Guarantor Subsidiaries |
Note 16. Guarantor Subsidiaries
On June 12, 2007, Actuant Corporation (the "Parent") issued $250.0 million of 6.875% Senior Notes. All of our material domestic wholly owned subsidiaries (the "Guarantors") fully and unconditionally guarantee the 6.875% Senior Notes on a joint and several basis. There are no significant restrictions on the ability of the Guarantors to make distributions to the Parent. The following tables present the condensed results of operations, financial position and cash flows of Actuant Corporation and its subsidiaries, the Guarantor and non-Guarantor entities, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.
Certain assets, liabilities and expenses have not been allocated to the Guarantors and non-Guarantors and therefore are included in the Parent column in the accompanying condensed consolidating financial statements. These items are of a corporate or consolidated nature and include, but are not limited to, tax provisions and related assets and liabilities, certain employee benefit obligations, prepaid and accrued insurance and corporate indebtedness. Intercompany activity in the condensed consolidating financial statements primarily includes loan activity, purchases and sales of goods or services and dividends. Intercompany balances also reflect certain non-cash transactions including transfers of assets and liabilities between the Parent, Guarantor and non-Guarantor, allocation of non-cash expenses from the Parent to the Guarantors and non-Guarantors, the impact of foreign currency rate changes and non-cash intercompany dividends.
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
|
|
|
|
|
|
Net sales |
|
$ |
45,301 |
|
|
$ |
142,145 |
|
|
$ |
205,331 |
|
|
$ |
— |
|
|
$ |
392,777 |
|
Cost of products sold |
|
|
11,904 |
|
|
|
97,584 |
|
|
|
129,251 |
|
|
|
— |
|
|
|
238,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
33,397 |
|
|
|
44,561 |
|
|
|
76,080 |
|
|
|
— |
|
|
|
154,038 |
|
Selling, administrative and engineering expenses |
|
|
23,834 |
|
|
|
24,549 |
|
|
|
39,921 |
|
|
|
— |
|
|
|
88,304 |
|
Restructuring charges |
|
|
1,006 |
|
|
|
19 |
|
|
|
(163 |
) |
|
|
— |
|
|
|
862 |
|
Amortization of intangible assets |
|
|
— |
|
|
|
3,893 |
|
|
|
2,978 |
|
|
|
— |
|
|
|
6,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
8,557 |
|
|
|
16,100 |
|
|
|
33,344 |
|
|
|
— |
|
|
|
58,001 |
|
Financing costs, net |
|
|
7,850 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,850 |
|
Intercompany expense (income), net |
|
|
(984 |
) |
|
|
4,453 |
|
|
|
(3,469 |
) |
|
|
— |
|
|
|
— |
|
Other expense (income), net |
|
|
(3,628 |
) |
|
|
194 |
|
|
|
3,765 |
|
|
|
— |
|
|
|
331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations before income tax expense |
|
|
5,319 |
|
|
|
11,453 |
|
|
|
33,048 |
|
|
|
— |
|
|
|
49,820 |
|
Income tax expense |
|
|
1,224 |
|
|
|
2,635 |
|
|
|
7,601 |
|
|
|
— |
|
|
|
11,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations before equity in earnings of subsidiaries |
|
|
4,095 |
|
|
|
8,818 |
|
|
|
25,447 |
|
|
|
— |
|
|
|
38,360 |
|
Equity in earnings of subsidiaries |
|
|
33,136 |
|
|
|
22,368 |
|
|
|
1,232 |
|
|
|
(56,736 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations |
|
|
37,231 |
|
|
|
31,186 |
|
|
|
26,679 |
|
|
|
(56,736 |
) |
|
|
38,360 |
|
Loss from discontinued operations, net of income taxes |
|
|
(873 |
) |
|
|
— |
|
|
|
(1,129 |
) |
|
|
— |
|
|
|
(2,002 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
36,358 |
|
|
$ |
31,186 |
|
|
$ |
25,550 |
|
|
$ |
(56,736 |
) |
|
$ |
36,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2010 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales |
|
$ |
37,788 |
|
|
$ |
121,283 |
|
|
$ |
150,997 |
|
|
$ |
— |
|
|
$ |
310,068 |
|
Cost of products sold |
|
|
12,159 |
|
|
|
86,979 |
|
|
|
94,744 |
|
|
|
— |
|
|
|
193,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
25,629 |
|
|
|
34,304 |
|
|
|
56,253 |
|
|
|
— |
|
|
|
116,186 |
|
Selling, administrative and engineering expenses |
|
|
20,080 |
|
|
|
22,608 |
|
|
|
26,764 |
|
|
|
— |
|
|
|
69,452 |
|
Restructuring charges |
|
|
37 |
|
|
|
565 |
|
|
|
754 |
|
|
|
— |
|
|
|
1,356 |
|
Amortization of intangible assets |
|
|
— |
|
|
|
3,601 |
|
|
|
1,684 |
|
|
|
— |
|
|
|
5,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
5,512 |
|
|
|
7,530 |
|
|
|
27,051 |
|
|
|
— |
|
|
|
40,093 |
|
Financing costs, net |
|
|
7,681 |
|
|
|
— |
|
|
|
98 |
|
|
|
— |
|
|
|
7,779 |
|
Intercompany expense (income), net |
|
|
(6,196 |
) |
|
|
1,418 |
|
|
|
4,778 |
|
|
|
— |
|
|
|
— |
|
Other expense (income), net |
|
|
143 |
|
|
|
467 |
|
|
|
(295 |
) |
|
|
— |
|
|
|
315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations before income tax expense |
|
|
3,884 |
|
|
|
5,645 |
|
|
|
22,470 |
|
|
|
— |
|
|
|
31,999 |
|
Income tax expense |
|
|
1,076 |
|
|
|
1,556 |
|
|
|
1,074 |
|
|
|
— |
|
|
|
3,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations before equity in earnings of subsidiaries |
|
|
2,808 |
|
|
|
4,089 |
|
|
|
21,396 |
|
|
|
— |
|
|
|
28,293 |
|
Equity in earnings of subsidiaries |
|
|
19,027 |
|
|
|
10,983 |
|
|
|
712 |
|
|
|
(30,722 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations |
|
|
21,835 |
|
|
|
15,072 |
|
|
|
22,108 |
|
|
|
(30,722 |
) |
|
|
28,293 |
|
Loss from discontinued operations, net of income taxes |
|
|
— |
|
|
|
— |
|
|
|
(6,458 |
) |
|
|
— |
|
|
|
(6,458 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
21,835 |
|
|
$ |
15,072 |
|
|
$ |
15,650 |
|
|
$ |
(30,722 |
) |
|
$ |
21,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales |
|
$ |
119,206 |
|
|
$ |
388,059 |
|
|
$ |
534,622 |
|
|
$ |
— |
|
|
$ |
1,041,887 |
|
Cost of products sold |
|
|
33,838 |
|
|
|
270,580 |
|
|
|
336,551 |
|
|
|
— |
|
|
|
640,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
85,368 |
|
|
|
117,479 |
|
|
|
198,071 |
|
|
|
— |
|
|
|
400,918 |
|
Selling, administrative and engineering expenses |
|
|
62,915 |
|
|
|
72,637 |
|
|
|
107,306 |
|
|
|
— |
|
|
|
242,858 |
|
Restructuring charges |
|
|
1,109 |
|
|
|
128 |
|
|
|
358 |
|
|
|
— |
|
|
|
1,595 |
|
Amortization of intangible assets |
|
|
— |
|
|
|
11,401 |
|
|
|
8,445 |
|
|
|
— |
|
|
|
19,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
21,344 |
|
|
|
33,313 |
|
|
|
81,962 |
|
|
|
— |
|
|
|
136,619 |
|
Financing costs, net |
|
|
23,640 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,640 |
|
Intercompany expense (income), net |
|
|
(8,412 |
) |
|
|
12,479 |
|
|
|
(4,067 |
) |
|
|
— |
|
|
|
— |
|
Other expense (income), net |
|
|
(4,342 |
) |
|
|
162 |
|
|
|
5,438 |
|
|
|
— |
|
|
|
1,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations before income tax expense |
|
|
10,440 |
|
|
|
20,672 |
|
|
|
80,591 |
|
|
|
— |
|
|
|
111,703 |
|
Income tax expense |
|
|
2,374 |
|
|
|
4,608 |
|
|
|
17,558 |
|
|
|
— |
|
|
|
24,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations before equity in earnings of subsidiaries |
|
|
8,066 |
|
|
|
16,064 |
|
|
|
63,033 |
|
|
|
— |
|
|
|
87,163 |
|
Equity in earnings of subsidiaries |
|
|
76,864 |
|
|
|
51,780 |
|
|
|
3,429 |
|
|
|
(132,073 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations |
|
|
84,930 |
|
|
|
67,844 |
|
|
|
66,462 |
|
|
|
(132,073 |
) |
|
|
87,163 |
|
Loss from discontinued operations, net of income taxes |
|
|
(14,753 |
) |
|
|
— |
|
|
|
(2,233 |
) |
|
|
— |
|
|
|
(16,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
70,177 |
|
|
$ |
67,844 |
|
|
$ |
64,229 |
|
|
$ |
(132,073 |
) |
|
$ |
70,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2010 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales |
|
$ |
101,328 |
|
|
$ |
337,907 |
|
|
$ |
410,911 |
|
|
$ |
— |
|
|
$ |
850,146 |
|
Cost of products sold |
|
|
31,376 |
|
|
|
246,888 |
|
|
|
259,210 |
|
|
|
— |
|
|
|
537,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
69,952 |
|
|
|
91,019 |
|
|
|
151,701 |
|
|
|
— |
|
|
|
312,672 |
|
Selling, admin and engineering expenses |
|
|
52,983 |
|
|
|
65,824 |
|
|
|
80,205 |
|
|
|
— |
|
|
|
199,012 |
|
Restructuring charges |
|
|
1,502 |
|
|
|
6,176 |
|
|
|
5,731 |
|
|
|
— |
|
|
|
13,409 |
|
Amortization of intangible assets |
|
|
— |
|
|
|
10,814 |
|
|
|
5,257 |
|
|
|
— |
|
|
|
16,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
15,467 |
|
|
|
8,205 |
|
|
|
60,508 |
|
|
|
— |
|
|
|
84,180 |
|
Financing costs, net |
|
|
23,973 |
|
|
|
2 |
|
|
|
140 |
|
|
|
— |
|
|
|
24,115 |
|
Intercompany expense (income), net |
|
|
(15,803 |
) |
|
|
647 |
|
|
|
15,156 |
|
|
|
— |
|
|
|
— |
|
Other expense (income), net |
|
|
(393 |
) |
|
|
526 |
|
|
|
229 |
|
|
|
— |
|
|
|
362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations before income tax expense |
|
|
7,690 |
|
|
|
7,030 |
|
|
|
44,983 |
|
|
|
— |
|
|
|
59,703 |
|
Income tax expense |
|
|
2,683 |
|
|
|
1,684 |
|
|
|
5,888 |
|
|
|
— |
|
|
|
10,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations before equity in earnings of subsidiaries |
|
|
5,007 |
|
|
|
5,346 |
|
|
|
39,095 |
|
|
|
— |
|
|
|
49,448 |
|
Equity in earnings of subsidiaries |
|
|
35,839 |
|
|
|
23,007 |
|
|
|
1,352 |
|
|
|
(60,198 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations |
|
|
40,846 |
|
|
|
28,353 |
|
|
|
40,447 |
|
|
|
(60,198 |
) |
|
|
49,448 |
|
Loss from discontinued operations, net of income taxes |
|
|
— |
|
|
|
— |
|
|
|
(8,602 |
) |
|
|
— |
|
|
|
(8,602 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
40,846 |
|
|
$ |
28,353 |
|
|
$ |
31,845 |
|
|
$ |
(60,198 |
) |
|
$ |
40,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
$ |
99,784 |
|
|
$ |
159,085 |
|
|
$ |
314,470 |
|
|
$ |
— |
|
|
$ |
573,339 |
|
Property, Plant & Equipment, net |
|
|
3,177 |
|
|
|
38,555 |
|
|
|
69,037 |
|
|
|
— |
|
|
|
110,769 |
|
Goodwill |
|
|
68,619 |
|
|
|
425,768 |
|
|
|
317,708 |
|
|
|
— |
|
|
|
812,095 |
|
Other Intangibles, net |
|
|
— |
|
|
|
235,877 |
|
|
|
183,518 |
|
|
|
— |
|
|
|
419,395 |
|
Investment in Subsidiaries |
|
|
1,639,133 |
|
|
|
378,421 |
|
|
|
60,342 |
|
|
|
(2,077,896 |
) |
|
|
— |
|
Intercompany Receivable |
|
|
— |
|
|
|
272,900 |
|
|
|
— |
|
|
|
(272,900 |
) |
|
|
— |
|
Other Long-term Assets |
|
|
11,426 |
|
|
|
53 |
|
|
|
2,138 |
|
|
|
— |
|
|
|
13,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
1,822,139 |
|
|
$ |
1,510,659 |
|
|
$ |
947,213 |
|
|
$ |
(2,350,796 |
) |
|
$ |
1,929,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
$ |
119,199 |
|
|
$ |
69,323 |
|
|
$ |
175,421 |
|
|
$ |
— |
|
|
$ |
363,943 |
|
Long-term Debt |
|
|
465,966 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
465,966 |
|
Deferred Income Taxes |
|
|
83,768 |
|
|
|
— |
|
|
|
48,113 |
|
|
|
— |
|
|
|
131,881 |
|
Pension and Post-retirement Benefit Liabilities |
|
|
24,947 |
|
|
|
— |
|
|
|
2,776 |
|
|
|
— |
|
|
|
27,723 |
|
Other Long-term Liabilities |
|
|
23,817 |
|
|
|
621 |
|
|
|
37,401 |
|
|
|
— |
|
|
|
61,839 |
|
Intercompany Payable |
|
|
226,579 |
|
|
|
— |
|
|
|
46,321 |
|
|
|
(272,900 |
) |
|
|
— |
|
Shareholders' Equity |
|
|
877,863 |
|
|
|
1,440,715 |
|
|
|
637,181 |
|
|
|
(2,077,896 |
) |
|
|
877,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
$ |
1,822,139 |
|
|
$ |
1,510,659 |
|
|
$ |
947,213 |
|
|
$ |
(2,350,796 |
) |
|
$ |
1,929,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2010 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
$ |
78,548 |
|
|
$ |
134,552 |
|
|
$ |
247,050 |
|
|
$ |
— |
|
|
$ |
460,150 |
|
Property, Plant & Equipment, net |
|
|
5,166 |
|
|
|
41,226 |
|
|
|
61,990 |
|
|
|
— |
|
|
|
108,382 |
|
Goodwill |
|
|
68,969 |
|
|
|
417,914 |
|
|
|
218,006 |
|
|
|
— |
|
|
|
704,889 |
|
Other Intangibles, net |
|
|
— |
|
|
|
242,310 |
|
|
|
94,668 |
|
|
|
— |
|
|
|
336,978 |
|
Investment in Subsidiaries |
|
|
1,511,103 |
|
|
|
319,196 |
|
|
|
115,846 |
|
|
|
(1,946,145
|
)
|
|
|
— |
|
Intercompany Receivable |
|
|
— |
|
|
|
227,792 |
|
|
|
212,847 |
|
|
|
(440,639
|
)
|
|
|
— |
|
Other Long-term Assets |
|
|
8,421 |
|
|
|
130 |
|
|
|
2,753 |
|
|
|
— |
|
|
|
11,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
1,672,207 |
|
|
$ |
1,383,120 |
|
|
$ |
953,160 |
|
|
$ |
(2,386,784 |
) |
|
$ |
1,621,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
$ |
102,832 |
|
|
$ |
60,983 |
|
|
$ |
182,022 |
|
|
$ |
— |
|
|
$ |
345,837 |
|
Long-term Debt |
|
|
367,380 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
367,380 |
|
Deferred Income Taxes |
|
|
84,694 |
|
|
|
— |
|
|
|
25,536 |
|
|
|
— |
|
|
|
110,230 |
|
Pension and Post-retirement Benefit Liabilities |
|
|
27,144 |
|
|
|
972 |
|
|
|
(44 |
) |
|
|
— |
|
|
|
28,072 |
|
Other Long-term Liabilities |
|
|
20,257 |
|
|
|
766 |
|
|
|
9,440 |
|
|
|
— |
|
|
|
30,463 |
|
Intercompany Payable |
|
|
330,179 |
|
|
|
— |
|
|
|
110,460 |
|
|
|
(440,639 |
) |
|
|
— |
|
Shareholders' Equity |
|
|
739,721 |
|
|
|
1,320,399 |
|
|
|
625,746 |
|
|
|
(1,946,145 |
) |
|
|
739,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
$ |
1,672,207 |
|
|
$ |
1,383,120 |
|
|
$ |
953,160 |
|
|
$ |
(2,386,784 |
) |
|
$ |
1,621,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
15,423 |
|
|
$ |
(2,123 |
) |
|
$ |
83,331 |
|
|
$ |
(1,533 |
) |
|
$ |
95,098 |
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant & equipment |
|
|
— |
|
|
|
191 |
|
|
|
168 |
|
|
|
— |
|
|
|
359 |
|
Proceeds from sale of business, net of transaction costs |
|
|
— |
|
|
|
— |
|
|
|
3,463 |
|
|
|
— |
|
|
|
3,463 |
|
Capital expenditures |
|
|
(3,354 |
) |
|
|
(3,537 |
) |
|
|
(7,952 |
) |
|
|
— |
|
|
|
(14,843 |
) |
Business acquisitions, net of cash acquired |
|
|
— |
|
|
|
(350 |
) |
|
|
(159,697 |
) |
|
|
— |
|
|
|
(160,047 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in investing activities |
|
|
(3,354 |
) |
|
|
(3,696 |
) |
|
|
(164,018 |
) |
|
|
— |
|
|
|
(171,068 |
) |
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolver and other debt |
|
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
Issuance of term loans |
|
|
100,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100,000 |
|
Intercompany loan activity |
|
|
(95,141 |
) |
|
|
5,819 |
|
|
|
89,322 |
|
|
|
— |
|
|
|
— |
|
Open market repurchases of 2% Convertible Notes |
|
|
(34 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(34 |
) |
Debt issuance costs |
|
|
(5,197 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,197 |
) |
Stock option exercises and related tax benefits |
|
|
7,285 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,285 |
|
Cash dividend |
|
|
(2,716 |
) |
|
|
— |
|
|
|
(1,533 |
) |
|
|
1,533 |
|
|
|
(2,716 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by financing activities |
|
|
4,197 |
|
|
|
5,819 |
|
|
|
87,803 |
|
|
|
1,533 |
|
|
|
99,352 |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
— |
|
|
|
— |
|
|
|
4,695 |
|
|
|
— |
|
|
|
4,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
16,266 |
|
|
|
— |
|
|
|
11,811 |
|
|
|
— |
|
|
|
28,077 |
|
Cash and cash equivalents - beginning of period |
|
|
5,055 |
|
|
|
— |
|
|
|
35,167 |
|
|
|
— |
|
|
|
40,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ |
21,321 |
|
|
$ |
— |
|
|
$ |
46,978 |
|
|
$ |
— |
|
|
$ |
68,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2010 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
52,822 |
|
|
$ |
(12,015 |
) |
|
$ |
33,271 |
|
|
$ |
(4,504 |
) |
|
$ |
69,574 |
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant & equipment |
|
|
1 |
|
|
|
416 |
|
|
|
656 |
|
|
|
— |
|
|
|
1,073 |
|
Proceeds from sale of businesses, net of transaction costs |
|
|
— |
|
|
|
— |
|
|
|
7,516 |
|
|
|
— |
|
|
|
7,516 |
|
Capital expenditures |
|
|
(809 |
) |
|
|
(5,087 |
) |
|
|
(7,317 |
) |
|
|
— |
|
|
|
(13,213 |
) |
Business acquisitions, net of cash acquired |
|
|
— |
|
|
|
(9,374 |
) |
|
|
(19,874 |
) |
|
|
— |
|
|
|
(29,248 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in investing activities |
|
|
(808 |
) |
|
|
(14,045 |
) |
|
|
(19,019 |
) |
|
|
— |
|
|
|
(33,872 |
) |
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings (repayments) on revolver and other debt |
|
|
1,276 |
|
|
|
— |
|
|
|
(1,094 |
) |
|
|
— |
|
|
|
182 |
|
Intercompany loan activity |
|
|
(28,700 |
) |
|
|
30,564 |
|
|
|
(1,864 |
) |
|
|
— |
|
|
|
— |
|
Open market repurchases of 2% Convertible Notes |
|
|
(22,894 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,894 |
) |
Stock option exercises, related tax benefits and other |
|
|
1,692 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,692 |
|
Cash dividend |
|
|
(2,702 |
) |
|
|
(4,504 |
) |
|
|
— |
|
|
|
4,504 |
|
|
|
(2,702 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) financing activities |
|
|
(51,328 |
) |
|
|
26,060 |
|
|
|
(2,958 |
) |
|
|
4,504 |
|
|
|
(23,722 |
) |
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
— |
|
|
|
— |
|
|
|
(1,084 |
) |
|
|
— |
|
|
|
(1,084 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
686 |
|
|
|
— |
|
|
|
10,210 |
|
|
|
— |
|
|
|
10,896 |
|
Cash and cash equivalents - beginning of period |
|
|
126 |
|
|
|
— |
|
|
|
11,259 |
|
|
|
— |
|
|
|
11,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ |
812 |
|
|
$ |
— |
|
|
$ |
21,469 |
|
|
$ |
— |
|
|
$ |
22,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |