UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM 8-K |
Delaware | 001-37427 | 47-3574483 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
39400 Woodward Avenue, Suite 100 Bloomfield Hills, Michigan | 48304 | ||
(Address of principal executive offices) | (Zip Code) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Exhibit No. | Description | |||
99.1 | Condensed Combined Financial Statements of Horizon Global Corporation | |||
99.2 | Company and Business Segment Information of Horizon Global Corporation |
HORIZON GLOBAL CORPORATION | ||||||
Date: | October 14, 2015 | By: | /s/ David G. Rice | |||
Name: | David G. Rice | |||||
Title: | Chief Financial Officer |
Exhibit Number | Description | ||
99.1 | Condensed Combined Financial Statements of Horizon Global Corporation | ||
99.2 | Company and Business Segment Information of Horizon Global Corporation |
September 30, 2014 | December 31, 2014 | |||||||
Assets | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 10,640 | $ | 5,720 | ||||
Receivables, net | 81,690 | 63,840 | ||||||
Inventories | 114,790 | 123,530 | ||||||
Deferred income taxes | 4,220 | 4,840 | ||||||
Prepaid expenses and other current assets | 6,680 | 5,690 | ||||||
Total current assets | 218,020 | 203,620 | ||||||
Property and equipment, net | 58,980 | 55,180 | ||||||
Goodwill | 7,140 | 6,580 | ||||||
Other intangibles, net | 69,800 | 66,510 | ||||||
Other assets | 13,360 | 11,940 | ||||||
Total assets | $ | 367,300 | $ | 343,830 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Current maturities, long-term debt | $ | 2,570 | $ | 460 | ||||
Accounts payable | 67,980 | 81,980 | ||||||
Accrued liabilities | 33,590 | 37,940 | ||||||
Total current liabilities | 104,140 | 120,380 | ||||||
Long-term debt | 280 | 300 | ||||||
Deferred income taxes | 11,850 | 8,970 | ||||||
Other long-term liabilities | 31,960 | 25,990 | ||||||
Total liabilities | 148,230 | 155,640 | ||||||
Total shareholders' equity | 219,070 | 188,190 | ||||||
Total liabilities and shareholders' equity | $ | 367,300 | $ | 343,830 |
September 30, 2014 | December 31, 2014 | |||||||||||||||
Three months ended | Nine months ended | Three months ended | Year ended | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net sales | $ | 157,860 | $ | 484,210 | $ | 127,570 | $ | 611,780 | ||||||||
Cost of sales | (119,690 | ) | (363,720 | ) | (99,970 | ) | (463,690 | ) | ||||||||
Gross profit | 38,170 | 120,490 | 27,600 | 148,090 | ||||||||||||
Selling, general and administrative expenses | (30,310 | ) | (93,330 | ) | (29,560 | ) | (122,890 | ) | ||||||||
Net gain/(loss) on dispositions of property and equipment | 10 | (60 | ) | (680 | ) | (740 | ) | |||||||||
Operating profit/(loss) | 7,870 | 27,100 | (2,640 | ) | 24,460 | |||||||||||
Other expense, net: | ||||||||||||||||
Interest expense | (150 | ) | (510 | ) | (210 | ) | (720 | ) | ||||||||
Other expense, net | (810 | ) | (2,290 | ) | (860 | ) | (3,150 | ) | ||||||||
Other expense, net | (960 | ) | (2,800 | ) | (1,070 | ) | (3,870 | ) | ||||||||
Income/(loss) before income tax (expense)/benefit | 6,910 | 24,300 | (3,710 | ) | 20,590 | |||||||||||
Income tax (expense)/benefit | (1,700 | ) | (5,890 | ) | 650 | (5,240 | ) | |||||||||
Net income/(loss) | $ | 5,210 | $ | 18,410 | $ | (3,060 | ) | $ | 15,350 |
September 30, 2014 | December 31, 2014 | ||||||||||||||||
Three months ended | Nine months ended | Three months ended | Year ended | ||||||||||||||
Cequent Americas | |||||||||||||||||
Net sales | $ | 113,580 | $ | 356,660 | $ | 90,010 | $ | 446,670 | |||||||||
Operating profit (loss) | $ | 8,540 | $ | 31,090 | $ | (280 | ) | $ | 30,810 | ||||||||
Special Items to consider in evaluating operating profit: | |||||||||||||||||
Severance and business restructuring costs | $ | 360 | $ | 2,800 | $ | 790 | $ | 3,590 | |||||||||
Excluding Special Items, operating profit would have been | $ | 8,900 | $ | 33,890 | $ | 510 | $ | 34,400 | |||||||||
Cequent APEA | |||||||||||||||||
Net sales | $ | 44,280 | $ | 127,550 | $ | 37,560 | $ | 165,110 | |||||||||
Operating profit (loss) | $ | 3,140 | $ | 7,770 | $ | (120 | ) | $ | 7,650 | ||||||||
Special Items to consider in evaluating operating profit: | |||||||||||||||||
Severance and business restructuring costs | $ | 380 | $ | 380 | $ | 470 | $ | 850 | |||||||||
Excluding Special Items, operating profit would have been | $ | 3,520 | $ | 8,150 | $ | 350 | $ | 8,500 | |||||||||
Corporate Expenses | |||||||||||||||||
Operating loss | $ | (3,810 | ) | $ | (11,760 | ) | $ | (2,240 | ) | $ | (14,000 | ) | |||||
Total Company | |||||||||||||||||
Net sales | $ | 157,860 | $ | 484,210 | $ | 127,570 | $ | 611,780 | |||||||||
Operating profit (loss) | $ | 7,870 | $ | 27,100 | $ | (2,640 | ) | $ | 24,460 | ||||||||
Total Special Items to consider in evaluating operating profit: | $ | 740 | $ | 3,180 | $ | 1,260 | $ | 4,440 | |||||||||
Excluding Special Items, operating profit/(loss) would have been | $ | 8,610 | $ | 30,280 | $ | (1,380 | ) | $ | 28,900 |