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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Accuride Corp. | NYSE:ACW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.58 | 0 | 01:00:00 |
| 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 |
Delaware
|
|
61-1109077
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
7140 Office Circle, Evansville, IN
|
|
47715
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large Accelerated Filer
|
Accelerated Filer
|
Non-Accelerated Filer
|
Smaller Reporting Company
|
Page
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
(In thousands, except for share and per share data)
|
September 30, 2014
|
December 31, 2013
|
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
21,530
|
$
|
33,426
|
||||
Customer receivables, net of allowance for doubtful accounts of $312 and $259 in 2014 and 2013, respectively
|
73,655
|
51,382
|
||||||
Other receivables
|
9,281
|
8,138
|
||||||
Inventories
|
45,826
|
39,329
|
||||||
Deferred income taxes
|
3,669
|
3,806
|
||||||
Prepaid expenses and other current assets
|
11,043
|
11,894
|
||||||
Assets held for sale
|
—
|
1,293
|
||||||
Total current assets
|
165,004
|
149,268
|
||||||
PROPERTY, PLANT AND EQUIPMENT, net
|
214,116
|
219,624
|
||||||
OTHER ASSETS:
|
||||||||
Goodwill
|
100,697
|
100,697
|
||||||
Other intangible assets, net
|
120,004
|
125,430
|
||||||
Deferred financing costs, net of accumulated amortization of $4,719 and $3,649 in 2014 and 2013, respectively
|
5,370
|
6,440
|
||||||
Deferred income taxes
|
84
|
503
|
||||||
Pension asset
|
14,763
|
8,493
|
||||||
Other
|
1,848
|
1,322
|
||||||
TOTAL
|
$
|
621,886
|
$
|
611,777
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$
|
66,527
|
$
|
47,527
|
||||
Accrued payroll and compensation
|
11,405
|
8,763
|
||||||
Accrued interest payable
|
5,133
|
12,535
|
||||||
Accrued workers compensation
|
3,456
|
4,373
|
||||||
Accrued and other liabilities
|
15,427
|
16,801
|
||||||
Total current liabilities
|
101,948
|
89,999
|
||||||
LONG-TERM DEBT
|
330,972
|
330,183
|
||||||
DEFERRED INCOME TAXES
|
17,066
|
17,528
|
||||||
NON-CURRENT INCOME TAXES PAYABLE
|
6,816
|
8,367
|
||||||
OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY
|
71,806
|
70,584
|
||||||
PENSION BENEFIT PLAN LIABILITY
|
16,392
|
20,687
|
||||||
OTHER LIABILITIES
|
9,709
|
12,545
|
||||||
COMMITMENTS AND CONTINGENCIES (Note 7)
|
—
|
—
|
||||||
STOCKHOLDERS' EQUITY:
|
||||||||
Preferred Stock, $0.01 par value; 10,000,000 shares authorized
|
—
|
—
|
||||||
Common Stock, $0.01 par value; 80,000,000 shares authorized, 47,718,818 and 47,515,155 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively, and additional paid-in-capital
|
442,006
|
440,479
|
||||||
Accumulated other comprehensive loss
|
(17,767
|
)
|
(18,712
|
)
|
||||
Accumulated deficiency
|
(357,062
|
)
|
(359,883
|
)
|
||||
Total stockholders' equity
|
67,177
|
61,884
|
||||||
TOTAL
|
$
|
621,886
|
$
|
611,777
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
(In thousands except per share data)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
||||||||||||||||
NET SALES
|
$
|
184,007
|
$
|
155,264
|
$
|
532,366
|
$
|
498,192
|
||||||||
COST OF GOODS SOLD
|
164,095
|
144,994
|
473,009
|
462,938
|
||||||||||||
GROSS PROFIT
|
19,912
|
10,270
|
59,357
|
35,254
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Selling, general and administrative
|
9,868
|
10,995
|
30,440
|
34,817
|
||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
10,044
|
(725
|
)
|
28,917
|
437
|
|||||||||||
OTHER INCOME (EXPENSE):
|
||||||||||||||||
Interest expense, net
|
(8,444
|
)
|
(8,711
|
)
|
(25,351
|
)
|
(26,562
|
)
|
||||||||
Other income (loss), net
|
(805
|
)
|
546
|
(1,504
|
)
|
250
|
||||||||||
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
795
|
(8,890
|
)
|
2,062
|
(25,875
|
)
|
||||||||||
INCOME TAX (BENEFIT) PROVISION
|
(410
|
)
|
(495
|
)
|
(967
|
)
|
2,378
|
|||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
1,205
|
(8,395
|
)
|
3,029
|
(28,253
|
)
|
||||||||||
DISCONTINUED OPERATIONS, NET OF TAX
|
(106
|
)
|
(10,220
|
)
|
(208
|
)
|
(11,671
|
)
|
||||||||
NET INCOME (LOSS)
|
$
|
1,099
|
$
|
(18,615
|
)
|
$
|
2,821
|
$
|
(39,924
|
)
|
||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX:
|
||||||||||||||||
Defined benefit plans
|
472
|
1,433
|
945
|
2,181
|
||||||||||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
1,571
|
$
|
(17,182
|
)
|
$
|
3,766
|
$
|
(37,743
|
)
|
||||||
Weighted average common shares outstanding—basic
|
47,749
|
47,588
|
47,694
|
47,535
|
||||||||||||
Basic income (loss) per share-continuing operations
|
0.02
|
(0.18
|
)
|
0.06
|
(0.59
|
)
|
||||||||||
Basic loss per share-discontinued operations
|
—
|
(0.21
|
)
|
—
|
(0.25
|
)
|
||||||||||
Basic income (loss) per share
|
$
|
0.02
|
$
|
(0.39
|
)
|
$
|
0.06
|
$
|
(0.84
|
)
|
||||||
Weighted average common shares outstanding—diluted
|
49,042
|
47,588
|
48,531
|
47,535
|
||||||||||||
Diluted income (loss) per share-continuing operations
|
0.02
|
(0.18
|
)
|
0.06
|
(0.59
|
)
|
||||||||||
Diluted loss per share-discontinued operations
|
—
|
(0.21
|
)
|
—
|
(0.25
|
)
|
||||||||||
Diluted income (loss) per share
|
$
|
0.02
|
$
|
(0.39
|
)
|
$
|
0.06
|
$
|
(0.84
|
)
|
(In thousands)
|
Common
Stock and
Additional
Paid-in-
Capital
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Accumulated
Deficiency
|
Total
Stockholders'
Equity
|
||||||||||||
BALANCE— July 1, 2013
|
$
|
439,421
|
$
|
(51,086
|
)
|
$
|
(342,879
|
)
|
$
|
45,456
|
||||||
Net loss
|
—
|
—
|
(18,615
|
)
|
(18,615
|
)
|
||||||||||
Share-based compensation expense
|
597
|
—
|
—
|
597
|
||||||||||||
Tax impact of forfeited vested shares
|
—
|
—
|
—
|
—
|
||||||||||||
Other comprehensive income
|
—
|
1,433
|
—
|
1,433
|
||||||||||||
BALANCE—September 30, 2013
|
$
|
440,018
|
$
|
(49,653
|
)
|
$
|
(361,494
|
)
|
$
|
28,871
|
||||||
|
||||||||||||||||
BALANCE—July 1, 2014
|
$
|
441,384
|
$
|
(18,239
|
)
|
$
|
(358,161
|
)
|
$
|
64,984
|
||||||
Net income
|
—
|
—
|
1,099
|
1,099
|
||||||||||||
Share-based compensation expense
|
622
|
—
|
—
|
622
|
||||||||||||
Tax impact of forfeited vested shares
|
—
|
—
|
—
|
—
|
||||||||||||
Other comprehensive income
|
—
|
472
|
—
|
472
|
||||||||||||
BALANCE—September 30, 2014
|
$
|
442,006
|
$
|
(17,767
|
)
|
$
|
(357,062
|
)
|
$
|
67,177
|
(In thousands)
|
Common
Stock and
Additional
Paid-in-
Capital
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Accumulated
Deficiency
|
Total
Stockholders'
Equity
|
||||||||||||
|
||||||||||||||||
BALANCE— January 1, 2013
|
$
|
438,277
|
$
|
(51,834
|
)
|
$
|
(321,570
|
)
|
$
|
64,873
|
||||||
Net loss
|
—
|
—
|
(39,924
|
)
|
(39,924
|
)
|
||||||||||
Share-based compensation expense
|
1,950
|
—
|
—
|
1,950
|
||||||||||||
Tax impact of forfeited vested shares
|
(209
|
)
|
—
|
—
|
(209
|
)
|
||||||||||
Other comprehensive income
|
—
|
2,181
|
—
|
2,181
|
||||||||||||
BALANCE—September 30, 2013
|
$
|
440,018
|
$
|
(49,653
|
)
|
$
|
(361,494
|
)
|
$
|
28,871
|
||||||
|
||||||||||||||||
BALANCE—January 1, 2014
|
$
|
440,479
|
$
|
(18,712
|
)
|
$
|
(359,883
|
)
|
$
|
61,884
|
||||||
Net income
|
—
|
—
|
2,821
|
2,821
|
||||||||||||
Share-based compensation expense
|
1,831
|
—
|
—
|
1,831
|
||||||||||||
Tax impact of forfeited vested shares
|
(304
|
)
|
—
|
—
|
(304
|
)
|
||||||||||
Other comprehensive income
|
—
|
945
|
—
|
945
|
||||||||||||
BALANCE—September 30, 2014
|
$
|
442,006
|
$
|
(17,767
|
)
|
$
|
(357,062
|
)
|
$
|
67,177
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$
|
2,821
|
$
|
(39,924
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation of property, plant and equipment
|
24,907
|
26,822
|
||||||
Amortization – deferred financing costs and debt discount
|
1,859
|
2,064
|
||||||
Amortization – other intangible assets
|
6,097
|
6,717
|
||||||
Loss related to discontinued operations
|
—
|
11,985
|
||||||
Gain related to discontinued operations
|
—
|
(2,000
|
)
|
|||||
Loss on disposal of assets
|
669
|
677
|
||||||
(Benefit from) Provision for deferred income taxes
|
(592
|
)
|
278
|
|||||
Non-cash share-based compensation
|
1,831
|
1,950
|
||||||
Changes in certain assets and liabilities:
|
||||||||
Receivables
|
(23,416
|
)
|
(17,443
|
)
|
||||
Inventories
|
(6,497
|
)
|
1,677
|
|||||
Prepaid expenses and other assets
|
(4,999
|
)
|
(4,023
|
)
|
||||
Accounts payable
|
19,723
|
10,712
|
||||||
Accrued and other liabilities
|
(14,129
|
)
|
(24,603
|
)
|
||||
Net cash provided by (used in) operating activities
|
8,274
|
(25,111
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant and equipment
|
(20,734
|
)
|
(32,258
|
)
|
||||
Proceeds from sale leaseback transactions
|
—
|
14,944
|
||||||
Proceeds from sale of property, plant, and equipment
|
1,235
|
30,000
|
||||||
Purchase of intangible asset
|
(671
|
)
|
—
|
|||||
Net cash (used in) provided by in investing activities
|
(20,170
|
)
|
12,686
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from revolver
|
10,000
|
25,000
|
||||||
Payments on revolver
|
(10,000
|
)
|
(10,000
|
)
|
||||
Debt issuance costs
|
—
|
(1,333
|
)
|
|||||
Net cash provided by financing activities
|
—
|
13,667
|
||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(11,896
|
)
|
1,242
|
|||||
CASH AND CASH EQUIVALENTS—Beginning of period
|
33,426
|
26,751
|
||||||
CASH AND CASH EQUIVALENTS—End of period
|
$
|
21,530
|
$
|
27,993
|
||||
|
||||||||
Supplemental cash flow information:
|
||||||||
Cash paid for interest
|
$
|
30,815
|
$
|
31,497
|
||||
Cash paid for income taxes
|
1,274
|
2,000
|
||||||
Non-cash transactions:
|
||||||||
Purchases of property, plant and equipment in accounts payable
|
$
|
2,504
|
$
|
3,059
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
(In thousands except per share data)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Numerator:
|
||||||||||||||||
Net income (loss) from continuing operations
|
$
|
1,205
|
$
|
(8,395
|
)
|
$
|
3,029
|
$
|
(28,253
|
)
|
||||||
Net loss from discontinued operations
|
(106
|
)
|
(10,220
|
)
|
(208
|
)
|
(11,671
|
)
|
||||||||
Net income (loss)
|
$
|
1,099
|
$
|
(18,615
|
)
|
$
|
2,821
|
$
|
(39,924
|
)
|
||||||
Denominator:
|
||||||||||||||||
Weighted average shares outstanding – Basic
|
47,749
|
47,588
|
47,694
|
47,535
|
||||||||||||
Weighted average shares outstanding – Diluted
|
49,042
|
47,588
|
48,531
|
47,535
|
||||||||||||
|
||||||||||||||||
Basic income (loss) per common share
|
||||||||||||||||
From continuing operations
|
$
|
0.02
|
$
|
(0.18
|
)
|
$
|
0.06
|
$
|
(0.59
|
)
|
||||||
From discontinued operations
|
—
|
(0.21
|
)
|
—
|
(0.25
|
)
|
||||||||||
Basic income (loss) per common share
|
$
|
0.02
|
$
|
(0.39
|
)
|
$
|
0.06
|
$
|
(0.84
|
)
|
||||||
|
||||||||||||||||
Diluted income (loss) per common share
|
||||||||||||||||
From continuing operations
|
$
|
0.02
|
$
|
(0.18
|
)
|
$
|
0.06
|
$
|
(0.59
|
)
|
||||||
From discontinued operations
|
—
|
(0.21
|
)
|
—
|
(0.25
|
)
|
||||||||||
Diluted income (loss) per common share
|
$
|
0.02
|
$
|
(0.39
|
)
|
$
|
0.06
|
$
|
(0.84
|
)
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
(In thousands)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
||||||||||||||||
Net sales
|
$
|
—
|
$
|
10,115
|
$
|
—
|
$
|
70,965
|
||||||||
|
||||||||||||||||
Loss from operations
|
(10
|
)
|
(235
|
)
|
(31
|
)
|
(1,686
|
)
|
||||||||
Other income (expense)
|
(96
|
)
|
(9,985
|
)
|
(177
|
)
|
(9,985
|
)
|
||||||||
Discontinued Operations
|
$
|
(106
|
)
|
$
|
(10,220
|
)
|
$
|
(208
|
)
|
$
|
(11,671
|
)
|
(In thousands)
|
September 30, 2014
|
December 31, 2013
|
||||||
Raw materials
|
$
|
9,658
|
$
|
7,483
|
||||
Work in process
|
14,579
|
12,996
|
||||||
Finished manufactured goods
|
21,589
|
18,850
|
||||||
Total inventories
|
$
|
45,826
|
$
|
39,329
|
(In thousands)
|
Wheels
|
Brillion Iron
Works
|
Total
|
|||||||||
Balance as of December 31, 2013
|
$
|
96,283
|
$
|
4,414
|
$
|
100,697
|
||||||
Balance as of September 30, 2014
|
$
|
96,283
|
$
|
4,414
|
$
|
100,697
|
(In thousands)
|
Wheels
|
Brillion Iron
Works
|
Total
|
|||||||||
Balance as of December 31, 2013
|
$
|
122,764
|
$
|
2,666
|
$
|
125,430
|
||||||
Additions
|
671
|
—
|
671
|
|||||||||
Amortization
|
(5,971
|
)
|
(126
|
)
|
(6,097
|
)
|
||||||
Balance as of September 30, 2014
|
$
|
117,464
|
$
|
2,540
|
$
|
120,004
|
(In thousands)
|
Wheels
|
Brillion Iron Works
|
Corporate
|
Total
|
||||||||||||
Balance as of December 31, 2012
|
$
|
130,668
|
$
|
2,833
|
$
|
679
|
$
|
134,180
|
||||||||
Amortization
|
(5,929
|
)
|
(125
|
)
|
(663
|
)
|
(6,717
|
)
|
||||||||
Balance as of September 30, 2013
|
$
|
124,739
|
$
|
2,708
|
$
|
16
|
$
|
127,463
|
|
As of September 30, 2014
|
As of December 31, 2013
|
||||||||||||||||||||||||||
(In thousands)
|
Weighted
Average
Useful
Lives
|
Gross Amount
|
Accumulated
Amortization
|
Carrying
Amount
|
Gross Amount
|
Accumulated
Amortization
|
Carrying
Amount
|
|||||||||||||||||||||
Goodwill
|
—
|
$
|
100,697
|
$
|
—
|
$
|
100,697
|
$
|
100,697
|
$
|
—
|
$
|
100,697
|
|||||||||||||||
Other intangible assets:
|
||||||||||||||||||||||||||||
Trade names
|
—
|
$
|
25,200
|
$
|
—
|
$
|
25,200
|
$
|
25,200
|
$
|
—
|
$
|
25,200
|
|||||||||||||||
Technology
|
10.6
|
39,169
|
22,400
|
16,769
|
38,849
|
20,497
|
18,352
|
|||||||||||||||||||||
Customer relationships
|
16.8
|
127,304
|
49,269
|
78,035
|
129,093
|
47,215
|
81,878
|
|||||||||||||||||||||
Other intangible assets
|
$
|
191,673
|
$
|
71,669
|
$
|
120,004
|
$
|
193,142
|
$
|
67,712
|
$
|
125,430
|
|
For the Three Months ended September 30,
|
For the Nine Months ended September 30,
|
||||||||||||||||||||||||||||||
|
Pension Benefits
|
Other Benefits
|
Pension Benefits
|
Other Benefits
|
||||||||||||||||||||||||||||
(In thousands)
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||||||||||
Service cost-benefits earned during the period
|
$
|
270
|
$
|
301
|
$
|
80
|
$
|
127
|
$
|
804
|
$
|
868
|
$
|
252
|
$
|
408
|
||||||||||||||||
Interest cost on projected benefit obligation
|
2,624
|
2,601
|
978
|
855
|
7,975
|
7,808
|
2,737
|
2,628
|
||||||||||||||||||||||||
Expected return on plan assets
|
(3,112
|
)
|
(2,959
|
)
|
—
|
—
|
(9,480
|
)
|
(8,883
|
)
|
—
|
—
|
||||||||||||||||||||
Amortization of prior service (credit) cost
|
11
|
11
|
(9
|
)
|
—
|
33
|
33
|
(27
|
)
|
—
|
||||||||||||||||||||||
Amortization of loss
|
57
|
663
|
59
|
33
|
158
|
1,975
|
216
|
83
|
||||||||||||||||||||||||
Net periodic benefit cost
|
(150
|
)
|
617
|
1,108
|
1,015
|
(510
|
)
|
1,801
|
3,178
|
3,119
|
||||||||||||||||||||||
Other one-time charges
|
—
|
—
|
435
|
—
|
—
|
—
|
435
|
—
|
||||||||||||||||||||||||
Total benefit cost charged (credited) to income
|
$
|
(150
|
)
|
$
|
617
|
$
|
1,543
|
$
|
1,015
|
$
|
(510
|
)
|
$
|
1,801
|
$
|
3,613
|
$
|
3,119
|
Level 1 | Quoted market prices in active markets for identical assets or liabilities; |
Level 2 | Inputs other than Level 1 inputs that are either directly or indirectly observable; and |
Level 3 | Unobservable inputs developed using estimates and assumptions developed by us, which reflect those that a market participant would use. |
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
(In thousands)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net sales:
|
||||||||||||||||
Wheels
|
$
|
106,685
|
$
|
87,978
|
$
|
300,058
|
$
|
280,608
|
||||||||
Gunite
|
42,357
|
40,751
|
134,634
|
131,354
|
||||||||||||
Brillion Iron Works
|
34,965
|
26,535
|
97,674
|
86,230
|
||||||||||||
Consolidated total
|
$
|
184,007
|
$
|
155,264
|
$
|
532,366
|
$
|
498,192
|
||||||||
|
||||||||||||||||
Operating income (loss):
|
||||||||||||||||
Wheels
|
$
|
11,847
|
$
|
7,973
|
$
|
33,446
|
$
|
25,467
|
||||||||
Gunite
|
4,149
|
(150
|
)
|
14,670
|
1,396
|
|||||||||||
Brillion Iron Works
|
1,680
|
296
|
3,444
|
2,726
|
||||||||||||
Corporate / Other
|
(7,632
|
)
|
(8,844
|
)
|
(22,643
|
)
|
(29,152
|
)
|
||||||||
Consolidated total
|
$
|
10,044
|
$
|
(725
|
)
|
$
|
28,917
|
$
|
437
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
(In thousands)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Inter-segment sales
|
$
|
3,055
|
$
|
4,395
|
$
|
10,825
|
$
|
13,030
|
|
As of
|
|||||||
(In thousands)
|
September 30, 2014
|
December 31, 2013
|
||||||
Total assets:
|
||||||||
Wheels
|
$
|
466,620
|
$
|
452,271
|
||||
Gunite
|
64,940
|
55,016
|
||||||
Brillion Iron Works
|
55,935
|
52,547
|
||||||
Corporate / Other
|
34,391
|
51,943
|
||||||
Consolidated total
|
$
|
621,886
|
$
|
611,777
|
|
September 30, 2014
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor Subsidiaries
|
Non-guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
14,106
|
$
|
—
|
$
|
7,424
|
$
|
—
|
$
|
21,530
|
||||||||||
Customer and other receivables, net
|
49,485
|
23,940
|
9,100
|
411
|
82,936
|
|||||||||||||||
Intercompany receivable
|
—
|
8,747
|
82,225
|
(90,972
|
)
|
—
|
||||||||||||||
Inventories
|
20,763
|
21,843
|
3,631
|
(411
|
)
|
45,826
|
||||||||||||||
Other current assets
|
6,457
|
3,184
|
5,071
|
—
|
14,712
|
|||||||||||||||
Total current assets
|
90,811
|
57,714
|
107,451
|
(90,972
|
)
|
165,004
|
||||||||||||||
Property, plant and equipment, net
|
79,401
|
101,963
|
32,752
|
—
|
214,116
|
|||||||||||||||
Goodwill
|
96,283
|
4,414
|
—
|
—
|
100,697
|
|||||||||||||||
Other intangible assets, net
|
117,464
|
2,540
|
—
|
—
|
120,004
|
|||||||||||||||
Investments in and advances to subsidiaries and affiliates
|
150,822
|
—
|
—
|
(150,822
|
)
|
—
|
||||||||||||||
Deferred income taxes
|
—
|
29,600
|
1,194
|
(30,710
|
)
|
84
|
||||||||||||||
Other non-current assets
|
6,827
|
391
|
14,763
|
—
|
21,981
|
|||||||||||||||
TOTAL
|
$
|
541,608
|
$
|
196,622
|
$
|
156,160
|
$
|
(272,504
|
)
|
$
|
621,886
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Accounts payable
|
$
|
17,774
|
$
|
35,791
|
$
|
12,962
|
$
|
—
|
$
|
66,527
|
||||||||||
Intercompany payable
|
60,838
|
—
|
30,134
|
(90,972
|
)
|
—
|
||||||||||||||
Accrued payroll and compensation
|
3,469
|
6,401
|
1,535
|
—
|
11,405
|
|||||||||||||||
Accrued interest payable
|
5,133
|
—
|
—
|
—
|
5,133
|
|||||||||||||||
Accrued and other liabilities
|
3,468
|
11,867
|
3,548
|
—
|
18,883
|
|||||||||||||||
Total current liabilities
|
90,682
|
54,059
|
48,179
|
(90,972
|
)
|
101,948
|
||||||||||||||
Long term debt
|
330,972
|
—
|
—
|
—
|
330,972
|
|||||||||||||||
Deferred and non-current income taxes
|
43,438
|
10,111
|
1,043
|
(30,710
|
)
|
23,882
|
||||||||||||||
Other non-current liabilities
|
9,339
|
70,261
|
18,307
|
—
|
97,907
|
|||||||||||||||
Stockholders' equity
|
67,177
|
62,191
|
88,631
|
(150,822
|
)
|
67,177
|
||||||||||||||
TOTAL
|
$
|
541,608
|
$
|
196,622
|
$
|
156,160
|
$
|
(272,504
|
)
|
$
|
621,886
|
|
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
|
|
Three Months Ended September 30, 2014
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
124,025
|
$
|
82,505
|
$
|
33,589
|
$
|
(56,112
|
)
|
$
|
184,007
|
|||||||||
Cost of goods sold
|
111,184
|
77,396
|
31,216
|
(55,701
|
)
|
164,095
|
||||||||||||||
Gross profit
|
12,841
|
5,109
|
2,373
|
(411
|
)
|
19,912
|
||||||||||||||
Operating expenses
|
9,623
|
204
|
41
|
—
|
9,868
|
|||||||||||||||
Income (loss) from operations
|
3,218
|
4,905
|
2,332
|
(411
|
)
|
10,044
|
||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(8,695
|
)
|
(53
|
)
|
304
|
—
|
(8,444
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
5,385
|
—
|
—
|
(5,385
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
(714
|
)
|
327
|
(418
|
)
|
—
|
(805
|
)
|
||||||||||||
Income (loss) before income taxes from continuing operations
|
(806
|
)
|
5,179
|
2,218
|
(5,796
|
)
|
795
|
|||||||||||||
Income tax (benefit) provision
|
(1,905
|
)
|
925
|
570
|
—
|
(410
|
)
|
|||||||||||||
Income (loss from continuing operations
|
1,099
|
4,254
|
1,648
|
(5,796
|
)
|
1,205
|
||||||||||||||
Discontinued operations, net of tax
|
—
|
—
|
(106
|
)
|
—
|
(106
|
)
|
|||||||||||||
Net income (loss)
|
$
|
1,099
|
$
|
4,254
|
$
|
1,542
|
$
|
(5,796
|
)
|
$
|
1,099
|
|||||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
1,571
|
$
|
4,252
|
$
|
1,999
|
$
|
(6,251
|
)
|
$
|
1,571
|
|
Three Months Ended September 30, 2013
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
103,235
|
$
|
68,781
|
$
|
31,928
|
$
|
(48,680
|
)
|
$
|
155,264
|
|||||||||
Cost of goods sold
|
97,070
|
66,564
|
29,621
|
(48,261
|
)
|
144,994
|
||||||||||||||
Gross profit
|
6,165
|
2,217
|
2,307
|
(419
|
)
|
10,270
|
||||||||||||||
Operating expenses
|
10,528
|
372
|
95
|
—
|
10,995
|
|||||||||||||||
Income (loss) from operations
|
(4,363
|
)
|
1,845
|
2,212
|
(419
|
)
|
(725
|
)
|
||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(8,855
|
)
|
(207
|
)
|
351
|
—
|
(8,711
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
(7,392
|
)
|
—
|
—
|
7,392
|
—
|
||||||||||||||
Other income (expense), net
|
(45
|
)
|
147
|
444
|
—
|
546
|
||||||||||||||
Income (loss) before income taxes from continuing operations
|
(20,655
|
)
|
1,785
|
3,007
|
6,973
|
(8,890
|
)
|
|||||||||||||
Income tax provision
|
(2,040
|
)
|
925
|
620
|
—
|
(495
|
)
|
|||||||||||||
Income (loss) from continuing operations
|
(18,615
|
)
|
860
|
2,387
|
6,973
|
(8,395
|
)
|
|||||||||||||
Discontinued operations, net of tax
|
—
|
—
|
(10,220
|
)
|
—
|
(10,220
|
)
|
|||||||||||||
Net income (loss)
|
$
|
(18,615
|
)
|
$
|
860
|
$
|
(7,833
|
)
|
$
|
6,973
|
$
|
(18,615
|
)
|
|||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
(17,182
|
)
|
$
|
1,263
|
$
|
(7,061
|
)
|
$
|
5,798
|
$
|
(17,182
|
)
|
|
Nine Months Ended September 30, 2014
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
355,600
|
$
|
233,339
|
$
|
99,912
|
$
|
(156,485
|
)
|
$
|
532,366
|
|||||||||
Cost of goods sold
|
318,350
|
217,082
|
92,720
|
(155,143
|
)
|
473,009
|
||||||||||||||
Gross profit
|
37,250
|
16,257
|
7,192
|
(1,342
|
)
|
59,357
|
||||||||||||||
Operating expenses
|
29,588
|
706
|
146
|
—
|
30,440
|
|||||||||||||||
Income (loss) from operations
|
7,662
|
15,551
|
7,046
|
(1,342
|
)
|
28,917
|
||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(26,118
|
)
|
(173
|
)
|
940
|
—
|
(25,351
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
19,446
|
—
|
—
|
(19,446
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
(1,591
|
)
|
453
|
(366
|
)
|
—
|
(1,504
|
)
|
||||||||||||
Income (loss) before income taxes from continuing operations
|
(601
|
)
|
15,831
|
7,620
|
(20,788
|
)
|
2,062
|
|||||||||||||
Income tax (benefit) provision
|
(3,422
|
)
|
1,068
|
1,387
|
—
|
(967
|
)
|
|||||||||||||
Income (loss) from continuing operations
|
2,821
|
14,763
|
6,233
|
(20,788
|
)
|
3,029
|
||||||||||||||
Discontinued operations, net of tax
|
—
|
—
|
(208
|
)
|
—
|
(208
|
)
|
|||||||||||||
Net income (loss)
|
$
|
2,821
|
$
|
14,763
|
$
|
6,025
|
$
|
(20,788
|
)
|
$
|
2,821
|
|||||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
3,766
|
$
|
14,738
|
$
|
6,956
|
$
|
(21,694
|
)
|
$
|
3,766
|
|
Nine Months Ended September 30, 2013
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
330,342
|
$
|
220,503
|
$
|
105,955
|
$
|
(158,608
|
)
|
$
|
498,192
|
|||||||||
Cost of goods sold
|
311,452
|
211,212
|
98,463
|
(158,189
|
)
|
462,938
|
||||||||||||||
Gross profit
|
18,890
|
9,291
|
7,492
|
(419
|
)
|
35,254
|
||||||||||||||
Operating expenses
|
33,353
|
1,216
|
248
|
—
|
34,817
|
|||||||||||||||
Income (loss) from operations
|
(14,463
|
)
|
8,075
|
7,244
|
(419
|
)
|
437
|
|||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(27,000
|
)
|
(736
|
)
|
1,174
|
—
|
(26,562
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
986
|
—
|
—
|
(986
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
(131
|
)
|
159
|
222
|
—
|
250
|
||||||||||||||
Income (loss) before income taxes from continuing operations
|
(40,608
|
)
|
7,498
|
8,640
|
(1,405
|
)
|
(25,875
|
)
|
||||||||||||
Income tax provision
|
(684
|
)
|
925
|
2,137
|
—
|
2,378
|
||||||||||||||
Income (loss) from continuing operations
|
(39,924
|
)
|
6,573
|
6,503
|
(1,405
|
)
|
(28,253
|
)
|
||||||||||||
Discontinued operations, net of tax
|
—
|
—
|
(11,671
|
)
|
—
|
(11,671
|
)
|
|||||||||||||
Net income (loss)
|
$
|
(39,924
|
)
|
$
|
6,573
|
$
|
(5,168
|
)
|
$
|
(1,405
|
)
|
$
|
(39,924
|
)
|
||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
(37,743
|
)
|
$
|
6,976
|
$
|
(3,648
|
)
|
$
|
(3,328
|
)
|
$
|
(37,743
|
)
|
|
Nine Months Ended September 30, 2014
|
|||||||||||||||||||
(In thousands)
|
Parent
Company
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
2,821
|
$
|
14,763
|
$
|
6,025
|
$
|
(20,788
|
)
|
$
|
2,821
|
|||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Depreciation
|
8,335
|
13,446
|
3,126
|
—
|
24,907
|
|||||||||||||||
Amortization – deferred financing costs
|
1,859
|
—
|
—
|
—
|
1,859
|
|||||||||||||||
Amortization – other intangible assets
|
5,971
|
126
|
—
|
—
|
6,097
|
|||||||||||||||
Loss on disposal of assets
|
580
|
62
|
27
|
—
|
669
|
|||||||||||||||
Deferred income taxes
|
(2,195
|
)
|
925
|
678
|
—
|
(592
|
)
|
|||||||||||||
Non-cash stock-based compensation
|
1,831
|
—
|
—
|
—
|
1,831
|
|||||||||||||||
Equity in earnings of subsidiaries and affiliates
|
(20,377
|
)
|
—
|
—
|
20,377
|
—
|
||||||||||||||
Change in other operating items
|
14,837
|
(41,354
|
)
|
(3,212
|
)
|
411
|
(29,318
|
)
|
||||||||||||
Net cash provided by (used in) operating activities
|
13,662
|
(12,032
|
)
|
6,644
|
—
|
8,274
|
||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Purchases of property, plant, and equipment
|
(8,350
|
)
|
(11,977
|
)
|
(407
|
)
|
—
|
(20,734
|
)
|
|||||||||||
Payments on notes receivable
|
36,698
|
(106,680
|
)
|
(33,946
|
)
|
103,928
|
—
|
|||||||||||||
Proceeds from notes receivable
|
(34,517
|
)
|
71,408
|
32,725
|
(69,616
|
)
|
—
|
|||||||||||||
Other
|
(671
|
)
|
1,235
|
—
|
—
|
564
|
||||||||||||||
Net cash provided by (used in) investing activities
|
(6,840
|
)
|
(46,014
|
)
|
(1,628
|
)
|
34,312
|
(20,170
|
)
|
|||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Proceeds from notes payable
|
19,041
|
94,887
|
—
|
(103,928
|
)
|
10,000
|
||||||||||||||
Payment on notes payable
|
(42,775
|
)
|
(36,841
|
)
|
—
|
69,616
|
(10,000
|
)
|
||||||||||||
Net cash provided by (used in) financing activities
|
(23,734
|
)
|
58,046
|
—
|
(34,312
|
)
|
—
|
|||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(16,912
|
)
|
—
|
5,016
|
—
|
(11,896
|
)
|
|||||||||||||
Cash and cash equivalents, beginning of period
|
31,018
|
—
|
2,408
|
—
|
33,426
|
|||||||||||||||
Cash and cash equivalents, end of period
|
$
|
14,106
|
$
|
—
|
$
|
7,424
|
$
|
—
|
$
|
21,530
|
|
Nine Months Ended September 30, 2013
|
|||||||||||||||||||
(In thousands)
|
Parent
Company
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
(39,924
|
)
|
$
|
6,573
|
$
|
(5,168
|
)
|
$
|
(1,405
|
)
|
$
|
(39,924
|
)
|
||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Depreciation
|
7,910
|
14,514
|
4,398
|
—
|
26,822
|
|||||||||||||||
Amortization – deferred financing costs
|
2,064
|
—
|
—
|
—
|
2,064
|
|||||||||||||||
Amortization – other intangible assets
|
6,592
|
125
|
—
|
—
|
6,717
|
|||||||||||||||
(Gain) loss on disposal of assets
|
967
|
5
|
9,690
|
—
|
10,662
|
|||||||||||||||
Deferred income taxes
|
(647
|
)
|
925
|
—
|
—
|
278
|
||||||||||||||
Non-cash stock-based compensation
|
1,950
|
—
|
—
|
—
|
1,950
|
|||||||||||||||
Equity in earnings of subsidiaries and affiliates
|
(986
|
)
|
—
|
—
|
986
|
-
|
||||||||||||||
Change in other operating items
|
27,150
|
(30,201
|
)
|
(31,048
|
)
|
419
|
(33,680
|
)
|
||||||||||||
Net cash provided by (used in) operating activities
|
5,076
|
(8,059
|
)
|
(22,128
|
)
|
—
|
(25,111
|
)
|
||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Purchases of property, plant, and equipment
|
(11,024
|
)
|
(17,382
|
)
|
(3,852
|
)
|
—
|
(32,258
|
)
|
|||||||||||
Proceeds from notes receivable
|
(35,721
|
)
|
(92,529
|
)
|
(33,901
|
)
|
162,151
|
—
|
||||||||||||
Payment on notes receivable
|
13,721
|
95,999
|
32,680
|
(142,400
|
)
|
—
|
||||||||||||||
Other
|
14,944
|
—
|
30,000
|
—
|
44,944
|
|||||||||||||||
Net cash provided by (used in) investing activities
|
(18,080
|
)
|
(13,912
|
)
|
24,927
|
19,751
|
12,686
|
|||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Proceeds from notes payable
|
151,430
|
35,721
|
—
|
(162,151
|
)
|
25,000
|
||||||||||||||
Payments on notes payable
|
(138,679
|
)
|
(13,721
|
)
|
—
|
142,400
|
(10,000
|
)
|
||||||||||||
Other
|
(1,333
|
)
|
—
|
—
|
—
|
(1,333
|
)
|
|||||||||||||
Net Cash provided by (used in) financings activities
|
11,418
|
22,000
|
—
|
(19,751
|
)
|
13,667
|
||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(1,586
|
)
|
29
|
2,799
|
—
|
1,242
|
||||||||||||||
Cash and cash equivalents, beginning of period
|
24,113
|
(29
|
)
|
2,667
|
—
|
26,751
|
||||||||||||||
Cash and cash equivalents, end of period
|
$
|
22,527
|
$
|
—
|
$
|
5,466
|
$
|
—
|
$
|
27,993
|
|
Three Months Ended September 30, 2013
|
|||||||||||
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
|||||||||
Accumulated other comprehensive income (loss) as of June 30, 2013
|
$
|
(45,418
|
)
|
$
|
(5,668
|
)
|
$
|
(51,086
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
1,398
|
35
|
1,433
|
|||||||||
Accumulated other comprehensive income (loss) as of September 30, 2013
|
$
|
(44,020
|
)
|
(5,633
|
)
|
$
|
(49,653
|
)
|
|
Three Months Ended September 30, 2014
|
|||||||||||
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
|||||||||
Accumulated other comprehensive income (loss) as of June 30, 2014
|
$
|
(20,312
|
)
|
$
|
2,073
|
$
|
(18,239
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
421
|
51
|
472
|
|||||||||
Accumulated other comprehensive income (loss) as of September 30, 2014
|
$
|
(19,891
|
)
|
2,124
|
$
|
(17,767
|
)
|
|
Nine Months Ended September 30, 2013
|
|||||||||||
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
|||||||||
Accumulated other comprehensive income (loss) as of December 31, 2012
|
$
|
(46,166
|
)
|
$
|
(5,668
|
)
|
$
|
(51,834
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
2,146
|
35
|
2,181
|
|||||||||
Accumulated other comprehensive income (loss) as of September 30, 2013
|
$
|
(44,020
|
)
|
(5,633
|
)
|
$
|
(49,653
|
)
|
|
Nine Months Ended September 30, 2014
|
|||||||||||
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
|||||||||
Accumulated other comprehensive income (loss) as of December 31, 2013
|
$
|
(20,429
|
)
|
$
|
1,717
|
$
|
(18,712
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
538
|
407
|
945
|
|||||||||
Accumulated other comprehensive income (loss) as of September 30, 2014
|
$
|
(19,891
|
)
|
2,124
|
$
|
(17,767
|
)
|
|
Three Months Ended September 30, 2014
|
Three Months Ended September 30, 2013
|
||||||||||||||||||||||
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
||||||||||||||||||
Amortization of Pension and Postretirement Plan items
|
||||||||||||||||||||||||
Prior Service Costs
|
$
|
11
|
$
|
(9
|
)
|
$
|
2
|
$
|
11
|
$
|
—
|
$
|
11
|
|||||||||||
Actuarial (losses)
|
57
|
59
|
116
|
663
|
33
|
696
|
||||||||||||||||||
Foreign currency translation related to pension and postretirement plans
|
453
|
1
|
454
|
1,116
|
39
|
1,155
|
||||||||||||||||||
Total before tax
|
$
|
521
|
$
|
51
|
$
|
572
|
$
|
1,790
|
$
|
72
|
$
|
1,862
|
||||||||||||
Tax expense
|
(100
|
)
|
—
|
(100
|
)
|
(392
|
)
|
(37
|
)
|
(429
|
)
|
|||||||||||||
Total reclassified for the period
|
$
|
421
|
$
|
51
|
$
|
472
|
$
|
1,398
|
$
|
35
|
$
|
1,433
|
|
Nine Months Ended September 30, 2014
|
Nine Months Ended September 30, 2013
|
||||||||||||||||||||||
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
||||||||||||||||||
Amortization of Pension and Postretirement Plan items
|
||||||||||||||||||||||||
Prior Service Costs
|
$
|
33
|
$
|
(27
|
)
|
$
|
6
|
$
|
33
|
$
|
—
|
$
|
33
|
|||||||||||
Actuarial (losses)
|
158
|
216
|
374
|
1,976
|
83
|
2,059
|
||||||||||||||||||
Foreign currency translation related to pension and postretirement plans
|
458
|
218
|
676
|
607
|
(11
|
)
|
596
|
|||||||||||||||||
Total before tax
|
$
|
649
|
$
|
407
|
$
|
1,056
|
$
|
2,616
|
$
|
72
|
$
|
2,688
|
||||||||||||
Tax expense
|
(111
|
)
|
—
|
(111
|
)
|
(470
|
)
|
(37
|
)
|
(507
|
)
|
|||||||||||||
Total reclassified for the period
|
$
|
538
|
$
|
407
|
$
|
945
|
$
|
2,146
|
$
|
35
|
$
|
2,181
|
Three Months Ended September 30,
|
||||||||
(In thousands)
|
2014
|
2013
|
||||||
Net sales
|
$
|
184,007
|
$
|
155,264
|
||||
Cost of goods sold
|
164,095
|
144,994
|
||||||
Gross profit
|
19,912
|
10,270
|
||||||
Operating expenses
|
9,868
|
10,995
|
||||||
Income from operations
|
10,044
|
(725
|
)
|
|||||
Interest expense, net
|
(8,444
|
)
|
(8,711
|
)
|
||||
Other loss, net
|
(805
|
)
|
546
|
|||||
Income tax provision (benefit)
|
(410
|
)
|
(495
|
)
|
||||
Income (loss) from continuing operations
|
1,205
|
(8,395
|
)
|
|||||
Discontinued operations, net of tax
|
(106
|
)
|
(10,220
|
)
|
||||
Net income (loss)
|
$
|
1,099
|
$
|
(18,615
|
)
|
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Wheels
|
$
|
106,685
|
$
|
87,978
|
||||
Gunite
|
42,357
|
40,751
|
||||||
Brillion
|
34,965
|
26,535
|
||||||
Total
|
$
|
184,007
|
$
|
155,264
|
|
For the Three Months ended September 30,
|
||
|
2014
|
|
2013
|
Class 8
|
79,641
|
|
63,515
|
Classes 5-7
|
57,704
|
|
51,304
|
Trailer
|
73,864
|
|
61,280
|
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Raw materials
|
$
|
83,451
|
$
|
68,211
|
||||
Depreciation
|
8,447
|
8,841
|
||||||
Labor and other overhead
|
72,197
|
67,942
|
||||||
Total
|
$
|
164,095
|
$
|
144,994
|
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Selling, general, and administrative
|
$
|
6,629
|
$
|
7,221
|
||||
Research and development
|
1,194
|
1,592
|
||||||
Depreciation and amortization
|
2,045
|
2,182
|
||||||
Total
|
$
|
9,868
|
$
|
10,995
|
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Wheels
|
$
|
11,847
|
$
|
7,973
|
||||
Gunite
|
4,149
|
(150
|
)
|
|||||
Brillion
|
1,680
|
296
|
||||||
Corporate/Other
|
(7,632
|
)
|
(8,844
|
)
|
||||
Total
|
$
|
10,044
|
$
|
(725
|
)
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Net sales
|
$
|
532,366
|
$
|
498,192
|
||||
Cost of goods sold
|
473,009
|
462,938
|
||||||
Gross profit
|
59,357
|
35,254
|
||||||
Operating expenses
|
30,440
|
34,817
|
||||||
Income from operations
|
28,917
|
437
|
||||||
Interest expense, net
|
(25,351
|
)
|
(26,562
|
)
|
||||
Other loss, net
|
(1,504
|
)
|
250
|
|||||
Income tax (benefit) provision
|
(967
|
)
|
2,378
|
|||||
Income (loss) from continuing operations
|
3,029
|
(28,253
|
)
|
|||||
Discontinued operations, net of tax
|
(208
|
)
|
(11,671
|
)
|
||||
Net income (loss)
|
$
|
2,821
|
$
|
(39,924
|
)
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Wheels
|
$
|
300,058
|
$
|
280,608
|
||||
Gunite
|
134,634
|
131,354
|
||||||
Brillion
|
97,674
|
86,230
|
||||||
Total
|
$
|
532,366
|
$
|
498,192
|
|
Nine Months Ended September 30,
|
||
|
2014
|
|
2013
|
Class 8
|
220,286
|
|
185,479
|
Classes 5-7
|
167,993
|
|
150,106
|
Trailer
|
202,026
|
|
182,731
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Raw materials
|
$
|
236,272
|
$
|
224,277
|
||||
Depreciation
|
24,858
|
25,939
|
||||||
Labor and other overhead
|
211,879
|
212,722
|
||||||
Total
|
$
|
473,009
|
$
|
462,938
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Selling, general, and administrative
|
$
|
20,303
|
$
|
23,983
|
||||
Research and development
|
4,022
|
4,114
|
||||||
Depreciation and amortization
|
6,115
|
6,720
|
||||||
Total
|
$
|
30,440
|
$
|
34,817
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
||||||
Wheels
|
$
|
33,446
|
$
|
25,467
|
||||
Gunite
|
14,670
|
1,396
|
||||||
Brillion
|
3,444
|
2,726
|
||||||
Corporate/Other
|
(22,643
|
)
|
(29,152
|
)
|
||||
Total
|
$
|
28,917
|
$
|
437
|
(In thousands)
|
September 30, 2014
|
December 31, 2013
|
||||||
Accounts receivable
|
$
|
82,936
|
$
|
59,520
|
||||
Inventories
|
45,826
|
39,329
|
||||||
Deferred income taxes (current)
|
3,669
|
3,806
|
||||||
Other current assets
|
11,043
|
13,187
|
||||||
Accounts payable
|
(66,527
|
)
|
(47,527
|
)
|
||||
Accrued payroll and compensation
|
(11,405
|
)
|
(8,763
|
)
|
||||
Accrued interest payable
|
(5,133
|
)
|
(12,535
|
)
|
||||
Accrued workers compensation
|
(3,456
|
)
|
(4,373
|
)
|
||||
Other current liabilities
|
(15,427
|
)
|
(16,801
|
)
|
||||
Working capital
|
$
|
41,526
|
$
|
25,843
|
• | an increase in receivables of $23.4 million due to the comparative increase in revenue in the months leading up to the respective period-end dates; |
• | an increase in inventory of $6.5 million due to increased demand; |
• | an increase in accounts payable of $19.0 million primarily due to timing of purchases leading into the end of the respective periods; and |
• | a decrease in interest payable of $7.4 million primarily due the semi-annual interest payment in August. |
• | a reversal of recent improvements in, or less robust than anticipated commercial vehicle industry recovery in 2014 and 2015 could have a material adverse effect on our business; |
• | a delayed or less robust than anticipated global industrial and agricultural industries recovery in 2014 and 2015 could have a material adverse effect on our business; |
• | the loss of a major customer could have a material adverse effect on our business; |
• | competition from products sourced in low cost countries could have an adverse effect on our business; |
• | the demands of original equipment manufacturers for price reductions may adversely affect profitability; |
• | we use a substantial amount of raw steel, aluminum, cast scrap, and foundry steel and are vulnerable to industry shortages, significant price increases, and surcharges, some of which we may not be able to pass through to our customers; |
• | our credit documents contain significant financial and operating covenants that may limit the discretion of management with respect to certain business matters. We must also meet certain financial ratios and tests as described above. Failure to comply with the obligations contained in the debt agreements could result in an event of default, and possibly the acceleration of the related debt and the acceleration of debt under other instruments evidencing debt that may contain cross-acceleration or cross-default provisions; |
• | a labor strike may disrupt our supply of products to our customer base; |
• | we may encounter increased competition in the future from existing competitors or new competitors; |
• | our significant indebtedness may have important consequences, including, but not limited to, impairment of our ability to obtain additional financing, reduction of funds available for operations and business opportunities or limitations on our ability to dispose of assets; |
• | significant volatility in the foreign currency markets could have an adverse effect on us; |
• | our ability to service our indebtedness is dependent upon operating cash flow; |
• | an interruption of performance of our machinery and equipment could have an adverse effect on us; |
• | an interruption in supply of metals could reduce our ability to obtain favorable sourcing of such raw materials; |
• | an adverse judgment in legal proceedings could have an adverse effect on our business; |
• | we may be subject to liability under certain environmental laws and the cost of compliance with these regulations could have a material adverse effect on our financial condition and may adversely affect our ability to sell or rent such property or to borrow using such property as collateral; and |
• | our success depends largely upon the abilities and experience of certain key management personnel and the loss of the services of one or more of these key personnel could have a negative impact on our business. |
(Dollars in thousands)
|
2014
|
2015
|
2016
|
2017
|
2018
|
Thereafter
|
Total
|
Fair
Value
|
||||||||||||||||||||||||
Long-term Debt:
|
||||||||||||||||||||||||||||||||
Fixed Rate
|
—
|
—
|
—
|
—
|
$
|
310,000
|
—
|
$
|
310,000
|
$
|
323,175
|
|||||||||||||||||||||
Average Rate
|
—
|
—
|
—
|
—
|
9.5
|
%
|
—
|
9.5
|
%
|
|||||||||||||||||||||||
Variable Rate
|
—
|
—
|
—
|
—
|
$
|
25,000
|
—
|
$
|
25,000
|
$
|
25,000
|
|||||||||||||||||||||
Average Rate
|
—
|
—
|
—
|
—
|
2.4
|
%
|
—
|
2.4
|
%
|
Exhibit No.
|
|
|
Description
|
|
|
|
|
2.1
|
|
—
|
Agreement and Plan of Merger, dated as of December 24, 2004, by and among Accuride Corporation, Amber Acquisition Corp., Transportation Technologies Industries, Inc., certain signing stockholders and the Company Stockholders Representatives. Previously filed as an exhibit to the Form 8-K filed on December 30, 2004 and incorporated herein by reference.
|
2.2
|
|
—
|
Amendment to Agreement and Plan of Merger, dated as of January 28, 2005, by and among Accuride Corporation, Amber Acquisition Corp., Transportation Technologies Industries, Inc. certain signing stockholders and the Company Stockholders Representatives. Previously filed as an exhibit to the Form 8-K filed on February 4, 2005 and incorporated herein by reference.
|
2.3
|
|
—
|
Third Amended Joint Plan of Reorganization for Accuride Corporation, et al. Previously filed as an exhibit to the Form 8-K filed on February 22, 2010, and incorporated herein by reference.
|
2.4
|
|
—
|
Confirmation Order for Third Amended Plan of Reorganization. Previously filed as an exhibit to the Form 8-K filed on February 22, 2010, and incorporated herein by reference.
|
2.5
|
|
—
|
Stock Purchase Agreement by and among Accuride Corporation, Truck Components, Inc., Fabco Automotive Corporation and Fabco Holdings Inc., dated September 26, 2011. Previously filed as an exhibit to the Form 8-K filed on September 30, 2011, and incorporated herein by reference.
|
3.1
|
|
—
|
Amended and Restated Certificate of Incorporation of Accuride Corporation. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-012168) filed on March 4, 2010, and incorporated herein by reference.
|
3.2
|
|
—
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation. Previously filed as an exhibit to the Form 8-K (ACC No. 0001104659-10-059191) filed on November 18, 2010, and incorporated herein by reference.
|
3.3
|
|
—
|
Amended and Restated Bylaws of Accuride Corporation. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-004054) filed on February 1, 2011, and incorporated herein by reference.
|
4.1
|
|
—
|
Registration Rights Agreement, dated February 26, 2010, by and between Accuride Corporation and each of the Holders party thereto. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-012168) filed on March 4, 2010 and incorporated herein by reference.
|
4.2
|
|
—
|
Indenture, dated as of July 29, 2010, by and among Accuride Corporation, the guarantors named therein, Wilmington Trust FSB, as trustee and Deutsche Bank Trust Company Americas, with respect to 9.5% First Priority Senior Secured Notes due 2018. Previously filed as an exhibit to the Form 8-K filed on August 2, 2010 (Acc. No. 0001104659-10-012168) and incorporated herein by reference.
|
4.3
|
|
—
|
Form of 9.5% First Priority Senior Secured Notes due 2018. Previously filed as an exhibit to Form 8-K filed on August 2, 2010 and incorporated herein by reference.
|
4.4
|
|
—
|
Intercreditor Agreement, dated as of July 29, 2010, among Deutsche Bank Trust Company Americas, as initial ABL Agent, and Deutsche Bank Trust Company Americas, as Senior Secured Notes Collateral Agent. Previously filed as an exhibit to the Form 8-K filed on August 2, 2010 (Acc. No. 0001104659-10-012168) and incorporated herein by reference.
|
4.5
|
|
—
|
Joinder and Amendment to Intercreditor Agreement, dated July 11, 2013, by and among Wells Fargo, National Association, a national banking association, as the New ABL Agent and Deutsche Bank Trust Company Americas, as Senior Secured Notes Collateral Agent. Previously filed as an exhibit to the Form 8-K filed on July 12, 2013 and incorporated herein by reference.
|
10.1
|
|
—
|
Fifth Addendum to Lease Agreement with Option to Purchase, dated September 2, 2014 by and amount Viking Properties, LLC, Logan Indiana Properties, LLC and Accuride Corporation. Previously filed as an exhibit to the Form 8-K filed on September 5, 2014 and incorporated by reference herein.
|
31.1†
|
|
—
|
Section 302 Certification of Richard F. Dauch in connection with the Quarterly Report on Form 10-Q on Accuride Corporation for the period ended September 30, 2014.
|
31.2†
|
|
—
|
Section 302 Certification of Gregory A. Risch in connection with the Quarterly Report on Form 10-Q of Accuride Corporation for the period ended September 30, 2014.
|
32.1††
|
|
—
|
Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code.
|
101.INS†
|
|
—
|
XBRL Instance Document
|
101.SCH†
|
|
—
|
XBRL Taxonomy Extension Schema Document
|
101.CAL†
|
|
—
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB†
|
|
—
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE†
|
|
—
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
101.DEF†
|
|
—
|
XBRL Taxonomy Extension Definition Linkbase Document
|
†
|
Filed herewith
|
|
††
|
Furnished herewith
|
|
*
|
Management contract or compensatory agreement
|
|
/s/ RICHARD F. DAUCH
|
|
Dated: November 3, 2014
|
Richard F. Dauch
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ GREGORY A. RISCH
|
|
Dated: November 3, 2014
|
Gregory A. Risch
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 3, 2014
|
|
|
|
|
|
|
/s/ RICHARD F. DAUCH
|
|
|
Richard F. Dauch
|
|
|
President and Chief Executive Officer
|
|
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 3, 2014
|
|
|
|
|
|
|
/s/ GREGORY A. RISCH
|
|
|
Gregory A. Risch
|
|
|
Senior Vice President and Chief Financial Officer
|
|
/s/ RICHARD F. DAUCH
|
|
Dated: November 3, 2014
|
Richard F. Dauch
|
|
|
President and Chief Executive Officer
|
|
|
/s/ GREGORY A. RISCH
|
|
Dated: November 3, 2014
|
Gregory A. Risch
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
1 Year Accuride Chart |
1 Month Accuride Chart |
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