Supplemental Guarantor Condensed Financial Information (Tables)

6 Months Ended

Jun. 29, 2012

Supplemental Guarantor Condensed Financial Information [Abstract]

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

June 29, 2012
(in thousands)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	157		$	11,744		$	—		$	11,901
Accounts receivable, net of allowance for doubtful accounts	—			54,930			44,944			—			99,874
Inventories, net	—			66,016			31,837			—			97,853
Income taxes receivable	—			340			545			—			885
Deferred income taxes	—			1,702			530			—			2,232
Other current assets	—			3,848			2,545			—			6,393
Total current assets	—			126,993			92,145			—			219,138
Property, plant and equipment, net	—			67,662			70,815			—			138,477
Amounts due from affiliates	—			216,813			18,521			(235,334		)	—
Goodwill	—			81,054			113,378			—			194,432
Customer relationships, net	—			38,365			23,053			—			61,418
Other intangible assets, net	—			7,812			—			—			7,812
Investment in consolidated subsidiaries	(70,855		)	26,646			—			44,209			—
Deferred income taxes	—			—			23			—			23
Other assets	—			6,124			5,097			—			11,221
Total assets	$	(70,855	)	$	571,469		$	323,032		$	(191,125	)	$	632,521
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	—		$	46,253		$	25,885		$	—		$	72,138
Accrued expenses and other current liabilities	184			16,020			14,709			—			30,913
Accrued interest payable	—			9,153			—			—			9,153
Deferred income taxes	—			—			870			—			870
Total current liabilities	184			71,426			41,464			—			113,074
Long-term debt	—			525,847			—			—			525,847
Amounts due to affiliates	4,471			13,309			217,554			(235,334		)	—
Deferred income taxes	—			8,941			14,530			—			23,471
Other liabilities	—			22,801			22,838			—			45,639
Total liabilities	4,655			642,324			296,386			(235,334		)	708,031
Shareholders’ equity (deficit):
Common stock	185			—			21			(21		)	185
Additional paid-in capital	720,364			657,461			199,452			(856,913		)	720,364
Accumulated loss	(805,799		)	(738,056		)	(186,323		)	924,379			(805,799		)
Accumulated other comprehensive income	9,740			9,740			13,496			(23,236		)	9,740
Total shareholders’ equity (deficit)	(75,510		)	(70,855		)	26,646			44,209			(75,510		)
Total liabilities and shareholders’ equity (deficit)	$	(70,855	)	$	571,469		$	323,032		$	(191,125	)	$	632,521

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

December 30, 2011
(in thousands)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	962		$	13,365		$	—		$	14,327
Accounts receivable, net of allowance for doubtful accounts	—			43,241			39,993			—			83,234
Inventories, net	—			51,456			31,940			—			83,396
Income taxes receivable	—			177			520			—			697
Deferred income taxes	—			1,702			204			—			1,906
Other current assets	—			2,688			1,648			—			4,336
Total current assets	—			100,226			87,670			—			187,896
Property, plant and equipment, net	—			72,848			73,701			—			146,549
Amounts due from affiliates	—			232,191			28,360			(260,551		)	—
Goodwill	—			81,054			115,632			—			196,686
Customer relationships, net	—			43,110			26,526			—			69,636
Other intangible assets, net	—			8,148			—			—			8,148
Investment in consolidated subsidiaries	(48,935		)	30,605			—			18,330			—
Deferred income taxes	—			—			6			—			6
Other assets	—			6,418			3,907			—			10,325
Total assets	$	(48,935	)	$	574,600		$	335,802		$	(242,221	)	$	619,246
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	—		$	32,692		$	21,637		$	—		$	54,329
Accrued expenses and other current liabilities	96			16,623			16,706			—			33,425
Accrued interest payable	—			8,886			—			—			8,886
Deferred income taxes	—			—			891			—			891
Total current liabilities	96			58,201			39,234			—			97,531
Long-term debt	—			507,988			—			—			507,988
Amounts due to affiliates	4,262			27,315			228,974			(260,551		)	—
Deferred income taxes	—			8,158			13,343			—			21,501
Other liabilities	—			21,873			23,646			—			45,519
Total liabilities	4,358			623,535			305,197			(260,551		)	672,539
Shareholders’ equity (deficit):
Common stock	185			—			21			(21		)	185
Additional paid-in capital	718,837			655,934			199,452			(855,386		)	718,837
Accumulated loss	(782,087		)	(714,641		)	(182,232		)	896,873			(782,087		)
Accumulated other comprehensive income	9,772			9,772			13,364			(23,136		)	9,772
Total shareholders’ equity (deficit)	(53,293		)	(48,935		)	30,605			18,330			(53,293		)
Total liabilities and shareholders’ equity (deficit)	$	(48,935	)	$	574,600		$	335,802		$	(242,221	)	$	619,246

Schedule of Condensed Income Statement

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended June 29, 2012
(in thousands)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net Sales	$	—		$	152,875		$	73,957		$	(3,040	)	$	223,792
Costs and Expense:
Cost of goods sold (excluding depreciation and amortization)	—			126,540			61,635			(3,040		)	185,135
Selling and general (excluding depreciation and amortization)	148			14,516			6,375			—			21,039
Depreciation and amortization	—			5,532			3,101			—			8,633
Other operating charges	—			796			124			—			920
Income (loss) from operations	(148		)	5,491			2,722			—			8,065
Equity in earnings of subsidiaries	(15,444		)	(1,101		)	—			16,545			—
Interest expense	—			(13,604		)	(257		)	—			(13,861		)
Intercompany (loss) income, net	—			4,299			(4,299		)	—			—
Other income (loss), net	—			(9,882		)	1,019			—			(8,863		)
Loss before income taxes	(15,592		)	(14,797		)	(815		)	16,545			(14,659		)
Provision for income taxes	—			647			286			—			933
Net loss	$	(15,592	)	$	(15,444	)	$	(1,101	)	$	16,545		$	(15,592	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended July 1, 2011
(in thousands)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net Sales	$	—		$	283,120		$	189,196		$	(5,079	)	$	467,237
Costs and Expense:
Cost of Goods Sold (excluding depreciation and amortization)	—			235,825			155,495			(5,079		)	386,241
Selling and general (excluding depreciation and amortization)	297			30,453			17,018			—			47,768
Depreciation and amortization	—			11,416			7,330			—			18,746
Other operating charges	—			3,527			374			—			3,901
Multiemployer pension withdrawal expense	—			1,200			—			—			1,200
Income (loss) from operations	(297		)	699			8,979			—			9,381
Equity in earnings of subsidiaries	(10,160		)	3,084			—			7,076			—
Interest expense	—			(25,987		)	(2,765		)	—			(28,752		)
Intercompany income (loss), net	—			5,484			(5,484		)	—			—
Other income, net	—			6,303			2,353			—			8,656
(Loss) income before income taxes	(10,457		)	(10,417		)	3,083			7,076			(10,715		)
Income tax benefit	—			(257		)	(1		)	—			(258		)
Net (loss) income	$	(10,457	)	$	(10,160	)	$	3,084		$	7,076		$	(10,457	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended July 1, 2011
(in thousands)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net Sales	$	—		$	158,166		$	101,434		$	(2,742	)	$	256,858
Costs and Expense:
Cost of Goods Sold (excluding depreciation and amortization)	—			130,578			84,522			(2,742		)	212,358
Selling and general (excluding depreciation and amortization)	149			15,216			8,373			—			23,738
Depreciation and amortization	—			5,724			3,785			—			9,509
Other operating charges	—			1,110			374			—			1,484
Multiemployer pension withdrawal expense	—			1,200			—			—			1,200
Income (loss) from operations	(149		)	4,338			4,380			—			8,569
Equity in earnings of subsidiaries	(1,977		)	(2,314		)	—			4,291			—
Interest expense	—			(13,605		)	(14		)	—			(13,619		)
Intercompany income (loss), net	—			4,854			(4,854		)	—			—
Other income (loss), net	—			4,813			(1,043		)	—			3,770
Loss before income taxes	(2,126		)	(1,914		)	(1,531		)	4,291			(1,280		)
Income tax provision	—			63			783			—			846
Net loss	$	(2,126	)	$	(1,977	)	$	(2,314	)	$	4,291		$	(2,126	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended June 29, 2012
(in thousands)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net Sales	$	—		$	275,317		$	151,688		$	(4,530	)	$	422,475
Costs and Expense:
Cost of goods sold (excluding depreciation and amortization)	—			230,187			126,043			(4,530		)	351,700
Selling and general (excluding depreciation and amortization)	297			29,434			14,189			—			43,920
Depreciation and amortization	—			11,084			6,230			—			17,314
Other operating charges	—			1,077			685			—			1,762
Income (loss) from operations	(297		)	3,535			4,541			—			7,779
Equity in earnings of subsidiaries	(23,415		)	(4,090		)	—			27,505			—
Interest expense	—			(26,914		)	(483		)	—			(27,397		)
Intercompany income (loss), net	—			8,672			(8,672		)	—			—
Other (loss) income, net	—			(3,545		)	726			—			(2,819		)
Loss before income taxes	(23,712		)	(22,342		)	(3,888		)	27,505			(22,437		)
Provision for income taxes	—			1,073			202			—			1,275
Net loss	$	(23,712	)	$	(23,415	)	$	(4,090	)	$	27,505		$	(23,712	)

Schedule Of Condensed Statement Of Comprehensive Income (Loss)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

For the Three Months Ended July 1, 2011

(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net loss	$	(2,126	)	$	(1,977	)	$	(2,314	)	$	4,291		$	(2,126	)
Foreign currency translation adjustment	463			463			132			(595		)	463
Amortization of actuarial net loss, net of tax	21			21			—			(21		)	21
Comprehensive loss	$	(1,642	)	$	(1,493	)	$	(2,182	)	$	3,675		$	(1,642	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

For the Six Months Ended July 1, 2011

(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor		Eliminations			Total
Net (loss) income	$	(10,457	)	$	(10,160	)	$	3,084	$	7,076		$	(10,457	)
Foreign currency translation adjustment	4,759			4,759			4,497		(9,256		)	4,759
Net change in pension and other benefit liabilities, net of tax	21			21			—		(21		)	21
Total comprehensive (loss) income	$	(5,677	)	$	(5,380	)	$	7,581	$	(2,201	)	$	(5,677	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
For the Six Months Ended June 29, 2012
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net loss	$	(23,712	)	$	(23,415	)	$	(4,090	)	$	27,505		$	(23,712	)
Foreign currency translation adjustment	(202		)	(202		)	86			116			(202		)
Net change in pension and other benefit liabilities, net of tax	170			170			46			(216		)	170
Total comprehensive loss	$	(23,744	)	$	(23,447	)	$	(3,958	)	$	27,405		$	(23,744	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
For the Three Months Ended June 29, 2012
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net loss	$	(15,592	)	$	(15,444	)	$	(1,101	)	$	16,545		$	(15,592	)
Foreign currency translation adjustment	(1,165		)	(1,165		)	(699		)	1,864			(1,165		)
Net change in pension and other benefit liabilities, net of tax	85			85			23			(108		)	85
Total comprehensive loss	$	(16,672	)	$	(16,524	)	$	(1,777	)	$	18,301		$	(16,672	)

Schedule of Condensed Cash Flow Statement

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 29, 2012
(in thousands)



	Parent		Issuer			Non-Guarantor			Eliminations		Total

Net cash (used in) provided by operating activities	$	—	$	(22,914	)	$	1,527		$	—	$	(21,387	)
Cash flows from investing activities:
Proceeds from sale of assets	—		1,231			2			—		1,233
Capital expenditures	—		(1,365		)	(1,282		)	—		(2,647		)
Net cash used in investing activities	—		(134		)	(1,280		)	—		(1,414		)

Cash flows from financing activities:
Changes in cash overdraft	—		3,027			—			—		3,027
Net borrowings on ABL Credit Facility	—		17,635			—			—		17,635
Debt issuance costs	—		—			(47		)	—		(47		)
Due (to) from affiliates	—		1,581			(1,581		)	—		—
Net cash provided by (used in) financing activities	—		22,243			(1,628		)	—		20,615
Effect of exchange rate changes on cash	—		—			(240		)	—		(240		)
Net decrease in cash and cash equivalents	—		(805		)	(1,621		)	—		(2,426		)
Cash and cash equivalents at beginning of period	—		962			13,365			—		14,327
Cash and cash equivalents at end of period	$	—	$	157		$	11,744		$	—	$	11,901

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended July 1, 2011
(in thousands)



	Parent		Issuer			Non-Guarantor			Eliminations			Total
Net cash used in operating activities	$	—	$	(3,191	)	$	(6,545	)	$	—		$	(9,736	)
Cash flows from investing activities:
Proceeds from sale of assets	—		64			—			—			64
Capital expenditures	—		(3,977		)	(2,013		)	—			(5,990		)
Contributed capital to subsidiaries	—		(88,096		)	—			88,096			—
Return of capital from subsidiaries	—		151,083			—			(151,083		)	—
Net cash (used in) provided by investing activities	—		59,074			(2,013		)	(62,987		)	(5,926		)

Cash flows from financing activities:
Changes in cash overdrafts	—		1,690			—			—			1,690
Net borrowings on ABL Credit Facility	—		25,931			—			—			25,931
Net repayments on First Lien Credit Facility	—		(302,394		)	(109,634		)	—			(412,028		)
Borrowings under Senior Secured Notes	—		375,000			—			—			375,000
Borrowings under Senior Unsecured Notes	—		19,812			—			—			19,812
Contributed capital to subsidiaries	—		—			88,096			(88,096		)	—
Return of capital	—		—			(151,083		)	151,083			—
Debt issuance costs	—		(10,476		)	—			—			(10,476		)
Due (to) from affiliates	—		(173,597		)	173,597			—			—
Net cash (used in) provided by financing activities	—		(64,034		)	976			62,987			(71		)
Effect of exchange rate changes on cash	—		—			2,734			—			2,734
Net decrease in cash and cash equivalents	—		(8,151		)	(4,848		)	—			(12,999		)
Cash and cash equivalents at beginning of period	—		8,271			16,631			—			24,902
Cash and cash equivalents at end of period	$	—	$	120		$	11,783		$	—		$	11,903