Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Sep. 30, 2013

Condensed Consolidating Financial Statements

Condensed Consolidating Balance Sheet

September 30, 2013

(Unaudited)

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,656	$	23,816	$	32,228	$	—		$	57,700
Accounts receivable, net	—		46,457		56,908		—			103,365
Intercompany receivable	315,897		305,227		185,748		(806,872		)	—
Inventories, net	—		124,819		84,017		—			208,836
Prepaid expenses and other	3,143		21,290		21,193		(2,913		)	42,713
Deferred income taxes	—		894		3,559		—			4,453
Total current assets	320,696		522,503		383,653		(809,785		)	417,067
Property and equipment, net	351		110,934		200,149		—			311,434
Investments in NEC TOKIN	—		46,942		—		—			46,942
Investments in subsidiaries	400,530		424,388		30,285		(855,203		)	—
Goodwill	—		35,584		—		—			35,584
Intangible assets, net	—		29,072		8,996		—			38,068
Restricted cash	—		14,638		—		—			14,638
Deferred income taxes	—		1,500		7,217		—			8,717
Other assets	6,078		642		1,041		—			7,761
Long-term intercompany receivable	80,068		59,417		2,801		(142,286		)	—
Total assets	$	807,723	$	1,245,620	$	634,142	$	(1,807,274	)	$	880,211

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	7,490	$	9,000	$	13,282	$	—		$	29,772
Accounts payable, trade	135		35,178		45,579		—			80,892
Intercompany payable	144,357		541,024		121,491		(806,872		)	—
Accrued expenses	37,171		12,166		37,555		—			86,892
Income taxes payable and deferred income taxes	—		3,143		1,581		(2,913		)	1,811
Total current liabilities	189,153		600,511		219,488		(809,785		)	199,367
Long-term debt, less current portion	372,927		—		579		—			373,506
Other non-current obligations	7,736		2,825		50,303		—			60,864
Deferred income taxes	—		3,123		5,444		—			8,567
Long-term intercompany payable	—		80,068		62,218		(142,286		)	—
Stockholders’ equity	237,907		559,093		296,110		(855,203		)	237,907

Total liabilities and stockholders’ equity	$	807,723	$	1,245,620	$	634,142	$	(1,807,274	)	$	880,211

Condensed Consolidating Balance Sheet

March 31, 2013

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	17,202	$	52,056	$	26,720	$	—		$	95,978
Accounts receivable, net	—		42,051		54,513		—			96,564
Intercompany receivable	287,513		251,524		150,376		(689,413		)	—
Inventories, net	—		126,286		79,329		—			205,615
Prepaid expenses and other	3,186		13,564		27,303		(2,952		)	41,101
Deferred income taxes	—		578		3,589		—			4,167
Total current assets	307,901		486,059		341,830		(692,365		)	443,425
Property and equipment, net	361		111,584		192,563		—			304,508
Investments in NEC TOKIN	—		52,738		—		—			52,738
Investments in subsidiaries	423,695		424,386		10,750		(858,831		)	—
Goodwill	—		35,584		—		—			35,584
Intangible assets, net	—		29,763		8,883		—			38,646
Restricted cash	—		17,397		—		—			17,397
Deferred income taxes	—		1,500		6,494		—			7,994
Other assets	6,741		3,173		1,385		—			11,299
Long-term intercompany receivable	75,919		56,338		2,800		(135,057		)	—
Total assets	$	814,617	$	1,218,522	$	564,705	$	(1,686,253	)	$	911,591

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	9,561	$	16	$	1,216	$	—		$	10,793
Accounts payable, trade	61		37,444		36,164		—			73,669
Intercompany payable	100,947		481,707		106,759		(689,413		)	—
Accrued expenses	37,490		19,615		38,839		—			95,944
Income taxes payable and deferred income taxes	—		3,046		980		(2,952		)	1,074
Total current liabilities	148,059		541,828		183,958		(692,365		)	181,480
Long-term debt, less current portion	372,157		—		550		—			372,707
Other non-current obligations	17,485		3,899		50,562		—			71,946
Deferred income taxes	—		2,808		5,734		—			8,542
Long-term intercompany payable	—		75,919		59,138		(135,057		)	—
Stockholders’ equity	276,916		594,068		264,763		(858,831		)	276,916

Total liabilities and stockholders’ equity	$	814,617	$	1,218,522	$	564,705	$	(1,686,253	)	$	911,591

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

For the Quarter Ended September 30, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
Net sales	$	67		$	246,248		$	213,145	$	(246,720	)	$	212,740

Operating costs and expenses:
Cost of sales	315			223,377			189,921		(231,112		)	182,501
Selling, general and administrative expenses	9,944			16,293			12,033		(15,608		)	22,662
Research and development	54			3,791			2,016		—			5,861
Restructuring charges	—			446			919		—			1,365
Net loss on sales and disposals of assets	—			18			24		—			42
Total operating costs and expenses	10,313			243,925			204,913		(246,720		)	212,431

Operating income (loss)	(10,246		)	2,323			8,232		—			309

Other (income) expense, net	149			9,863			832		—			10,844
Equity in earnings of subsidiaries	2,703			—			—		(2,703		)	—
Income (loss) before income taxes and equity loss from NEC TOKIN	(13,098		)	(7,540		)	7,400		2,703			(10,535		)

Income tax expense	—			34			1,286		—			1,320

Income (loss) before equity loss from NEC TOKIN	(13,098		)	(7,574		)	6,114		2,703			(11,855		)
Equity loss from NEC TOKIN	—			(1,243		)	—		—			(1,243		)
Net income (loss)	$	(13,098	)	$	(8,817	)	$	6,114	$	2,703		$	(13,098	)

Condensed Consolidating Statement of Operations

For the Quarter Ended September 30, 2012

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	233,867		$	226,355		$	(244,231	)	$	215,991

Operating costs and expenses:
Cost of sales	675			214,546			201,726			(233,894		)	183,053
Selling, general and administrative expenses	13,436			10,977			12,232			(10,337		)	26,308
Research and development	59			4,741			2,033			—			6,833
Restructuring charges	—			1,797			6,725			—			8,522
Goodwill impairment	—			1,092			—						1,092
Write down of long-lived assets	—			—			4,234						4,234
Net loss on sales and disposals of assets	—			—			(31		)	—			(31		)
Total operating costs and expenses	14,170			233,153			226,919			(244,231		)	230,011

Operating income (loss)	(14,170		)	714			(564		)	—			(14,020		)

Other (income) expense, net	(3,224		)	11,493			845			—			9,114
Equity in earnings of subsidiaries	13,975			—			—			(13,975		)	—
Income before income taxes	(24,921		)	(10,779		)	(1,409		)	13,975			(23,134		)

Income tax expense	—			47			1,740			—			1,787

Net income (loss)	$	(24,921	)	$	(10,826	)	$	(3,149	)	$	13,975		$	(24,921	)

Condensed Consolidating Statement of Operations

For the Six Month Period Ended September 30, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	86		$	483,571		$	421,448		$	(489,642	)	$	415,463

Operating costs and expenses:
Cost of sales	718			450,532			380,340			(463,900		)	367,690
Selling, general and administrative expenses	20,555			28,559			25,792			(25,742		)	49,164
Research and development	144			8,066			4,031			—			12,241
Restructuring charges	—			2,380			3,595			—			5,975
Net loss on sales and disposals of assets	—			18			24			—			42
Total operating costs and expenses	21,417			489,555			413,782			(489,642		)	435,112

Operating income (loss)	(21,331		)	(5,984		)	7,666			—			(19,649		)

Other (income) expense, net	208			20,921			(61		)	—			21,068
Equity in earnings of subsidiaries	26,698			—			—			(26,698		)	—
Income (loss) before income taxes and equity loss from NEC TOKIN	(48,237		)	(26,905		)	7,727			26,698			(40,717		)

Income tax expense	—			89			2,811			—			2,900

Income (loss) before equity loss from NEC TOKIN	(48,237		)	(26,994		)	4,916			26,698			(43,617		)
Equity loss from NEC TOKIN	—			(4,620		)	—			—			(4,620		)
Net income (loss)	$	(48,237	)	$	(31,614	)	$	4,916		$	26,698		$	(48,237	)

Condensed Consolidating Statement of Operations

For the Six Month Period Ended September 30, 2012

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	474,811		$	455,070		$	(490,258	)	$	439,623

Operating costs and expenses:
Cost of sales	1,093			432,864			409,303			(468,886		)	374,374
Selling, general and administrative expenses	15,041			31,720			28,174			(21,372		)	53,563
Research and development	100			10,029			4,437			—			14,566
Restructuring charges	—			1,960			7,826			—			9,786
Goodwill impairment	—			1,092			—			—			1,092
Write down of long-lived assets	—			—			4,234			—			4,234
Net loss on sales and disposals of assets	—			33			40			—			73
Total operating costs and expenses	16,234			477,698			454,014			(490,258		)	457,688

Operating income (loss)	(16,234		)	(2,887		)	1,056			—			(18,065		)

Other (income) expenses:
Other (income) expense, net	6,963			14,652			(564		)	—			21,051
Equity in earnings of subsidiaries	19,477			—			—			(19,477		)	—
Income before income taxes	(42,674		)	(17,539		)	1,620			19,477			(39,116		)

Income tax expense (benefit)	—			107			3,451			—			3,558

Net income (loss)	$	(42,674	)	$	(17,646	)	$	(1,831	)	$	19,477		$	(42,674	)

Condensed Consolidating Statements of Comprehensive Income (loss)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Quarter Ended September 30, 2013

Comprehensive income (loss)

(10,578

)

(9,941

)

10,613

2,703

(7,203

)

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Quarter Ended September 30, 2012

Comprehensive income (loss)

(22,906

)

(11,489

)

(2,070

)

13,975

(22,490

)

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Six Month Period Ended September 30, 2013

Comprehensive income (loss)

(44,088

)

(34,978

)

11,752

26,698

(40,616

)

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Six Month Period Ended September 30, 2012

Comprehensive income (loss)

(45,200

)

(17,267

)

(5,046

)

19,477

(48,036

)

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the Six Month Period Ended September 30, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations		Consolidated
Sources (uses) of cash and cash equivalents
Net cash used in operating activities	$	(3,747	)	$	(29,147	)	$	1,288		$	—	$	(31,606	)

Investing activities:
Capital expenditures	—			(9,474		)	(8,863		)	—		(18,337		)
Change in restricted cash	—			2,874			—			—		2,874
Net cash used in investing activities	—			(6,600		)	(8,863		)	—		(15,463		)

Financing activities:
Proceeds from revolving line credit	—			9,000			12,000			—		21,000
Deferred acquisition payments	(10,452		)	(1,000		)	—			—		(11,452		)
Payments of long-term debt	(1,404		)	(18		)	—			—		(1,422		)
Proceeds from exercise of stock options	57			—			—			—		57
Net cash used in financing activities	(11,799		)	7,982			12,000			—		8,183
Net decrease in cash and cash equivalents	(15,546		)	(27,765		)	4,425			—		(38,886		)
Effect of foreign currency fluctuations on cash	—			(475		)	1,083			—		608
Cash and cash equivalents at beginning of fiscal period	17,202			52,056			26,720			—		95,978
Cash and cash equivalents at end of fiscal period	$	1,656		$	23,816		$	32,228		$	—	$	57,700

Condensed Consolidating Statements of Cash Flows

For the Six Month Period Ended September 30, 2012

(Unaudited)

	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	$	(9,510	)	$	(48,702	)	$	31,588		$	—	$	(26,624	)

Investing activities:
Capital expenditures	—			(9,877		)	(20,466		)	—		(30,343		)
Net cash used in investing activities	—			(9,877		)	(20,466		)	—		(30,343		)

Financing activities:
Proceeds from issuance of debt	15,825			—			—			—		15,825
Payments of long-term debt	—			—			(1,576		)	—		(1,576		)
Deferred acquisition payments	(5,617		)	(1,000		)	—			—		(6,617		)
Proceeds from exercise of stock options	42			—			—			—		42
Debt issuance costs	(275		)	—			—			—		(275		)
Net cash provided by (used in) financing activities	9,975			(1,000		)	(1,576		)	—		7,399
Net increase (decrease) in cash and cash equivalents	465			(59,579		)	9,546			—		(49,568		)
Effect of foreign currency fluctuations on cash	—			(48		)	(410		)	—		(458		)
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	$	8,398		$	118,578		$	33,519		$	—	$	160,495