Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Dec. 31, 2012

Condensed Consolidating Financial Statements

Condensed consolidating financial statements for the Company’s Guarantor Subsidiaries and Non-Guarantor Subsidiaries are presented in the following tables (amounts in thousands):

Condensed Consolidating Balance Sheet

December 31, 2012

(Unaudited)

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	8,418	$	94,644	$	34,497	$	—		$	137,559
Accounts receivable, net	—		38,529		58,119		—			96,648
Intercompany receivable	287,152		185,113		173,135		(645,400		)	—
Inventories, net	—		134,225		87,135		—			221,360
Prepaid expenses and other	3,223		12,085		24,148		(2,947		)	36,509
Deferred income taxes	—		883		4,500		—			5,383
Total current assets	298,793		465,479		381,534		(648,347		)	497,459
Property and equipment, net	202		113,883		198,826		—			312,911
Investments in subsidiaries	437,615		467,565		10,683		(915,863		)	—
Goodwill	—		35,584		—		—			35,584
Intangible assets, net	—		30,546		9,204		—			39,750
Restricted cash	—		26,177		—		—			26,177
Other assets	7,073		4,102		3,284		—			14,459
Long-term intercompany receivable	78,225		61,481		2,876		(142,582		)	—
Total assets	$	821,908	$	1,204,817	$	606,407	$	(1,706,792	)	$	926,340

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	6,630	$	25	$	1,253	$	—		$	7,908
Accounts payable, trade	35		23,717		37,841		—			61,593
Intercompany payable	81,288		452,953		111,159		(645,400		)	—
Accrued expenses	26,907		17,904		40,266		—			85,077
Income taxes payable	—		3,062		989		(2,947		)	1,104
Total current liabilities	114,860		497,661		191,508		(648,347		)	155,682
Long-term debt, less current portion	375,020		—		567		—			375,587
Other non-current obligations	28,217		4,669		53,569		—			86,455
Deferred income taxes	—		1,045		3,760		—			4,805
Long-term intercompany payable	—		78,225		64,357		(142,582		)	—
Stockholders’ equity	303,811		623,217		292,646		(915,863		)	303,811

Total liabilities and stockholders’ equity	$	821,908	$	1,204,817	$	606,407	$	(1,706,792	)	$	926,340

Condensed Consolidating Balance Sheet

March 31, 2012

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	7,933	$	178,205	$	24,383		$	—		$	210,521
Accounts receivable, net	—		42,706		62,244			—			104,950
Intercompany receivable	251,970		55,863		171,921			(479,754		)	—
Inventories, net	—		121,611		90,623			—			212,234
Prepaid expenses and other	3,084		13,537		18,416			(2,778		)	32,259
Deferred income taxes	—		192		6,178			—			6,370
Total current assets	262,987		412,114		373,765			(482,532		)	566,334
Property and equipment, net	20		114,615		201,213			—			315,848
Investments in subsidiaries	454,517		435,970		(4,622		)	(885,865		)	—
Goodwill	—		36,676		—			—			36,676
Intangible assets, net	—		31,630		9,897			—			41,527
Restricted cash	—		2,204		—			—			2,204
Other assets	7,796		3,956		1,211			—			12,963
Long-term intercompany receivable	79,185		62,235		1,065			(142,485		)	—
Total assets	$	804,505	$	1,099,400	$	582,529		$	(1,510,882	)	$	975,552

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	—	$	25	$	1,926		$	—		$	1,951
Accounts payable, trade	460		35,206		39,490			(752		)	74,404
Intercompany payable	34,830		315,906		122,799			(473,535		)	—
Accrued expenses	30,747		23,007		35,325			—			89,079
Income taxes payable	—		3,031		2,003			(2,778		)	2,256
Total current liabilities	66,037		377,175		201,543			(477,065		)	167,690
Long-term debt, less current portion	343,539		—		1,841			—			345,380
Other non-current obligations	35,933		5,400		59,896			—			101,229
Deferred income taxes	—		272		1,985			—			2,257
Long-term intercompany payable	—		79,185		63,300			(142,485		)	—
Stockholders’ equity	358,996		637,368		253,964			(891,332		)	358,996

Total liabilities and stockholders’ equity	$	804,505	$	1,099,400	$	582,529		$	(1,510,882	)	$	975,552

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

For the Quarter Ended December 31, 2012

	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	216,004	$	199,936		$	(215,643	)	$	200,297

Operating costs and expenses:
Cost of sales	460			184,993		185,470			(204,806		)	166,117
Selling, general and administrative expenses	7,916			14,072		14,260			(10,837		)	25,411
Research and development	55			4,549		2,094			—			6,698
Restructuring charges	—			2,476		1,410			—			3,886
Goodwill impairment	—			—		—			—			—
Write down of long-lived assets	—			—		3,084			—			3,084
Settlement gain on benefit plan	—			—		587			—			587
Net (gain) loss on sales and disposals of assets	4			9		(209		)	—			(196		)
Total operating costs and expenses	8,435			206,099		206,696			(215,643		)	205,587
Operating income (loss)	(8,435		)	9,905		(6,760		)	—			(5,290		)

Other (income) expense, net	3,181			5,972		(601		)	—			8,552
Equity in (earnings) losses of subsidiaries	2,641			—		—			(2,641		)	—
Income (loss) before income taxes	(14,257		)	3,933		(6,159		)	2,641			(13,842		)

Income tax expense	—			123		292			—			415

Net income (loss)	$	(14,257	)	$	3,810	$	(6,451	)	$	2,641		$	(14,257	)

Condensed Consolidating Statement of Operations

For the Quarter Ended December 31, 2011

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	218,614		$	200,560		$	(200,379	)	$	218,795
Operating costs and expenses:
Cost of sales	265			184,345			193,591			(199,896		)	178,305
Selling, general and administrative expenses	6,269			8,038			10,913			(483		)	24,737
Research and development	—			4,809			2,363			—			7,172
Restructuring charges	—			(19		)	10,767			—			10,748
Write down of long-lived assets	—			—			15,786			—			15,786
Net (gain) loss on sales and disposals of assets	—			78			(69		)	—			9
Total operating costs and expenses	6,534			197,251			233,351			(200,379		)	236,757
Operating income (loss)	(6,534		)	21,363			(32,791		)	—			(17,962		)

Other (income) expense, net	692			7,837			(541		)	(298		)	7,690
Equity in (earnings) losses of subsidiaries	20,545			—			—			(20,545		)	—
Income (loss) before income taxes	(27,771		)	13,526			(32,250		)	20,843			(25,652		)

Income tax expense	—			49			2,070			—			2,119

Net income (loss)	$	(27,771	)	$	13,477		$	(34,320	)	$	20,843		$	(27,771	)

Condensed Consolidating Statement of Operations

For the Nine Months Ended December 31, 2012

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	690,815		$	655,006		$	(705,901	)	$	639,920

Operating costs and expenses:
Cost of sales	1,553			617,857			594,773			(673,692		)	540,491
Selling, general and administrative expenses	22,957			45,792			44,109			(32,209		)	80,649
Research and development	155			14,578			6,531			—			21,264
Restructuring charges	—			4,436			9,236			—			13,672
Goodwill impairment	—			1,092			—			—			1,092
Write down of long-lived assets	—			—			7,318			—			7,318
Settlement gain on benefit plan	—			—			(1,088		)	—		.	(1,088		)
Net (gain) loss on sales and disposals of assets	4			42			(169		)	—			(123		)
Total operating costs and expenses	24,669			683,797			660,710			(705,901		)	663,275

Operating income (loss)	(24,669		)	7,018			(5,704		)	—			(23,355		)

Other (income) expense, net	10,144			20,624			(1,165		)	—			29,603
Equity in (earnings) losses of subsidiaries	22,118			—			—			(22,118		)	—
Income before income taxes	(56,931		)	(13,606		)	(4,539		)	22,118			(52,958		)

Income tax expense	—			230			3,743			—			3,973

Net income	$	(56,931	)	$	(13,836	)	$	(8,282	)	$	22,118		$	(56,931	)

Condensed Consolidating Statement of Operations

For the Nine Months Ended December 31, 2011

	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	738,052	$	725,897		$	(689,784	)	$	774,165

Operating costs and expenses:
Cost of sales	551			610,850		653,281			(672,554		)	592,128
Selling, general and administrative expenses	23,335			41,249		36,628			(17,844		)	83,368
Research and development	—			15,112		6,508			—			21,620
Restructuring charges	—			1,819		11,559			—			13,378
Write down of long-lived assets	—			—		15,786						15,786
Net (gain) loss on sales and disposals of assets	3			107		(18		)	—			92
Total operating costs and expenses	23,889			669,137		723,744			(690,398		)	726,372

Operating income (loss)	(23,889		)	68,915		2,153			614			47,793

Other (income) expense, net	(6,974		)	31,788		(1,085		)	(229		)	23,500
Equity in earnings of subsidiaries	(34,119		)	—		—			34,119			—
Income before income taxes	17,204			37,127		3,238			(33,276		)	24,293

Income tax expense (benefit)	(1,192		)	146		6,943			—			5,897

Net income	$	18,396		$	36,981	$	(3,705	)	$	(33,276	)	$	18,396

Condensed Consolidating Statement of Comprehensive Loss

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Quarter Ended December 31, 2012

Comprehensive income (loss)

(12,691

)

3,420

(3,965

)

2,641

(10,595

)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Quarter Ended December 31, 2011

Comprehensive income (loss)

(31,115

)

12,678

(35,995

)

20,843

(33,589

)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Nine Months Ended December 31, 2012

Comprehensive loss

(57,891

)

(13,847

)

(9,011

)

22,118

(58,631

)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Nine Months Ended December 31, 2011

Comprehensive income (loss)

10,877

35,122

(8,577

)

(33,276

)

4,146

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended December 31, 2012

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations		Consolidated
Sources (uses) of cash and cash equivalents
Net cash provided by (used in) operating activities	$	(33,506	)	$	(45,166	)	$	37,050		$	—	$	(41,622	)

Investing activities:
Capital expenditures	—			(13,395		)	(24,954		)	—		(38,349		)
Change in restricted cash	—			(24,000		)	—			—		(24,000		)
Net cash used in investing activities	—			(37,395		)	(24,954		)	—		(62,349		)

Financing activities:
Proceeds from issuance of debt	39,825			—			—			—		39,825
Deferred acquisition payments	(5,617		)	(1,000		)	—			—		(6,617		)
Payments of long-term debt	—			—			(1,901		)	—		(1,901		)
Proceeds from exercise of stock options	58			—			—			—		58
Debt issuance costs	(275		)	—			—			—		(275		)
Net cash provided by (used in) financing activities	33,991			(1,000		)	(1,901		)	—		31,090
Net increase (decrease) in cash and cash equivalents	485			(83,561		)	10,195			—		(72,881		)
Effect of foreign currency fluctuations on cash	—			—			(81		)	—		(81		)
Cash and cash equivalents at beginning of fiscal period	7,933			178,205			24,383			—		210,521
Cash and cash equivalents at end of fiscal period	$	8,418		$	94,644		$	34,497		$	—	$	137,559

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended December 31, 2011

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations		Consolidated
Sources (uses) of cash and cash equivalents
Net cash provided by operating activities	$	40,743		$	9,764		$	21,396		$	—	$	71,903

Investing activities:
Capital expenditures	(1		)	(17,903		)	(13,889		)	—		(31,793		)
Acquisition, net of cash received	—			(11,584		)	—			—		(11,584		)
Net cash used in investing activities	(1		)	(29,487		)	(13,889		)	—		(43,377		)

Financing activities:
Payments of long-term debt	(40,581		)	—			—			—		(40,581		)
Net payments under other credit facilities	—			—			(3,153		)	—		(3,153		)
Proceeds from exercise of stock options	225			—			—			—		225
Debt issuance costs	—			(36		)	—			—		(36		)
Net cash used in financing activities	(40,356		)	(36		)	(3,153		)	—		(43,545		)
Net increase (decrease) in cash and cash equivalents	386			(19,759		)	4,354			—		(15,019		)
Effect of foreign currency fluctuations on cash	—			—			(983		)	—		(983		)
Cash and cash equivalents at beginning of fiscal period	6,417			119,326			26,308			—		152,051
Cash and cash equivalents at end of fiscal period	$	6,803		$	99,567		$	29,679		$	—	$	136,049