Supplemental Guarantor Condensed Financial Information (Tables)

3 Months Ended

Apr. 03, 2015

Supplemental Guarantor Condensed Financial Information [Abstract]

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS

APRIL 3, 2015

(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	1		$	1,867		$	—		$	1,868
Accounts receivable, less allowance for doubtful accounts	—			44,951			43,406			—			88,357
Inventories, net	—			82,166			28,482			—			110,648
Income taxes receivable	—			538			1,359			—			1,897
Deferred income taxes	—			382			42			—			424
Other current assets	—			6,188			1,562			—			7,750
Total current assets	—			134,226			76,718			—			210,944
Property, plant and equipment, net	—			51,230			52,807			—			104,037
Amounts due from affiliates	—			180,183			18,275			(198,458		)	—
Goodwill	—			81,358			99,301			—			180,659
Customer relationships, net	—			15,069			7,685			—			22,754
Other intangible assets, net	—			6,365			—			—			6,365
Investment in consolidated subsidiaries	(198,078		)	(3,955		)	—			202,033			—
Deferred income taxes	—			—			179			—			179
Other assets	—			2,477			1,447			—			3,924
Total assets	$	(198,078	)	$	466,953		$	256,412		$	3,575		$	528,862
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
Current liabilities:
Accounts payable	$	—		$	59,679		$	24,093		$	—		$	83,772
Accrued expenses and other current liabilities	110			14,806			10,149			—			25,065
Accrued interest payable	—			11			74			—			85
Current portion of long-term debt	—			434,826			15,186			—			450,012
Deferred income taxes	—			—			811			—			811
Total current liabilities	110			509,322			50,313			—			559,745
Long-term debt	—			124,408			—			—			124,408
Amounts due to affiliates	5,887			10,811			181,760			(198,458		)	—
Deferred income taxes	—			11,121			2,952			—			14,073
Other liabilities	—			9,369			25,342			—			34,711
Total liabilities	5,997			665,031			260,367			(198,458		)	732,937
Shareholders’ (deficit) equity:
Common stock	196			—			21			(21		)	196
Additional paid-in capital	724,661			661,769			199,452			(861,221		)	724,661
Accumulated loss	(934,440		)	(865,355		)	(214,471		)	1,079,826			(934,440		)
Accumulated other comprehensive income	5,508			5,508			11,043			(16,551		)	5,508
Total shareholders’ (deficit) equity	(204,075		)	(198,078		)	(3,955		)	202,033			(204,075		)
Total liabilities and shareholders’ (deficit) equity	$	(198,078	)	$	466,953		$	256,412		$	3,575		$	528,862

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2014
(in thousands)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	4		$	2,070		$	—		$	2,074
Accounts receivable, less allowance for doubtful accounts	—			39,607			40,722			—			80,329
Inventories, net	—			75,512			30,873			—			106,385
Income taxes receivable	—			235			1,499			—			1,734
Deferred income taxes	—			381			45			—			426
Other current assets	—			5,425			1,584			—			7,009
Total current assets	—			121,164			76,793			—			197,957
Property, plant and equipment, net	—			53,042			58,122			—			111,164
Amounts due from affiliates	—			202,008			19,277			(221,285		)	—
Goodwill	—			81,359			108,799			—			190,158
Customer relationships, net	—			16,826			9,489			—			26,315
Other intangible assets, net	—			6,495			—			—			6,495
Investment in consolidated subsidiaries	(167,335		)	(5,318		)	—			172,653			—
Deferred income taxes	—			—			—			—			—
Other assets	—			2,883			1,804			—			4,687
Total assets	$	(167,335	)	$	478,459		$	274,284		$	(48,632	)	$	536,776
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable	$	—		$	49,869		$	28,977		$	—		$	78,846
Accrued expenses and other current liabilities	—			16,284			9,225			—			25,509
Accrued interest payable	—			12,837			75			—			12,912
Current portion of long term debt	—			—			4,663			—			4,663
Deferred income taxes	—			—			895			—			895
Total current liabilities	—			78,990			43,835			—			122,825
Long-term debt	—			534,852			—			—			534,852
Amounts due to affiliates	5,771			11,982			203,532			(221,285		)	—
Deferred income taxes	—			10,468			5,426			—			15,894
Other liabilities	—			9,502			26,809			—			36,311
Total liabilities	5,771			645,794			279,602			(221,285		)	709,882
Shareholders’ (deficit) equity:
Common stock	196			—			21			(21		)	196
Additional paid-in capital	724,562			661,673			199,453			(861,126		)	724,562
Accumulated loss	(903,029		)	(834,173		)	(215,570		)	1,049,743			(903,029		)
Accumulated other comprehensive income	5,165			5,165			10,778			(15,943		)	5,165
Total shareholders’ (deficit) equity	(173,106		)	(167,335		)	(5,318		)	172,653			(173,106		)
Total liabilities and shareholders’ (deficit) equity	$	(167,335	)	$	478,459		$	274,284		$	(48,632	)	$	536,776

Schedule of Condensed Income Statement

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 28, 2014
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	101,846		$	69,582		$	(1,524	)	$	169,904
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			91,773			56,722			(1,524		)	146,971
Selling and general (excluding depreciation and amortization)	118			12,411			6,247			—			18,776
Depreciation and amortization	—			5,389			2,813			—			8,202
Other operating charges	—			542			423			—			965
(Loss) income from operations	(118		)	(8,269		)	3,377			—			(5,010		)
Equity in earnings (losses) of subsidiaries	(19,154		)	(1,692		)	—			20,846			—
Interest expense	—			(13,407		)	(358		)	—			(13,765		)
Intercompany income (loss), net	—			4,565			(4,565		)	—			—
Other income (loss), net	—			317			(121		)	—			196
Loss before income taxes	(19,272		)	(18,486		)	(1,667		)	20,846			(18,579		)
Provision for income taxes	—			668			25			—			693
Net loss	$	(19,272	)	$	(19,154	)	$	(1,692	)	$	20,846		$	(19,272	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED APRIL 3, 2015
(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	121,117		$	66,026		$	(1,544	)	$	185,599
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			106,810			55,321			(1,544		)	160,587
Selling and general (excluding depreciation and amortization)	229			11,901			6,407			—			18,537
Depreciation and amortization	—			5,262			2,237			—			7,499
Other operating charges	—			1,753			510			—			2,263
(Loss) income from operations	(229		)	(4,609		)	1,551			—			(3,287		)
Equity in earnings (losses) of subsidiaries	(31,182		)	1,099			—			30,083			—
Interest expense	—			(13,545		)	(389		)	—			(13,934		)
Intercompany income (loss), net	—			3,780			(3,780		)	—			—
Other (loss) income, net	—			(17,479		)	2,014			—			(15,465		)
Loss before income taxes	(31,411		)	(30,754		)	(604		)	30,083			(32,686		)
(Benefit from) provision for income taxes	—			428			(1,703		)	—			(1,275		)
Net loss	$	(31,411	)	$	(31,182	)	$	1,099		$	30,083		$	(31,411	)

Schedule of Condensed Statement of Comprehensive Income

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

FOR THE THREE MONTHS ENDED MARCH 28, 2014

(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor			Eliminations			Total
Net loss	$	(19,272	)	$	(19,154	)	$	(1,692	)	$	20,846		$	(19,272	)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(389		)	(389		)	(389		)	778			(389		)
Defined benefit pension plan adjustments, net of tax	20			20			18			(38		)	20
Total comprehensive loss	$	(19,641	)	$	(19,523	)	$	(2,063	)	$	21,586		$	(19,641	)

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

FOR THE THREE MONTHS ENDED APRIL 3, 2015

(in thousands)

(unaudited)



	Parent			Issuer			Non-Guarantor		Eliminations			Total
Net loss	$	(31,411	)	$	(31,182	)	$	1,099	$	30,083		$	(31,411	)
Other comprehensive income:
Foreign currency translation adjustment	221			221			221		(442		)	221
Defined benefit pension plan adjustments, net of tax	122			122			44		(166		)	122
Total comprehensive loss	$	(31,068	)	$	(30,839	)	$	1,364	$	29,475		$	(31,068	)

Schedule of Condensed Cash Flow Statement

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED APRIL 3, 2015
(in thousands)

(unaudited)



	Parent		Issuer			Non-Guarantor			Eliminations			Total
Net cash used in operating activities	$	—	$	(25,168	)	$	(7,302	)	$	—		$	(32,470	)
Cash flows from investing activities:
Proceeds from sale of assets	—		43			—			—			43
Capital expenditures	—		(1,563		)	(546		)	—			(2,109		)
Due (to) from affiliates	—		—			(2,478		)	2,478			—
Net cash used in investing activities	—		(1,520		)	(3,024		)	2,478			(2,066		)
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	—		24,207			—			—			24,207
Net borrowings on European Credit Facilities	—		—			10,523			—			10,523
Due from (to) affiliates	—		2,478			—			(2,478		)	—
Net cash provided by financing activities	—		26,685			10,523			(2,478		)	34,730
Effect of exchange rate changes on cash	—		—			(400		)	—			(400		)
Net decrease in cash and cash equivalents	—		(3		)	(203		)	—			(206		)
Cash and cash equivalents at beginning of period	—		4			2,070			—			2,074
Cash and cash equivalents at end of period	$	—	$	1		$	1,867		$	—		$	1,868

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 28, 2014
(in thousands)

(unaudited)



	Parent		Issuer			Non-Guarantor			Eliminations			Total
Net cash (used in) provided by operating activities	$	—	$	4,233		$	(8,119	)	$	—		$	(3,886	)
Cash flows from investing activities:
Proceeds from sale of assets	—		43			—			—			43
Capital expenditures	—		(976		)	(512		)	—			(1,488		)
Due (to) from affiliates	—		—			(8,616		)	8,616			—
Net cash used in investing activities	—		(933		)	(9,128		)	8,616			(1,445		)
Cash flows from financing activities:
Net borrowings on Dutch Revolving Credit Facility	—		—			14,657			—			14,657
Net repayments on ABL Credit Facility	—		(13,756		)	—			—			(13,756		)
Changes in cash overdrafts	—		236			—			—			236
Debt issuance costs	—		(88		)	—			—			(88		)
Due from (to) affiliates	—		8,616			—			(8,616		)	—
Net cash provided by (used in) financing activities	—		(4,992		)	14,657			(8,616		)	1,049
Effect of exchange rate changes on cash	—		—			(297		)	—			(297		)
Net decrease in cash and cash equivalents	—		(1,692		)	(2,887		)	—			(4,579		)
Cash and cash equivalents at beginning of period	—		1,700			7,277			—			8,977
Cash and cash equivalents at end of period	$	—	$	8		$	4,390		$	—		$	4,398