Guarantor and Non-guarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 2014

Guarantor and Non-guarantor Financial Statements [Abstract]

CONDENSED CONSOLIDATED BALANCE SHEETS

CONDENSED CONSOLIDATING BALANCE SHEETS

	June 30, 2014
(In thousands)	Parent		Guarantor Subsidiaries			Non-guarantor Subsidiaries		Eliminations			Total
ASSETS
Cash and cash equivalents	$	24,584	$	—		$	7,319	$	—		$	31,903
Customer and other receivables, net		47,123		24,525			9,523		—			81,171
Intercompany receivable		—		—			81,407		(81,407	)		—
Inventories		21,541		22,263			2,904		(492	)		46,216
Other current assets		7,803		2,374			5,596		—			15,773
Total current assets		101,051		49,162			106,749		(81,899	)		175,063
Property, plant and equipment, net		80,525		103,665			33,551		—			217,741
Goodwill		96,283		4,414			—		—			100,697
Other intangible assets, net		119,460		2,582			—		—			122,042
Investments in and advances to subsidiaries and affiliates		143,559		—			—		(143,559	)		—
Deferred income taxes		17,948		9,679			460		(22,360	)		5,727
Other non-current assets		2,023		391			12,884		—			15,298
TOTAL	$	560,849	$	169,893		$	153,644	$	(247,818	)	$	636,568
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	16,117	$	34,122		$	13,547	$	—		$	63,786
Intercompany payable		51,902		49			29,948		(81,899	)		—
Accrued payroll and compensation		2,203		6,365			1,330		—			9,898
Accrued interest payable		12,479		—			—		—			12,479
Accrued and other liabilities		3,810		11,768			3,940		—			19,518
Total current liabilities		86,511		52,304			48,765		(81,899	)		105,681
Long term debt		340,709		—			—		—			340,709
Deferred and non-current income taxes		59,060		(11,691	)		102		(22,360	)		25,111
Other non-current liabilities		9,585		72,266			18,232		—			100,083
Stockholders' equity		64,984		57,014			86,545		(143,559	)		64,984
TOTAL	$	560,849	$	169,893		$	153,644	$	(247,818	)	$	636,568

	December 31, 2013
(In thousands)	Parent		Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Total
ASSETS
Cash and cash equivalents	$	31,018	$	—		$	2,408		$	—		$	$33,426
Customer and other receivables, net		31,871		19,955			7,694			—			59,520
Intercompany receivables		—		164,940			79,722			(244,662	)		—
Inventories		16,858		20,759			2,022			(310	)		39,329
Other current assets		7,159		4,357			5,477			—			16,993
Total current assets		86,906		210,011			97,323			(244,972	)		149,268
Property, plant and equipment, net		80,286		103,800			35,538			—			219,624
Goodwill		96,283		4,414			—			—			100,697
Other intangible assets, net		122,764		2,666			—			—			125,430
Investments in and advances to subsidiaries and affiliates		128,059		—			—			(128,059	)		—
Other non-current assets		5,971		1,791			8,996			—			16,758
TOTAL	$	520,269	$	322,682		$	141,857		$	(373,031	)	$	611,777
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	12,092	$	28,215		$	7,220		$	—		$	$47,527
Intercompany payable		42,428		175,666			26,878			(244,972	)		—
Accrued payroll and compensation		1,604		5,776			1,383			—			8,763
Accrued interest payable		12,535		—			—			—			12,535
Accrued and other liabilities		4,225		11,979			4,970			—			21,174
Total current liabilities		72,884		221,636			40,451			(244,972	)		89,999
Long term debt		330,183		—			—			—			330,183
Deferred and non-current income taxes		45,337		(19,108	)		(334	)		—			25,895
Other non-current liabilities		9,981		75,769			18,066			—			103,816
Stockholders' equity		61,884		44,385			83,674			(128,059	)		61,884
TOTAL	$	520,269	$	322,682		$	141,857		$	(373,031	)	$	611,777

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Three Months Ended June 30, 2014
(In thousands)	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries		Eliminations			Total
Net sales	$	123,044		$	76,532		$	33,669	$	(51,670	)	$	181,575
Cost of goods sold		108,284			69,982			32,065		(51,178	)		159,153
Gross profit		14,760			6,550			1,604		(492	)		22,422
Operating expenses		9,843			222			53		—			10,118
Income (loss) from operations		4,917			6,328			1,551		(492	)		12,304
Other income (expense):
Interest income (expense), net		(8,766	)		(59	)		338		—			(8,487	)
Equity in earnings of subsidiaries		8,388			—			—		(8,388	)		—
Other income (expense), net		(800	)		63			568		—			(169	)
Income (loss) before income taxes from continuing operations		3,739			6,332			2,457		(8,880	)		3,648
Income tax  (benefit) provision		(1,556	)		—			95		—			(1,461	)
Income (loss from continuing operations		5,295			6,332			2,362		(8,880	)		5,109
Discontinued operations, net of tax		—			—			186		—			186
Net income (loss)	$	5,295		$	6,332		$	2,548	$	(8,880	)	$	5,295
Comprehensive income (loss)	$	5,435		$	6,322		$	2,687	$	(9,009	)	$	5,435

	Three Months Ended June 30, 2013
(In thousands)	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Total
Net sales	$	121,949		$	77,522		$	38,176		$	(57,706	)	$	179,941
Cost of goods sold		113,258			70,169			35,514			(57,706	)		161,235
Gross profit		8,691			7,353			2,662			—			18,706
Operating expenses		12,301			374			72			—			12,747
Income (loss) from operations		(3,610	)		6,979			2,590			—			5,959
Other income (expense):
Interest income (expense), net		(9,297	)		(338	)		478			—			(9,157	)
Equity in earnings of subsidiaries		8,228			—			—			(8,228	)		—
Other income (expense), net		(13	)		—			(428	)		—			(441	)
Income (loss) before income taxes from continuing operations		(4,692	)		6,641			2,640			(8,228	)		(3,639	)
Income tax  provision		670			—			794			—			1,464
Income (loss) from continuing operations		(5,362	)		6,641			1,846			(8,228	)		(5,103	)
Discontinued operations, net of tax		—			—			(259	)		—			(259	)
Net income (loss)	$	(5,362	)	$	6,641		$	1,587		$	(8,228	)	$	(5,362	)
Comprehensive income (loss)	$	(4,945	)	$	6,641		$	2,004		$	(8,645	)	$	(4,945	)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Six Months Ended June 30, 2014
(In thousands)	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Total
Net sales	$	231,575		$	150,834		$	66,323		$	(100,373	)	$	348,359
Cost of goods sold		207,166			139,686			61,504			(99,442	)		308,914
Gross profit		24,409			11,148			4,819			(931	)		39,445
Operating expenses		19,965			502			105			—			20,572
Income (loss) from operations		4,444			10,646			4,714			(931	)		18,873
Other income (expense):
Interest income (expense), net		(17,423	)		(120	)		636			—			(16,907	)
Equity in earnings of subsidiaries		14,061			—			—			(14,061	)		—
Other income (expense), net		(877	)		126			52			—			(699	)
Income (loss) before income taxes from continuing operations		205			10,652			5,402			(14,992	)		1,267
Income tax  (benefit) provision		(1,517	)		143			817			—			(557	)
Income (loss) from continuing operations		1,722			10,509			4,585			(14,992	)		1,824
Discontinued operations, net of tax		—			—			(102	)		—			(102	)
Net income (loss)	$	1,722		$	10,509		$	4,483		$	(14,992	)	$	1,722
Comprehensive income (loss)	$	2,195		$	10,486		$	4,957		$	(15,443	)	$	2,195

	Six Months Ended June 30, 2013
(In thousands)	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Total
Net sales	$	227,107		$	151,722		$	74,027		$	(109,928	)	$	342,928
Cost of goods sold		214,382			144,648			68,842			(109,928	)		317,944
Gross profit		12,725			7,074			5,185			—			24,984
Operating expenses		22,825			844			153			—			23,822
Income (loss) from operations		(10,100	)		6,230			5,032			—			1,162
Other income (expense):
Interest income (expense), net		(18,145	)		(529	)		823			—			(17,851	)
Equity in earnings of subsidiaries		8,378			—			—			(8,378	)		—
Other income (expense), net		(86	)		12			(222	)		—			(296	)
Income (loss) before income taxes from continuing operations		(19,953	)		5,713			5,633			(8,378	)		(16,985	)
Income tax  provision		1,356			—			1,517			—			2,873
Income (loss) from continuing operations		(21,309	)		5,713			4,116			(8,378	)		(19,858	)
Discontinued operations, net of tax		—			—			(1,451	)		—			(1,451	)
Net income (loss)	$	(21,309	)	$	5,713		$	2,665		$	(8,378	)	$	(21,309	)
Comprehensive income (loss)	$	(20,561	)	$	5,713		$	3,413		$	(9,126	)	$	(20,561	)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Six Months Ended June 30, 2014
(In thousands)	Parent Company			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,722		$	10,509		$	4,483		$	(14,992	)	$	1,722
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		5,488			8,864			2,091			—			16,443
Amortization – deferred financing costs		1,239			—			—			—			1,239
Amortization – other intangible assets		3,975			84			—			—			4,059
Loss on disposal of assets		322			57			27			—			406
Deferred income taxes		(292	)		—			277			—			(15	)
Non-cash stock-based compensation		1,209			—			—			—			1,209
Equity in earnings of subsidiaries and affiliates		(14,061	)		—			—			14,061			—
Change in other operating items		9,268			(30,790	)		(1,811	)		931			(22,402	)
Net cash provided by (used in) operating activities		8,870			(11,276	)		5,067			—			2,661
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(6,236	)		(8,356	)		(156	)		—			(14,748	)
Payments on notes receivable		(64,880	)		(66,615	)		(45	)		131,540			—
Proceeds from notes receivable		25,568			45,700			45			(71,313	)		—
Other		(671	)		1,235			—			—			564
Net cash provided by (used in) investing activities		(46,219	)		(28,036	)		(156	)		60,227			(14,184	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable		76,615			64,925			—			(131,540	)		10,000
Payment on notes payable		(45,700	)		(25,613	)		—			71,313			—
Net cash provided by (used in) financing activities		30,915			39,312			—			(60,227	)		10,000
Net increase (decrease) in cash and cash equivalents		(6,434	)		—			4,911			—			(1,523	)
Cash and cash equivalents, beginning of period		31,018			—			2,408			—			33,426
Cash and cash equivalents, end of period	$	24,584		$	—		$	7,319		$	—		$	31,903

	Six Months Ended June 30, 2013
(In thousands)	Parent Company			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(21,309	)	$	5,713		$	2,665		$	(8,378	)	$	(21,309	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		5,330			9,318			3,200			—			17,848
Amortization – deferred financing costs		1,380			—			—			—			1,380
Amortization – other intangible assets		4,452			83			—			—			4,535
(Gain) loss on disposal of assets		949			8			(15	)		—			942
Deferred income taxes		1,356			—			—			—			1,356
Non-cash stock-based compensation		1,353			—			—			—			1,353
Equity in earnings of subsidiaries and affiliates		(8,378	)		—			—			8,378			-
Change in other operating items		(12,882	)		(4,325	)		(1,253	)		—			(18,460	)
Net cash provided by (used in) operating activities		(27,749	)		10,797			4,597			—			(12,355	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(6,648	)		(11,575	)		(3,237	)		—			(21,460	)
Other		14,944			—			—			—			14,944
Net cash provided by (used in) investing activities		8,296			(11,575	)		(3,237	)		—			(6,516	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt issuance		25,000			—			—			—			25,000
Net increase (decrease) in cash and cash equivalents		5,547			(778	)		1,360			—			6,129
Cash and cash equivalents, beginning of period		24,113			(29	)		2,667			—			26,751
Cash and cash equivalents, end of period	$	29,660		$	(807	)	$	4,027		$	—		$	32,880