(1,134 |
) |
|
1,009 |
|
|
|
|
|
(125 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total operating costs and expenses |
|
|
18,817 |
|
|
1,308,274 |
|
|
323,860 |
|
|
(103,454 |
) |
|
1,547,497 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(18,817 |
) |
|
74,487 |
|
|
16,481 |
|
|
|
|
|
72,151 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest (expense) income, net |
|
|
(37,526 |
) |
|
16,169 |
|
|
(12,032 |
) |
|
|
|
|
(33,389 |
) |
| |
Loss on redemption of debt |
|
|
(1,100 |
) |
|
|
|
|
|
|
|
|
|
|
(1,100 |
) |
| |
Foreign exchange gain (loss) |
|
|
36 |
|
|
45 |
|
|
(1,021 |
) |
|
|
|
|
(940 |
) |
| |
Equity in income (loss) of subsidiaries |
|
|
68,479 |
|
|
(2,005 |
) |
|
|
|
|
(66,474 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
11,072 |
|
|
88,696 |
|
|
3,428 |
|
|
(66,474 |
) |
|
36,722 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit) provision for income taxes |
|
|
(15,643 |
) |
|
27,904 |
|
|
(2,254 |
) |
|
|
|
|
10,007 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
26,715 |
|
$ |
60,792 |
|
$ |
5,682 |
|
$ |
(66,474 |
) |
$ |
26,715 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Georgia Gulf Corporation and Subsidiaries
Supplemental Condensed Consolidating Statement of Operations Information
Six Months Ended June 30, 2010
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Parent
Company |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
Net sales |
|
$ |
8,096 |
|
$ |
1,157,306 |
|
$ |
304,311 |
|
$ |
(102,558 |
) |
$ |
1,367,155 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of sales |
|
|
|
|
|
1,105,494 |
|
|
253,753 |
|
|
(94,462 |
) |
|
1,264,785 |
|
| |
Selling, general and administrative expenses |
|
|
13,982 |
|
|
39,522 |
|
|
29,409 |
|
|
(8,096 |
) |
|
74,817 |
|
| |
Restructuring (expense) income |
|
|
|
|
|
586 |
|
|
(452 |
) |
|
|
|
|
134 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses |
|
|
13,982 |
|
|
1,145,602 |
|
|
282,710 |
|
|
(102,558 |
) |
|
1,339,736 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(5,886 |
) |
|
11,704 |
|
|
21,601 |
|
|
|
|
|
27,419 |
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest (expense) income, net |
|
|
(40,724 |
) |
|
13,320 |
|
|
(7,856 |
) |
|
|
|
|
(35,260 |
) |
| |
Foreign exchange loss |
|
|
(69 |
) |
|
|
|
|
(365 |
) |
|
|
|
|
(434 |
) |
| |
Equity in (loss) income of subsidiaries |
|
|
(11,606 |
) |
|
1,440 |
|
|
|
|
|
10,166 |
|
|
|
|
| |
Intercompany interest income (expense) |
|
|
2,250 |
|
|
|
|
|
(2,250 |
) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
(Loss) income before income taxes |
|
|
(56,035 |
) |
|
26,464 |
|
|
11,130 |
|
|
10,166 |
|
|
(8,275 |
) |
|
(Benefit) provision for income taxes |
|
|
(58,693 |
) |
|
51,029 |
|
|
(3,269 |
) |
|
|
|
|
(10,933 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
2,658 |
|
$ |
(24,565 |
) |
$ |
14,399 |
|
$ |
10,166 |
|
$ |
2,658 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Georgia Gulf Corporation and Subsidiaries
Supplemental Condensed Consolidating Statement of Cash Flows Information
Six Months Ended June 30, 2011
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Parent
Company |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
Net cash provided by (used in) operating activities |
|
$ |
15,611 |
|
$ |
(42,740 |
) |
$ |
(45,309 |
) |
$ |
|
|
$ |
(72,438 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Capital expenditures |
|
|
(600 |
) |
|
(18,906 |
) |
|
(4,186 |
) |
|
|
|
|
(23,692 |
) |
| |
Proceeds from sale of property, plant and equipment |
|
|
|
|
|
132 |
|
|
21 |
|
|
|
|
|
153 |
|
| |
Acquisition, net of cash acquired |
|
|
|
|
|
(71,623 |
) |
|
|
|
|
|
|
|
(71,623 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(600 |
) |
|
(90,397 |
) |
|
(4,165 |
) |
|
|
|
|
(95,162 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Repayments on ABL Revolver |
|
|
(201,700 |
) |
|
|
|
|
(1,946 |
) |
|
|
|
|
(203,646 |
) |
| |
Borrowings on ABL Revolver |
|
|
282,600 |
|
|
|
|
|
31,605 |
|
|
|
|
|
314,205 |
|
| |
Repayment of long-term debt |
|
|
(22,913 |
) |
|
(4 |
) |
|
|
|
|
|
|
|
(22,917 |
) |
| |
Fees paid to amend or issue debt facilities and equity |
|
|
(863 |
) |
|
|
|
|
(617 |
) |
|
|
|
|
(1,480 |
) |
| |
Intercompany financing to fund acquisition |
|
|
(72,239 |
) |
|
72,239 |
|
|
|
|
|
|
|
|
|
|
| |
Excess tax benefits from share-based payment arrangements |
|
|
65 |
|
|
|
|
|
|
|
|
|
|
|
65 |
|
| |
Stock compensation plan activity |
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
39 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities |
|
|
(15,011 |
) |
|
72,235 |
|
|
29,042 |
|
|
|
|
|
86,266 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
|
|
|
|
|
|
262 |
|
|
|
|
|
262 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
|
|
|
(60,902 |
) |
|
(20,170 |
) |
|
|
|
|
(81,072 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
|
|
|
93,681 |
|
|
29,077 |
|
|
|
|
|
122,758 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
|
|
$ |
32,779 |
|
$ |
8,907 |
|
$ |
|
|
$ |
41,686 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Georgia Gulf Corporation and Subsidiaries
Supplemental Condensed Consolidating Statement of Cash Flows Information
Six Months Ended June 30, 2010
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Parent
Company |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
Net cash provided by (used in) operating activities |
|
$ |
15,384 |
|
$ |
13,808 |
|
$ |
(23,269 |
) |
$ |
|
|
$ |
5,923 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Capital expenditures |
|
|
|
|
|
(14,751 |
) |
|
(6,031 |
) |
|
|
|
|
(20,782 |
) |
| |
Proceeds from sale of property, plant and equipment, and assets held-for sale |
|
|
|
|
|
|
|
|
1,549 |
|
|
|
|
|
1,549 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
|
|
|
(14,751 |
) |
|
(4,482 |
) |
|
|
|
|
(19,233 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Repayments on ABL Revolver |
|
|
(282,640 |
) |
|
|
|
|
(20,861 |
) |
|
|
|
|
(303,501 |
) |
| |
Borrowings on ABL Revolver |
|
|
267,343 |
|
|
|
|
|
46,229 |
|
|
|
|
|
313,572 |
|
| |
Repayment of long-term debt |
|
|
|
|
|
(25 |
) |
|
|
|
|
|
|
|
(25 |
) |
| |
Fees paid to amend or issue debt facilities |
|
|
(3,415 |
) |
|
|
|
|
85 |
|
|
|
|
|
(3,330 |
) |
| |
Excess tax benefits from share-based payment arrangements |
|
|
3,328 |
|
|
|
|
|
|
|
|
|
|
|
3,328 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities |
|
|
(15,384 |
) |
|
(25 |
) |
|
25,453 |
|
|
|
|
|
10,044 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
|
|
|
|
|
|
(368 |
) |
|
|
|
|
(368 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
|
|
|
(968 |
) |
|
(2,666 |
) |
|
|
|
|
(3,634 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
|
|
|
24,880 |
|
|
13,917 |
|
|
|
|
|
38,797 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
|
|
$ |
23,912 |
|
$ |
11,251 |
|
$ |
|
|
$ |
35,163 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|