Guarantor Subsidiaries

9 Months Ended

Jun. 30, 2012

Guarantor Subsidiaries [Abstract]

GUARANTOR SUBSIDIARIES

13. GUARANTOR SUBSIDIARIES

As discussed in Note 6, in February 2007, American Pacific Corporation, a Delaware corporation (“Parent”) issued and sold $110,000 aggregate principal amount of Senior Notes. In connection with the issuance of the Senior Notes, the Parent’s material U.S. subsidiaries (“Guarantor Subsidiaries”) jointly, fully, severally, and unconditionally guaranteed the Senior Notes. The Parent’s foreign subsidiaries (“Non-Guarantor Subsidiaries”) are not guarantors of the Senior Notes. Each of the Parent’s subsidiaries is 100% owned. The Parent has no independent assets or operations. The following presents condensed consolidating financial information separately for the Parent, Guarantor Subsidiaries and Non-Guarantor Subsidiaries.

Effective on August 1, 2012, we sold AMPAC-ISP. The sale included all of our Non-Guarantor Subsidiaries. See Note 12.

        Condensed Consolidating Statement of Operations - Three Months Ended June 30, 2012

			Guarantor		Non-Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	57,623	$	-	$	-	$	57,623
Cost of Revenues		-		36,736		-		-		36,736
Gross Profit		-		20,887		-		-		20,887
Operating Expenses, Net		-		9,904		-		-		9,904
Operating Income (Loss)		-		10,983		-		-		10,983
Interest and Other Income		2,588		10		-		(2,588)		10
Interest Expense		2,588		2,594		-		(2,588)		2,594
Income (Loss) from Continuing Operations before Tax and Equity Account for Subsidiaries		-		8,399		-		-		8,399
Income Tax Provision		-		3,517		-		-		3,517
Income (Loss) before
Equity Account for Subsidiaries		-		4,882		-		-		4,882
Income (Loss) from Discontinued Operations, Net		-		(114)		(63)		-		(177)
Equity Account for Subsidiaries		4,705		(63)		-		(4,642)		-
Net Income (Loss)	$	4,705	$	4,705	$	(63)	$	(4,642)	$	4,705

        Condensed Consolidating Statement of Operations - Three Months Ended June 30, 2011

			Guarantor		Non-Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	41,812	$	-	$	-	$	41,812
Cost of Revenues		-		32,580		-		-		32,580
Gross Profit		-		9,232		-		-		9,232
Operating Expenses, Net		-		14,094		-		-		14,094
Operating Loss		-		(4,862)		-		-		(4,862)
Interest and Other Income		2,633		8		-		(2,633)		8
Interest Expense		2,633		2,640		-		(2,633)		2,640
Loss from Continuing Operations before Tax and Equity Account for Subsidiaries		-		(7,494)		-		-		(7,494)
Income Tax Benefit		-		(779)		-		-		(779)
Loss before
Equity Account for Subsidiaries		-		(6,715)		-		-		(6,715)
Income from Discontinued Operations, Net		-		222		329		-		551
Equity Account for Subsidiaries		(6,164)		329		-		5,835		-
Net Income (Loss)	$	(6,164)	$	(6,164)	$	329	$	5,835	$	(6,164)

        Condensed Consolidating Statement of Operations - Nine Months Ended June 30, 2012

			Guarantor		Non-Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	136,026	$	-	$	-	$	136,026
Cost of Revenues		-		89,291		-		-		89,291
Gross Profit		-		46,735		-		-		46,735
Operating Expenses, Net		-		28,198		-		-		28,198
Operating Income (Loss)		-		18,537		-		-		18,537
Interest and Other Income		7,779		24		-		(7,779)		24
Interest Expense		7,779		7,824		-		(7,779)		7,824
Income (Loss) from Continuing Operations before
Tax and Equity Account for Subsidiaries		-		10,737		-		-		10,737
Income Tax Provision		-		4,583		-		-		4,583
Income (Loss) before
Equity Account for Subsidiaries		-		6,154		-		-		6,154
Income (Loss) from Discontinued Operations, Net		-		361		(604)		-		(243)
Equity Account for Subsidiaries		5,911		(604)		-		(5,307)		-
Net Income (Loss)	$	5,911	$	5,911	$	(604)	$	(5,307)	$	5,911

        Condensed Consolidating Statement of Operations - Nine Months Ended June 30, 2011

			Guarantor		Non-Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	93,026	$	-	$	-	$	93,026
Cost of Revenues		-		73,422		-		-		73,422
Gross Profit		-		19,604		-		-		19,604
Operating Expenses, Net		-		29,942		-		-		29,942
Operating Loss		-		(10,338)		-		-		(10,338)
Interest and Other Income		7,872		228		-		(7,872)		228
Interest Expense		7,872		7,921		-		(7,872)		7,921
Loss from Continuing Operations before
Tax and Equity Account for Subsidiaries		-		(18,031)		-		-		(18,031)
Income Tax Benefit		-		(5,307)		-		-		(5,307)
Loss before
Equity Account for Subsidiaries		-		(12,724)		-		-		(12,724)
Income from Discontinued Operations, Net		-		1,561		167		-		1,728
Equity Account for Subsidiaries		(10,996)		167		-		10,829		-
Net Income (Loss)	$	(10,996)	$	(10,996)	$	167	$	10,829	$	(10,996)

        Condensed Consolidating Balance Sheet - June 30, 2012

			Guarantor		Non-Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets:
Cash and Cash Equivalents	$	-	$	38,618	$	579	$	-	$	39,197
Accounts Receivable, Net		-		21,266		-		-		21,266
Inventories		-		39,653		-		-		39,653
Prepaid Expenses and Other Assets		-		1,437		134		-		1,571
Income Taxes Receivable and Deferred Income Taxes		-		7,102		-		-		7,102
Assets of Discontinued Operations		-		24,468		7,308		(179)		31,597
Total Current Assets		-		132,544		8,021		(179)		140,386
Property, Plant and Equipment, Net		-		102,683		-		-		102,683
Deferred Income Taxes		-		9,996		-		-		9,996
Other Assets		-		8,855		228		-		9,083
Intercompany Advances		73,993		-		-		(73,993)		-
Investment in Subsidiaries, Net		86,842		-		-		(86,842)		-
Assets of Discontinued Operations		-		20,964		5,280		(18,741)		7,503
Total Assets	$	160,835	$	275,042	$	13,529	$	(179,755)	$	269,651
Liabilitites and Stockholders’ Equity:
Accounts Payable and Other Current Liabilities	$	-	$	26,829	$	-	$	-	$	26,829
Environmental Remediation Reserves		-		8,328		-		-		8,328
Deferred Revenues and Customer Deposits		-		12,454		-		-		12,454
Current Portion of Long-Term Debt		-		17		-		-		17
Intercompany Advances		-		73,993		-		(73,993)		-
Liabilities of Discontinued Operations		-		4,161		3,160		(179)		7,142
Total Current Liabilities		-		125,782		3,160		(74,172)		54,770
Long-Term Debt		105,000		7		-		-		105,007
Environmental Remediation Reserves		-		11,925		-		-		11,925
Pension Obligations and Other Long-Term Liabilities		-		42,105		-		-		42,105
Liabilities of Discontinued Operations		-		9		6,368		(6,368)		9
Total Liabilities		105,000		179,828		9,528		(80,540)		213,816
Total Stockholders’ Equity		55,835		95,214		4,001		(99,215)		55,835
Total Liabilities and Stockholders’ Equity	$	160,835	$	275,042	$	13,529	$	(179,755)	$	269,651

        Condensed Consolidating Balance Sheet - September 30, 2011

			Guarantor		Non-Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets:
Cash and Cash Equivalents	$	-	$	30,126	$	577	$	-	$	30,703
Accounts Receivable, Net		-		41,661		5,247		(552)		46,356
Inventories		-		37,992		1,162		-		39,154
Prepaid Expenses and Other Assets		-		3,739		402		-		4,141
Income Taxes Receivable and Deferred Income Taxes		-		7,693		-		-		7,693
Total Current Assets		-		121,211		7,388		(552)		128,047
Property, Plant and Equipment, Net		-		110,164		2,068		-		112,232
Intangible Assets, Net		-		-		585		-		585
Goodwill		-		-		2,930		-		2,930
Deferred Income Taxes		-		14,724		64		-		14,788
Other Assets		-		9,432		636		-		10,068
Intercompany Advances		73,940		5,179		-		(79,119)		-
Investment in Subsidiaries, Net		80,767		4,861		-		(85,628)		-
Total Assets	$	154,707	$	265,571	$	13,671	$	(165,299)	$	268,650
Liabilitites and Stockholders’ Equity:
Accounts Payable and Other Current Liabilities	$	-	$	27,918	$	2,059	$	(552)	$	29,425
Environmental Remediation Reserves		-		11,999		-		-		11,999
Deferred Revenues and Customer Deposits		-		11,204		1,526		-		12,730
Current Portion of Long-Term Debt		-		23		46		-		69
Intercompany Advances		-		73,940		5,179		(79,119)		-
Total Current Liabilities		-		125,084		8,810		(79,671)		54,223
Long-Term Debt		105,000		34		-		-		105,034
Environmental Remediation Reserves		-		14,174		-		-		14,174
Pension Obligations and Other Long-Term Liabilities		-		45,512		-		-		45,512
Total Liabilities		105,000		184,804		8,810		(79,671)		218,943
Total Stockholders’ Equity		49,707		80,767		4,861		(85,628)		49,707
Total Liabilities and Stockholders’ Equity	$	154,707	$	265,571	$	13,671	$	(165,299)	$	268,650

Condensed Consolidating Statement of Cash Flows - Nine Months Ended June 30, 2012

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided (Used) by Operating Activities	$	-	$	14,259	$	(1,001)	$	-	$	13,258
Cash Flows from Investing Activities:
Capital expenditures		-		(4,187)		-		-		(4,187)
Other Investing Activities		-		120		-		-		120
Discontinued Operations, Net				(547)		(142)		-		(689)
Net Cash Used by Investing Activities		-		(4,614)		(142)		-		(4,756)
Cash Flows from Financing Activities:
Payments of long-term debt		-		(13)		-		-		(13)
Issuance of common stock		53		-		-		-		53
Intercompany advances, net		(53)		53		-		-		-
Discontinued Operations, Net				(1,193)		1,153		-		(40)
Net Cash Provided (Used) by Financing Activities		-		(1,153)		1,153		-		-
Effect of Changes in Currency Exchange Rates		-		-		(8)				(8)
Net Change in Cash and Cash Equivalents		-		8,492		2		-		8,494
Cash and Cash Equivalents, Beginning of Period		-		30,126		577		-		30,703
Cash and Cash Equivalents, End of Period	$	-	$	38,618	$	579	$	-	$	39,197

Condensed Consolidating Statement of Cash Flows - Nine Months Ended June 30, 2011

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided (Used) by Operating Activities	$	-	$	11,154	$	(383)	$	-	$	10,771
Cash Flows from Investing Activities:
Capital expenditures		-		(9,200)		-		-		(9,200)
Discontinued Operations, Net				(517)		(478)		-		(995)
Net Cash Used by Investing Activities		-		(9,717)		(478)		-		(10,195)
Cash Flows from Financing Activities:
Payments of long-term debt		-		(11)		-		-		(11)
Debt Issuance costs		(878)		-		-		-		(878)
Issuance of common stock		81		-		-		-		81
Intercompany advances, net		797		(797)		-		-		-
Discontinued Operations, Net		-		(286)		245		-		(41)
Net Cash Provided (Used) by Financing Activities		-		(1,094)		245		-		(849)
Effect of Changes in Currency Exchange Rates		-		-		61				61
Net Change in Cash and Cash Equivalents		-		343		(555)		-		(212)
Cash and Cash Equivalents, Beginning of Period		-		22,991		994		-		23,985
Cash and Cash Equivalents, End of Period	$	-	$	23,334	$	439	$	-	$	23,773