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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:TECUB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.06 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934
|
Michigan
|
|
38-1093240
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification Number)
|
|
|
|
5683 Hines Drive,
Ann Arbor, Michigan
|
|
48108
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
x
|
|
|
|
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
Common Shares, No Par Value
|
18,479,684
|
|
|
Page
|
|
|
|
|
|
|
Exhibit 4.1
|
|
Exhibit 10.1
|
|
Exhibit 31.1
|
|
Exhibit 31.2
|
|
Exhibit 32.1
|
|
Exhibit 32.2
|
|
Exhibit 101.INS
|
|
Exhibit 101.SCH
|
|
Exhibit 101.CAL
|
|
Exhibit 101.DEF
|
|
Exhibit 101.LAB
|
|
Exhibit 101.PRE
|
|
(in millions, except share data)
|
March 31,
2014 |
|
December 31, 2013
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
43.1
|
|
|
$
|
55.0
|
|
Restricted cash and cash equivalents
|
2.1
|
|
|
14.2
|
|
||
Accounts receivable, trade, less allowance for doubtful accounts of $1.8 million in 2014 and $1.5 million in 2013
|
92.0
|
|
|
85.5
|
|
||
Inventories
|
139.0
|
|
|
127.7
|
|
||
Deferred income taxes
|
1.2
|
|
|
0.8
|
|
||
Recoverable non-income taxes
|
17.1
|
|
|
16.7
|
|
||
Fair value of derivatives
|
0.3
|
|
|
0.6
|
|
||
Other current assets
|
16.7
|
|
|
18.1
|
|
||
Total current assets
|
311.5
|
|
|
318.6
|
|
||
Property, plant and equipment, net
|
121.7
|
|
|
122.8
|
|
||
Deferred income taxes
|
1.0
|
|
|
1.1
|
|
||
Recoverable non-income taxes
|
12.1
|
|
|
10.6
|
|
||
Deposits
|
27.3
|
|
|
25.8
|
|
||
Other assets
|
8.8
|
|
|
8.5
|
|
||
Total assets
|
$
|
482.4
|
|
|
$
|
487.4
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable, trade
|
$
|
105.7
|
|
|
$
|
100.4
|
|
Short-term borrowings
|
50.4
|
|
|
49.7
|
|
||
Accrued liabilities:
|
|
|
|
||||
Employee compensation
|
22.8
|
|
|
25.5
|
|
||
Product warranty and self-insured risks
|
14.6
|
|
|
15.1
|
|
||
Payroll taxes
|
14.0
|
|
|
13.4
|
|
||
Fair value of derivatives
|
0.8
|
|
|
1.6
|
|
||
Other current liabilities
|
12.2
|
|
|
12.6
|
|
||
Total current liabilities
|
220.5
|
|
|
218.3
|
|
||
Long-term borrowings
|
12.4
|
|
|
17.5
|
|
||
Other postretirement benefit liabilities
|
0.3
|
|
|
0.3
|
|
||
Product warranty and self-insured risks
|
3.8
|
|
|
4.2
|
|
||
Pension liabilities
|
19.7
|
|
|
20.0
|
|
||
Other liabilities
|
22.0
|
|
|
16.8
|
|
||
Total liabilities
|
278.7
|
|
|
277.1
|
|
||
Stockholders’ Equity
|
|
|
|
||||
Common Shares, No par value; authorized 100,000,000 shares; issued and outstanding 18,479,684 shares in 2014
|
29.5
|
|
|
—
|
|
||
Class A common stock, $1 par value; authorized 75,000,000 shares; issued and outstanding 13,401,938 shares in 2013
|
—
|
|
|
13.4
|
|
||
Class B common stock, $1 par value; authorized 25,000,000 shares; issued and outstanding 5,077,746 shares in 2013
|
—
|
|
|
5.1
|
|
||
Paid in capital
|
—
|
|
|
11.0
|
|
||
Retained earnings
|
255.0
|
|
|
266.1
|
|
||
Accumulated other comprehensive loss
|
(80.8
|
)
|
|
(85.3
|
)
|
||
Total stockholders’ equity
|
203.7
|
|
|
210.3
|
|
||
Total liabilities and stockholders’ equity
|
$
|
482.4
|
|
|
$
|
487.4
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
(in millions, except share and per share data)
|
|
2014
|
|
2013
|
||||
Net sales
|
|
$
|
179.3
|
|
|
$
|
207.6
|
|
Cost of sales
|
|
(162.2
|
)
|
|
(185.5
|
)
|
||
Gross profit
|
|
17.1
|
|
|
22.1
|
|
||
Selling and administrative expenses
|
|
(23.0
|
)
|
|
(29.1
|
)
|
||
Other income (expense), net
|
|
4.2
|
|
|
5.0
|
|
||
Impairments, restructuring charges, and other items
|
|
(4.1
|
)
|
|
(3.4
|
)
|
||
Operating loss
|
|
(5.8
|
)
|
|
(5.4
|
)
|
||
Interest expense
|
|
(2.3
|
)
|
|
(2.3
|
)
|
||
Interest income
|
|
0.4
|
|
|
0.3
|
|
||
Loss from continuing operations before taxes
|
|
(7.7
|
)
|
|
(7.4
|
)
|
||
Tax expense
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||
Loss from continuing operations
|
|
(7.8
|
)
|
|
(7.5
|
)
|
||
Loss from discontinued operations, net of tax
|
|
(3.3
|
)
|
|
(0.9
|
)
|
||
Net loss
|
|
$
|
(11.1
|
)
|
|
$
|
(8.4
|
)
|
Basic and diluted loss per share:
|
|
|
|
|
||||
Loss from continuing operations
|
|
$
|
(0.42
|
)
|
|
$
|
(0.40
|
)
|
Loss from discontinued operations
|
|
(0.18
|
)
|
|
(0.05
|
)
|
||
Net loss per share
|
|
$
|
(0.60
|
)
|
|
$
|
(0.45
|
)
|
Weighted average shares, basic and diluted (in thousands)
|
|
18,480
|
|
|
18,480
|
|
||
Cash dividends declared per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
(in millions)
|
|
2014
|
|
2013
|
||||
Net loss
|
|
$
|
(11.1
|
)
|
|
$
|
(8.4
|
)
|
Other comprehensive income (loss), before tax:
|
|
|
|
|
||||
Foreign currency translation adjustments
|
|
4.4
|
|
|
2.2
|
|
||
Pension and postretirement benefits:
|
|
|
|
|
||||
Prior service credit
|
|
(0.1
|
)
|
|
(0.5
|
)
|
||
Net actuarial loss (gain)
|
|
0.3
|
|
|
(2.5
|
)
|
||
Cash flow hedges:
|
|
|
|
|
||||
Reclassification adjustment for losses on cash flow hedges included in net loss
|
|
0.4
|
|
|
0.3
|
|
||
Other comprehensive income (loss), before tax
|
|
5.0
|
|
|
(0.5
|
)
|
||
Tax attributes of items in other comprehensive income (loss)
|
|
|
|
|
||||
Reclassification adjustment for losses on cash flow hedges included in net loss
|
|
(0.5
|
)
|
|
(0.2
|
)
|
||
Other comprehensive income (loss), tax impact
|
|
(0.5
|
)
|
|
(0.2
|
)
|
||
Total other comprehensive income (loss), net of tax
|
|
4.5
|
|
|
(0.7
|
)
|
||
Total comprehensive loss
|
|
$
|
(6.6
|
)
|
|
$
|
(9.1
|
)
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(in millions)
|
2014
|
|
2013
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net loss
|
$
|
(11.1
|
)
|
|
$
|
(8.4
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
6.4
|
|
|
9.3
|
|
||
Non-cash employee retirement benefits
|
0.1
|
|
|
(3.5
|
)
|
||
Deferred income taxes
|
(0.1
|
)
|
|
—
|
|
||
Share-based compensation
|
(0.2
|
)
|
|
0.5
|
|
||
Gain on disposal of property and equipment
|
(3.4
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(5.0
|
)
|
|
(8.7
|
)
|
||
Inventories
|
(9.4
|
)
|
|
(24.5
|
)
|
||
Payables and accrued expenses
|
3.8
|
|
|
21.9
|
|
||
Employee retirement benefits
|
(0.2
|
)
|
|
(0.3
|
)
|
||
Recoverable non-income taxes
|
(1.0
|
)
|
|
4.7
|
|
||
Other
|
0.9
|
|
|
(1.2
|
)
|
||
Cash used in operating activities
|
(19.2
|
)
|
|
(10.2
|
)
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(2.8
|
)
|
|
(2.4
|
)
|
||
Change in restricted cash and cash equivalents
|
12.1
|
|
|
1.0
|
|
||
Proceeds from sale of assets
|
4.1
|
|
|
—
|
|
||
Cash provided by (used in) investing activities
|
13.4
|
|
|
(1.4
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from long-term debt
|
0.1
|
|
|
—
|
|
||
Payments on long-term debt
|
(5.3
|
)
|
|
(1.0
|
)
|
||
Payments on capital leases
|
(0.1
|
)
|
|
(0.1
|
)
|
||
Debt issuance cost
|
(0.2
|
)
|
|
—
|
|
||
Other borrowings (repayments), net
|
(0.4
|
)
|
|
(1.1
|
)
|
||
Cash used in financing activities
|
(5.9
|
)
|
|
(2.2
|
)
|
||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(0.2
|
)
|
|
0.4
|
|
||
Decrease in cash and cash equivalents
|
(11.9
|
)
|
|
(13.4
|
)
|
||
Cash and Cash Equivalents:
|
|
|
|
||||
Beginning of Period
|
55.0
|
|
|
55.3
|
|
||
End of Period
|
$
|
43.1
|
|
|
$
|
41.9
|
|
Supplemental Schedule of Cash Flows and Non-cash Investing and Financing Activities:
|
|
|
|
||||
Cash paid for interest
|
$
|
2.1
|
|
|
$
|
2.3
|
|
Cash paid for taxes
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
|
2014
|
|
2013
|
||||
Environmental and legal charges and settlements
|
|
$
|
(3.3
|
)
|
|
$
|
(0.3
|
)
|
Workers' compensation and product liability claims
|
|
—
|
|
|
(0.6
|
)
|
||
Total loss from discontinued operations, net of tax
|
|
$
|
(3.3
|
)
|
|
$
|
(0.9
|
)
|
(in millions)
|
March 31, 2014
|
|
December 31, 2013
|
||||
Raw materials, net of reserves
|
$
|
76.7
|
|
|
$
|
81.1
|
|
Work in progress
|
0.9
|
|
|
1.2
|
|
||
Finished goods, net of reserves
|
61.4
|
|
|
45.4
|
|
||
Inventories
|
$
|
139.0
|
|
|
$
|
127.7
|
|
(in millions)
|
March 31, 2014
|
|
December 31, 2013
|
||||
Land and land improvements
|
$
|
10.7
|
|
|
$
|
10.5
|
|
Buildings and building improvements
|
94.4
|
|
|
93.2
|
|
||
Machinery and equipment
|
712.8
|
|
|
701.1
|
|
||
Capital leases
|
2.2
|
|
|
2.2
|
|
||
Construction in process
|
6.6
|
|
|
5.1
|
|
||
Property, plant and equipment, gross
|
826.7
|
|
|
812.1
|
|
||
Less accumulated depreciation
|
705.0
|
|
|
689.3
|
|
||
Property, plant and equipment, net
|
$
|
121.7
|
|
|
$
|
122.8
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
Three Months Ended March 31,
|
|
Three Months Ended March 31,
|
||||||||||||
(in millions)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Service cost
|
$
|
0.3
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
1.7
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
||||
Expected return on plan assets
|
(2.1
|
)
|
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of net loss (gain)
|
0.3
|
|
|
0.7
|
|
|
—
|
|
|
(3.2
|
)
|
||||
Amortization of unrecognized prior service (credit)
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
||||
Net periodic expense (benefit)
|
$
|
0.1
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
(3.7
|
)
|
(in millions)
|
March 31, 2014
|
|
December 31, 2013
|
||||
Brazil
|
$
|
23.1
|
|
|
$
|
22.1
|
|
India
|
5.2
|
|
|
3.9
|
|
||
Europe
|
0.9
|
|
|
1.3
|
|
||
Total recoverable non-income taxes
|
$
|
29.2
|
|
|
$
|
27.3
|
|
(in millions)
|
Three Months Ended March 31, 2014
|
|
Three Months Ended March 31, 2013
|
||||
Balance at January 1,
|
$
|
13.2
|
|
|
$
|
6.6
|
|
Settlements made (in cash or in kind)
|
(2.3
|
)
|
|
(1.4
|
)
|
||
Current year accrual
|
2.1
|
|
|
1.5
|
|
||
Effect of foreign currency translation
|
0.2
|
|
|
—
|
|
||
Balance at March 31,
|
$
|
13.2
|
|
|
$
|
6.7
|
|
|
March 31, 2014
|
|
March 31, 2013
|
||
Risk-free interest rate
|
0.12%-0.78%
|
|
|
0.24%-0.48%
|
|
Dividend yield
|
0.0
|
%
|
|
0.0
|
%
|
Expected life (years)
|
0.9-2.8 years
|
|
|
1.9-3.8 years
|
|
Volatility
|
61.77
|
%
|
|
64.99
|
%
|
|
|
Three Months Ended
|
||||||
(in millions)
|
|
2014
|
|
2013
|
||||
Severance, restructuring costs, and special termination benefits
|
|
$
|
1.2
|
|
|
$
|
2.3
|
|
Business process re-engineering
|
|
0.2
|
|
|
0.6
|
|
||
Moving costs
|
|
—
|
|
|
0.5
|
|
||
Contingent legal liability and settlements
|
|
1.5
|
|
|
—
|
|
||
Environmental reserve for sold building
|
|
1.2
|
|
|
—
|
|
||
Total impairments, restructuring charges, and other items
|
|
$
|
4.1
|
|
|
$
|
3.4
|
|
(in millions)
|
Severance
|
|
Other
|
|
Total
|
||||||
Balance at January 1, 2014
|
$
|
5.5
|
|
|
$
|
1.7
|
|
|
$
|
7.2
|
|
Accruals
|
1.2
|
|
|
2.9
|
|
|
4.1
|
|
|||
Payments
|
(2.2
|
)
|
|
(0.7
|
)
|
|
(2.9
|
)
|
|||
Balance at March 31, 2014
|
$
|
4.5
|
|
|
$
|
3.9
|
|
|
$
|
8.4
|
|
Level 1
|
Valuation is based upon quoted prices for identical instruments traded in active markets.
|
Level 2
|
Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
|
Level 3
|
Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.
|
(in millions)
|
Total Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency derivatives
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
Balance as of March 31, 2014
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity futures contracts
|
$
|
(0.8
|
)
|
|
$
|
—
|
|
|
$
|
(0.8
|
)
|
|
$
|
—
|
|
Balance as of March 31, 2014
|
$
|
(0.8
|
)
|
|
$
|
—
|
|
|
$
|
(0.8
|
)
|
|
$
|
—
|
|
(in millions)
|
Total Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Commodity futures contracts
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
Balance as of December 31, 2013
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency derivatives
|
$
|
(1.6
|
)
|
|
$
|
—
|
|
|
$
|
(1.6
|
)
|
|
$
|
—
|
|
Balance as of December 31, 2013
|
$
|
(1.6
|
)
|
|
$
|
—
|
|
|
$
|
(1.6
|
)
|
|
$
|
—
|
|
|
Asset (Liability) Derivatives
|
||||||||||
|
March 31, 2014
|
|
December 31, 2013
|
||||||||
(in millions)
|
Financial
Position Location
|
|
Fair
Value
|
|
Financial
Position Location
|
|
Fair
Value
|
||||
Commodity derivatives contracts
|
Fair value of derivative asset
|
|
$
|
—
|
|
|
Fair value of derivative asset
|
|
$
|
0.3
|
|
Commodity derivatives contracts
|
Fair value of derivative
liability
|
|
(0.5
|
)
|
|
Fair value of derivative
liability
|
|
—
|
|
||
Foreign currency derivatives
|
Fair value of derivative asset
|
|
0.1
|
|
|
Fair value of derivative asset
|
|
—
|
|
||
Foreign currency derivatives
|
Fair value of derivative
liability
|
|
—
|
|
|
Fair value of derivative
liability
|
|
(1.1
|
)
|
||
Total
|
|
|
$
|
(0.4
|
)
|
|
|
|
$
|
(0.8
|
)
|
|
Asset (Liability) Derivatives
|
||||||||||
|
March 31, 2014
|
|
December 31, 2013
|
||||||||
(in millions)
|
Financial
Position Location
|
|
Fair
Value
|
|
Financial
Position Location
|
|
Fair
Value
|
||||
Commodity derivatives contracts
|
Fair value of derivative asset
|
|
$
|
—
|
|
|
Fair value of derivative asset
|
|
$
|
0.3
|
|
Commodity derivatives contracts
|
Fair value of derivative
liability
|
|
(0.3
|
)
|
|
Fair value of derivative
liability
|
|
—
|
|
||
Foreign currency derivatives
|
Fair value of derivative asset
|
|
0.2
|
|
|
Fair value of derivative asset
|
|
—
|
|
||
Foreign currency derivatives
|
Fair value of derivative
liability
|
|
—
|
|
|
Fair value of derivative
liability
|
|
(0.5
|
)
|
||
Total
|
|
|
$
|
(0.1
|
)
|
|
|
|
$
|
(0.2
|
)
|
(in millions)
|
Amount of Gain
(Loss) Recognized in
AOCI (Effective
Portion)
|
|
Location of Gain
(Loss) Reclassified
from AOCI into
Income (Effective
Portion)
|
|
Amount of Gain
(Loss) Reclassified
from AOCI into
Income
(Effective Portion)
|
|
Location of Gain
(Loss) Recognized in
Income (Ineffective
Portion)
|
|
Amount of Gain
(Loss)
Recognized in
Income (Ineffective
Portion)
|
||||||||||||||||||
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|||||||||||||||||||||
Three Months Ended
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
||||||||||||
Commodity
|
$
|
(0.4
|
)
|
|
$
|
(0.4
|
)
|
|
Cost of sales
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
Cost of sales
|
|
$
|
—
|
|
|
$
|
—
|
|
Currency
|
0.6
|
|
|
(0.2
|
)
|
|
Cost of sales
|
|
(0.6
|
)
|
|
(0.3
|
)
|
|
Cost of sales
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
0.2
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.3
|
)
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
|
2014
|
|
2013
|
||||
Pension and postretirement benefits:
|
|
|
|
|
||||
Amortization of prior service credit, net of tax
|
|
$
|
0.1
|
|
|
$
|
0.5
|
|
Amortization of net actuarial gain, net of tax
|
|
(0.2
|
)
|
|
2.5
|
|
||
Reclassification of prior service credit, net of tax
|
|
—
|
|
|
—
|
|
||
Total reclassification, net of tax - pension and postretirement benefits
|
|
(0.1
|
)
|
|
3.0
|
|
||
Cash flow hedges:
|
|
|
|
|
||||
Reclassification adjustment for
gain
, net of tax - commodities
|
|
0.1
|
|
|
—
|
|
||
Reclassification adjustment for
(loss),
net of tax - currency
|
|
(0.2
|
)
|
|
(0.1
|
)
|
||
Total reclassification, net of tax - cash flow hedges
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||
Total reclassification, net of tax
|
|
$
|
(0.2
|
)
|
|
$
|
2.9
|
|
(in millions)
|
2014
|
|
%
|
|
2013
|
|
%
|
||||||
Net sales
|
$
|
179.3
|
|
|
100.0
|
%
|
|
$
|
207.6
|
|
|
100.0
|
%
|
Cost of sales
|
(162.2
|
)
|
|
(90.5
|
)%
|
|
(185.5
|
)
|
|
(89.4
|
)%
|
||
Gross profit
|
17.1
|
|
|
9.5
|
%
|
|
22.1
|
|
|
10.6
|
%
|
||
Selling and administrative expenses
|
(23.0
|
)
|
|
(12.8
|
)%
|
|
(29.1
|
)
|
|
(14.0
|
)%
|
||
Other income (expense), net
|
4.2
|
|
|
2.3
|
%
|
|
5.0
|
|
|
2.4
|
%
|
||
Impairments, restructuring charges, and other items
|
(4.1
|
)
|
|
(2.2
|
)%
|
|
(3.4
|
)
|
|
(1.6
|
)%
|
||
Operating loss
|
(5.8
|
)
|
|
(3.2
|
)%
|
|
(5.4
|
)
|
|
(2.6
|
)%
|
||
Interest expense
|
(2.3
|
)
|
|
(1.3
|
)%
|
|
(2.3
|
)
|
|
(1.1
|
)%
|
||
Interest income
|
0.4
|
|
|
0.2
|
%
|
|
0.3
|
|
|
0.1
|
%
|
||
Loss from continuing operations before taxes
|
(7.7
|
)
|
|
(4.3
|
)%
|
|
(7.4
|
)
|
|
(3.6
|
)%
|
||
Tax expense
|
(0.1
|
)
|
|
(0.1
|
)%
|
|
(0.1
|
)
|
|
—
|
%
|
||
Loss from continuing operations
|
$
|
(7.8
|
)
|
|
(4.4
|
)%
|
|
$
|
(7.5
|
)
|
|
(3.6
|
)%
|
(in millions)
|
10% increase in commodity prices
|
||||||
March 31, 2014
|
|
March 31, 2013
|
|||||
Copper
|
$
|
(4.1
|
)
|
|
$
|
(5.6
|
)
|
Steel
|
(9.0
|
)
|
|
(10.5
|
)
|
||
Aluminum
|
(0.6
|
)
|
|
(0.7
|
)
|
||
Total
|
$
|
(13.7
|
)
|
|
$
|
(16.8
|
)
|
(in millions)
|
10% decrease in commodity prices
|
||||||
March 31, 2014
|
|
March 31, 2013
|
|||||
Copper
|
$
|
(1.5
|
)
|
|
$
|
(2.0
|
)
|
Steel
|
—
|
|
|
—
|
|
||
Aluminum
|
(0.1
|
)
|
|
(0.3
|
)
|
||
Total
|
$
|
(1.6
|
)
|
|
$
|
(2.3
|
)
|
(in millions)
|
10% Strengthening against U.S. $
|
||||||
March 31, 2014
|
|
March 31, 2013
|
|||||
Real
|
$
|
(2.4
|
)
|
|
$
|
(2.7
|
)
|
Euro
|
(9.5
|
)
|
|
(8.7
|
)
|
||
Rupee
|
(0.2
|
)
|
|
0.1
|
|
||
Total
|
$
|
(12.1
|
)
|
|
$
|
(11.3
|
)
|
(in millions)
|
10% Weakening against U.S. $
|
||||||
March 31, 2014
|
|
March 31, 2013
|
|||||
Real
|
$
|
(0.4
|
)
|
|
$
|
(2.2
|
)
|
Euro
|
—
|
|
|
(0.3
|
)
|
||
Rupee
|
—
|
|
|
—
|
|
||
Total
|
$
|
(0.4
|
)
|
|
$
|
(2.5
|
)
|
|
TECUMSEH PRODUCTS COMPANY
|
|
|
(Registrant)
|
|
|
|
|
Date: May 12, 2014
|
By
|
/s/ Janice E. Stipp
|
|
|
Janice E. Stipp
|
|
|
Executive Vice President, Chief Financial Officer and
Treasurer (Duly Authorized and Principal Financial Officer)
|
Exhibit
Number
|
|
Description
|
|
|
|
3(i).1
|
|
Amended and Restated Articles of Incorporation of Tecumseh Products Company (incorporated by reference to Exhibit 4.2 to the registrant’s Registration Statement on Form S-8 filed on May 6, 2014, File No. 333-195739)
|
|
|
|
4.1
|
*
|
Amendment No. 6 to Revolving Credit and Security Agreement, dated as of March 20, 2014, among Tecumseh Products Company, Tecumseh Compressor Company, Tecumseh Products of Canada, Limited, Evergy, Inc. and PNC Bank, National Association
|
|
|
|
10.1
|
|
Tecumseh Products Company 2014 Omnibus Incentive Plan (management contract or compensatory plan or arrangement) (incorporated by reference to Annex C to the registrant’s definitive proxy statement/prospectus, dated March 21, 2014 filed on March 21, 2014 pursuant to Rule 424(b) under the Securities Act, relating to Amendment No. 2 to its Registration Statement on Form S‑4 (file no. 333-193643) filed March 14, 2014 and declared effective March 21, 2014)
|
|
|
|
10.2
|
|
Form of Performance Unit Award Agreement Under the Tecumseh Products Company 2014 Omnibus Incentive Plan (management contract or compensatory plan or arrangement) (incorporated by reference to Exhibit 99.1 to the registrant’s Current Report on Form 8‑K, dated March 31, 2014 and filed April 4 2014, File No. 0‑452)
|
|
|
|
10.3
|
|
Igor Popov offer letter, dated February 28, 2014 (management contract or compensatory plan or arrangement) (incorporated by reference to Exhibit 99.2 to the registrant’s Current Report on Form 8‑K, dated March 1, 2014 and filed March 4 2014, File No. 0‑452)
|
|
|
|
31.1
|
*
|
Certifications of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
*
|
Certifications of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
*
|
Certifications of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
*
|
Certifications of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
*
|
XBRL Instance Document
|
|
|
|
101.SCH
|
*
|
XBRL Schema Document
|
|
|
|
101.CAL
|
*
|
XBRL Calculation Linkbase Document
|
|
|
|
101.DEF
|
*
|
XBRL Definition Linkbase Document
|
|
|
|
101.LAB
|
*
|
XBRL Labels Linkbase Document
|
|
|
|
101.PRE
|
*
|
XBRL Presentation Document
|
|
|
|
|
*
|
Filed herewith
|
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