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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
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 1. | Condensed Consolidated Financial Statements (Unaudited) |
(In thousands, except for share and per share data)
|
June 30, 2015
|
December 31, 2014
|
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
30,847
|
$
|
29,773
|
||||
Customer receivables, net of allowance for doubtful accounts of $437 and $327 in 2015 and 2014, respectively
|
71,263
|
56,271
|
||||||
Other receivables
|
6,428
|
7,299
|
||||||
Inventories
|
40,724
|
43,065
|
||||||
Deferred income taxes
|
2,687
|
2,687
|
||||||
Prepaid expenses and other current assets
|
10,899
|
10,785
|
||||||
Total current assets
|
162,848
|
149,880
|
||||||
PROPERTY, PLANT AND EQUIPMENT, net
|
206,174
|
212,183
|
||||||
OTHER ASSETS:
|
||||||||
Goodwill
|
100,697
|
100,697
|
||||||
Other intangible assets, net
|
113,884
|
117,963
|
||||||
Deferred financing costs, net of accumulated amortization of $5,791 and $5,077 in 2015 and 2014, respectively
|
4,313
|
5,012
|
||||||
Deferred income taxes
|
2,797
|
1,289
|
||||||
Pension asset
|
11,048
|
9,518
|
||||||
Other
|
1,939
|
1,880
|
||||||
TOTAL
|
$
|
603,700
|
$
|
598,422
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$
|
65,573
|
$
|
56,452
|
||||
Accrued payroll and compensation
|
8,375
|
10,620
|
||||||
Accrued interest payable
|
12,462
|
12,428
|
||||||
Accrued workers compensation
|
2,961
|
3,137
|
||||||
Accrued and other liabilities
|
14,374
|
14,434
|
||||||
Total current liabilities
|
103,745
|
97,071
|
||||||
LONG-TERM DEBT
|
316,760
|
323,234
|
||||||
DEFERRED INCOME TAXES
|
16,704
|
14,837
|
||||||
NON-CURRENT INCOME TAXES PAYABLE
|
6,534
|
6,534
|
||||||
OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY
|
63,092
|
82,157
|
||||||
PENSION BENEFIT PLAN LIABILITY
|
30,321
|
32,348
|
||||||
OTHER LIABILITIES
|
10,112
|
11,438
|
||||||
COMMITMENTS AND CONTINGENCIES (Note 6)
|
—
|
—
|
||||||
STOCKHOLDERS' EQUITY:
|
||||||||
Preferred Stock, $0.01 par value; 10,000,000 shares authorized
|
—
|
—
|
||||||
Common Stock, $0.01 par value; 80,000,000 shares authorized, 47,950,118 and 47,718,818 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively, and additional paid-in-capital
|
443,669
|
442,631
|
||||||
Accumulated other comprehensive loss
|
(30,798
|
)
|
(49,638
|
)
|
||||
Accumulated deficiency
|
(356,439
|
)
|
(362,190
|
)
|
||||
Total stockholders' equity
|
56,432
|
30,803
|
||||||
TOTAL
|
$
|
603,700
|
$
|
598,422
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(In thousands except per share data)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
|
||||||||||||||||
NET SALES
|
$
|
185,380
|
$
|
181,575
|
$
|
369,039
|
$
|
348,359
|
||||||||
COST OF GOODS SOLD
|
159,474
|
159,153
|
322,202
|
308,914
|
||||||||||||
GROSS PROFIT
|
25,906
|
22,422
|
46,837
|
39,445
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Selling, general and administrative
|
11,722
|
10,118
|
23,325
|
20,572
|
||||||||||||
INCOME FROM OPERATIONS
|
14,184
|
12,304
|
23,512
|
18,873
|
||||||||||||
OTHER INCOME (EXPENSE):
|
||||||||||||||||
Interest expense, net
|
(8,354
|
)
|
(8,487
|
)
|
(16,704
|
)
|
(16,907
|
)
|
||||||||
Other loss, net
|
(84
|
)
|
(169
|
)
|
(1,256
|
)
|
(699
|
)
|
||||||||
INCOME BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
5,746
|
3,648
|
5,552
|
1,267
|
||||||||||||
INCOME TAX (BENEFIT) EXPENSE
|
(378
|
)
|
(1,461
|
)
|
8
|
(557
|
)
|
|||||||||
INCOME FROM CONTINUING OPERATIONS
|
6,124
|
5,109
|
5,544
|
1,824
|
||||||||||||
DISCONTINUED OPERATIONS, NET OF TAX
|
215
|
186
|
207
|
(102
|
)
|
|||||||||||
NET INCOME
|
$
|
6,339
|
$
|
5,295
|
$
|
5,751
|
$
|
1,722
|
||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX:
|
||||||||||||||||
Defined benefit plans
|
17,566
|
140
|
18,840
|
473
|
||||||||||||
COMPREHENSIVE INCOME
|
$
|
23,905
|
$
|
5,435
|
$
|
24,591
|
$
|
2,195
|
||||||||
Weighted average common shares outstanding—basic
|
47,991
|
47,737
|
47,907
|
47,667
|
||||||||||||
Basic income per share-continuing operations
|
0.13
|
0.11
|
0.12
|
0.04
|
||||||||||||
Basic income per share-discontinued operations
|
—
|
—
|
—
|
—
|
||||||||||||
Basic income per share
|
$
|
0.13
|
$
|
0.11
|
$
|
0.12
|
$
|
0.04
|
||||||||
Weighted average common shares outstanding—diluted
|
49,286
|
49,003
|
48,554
|
48,299
|
||||||||||||
Diluted income per share-continuing operations
|
0.13
|
0.11
|
0.12
|
0.04
|
||||||||||||
Diluted income per share-discontinued operations
|
—
|
—
|
—
|
—
|
||||||||||||
Diluted income per share
|
$
|
0.13
|
$
|
0.11
|
$
|
0.12
|
$
|
0.04
|
(In thousands)
|
Common
Stock and
Additional
Paid-in-
Capital
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Accumulated
Deficiency
|
Total
Stockholders'
Equity
|
||||||||||||
BALANCE April 1, 2014
|
$
|
440,725
|
$
|
(18,379
|
)
|
$
|
(363,456
|
)
|
$
|
58,890
|
||||||
Net income
|
—
|
—
|
5,295
|
5,295
|
||||||||||||
Share-based compensation expense
|
710
|
—
|
—
|
710
|
||||||||||||
Tax impact of forfeited vested shares
|
(51
|
)
|
—
|
—
|
(51
|
)
|
||||||||||
Other comprehensive income, net of tax
|
—
|
140
|
—
|
140
|
||||||||||||
BALANCE—June 30, 2014
|
$
|
441,384
|
$
|
(18,239
|
)
|
$
|
(358,161
|
)
|
$
|
64,984
|
||||||
|
||||||||||||||||
BALANCE—April 1, 2015
|
$
|
442,931
|
$
|
(48,364
|
)
|
$
|
(362,778
|
)
|
$
|
31,789
|
||||||
Net income
|
—
|
—
|
6,339
|
6,339
|
||||||||||||
Share-based compensation expense
|
786
|
—
|
—
|
786
|
||||||||||||
Tax impact of forfeited vested shares
|
(48
|
)
|
—
|
—
|
(48
|
)
|
||||||||||
Other comprehensive income, net of tax
|
—
|
17,566
|
—
|
17,566
|
||||||||||||
BALANCE—June 30, 2015
|
$
|
443,669
|
$
|
(30,798
|
)
|
$
|
(356,439
|
)
|
$
|
56,432
|
(In thousands)
|
Common
Stock and
Additional
Paid-in-
Capital
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Accumulated
Deficiency
|
Total
Stockholders'
Equity
|
||||||||||||
|
||||||||||||||||
BALANCE— January 1, 2014
|
$
|
440,479
|
$
|
(18,712
|
)
|
$
|
(359,883
|
)
|
$
|
61,884
|
||||||
Net income
|
—
|
—
|
1,722
|
1,722
|
||||||||||||
Share-based compensation expense
|
1,209
|
—
|
—
|
1,209
|
||||||||||||
Tax impact of forfeited vested shares
|
(304
|
)
|
—
|
—
|
(304
|
)
|
||||||||||
Other comprehensive income, net of tax
|
—
|
473
|
—
|
473
|
||||||||||||
BALANCE—June 30, 2014
|
$
|
441,384
|
$
|
(18,239
|
)
|
$
|
(358,161
|
)
|
$
|
64,984
|
||||||
|
||||||||||||||||
BALANCE—January 1, 2015
|
$
|
442,631
|
$
|
(49,638
|
)
|
$
|
(362,190
|
)
|
$
|
30,803
|
||||||
Net income
|
—
|
—
|
5,751
|
5,751
|
||||||||||||
Share-based compensation expense
|
1,449
|
—
|
—
|
1,449
|
||||||||||||
Tax impact of forfeited vested shares
|
(411
|
)
|
—
|
—
|
(411
|
)
|
||||||||||
Other comprehensive income, net of tax
|
—
|
18,840
|
—
|
18,840
|
||||||||||||
BALANCE—June 30, 2015
|
$
|
443,669
|
$
|
(30,798
|
)
|
$
|
(356,439
|
)
|
$
|
56,432
|
|
Six Months Ended June 30,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
5,751
|
$
|
1,722
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation of property, plant and equipment
|
16,930
|
16,443
|
||||||
Amortization – deferred financing costs and debt discount
|
1,239
|
1,239
|
||||||
Amortization – other intangible assets
|
4,079
|
4,059
|
||||||
Loss on disposal of assets
|
98
|
406
|
||||||
Provision for deferred income taxes
|
(463
|
)
|
(15
|
)
|
||||
Non-cash share-based compensation
|
1,449
|
1,209
|
||||||
Changes in certain assets and liabilities:
|
||||||||
Receivables
|
(14,121
|
)
|
(21,651
|
)
|
||||
Inventories
|
2,341
|
(6,887
|
)
|
|||||
Prepaid expenses and other assets
|
(1,642
|
)
|
(4,389
|
)
|
||||
Accounts payable
|
7,346
|
16,098
|
||||||
Accrued and other liabilities
|
(4,387
|
)
|
(3,974
|
)
|
||||
Net cash provided by operating activities
|
18,620
|
4,260
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant and equipment
|
(9,244
|
)
|
(14,748
|
)
|
||||
Proceeds from sale of property, plant, and equipment
|
—
|
1,235
|
||||||
Purchase of intangible asset
|
—
|
(671
|
)
|
|||||
Net cash used in investing activities
|
(9,244
|
)
|
(14,184
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from revolver
|
16,000
|
10,000
|
||||||
Payments on revolver
|
(23,000
|
)
|
—
|
|||||
Principal payments on capital leases
|
(1,288
|
)
|
(1,599
|
)
|
||||
Other
|
(14
|
)
|
—
|
|||||
Net cash (used in) provided by financing activities
|
(8,302
|
)
|
8,401
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
1,074
|
(1,523
|
)
|
|||||
CASH AND CASH EQUIVALENTS—Beginning of period
|
29,773
|
33,426
|
||||||
CASH AND CASH EQUIVALENTS—End of period
|
$
|
30,847
|
$
|
31,903
|
||||
|
||||||||
Supplemental cash flow information:
|
||||||||
Cash paid for interest
|
$
|
15,394
|
$
|
15,683
|
||||
Cash paid for income taxes
|
$
|
1,629
|
$
|
1,137
|
||||
Non-cash transactions:
|
||||||||
Purchases of property, plant and equipment in accounts payable
|
$
|
4,168
|
$
|
3,388
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(In thousands except per share data)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Numerator:
|
||||||||||||||||
Net income from continuing operations
|
$
|
6,124
|
$
|
5,109
|
$
|
5,544
|
$
|
1,824
|
||||||||
Net income (loss) from discontinued operations
|
215
|
186
|
207
|
(102
|
)
|
|||||||||||
Net income
|
$
|
6,339
|
$
|
5,295
|
$
|
5,751
|
$
|
1,722
|
||||||||
Denominator:
|
||||||||||||||||
Weighted average shares outstanding – Basic
|
47,991
|
47,737
|
47,907
|
47,667
|
||||||||||||
Weighted average shares outstanding – Diluted
|
49,286
|
49,003
|
48,554
|
48,299
|
||||||||||||
|
||||||||||||||||
Basic income per common share
|
||||||||||||||||
From continuing operations
|
$
|
0.13
|
$
|
0.11
|
$
|
0.12
|
$
|
0.04
|
||||||||
From discontinued operations
|
—
|
—
|
—
|
—
|
||||||||||||
Basic income per common share
|
$
|
0.13
|
$
|
0.11
|
$
|
0.12
|
$
|
0.04
|
||||||||
|
||||||||||||||||
Diluted income per common share
|
||||||||||||||||
From continuing operations
|
$
|
0.13
|
$
|
0.11
|
$
|
0.12
|
$
|
0.04
|
||||||||
From discontinued operations
|
—
|
—
|
—
|
—
|
||||||||||||
Diluted income per common share
|
$
|
0.13
|
$
|
0.11
|
$
|
0.12
|
$
|
0.04
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(In thousands)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
|
||||||||||||||||
Net sales
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
|
||||||||||||||||
Loss from operations
|
(11
|
)
|
(10
|
)
|
(21
|
)
|
(21
|
)
|
||||||||
Other income (expense)
|
226
|
196
|
228
|
(81
|
)
|
|||||||||||
Discontinued Operations
|
$
|
215
|
$
|
186
|
$
|
207
|
$
|
(102
|
)
|
(In thousands)
|
June 30, 2015
|
December 31, 2014
|
||||||
Raw materials
|
$
|
7,844
|
$
|
8,244
|
||||
Work in process
|
12,198
|
14,073
|
||||||
Finished manufactured goods
|
20,682
|
20,748
|
||||||
Total inventories
|
$
|
40,724
|
$
|
43,065
|
(In thousands)
|
Wheels
|
Brillion Iron
Works
|
Total
|
|||||||||
Balance as of December 31, 2014
|
$
|
96,283
|
$
|
4,414
|
$
|
100,697
|
||||||
Balance as of June 30, 2015
|
$
|
96,283
|
$
|
4,414
|
$
|
100,697
|
(In thousands)
|
Wheels
|
Brillion Iron
Works
|
Total
|
|||||||||
Balance as of December 31, 2014
|
$
|
115,465
|
$
|
2,498
|
$
|
117,963
|
||||||
Amortization
|
(3,995
|
)
|
(84
|
)
|
(4,079
|
)
|
||||||
Balance as of June 30, 2015
|
$
|
111,470
|
$
|
2,414
|
$
|
113,884
|
(In thousands)
|
Wheels
|
Brillion Iron Works
|
Total
|
|||||||||
Balance as of December 31, 2013
|
$
|
122,764
|
$
|
2,666
|
$
|
125,430
|
||||||
Additions
|
671
|
—
|
671
|
|||||||||
Amortization
|
(3,975
|
)
|
(84
|
)
|
(4,059
|
)
|
||||||
Balance as of June 30, 2014
|
$
|
119,460
|
$
|
2,582
|
$
|
122,042
|
|
As of June 30, 2015
|
As of December 31, 2014
|
||||||||||||||||||||||||||
(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
|
24,671
|
14,498
|
39,169
|
23,158
|
16,011
|
|||||||||||||||||||||
Customer relationships
|
16.8
|
127,304
|
53,118
|
74,186
|
127,304
|
50,552
|
76,752
|
|||||||||||||||||||||
Other intangible assets
|
$
|
191,673
|
$
|
77,789
|
$
|
113,884
|
$
|
191,673
|
$
|
73,710
|
$
|
117,963
|
|
For the Three Months ended June 30,
|
|
For the Six Months ended June 30,
|
||||||||||||||||||||
|
Pension Benefits
|
|
Other Benefits
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||
(In thousands)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Service cost-benefits earned during the period
|
$
|
179
|
|
$
|
270
|
|
$
|
101
|
|
$
|
87
|
|
$
|
356
|
|
$
|
534
|
|
$
|
204
|
|
$
|
172
|
Interest cost on projected benefit obligation
|
|
2,370
|
|
|
2,697
|
|
|
754
|
|
|
883
|
|
|
4,724
|
|
|
5,351
|
|
|
1,614
|
|
|
1,759
|
Expected return on plan assets
|
|
(2,785)
|
|
|
(3,213)
|
|
|
—
|
|
|
—
|
|
|
(5,557)
|
|
|
(6,368)
|
|
|
—
|
|
|
—
|
Amortization of prior service (credit) cost
|
|
11
|
|
|
11
|
|
|
(93)
|
|
|
(9)
|
|
|
22
|
|
|
22
|
|
|
(102)
|
|
|
(18)
|
Amortization of loss
|
|
320
|
|
|
51
|
|
|
94
|
|
|
80
|
|
|
631
|
|
|
101
|
|
|
195
|
|
|
157
|
Total benefit cost charged (credited) to income
|
$
|
95
|
|
$
|
(184)
|
|
$
|
856
|
|
$
|
1,041
|
|
$
|
176
|
|
$
|
(360)
|
|
$
|
1,911
|
|
$
|
2,070
|
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 June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(In thousands)
|
2015
|
2014
|
2014
|
2014
|
||||||||||||
Net sales:
|
||||||||||||||||
Wheels
|
$
|
114,356
|
$
|
101,155
|
$
|
222,692
|
$
|
193,373
|
||||||||
Gunite
|
47,006
|
48,304
|
84,746
|
92,277
|
||||||||||||
Brillion Iron Works
|
24,018
|
32,116
|
61,601
|
62,709
|
||||||||||||
Consolidated total
|
$
|
185,380
|
$
|
181,575
|
$
|
369,039
|
$
|
348,359
|
||||||||
|
||||||||||||||||
Operating income (loss):
|
||||||||||||||||
Wheels
|
$
|
17,405
|
$
|
11,857
|
$
|
30,657
|
$
|
21,599
|
||||||||
Gunite
|
7,338
|
7,243
|
10,079
|
10,521
|
||||||||||||
Brillion Iron Works
|
(1,470
|
)
|
489
|
726
|
1,764
|
|||||||||||
Corporate / Other
|
(9,089
|
)
|
(7,285
|
)
|
(17,950
|
)
|
(15,011
|
)
|
||||||||
Consolidated total
|
$
|
14,184
|
$
|
12,304
|
$
|
23,512
|
$
|
18,873
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(In thousands)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Inter-segment sales
|
$
|
1,733
|
$
|
3,929
|
$
|
3,908
|
$
|
7,770
|
|
As of
|
|||||||
(In thousands)
|
June 30, 2015
|
December 31, 2014
|
||||||
Total assets:
|
||||||||
Wheels
|
$
|
447,532
|
$
|
441,835
|
||||
Gunite
|
62,553
|
59,600
|
||||||
Brillion Iron Works
|
52,155
|
55,226
|
||||||
Corporate / Other
|
41,460
|
41,761
|
||||||
Consolidated total
|
$
|
603,700
|
$
|
598,422
|
|
June 30, 2015
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor Subsidiaries
|
Non-guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
21,713
|
$
|
—
|
$
|
9,134
|
$
|
—
|
$
|
30,847
|
||||||||||
Customer and other receivables, net
|
51,354
|
20,783
|
5,554
|
—
|
77,691
|
|||||||||||||||
Intercompany receivable
|
—
|
32,364
|
86,585
|
(118,949
|
)
|
—
|
||||||||||||||
Inventories
|
20,373
|
17,397
|
3,362
|
(408
|
)
|
40,724
|
||||||||||||||
Other current assets
|
6,774
|
2,037
|
4,775
|
—
|
13,586
|
|||||||||||||||
Total current assets
|
100,214
|
72,581
|
109,410
|
(119,357
|
)
|
162,848
|
||||||||||||||
Property, plant and equipment, net
|
78,031
|
97,703
|
30,440
|
—
|
206,174
|
|||||||||||||||
Goodwill
|
96,283
|
4,414
|
—
|
—
|
100,697
|
|||||||||||||||
Other intangible assets, net
|
111,470
|
2,414
|
—
|
—
|
113,884
|
|||||||||||||||
Investments in and advances to subsidiaries and affiliates
|
165,788
|
—
|
—
|
(165,788
|
)
|
—
|
||||||||||||||
Deferred income taxes
|
—
|
35,640
|
4,819
|
(37,662
|
)
|
2,797
|
||||||||||||||
Other non-current assets
|
5,907
|
345
|
11,048
|
—
|
17,300
|
|||||||||||||||
TOTAL
|
$
|
557,693
|
$
|
213,097
|
$
|
155,717
|
$
|
(322,807
|
)
|
$
|
603,700
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Accounts payable
|
$
|
17,395
|
$
|
36,894
|
$
|
11,284
|
$
|
—
|
$
|
65,573
|
||||||||||
Intercompany payable
|
87,645
|
—
|
31,712
|
(119,357
|
)
|
—
|
||||||||||||||
Accrued payroll and compensation
|
1,278
|
6,011
|
1,086
|
—
|
8,375
|
|||||||||||||||
Accrued interest payable
|
12,462
|
—
|
—
|
—
|
12,462
|
|||||||||||||||
Accrued and other liabilities
|
4,309
|
9,956
|
3,070
|
—
|
17,335
|
|||||||||||||||
Total current liabilities
|
123,089
|
52,861
|
47,152
|
(119,357
|
)
|
103,745
|
||||||||||||||
Long term debt
|
316,760
|
—
|
—
|
—
|
316,760
|
|||||||||||||||
Deferred and non-current income taxes
|
47,326
|
10,615
|
2,959
|
(37,662
|
)
|
23,238
|
||||||||||||||
Other non-current liabilities
|
14,086
|
71,875
|
17,564
|
—
|
103,525
|
|||||||||||||||
Stockholders' equity
|
56,432
|
77,746
|
88,042
|
(165,788
|
)
|
56,432
|
||||||||||||||
TOTAL
|
$
|
557,693
|
$
|
213,097
|
$
|
155,717
|
$
|
(322,807
|
)
|
$
|
603,700
|
|
December 31, 2014
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor Subsidiaries
|
Non-guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
22,710
|
$
|
—
|
$
|
7,063
|
$
|
—
|
$
|
29,773
|
||||||||||
Customer and other receivables, net
|
35,630
|
20,994
|
6,543
|
403
|
63,570
|
|||||||||||||||
Intercompany receivables
|
191,272
|
5,086
|
53,055
|
(249,413
|
)
|
—
|
||||||||||||||
Inventories
|
18,693
|
21,352
|
3,423
|
(403
|
)
|
43,065
|
||||||||||||||
Other current assets
|
4,970
|
3,386
|
5,116
|
—
|
13,472
|
|||||||||||||||
Total current assets
|
273,275
|
50,818
|
75,200
|
(249,413
|
)
|
149,880
|
||||||||||||||
Property, plant and equipment, net
|
78,603
|
101,648
|
31,932
|
—
|
212,183
|
|||||||||||||||
Goodwill
|
96,283
|
4,414
|
—
|
—
|
100,697
|
|||||||||||||||
Other intangible assets, net
|
115,465
|
2,498
|
—
|
—
|
117,963
|
|||||||||||||||
Investments in and advances to subsidiaries and affiliates
|
128,372
|
—
|
—
|
(128,372
|
)
|
—
|
||||||||||||||
Other non-current assets
|
3,118
|
3,774
|
10,807
|
—
|
17,699
|
|||||||||||||||
TOTAL
|
$
|
695,116
|
$
|
163,152
|
$
|
117,939
|
$
|
(377,785
|
)
|
$
|
598,422
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Accounts payable
|
$
|
15,209
|
$
|
31,931
|
$
|
9,312
|
$
|
—
|
$
|
$56,452
|
||||||||||
Intercompany payable
|
249,407
|
—
|
6
|
(249,413
|
)
|
—
|
||||||||||||||
Accrued payroll and compensation
|
4,002
|
5,458
|
1,160
|
—
|
10,620
|
|||||||||||||||
Accrued interest payable
|
12,428
|
—
|
—
|
—
|
12,428
|
|||||||||||||||
Accrued and other liabilities
|
4,183
|
10,060
|
3,328
|
—
|
17,571
|
|||||||||||||||
Total current liabilities
|
285,229
|
47,449
|
13,806
|
(249,413
|
)
|
97,071
|
||||||||||||||
Long term debt
|
323,234
|
—
|
—
|
—
|
323,234
|
|||||||||||||||
Deferred and non-current income taxes
|
41,775
|
(20,736
|
)
|
332
|
—
|
21,371
|
||||||||||||||
Other non-current liabilities
|
14,075
|
93,245
|
18,623
|
—
|
125,943
|
|||||||||||||||
Stockholders' equity
|
30,803
|
43,194
|
85,178
|
(128,372
|
)
|
30,803
|
||||||||||||||
TOTAL
|
$
|
695,116
|
$
|
163,152
|
$
|
117,939
|
$
|
(377,785
|
)
|
$
|
598,422
|
|
Three Months Ended June 30, 2015
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
135,630
|
$
|
78,921
|
$
|
32,116
|
$
|
(61,287
|
)
|
$
|
185,380
|
|||||||||
Cost of goods sold
|
123,642
|
67,974
|
28,737
|
(60,879
|
)
|
159,474
|
||||||||||||||
Gross profit
|
11,988
|
10,947
|
3,379
|
(408
|
)
|
25,906
|
||||||||||||||
Operating expenses
|
11,434
|
250
|
38
|
—
|
11,722
|
|||||||||||||||
Income (loss) from operations
|
554
|
10,697
|
3,341
|
(408
|
)
|
14,184
|
||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(8,754
|
)
|
(51
|
)
|
451
|
—
|
(8,354
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
14,299
|
—
|
—
|
(14,299
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
290
|
—
|
(374
|
)
|
—
|
(84
|
)
|
|||||||||||||
Income (loss) before income taxes from continuing operations
|
6,389
|
10,646
|
3,418
|
(14,707
|
)
|
5,746
|
||||||||||||||
Income tax (benefit) provision
|
50
|
(490
|
)
|
62
|
—
|
(378
|
)
|
|||||||||||||
Income (loss) from continuing operations
|
6,339
|
11,136
|
3,356
|
(14,707
|
)
|
6,124
|
||||||||||||||
Discontinued operations, net of tax
|
—
|
—
|
215
|
—
|
215
|
|||||||||||||||
Net income (loss)
|
$
|
6,339
|
$
|
11,136
|
$
|
3,571
|
$
|
(14,707
|
)
|
$
|
6,339
|
|||||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
23,905
|
$
|
28,034
|
$
|
3,727
|
$
|
(31,761
|
)
|
$
|
23,905
|
|
Three Months Ended June 30, 2014
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
123,044
|
$
|
76,532
|
$
|
33,669
|
$
|
(51,670
|
)
|
$
|
181,575
|
|||||||||
Cost of goods sold
|
108,284
|
69,982
|
32,065
|
(51,178
|
)
|
159,153
|
||||||||||||||
Gross profit
|
14,760
|
6,550
|
1,604
|
(492
|
)
|
22,422
|
||||||||||||||
Operating expenses
|
9,843
|
222
|
53
|
—
|
10,118
|
|||||||||||||||
Income (loss) from operations
|
4,917
|
6,328
|
1,551
|
(492
|
)
|
12,304
|
||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(8,766
|
)
|
(59
|
)
|
338
|
—
|
(8,487
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
8,388
|
—
|
—
|
(8,388
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
(800
|
)
|
63
|
568
|
—
|
(169
|
)
|
|||||||||||||
Income (loss) before income taxes from continuing operations
|
3,739
|
6,332
|
2,457
|
(8,880
|
)
|
3,648
|
||||||||||||||
Income tax (benefit) provision
|
(1,556
|
)
|
—
|
95
|
—
|
(1,461
|
)
|
|||||||||||||
Income (loss) from continuing operations
|
5,295
|
6,332
|
2,362
|
(8,880
|
)
|
5,109
|
||||||||||||||
Discontinued operations, net of tax
|
—
|
—
|
186
|
—
|
186
|
|||||||||||||||
Net income (loss)
|
$
|
5,295
|
$
|
6,332
|
$
|
2,548
|
$
|
(8,880
|
)
|
$
|
5,295
|
|||||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
5,435
|
$
|
6,322
|
$
|
2,687
|
$
|
(9,009
|
)
|
$
|
5,435
|
|
Six Months Ended June 30, 2015
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
255,129
|
$
|
168,164
|
$
|
63,886
|
$
|
(118,140
|
)
|
$
|
369,039
|
|||||||||
Cost of goods sold
|
230,878
|
149,991
|
58,764
|
(117,431
|
)
|
322,202
|
||||||||||||||
Gross profit
|
24,251
|
18,173
|
5,122
|
(709
|
)
|
46,837
|
||||||||||||||
Operating expenses
|
22,737
|
504
|
84
|
—
|
23,325
|
|||||||||||||||
Income (loss) from operations
|
1,514
|
17,669
|
5,038
|
(709
|
)
|
23,512
|
||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(17,442
|
)
|
(105
|
)
|
843
|
—
|
(16,704
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
21,912
|
—
|
—
|
(21,912
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
(279
|
)
|
—
|
(977
|
)
|
—
|
(1,256
|
)
|
||||||||||||
Income (loss) before income taxes from continuing operations
|
5,705
|
17,564
|
4,904
|
(22,621
|
)
|
5,552
|
||||||||||||||
Income tax (benefit) provision
|
(46
|
)
|
(347
|
)
|
401
|
—
|
8
|
|||||||||||||
Income (loss) from continuing operations
|
5,751
|
17,911
|
4,503
|
(22,621
|
)
|
5,544
|
||||||||||||||
Discontinued operations, net of tax
|
—
|
—
|
207
|
—
|
207
|
|||||||||||||||
Net income (loss)
|
$
|
5,751
|
$
|
17,911
|
$
|
4,710
|
$
|
(22,621
|
)
|
$
|
5,751
|
|||||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
24,591
|
$
|
34,899
|
$
|
6,028
|
$
|
(40,927
|
)
|
$
|
24,591
|
|
Six Months Ended June 30, 2014
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
231,575
|
$
|
150,834
|
$
|
66,323
|
$
|
(100,373
|
)
|
$
|
348,359
|
|||||||||
Cost of goods sold
|
207,166
|
139,686
|
61,504
|
(99,442
|
)
|
308,914
|
||||||||||||||
Gross profit
|
24,409
|
11,148
|
4,819
|
(931
|
)
|
39,445
|
||||||||||||||
Operating expenses
|
19,965
|
502
|
105
|
—
|
20,572
|
|||||||||||||||
Income (loss) from operations
|
4,444
|
10,646
|
4,714
|
(931
|
)
|
18,873
|
||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(17,423
|
)
|
(120
|
)
|
636
|
—
|
(16,907
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
14,061
|
—
|
—
|
(14,061
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
(877
|
)
|
126
|
52
|
—
|
(699
|
)
|
|||||||||||||
Income (loss) before income taxes from continuing operations
|
205
|
10,652
|
5,402
|
(14,992
|
)
|
1,267
|
||||||||||||||
Income tax (benefit) provision
|
(1,517
|
)
|
143
|
817
|
—
|
(557
|
)
|
|||||||||||||
Income (loss) from continuing operations
|
1,722
|
10,509
|
4,585
|
(14,992
|
)
|
1,824
|
||||||||||||||
Discontinued operations, net of tax
|
—
|
—
|
(102
|
)
|
—
|
(102
|
)
|
|||||||||||||
Net income (loss)
|
$
|
1,722
|
$
|
10,509
|
$
|
4,483
|
$
|
(14,992
|
)
|
$
|
1,722
|
|||||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
2,195
|
$
|
10,486
|
$
|
4,957
|
$
|
(15,443
|
)
|
$
|
2,195
|
|
Six Months Ended June 30, 2015
|
|||||||||||||||||||
(In thousands)
|
Parent
Company
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
5,751
|
$
|
17,911
|
$
|
4,710
|
$
|
(22,621
|
)
|
$
|
5,751
|
|||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Depreciation
|
5,558
|
9,418
|
1,954
|
—
|
16,930
|
|||||||||||||||
Amortization – deferred financing costs
|
1,239
|
—
|
—
|
—
|
1,239
|
|||||||||||||||
Amortization – other intangible assets
|
3,995
|
84
|
—
|
—
|
4,079
|
|||||||||||||||
Loss on disposal of assets
|
123
|
37
|
(62
|
)
|
—
|
98
|
||||||||||||||
Deferred income taxes
|
27
|
(490
|
)
|
—
|
—
|
(463
|
)
|
|||||||||||||
Non-cash stock-based compensation
|
1,449
|
—
|
—
|
—
|
1,449
|
|||||||||||||||
Equity in earnings of subsidiaries and affiliates
|
(21,912
|
)
|
—
|
—
|
21,912
|
—
|
||||||||||||||
Change in other operating items
|
18,869
|
(29,152
|
)
|
(889
|
)
|
709
|
(10,463
|
)
|
||||||||||||
Net cash provided by (used in) operating activities
|
15,099
|
(2,192
|
)
|
5,713
|
—
|
18,620
|
||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Purchases of property, plant, and equipment
|
(4,776
|
)
|
(3,990
|
)
|
(478
|
)
|
—
|
(9,244
|
)
|
|||||||||||
Proceeds from notes receivable
|
(48,107
|
)
|
(19,700
|
)
|
—
|
67,807
|
—
|
|||||||||||||
Payments on notes receivable
|
67,829
|
46,892
|
—
|
(114,721
|
)
|
—
|
||||||||||||||
Other
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Net cash provided by (used in) investing activities
|
14,946
|
23,202
|
(478
|
)
|
(46,914
|
)
|
(9,244
|
)
|
||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Proceeds from notes payable
|
35,700
|
48,107
|
—
|
(67,807
|
)
|
16,000
|
||||||||||||||
Payments on notes payable
|
(69,892
|
)
|
(67,829
|
)
|
—
|
114,721
|
(23,000
|
)
|
||||||||||||
Principal payments on capital leases
|
3,164
|
(1,288
|
)
|
(3,164
|
)
|
—
|
(1,288
|
)
|
||||||||||||
Other
|
(14
|
)
|
—
|
—
|
—
|
(14
|
)
|
|||||||||||||
Net cash provided by (used in) financing activities
|
(31,042
|
)
|
(21,010
|
)
|
(3,164
|
)
|
46,914
|
(8,302
|
)
|
|||||||||||
Net increase (decrease) in cash and cash equivalents
|
(997
|
)
|
—
|
2,071
|
—
|
1,074
|
||||||||||||||
Cash and cash equivalents, beginning of period
|
22,710
|
—
|
7,063
|
—
|
29,773
|
|||||||||||||||
Cash and cash equivalents, end of period
|
$
|
21,713
|
$
|
—
|
$
|
9,134
|
$
|
—
|
$
|
30,847
|
|
Six Months Ended June 30, 2014
|
|||||||||||||||||||
(In thousands)
|
Parent
Company
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
1,722
|
$
|
10,509
|
$
|
4,483
|
$
|
(14,992
|
)
|
$
|
1,722
|
|||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Depreciation
|
5,488
|
8,864
|
2,091
|
—
|
16,443
|
|||||||||||||||
Amortization – deferred financing costs
|
1,239
|
—
|
—
|
—
|
1,239
|
|||||||||||||||
Amortization – other intangible assets
|
3,975
|
84
|
—
|
—
|
4,059
|
|||||||||||||||
(Gain) loss on disposal of assets
|
322
|
57
|
27
|
—
|
406
|
|||||||||||||||
Deferred income taxes
|
(292
|
)
|
—
|
277
|
—
|
(15
|
)
|
|||||||||||||
Non-cash stock-based compensation
|
1,209
|
—
|
—
|
—
|
1,209
|
|||||||||||||||
Equity in earnings of subsidiaries and affiliates
|
(14,061
|
)
|
—
|
—
|
14,061
|
-
|
||||||||||||||
Change in other operating items
|
9,268
|
(29,191
|
)
|
(1,811
|
)
|
931
|
(20,803
|
)
|
||||||||||||
Net cash provided by (used in) operating activities
|
8,870
|
(9,677
|
)
|
5,067
|
—
|
4,260
|
||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Purchases of property, plant, and equipment
|
(6,236
|
)
|
(8,356
|
)
|
(156
|
)
|
—
|
(14,748
|
)
|
|||||||||||
Proceeds from notes receivable
|
(64,880
|
)
|
(66,615
|
)
|
(45
|
)
|
131,540
|
—
|
||||||||||||
Payment on notes receivable
|
25,568
|
45,700
|
45
|
(71,313
|
)
|
—
|
||||||||||||||
Other
|
(671
|
)
|
1,235
|
—
|
—
|
564
|
||||||||||||||
Net cash provided by (used in) investing activities
|
(46,219
|
)
|
(28,036
|
)
|
(156
|
)
|
60,227
|
(14,184
|
)
|
|||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Proceeds from notes payable
|
76,615
|
64,925
|
—
|
(131,540
|
)
|
10,000
|
||||||||||||||
Payments on notes payable
|
(45,700
|
)
|
(25,613
|
)
|
—
|
71,313
|
—
|
|||||||||||||
Other
|
—
|
(1,599
|
)
|
—
|
—
|
(1,599
|
)
|
|||||||||||||
Net cash provided by (used in) financings activities
|
30,915
|
37,713
|
—
|
(60,227
|
)
|
8,401
|
||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(6,434
|
)
|
—
|
4,911
|
—
|
(1,523
|
)
|
|||||||||||||
Cash and cash equivalents, beginning of period
|
31,018
|
—
|
2,408
|
—
|
33,426
|
|||||||||||||||
Cash and cash equivalents, end of period
|
$
|
24,584
|
$
|
—
|
$
|
7,319
|
$
|
—
|
$
|
31,903
|
Defined
Benefit Pension
|
Defined Benefit
Post-Retirement
|
Total
|
||||||||||
Balance as of March 31, 2014 (In thousands)
|
$
|
(20,433
|
)
|
$
|
2,054
|
$
|
(18,379
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss:
|
||||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits)
|
51
|
80
|
131
|
|||||||||
Prior service costs (reclassified to salaries, wages, and benefits)
|
11
|
(9
|
)
|
2
|
||||||||
Foreign currency translation related to pension and postretirement plans
|
237
|
(241
|
)
|
(4
|
)
|
|||||||
Income Tax (Expense) or Benefit
|
$
|
(178
|
)
|
$
|
189
|
$
|
11
|
|||||
Other comprehensive income (loss), net of tax
|
121
|
19
|
140
|
|||||||||
Balance as of June 30, 2014 (In thousands)
|
$
|
(20,312
|
)
|
$
|
2,073
|
$
|
(18,239
|
)
|
Defined
Benefit Pension
|
Defined Benefit
Post-Retirement
|
Total
|
||||||||||
Balance as of December 31, 2013 (In thousands)
|
$
|
(20,429
|
)
|
$
|
1,717
|
$
|
(18,712
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss:
|
||||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits)
|
101
|
157
|
258
|
|||||||||
Prior service costs (reclassified to salaries, wages, and benefits)
|
22
|
(18
|
)
|
4
|
||||||||
Foreign currency translation related to pension and postretirement plans
|
261
|
28
|
289
|
|||||||||
Income Tax (Expense) or Benefit
|
$
|
(267
|
)
|
$
|
189
|
$
|
(78
|
)
|
||||
Other comprehensive income (loss), net of tax
|
117
|
356
|
473
|
|||||||||
Balance as of June 30, 2014 (In thousands)
|
$
|
(20,312
|
)
|
$
|
2,073
|
$
|
(18,239
|
)
|
Defined
Benefit Pension
|
Defined Benefit
Post-Retirement
|
Total
|
||||||||||
Balance as of March 31, 2015 (In thousands)
|
$
|
(39,209
|
)
|
$
|
(9,155
|
)
|
$
|
(48,364
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss:
|
||||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits)
|
320
|
94
|
414
|
|||||||||
Prior service costs (reclassified to salaries, wages, and benefits)
|
11
|
(93
|
)
|
(82
|
)
|
|||||||
Foreign currency translation related to pension and postretirement plans
|
(180
|
)
|
(51
|
)
|
(231
|
)
|
||||||
Remeasurements
|
—
|
17,871
|
17,871
|
|||||||||
Income Tax (Expense) or Benefit
|
$
|
62
|
$
|
(468
|
)
|
$
|
(406
|
)
|
||||
Other comprehensive income (loss), net of tax
|
213
|
17,353
|
17,566
|
|||||||||
Balance as of June 30, 2015 (In thousands)
|
$
|
(38,996
|
)
|
$
|
8,198
|
$
|
(30,798
|
)
|
Defined
Benefit Pension
|
Defined Benefit
Post-Retirement
|
Total
|
||||||||||
Balance as of December 31, 2014 (In thousands)
|
$
|
(40,160
|
)
|
$
|
(9,478
|
)
|
$
|
(49,638
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss:
|
||||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits)
|
631
|
195
|
826
|
|||||||||
Prior service costs (reclassified to salaries, wages, and benefits)
|
22
|
(102
|
)
|
(80
|
)
|
|||||||
Foreign currency translation related to pension and postretirement plans
|
705
|
270
|
975
|
|||||||||
Remeasurements
|
-
|
17,871
|
17,871
|
|||||||||
Income Tax (Expense) or Benefit
|
$
|
(194
|
)
|
$
|
(558
|
)
|
$
|
(752
|
)
|
|||
Other comprehensive income (loss), net of tax
|
1,164
|
17,676
|
18,840
|
|||||||||
Balance as of June 30, 2015 (In thousands)
|
$
|
(38,996
|
)
|
$
|
8,198
|
$
|
(30,798
|
)
|
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Three Months Ended June 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Net sales
|
$
|
185,380
|
$
|
181,575
|
||||
Cost of goods sold
|
159,474
|
159,153
|
||||||
Gross profit
|
25,906
|
22,422
|
||||||
Operating expenses
|
11,722
|
10,118
|
||||||
Income from operations
|
14,184
|
12,304
|
||||||
Interest expense, net
|
(8,354
|
)
|
(8,487
|
)
|
||||
Other loss, net
|
(84
|
)
|
(169
|
)
|
||||
Income tax benefit
|
(378
|
)
|
(1,461
|
)
|
||||
Income from continuing operations
|
6,124
|
5,109
|
||||||
Discontinued operations, net of tax
|
215
|
186
|
||||||
Net Income
|
$
|
6,339
|
$
|
5,295
|
|
Three Months Ended June 30,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
Wheels
|
$
|
114,356
|
$
|
101,155
|
||||
Gunite
|
47,006
|
48,304
|
||||||
Brillion
|
24,018
|
32,116
|
||||||
Total
|
$
|
185,380
|
$
|
181,575
|
|
For the Three Months ended June 30,
|
||
|
2015
|
|
2014
|
Class 8
|
88,635
|
|
73,653
|
Classes 5-7
|
59,815
|
|
59,521
|
Trailer
|
79,537
|
|
69,223
|
|
Three Months Ended June 30,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
Raw materials
|
$
|
79,126
|
$
|
78,842
|
||||
Depreciation
|
8,358
|
8,174
|
||||||
Labor and other overhead
|
71,990
|
72,137
|
||||||
Total
|
$
|
159,474
|
$
|
159,153
|
|
Three Months Ended June 30,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
Selling, general, and administrative
|
$
|
8,032
|
$
|
6,564
|
||||
Research and development
|
1,646
|
1,508
|
||||||
Depreciation and amortization
|
2,044
|
2,046
|
||||||
Total
|
$
|
11,722
|
$
|
10,118
|
|
Three Months Ended June 30,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
Wheels
|
$
|
17,405
|
$
|
11,857
|
||||
Gunite
|
7,338
|
7,243
|
||||||
Brillion
|
(1,470
|
)
|
489
|
|||||
Corporate/Other
|
(9,089
|
)
|
(7,285
|
)
|
||||
Total
|
$
|
14,184
|
$
|
12,304
|
Six Months Ended June 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Net sales
|
$
|
369,039
|
$
|
348,359
|
||||
Cost of goods sold
|
322,202
|
308,914
|
||||||
Gross profit
|
46,837
|
39,445
|
||||||
Operating expenses
|
23,325
|
20,572
|
||||||
Income from operations
|
23,512
|
18,873
|
||||||
Interest expense, net
|
(16,704
|
)
|
(16,907
|
)
|
||||
Other loss, net
|
(1,256
|
)
|
(699
|
)
|
||||
Income tax expense (benefit)
|
8
|
(557
|
)
|
|||||
Income from continuing operations
|
5,544
|
1,824
|
||||||
Discontinued operations, net of tax
|
207
|
(102
|
)
|
|||||
Net Income
|
$
|
5,751
|
$
|
1,722
|
Six Months Ended June 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Wheels
|
$
|
222,692
|
$
|
193,373
|
||||
Gunite
|
84,746
|
92,277
|
||||||
Brillion
|
61,601
|
62,709
|
||||||
Total
|
$
|
369,039
|
$
|
348,359
|
For the Six Months ended June 30,
|
|||
2015
|
2014
|
||
Class 8
|
167,955
|
140,645
|
|
Classes 5-7
|
117,013
|
110,349
|
|
Trailer
|
153,566
|
127,463
|
Six Months Ended June 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Raw materials
|
$
|
163,028
|
$
|
152,821
|
||||
Depreciation
|
16,899
|
16,411
|
||||||
Labor and other overhead
|
142,275
|
139,682
|
||||||
Total
|
$
|
322,202
|
$
|
308,914
|
Six Months Ended June 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Selling, general, and administrative
|
$
|
16,027
|
$
|
13,674
|
||||
Research and development
|
3,209
|
2,828
|
||||||
Depreciation and amortization
|
4,089
|
4,070
|
||||||
Total
|
$
|
23,325
|
$
|
20,572
|
Six Months Ended June 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Wheels
|
$
|
30,657
|
$
|
21,599
|
||||
Gunite
|
10,079
|
10,521
|
||||||
Brillion
|
726
|
1,764
|
||||||
Corporate/Other
|
(17,950
|
)
|
(15,011
|
)
|
||||
Total
|
$
|
23,512
|
$
|
18,873
|
(In thousands)
|
June 30, 2015
|
December 31, 2014
|
||||||
Accounts receivable
|
$
|
77,691
|
$
|
63,570
|
||||
Inventories
|
40,724
|
43,065
|
||||||
Deferred income taxes (current)
|
2,687
|
2,687
|
||||||
Other current assets
|
10,899
|
10,785
|
||||||
Accounts payable
|
(65,573
|
)
|
(56,452
|
)
|
||||
Accrued payroll and compensation
|
(8,375
|
)
|
(10,620
|
)
|
||||
Accrued interest payable
|
(12,462
|
)
|
(12,428
|
)
|
||||
Accrued workers compensation
|
(2,961
|
)
|
(3,137
|
)
|
||||
Other current liabilities
|
(14,374
|
)
|
(14,434
|
)
|
||||
Working capital
|
$
|
28,256
|
$
|
23,036
|
• | an increase in receivables of $14.1 million due to the comparative increase in revenue in the months leading up to the respective period-end dates; |
• | a decrease in inventory of $2.3 million due to lean initiatives; and |
• | an increase in accounts payable of $9.1 million primarily due to timing of purchases leading into the end of the respective periods. |
• | a reversal of recent improvements in, or less robust than anticipated commercial vehicle industry recovery in 2015 and 2016 could have a material adverse effect on our business; |
• | further demand reductions in the global oil and gas, industrial, and agricultural industries in 2015 and 2016 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; |
• | any product quality issue or 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)
|
2015
|
2016
|
2017
|
2018
|
2019
|
Thereafter
|
Total
|
Fair
Value
|
||||||||||||||||||||||||
Long-term Debt:
|
||||||||||||||||||||||||||||||||
Fixed Rate
|
—
|
—
|
—
|
$
|
310,000
|
—
|
—
|
$
|
310,000
|
$
|
319,232
|
|||||||||||||||||||||
Average Rate
|
—
|
—
|
—
|
9.5
|
%
|
—
|
—
|
9.5
|
%
|
|||||||||||||||||||||||
Variable Rate
|
—
|
—
|
—
|
$
|
10,000
|
—
|
—
|
$
|
10,000
|
$
|
10,000
|
|||||||||||||||||||||
Average Rate
|
—
|
—
|
—
|
2.2
|
%
|
—
|
—
|
2.2
|
%
|
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 6. | Exhibits |
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
|
—
|
First Amendment to Sublease, entered into as of May 14, 2015, by and between Accuride Corporation and Menlo Logistics, Inc. Previously filed as an exhibit to the Form 8-K filed on May 15, 2015 and incorporated herein by reference.
|
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 June 30,2015.
|
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 June 30, 2015.
|
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: July 27, 2015
|
Richard F. Dauch
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ GREGORY A. RISCH
|
|
Dated: July 27, 2015
|
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: July 27, 2015
|
|
|
|
|
|
|
/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: July 27, 2015
|
|
|
|
|
|
|
/s/ GREGORY A. RISCH
|
|
|
Gregory A. Risch
|
|
|
Senior Vice President and Chief Financial Officer
|
|
/s/ RICHARD F. DAUCH
|
|
Dated: July 27, 2015
|
Richard F. Dauch
|
|
|
President and Chief Executive Officer
|
|
|
/s/ GREGORY A. RISCH
|
|
Dated: July 27, 2015
|
Gregory A. Risch
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
1 Year Accuride Chart |
1 Month Accuride Chart |
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