Supplemental Guarantor Condensed Financial Information (Tables)

9 Months Ended

Sep. 27, 2013

Supplemental Guarantor Condensed Financial Information [Abstract]

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

SEPTEMBER 27, 2013
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	4,443		$	5,017		$	—		$	9,460
Accounts receivable, less allowance for doubtful accounts	—			58,640			42,677			—			101,317
Inventories, net	—			77,010			29,923			—			106,933
Income taxes receivable	—			312			435			—			747
Deferred income taxes	—			794			115			—			909
Other current assets	—			4,642			1,555			—			6,197
Total current assets	—			145,841			79,722			—			225,563
Property, plant and equipment, net	—			63,742			67,519			—			131,261
Amounts due from affiliates	—			219,410			20,876			(240,286		)	—
Goodwill	—			81,359			120,593			—			201,952
Customer relationships, net	—			27,079			17,163			—			44,242
Other intangible assets, net	—			7,223			—			—			7,223
Investment in consolidated subsidiaries	(92,155		)	6,528			—			85,627			—
Deferred income taxes	—			—			98			—			98
Other assets	—			7,198			2,106			—			9,304
Total assets	$	(92,155	)	$	558,380		$	308,077		$	(154,659	)	$	619,643
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
Current liabilities:
Accounts payable	$	—		$	43,817		$	26,549		$	—		$	70,366
Accrued expenses and other current liabilities	16			15,711			14,389			—			30,116
Accrued interest payable	—			21,714			—			—			21,714
Current portion of long-term debt	—			—			1,836			—			1,836
Deferred income taxes	—			—			868			—			868
Total current liabilities	16			81,242			43,642			—			124,900
Long-term debt	—			536,525			—			—			536,525
Amounts due to affiliates	5,173			8,900			226,213			(240,286		)	—
Deferred income taxes	—			12,054			7,412			—			19,466
Other liabilities	—			11,814			24,282			—			36,096
Total liabilities	5,189			650,535			301,549			(240,286		)	716,987
Shareholders’ (deficit) equity:
Common stock	195			—			21			(21		)	195
Additional paid-in capital	724,109			661,216			199,452			(860,668		)	724,109
Accumulated loss	(832,268		)	(763,991		)	(207,470		)	971,461			(832,268		)
Accumulated other comprehensive income	10,620			10,620			14,525			(25,145		)	10,620
Total shareholders’ (deficit) equity	(97,344		)	(92,155		)	6,528			85,627			(97,344		)
Total liabilities and shareholders’ (deficit) equity	$	(92,155	)	$	558,380		$	308,077		$	(154,659	)	$	619,643

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2012
(in thousands)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	1,574		$	8,450		$	—		$	10,024
Accounts receivable, less allowance for doubtful accounts	—			39,743			34,133			—			73,876
Inventories, net	—			62,986			26,308			—			89,294
Income taxes receivable	—			388			1,139			—			1,527
Deferred income taxes	—			793			114			—			907
Other current assets	—			3,358			1,431			—			4,789
Total current assets	—			108,842			71,575			—			180,417
Property, plant and equipment, net	—			69,241			71,967			—			141,208
Amounts due from affiliates	—			218,957			30,651			(249,608		)	—
Goodwill	—			81,310			118,065			—			199,375
Customer relationships, net	—			33,620			20,969			—			54,589
Other intangible assets, net	—			7,475			—			—			7,475
Investment in consolidated subsidiaries	(81,316		)	18,549			—			62,767			—
Deferred income taxes	—			—			68			—			68
Other assets	—			6,225			5,065			—			11,290
Total assets	$	(81,316	)	$	544,219		$	318,360		$	(186,841	)	$	594,422
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable	$	—		$	34,921		$	20,962		$	—		$	55,883
Accrued expenses and other current liabilities	10			17,582			13,075			—			30,667
Accrued interest payable	—			9,017			—			—			9,017
Deferred income taxes	—			—			847			—			847
Total current liabilities	10			61,520			34,884			—			96,414
Long-term debt	—			516,674			—			—			516,674
Amounts due to affiliates	4,666			15,844			229,098			(249,608		)	—
Deferred income taxes	—			8,621			11,798			—			20,419
Other liabilities	—			22,876			24,031			—			46,907
Total liabilities	4,676			625,535			299,811			(249,608		)	680,414
Shareholders’ (deficit) equity:
Common stock	189			—			21			(21		)	189
Additional paid-in capital	721,869			658,970			199,452			(858,422		)	721,869
Accumulated loss	(818,855		)	(751,091		)	(195,851		)	946,942			(818,855		)
Accumulated other comprehensive income	10,805			10,805			14,927			(25,732		)	10,805
Total shareholders’ (deficit) equity	(85,992		)	(81,316		)	18,549			62,767			(85,992		)
Total liabilities and shareholders’ (deficit) equity	$	(81,316	)	$	544,219		$	318,360		$	(186,841	)	$	594,422

Schedule of Condensed Income Statement

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 27, 2013
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	429,300		$	206,908		$	(5,967	)	$	630,241
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			361,266			173,124			(5,967		)	528,423
Selling and general (excluding depreciation and amortization)	513			40,416			18,838			—			59,767
Depreciation and amortization	—			16,712			8,845			—			25,557
Other operating charges	—			821			4,534			—			5,355
Income (loss) from operations	(513		)	10,085			1,567			—			11,139
Equity in earnings of subsidiaries	(12,900		)	(11,619		)	—			24,519			—
Interest expense	—			(40,384		)	(873		)	—			(41,257		)
Intercompany income (loss), net	—			13,158			(13,158		)	—			—
Other income (loss), net	—			4,891			(830		)	—			4,061
Loss before income taxes	(13,413		)	(23,869		)	(13,294		)	24,519			(26,057		)
Benefit from income taxes	—			(10,969		)	(1,675		)	—			(12,644		)
Net loss	$	(13,413	)	$	(12,900	)	$	(11,619	)	$	24,519		$	(13,413	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 28, 2012
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	154,293		$	67,987		$	(3,107	)	$	219,173
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			128,191			57,473			(3,107		)	182,557
Selling and general (excluding depreciation and amortization)	150			13,487			6,866			—			20,503
Depreciation and amortization	—			5,595			3,029			—			8,624
Other operating charges	—			635			205			—			840
Multiemployer pension withdrawal expense	—			39			—			—			39
Income (loss) from operations	(150		)	6,346			414			—			6,610
Equity in earnings of subsidiaries	(1,025		)	(2,055		)	—			3,080			—
Interest expense	—			(13,141		)	(253		)	—			(13,394		)
Intercompany income (loss), net	—			4,189			(4,189		)	—			—
Other income, net	—			3,492			2			—			3,494
Loss before income taxes	(1,175		)	(1,169		)	(4,026		)	3,080			(3,290		)
Benefit from income taxes	—			(144		)	(1,971		)	—			(2,115		)
Net loss	$	(1,175	)	$	(1,025	)	$	(2,055	)	$	3,080		$	(1,175	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 27, 2013
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	165,866		$	64,365		$	(2,396	)	$	227,835
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			137,171			54,017			(2,396		)	188,792
Selling and general (excluding depreciation and amortization)	325			13,686			6,376			—			20,387
Depreciation and amortization	—			5,579			2,935			—			8,514
Other operating charges	—			155			1,300			—			1,455
Income (loss) from operations	(325		)	9,275			(263		)	—			8,687
Equity in earnings of subsidiaries	16,584			(4,171		)	—			(12,413		)	—
Interest expense	—			(13,528		)	(277		)	—			(13,805		)
Intercompany income (loss), net	—			4,478			(4,478		)	—			—
Other income (loss), net	—			8,313			(18		)	—			8,295
Income (loss) before income taxes	16,259			4,367			(5,036		)	(12,413		)	3,177
Benefit from income taxes	—			(12,217		)	(865		)	—			(13,082		)
Net income (loss)	$	16,259		$	16,584		$	(4,171	)	$	(12,413	)	$	16,259

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2012
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	429,610		$	219,675		$	(7,637	)	$	641,648
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			358,378			183,516			(7,637		)	534,257
Selling and general (excluding depreciation and amortization)	447			42,921			21,055			—			64,423
Depreciation and amortization	—			16,679			9,259			—			25,938
Other operating charges	—			1,712			890			—			2,602
Multiemployer pension withdrawal expense	—			39			—			—			39
Income (loss) from operations	(447		)	9,881			4,955			—			14,389
Equity in earnings of subsidiaries	(24,440		)	(6,145		)	—			30,585			—
Interest expense	—			(40,055		)	(736		)	—			(40,791		)
Intercompany income (loss), net	—			12,861			(12,861		)	—			—
Other income (loss), net	—			(53		)	728			—			675
Loss before income taxes	(24,887		)	(23,511		)	(7,914		)	30,585			(25,727		)
(Benefit) provision for income taxes	—			929			(1,769		)	—			(840		)
Net loss	$	(24,887	)	$	(24,440	)	$	(6,145	)	$	30,585		$	(24,887	)

Schedule Of Condensed Statement Of Comprehensive Income (Loss)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 28, 2012

(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net loss	$	(1,175	)	$	(1,025	)	$	(2,055	)	$	3,080		$	(1,175	)
Other comprehensive (loss) income:
Foreign currency translation adjustment	26			26			26			(52		)	26
Defined benefit pension plan adjustments, net of tax	86			86			24			(110		)	86
Total comprehensive loss	$	(1,063	)	$	(913	)	$	(2,005	)	$	2,918		$	(1,063	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 27, 2013
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net loss	$	(13,413	)	$	(12,900	)	$	(11,619	)	$	24,519		$	(13,413	)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(431		)	(431		)	(431		)	862			(431		)
Defined benefit pension plan adjustments, net of tax	246			246			29			(275		)	246
Total comprehensive loss	$	(13,598	)	$	(13,085	)	$	(12,021	)	$	25,106		$	(13,598	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2012

(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net loss	$	(24,887	)	$	(24,440	)	$	(6,145	)	$	30,585		$	(24,887	)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(176		)	(176		)	112			64			(176		)
Defined benefit pension plan adjustments, net of tax	256			256			70			(326		)	256
Total comprehensive loss	$	(24,807	)	$	(24,360	)	$	(5,963	)	$	30,323		$	(24,807	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 27, 2013
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net income (loss)	$	16,259		$	16,584		$	(4,171	)	$	(12,413	)	$	16,259
Other comprehensive income (loss):
Foreign currency translation adjustment	(89		)	(89		)	(89		)	178			(89		)
Defined benefit pension plan adjustments, net of tax	81			81			8			(89		)	81
Total comprehensive income (loss)	$	16,251		$	16,576		$	(4,252	)	$	(12,324	)	$	16,251

Schedule of Condensed Cash Flow Statement

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 27, 2013
(in thousands)

(unaudited)



	Parent		Issuer			Non-Guarantor			Eliminations		Total
Net cash used in operating activities	$	—	$	(10,148	)	$	(6,588	)	$	—	$	(16,736	)
Cash flows from investing activities:
Proceeds from sale of assets	—		266			2,022			—		2,288
Capital expenditures	—		(4,379		)	(2,976		)	—		(7,355		)
Net cash used in investing activities	—		(4,113		)	(954		)	—		(5,067		)
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	—		19,514			—			—		19,514
Net borrowings on Dutch Revolving Credit Facility	—		—			1,836			—		1,836
Debt issuance costs	—		(175		)	—			—		(175		)
Due (to) from affiliates	—		(2,209		)	2,209			—		—
Net cash provided by financing activities	—		17,130			4,045			—		21,175
Effect of exchange rate changes on cash	—		—			64			—		64
Net (decrease) increase in cash and cash equivalents	—		2,869			(3,433		)	—		(564		)
Cash and cash equivalents at beginning of period	—		1,574			8,450			—		10,024
Cash and cash equivalents at end of period	$	—	$	4,443		$	5,017		$	—	$	9,460

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2012
(in thousands)

(unaudited)



	Parent		Issuer			Non-Guarantor			Eliminations		Total
Net cash (used in) provided by operating activities	$	—	$	(8,362	)	$	3,737		$	—	$	(4,625	)
Cash flows from investing activities:
Proceeds from sale of assets	—		1,287			2			—		1,289
Capital expenditures	—		(2,688		)	(1,898		)	—		(4,586		)
Purchase of a business, net of cash acquired	—		(6,446		)	—			—		(6,446		)
Net cash used in investing activities	—		(7,847		)	(1,896		)	—		(9,743		)
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	—		7,113			—			—		7,113
Due from (to) affiliates	—		4,970			(4,970		)	—		—
Debt issuance costs	—		—			(59		)	—		(59		)
Changes in cash overdraft	—		3,467			—			—		3,467
Net cash provided by (used in) financing activities	—		15,550			(5,029		)	—		10,521
Effect of exchange rate changes on cash	—		—			(690		)	—		(690		)
Net decrease in cash and cash equivalents	—		(659		)	(3,878		)	—		(4,537		)
Cash and cash equivalents at beginning of period	—		962			13,365			—		14,327
Cash and cash equivalents at end of period	$	—	$	303		$	9,487		$	—	$	9,790