001-35382
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77-0619069
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(Commission File Number)
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(IRS Employer Identification No.)
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19103 Gundle Road, Houston, TX
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77073
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(Address of principal executive offices)
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(Zip Code)
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Item 2.02
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Results of Operations and Financial Condition.
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Item 7.01
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Regulation FD Disclosure.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit
Number
|
|
Description
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99.1
|
|
Press Release of GSE Holding, Inc., dated March 14, 2013
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99.2
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Supplemental Materials for GSE Earnings Call on March 14, 2013
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·
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Sales of $476.6 million vs. $464.5 million in 2011
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·
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Gross margin of 16.3% vs. 15.2% in 2011
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·
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Adjusted EBITDA of $45.7 million vs. $44.5 million in 2011
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·
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Adjusted net income of $15.5 million and adjusted diluted earnings per share of $0.80 per share
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·
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Unadjusted net income of $1.1 million and diluted earnings per share of $0.06 per share
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·
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Sales of $121.4 million vs. $110.7 million in 4Q 2011
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·
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Gross margin of 16.3% vs. 15.9% in 4Q 2011
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·
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Adjusted EBITDA of $10.0 million vs. $8.8 million in 4Q 2011
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December 31,
|
||||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 18,068 | $ | 9,076 | ||||
Accounts receivable:
|
||||||||
Trade, net of allowance for doubtful accounts of $869 and $1,736
|
96,987 | 80,705 | ||||||
Other
|
3,626 | 3,054 | ||||||
Inventory, net
|
64,398 | 58,109 | ||||||
Deferred income taxes
|
1,111 | 935 | ||||||
Prepaid expenses and other
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6,681 | 5,741 | ||||||
Income taxes receivable
|
1,538 | 2,447 | ||||||
Total current assets
|
192,409 | 160,067 | ||||||
Property, plant and equipment, net
|
70,172 | 57,270 | ||||||
Goodwill
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58,895 | 58,895 | ||||||
Intangible assets, net
|
1,549 | 2,727 | ||||||
Deferred income taxes
|
5,858 | 2,519 | ||||||
Deferred debt issuance costs, net
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7,003 | 8,387 | ||||||
Other assets
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212 | 2,561 | ||||||
TOTAL ASSETS
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$ | 336,098 | $ | 292,426 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 36,632 | $ | 34,848 | ||||
Accrued liabilities and other
|
20,198 | 22,812 | ||||||
Short-term debt
|
985 | 2,864 | ||||||
Current portion of long-term debt
|
3,147 | 2,709 | ||||||
Income taxes payable
|
1,691 | 964 | ||||||
Deferred income taxes
|
1,156 | 1,135 | ||||||
Total current liabilities
|
63,809 | 65,332 | ||||||
Other liabilities
|
1,211 | 1,124 | ||||||
Deferred income taxes
|
1,078 | 1,416 | ||||||
Long-term debt, net of current portion
|
167,282 | 192,885 | ||||||
Total liabilities
|
233,380 | 260,757 | ||||||
Commitments and Contingencies (Note 15)
|
||||||||
Stockholders’ equity:
|
||||||||
Common stock, $.01 par value, 150,000,000 shares authorized, 19,846,684 and 10,809,987 shares issued and outstanding at December 31, 2012 and 2011, respectively
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198 | 108 | ||||||
Additional paid-in capital
|
130,617 | 61,407 | ||||||
Accumulated deficit
|
(28,372 | ) | (29,456 | ) | ||||
Accumulated other comprehensive income (loss)
|
275 | (390 | ) | |||||
Total stockholders’ equity
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102,718 | 31,669 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 336,098 | $ | 292,426 |
Three Months Ended December 31,
|
Year Ended December 31,
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|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net sales
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$ | 121,360 | $ | 110,660 | $ | 476,644 | $ | 464,451 | ||||||||
Cost of products
|
101,626 | 93,019 | 398,955 | 393,944 | ||||||||||||
Gross profit
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19,734 | 17,641 | 77,689 | 70,507 | ||||||||||||
Selling, general and administrative expenses
|
14,642 | 12,975 | 49,326 | 44,474 | ||||||||||||
Public offering related costs
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— | — | 9,655 | — | ||||||||||||
Amortization of intangibles
|
290 | 322 | 1,182 | 1,379 | ||||||||||||
Operating income
|
4,802 | 4,344 | 17,526 | 24,654 | ||||||||||||
Other expenses (income):
|
||||||||||||||||
Interest expense, net
|
3,961 | 5,103 | 16,797 | 20,081 | ||||||||||||
Foreign currency transaction (gain) loss
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54 | (604 | ) | (459 | ) | (568 | ) | |||||||||
Loss on extinguishment of debt
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— | — | 1,555 | 2,016 | ||||||||||||
Other income, net
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(951 | ) | (254 | ) | (2,269 | ) | (1,182 | ) | ||||||||
Income from continuing operations before income taxes
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1,738 | 99 | 1,902 | 4,307 | ||||||||||||
Income tax (benefit) provision
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(3,127 | ) | 1,089 | 356 | 3,490 | |||||||||||
Income (loss) from continuing operations
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4,865 | (990 | ) | 1,546 | 817 | |||||||||||
Income (loss) from discontinued operations, net of tax
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(51 | ) | 53 | (462 | ) | 136 | ||||||||||
Net income (loss).
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4,814 | (937 | ) | 1,084 | 953 | |||||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Foreign currency translation adjustment
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684 | (1,814 | ) | 665 | (2,125 | ) | ||||||||||
Comprehensive income (loss)
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$ | 5,498 | $ | (2,751 | ) | $ | 1,749 | $ | (1,172 | ) | ||||||
Basic net income (loss) per common share:
|
||||||||||||||||
Continuing operations
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$ | 0.24 | $ | (0.09 | ) | $ | 0.08 | $ | 0.08 | |||||||
Discontinued operations
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(0.00 | ) | 0.00 | (0.02 | ) | 0.01 | ||||||||||
$ | 0.24 | $ | (0.09 | ) | $ | 0.06 | $ | 0.09 | ||||||||
Diluted net income (loss) per common share:
|
||||||||||||||||
Continuing operations
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$ | 0.24 | $ | (0.09 | ) | $ | 0.08 | $ | 0.07 | |||||||
Discontinued operations
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(0.00 | ) | 0.00 | (0.02 | ) | 0.01 | ||||||||||
$ | 0.24 | $ | (0.09 | ) | $ | 0.06 | $ | 0.08 | ||||||||
Basic weighted-average common shares outstanding
|
19,683 | 10,810 | 18,407 | 10,810 | ||||||||||||
Diluted weighted-average common shares outstanding
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20,440 | 11,810 | 19,336 | 11,841 |
Year Ended December 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income (loss)
|
$ | 1,084 | $ | 953 | $ | (16,772 | ) | |||||
(Income) loss from discontinued operations
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462 | (136 | ) | 4,428 | ||||||||
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
|
||||||||||||
Depreciation and amortization
|
13,114 | 11,419 | 10,416 | |||||||||
Amortization of debt issuance costs
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2,418 | 2,025 | 1,844 | |||||||||
Amortization of intangible assets
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1,182 | 1,379 | 2,284 | |||||||||
Amortization of premium/discount on senior notes
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935 | 744 | (40 | ) | ||||||||
Loss on extinguishment of debt
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1,555 | 2,016 | — | |||||||||
Deferred income tax (benefit) provision
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(3,862 | ) | 683 | (1,854 | ) | |||||||
Stock-based compensation
|
4,666 | 75 | 67 | |||||||||
Revaluation of non-dollar denominated debt
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340 | (815 | ) | 345 | ||||||||
Other
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176 | 75 | 116 | |||||||||
Change in cash from operating assets and liabilities:
|
||||||||||||
Accounts receivable
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(16,757 | ) | (16,498 | ) | (24,539 | ) | ||||||
Inventory
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(6,288 | ) | (7,463 | ) | (19,561 | ) | ||||||
Prepaid expenses and other
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(1,781 | ) | 550 | (6,837 | ) | |||||||
Accounts payable
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1,878 | 395 | 12,827 | |||||||||
Accrued liabilities
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(1,398 | ) | 741 | 8,164 | ||||||||
Income taxes (receivable) payable
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1,235 | (1,243 | ) | 2,615 | ||||||||
Other assets and liabilities
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(489 | ) | 977 | (44 | ) | |||||||
Net cash used in operating activities – continuing operations
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(1,530 | ) | (4,123 | ) | (26,541 | ) | ||||||
Net cash provided by (used in) operating activities – discontinued operations
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(142 | ) | 5,010 | (3,219 | ) | |||||||
Net cash provided by (used in) operating activities
|
(1,672 | ) | 887 | (29,760 | ) | |||||||
Cash flows from investing activities:
|
||||||||||||
Purchase of property, plant and equipment
|
(26,137 | ) | (11,694 | ) | (3,337 | ) | ||||||
Proceeds from the sale of assets
|
33 | 32 | – | |||||||||
Net cash used in investing activities – continuing operations
|
(26,104 | ) | (11,662 | ) | (3,337 | ) | ||||||
Net cash provided by investing activities – discontinued operations
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– | – | 2,284 | |||||||||
Net cash used in investing activities
|
(26,104 | ) | (11,662 | ) | (1,053 | ) | ||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from lines of credit
|
100,635 | 86,948 | 137,865 | |||||||||
Repayments of lines of credit
|
(110,490 | ) | (90,667 | ) | (109,918 | ) | ||||||
Proceeds from long-term debt
|
25,674 | 173,083 | — | |||||||||
Repayments of long-term debt
|
(44,318 | ) | (153,172 | ) | (2,256 | ) | ||||||
Net proceeds from initial public offering
|
65,927 | — | — | |||||||||
Payments for debt issuance costs
|
(1,748 | ) | (9,179 | ) | — | |||||||
Payments for public offering costs
|
— | (2,311 | ) | — | ||||||||
Proceeds from the exercise of stock options
|
1,018 | — | — | |||||||||
Net cash provided by financing activities – continuing operations
|
36,698 | 4,702 | 25,691 | |||||||||
Net cash used in financing activities – discontinued operations
|
— | (650 | ) | — | ||||||||
Net cash provided by financing activities
|
36,698 | 4,052 | 25,691 | |||||||||
Effect of exchange rate changes on cash – continuing operations
|
27 | 611 | (228 | ) | ||||||||
Effect of exchange rate changes on cash – discontinued operations
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43 | 4 | (280 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents
|
8,992 | (6,108 | ) | (5,630 | ) | |||||||
Cash and cash equivalents at beginning of year
|
9,076 | 15,184 | 20,814 | |||||||||
Cash and cash equivalents at end of year
|
$ | 18,068 | $ | 9,076 | $ | 15,184 | ||||||
Supplemental cash flow disclosure:
|
||||||||||||
Cash paid for interest
|
$ | 15,840 | $ | 15,626 | $ | 16,341 | ||||||
Cash paid for income taxes
|
$ | 1,375 | $ | 2,643 | $ | 22 |
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net Income (loss)
|
$ | 4,814 | $ | (937 | ) | $ | 1,084 | $ | 953 | |||||||
(Income) loss from discontinued operations, net of income tax
|
51 | (53 | ) | 462 | (136 | ) | ||||||||||
Interest expense
|
3,961 | 5,105 | 16,797 | 20,088 | ||||||||||||
Income tax (benefit) expense
|
(3,127 | ) | 1,089 | 356 | 3,490 | |||||||||||
Depreciation and amortization expense
|
3,611 | 3,458 | 14,296 | 12,798 | ||||||||||||
Foreign exchange (gain) loss
|
53 | (604 | ) | (459 | ) | (568 | ) | |||||||||
Loss on extinguishment of debt
|
— | — | 1,555 | 2,016 | ||||||||||||
Restructuring expense
|
— | 569 | 93 | 950 | ||||||||||||
Professional fees
|
460 | (431 | ) | 1,056 | 2,712 | |||||||||||
Stock-based compensation expense
|
213 | — | 360 | 75 | ||||||||||||
Public offering costs
|
— | — | 9,655 | — | ||||||||||||
Management fees
|
— | 554 | 229 | 2,074 | ||||||||||||
Other
|
— | 76 | 188 | 84 | ||||||||||||
Adjusted EBITDA
|
$ | 10,036 | $ | 8,826 | $ | 45,672 | $ | 44,536 |
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net Income (loss)
|
$ | 4,814 | $ | (937 | ) | $ | 1,084 | $ | 953 | |||||||
(Income) loss from discontinued operations, net of income tax
|
51 | (53 | ) | 462 | (136 | ) | ||||||||||
Professional fees
|
460 | — | 1,056 | — | ||||||||||||
Management fees
|
— | 554 | 229 | 2,074 | ||||||||||||
Loss on extinguishment of debt
|
— | — | 1,555 | 2,016 | ||||||||||||
Public offering costs
|
— | — | 9,655 | — | ||||||||||||
Public offering interest related expense
|
— | — | 1,470 | — | ||||||||||||
Adjusted net income (loss)
|
$ | 5,325 | $ | (436 | ) | $ | 15,511 | $ | 4,907 | |||||||
Diluted weighted-average common shares outstanding
|
20,440 | 10,810 | 19,336 | 11,841 | ||||||||||||
Adjusted earnings (loss) per share
|
$ | 0.26 | $ | (0.04 | ) | $ | 0.80 | $ | 0.41 |
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