Guarantor Financial Information

3 Months Ended

Mar. 31, 2012

Guarantor Financial Information [Abstract]

Guarantor Financial Information

(15) Guarantor Financial Information

The accompanying condensed consolidating financial information has been prepared and presented pursuant to Rule 3-10 of SEC Regulation S-X “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” The consolidating financial information presents A. M. Castle & Co. (Parent) and subsidiaries. The consolidating financial information has been prepared on the same basis as the consolidated statements of the Parent. The equity method of accounting is followed within this financial information.

Condensed Consolidating Balance Sheet

As of March 31, 2012

	Parent		Guarantors			Non-Guarantors			Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	1,295	$	2,282		$	12,977		$	—		$	16,554
Accounts receivable, less allowance for doubtful accounts		77,956		60,561			59,812			—			198,329
Receivables from affiliates		936		3,727			—			(4,663	)		—
Inventories		81,808		183,588			70,074			(982	)		334,488
Prepaid expenses and other current assets		18,997		(8,639	)		6,900			211			17,469
Total current assets		180,992		241,519			149,763			(5,434	)		566,840
Investment in joint venture		38,790		—			—			—			38,790
Goodwill		7,459		47,018			15,782			—			70,259
Intangible assets		—		70,142			21,150			—			91,292
Other assets		33,984		200			4,196			—			38,380
Investment in subsidiaries		390,664		12,183			—			(402,847	)		—
Receivables from affiliates		81,023		72,063			7,399			(160,485	)		—
Property, plant and equipment, net		48,620		21,507			10,675			—			80,802
Total assets	$	781,532	$	464,632		$	208,965		$	(568,766	)	$	886,363
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	69,115	$	56,452		$	23,260		$	—		$	148,827
Payables due to affiliates		925		125			3,613			(4,663	)		—
Other current liabilities		27,578		6,460			8,366			—			42,404
Current portion of long-term debt and short-term debt		188		34			510			—			732
Total current liabilities		97,806		63,071			35,749			(4,663	)		191,963
Long-term debt, less current portion		335,214		—			6,000			—			341,214
Payables due to affiliates		19,427		23,731			117,327			(160,485	)		—
Deferred income taxes		5,211		19,203			(143	)		—			24,271
Other non-current liabilities		11,185		4,431			610			—			16,226
Stockholders’ equity		312,689		354,196			49,422			(403,618	)		312,689
Total liabilities and stockholders’ equity	$	781,532	$	464,632		$	208,965		$	(568,766	)	$	886,363

Condensed Consolidating Balance Sheet

As of December 31, 2011

	Parent		Guarantors			Non-Guarantors			Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	11,528	$	588		$	18,408		$	—		$	30,524
Accounts receivable, less allowance for doubtful accounts		68,334		57,587			55,115			—			181,036
Receivables from affiliates		273		3,495			146			(3,914	)		—
Inventories		57,643		155,113			59,547			(264	)		272,039
Prepaid expenses and other current assets		19,080		(3,894	)		3,483			—			18,669
Total current assets		156,858		212,889			136,699			(4,178	)		502,268
Investment in joint venture		36,460		—			—			—			36,460
Goodwill		7,459		47,018			15,424			—			69,901
Intangible assets		—		72,633			21,180			—			93,813
Other assets		34,300		628			2,812			—			37,740
Investment in subsidiaries		379,622		12,151			—			(391,773	)		—
Receivables from affiliates		66,878		71,041			7,292			(145,211	)		—
Property, plant and equipment, net		49,701		21,981			10,459			—			82,141
Total assets	$	731,278	$	438,341		$	193,866		$	(541,162	)	$	822,323
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	53,469	$	45,794		$	17,611		$	—		$	116,874
Payables due to affiliates		1,387		76			2,451			(3,914	)		—
Other current liabilities		21,073		9,281			5,358			—			35,712
Current portion of long-term debt and short-term debt		82		50			560			—			692
Total current liabilities		76,011		55,201			25,980			(3,914	)		153,278
Long-term debt, less current portion		303,739		1			10,500			—			314,240
Payables due to affiliates		21,884		10,415			112,912			(145,211	)		—
Deferred income taxes		6,251		19,676			(277	)		—			25,650
Other non-current liabilities		11,114		5,195			567			—			16,876
Stockholders’ equity		312,279		347,853			44,184			(392,037	)		312,279
Total liabilities and stockholders’ equity	$	731,278	$	438,341		$	193,866		$	(541,162	)	$	822,323

Condensed Consolidating Statement of Operations

For the Quarter ended March 31, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net Sales	$	169,062		$	128,409		$	77,195		$	(11,750	)	$	362,916
Costs and expenses:
Cost of materials (exclusive of depreciation and amortization)		124,761			91,255			58,975			(11,024	)		263,967
Warehouse, processing and delivery expense		20,419			12,238			5,869			—			38,526
Sales, general and administrative expense		18,721			10,905			5,586			—			35,212
Depreciation and amortization expense		2,056			3,559			998			—			6,613
Operating income		3,105			10,452			5,767			(726	)		18,598
Interest expense, net		(6,999	)		—			(3,194	)		—			(10,193	)
Interest expense - unrealized loss on debt conversion option		(11,340	)		—			—			—			(11,340	)
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture		(15,234	)		10,452			2,573			(726	)		(2,935	)
Income taxes		223			(4,140	)		(667	)		211			(4,373	)
Equity in earnings of subsidiaries		7,703			36			—			(7,739	)		—
Equity in earnings of joint venture		3,008			—			—			—			3,008
Net (loss) income		(4,300	)		6,348			1,906			(8,254	)		(4,300	)
Comprehensive (loss) income	$	(1,076	)	$	6,348		$	5,239		$	(11,587	)	$	(1,076	)

Condensed Consolidating Statement of Operations

For the Quarter ended March 31, 2011

	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net Sales	$	146,755		$	69,604		$	58,295		$	(1,866	)	$	272,788
Costs and expenses:
Cost of materials (exclusive of depreciation and amortization)		108,622			50,612			44,060			(1,866	)		201,428
Warehouse, processing and delivery expense		19,819			8,400			4,923			—			33,142
Sales, general and administrative expense		18,430			8,259			4,432			—			31,121
Depreciation and amortization expense		2,127			2,234			638			—			4,999
Operating (loss) income		(2,243	)		99			4,242			—			2,098
Interest expense, net		(176	)		—			(810	)		—			(986	)
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture		(2,419	)		99			3,432			—			1,112
Income taxes		(504	)		(10	)		(754	)		—			(1,268	)
Equity in earnings of subsidiaries		2,767			233			—			(3,000	)		—
Equity in earnings of joint venture		2,859			—			—			—			2,859
Net income		2,703			322			2,678			(3,000	)		2,703
Comprehensive income	$	4,032		$	322		$	3,925		$	(4,247	)	$	4,032

Condensed Consolidating Statement of Cash Flows

For the Period ended March 31, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating activities:
Net (loss) income	$	(4,300	)	$	6,348		$	1,906		$	(8,254	)	$	(4,300	)
Equity in earnings of subsidiaries		7,703			36			—			(7,739	)		—
Adjustments to reconcile net (loss) income to cash provided by operating activities		(13,227	)		(16,377	)		(6,449	)		15,993			(20,060	)
Net cash used in operating activities		(9,824	)		(9,993	)		(4,543	)		—			(24,360	)
Investing activities:
Capital expenditures		(1,877	)		(591	)		(656	)		—			(3,124	)
Net cash used in investing activities		(1,877	)		(591	)		(656	)		—			(3,124	)
Financing activities:
Proceeds from long-term debt, including new revolving credit facility		139,749			—			10,479			—			150,228
Repayments of long-term debt, including new revolving credit facility		(120,366	)		(16	)		(15,023	)		—			(135,405	)
Payment of debt issue costs		(1,313	)		—			—			—			(1,313	)
Net intercompany (repayments) borrowings		(16,602	)		12,294			4,308			—			—
Net cash from (used in) financing activities		1,468			12,278			(236	)		—			13,510
Effect of exchange rate changes on cash and cash equivalents		—			—			4			—			4
Increase (decrease) in cash and cash equivalents		(10,233	)		1,694			(5,431	)		—			(13,970	)
Cash and cash equivalents—beginning of year		11,528			588			18,408			—			30,524
Cash and cash equivalents—end of period	$	1,295		$	2,282		$	12,977		$	—		$	16,554

Condensed Consolidating Statement of Cash Flows

For the Period ended March 31, 2011

	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating activities:
Net income	$	2,703		$	322		$	2,678		$	(3,000	)	$	2,703
Equity in earnings of subsidiaries		2,767			233			—			(3,000	)		—
Adjustments to reconcile net income to cash provided by operating activities		3,955			(1,479	)		(1,898	)		6,000			6,578
Net cash from (used in) operating activities		9,425			(924	)		780			—			9,281
Investing activities:
Capital expenditures		(673	)		(507	)		(629	)		—			(1,809	)
Net cash used in investing activities		(673	)		(507	)		(629	)		—			(1,809	)
Financing activities:
Net (repayments) borrowings on previously existing revolving lines of credit		(21	)		4			(85	)		—			(102	)
Net intercompany (repayments) borrowings		(1,861	)		1,365			496			—			—
Other financing activities, net		77			—			—			—			77
Net cash (used in) from financing activities		(1,805	)		1,369			411			—			(25	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(334	)		—			(334	)
Increase (decrease) in cash and cash equivalents		6,947			(62	)		228			—			7,113
Cash and cash equivalents—beginning of year		7,629			1,068			28,019			—			36,716
Cash and cash equivalents—end of period	$	14,576		$	1,006		$	28,247		$	—		$	43,829