| | | 2834 | | | 13-1840497 | | |
| (State or other jurisdiction of incorporation or organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification No.) | |
| | | | | |
| Joshua N. Korff, Esq. Christopher Kitchen, Esq. Kirkland & Ellis LLP 601 Lexington Avenue New York, New York 10022 (212) 446-4800 | | | Robert W. Downes, Esq. Sullivan & Cromwell LLP 125 Broad Street New York, New York 10004-2498 (212) 558-4000 | |
| | | |
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☒ (Do not check if a smaller reporting company) | | | Smaller reporting company | | | ☐ | |
| | | | | | | |
Title of Each Class of Securities to be Registered | Proposed Maximum Aggregate Offering Price(1)(2) | Amount of Registration Fee | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A common stock, $0.0001 par value per share | $ | 230,000,000 | $ | 29,624 |
| Title of Each Class of Securities to be Registered | | | Amount to be Registered(1) | | | Proposed Maximum Offering Price Per Share(2) | | | Proposed Maximum Aggregate Offering Price(2)(3) | | | Amount of Registration Fee | | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class A common stock, $0.0001 par value per share | | | | | 13,529,750 | | | | | $ | 18.00 | | | | | $ | 243,535,500 | | | | | $ | 31,368 | (4) | | | |||
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| | | | Per Share | | | Total | | ||||||||
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| Price to public | | | | $ | | | | | $ | | | ||||
| Underwriting discounts | | | | $ | | | | | $ | | | ||||
| Proceeds, before expenses, to us | | | | $ | | | | | $ | | | ||||
| Proceeds, before expenses to the selling stockholder | | | | $ | | | | | $ | | | | |||
| | | | | | | |
| BofA Merrill Lynch | | | Morgan Stanley | | | Barclays | |
| | | | | |
| Guggenheim Securities | | | Macquarie Capital | | | Cantor Fitzgerald & Co. | |
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Six months ended | Fiscal year ended | ||||||||||||||||||||||||||
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(in thousands, except per share amounts) | December 31, 2013 | December 31, 2012 | June 30, 2013 | June 30, 2012 | June 30, 2011 | ||||||||||||||||||||||
Results of operations data | |||||||||||||||||||||||||||
Net sales | $ | 334,970 | $ | 326,265 | $ | 653,151 | $ | 654,101 | $ | 618,333 | |||||||||||||||||
Cost of goods sold | 234,302 | 241,213 | 474,187 | 489,962 | 471,668 | ||||||||||||||||||||||
Gross profit | 100,668 | 85,052 | 178,964 | 164,139 | 146,665 | ||||||||||||||||||||||
Selling, general and administrative expenses | 67,253 | 57,687 | 122,233 | 114,814 | 105,429 | ||||||||||||||||||||||
Operating income | 33,415 | 27,365 | 56,731 | 49,325 | 41,236 | ||||||||||||||||||||||
Interest expense(1) | 17,566 | 17,862 | 35,771 | 35,700 | 34,595 | ||||||||||||||||||||||
Interest (income) | (112 | ) | (82 | ) | (142 | ) | (281 | ) | (307 | ) | |||||||||||||||||
Foreign currency (gains) losses, net | 1,813 | 294 | 3,103 | 1,192 | (5,758 | ) | |||||||||||||||||||||
Other (income) expense, net(2) | — | 46 | 151 | (400 | ) | 593 | |||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 20,002 | ||||||||||||||||||||||
Income (loss) before income taxes | 14,148 | 9,245 | 17,848 | 13,114 | (7,889 | ) | |||||||||||||||||||||
Provision (benefit) for income taxes | 6,003 | (5,487 | ) | (7,043 | ) | 6,138 | 5,033 | ||||||||||||||||||||
Net income (loss) | $ | 8,145 | $ | 14,732 | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | ||||||||||||||||
Net income (loss) per share – basic and diluted | $ | 0.12 | $ | 0.21 | $ | 0.36 | $ | 0.10 | $ | (0.19 | ) | ||||||||||||||||
Weighted average number of shares – basic and diluted | 68,910 | 68,910 | 68,910 | 68,910 | 68,910 | ||||||||||||||||||||||
Other financial data | |||||||||||||||||||||||||||
EBITDA(3) | $ | 42,095 | $ | 36,343 | $ | 72,500 | $ | 66,060 | $ | 43,095 | |||||||||||||||||
Adjusted EBITDA(3) | 43,908 | 36,683 | 75,754 | 66,852 | 57,932 | ||||||||||||||||||||||
Cash provided (used) by operating activities | 16,397 | (2,002 | ) | 415 | 31,882 | (4,680 | ) | ||||||||||||||||||||
Capital expenditures | 9,765 | 9,640 | 19,947 | 14,824 | 21,635 |
| | | | Six months ended | | | Fiscal year ended | | |||||||||||||||||||||||||||||
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| (in thousands, except per share amounts) | | | December 31, 2013 | | | December 31, 2012 | | | June 30, 2013 | | | June 30, 2012 | | | June 30, 2011 | | ||||||||||||||||||||
| Results of operations data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Net sales | | | | $ | 334,970 | | | | | $ | 326,265 | | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | |||||
| Cost of goods sold | | | | | 234,302 | | | | | | 241,213 | | | | | | 474,187 | | | | | | 489,962 | | | | | | 471,668 | | | |||||
| Gross profit | | | | | 100,668 | | | | | | 85,052 | | | | | | 178,964 | | | | | | 164,139 | | | | | | 146,665 | | | |||||
| Selling, general and administrative expenses | | | | | 67,253 | | | | | | 57,687 | | | | | | 122,233 | | | | | | 114,814 | | | | | | 105,429 | | | |||||
| Operating income | | | | | 33,415 | | | | | | 27,365 | | | | | | 56,731 | | | | | | 49,325 | | | | | | 41,236 | | | |||||
| Interest expense(1) | | | | | 17,566 | | | | | | 17,862 | | | | | | 35,771 | | | | | | 35,700 | | | | | | 34,595 | | | |||||
| Interest (income) | | | | | (112 | ) | | | | | | (82 | ) | | | | | | (142 | ) | | | | | | (281 | ) | | | | | | (307 | ) | | |
| Foreign currency (gains) losses, net | | | | | 1,813 | | | | | | 294 | | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | ||||
| Other (income) expense, net(2) | | | | | — | | | | | | 46 | | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | ||||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,002 | | | |||||
| Income (loss) before income taxes | | | | | 14,148 | | | | | | 9,245 | | | | | | 17,848 | | | | | | 13,114 | | | | | | (7,889 | ) | | | ||||
| Provision (benefit) for income taxes | | | | | 6,003 | | | | | | (5,487 | ) | | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | |||
| Net income (loss)(3) | | | | $ | 8,145 | | | | | $ | 14,732 | | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||||
| Net income (loss) per share – basic and diluted | | | | $ | 0.12 | | | | | $ | 0.21 | | | | | $ | 0.36 | | | | | $ | 0.10 | | | | | $ | (0.19 | ) | | | ||||
| Weighted average number of shares – basic and diluted | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | |||||
| Pro forma net income per share (unaudited) – basic and diluted(4) | | | | $ | 0.27 | | | | | | | | | | | $ | 0.82 | | | | | | | | | | | | | | | |||||
| Pro forma weighted average number of shares (unaudited) – basic and diluted(4) | | | | | 30,458 | | | | | | | | | | | | 30,458 | | | | | | | | | | | | | | | |||||
| Other financial data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| EBITDA(5) | | | | $ | 42,095 | | | | | $ | 36,343 | | | | | $ | 72,500 | | | | | $ | 66,060 | | | | | $ | 43,095 | | | |||||
| Adjusted EBITDA(5) | | | | | 43,908 | | | | | | 36,683 | | | | | | 75,754 | | | | | | 66,852 | | | | | | 57,932 | | | |||||
| Cash provided (used) by operating activities | | | | | 16,397 | | | | | | (2,002 | ) | | | | | | 415 | | | | | | 31,882 | | | | | | (4,680 | ) | | | |||
| Capital expenditures(6) | | | | | 9,765 | | | | | | 9,640 | | | | | | 19,947 | | | | | | 14,824 | | | | | | 21,635 | | | |||||
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As of December 31, 2013 | As of | ||||||||||||||||
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(in thousands) | June 30, 2013 | June 30, 2012 | |||||||||||||||
Balance sheet data | |||||||||||||||||
Cash and cash equivalents | $ | 30,474 | $ | 27,369 | $ | 53,900 | |||||||||||
Working capital(5) | 159,421 | 153,677 | 127,472 | ||||||||||||||
Total assets | 480,828 | 474,142 | 440,908 | ||||||||||||||
Total debt(6) | 363,821 | 365,604 | 350,121 | ||||||||||||||
Long-term debt and other liabilities | 421,726 | 427,676 | 403,271 | ||||||||||||||
Total shareholders’ deficit | (63,528 | ) | (68,938 | ) | (88,228 | ) |
| | | | As of December 31, 2013 | | | As of | | |||||||||||||||
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| (in thousands) | | | June 30, 2013 | | | June 30, 2012 | | |||||||||||||||
| Balance sheet data | | | | | | | | | | | | | | | | | | | | |||
| Cash and cash equivalents(7) | | | | $ | 30,474 | | | | | $ | 27,369 | | | | | $ | 53,900 | | | |||
| Working capital(8) | | | | | 159,421 | | | | | | 153,677 | | | | | | 127,472 | | | |||
| Total assets | | | | | 480,828 | | | | | | 474,142 | | | | | | 440,908 | | | |||
| Total debt(9) | | | | | 363,821 | | | | | | 365,604 | | | | | | 350,121 | | | |||
| Long-term debt and other liabilities | | | | | 421,726 | | | | | | 427,676 | | | | | | 403,271 | | | |||
| Total shareholders’ deficit | | | | | (63,528 | ) | | | | | | (68,938 | ) | | | | | | (88,228 | ) | | |
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Six months ended | Fiscal year ended | ||||||||||||||||||||||||||
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(in thousands) | December 31, 2013 | December 31, 2012 | June 30, 2013 | June 30, 2012 | June 30, 2011 | ||||||||||||||||||||||
Net income (loss) | $ | 8,145 | $ | 14,732 | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | ||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||
Fair value of derivative instruments | 137 | 418 | (222 | ) | (841 | ) | 58 | ||||||||||||||||||||
Foreign currency translation adjustment | (3,135 | ) | (468 | ) | (5,968 | ) | (15,077 | ) | 2,940 | ||||||||||||||||||
Unrecognized net pension gains (losses) | 429 | 619 | 5,390 | (10,413 | ) | 1,014 | |||||||||||||||||||||
Tax (provision) benefit on other comprehensive income (loss) | (221 | ) | (394 | ) | (2,016 | ) | — | (358 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | 5,355 | $ | 14,907 | $ | 22,075 | $ | (19,355 | ) | $ | (9,268 | ) |
| | | | Six months ended | | | Fiscal year ended | | |||||||||||||||||||||||||||||
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| (in thousands) | | | December 31, 2013 | | | December 31, 2012 | | | June 30, 2013 | | | June 30, 2012 | | | June 30, 2011 | | ||||||||||||||||||||
| Net income (loss) | | | | $ | 8,145 | | | | | $ | 14,732 | | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||||
| Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Fair value of derivative instruments | | | | | 137 | | | | | | 418 | | | | | | (222 | ) | | | | | | (841 | ) | | | | | | 58 | | | |||
| Foreign currency translation adjustment | | | | | (3,135 | ) | | | | | | (468 | ) | | | | | | (5,968 | ) | | | | | | (15,077 | ) | | | | | | 2,940 | | | |
| Unrecognized net pension gains (losses) | | | | | 429 | | | | | | 619 | | | | | | 5,390 | | | | | | (10,413 | ) | | | | | | 1,014 | | | ||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | (221 | ) | | | | | | (394 | ) | | | | | | (2,016 | ) | | | | | | — | | | | | | (358 | ) | | | |
| Comprehensive income (loss) | | | | $ | 5,355 | | | | | $ | 14,907 | | | | | $ | 22,075 | | | | | $ | (19,355 | ) | | | | | $ | (9,268 | ) | | | |||
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| | | | Six months ended December 31, 2013 | | | Fiscal year ended June 30, 2013 | | ||||||||
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| (in thousands, except per share amounts) | | | (unaudited) | | |||||||||||
| Net income | | | | $ | 8,145 | | | | | $ | 24,891 | | | ||
| Basic shares: | | ||||||||||||||
| Weighted-average shares used to compute basic net income per share | | | | | 68,910 | | | | | | 68,910 | | | ||
| Pro forma adjustment to reflect assumed stock split immediately prior to the completion of this offering | | | | | (38,452 | ) | | | | | | (38,452 | ) | | |
| Weighted-average shares used to compute basic pro forma net income per share | | | | | 30,458 | | | | | | 30,458 | | | ||
| Pro forma net income per share – basic and diluted | | | | $ | 0.27 | | | | | $ | 0.82 | | | ||
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Six months ended | Fiscal year ended | ||||||||||||||||||||||||||
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(in thousands) | December 31, 2013 | December 31, 2012 | June 30, 2013 | June 30, 2012 | June 30, 2011 | ||||||||||||||||||||||
Net income (loss) | $ | 8,145 | $ | 14,732 | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | ||||||||||||||||
Plus: | |||||||||||||||||||||||||||
Interest expense | 17,566 | 17,862 | 35,771 | 35,700 | 34,595 | ||||||||||||||||||||||
Interest (income) | (112 | ) | (82 | ) | (142 | ) | (281 | ) | (307 | ) | |||||||||||||||||
Provision (benefit) for income taxes | 6,003 | (5,487 | ) | (7,043 | ) | 6,138 | 5,033 | ||||||||||||||||||||
Depreciation and amortization | 10,493 | 9,318 | 19,023 | 17,527 | 16,696 | ||||||||||||||||||||||
EBITDA | $ | 42,095 | $ | 36,343 | $ | 72,500 | $ | 66,060 | $ | 43,095 | |||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1,813 | 294 | 3,103 | 1,192 | (5,758 | ) | |||||||||||||||||||||
Other (income) expense, net | — | 46 | 151 | (400 | ) | 593 | |||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 20,002 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 43,908 | $ | 36,683 | $ | 75,754 | $ | 66,852 | $ | 57,932 |
| | | | Six months ended | | | Fiscal year ended | | |||||||||||||||||||||||||||||
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| (in thousands) | | | December 31, 2013 | | | December 31, 2012 | | | June 30, 2013 | | | June 30, 2012 | | | June 30, 2011 | | ||||||||||||||||||||
| Net income (loss) | | | | $ | 8,145 | | | | | $ | 14,732 | | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||||
| Plus: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Interest expense | | | | | 17,566 | | | | | | 17,862 | | | | | | 35,771 | | | | | | 35,700 | | | | | | 34,595 | | | |||||
| Interest (income) | | | | | (112 | ) | | | | | | (82 | ) | | | | | | (142 | ) | | | | | | (281 | ) | | | | | | (307 | ) | | |
| Provision (benefit) for income taxes | | | | | 6,003 | | | | | | (5,487 | ) | | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | |||
| Depreciation and amortization | | | | | 10,493 | | | | | | 9,318 | | | | | | 19,023 | | | | | | 17,527 | | | | | | 16,696 | | | |||||
| EBITDA | | | | $ | 42,095 | | | | | $ | 36,343 | | | | | $ | 72,500 | | | | | $ | 66,060 | | | | | $ | 43,095 | | | |||||
| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Foreign currency (gains) losses, net | | | | | 1,813 | | | | | | 294 | | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | ||||
| Other (income) expense, net | | | | | — | | | | | | 46 | | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | ||||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,002 | | | |||||
| Adjusted EBITDA | | | | $ | 43,908 | | | | | $ | 36,683 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | | | $ | 57,932 | | | |||||
| | | | | | | | | | | | | | | | |
| Sources | | | Amount | | ||||
---|---|---|---|---|---|---|---|---|---|
| | | | (in millions) | | ||||
| New Credit Facilities | | | | $ | 290.0 | (1) | | |
| Class A common stock offered hereby | | | | | 125.0 | | | |
| Total Sources | | | | $ | 415.0 | | | |
| | | | | |
Uses | Amount | ||||||
---|---|---|---|---|---|---|---|
(in millions) | |||||||
Repay 9.25% senior notes due July 1, 2018 | $ | 300 | |||||
Repay term loan payable to Mayflower due December 31, 2016 | 24 | ||||||
Repay term loan payable to BFI due August 1, 2014 | 10 | ||||||
Repay Domestic Senior Credit Facility | 32 | ||||||
Cash on Balance Sheet | |||||||
Fees and expenses | |||||||
Total Uses | $ |
| Uses | | | Amount | | ||||
---|---|---|---|---|---|---|---|---|---|
| | | | (in millions) | | ||||
| Repay 9.25% senior notes due July 1, 2018 | | | | $ | 300.0 | | | |
| Repay term loan payable to Mayflower due December 31, 2016 | | | | | 24.0 | | | |
| Repay term loan payable to BFI due August 1, 2014 | | | | | 10.0 | | | |
| Repay Domestic Senior Credit Facility | | | | | 32.0 | | | |
| Pay call premium and make whole on senior notes | | | | | 19.7 | | | |
| Fees and expenses | | | | | 15.4 | (2) | | |
| Cash added to the Balance Sheet | | | | | 13.9 | | | |
| Total Uses | | | | $ | 415.0 | | | |
| | | | | |
As of December 31, 2013 | ||||||||||||
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Actual | Adjusted(1) | |||||||||||
(in thousands, except par value) | ||||||||||||
Cash and cash equivalents | $ | 30,474 | $ | |||||||||
Debt: | ||||||||||||
Domestic senior credit facility | $ | 32,000 | $ | |||||||||
9.25% senior notes | 297,796 | |||||||||||
Mayflower term loan | 24,000 | |||||||||||
BFI term loan | 9,932 | |||||||||||
New Credit Facilities | — | |||||||||||
Capital leases | 93 | |||||||||||
Total debt | $ | 363,821 | $ | |||||||||
Stockholders’ Equity: | ||||||||||||
Common stock, par value $ , shares authorized; shares issued and outstanding, on an as adjusted basis | 7 | — | ||||||||||
Class A common stock, par value $ , shares authorized; shares issued and outstanding, on an as adjusted basis | — | |||||||||||
Class B common stock, par value $ , shares authorized; shares issued and outstanding, on an as adjusted basis | — | |||||||||||
Additional paid-in-capital | 43,003 | |||||||||||
Accumulated deficit | (85,976 | ) | ||||||||||
Accumulated other comprehensive income (loss) | (20,562 | ) | ||||||||||
Total stockholders’ deficit | (63,528 | ) | ||||||||||
Total capitalization | $ | 300,293 | $ |
| | | | As of December 31, 2013 | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Actual | | | Adjusted | | ||||||||
| | | | (in thousands, except par value) | | |||||||||||
| Cash and cash equivalents | | | | $ | 30,474 | | | | | $ | 15,940 | (1) | | | |
| Debt: | | ||||||||||||||
| Domestic senior credit facility | | | | $ | 32,000 | | | | | $ | — | | | ||
| 9.25% senior notes | | | | | 297,796 | | | | | | — | | | ||
| Mayflower term loan | | | | | 24,000 | | | | | | — | | | ||
| BFI term loan | | | | | 9,932 | | | | | | — | | | ||
| New Credit Facilities(2) | | | | | — | | | | | | 290,000 | (3) | | | |
| Capital leases | | | | | 93 | | | | | | 93 | | | ||
| Total debt | | | | $ | 363,821 | | | | | $ | 290,093 | | | ||
| Stockholders’ Equity: | | ||||||||||||||
| Common stock, par value $0.0001, 200,000 shares authorized; 68,910 shares issued and outstanding, on an as adjusted basis | | | | | 7 | | | | | | — | | | ||
| Preferred stock, par value $0.0001, 16,000 shares authorized; 0 shares issued and outstanding | | | | | — | | | | | | — | | | ||
| Class A common stock, par value $0.0001, 300,000 shares authorized; 16,462.6 shares issued and outstanding, on an as adjusted basis | | | | | — | | | | | | 2 | | | ||
| Class B common stock, par value $0.0001, 30,000 shares authorized; 21,348.6 shares issued and outstanding, on an as adjusted basis | | | | | — | | | | | | 2 | | | ||
| Additional paid-in-capital(4) | | | | | 43,003 | | | | | | 132,570 | | | ||
| Accumulated deficit(5) | | | | | (85,976 | ) | | | | | | (112,660 | ) | | |
| Accumulated other comprehensive income (loss) | | | | | (20,562 | ) | | | | | | (20,562 | ) | | |
| Total stockholders’ deficit | | | | | (63,528 | ) | | | | | | (648 | ) | | |
| Total capitalization | | | | $ | 300,293 | | | | | $ | 289,445 | | | ||
| | | | | | | | |
| | | | As of December 31, 2013 | | ||||
---|---|---|---|---|---|---|---|---|---|
| Actual additional paid-in-capital | | | | $ | 43,003 | | | |
| Dividend | | | | | (25,000 | ) | | |
| Proceeds from offering | | | | | 114,567 | | | |
| Adjusted paid-in-capital | | | | $ | 132,570 | | | |
| | | | |
| | | | As of December 31, 2013 | | ||||
---|---|---|---|---|---|---|---|---|---|
| Actual accumulated deficit | | | | $ | (85,976 | ) | | |
| Loss on extinguishment of debt | | | | | (26,684 | ) | | |
| Adjusted accumulated deficit | | | | $ | (112,660 | ) | | |
| | | | |
| Assumed initial public offering price per share | | | | | | | | | | $ | 17.00 | | | ||
| Pro forma net tangible book value (deficit) per share as of December 31, 2013 | | | | $ | (3.80 | ) | | | | | | | | | |
| Increase per share attributable to new investors | | | | | 2.59 | | | | | | | | | ||
| Pro forma net tangible book value per share after this offering | | | | | | | | | | (1.21 | ) | | | ||
| Dilution per share to new investors | | | | | | | | | | $ | 18.21 | | | ||
| | | | | | | | |
Shares Purchased | Total Consideration | Average Price Per Share | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number | Percent | Amount | Percent | ||||||||||||||||||||||||
Existing stockholders | % | $ | % | $ | |||||||||||||||||||||||
New investors | |||||||||||||||||||||||||||
Total | 100 | % | 100 | % |
| | | | Shares Purchased | | | Total Consideration | | | Average Price Per Share | | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Number | | | Percent | | | Amount | | | Percent | | |||||||||||||||||||||||
| Existing stockholders | | | | | 4,697,561 | | | | | | 28.5 | % | | | | | $ | 50,123,161 | | | | | | 20.0 | % | | | | | $ | 10.67 | | | |||
| New investors | | | | | 11,765,000 | | | | | | 71.5 | | | | | | 200,005,000 | | | | | | 80.0 | | | | | | 17.00 | | | |||||
| Total | | | | | 16,462,561 | | | | | | 100 | % | | | | | | 250,128,161 | | | | | | 100 | % | | | | | | | | | |||
| | | | | | | | | | | | | | | | | |
Six months ended December 31, | Fiscal year ended June 30, | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||||
Results of operations data | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 334,970 | $ | 326,265 | $ | 653,151 | $ | 654,101 | $ | 618,333 | $ | 594,209 | $ | 537,133 | |||||||||||||||||||||||
Cost of goods sold | 234,302 | 241,213 | 474,187 | 489,962 | 471,668 | 439,476 | 407,473 | ||||||||||||||||||||||||||||||
Gross profit | 100,668 | 85,052 | 178,964 | 164,139 | 146,665 | 154,733 | 129,660 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 67,253 | 57,687 | 122,233 | 114,814 | 105,429 | 101,925 | 84,645 | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | — | — | — | — | — | — | 3,628 | ||||||||||||||||||||||||||||||
Operating income | 33,415 | 27,365 | 56,731 | 49,325 | 41,236 | 52,808 | 41,387 | ||||||||||||||||||||||||||||||
Interest expense(1) | 17,566 | 17,862 | 35,771 | 35,700 | 34,595 | 34,496 | 31,512 | ||||||||||||||||||||||||||||||
Interest (income) | (112 | ) | (82 | ) | (142 | ) | (281 | ) | (307 | ) | (119 | ) | (166 | ) | |||||||||||||||||||||||
Foreign currency gains (losses), net | 1,813 | 294 | 3,103 | 1,192 | (5,758 | ) | (1,275 | ) | 12,098 | ||||||||||||||||||||||||||||
Other income (expense), net(2) | — | 46 | 151 | (400 | ) | 593 | 108 | 67 | |||||||||||||||||||||||||||||
(Loss) on extinguishment of debt | — | — | — | — | 20,002 | — | — | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 14,148 | 9,245 | 17,848 | 13,114 | (7,889 | ) | 19,598 | (2,124 | ) | ||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 6,003 | (5,487 | ) | (7,043 | ) | 6,138 | 5,033 | 3,792 | 3,412 | ||||||||||||||||||||||||||||
Income (loss) from continuing operations | 8,145 | 14,732 | 24,891 | 6,976 | (12,922 | ) | 15,806 | (5,536 | ) | ||||||||||||||||||||||||||||
(Loss) from discontinued operations, net of income taxes | — | — | — | — | — | (3,358 | ) | (2,761 | ) | ||||||||||||||||||||||||||||
Gain on disposal of discontinued operations, net of income taxes | — | — | — | — | — | 29,603 | — | ||||||||||||||||||||||||||||||
Net income (loss)(3) | $ | 8,145 | $ | 14,732 | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | $ | 42,051 | $ | (8,297 | ) | |||||||||||||||||||||
Income (loss) per share from continuing operations – basic and diluted | $ | 0.12 | $ | 0.21 | $ | 0.36 | $ | 0.10 | $ | (0.19 | ) | $ | 0.23 | $ | (0.08 | ) | |||||||||||||||||||||
Income (loss) per share from discontinued operations – basic and diluted | — | — | — | — | — | 0.38 | (0.04 | ) | |||||||||||||||||||||||||||||
Net income (loss) per share – basic and diluted | $ | 0.12 | $ | 0.21 | $ | 0.36 | $ | 0.10 | $ | (0.19 | ) | $ | 0.61 | $ | (0.12 | ) | |||||||||||||||||||||
Weighted average number of shares – basic and diluted | 68,910 | 68,910 | 68,910 | 68,910 | 68,910 | 68,910 | 68,910 | ||||||||||||||||||||||||||||||
Other financial data | |||||||||||||||||||||||||||||||||||||
EBITDA(4) | $ | 42,095 | $ | 36,343 | $ | 72,500 | $ | 66,060 | $ | 43,095 | $ | 95,442 | $ | 37,707 | |||||||||||||||||||||||
Adjusted EBITDA(4) | 43,908 | 36,683 | 75,754 | 66,852 | 57,932 | 68,313 | 58,426 | ||||||||||||||||||||||||||||||
Cash provided (used) by operating activities | 16,397 | (2,002 | ) | 415 | 31,882 | (4,680 | ) | 29,762 | 40,821 | ||||||||||||||||||||||||||||
Capital expenditures(5) | 9,765 | 9,640 | 19,947 | 14,824 | 21,635 | 15,971 | 17,484 |
| | | | Six months ended December 31, | | | Fiscal year ended June 30, | | |||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except per share amounts) | | | 2013 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | ||||||||||||||||||||||||||||
| Results of operations data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| Net sales | | | | $ | 334,970 | | | | | $ | 326,265 | | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | | | $ | 594,209 | | | | | $ | 537,133 | | | |||||||
| Cost of goods sold | | | | | 234,302 | | | | | | 241,213 | | | | | | 474,187 | | | | | | 489,962 | | | | | | 471,668 | | | | | | 439,476 | | | | | | 407,473 | | | |||||||
| Gross profit | | | | | 100,668 | | | | | | 85,052 | | | | | | 178,964 | | | | | | 164,139 | | | | | | 146,665 | | | | | | 154,733 | | | | | | 129,660 | | | |||||||
| Selling, general and administrative expenses | | | | | 67,253 | | | | | | 57,687 | | | | | | 122,233 | | | | | | 114,814 | | | | | | 105,429 | | | | | | 101,925 | | | | | | 84,645 | | | |||||||
| Impairment of long-lived assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,628 | | | |||||||
| Operating income | | | | | 33,415 | | | | | | 27,365 | | | | | | 56,731 | | | | | | 49,325 | | | | | | 41,236 | | | | | | 52,808 | | | | | | 41,387 | | | |||||||
| Interest expense(1) | | | | | 17,566 | | | | | | 17,862 | | | | | | 35,771 | | | | | | 35,700 | | | | | | 34,595 | | | | | | 34,496 | | | | | | 31,512 | | | |||||||
| Interest (income) | | | | | (112 | ) | | | | | | (82 | ) | | | | | | (142 | ) | | | | | | (281 | ) | | | | | | (307 | ) | | | | | | (119 | ) | | | | | | (166 | ) | | |
| Foreign currency gains (losses), net | | | | | 1,813 | | | | | | 294 | | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | | | | (1,275 | ) | | | | | | 12,098 | | | |||||
| Other income (expense), net(2) | | | | | — | | | | | | 46 | | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | | | | 108 | | | | | | 67 | | | ||||||
| (Loss) on extinguishment of debt | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,002 | | | | | | — | | | | | | — | | | |||||||
| Income (loss) from continuing operations before income taxes | | | | | 14,148 | | | | | | 9,245 | | | | | | 17,848 | | | | | | 13,114 | | | | | | (7,889 | ) | | | | | | 19,598 | | | | | | (2,124 | ) | | | |||||
| Provision (benefit) for income taxes | | | | | 6,003 | | | | | | (5,487 | ) | | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | | | | 3,792 | | | | | | 3,412 | | | |||||
| Income (loss) from continuing operations | | | | | 8,145 | | | | | | 14,732 | | | | | | 24,891 | | | | | | 6,976 | | | | | | (12,922 | ) | | | | | | 15,806 | | | | | | (5,536 | ) | | | |||||
| (Loss) from discontinued operations, net of income taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,358 | ) | | | | | | (2,761 | ) | | | |||||
| Gain on disposal of discontinued operations, net of income taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,603 | | | | | | — | | | |||||||
| Net income (loss)(3) | | | | $ | 8,145 | | | | | $ | 14,732 | | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | | | $ | 42,051 | | | | | $ | (8,297 | ) | | | |||||
| Income (loss) per share from continuing operations – basic and diluted | | | | $ | 0.12 | | | | | $ | 0.21 | | | | | $ | 0.36 | | | | | $ | 0.10 | | | | | $ | (0.19 | ) | | | | | $ | 0.23 | | | | | $ | (0.08 | ) | | | |||||
| Income (loss) per share from discontinued operations – basic and diluted | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.38 | | | | | | (0.04 | ) | | | ||||||
| Net income (loss) per share – basic and diluted | | | | $ | 0.12 | | | | | $ | 0.21 | | | | | $ | 0.36 | | | | | $ | 0.10 | | | | | $ | (0.19 | ) | | | | | $ | 0.61 | | | | | $ | (0.12 | ) | | | |||||
| Weighted average number of shares – basic and diluted | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | |||||||
| Pro forma net income per share (unaudited) – basic and diluted(4) | | | | $ | 0.27 | | | | | | | | | | | $ | 0.82 | | | | | | | | | | | | | | | |||||||||||||||||||
| Pro forma weighted average number of shares (unaudited) – basic and diluted(4) | | | | | 30,458 | | | | | | | | | | | | 30,458 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| Other financial data | | |||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA(5) | | | | $ | 42,095 | | | | | $ | 36,343 | | | | | $ | 72,500 | | | | | $ | 66,060 | | | | | $ | 43,095 | | | | | $ | 95,442 | | | | | $ | 37,707 | | | |||||||
| Adjusted EBITDA(5) | | | | | 43,908 | | | | | | 36,683 | | | | | | 75,754 | | | | | | 66,852 | | | | | | 57,932 | | | | | | 68,313 | | | | | | 58,426 | | | |||||||
| Cash provided (used) by operating activities | | | | | 16,397 | | | | | | (2,002 | ) | | | | | | 415 | | | | | | 31,882 | | | | | | (4,680 | ) | | | | | | 29,762 | | | | | | 40,821 | | | |||||
| Capital expenditures(6) | | | | | 9,765 | | | | | | 9,640 | | | | | | 19,947 | | | | | | 14,824 | | | | | | 21,635 | | | | | | 15,971 | | | | | | 17,484 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2013 | As of June 30, 2013 | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||
Balance sheet data | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 30,474 | $ | 27,369 | $ | 53,900 | $ | 48,598 | $ | 62,705 | $ | 13,518 | ||||||||||||||||||||
Working capital(6) | 159,421 | 153,677 | 127,472 | 136,384 | 121,303 | 129,587 | ||||||||||||||||||||||||||
Total assets | 480,828 | 474,142 | 440,908 | 435,694 | 425,287 | 362,280 | ||||||||||||||||||||||||||
Total debt(7) | 363,821 | 365,604 | 350,121 | 357,996 | 289,258 | 294,534 | ||||||||||||||||||||||||||
Long-term debt and other liabilities | 421,726 | 427,676 | 403,271 | 389,317 | 319,452 | 320,047 | ||||||||||||||||||||||||||
Total shareholders’ (deficit) | (63,528 | ) | (68,938 | ) | (88,228 | ) | (69,068 | ) | (10,204 | ) | (52,027 | ) |
| | | | As of December 31, 2013 | | | As of June 30, 2013 | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | | | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |||||||||||||||||||||||||||
| Balance sheet data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Cash and cash equivalents(7) | | | | $ | 30,474 | | | | | $ | 27,369 | | | | | $ | 53,900 | | | | | $ | 48,598 | | | | | $ | 62,705 | | | | | $ | 13,518 | | | ||||||
| Working capital(8) | | | | | 159,421 | | | | | | 153,677 | | | | | | 127,472 | | | | | | 136,384 | | | | | | 121,303 | | | | | | 129,587 | | | ||||||
| Total assets | | | | | 480,828 | | | | | | 474,142 | | | | | | 440,908 | | | | | | 435,694 | | | | | | 425,287 | | | | | | 362,280 | | | ||||||
| Total debt(9) | | | | | 363,821 | | | | | | 365,604 | | | | | | 350,121 | | | | | | 357,996 | | | | | | 289,258 | | | | | | 294,534 | | | ||||||
| Long-term debt and other liabilities | | | | | 421,726 | | | | | | 427,676 | | | | | | 403,271 | | | | | | 389,317 | | | | | | 319,452 | | | | | | 320,047 | | | ||||||
| Total shareholders’ (deficit) | | | | | (63,528 | ) | | | | | | (68,938 | ) | | | | | | (88,228 | ) | | | | | | (69,068 | ) | | | | | | (10,204 | ) | | | | | | (52,027 | ) | | |
| | | | | | | | | | | | | | | | | | | | |
Six months ended December 31, | Fiscal year ended June 30, | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | 2013 | 2012 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 8,145 | $ | 14,732 | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | $ | 42,051 | $ | (8,297 | ) | |||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||
Fair value of derivative instruments | 137 | 418 | (222 | ) | (841 | ) | 58 | (1,238 | ) | 1,242 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | (3,315 | ) | (468 | ) | (5,968 | ) | (15,077 | ) | 2,940 | 4,294 | (2,138 | ) | |||||||||||||||||||||||||
Unrecognized net pension gains (losses) | 429 | 619 | 5,390 | (10,413 | ) | 1,014 | (3,221 | ) | (5,340 | ) | |||||||||||||||||||||||||||
Tax (provision) benefit on other comprehensive income (loss) | (221 | ) | (394 | ) | (2,016 | ) | (358 | ) | — | — | |||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 5,355 | $ | 14,907 | $ | 22,075 | $ | (19,355 | ) | $ | (9,268 | ) | $ | 41,886 | $ | (14,533 | ) |
| | | | Six months ended December 31, | | | Fiscal year ended June 30, | | |||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | | | 2013 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | ||||||||||||||||||||||||||||
| Net income (loss) | | | | $ | 8,145 | | | | | $ | 14,732 | | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | | | $ | 42,051 | | | | | $ | (8,297 | ) | | | |||||
| Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| Fair value of derivative instruments | | | | | 137 | | | | | | 418 | | | | | | (222 | ) | | | | | | (841 | ) | | | | | | 58 | | | | | | (1,238 | ) | | | | | | 1,242 | | | ||||
| Foreign currency translation adjustment | | | | | (3,315 | ) | | | | | | (468 | ) | | | | | | (5,968 | ) | | | | | | (15,077 | ) | | | | | | 2,940 | | | | | | 4,294 | | | | | | (2,138 | ) | | | ||
| Unrecognized net pension gains (losses) | | | | | 429 | | | | | | 619 | | | | | | 5,390 | | | | | | (10,413 | ) | | | | | | 1,014 | | | | | | (3,221 | ) | | | | | | (5,340 | ) | | | ||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | (221 | ) | | | | | | (394 | ) | | | | | | (2,016 | ) | | | | | | | | | | | | (358 | ) | | | | | | — | | | | | | — | | | |||
| Comprehensive income (loss) | | | | $ | 5,355 | | | | | $ | 14,907 | | | | | $ | 22,075 | | | | | $ | (19,355 | ) | | | | | $ | (9,268 | ) | | | | | $ | 41,886 | | | | | $ | (14,533 | ) | | | ||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | Six months ended December 31, 2013 | | | Fiscal year ended June 30, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except per share amounts) | | | (unaudited) | | |||||||||||
| Net income | | | | $ | 8,145 | | | | | $ | 24,891 | | | ||
| Basic shares: | | ||||||||||||||
| Weighted-average shares used to compute basic net income per share | | | | | 68,910 | | | | | | 68,910 | | | ||
| Pro forma adjustment to reflect assumed stock split immediately prior to the completion of this offering | | | | | (38,452 | ) | | | | | | (38,452 | ) | | |
| Weighted-average shares used to compute basic pro forma net income per share | | | | | 30,458 | | | | | | 30,458 | | | ||
| Pro forma net income per share – basic and diluted | | | | $ | 0.27 | | | | | $ | 0.82 | | | ||
| | | | | | | |
Six months ended December 31, | Fiscal year ended June 30, | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | 2013 | 2012 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 8,145 | $ | 14,732 | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | $ | 42,051 | $ | (8,297 | ) | |||||||||||||||||||||
Plus: | |||||||||||||||||||||||||||||||||||||
Interest expense | 17,566 | 17,862 | 35,771 | 35,700 | 34,595 | 34,496 | 31,512 | ||||||||||||||||||||||||||||||
Interest (income) | (112 | ) | (82 | ) | (142 | ) | (281 | ) | (307 | ) | (119 | ) | (166 | ) | |||||||||||||||||||||||
Provision (benefit) for income taxes | 6,003 | (5,487 | ) | (7,043 | ) | 6,138 | 5,033 | 3,792 | 3,412 | ||||||||||||||||||||||||||||
Depreciation and amortization | 10,493 | 9,318 | 19,023 | 17,527 | 16,696 | 15,222 | 11,246 | ||||||||||||||||||||||||||||||
EBITDA | $ | 42,095 | $ | 36,343 | $ | 72,500 | $ | 66,060 | $ | 43,095 | $ | 95,442 | $ | 37,707 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1,813 | 294 | 3,103 | 1,192 | (5,758 | ) | (1,275 | ) | 12,098 | ||||||||||||||||||||||||||||
Other (income) expense, net(a) | — | 46 | 151 | (400 | ) | 593 | 108 | 67 | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 20,002 | — | — | ||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | 3,358 | 2,761 | ||||||||||||||||||||||||||||||
Gain on disposal of discontinued operations, net of income taxes | — | — | — | — | — | (29,603 | ) | — | |||||||||||||||||||||||||||||
Plant consolidation costs(b) | — | — | — | — | — | 283 | 783 | ||||||||||||||||||||||||||||||
Acquisition-related cost of goods sold(c) | — | — | — | — | — | — | 1,122 | ||||||||||||||||||||||||||||||
Cost of acquired in-process R&D(d) | — | — | — | — | — | — | 260 | ||||||||||||||||||||||||||||||
Impairment of long-lived assets(e) | — | — | — | — | — | — | 3,628 | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 43,908 | $ | 36,683 | $ | 75,754 | $ | 66,852 | $ | 57,932 | $ | 68,313 | $ | 58,426 |
| | | | Six months ended December 31, | | | Fiscal year ended June 30, | | |||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | | | 2013 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | ||||||||||||||||||||||||||||
| Net income (loss) | | | | $ | 8,145 | | | | | $ | 14,732 | | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | | | $ | 42,051 | | | | | $ | (8,297 | ) | | | |||||
| Plus: | | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | | | | | 17,566 | | | | | | 17,862 | | | | | | 35,771 | | | | | | 35,700 | | | | | | 34,595 | | | | | | 34,496 | | | | | | 31,512 | | | |||||||
| Interest (income) | | | | | (112 | ) | | | | | | (82 | ) | | | | | | (142 | ) | | | | | | (281 | ) | | | | | | (307 | ) | | | | | | (119 | ) | | | | | | (166 | ) | | |
| Provision (benefit) for income taxes | | | | | 6,003 | | | | | | (5,487 | ) | | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | | | | 3,792 | | | | | | 3,412 | | | |||||
| Depreciation and amortization | | | | | 10,493 | | | | | | 9,318 | | | | | | 19,023 | | | | | | 17,527 | | | | | | 16,696 | | | | | | 15,222 | | | | | | 11,246 | | | |||||||
| EBITDA | | | | $ | 42,095 | | | | | $ | 36,343 | | | | | $ | 72,500 | | | | | $ | 66,060 | | | | | $ | 43,095 | | | | | $ | 95,442 | | | | | $ | 37,707 | | | |||||||
| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| Foreign currency (gains) losses, net | | | | | 1,813 | | | | | | 294 | | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | | | | (1,275 | ) | | | | | | 12,098 | | | |||||
| Other (income) expense, net(a) | | | | | — | | | | | | 46 | | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | | | | 108 | | | | | | 67 | | | ||||||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,002 | | | | | | — | | | | | | — | | | |||||||
| Loss from discontinued operations, net of income taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,358 | | | | | | 2,761 | | | |||||||
| Gain on disposal of discontinued operations, net of income taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,603 | ) | | | | | | — | | | ||||||
| Plant consolidation costs(b) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 283 | | | | | | 783 | | | |||||||
| Acquisition-related cost of goods sold(c) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,122 | | | |||||||
| Cost of acquired in-process R&D(d) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 260 | | | |||||||
| Impairment of long-lived assets(e) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,628 | | | |||||||
| Adjusted EBITDA | | | | $ | 43,908 | | | | | $ | 36,683 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | | | $ | 57,932 | | | | | $ | 68,313 | | | | | $ | 58,426 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | |
Three months ended December 31, | % Change | Six months ended December 31, | % Change | Year ended June 30, | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 172,742 | $ | 164,159 | 5 | % | $ | 334,970 | $ | 326,265 | 3 | % | $ | 653,151 | $ | 654,101 | $ | 618,333 | (0 | )% | 6 | % | |||||||||||||||||||||||||||||||||||
Cost of goods sold | 121,586 | 120,973 | 1 | % | 234,302 | 241,213 | (3 | )% | 474,187 | 489,962 | 471,668 | (3 | )% | 4 | % | ||||||||||||||||||||||||||||||||||||||||||
% of net sales | 70.4 | % | 73.7 | % | 69.9 | % | 73.9 | % | 72.6 | % | 74.9 | % | 76.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Gross profit | 51,156 | 43,186 | 18 | % | 100,668 | 85,052 | 18 | % | 178,964 | 164,139 | 146,665 | 9 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||||||
% of net sales | 29.6 | % | 26.3 | % | 30.1 | % | 26.1 | % | 27.4 | % | 25.1 | % | 23.7 | % | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 34,138 | 29,030 | 18 | % | 67,253 | 57,687 | 17 | % | �� | 122,233 | 114,814 | 105,429 | 6 | % | 9 | % | |||||||||||||||||||||||||||||||||||||||||
% of net sales | 19.8 | % | 17.7 | % | 20.1 | % | 17.7 | % | 18.7 | % | 17.6 | % | 17.1 | % | |||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 17,018 | 14,156 | 20 | % | 33,415 | 27,365 | 22 | % | 56,731 | 49,325 | 41,236 | 15 | % | 20 | % | ||||||||||||||||||||||||||||||||||||||||||
% of net sales | 9.9 | % | 8.6 | % | 10.0 | % | 8.4 | % | 8.7 | % | 7.5 | % | 6.7 | % | |||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 8,719 | 8,955 | (3 | )% | 17,454 | 17,780 | (2 | )% | 35,629 | 35,419 | 34,288 | 1 | % | 3 | % | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1,165 | 126 | 825 | % | 1,813 | 294 | 517 | % | 3,103 | 1,192 | (5,758 | ) | 160 | % | * | ||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | * | — | — | 20,002 | * | * | |||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | — | 58 | * | — | 46 | * | 151 | (400 | ) | 593 | * | * | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 7,134 | 5,017 | 42 | % | 14,148 | 9,245 | 53 | % | 17,848 | 13,114 | (7,889 | ) | 36 | % | * | ||||||||||||||||||||||||||||||||||||||||||
% of net sales | 4.1 | % | 3.1 | % | 4.2 | % | 2.8 | % | 2.7 | % | 2.0 | % | (1.3 | )% | |||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 4,832 | (7,056 | ) | * | 6,003 | (5,487 | ) | * | (7,043 | ) | 6,138 | 5,033 | * | 22 | % | ||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 67.7 | % | (140.6 | )% | 42.4 | % | (59.4 | )% | (39.5 | )% | 46.8 | % | 63.8 | % | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,302 | 12,073 | (81 | )% | 8,145 | 14,732 | (45 | )% | 24,891 | 6,976 | (12,922 | ) | 257 | % | * | ||||||||||||||||||||||||||||||||||||||||||
% of net sales | 1.3 | % | 7.4 | % | 2.4 | % | 4.5 | % | 3.8 | % | 1.1 | % | (2.1 | )% |
| | | | Three months ended December 31, | | | % Change | | | Six months ended December 31, | | | % Change | | | Year ended June 30, | | | % Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||
| Net sales | | | | $ | 172,742 | | | | | $ | 164,159 | | | | | | 5 | % | | | | | $ | 334,970 | | | | | $ | 326,265 | | | | | | 3 | % | | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | | | | (0 | )% | | | | | | 6 | % | | | |||||||
| Cost of goods sold | | | | | 121,586 | | | | | | 120,973 | | | | | | 1 | % | | | | | | 234,302 | | | | | | 241,213 | | | | | | (3 | )% | | | | | | 474,187 | | | | | | 489,962 | | | | | | 471,668 | | | | | | (3 | )% | | | | | | 4 | % | | | |||||||
| % of net sales | | | | | 70.4 | % | | | | | | 73.7 | % | | | | | | | | | | | | 69.9 | % | | | | | | 73.9 | % | | | | | | | | | | | | 72.6 | % | | | | | | 74.9 | % | | | | | | 76.3 | % | | | | | | | | | | | | | | | ||||
| Gross profit | | | | | 51,156 | | | | | | 43,186 | | | | | | 18 | % | | | | | | 100,668 | | | | | | 85,052 | | | | | | 18 | % | | | | | | 178,964 | | | | | | 164,139 | | | | | | 146,665 | | | | | | 9 | % | | | | | | 12 | % | | | |||||||
| % of net sales | | | | | 29.6 | % | | | | | | 26.3 | % | | | | | | | | | | | | 30.1 | % | | | | | | 26.1 | % | | | | | | | | | | | | 27.4 | % | | | | | | 25.1 | % | | | | | | 23.7 | % | | | | | | | | | | | | | | | ||||
| Selling, general and administrative expenses | | | | | 34,138 | | | | | | 29,030 | | | | | | 18 | % | | | | | | 67,253 | | | | | | 57,687 | | | | | | 17 | % | | | | | | 122,233 | | | | | | 114,814 | | | | | | 105,429 | | | | | | 6 | % | | | | | | 9 | % | | | |||||||
| % of net sales | | | | | 19.8 | % | | | | | | 17.7 | % | | | | | | | | | | | | 20.1 | % | | | | | | 17.7 | % | | | | | | | | | | | | 18.7 | % | | | | | | 17.6 | % | | | | | | 17.1 | % | | | | | | | | | | | | | | | ||||
| Operating income (loss) | | | | | 17,018 | | | | | | 14,156 | | | | | | 20 | % | | | | | | 33,415 | | | | | | 27,365 | | | | | | 22 | % | | | | | | 56,731 | | | | | | 49,325 | | | | | | 41,236 | | | | | | 15 | % | | | | | | 20 | % | | | |||||||
| % of net sales | | | | | 9.9 | % | | | | | | 8.6 | % | | | | | | | | | | | | 10.0 | % | | | | | | 8.4 | % | | | | | | | | | | | | 8.7 | % | | | | | | 7.5 | % | | | | | | 6.7 | % | | | | | | | | | | | | | | | ||||
| Interest expense, net | | | | | 8,719 | | | | | | 8,955 | | | | | | (3 | )% | | | | | | 17,454 | | | | | | 17,780 | | | | | | (2 | )% | | | | | | 35,629 | | | | | | 35,419 | | | | | | 34,288 | | | | | | 1 | % | | | | | | 3 | % | | | |||||||
| Foreign currency (gains) losses, net | | | | | 1,165 | | | | | | 126 | | | | | | 825 | % | | | | | | 1,813 | | | | | | 294 | | | | | | 517 | % | | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | | | | 160 | % | | | | | | * | | | |||||||
| Loss on extinguishment of debt | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | 20,002 | | | | | | * | | | | | | * | | | |||||||||||
| Other (income) expense, net | | | | | — | | | | | | 58 | | | | | | * | | | | | | — | | | | | | 46 | | | | | | * | | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | | | | * | | | | | | * | | | ||||||||||
| Income (loss) before provision (benefit) for income taxes | | | | | 7,134 | | | | | | 5,017 | | | | | | 42 | % | | | | | | 14,148 | | | | | | 9,245 | | | | | | 53 | % | | | | | | 17,848 | | | | | | 13,114 | | | | | | (7,889 | ) | | | | | | 36 | % | | | | | | * | | | |||||||
| % of net sales | | | | | 4.1 | % | | | | | | 3.1 | % | | | | | | | | | | | | 4.2 | % | | | | | | 2.8 | % | | | | | | | | | | | | 2.7 | % | | | | | | 2.0 | % | | | | | | (1.3 | )% | | | | | | | | | | | | | | | ||||
| Provision (benefit) for income taxes | | | | | 4,832 | | | | | | (7,056 | ) | | | | | | * | | | | | | 6,003 | | | | | | (5,487 | ) | | | | | | * | | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | | | | * | | | | | | 22 | % | | | |||||||
| Effective tax rate | | | | | 67.7 | % | | | | | | (140.6 | )% | | | | | | | | | | | | 42.4 | % | | | | | | (59.4 | )% | | | | | | | | | | | | (39.5 | )% | | | | | | 46.8 | % | | | | | | 63.8 | % | | | | | | | | | | | | | | | ||||
| Net income (loss) | | | | | 2,302 | | | | | | 12,073 | | | | | | (81 | )% | | | | | | 8,145 | | | | | | 14,732 | | | | | | (45 | )% | | | | | | 24,891 | | | | | | 6,976 | | | | | | (12,922 | ) | | | | | | 257 | % | | | | | | * | | | |||||||
| % of net sales | | | | | 1.3 | % | | | | | | 7.4 | % | | | | | | | | | | | | 2.4 | % | | | | | | 4.5 | % | | | | | | | | | | | | 3.8 | % | | | | | | 1.1 | % | | | | | | (2.1 | )% | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Sales | Three months ended December 31, | % Change | Six months ended December 31, | % Change | Year ended June 30, | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | $ | 80,049 | $ | 76,002 | 5 | % | $ | 158,014 | $ | 153,049 | 3 | % | $ | 303,743 | $ | 290,535 | $ | 273,259 | 5 | % | 6 | % | |||||||||||||||||||||||||||||||||||
Nutritional Specialties | 16,431 | 12,791 | 28 | % | 30,563 | 24,259 | 26 | % | 52,337 | 47,686 | 43,061 | 10 | % | 11 | % | ||||||||||||||||||||||||||||||||||||||||||
Vaccines | 11,486 | 5,443 | 111 | % | 20,560 | 13,056 | 57 | % | 28,861 | 36,946 | 28,842 | (22 | )% | 28 | % | ||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ | 107,966 | $ | 94,236 | 15 | % | $ | 209,137 | $ | 190,364 | 10 | % | $ | 384,941 | $ | 375,167 | $ | 345,162 | 3 | % | 9 | % | |||||||||||||||||||||||||||||||||||
Mineral Nutrition | 50,633 | 52,892 | (4 | )% | 96,819 | 102,684 | (6 | )% | 203,169 | 210,091 | 209,302 | (3 | )% | 0 | % | ||||||||||||||||||||||||||||||||||||||||||
Performance Products | 14,143 | 17,031 | (17 | )% | 29,014 | 33,217 | (13 | )% | 65,041 | 68,843 | 63,869 | (6 | )% | 8 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 172,742 | $ | 164,159 | 5 | % | $ | 334,970 | $ | 326,265 | 3 | % | $ | 653,151 | $ | 654,101 | $ | 618,333 | (0 | )% | 6 | % |
| Net Sales | | | Three months ended December 31, | | | % Change | | | Six months ended December 31, | | | % Change | | | Year ended June 30, | | | % Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||
| MFAs and other | | | | $ | 80,049 | | | | | $ | 76,002 | | | | | | 5 | % | | | | | $ | 158,014 | | | | | $ | 153,049 | | | | | | 3 | % | | | | | $ | 303,743 | | | | | $ | 290,535 | | | | | $ | 273,259 | | | | | | 5 | % | | | | | | 6 | % | | | |||||||
| Nutritional Specialties | | | | | 16,431 | | | | | | 12,791 | | | | | | 28 | % | | | | | | 30,563 | | | | | | 24,259 | | | | | | 26 | % | | | | | | 52,337 | | | | | | 47,686 | | | | | | 43,061 | | | | | | 10 | % | | | | | | 11 | % | | | |||||||
| Vaccines | | | | | 11,486 | | | | | | 5,443 | | | | | | 111 | % | | | | | | 20,560 | | | | | | 13,056 | | | | | | 57 | % | | | | | | 28,861 | | | | | | 36,946 | | | | | | 28,842 | | | | | | (22 | )% | | | | | | 28 | % | | | |||||||
| Animal Health | | | | $ | 107,966 | | | | | $ | 94,236 | | | | | | 15 | % | | | | | $ | 209,137 | | | | | $ | 190,364 | | | | | | 10 | % | | | | | $ | 384,941 | | | | | $ | 375,167 | | | | | $ | 345,162 | | | | | | 3 | % | | | | | | 9 | % | | | |||||||
| Mineral Nutrition | | | | | 50,633 | | | | | | 52,892 | | | | | | (4 | )% | | | | | | 96,819 | | | | | | 102,684 | | | | | | (6 | )% | | | | | | 203,169 | | | | | | 210,091 | | | | | | 209,302 | | | | | | (3 | )% | | | | | | 0 | % | | | |||||||
| Performance Products | | | | | 14,143 | | | | | | 17,031 | | | | | | (17 | )% | | | | | | 29,014 | | | | | | 33,217 | | | | | | (13 | )% | | | | | | 65,041 | | | | | | 68,843 | | | | | | 63,869 | | | | | | (6 | )% | | | | | | 8 | % | | | |||||||
| Total | | | | $ | 172,742 | | | | | $ | 164,159 | | | | | | 5 | % | | | | | $ | 334,970 | | | | | $ | 326,265 | | | | | | 3 | % | | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | | | | (0 | )% | | | | | | 6 | % | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating Income | Three months ended December 31, | % Change | Six months ended December 31, | % Change | Year ended June 30, | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ | 20,872 | $ | 16,185 | 29 | % | $ | 41,236 | $ | 32,798 | 26 | % | $ | 69,090 | $ | 57,447 | $ | 47,034 | 20 | % | 22 | % | |||||||||||||||||||||||||||||||||||
% of segment net sales | 19.3 | % | 17.2 | % | 19.7 | % | 17.2 | % | 17.9 | % | 15.3 | % | 13.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Mineral Nutrition | 2,265 | 2,605 | (13 | )% | 4,113 | 4,725 | (13 | )% | 9,794 | 10,790 | 11,323 | (9 | )% | (5 | )% | ||||||||||||||||||||||||||||||||||||||||||
% of segment net sales | 4.5 | % | 4.9 | % | 4.2 | % | 4.6 | % | 4.8 | % | 5.1 | % | 5.4 | % | |||||||||||||||||||||||||||||||||||||||||||
Performance Products | 1,013 | 1,763 | (43 | )% | 2,019 | 2,845 | (29 | )% | 2,685 | 5,058 | 2,932 | (47 | )% | 73 | % | ||||||||||||||||||||||||||||||||||||||||||
% of segment net sales | 7.2 | % | 10.4 | % | 7.0 | % | 8.6 | % | 4.1 | % | 7.3 | % | 4.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Corporate | (7,132 | ) | (6,397 | ) | * | (13,953 | ) | (13,003 | ) | * | (24,838 | ) | (23,970 | ) | (20,053 | ) | * | * | |||||||||||||||||||||||||||||||||||||||
% of total net sales | (4.1 | %) | (3.9 | %) | (4.2 | )% | (4.0 | )% | (3.8 | )% | (3.7 | )% | (3.2 | )% | |||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 17,018 | $ | 14,156 | 20 | % | $ | 33,415 | $ | 27,365 | 22 | % | $ | 56,731 | $ | 49,325 | $ | 41,236 | 15 | % | 20 | % | |||||||||||||||||||||||||||||||||||
% of total net sales | 9.9 | % | 8.6 | % | 10.0 | % | 8.4 | % | 8.7 | % | 7.5 | % | 6.7 | % |
| Operating Income | | | Three months ended December 31, | | | % Change | | | Six months ended December 31, | | | % Change | | | Year ended June 30, | | | % Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||
| Animal Health | | | | $ | 20,872 | | | | | $ | 16,185 | | | | | | 29 | % | | | | | $ | 41,236 | | | | | $ | 32,798 | | | | | | 26 | % | | | | | $ | 69,090 | | | | | $ | 57,447 | | | | | $ | 47,034 | | | | | | 20 | % | | | | | | 22 | % | | | |||||||
| % of segment net sales | | | | | 19.3 | % | | | | | | 17.2 | % | | | | | | | | | | | | 19.7 | % | | | | | | 17.2 | % | | | | | | | | | | | | 17.9 | % | | | | | | 15.3 | % | | | | | | 13.6 | % | | | | | | | | | | | | | | | ||||
| Mineral Nutrition | | | | | 2,265 | | | | | | 2,605 | | | | | | (13 | )% | | | | | | 4,113 | | | | | | 4,725 | | | | | | (13 | )% | | | | | | 9,794 | | | | | | 10,790 | | | | | | 11,323 | | | | | | (9 | )% | | | | | | (5 | )% | | | |||||||
| % of segment net sales | | | | | 4.5 | % | | | | | | 4.9 | % | | | | | | | | | | | | 4.2 | % | | | | | | 4.6 | % | | | | | | | | | | | | 4.8 | % | | | | | | 5.1 | % | | | | | | 5.4 | % | | | | | | | | | | | | | | | ||||
| Performance Products | | | | | 1,013 | | | | | | 1,763 | | | | | | (43 | )% | | | | | | 2,019 | | | | | | 2,845 | | | | | | (29 | )% | | | | | | 2,685 | | | | | | 5,058 | | | | | | 2,932 | | | | | | (47 | )% | | | | | | 73 | % | | | |||||||
| % of segment net sales | | | | | 7.2 | % | | | | | | 10.4 | % | | | | | | | | | | | | 7.0 | % | | | | | | 8.6 | % | | | | | | | | | | | | 4.1 | % | | | | | | 7.3 | % | | | | | | 4.6 | % | | | | | | | | | | | | | | | ||||
| Corporate | | | | | (7,132 | ) | | | | | | (6,397 | ) | | | | | | * | | | | | | (13,953 | ) | | | | | | (13,003 | ) | | | | | | * | | | | | | (24,838 | ) | | | | | | (23,970 | ) | | | | | | (20,053 | ) | | | | | | * | | | | | | * | | | ||||
| % of total net sales | | | | | (4.1 | %) | | | | | | (3.9 | %) | | | | | | | | | | | | (4.2 | )% | | | | | | (4.0 | )% | | | | | | | | | | | | (3.8 | )% | | | | | | (3.7 | )% | | | | | | (3.2 | )% | | | | | | | | | | | | | | | ||||
| Operating income | | | | $ | 17,018 | | | | | $ | 14,156 | | | | | | 20 | % | | | | | $ | 33,415 | | | | | $ | 27,365 | | | | | | 22 | % | | | | | $ | 56,731 | | | | | $ | 49,325 | | | | | $ | 41,236 | | | | | | 15 | % | | | | | | 20 | % | | | |||||||
| % of total net sales | | | | | 9.9 | % | | | | | | 8.6 | % | | | | | | | | | | | | 10.0 | % | | | | | | 8.4 | % | | | | | | | | | | | | 8.7 | % | | | | | | 7.5 | % | | | | | | 6.7 | % | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended December 31, | $ Change | Six months ended December 31, | $ Change | Year ended June 30, | $ Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Domestic senior credit facility | $ | 395 | $ | 254 | $ | 141 | $ | 811 | $ | 497 | $ | 314 | $ | 1,250 | $ | 977 | $ | 793 | $ | 273 | $ | 184 | |||||||||||||||||||||||||||||||||||
Senior notes and senior subordinated notes | 7,036 | 7,027 | 9 | 14,073 | 14,152 | (79 | ) | 27,750 | 27,750 | 26,482 | — | 1,268 | |||||||||||||||||||||||||||||||||||||||||||||
Mayflower L.P., BFI Co., LLC and Teva Pharmaceutical Industries Ltd. term loans | 989 | 1,172 | (183 | ) | 1,978 | 2,342 | (364 | ) | 4,132 | 4,605 | 5,036 | (473 | ) | (431 | ) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing fees | 267 | 354 | (87 | ) | 530 | 705 | (175 | ) | 1,366 | 1,418 | 1,405 | (52 | ) | 13 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of debt discount and other | 100 | 162 | (62 | ) | 174 | 166 | 8 | 1,273 | 950 | 879 | 323 | 71 | |||||||||||||||||||||||||||||||||||||||||||||
Interest Income | (68 | ) | (14 | ) | (54 | ) | (112 | ) | (82 | ) | (30 | ) | (142 | ) | (281 | ) | (307 | ) | 139 | 26 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | $ | 8,179 | $ | 8,955 | $ | (236 | ) | $ | 17,454 | $ | 17,780 | $ | (326 | ) | $ | 35,629 | $ | 35,419 | $ | 34,288 | $ | 210 | $ | 1,131 |
| | | | Three months ended December 31, | | | $ Change | | | Six months ended December 31, | | | $ Change | | | Year ended June 30, | | | $ Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||
| Domestic senior credit facility | | | | $ | 395 | | | | | $ | 254 | | | | | $ | 141 | | | | | $ | 811 | | | | | $ | 497 | | | | | $ | 314 | | | | | $ | 1,250 | | | | | $ | 977 | | | | | $ | 793 | | | | | $ | 273 | | | | | $ | 184 | | | |||||||||||
| Senior notes and senior subordinated notes | | | | | 7,036 | | | | | | 7,027 | | | | | | 9 | | | | | | 14,073 | | | | | | 14,152 | | | | | | (79 | ) | | | | | | 27,750 | | | | | | 27,750 | | | | | | 26,482 | | | | | | — | | | | | | 1,268 | | | ||||||||||
| Mayflower L.P., BFI Co., LLC and Teva Pharmaceutical Industries Ltd. term loans | | | | | 989 | | | | | | 1,172 | | | | | | (183 | ) | | | | | | 1,978 | | | | | | 2,342 | | | | | | (364 | ) | | | | | | 4,132 | | | | | | 4,605 | | | | | | 5,036 | | | | | | (473 | ) | | | | | | (431 | ) | | | |||||||
| Amortization of deferred financing fees | | | | | 267 | | | | | | 354 | | | | | | (87 | ) | | | | | | 530 | | | | | | 705 | | | | | | (175 | ) | | | | | | 1,366 | | | | | | 1,418 | | | | | | 1,405 | | | | | | (52 | ) | | | | | | 13 | | | ||||||||
| Amortization of debt discount and other | | | | | 100 | | | | | | 162 | | | | | | (62 | ) | | | | | | 174 | | | | | | 166 | | | | | | 8 | | | | | | 1,273 | | | | | | 950 | | | | | | 879 | | | | | | 323 | | | | | | 71 | | | ||||||||||
| Interest Income | | | | | (68 | ) | | | | | | (14 | ) | | | | | | (54 | ) | | | | | | (112 | ) | | | | | | (82 | ) | | | | | | (30 | ) | | | | | | (142 | ) | | | | | | (281 | ) | | | | | | (307 | ) | | | | | | 139 | | | | | | 26 | | | ||
| Interest expense, net | | | | $ | 8,179 | | | | | $ | 8,955 | | | | | $ | (236 | ) | | | | | $ | 17,454 | | | | | $ | 17,780 | | | | | $ | (326 | ) | | | | | $ | 35,629 | | | | | $ | 35,419 | | | | | $ | 34,288 | | | | | $ | 210 | | | | | $ | 1,131 | | | |||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended December 31, | % Change | Six months ended December 31, | % Change | Year ended June 30, | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,302 | $ | 12,073 | (81 | )% | $ | 8,145 | $ | 14,732 | (45 | )% | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | 257 | % | * | |||||||||||||||||||||||||||||||||||
Fair value of derivative instruments | (235 | ) | 182 | * | 137 | 418 | (67 | )% | (222 | ) | (841 | ) | 58 | * | * | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (3,003 | ) | (366 | ) | * | (3,135 | ) | (468 | ) | * | (5,968 | ) | (15,077 | ) | 2,940 | * | * | ||||||||||||||||||||||||||||||||||||||||
Unrecognized net pension gains (losses) | 226 | 309 | (27 | )% | 429 | 619 | (31 | )% | 5,390 | (10,413 | ) | 1,014 | * | * | |||||||||||||||||||||||||||||||||||||||||||
Tax (provision) benefit on other comprehensive income (loss) | 3 | (187 | ) | * | (221 | ) | (394 | ) | * | (2,016 | ) | — | (358 | ) | * | * | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (707 | ) | $ | 12,011 | * | $ | 5,355 | $ | 14,907 | (64 | )% | $ | 22,075 | $ | (19,355 | ) | $ | (9,268 | ) | * | * |
| | | | Three months ended December 31, | | | % Change | | | Six months ended December 31, | | | % Change | | | Year ended June 30, | | | % Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | | | | $ | 2,302 | | | | | $ | 12,073 | | | | | | (81 | )% | | | | | $ | 8,145 | | | | | $ | 14,732 | | | | | | (45 | )% | | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | | | | 257 | % | | | | | | * | | | |||||||
| Fair value of derivative instruments | | | | | (235 | ) | | | | | | 182 | | | | | | * | | | | | | 137 | | | | | | 418 | | | | | | (67 | )% | | | | | | (222 | ) | | | | | | (841 | ) | | | | | | 58 | | | | | | * | | | | | | * | | | |||||||
| Foreign currency translation adjustments | | | | | (3,003 | ) | | | | | | (366 | ) | | | | | | * | | | | | | (3,135 | ) | | | | | | (468 | ) | | | | | | * | | | | | | (5,968 | ) | | | | | | (15,077 | ) | | | | | | 2,940 | | | | | | * | | | | | | * | | | |||||
| Unrecognized net pension gains (losses) | | | | | 226 | | | | | | 309 | | | | | | (27 | )% | | | | | | 429 | | | | | | 619 | | | | | | (31 | )% | | | | | | 5,390 | | | | | | (10,413 | ) | | | | | | 1,014 | | | | | | * | | | | | | * | | | ||||||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | 3 | | | | | | (187 | ) | | | | | | * | | | | | | (221 | ) | | | | | | (394 | ) | | | | | | * | | | | | | (2,016 | ) | | | | | | — | | | | | | (358 | ) | | | | | | * | | | | | | * | | | ||||||
| Comprehensive income (loss) | | | | $ | (707 | ) | | | | | $ | 12,011 | | | | | | * | | | | | $ | 5,355 | | | | | $ | 14,907 | | | | | | (64 | )% | | | | | $ | 22,075 | | | | | $ | (19,355 | ) | | | | | $ | (9,268 | ) | | | | | | * | | | | | | * | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended December 31, | $ Change | Six months ended December 31, | $ Change | Year ended June 30, | $ Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,302 | $ | 12,073 | $ | (9,771 | ) | $ | 8,145 | $ | 14,732 | $ | (6,587 | ) | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | $ | 17,915 | $ | 19,898 | ||||||||||||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 8,719 | 8,955 | (236 | ) | 17,454 | 17,780 | (326 | ) | 35,629 | 35,419 | 34,288 | 210 | 1,131 | ||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 4,832 | (7,056 | ) | 11,888 | 6,003 | (5,487 | ) | 11,490 | (7,043 | ) | 6,138 | 5,033 | (13,181 | ) | 1,105 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 5,292 | 4,622 | 670 | 10,493 | 9,318 | 1,175 | 19,023 | 17,527 | 16,696 | 1,496 | 831 | ||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 21,145 | 18,594 | 2,551 | 42,095 | 36,343 | 5,752 | 72,500 | 66,060 | 43,095 | 6,440 | 22,965 | ||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | — | 58 | (58 | ) | — | 46 | (46 | ) | 151 | (400 | ) | 593 | 551 | (993 | ) | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1,165 | 126 | 1,039 | 1,813 | 294 | 1,519 | 3,103 | 1,192 | (5,758 | ) | 1,911 | 6,950 | |||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | 20,002 | — | (20,002 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 22,310 | $ | 18,778 | $ | 3,532 | $ | 43,908 | $ | 36,683 | $ | 7,225 | $ | 75,754 | $ | 66,852 | $ | 57,932 | $ | 8,902 | $ | 8,920 |
| | | | Three months ended December 31, | | | $ Change | | | Six months ended December 31, | | | $ Change | | | Year ended June 30, | | | $ Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | | | | $ | 2,302 | | | | | $ | 12,073 | | | | | $ | (9,771 | ) | | | | | $ | 8,145 | | | | | $ | 14,732 | | | | | $ | (6,587 | ) | | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | | | $ | 17,915 | | | | | $ | 19,898 | | | ||||||||
| Plus: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Interest expense, net | | | | | 8,719 | | | | | | 8,955 | | | | | | (236 | ) | | | | | | 17,454 | | | | | | 17,780 | | | | | | (326 | ) | | | | | | 35,629 | | | | | | 35,419 | | | | | | 34,288 | | | | | | 210 | | | | | | 1,131 | | | |||||||||
| Provision (benefit) for income taxes | | | | | 4,832 | | | | | | (7,056 | ) | | | | | | 11,888 | | | | | | 6,003 | | | | | | (5,487 | ) | | | | | | 11,490 | | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | | | | (13,181 | ) | | | | | | 1,105 | | | |||||||
| Depreciation and amortization | | | | | 5,292 | | | | | | 4,622 | | | | | | 670 | | | | | | 10,493 | | | | | | 9,318 | | | | | | 1,175 | | | | | | 19,023 | | | | | | 17,527 | | | | | | 16,696 | | | | | | 1,496 | | | | | | 831 | | | |||||||||||
| EBITDA | | | | | 21,145 | | | | | | 18,594 | | | | | | 2,551 | | | | | | 42,095 | | | | | | 36,343 | | | | | | 5,752 | | | | | | 72,500 | | | | | | 66,060 | | | | | | 43,095 | | | | | | 6,440 | | | | | | 22,965 | | | |||||||||||
| Other (income) expense, net | | | | | — | | | | | | 58 | | | | | | (58 | ) | | | | | | — | | | | | | 46 | | | | | | (46 | ) | | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | | | | 551 | | | | | | (993 | ) | | | |||||||
| Foreign currency (gains) losses, net | | | | | 1,165 | | | | | | 126 | | | | | | 1,039 | | | | | | 1,813 | | | | | | 294 | | | | | | 1,519 | | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | | | | 1,911 | | | | | | 6,950 | | | ||||||||||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,002 | | | | | | — | | | | | | (20,002 | ) | | | ||||||||||
| Adjusted EBITDA | | | | $ | 22,310 | | | | | $ | 18,778 | | | | | $ | 3,532 | | | | | $ | 43,908 | | | | | $ | 36,683 | | | | | $ | 7,225 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | | | $ | 57,932 | | | | | $ | 8,902 | | | | | $ | 8,920 | | | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended December 31, | $ Change | Six months ended December 31, | $ Change | Year ended June 30, | $ Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | $ | 80,049 | $ | 76,002 | $ | 4,047 | $ | 158,014 | $ | 153,049 | $ | 4,965 | $ | 303,743 | $ | 290,535 | $ | 273,259 | $ | 13,208 | $ | 17,276 | |||||||||||||||||||||||||||||||||||
Nutritional Specialties | 16,431 | 12,791 | 3,640 | 30,563 | 24,259 | 6,304 | 52,337 | 47,686 | 43,061 | 4,651 | 4,625 | ||||||||||||||||||||||||||||||||||||||||||||||
Vaccines | 11,486 | 5,443 | 6,043 | 20,560 | 13,056 | 7,504 | 28,861 | 36,946 | 28,842 | (8,085 | ) | 8,104 | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ | 107,966 | $ | 94,236 | $ | 13,730 | $ | 209,137 | $ | 190,364 | $ | 18,773 | $ | 384,941 | $ | 375,167 | $ | 345,162 | $ | 9,774 | $ | 30,005 | |||||||||||||||||||||||||||||||||||
Mineral Nutrition | 50,633 | 52,892 | (2,259 | ) | 96,819 | 102,684 | (5,865 | ) | 203,169 | 210,091 | 209,302 | (6,922 | ) | 789 | |||||||||||||||||||||||||||||||||||||||||||
Performance Products | 14,143 | 17,031 | (2,888 | ) | 29,014 | 33,217 | (4,203 | ) | 65,041 | 68,843 | 63,869 | (3,802 | ) | 4,974 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 172,742 | $ | 164,159 | $ | 8,583 | $ | 334,970 | $ | 326,265 | $ | 8,705 | $ | 653,151 | $ | 654,101 | $ | 618,333 | $ | (950 | ) | $ | 35,768 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ | 24,522 | $ | 19,516 | $ | 5,006 | $ | 48,629 | $ | 39,619 | $ | 9,010 | $ | 82,997 | $ | 70,456 | $ | 60,112 | $ | 12,541 | $ | 10,344 | |||||||||||||||||||||||||||||||||||
% of segment net sales | 22.7 | % | 20.7 | % | 23.3 | % | 20.8 | % | 21.6 | % | 18.8 | % | 17.4 | % | |||||||||||||||||||||||||||||||||||||||||||
Mineral Nutrition | 2,878 | 3,175 | (297 | ) | 5,338 | 5,865 | (527 | ) | 12,069 | 13,007 | 13,333 | (938 | ) | (326 | ) | ||||||||||||||||||||||||||||||||||||||||||
% of segment net sales | 5.7 | % | 6.0 | % | 5.5 | % | 5.7 | % | 5.9 | % | 6.2 | % | 6.4 | % | |||||||||||||||||||||||||||||||||||||||||||
Performance Products | 1,103 | 1,826 | (723 | ) | 2,199 | 2,971 | (772 | ) | 2,927 | 5,132 | 2,963 | (2,205 | ) | 2,169 | |||||||||||||||||||||||||||||||||||||||||||
% of segment net sales | 7.8 | % | 10.7 | % | 7.6 | % | 8.9 | % | 4.5 | % | 7.5 | % | 4.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Corporate | (6,193 | ) | (5,739 | ) | (454 | ) | (12,258 | ) | (11,772 | ) | (486 | ) | (22,239 | ) | (21,743 | ) | (18,476 | ) | (496 | ) | (3,267 | ) | |||||||||||||||||||||||||||||||||||
% of total net sales | (3.6 | )% | (3.5 | )% | (3.7 | )% | (3.6 | )% | (3.4 | )% | (3.3 | )% | (3.0 | )% | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 22,310 | $ | 18,778 | $ | 3,532 | $ | 43,908 | $ | 36,683 | $ | 7,225 | $ | 75,754 | $ | 66,852 | $ | 57,932 | $ | 8,902 | $ | 8,920 | |||||||||||||||||||||||||||||||||||
% of total net sales | 12.9 | % | 11.4 | % | 13.1 | % | 11.2 | % | 11.6 | % | 10.2 | % | 9.4 | % |
| | | | Three months ended December 31, | | | $ Change | | | Six months ended December 31, | | | $ Change | | | Year ended June 30, | | | $ Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||
| Net sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
| MFAs and other | | | | $ | 80,049 | | | | | $ | 76,002 | | | | | $ | 4,047 | | | | | $ | 158,014 | | | | | $ | 153,049 | | | | | $ | 4,965 | | | | | $ | 303,743 | | | | | $ | 290,535 | | | | | $ | 273,259 | | | | | $ | 13,208 | | | | | $ | 17,276 | | | |||||||||||
| Nutritional Specialties | | | | | 16,431 | | | | | | 12,791 | | | | | | 3,640 | | | | | | 30,563 | | | | | | 24,259 | | | | | | 6,304 | | | | | | 52,337 | | | | | | 47,686 | | | | | | 43,061 | | | | | | 4,651 | | | | | | 4,625 | | | |||||||||||
| Vaccines | | | | | 11,486 | | | | | | 5,443 | | | | | | 6,043 | | | | | | 20,560 | | | | | | 13,056 | | | | | | 7,504 | | | | | | 28,861 | | | | | | 36,946 | | | | | | 28,842 | | | | | | (8,085 | ) | | | | | | 8,104 | | | ||||||||||
| Animal Health | | | | $ | 107,966 | | | | | $ | 94,236 | | | | | $ | 13,730 | | | | | $ | 209,137 | | | | | $ | 190,364 | | | | | $ | 18,773 | | | | | $ | 384,941 | | | | | $ | 375,167 | | | | | $ | 345,162 | | | | | $ | 9,774 | | | | | $ | 30,005 | | | |||||||||||
| Mineral Nutrition | | | | | 50,633 | | | | | | 52,892 | | | | | | (2,259 | ) | | | | | | 96,819 | | | | | | 102,684 | | | | | | (5,865 | ) | | | | | | 203,169 | | | | | | 210,091 | | | | | | 209,302 | | | | | | (6,922 | ) | | | | | | 789 | | | ||||||||
| Performance Products | | | | | 14,143 | | | | | | 17,031 | | | | | | (2,888 | ) | | | | | | 29,014 | | | | | | 33,217 | | | | | | (4,203 | ) | | | | | | 65,041 | | | | | | 68,843 | | | | | | 63,869 | | | | | | (3,802 | ) | | | | | | 4,974 | | | ||||||||
| Total | | | | $ | 172,742 | | | | | $ | 164,159 | | | | | $ | 8,583 | | | | | $ | 334,970 | | | | | $ | 326,265 | | | | | $ | 8,705 | | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | | | $ | (950 | ) | | | | | $ | 35,768 | | | ||||||||||
| Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Animal Health | | | | $ | 24,522 | | | | | $ | 19,516 | | | | | $ | 5,006 | | | | | $ | 48,629 | | | | | $ | 39,619 | | | | | $ | 9,010 | | | | | $ | 82,997 | | | | | $ | 70,456 | | | ��� | | $ | 60,112 | | | | | $ | 12,541 | | | | | $ | 10,344 | | | |||||||||||
| % of segment net sales | | | | | 22.7 | % | | | | | | 20.7 | % | | | | | | | | | | | | 23.3 | % | | | | | | 20.8 | % | | | | | | | | | | | | 21.6 | % | | | | | | 18.8 | % | | | | | | 17.4 | % | | | ||||||||||||||||
| Mineral Nutrition | | | | | 2,878 | | | | | | 3,175 | | | | | | (297 | ) | | | | | | 5,338 | | | | | | 5,865 | | | | | | (527 | ) | | | | | | 12,069 | | | | | | 13,007 | | | | | | 13,333 | | | | | | (938 | ) | | | | | | (326 | ) | | | |||||||
| % of segment net sales | | | | | 5.7 | % | | | | | | 6.0 | % | | | | | | | | | | | | 5.5 | % | | | | | | 5.7 | % | | | | | | | | | | | | 5.9 | % | | | | | | 6.2 | % | | | | | | 6.4 | % | | | ||||||||||||||||
| Performance Products | | | | | 1,103 | | | | | | 1,826 | | | | | | (723 | ) | | | | | | 2,199 | | | | | | 2,971 | | | | | | (772 | ) | | | | | | 2,927 | | | | | | 5,132 | | | | | | 2,963 | | | | | | (2,205 | ) | | | | | | 2,169 | | | ||||||||
| % of segment net sales | | | | | 7.8 | % | | | | | | 10.7 | % | | | | | | | | | | | | 7.6 | % | | | | | | 8.9 | % | | | | | | | | | | | | 4.5 | % | | | | | | 7.5 | % | | | | | | 4.6 | % | | | ||||||||||||||||
| Corporate | | | | | (6,193 | ) | | | | | | (5,739 | ) | | | | | | (454 | ) | | | | | | (12,258 | ) | | | | | | (11,772 | ) | | | | | | (486 | ) | | | | | | (22,239 | ) | | | | | | (21,743 | ) | | | | | | (18,476 | ) | | | | | | (496 | ) | | | | | | (3,267 | ) | | |
| % of total net sales | | | | | (3.6 | )% | | | | | | (3.5 | )% | | | | | | | | | | | | (3.7 | )% | | | | | | (3.6 | )% | | | | | | | | | | | | (3.4 | )% | | | | | | (3.3 | )% | | | | | | (3.0 | )% | | | | | | | | | | | | | | | ||||
| Total | | | | $ | 22,310 | | | | | $ | 18,778 | | | | | $ | 3,532 | | | | | $ | 43,908 | | | | | $ | 36,683 | | | | | $ | 7,225 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | | | $ | 57,932 | | | | | $ | 8,902 | | | | | $ | 8,920 | | | |||||||||||
| % of total net sales | | | | | 12.9 | % | | | | | | 11.4 | % | | | | | | | | | | | | 13.1 | % | | | | | | 11.2 | % | | | | | | | | | | | | 11.6 | % | | | | | | 10.2 | % | | | | | | 9.4 | % | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended December 31, | $ Change | Six months ended December 31, | $ Change | Year ended June 30, | $ Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of operating income to Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 20,872 | $ | 16,185 | $ | 4,687 | $ | 41,236 | $ | 32,798 | $ | 8,438 | $ | 69,090 | $ | 57,447 | $ | 47,034 | $ | 11,643 | $ | 10,413 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 3,650 | 3,331 | 319 | 7,393 | 6,821 | 572 | 13,907 | 13,009 | 13,078 | 898 | (69 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 24,522 | 19,516 | 5,006 | 48,629 | 39,619 | 9,010 | 82,997 | 70,456 | 60,112 | 12,541 | 10,344 | ||||||||||||||||||||||||||||||||||||||||||||||
Mineral Nutrition: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 2,265 | 2,605 | (340 | ) | 4,113 | 4,725 | (612 | ) | 9,794 | 10,790 | 11,323 | (996 | ) | (533 | ) | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 613 | 570 | 43 | 1,225 | 1,140 | 85 | 2,275 | 2,217 | 2,010 | 58 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 2,878 | 3,175 | (297 | ) | 5,338 | 5,865 | (527 | ) | 12,069 | 13,007 | 13,333 | (938 | ) | (326 | ) | ||||||||||||||||||||||||||||||||||||||||||
Performance Products: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 1,013 | 1,763 | (750 | ) | 2,019 | 2,845 | (826 | ) | 2,685 | 5,058 | 2,932 | (2,373 | ) | 2,126 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 90 | 63 | 27 | 180 | 126 | 54 | 242 | 74 | 31 | 168 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 1,103 | 1,826 | (723 | ) | 2,199 | 2,971 | (772 | ) | 2,927 | 5,132 | 2,963 | (2,205 | ) | 2,169 | |||||||||||||||||||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | (7,132 | ) | (6,397 | ) | (735 | ) | (13,953 | ) | (13,003 | ) | (950 | ) | (24,838 | ) | (23,970 | ) | (20,053 | ) | (868 | ) | (3,917 | ) | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 939 | 658 | 281 | 1,695 | 1,231 | 464 | 2,599 | 2,227 | 1,577 | 372 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | (6,193 | ) | (5,739 | ) | (454 | ) | (12,258 | ) | (11,772 | ) | (486 | ) | (22,239 | ) | (21,743 | ) | (18,476 | ) | (496 | ) | (3,267 | ) |
| | | | Three months ended December 31, | | | $ Change | | | Six months ended December 31, | | | $ Change | | | Year ended June 30, | | | $ Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of operating income to Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| Animal Health: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Operating income | | | | $ | 20,872 | | | | | $ | 16,185 | | | | | $ | 4,687 | | | | | $ | 41,236 | | | | | $ | 32,798 | | | | | $ | 8,438 | | | | | $ | 69,090 | | | | | $ | 57,447 | | | | | $ | 47,034 | | | | | $ | 11,643 | | | | | $ | 10,413 | | | |||||||||||
| Depreciation and amortization | | | | | 3,650 | | | | | | 3,331 | | | | | | 319 | | | | | | 7,393 | | | | | | 6,821 | | | | | | 572 | | | | | | 13,907 | | | | | | 13,009 | | | | | | 13,078 | | | | | | 898 | | | | | | (69 | ) | | | ||||||||||
| Adjusted EBITDA | | | | | 24,522 | | | | | | 19,516 | | | | | | 5,006 | | | | | | 48,629 | | | | | | 39,619 | | | | | | 9,010 | | | | | | 82,997 | | | | | | 70,456 | | | | | | 60,112 | | | | | | 12,541 | | | | | | 10,344 | | | |||||||||||
| Mineral Nutrition: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Operating income | | | | | 2,265 | | | | | | 2,605 | | | | | | (340 | ) | | | | | | 4,113 | | | | | | 4,725 | | | | | | (612 | ) | | | | | | 9,794 | | | | | | 10,790 | | | | | | 11,323 | | | | | | (996 | ) | | | | | | (533 | ) | | | |||||||
| Depreciation and amortization | | | | | 613 | | | | | | 570 | | | | | | 43 | | | | | | 1,225 | | | | | | 1,140 | | | | | | 85 | | | | | | 2,275 | | | | | | 2,217 | | | | | | 2,010 | | | | | | 58 | | | | | | 207 | | | |||||||||||
| Adjusted EBITDA | | | | | 2,878 | | | | | | 3,175 | | | | | | (297 | ) | | | | | | 5,338 | | | | | | 5,865 | | | | | | (527 | ) | | | | | | 12,069 | | | | | | 13,007 | | | | | | 13,333 | | | | | | (938 | ) | | | | | | (326 | ) | | | |||||||
| Performance Products: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Operating income | | | | | 1,013 | | | | | | 1,763 | | | | | | (750 | ) | | | | | | 2,019 | | | | | | 2,845 | | | | | | (826 | ) | | | | | | 2,685 | | | | | | 5,058 | | | | | | 2,932 | | | | | | (2,373 | ) | | | | | | 2,126 | | | ||||||||
| Depreciation and amortization | | | | | 90 | | | | | | 63 | | | | | | 27 | | | | | | 180 | | | | | | 126 | | | | | | 54 | | | | | | 242 | | | | | | 74 | | | | | | 31 | | | | | | 168 | | | | | | 43 | | | |||||||||||
| Adjusted EBITDA | | | | | 1,103 | | | | | | 1,826 | | | | | | (723 | ) | | | | | | 2,199 | | | | | | 2,971 | | | | | | (772 | ) | | | | | | 2,927 | | | | | | 5,132 | | | | | | 2,963 | | | | | | (2,205 | ) | | | | | | 2,169 | | | ||||||||
| Corporate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Operating income | | | | | (7,132 | ) | | | | | | (6,397 | ) | | | | | | (735 | ) | | | | | | (13,953 | ) | | | | | | (13,003 | ) | | | | | | (950 | ) | | | | | | (24,838 | ) | | | | | | (23,970 | ) | | | | | | (20,053 | ) | | | | | | (868 | ) | | | | | | (3,917 | ) | | |
| Depreciation and amortization | | | | | 939 | | | | | | 658 | | | | | | 281 | | | | | | 1,695 | | | | | | 1,231 | | | | | | 464 | | | | | | 2,599 | | | | | | 2,227 | | | | | | 1,577 | | | | | | 372 | | | | | | 650 | | | |||||||||||
| Adjusted EBITDA | | | | | (6,193 | ) | | | | | | (5,739 | ) | | | | | | (454 | ) | | | | | | (12,258 | ) | | | | | | (11,772 | ) | | | | | | (486 | ) | | | | | | (22,239 | ) | | | | | | (21,743 | ) | | | | | | (18,476 | ) | | | | | | (496 | ) | | | | | | (3,267 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended December 31, | $ Change | Six months ended December 31, | $ Change | Year ended June 30, | $ Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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2013/ | 2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,302 | $ | 12,073 | $ | (9,771 | ) | $ | 8,145 | $ | 14,732 | $ | (6,587 | ) | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | $ | 17,915 | $ | 19,898 | ||||||||||||||||||||||||||||||||
Plus | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | — | 58 | (58 | ) | — | 46 | (46 | ) | 151 | (400 | ) | 593 | 551 | (993 | ) | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1,165 | 126 | 1,039 | 1,813 | 294 | 1,519 | 3,103 | 1,192 | (5,758 | ) | 1,911 | 6,950 | |||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | — | — | 20,002 | — | (20,002 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition intangible amortization | 1,186 | 977 | 209 | 2,535 | 1,818 | 717 | 4,106 | 3,048 | 3,805 | 1,058 | (757 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | 27 | 33 | (6 | ) | 55 | 66 | (11 | ) | 215 | 195 | 404 | 20 | (209 | ) | |||||||||||||||||||||||||||||||||||||||||||
Non-recurring income tax items | 2,127 | (7,995 | ) | 10,122 | 2,127 | (7,995 | ) | 10,122 | (9,053 | ) | — | — | (9,053 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Tax effect on adjustments | (131 | ) | (108 | ) | (23 | ) | (240 | ) | (221 | ) | (19 | ) | (955 | ) | (465 | ) | 522 | (490 | ) | (987 | ) | ||||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 6,676 | $ | 5,164 | $ | 1,512 | $ | 14,435 | $ | 8,740 | $ | 5,695 | $ | 22,458 | $ | 10,546 | $ | 6,646 | $ | 11,912 | $ | 3,900 |
| | | | Three months ended December 31, | | | $ Change | | | Six months ended December 31, | | | $ Change | | | Year ended June 30, | | | $ Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2013/ | | | 2012/ | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | | | | $ | 7,134 | | | | | $ | 5,017 | | | | | $ | 2,117 | | | | | $ | 14,148 | | | | | $ | 9,245 | | | | | $ | 4,903 | | | | | $ | 17,848 | | | | | $ | 13,114 | | | | | $ | (7,889 | ) | | | | | $ | 4,734 | | | | | $ | 21,003 | | | |||||||||||||||||
| Plus | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (income) expense, net | | | | | — | | | | | | 58 | | | | | | (58 | ) | | | | | | — | | | | | | 46 | | | | | | (46 | ) | | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | | | | 551 | | | | | | (993 | ) | | | ||||||||||||||
| Foreign currency (gains) losses, net | | | | | 1,165 | | | | | | 126 | | | | | | 1,039 | | | | | | 1,813 | | | | | | 294 | | | | | | 1,519 | | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | | | | 1,911 | | | | | | 6,950 | | | |||||||||||||||||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,002 | | | | | | — | | | | | | (20,002 | ) | | | |||||||||||||||||
| Acquisition intangible amortization | | | | | 1,186 | | | | | | 977 | | | | | | 209 | | | | | | 2,535 | | | | | | 1,818 | | | | | | 717 | | | | | | 4,106 | | | | | | 3,048 | | | | | | 3,805 | | | | | | 1,058 | | | | | | (757 | ) | | | |||||||||||||||||
| Share based compensation | | | | | 27 | | | | | | 33 | | | | | | (6 | ) | | | | | | 55 | | | | | | 66 | | | | | | (11 | ) | | | | | | 215 | | | | | | 195 | | | | | | 404 | | | | | | 20 | | | | | | (209 | ) | | | |||||||||||||||
| Adjusted income before provision for income taxes | | | | | 9,512 | | | | | | 6,211 | | | | | | 3,301 | | | | | | 18,551 | | | | | | 11,469 | | | | | | 7,082 | | | | | | 25,423 | | | | | | 17,149 | | | | | | 11,157 | | | | | | 8,274 | | | | | | 5,992 | | | ||||||||||||||||||
| Provision (benefit) for income taxes | | | | | 4,832 | | | | | | (7,056 | ) | | | | | | 11,888 | | | | | | 6,003 | | | | | | (5,487 | ) | | | | | | 11,490 | | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | | | | (13,181 | ) | | | | | | 1,105 | | | ||||||||||||||
| Plus | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-recurring income tax items | | | | | (2,127 | ) | | | | | | 7,995 | | | | | | (10,122 | ) | | | | | | (2,127 | ) | | | | | | 7,995 | | | | | | (10,122 | ) | | | | | | 9,053 | | | | | | — | | | | | | — | | | | | | 9,053 | | | | | | — | | | ||||||||||||||
| Tax effect on adjustments | | | | | 131 | | | | | | 108 | | | | | | 23 | | | | | | 240 | | | | | | 221 | | | | | | 19 | | | | | | 955 | | | | | | 465 | | | | | | (522 | ) | | | | | | 490 | | | | | | 987 | | | |||||||||||||||||
| Adjust to cash income taxes | | | | | (1,584 | ) | | | | | | 706 | �� | | | | | (2,290 | ) | | | | | | (281 | ) | | | | | | 2,103 | | | | | | (2,384 | ) | | | | | | 4,096 | | | | | | 614 | | | | | | (712 | ) | | | | | | 3,482 | | | | | | 1,326 | | | |||||||||||||
| Adjusted provision (benefit) for income taxes | | | | | 1,252 | | | | | | 1,753 | | | | | | (501 | ) | | | | | | 3,835 | | | | | | 4,832 | | | | | | (997 | ) | | | | | | 7,061 | | | | | | 7,217 | | | | | | 3,799 | | | | | | (156 | ) | | | | | | 3.418 | | | |||||||||||||||
| Effective Tax Rate | | | | | 13.2 | % | | | | | | 28.2 | % | | | | | | | | | | | | 20.7 | % | | | | | | 42.1 | % | | | | | | | | | | | | 27.8 | % | | | | | | 42.1 | % | | | | | | 34.1 | % | | | | | | | | | | | | | | | | | | | | | |||||
| Adjusted net income | | | | $ | 8,260 | | | | | $ | 4,458 | | | | | $ | 3,802 | | | | | $ | 14,716 | | | | | $ | 6,637 | | | | | $ | 8,079 | | | | | $ | 18,362 | | | | | $ | 9,932 | | | | | $ | 7,358 | | | | | $ | 8,430 | | | | | $ | 2,574 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six months ended December 31, | $ Change | Year ended June 30, | $ Change | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Cash provided by/(used in): | ||||||||||||||||||||||||||||||||||||||||||
Operating activities | $ | 16,397 | $ | (2,002 | ) | $ | 18,399 | $ | 415 | $ | 31,882 | $ | (4,680 | ) | $ | (31,467 | ) | $ | 36,562 | |||||||||||||||||||||||
Investing activities | (9,757 | ) | (27,857 | ) | 18,100 | (37,336 | ) | (17,637 | ) | (19,463 | ) | (19,699 | ) | 1,826 | ||||||||||||||||||||||||||||
Financing activities | (3,178 | ) | 2,902 | (6,080 | ) | 10,875 | (8,218 | ) | 10,163 | 19,093 | (18,381 | ) | ||||||||||||||||||||||||||||||
Effect of exchange-rate changes on cash and cash equivalents | (357 | ) | 80 | (437 | ) | (485 | ) | (725 | ) | (127 | ) | 240 | (598 | ) | ||||||||||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | $ | 3,105 | $ | (26,877 | ) | $ | 29,982 | $ | (26,531 | ) | $ | 5,302 | $ | (14,107 | ) | $ | (31,833 | ) | $ | 19,409 |
| | | | Six months ended December 31, | | | $ Change | | | Year ended June 30, | | | $ Change | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||
| Cash provided by/(used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Operating activities | | | | $ | 16,397 | | | | | $ | (2,002 | ) | | | | | $ | 18,399 | | | | | $ | 415 | | | | | $ | 31,882 | | | | | $ | (4,680 | ) | | | | | $ | (31,467 | ) | | | | | $ | 36,562 | | | |||||
| Investing activities | | | | | (9,757 | ) | | | | | | (27,857 | ) | | | | | | 18,100 | | | | | | (37,336 | ) | | | | | | (17,637 | ) | | | | | | (19,463 | ) | | | | | | (19,699 | ) | | | | | | 1,826 | | | ||
| Financing activities | | | | | (3,178 | ) | | | | | | 2,902 | | | | | | (6,080 | ) | | | | | | 10,875 | | | | | | (8,218 | ) | | | | | | 10,163 | | | | | | 19,093 | | | | | | (18,381 | ) | | | ||||
| Effect of exchange-rate changes on cash and cash equivalents | | | | | (357 | ) | | | | | | 80 | | | | | | (437 | ) | | | | | | (485 | ) | | | | | | (725 | ) | | | | | | (127 | ) | | | | | | 240 | | | | | | (598 | ) | | | ||
| Net increase/(decrease) in cash and cash equivalents | | | | $ | 3,105 | | | | | $ | (26,877 | ) | | | | | $ | 29,982 | | | | | $ | (26,531 | ) | | | | | $ | 5,302 | | | | | $ | (14,107 | ) | | | | | $ | (31,833 | ) | | | | | $ | 19,409 | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Six months ended December 31, | $ Change | Year ended June 30, | $ Change | |||||||||||||||||||||||||||||||||||||||
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2013/ | 2013/ | 2012/ | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2012 | 2013 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 43,908 | $ | 36,683 | $ | 7,225 | $ | 75,754 | $ | 66,852 | $ | 57,932 | $ | 8,902 | $ | 8,920 | ||||||||||||||||||||||||||
Interest paid | (16,760 | ) | (16,578 | ) | (182 | ) | (33,824 | ) | (34,059 | ) | (30,079 | ) | 235 | (3,980 | ) | |||||||||||||||||||||||||||
Income taxes paid | (3,835 | ) | (4,832 | ) | 997 | (7,061 | ) | (7,217 | ) | (3,799 | ) | 156 | (3,418 | ) | ||||||||||||||||||||||||||||
Payment of premiums and costs on extinguished debt | — | — | — | — | — | (15,574 | ) | — | 15,574 | |||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities and other items | (6,916 | ) | (17,275 | ) | 10,359 | (34,454 | ) | 6,306 | (13,160 | ) | (40,760 | ) | 19,466 | |||||||||||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 16,397 | $ | (2,002 | ) | $ | 18,399 | $ | 415 | $ | 31,882 | $ | (4,680 | ) | $ | (31,467 | ) | $ | 36,562 |
| | | | Six months ended December 31, | | | $ Change | | | Year ended June 30, | | | $ Change | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013/ | �� | | 2013/ | | | 2012/ | | |||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2013 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | | | | $ | 43,908 | | | | | $ | 36,683 | | | | | $ | 7,225 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | | | $ | 57,932 | | | | | $ | 8,902 | | | | | $ | 8,920 | | | ||||||||
| Interest paid | | | | | (16,760 | ) | | | | | | (16,578 | ) | | | | | | (182 | ) | | | | | | (33,824 | ) | | | | | | (34,059 | ) | | | | | | (30,079 | ) | | | | | | 235 | | | | | | (3,980 | ) | | | |
| Income taxes paid | | | | | (3,835 | ) | | | | | | (4,832 | ) | | | | | | 997 | | | | | | (7,061 | ) | | | | | | (7,217 | ) | | | | | | (3,799 | ) | | | | | | 156 | | | | | | (3,418 | ) | | | ||
| Payment of premiums and costs on extinguished debt | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,574 | ) | | | | | | — | | | | | | 15,574 | | | |||||||
| Changes in operating assets and liabilities and other items | | | | | (6,916 | ) | | | | | | (17,275 | ) | | | | | | 10,359 | | | | | | (34,454 | ) | | | | | | 6,306 | | | | | | (13,160 | ) | | | | | | (40,760 | ) | | | | | | 19,466 | | | |||
| Net cash provided (used) by operating activities | | | | $ | 16,397 | | | | | $ | (2,002 | ) | | | | | $ | 18,399 | | | | | $ | 415 | | | | | $ | 31,882 | | | | | $ | (4,680 | ) | | | | | $ | (31,467 | ) | | | | | $ | 36,562 | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2013 | As of June 30, | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | 2013 | 2012 | |||||||||||||||
Cash and cash equivalents | $ | 30,474 | $ | 27,369 | $ | 53,900 | |||||||||||
Working capital | 159,421 | 153,677 | 127,472 | ||||||||||||||
Ratio of current assets to current liabilities | 2.42:1 | 2.33:1 | 2.06:1 |
| | | | As of December 31, 2013 | | | As of June 30, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | | | 2013 | | | 2012 | | |||||||||||||||
| Cash and cash equivalents | | | | $ | 30,474 | | | | | $ | 27,369 | | | | | $ | 53,900 | | | |||
| Working capital | | | | | 159,421 | | | | | | 153,677 | | | | | | 127,472 | | | |||
| Ratio of current assets to current liabilities | | | | | 2.42:1 | | | | | | 2.33:1 | | | | | | 2.06:1 | | | |||
| | | | | | | | | | | |
(in thousands) | As of December 31, 2013 | As of June 30, | % Change | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | ||||||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||||
Accounts receivable – trade | $ | 103,253 | $ | 99,137 | $ | 99,140 | (0 | )% | ||||||||||||||
DSO | 54 | 54 | 53 | 2 | % |
| (in thousands) | | | As of December 31, 2013 | | | As of June 30, | | | % Change | | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013/ | | ||||||||||||||||||||||||||||
| 2013 | | | 2012 | | | 2012 | | ||||||||||||||||||||||
| Accounts receivable – trade | | | | $ | 103,253 | | | | | $ | 99,137 | | | | | $ | 99,140 | | | | | | (0 | )% | | | |||
| DSO | | | | | 54 | | | | | | 54 | | | | | | 53 | | | | | | 2 | % | | | |||
| | | | | | | | | | | | | | |
(in thousands) | As of December 31, 2013 | As of June 30, | % Change | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013/ | ||||||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||||
Inventories | $ | 140,445 | $ | 140,032 | $ | 120,123 | 17 | % |
| (in thousands) | | | As of December 31, 2013 | | | As of June 30, | | | % Change | | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013/ | | ||||||||||||||||||||||||||||
| 2013 | | | 2012 | | | 2012 | | ||||||||||||||||||||||
| Inventories | | | | $ | 140,445 | | | | | $ | 140,032 | | | | | $ | 120,123 | | | | | | 17 | % | | | |||
| | | | | | | | | | | | | | |
Years | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | Within 1 | Over 1 to 3 | Over 3 to 5 | Over 5 | Total | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Long-term debt (including current portion) | $ | 64 | $ | 10,068 | $ | 24,000 | $ | 300,000 | $ | 334,132 | |||||||||||||||||
Domestic senior credit facility | — | — | 34,000 | — | 34,000 | ||||||||||||||||||||||
Interest payments | 32,984 | 63,668 | 59,376 | — | 156,028 | ||||||||||||||||||||||
Lease commitments | 2,930 | 4,028 | 3,317 | 5,046 | 15,321 | ||||||||||||||||||||||
Deferred consideration on acquisition | 1,400 | 2,856 | 1,490 | 670 | 6,416 | ||||||||||||||||||||||
Total contractual obligations | $ | 37,378 | $ | 80,620 | $ | 122,183 | $ | 305,716 | $ | 545,897 |
| | | | Years | | | | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | | | Within 1 | | | Over 1 to 3 | | | Over 3 to 5 | | | Over 5 | | | Total | | ||||||||||||||||||||
| | | | (in thousands) | | ||||||||||||||||||||||||||||||||
| Long-term debt (including current portion) | | | | $ | 64 | | | | | $ | 10,068 | | | | | $ | 24,000 | | | | | $ | 300,000 | | | | | $ | 334,132 | | | |||||
| Domestic senior credit facility | | | | | — | | | | | | — | | | | | | 34,000 | | | | | | — | | | | | | 34,000 | | | |||||
| Interest payments | | | | | 32,984 | | | | | | 63,668 | | | | | | 59,376 | | | | | | — | | | | | | 156,028 | | | |||||
| Lease commitments | | | | | 2,930 | | | | | | 4,028 | | | | | | 3,317 | | | | | | 5,046 | | | | | | 15,321 | | | |||||
| Deferred consideration on acquisition | | | | | 1,400 | | | | | | 2,856 | | | | | | 1,490 | | | | | | 670 | | | | | | 6,416 | | | |||||
| Total contractual obligations | | | | $ | 37,378 | | | | | $ | 80,620 | | | | | $ | 122,183 | | | | | $ | 305,716 | | | | | $ | 545,897 | | | |||||
| | | | | | | | | | | | | | | | | |
| Year | | | Event(s) | |
---|---|---|---|---|---|
| 1946 | | | Philipp Brothers Chemicals, Inc. (“PBC”) was spun off from its parent company Philipp Brothers Incorporated. | |
| 1974 | | | PBC acquired an Israeli vitamin mixer. | |
| 1980 | | | PBC acquired Prince Agri Products mineral nutrition business. | |
| 1980 | | | PBC began manufacturing nicarbazin in Israel. | |
| 1994 | | | PBC began manufacturing amprolium in Israel. | |
| 2000 | | | PBC acquired Pfizer’s medicated feed additive business. | |
| 2003 | | | PBC changed its name to Phibro Animal Health Corporation (“PAHC”). | |
| 2009 | | | PAHC acquired Abic vaccines and pharma business. | |
| 2009 | | | PAHC acquired the Baltzell mineral nutrition business. | |
| 2011 | | | PAHC acquired rights to Animate® nutritional specialty product. | |
| 2012 | | | PAHC acquired U.S. ANADA applications/registrations for lincomycin, sulfadimethoxine, tiamulin and amprolium water soluble powders. | |
| 2012 | | | PAHC entered into a co-exclusive long-term license agreement for our proprietary vaccine delivery technology with a major global animal health company. | |
| 2012 | | | PAHC acquired OGR including OmniGen patents, related intellectual property, R&D facilities and organization. | |
| 2013 | | | PAHC entered into an agreement with Epitopix for the exclusive distribution of its autogenous vaccines for chickens which contain their proprietary SRP technology. | |
| 2014 | | | PAHC acquired the aquaculture business of AquaVet, a leading aquaculture veterinary consulting and contract research firm based in Israel. | |
| | | |
| Brand | | | Active Ingredient | | | Market Entry of Active Ingredient | | | Description | |
---|---|---|---|---|---|---|---|---|---|---|---|
| Terramycin®/ TM-50®/TM-100™ | | | oxytetracycline | | | 1951 | | | Antibacterial with multiple applications for a wide number of species. | |
| Neo-Terramycin®/ Neo-TM™ | | | oxytetracycline + neomycin | | | 1999 | | | Antibacterial with multiple applications for a wide number of species. | |
| Nicarb® | | | nicarbazin | | | 1954 | | | Anticoccidial for poultry | |
| Amprolium | | | amprolium | | | 1960 | | | Anticoccidial for poultry and cattle | |
| Bloat Guard® | | | poloxalene | | | 1967 | | | Anti-bloat treatment for cattle | |
| Banminth® | | | pyrantel tartrate | | | 1972 | | | Anthelmintic for livestock | |
| Mecadox® | | | carbadox | | | 1972 | | | Antibacterial for swine to control salmonellosis and dysentery | |
| Stafac®/Eskalin™/ V-Max® | | | virginiamycin | | 1975 | | | Antibacterial used to prevent and control diseases in poultry, swine and cattle | | |
| Coxistac™ /Posistac™ | | | salinomycin | | | 1979 | | | Anticoccidial for poultry and cattle; disease preventative in swine | |
| Rumatel® | | | morantel tartrate | | | 1981 | | | Anthelmintic for livestock | |
| Cerditac™ /Cerdimix™ | | | oxibendazole | | | 1982 | | | Anthelmintic for livestock | |
| Aviax®/ Aviax II™ | | | semduramicin, | | | 1995 | | | Anticoccidial for poultry | |
| Aviax Plus™ | | | semduramicin + nicarbazin | | | 2010 | | | Anticoccidial for poultry | |
| | | | | | | |
| Brand | | | Market Entry | | | Description | |
---|---|---|---|---|---|---|---|---|
| AB20® | | | 1989 | | | Natural flow agent that improves overall feed quality and effectiveness | |
| Chromax® | | | 1992 | | | Source of organic chromium used to optimize swine production through reproductive efficiency | |
| Biosaf® | | | 1997 | | | Heat stable live-cell yeast that optimize production efficiency | |
| Procreatin 7® | | | 1997 | | | Live-cell yeast product for ruminant nutrition | |
| Animate® | | | 1999 | | | Maintains proper blood calcium levels in dairy cows during critical parturition period | |
| Safmannan® | | | 2000 | | | Yeast cell wall components that optimize production efficiency | |
| | | | | |
| Brand | | | Market Entry | | | Description | |
---|---|---|---|---|---|---|---|---|
| OmniGen-AF® | | | 2004 | | | Optimizes immune status in dairy cows | |
NutrafitoPlus™ | | | 2011 | | | Proprietary blend that enhances absorption and utilization of nutrients for poultry, swine, ruminant and aquatic feeds | | |
| Provia 6086™ | | | 2013 | | | Direct fed microbial for all classes of livestock | |
| | | | | |
| Business Segment(s) | | | Location | | | Owned/Leased | | | Purpose(s) | |
---|---|---|---|---|---|---|---|---|---|---|---|
| Animal Health | | | Beit Shemesh, Israel | | | Land lease | | | Manufacturing and Research | |
| Animal Health | | | Braganca Paulista, Brazil | | | Owned | | | Manufacturing and Administrative | |
| Animal Health | | | Corvallis, Oregon | | | Owned | | | Research | |
| Animal Health | | | Guarulhos, Brazil | | | Owned | | | Manufacturing, Sales, Premixing, Research and Administrative | |
| Animal Health | | | Hannibal, Missouri | | | Land lease | | | Manufacturing | |
| Animal Health | | | Manhattan, Kansas | | | Leased | | | Research | |
| Animal Health | | | Naot Hovav, Israel | | | Land lease | | | Manufacturing and Research | |
| Mineral Nutrition | | | Omaha, Nebraska | | | Owned | | | Manufacturing and Premixing | |
| Animal Health | | | Petach Tikva, Israel | | | Owned | | | Manufacturing and Premixing | |
| Animal Health and Mineral Nutrition | | | Quincy, Illinois | | | Owned | | | Manufacturing, Sales, Premixing, Research and Administrative | |
| Performance Products | | | Santa Fe Springs, California | | | Owned | | | Manufacturing | |
| Animal Health | | | St. Paul, Minnesota | | | Leased | | | Research | |
| Corporate | | | Teaneck, New Jersey | | | Leased | | | Corporate and Administrative | |
| | | | | | | |
| Name | | | Age | | | Position | |
---|---|---|---|---|---|---|---|---|
| Jack C. Bendheim | | | 67 | | | Chairman of the Board of Directors, President and Chief Executive Officer | |
| Gerald K. Carlson | | | 70 | | | Director and Chief Operating Officer | |
| Richard G. Johnson | | | 64 | | | Chief Financial Officer | |
| Daniel M. Bendheim | | | 42 | | | Director and Executive Vice President, Corporate Strategy | |
| Thomas G. Dagger | | | 55 | | | Senior Vice President, General Counsel and Corporate Secretary | |
| Larry L. Miller | | | 50 | | | President, Animal Health | |
| David C. Storbeck | | | 59 | | | Vice President Finance and Treasurer | |
| Dean J. Warras | | | | | President, Prince Agri Products | | |
| Daniel A. Welch | | | | Senior Vice President, Human Resources | | ||
| E. Thomas Corcoran | | | 66 | | | Director | |
| Sam Gejdenson | | | 65 | | | Director | |
| Ken Hanau | | | 48 | | | Director | |
| Mary Lou Malanoski | | | 57 | | | Director | |
| Carol A. Wrenn | | | 53 | | | Director | |
| | | | | |
Name and principal position(1) | Year | Salary(2) | Bonus Program | Option Awards(3) | Change in pension value and Nonqualified Deferred Compensation Earnings | All Other Compensation(4) | Total | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jack C. Bendheim Chairman of the Board; President | 2013 | $ | 1,854,000 | $ | 630,900 | $ | — | $ | 34,141 | $ | 182,108 | $ | 2,701,149 | ||||||||||||||||||||||||
2012 | 1,800,000 | 622,500 | — | 277,528 | 210,272 | 2,910,300 | |||||||||||||||||||||||||||||||
Gerald K. Carlson Chief Executive Officer | 2013 | 566,500 | 347,000 | 82,091 | 26,135 | 40,093 | 1,061,819 | ||||||||||||||||||||||||||||||
2012 | 550,000 | 342,400 | — | 99,468 | 37,909 | 1,029,777 | |||||||||||||||||||||||||||||||
Larry L. Miller President, Animal Health | 2013 | 425,000 | 260,900 | 62,083 | 16,450 | 18,986 | 783,419 | ||||||||||||||||||||||||||||||
2012 | 400,000 | 285,900 | 140,903 | 36,397 | 18,205 | 881,405 |
| Name and principal position(1) | | | Year | | | Salary(2) | | | Bonus Program | | | Option Awards(3) | | | Change in pension value and Nonqualified Deferred Compensation Earnings | | | All Other Compensation(4) | | | Total | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jack C. Bendheim Chairman of the Board; President | | | | | 2013 | | | | | $ | 1,854,000 | | | | | $ | 630,900 | | | | | $ | — | | | | | $ | 34,141 | | | | | $ | 182,108 | | | | | $ | 2,701,149 | | | |||||||
| | | 2012 | | | | | | 1,800,000 | | | | | | 622,500 | | | | | | — | | | | | | 277,528 | | | | | | 210,272 | | | | | | 2,910,300 | | | ||||||||||
| Gerald K. Carlson Chief Executive Officer | | | | | 2013 | | | | | | 566,500 | | | | | | 347,000 | | | | | | 82,091 | | | | | | 26,135 | | | | | | 40,093 | | | | | | 1,061,819 | | | |||||||
| | | 2012 | | | | | | 550,000 | | | | | | 342,400 | | | | | | — | | | | | | 99,468 | | | | | | 37,909 | | | | | | 1,029,777 | | | ||||||||||
| Larry L. Miller President, Animal Health | | | | | 2013 | | | | | | 425,000 | | | | | | 260,900 | | | | | | 62,083 | | | | | | 16,450 | | | | | | 18,986 | | | | | | 783,419 | | | |||||||
| | | 2012 | | | | | | 400,000 | | | | | | 285,900 | | | | | | 140,903 | | | | | | 36,397 | | | | | | 18,205 | | | | | | 881,405 | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Name | Year | Commuting(1) | Housing Allowance(2) | 401(k) Plan Company Match(3) | Other(4) | Total | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jack C. Bendheim | 2013 | $ | — | $ | — | $ | — | $ | 182,108 | $ | 182,108 | |||||||||||||||||||||
2012 | — | — | — | 210,272 | 210,272 | |||||||||||||||||||||||||||
Gerald K. Carlson | 2013 | — | 24,000 | 9,100 | 6,993 | 40,093 | ||||||||||||||||||||||||||
2012 | — | 24,000 | 8,575 | 5,334 | 37,909 | |||||||||||||||||||||||||||
Larry L. Miller | 2013 | 9,000 | — | 9,188 | 798 | 18,986 | ||||||||||||||||||||||||||
2012 | 9,000 | — | 8,575 | 630 | 18,205 |
| Name | | | Year | | | Commuting(1) | | | Housing Allowance(2) | | | 401(k) Plan Company Match(3) | | | Other(4) | | | Total | | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jack C. Bendheim | | | | | 2013 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 182,108 | | | | | $ | 182,108 | | | ||||||
| | | | | | 2012 | | | | | | — | | | | | | — | | | | | | — | | | | | | 210,272 | | | | | | 210,272 | | | ||||||
| Gerald K. Carlson | | | | | 2013 | | | | | | — | | | | | | 24,000 | | | | | | 9,100 | | | | | | 6,993 | | | | | | 40,093 | | | ||||||
| | | | | | 2012 | | | | | | — | | | | | | 24,000 | | | | | | 8,575 | | | | | | 5,334 | | | | | | 37,909 | | | ||||||
| Larry L. Miller | | | | | 2013 | | | | | | 9,000 | | | | | | — | | | | | | 9,188 | | | | | | 798 | | | | | | 18,986 | | | ||||||
| | | | | | 2012 | | | | | | 9,000 | | | | | | — | | | | | | 8,575 | | | | | | 630 | | | | | | 18,205 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
Name | Number of Securities Underlying Unexercised options (exerciseable) | Number of Securities Underlying Unexercised options (unexerciseable) | Option Exercise Price | Option Expiration Date | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jack Bendheim(1) | — | — | — | — | ||||||||||||||||
Gerald Carlson | 525,000 | 175,000 | $ | 5.23 | February 28, 2019 | |||||||||||||||
Larry Miller(2) | 937,500 | 312,500 | $ | 5.23 | February 28, 2019 |
| Name | | | Number of Securities Underlying Unexercised options (exerciseable) | | | Number of Securities Underlying Unexercised options (unexerciseable) | | | Option Exercise Price | | | Option Expiration Date | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jack Bendheim(1) | | | | | — | | | | | | — | | | | | | — | | | | — | | |||
| Gerald Carlson | | | | | 232,050 | | | | | | 77,350 | | | | | $ | 11.83 | | | | February 28, 2019 | | |||
| Larry Miller(2) | | | | | 414,375 | | | | | | 138,125 | | | | | $ | 11.83 | | | | February 28, 2019 | | |||
| | | | | | | | | | | | | | |
Name | Executive Contributions in FY 2013 | Company Contributions in FY 2013 | Aggregate Earnings in FY 2013 | Balance at June 30, 2013 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jack C. Bendheim | $ | — | $ | — | $ | 26,596 | $ | 708,673 |
| Name | | | Executive Contributions in FY 2013 | | | Company Contributions in FY 2013 | | | Aggregate Earnings in FY 2013 | | | Balance at June 30, 2013 | | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jack C. Bendheim | | | | $ | — | | | | | $ | — | | | | | $ | 26,596 | | | | | $ | 708,673 | | | ||||
| | | | | | | | | | | | | | |
| | | | Common stock owned before the offering | | | Percentage of voting power prior to this offering | | | Common stock owned after the offering (no option exercise) | | | Percentage of voting power after this offering(14) | | | Common stock owned after the offering (full option exercise) | | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name and Address of Beneficial Owner(1) | | | Number | | | Percentage | | | Number | | | Percentage | | | Number | | | Percentage | | | Percentage of voting power after this offering(15) | | ||||||||||||||||||||||||||||||||||||||||||
| Principal and Selling Stockholders: | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BFI(2) | | | | | 21,735,350 | | | | | | 67.2 | % | | | | | | 95.3 | % | | | | | | 21,735,350 | | | | | | 54.8 | % | | | | | | 92.4 | % | | | | | | 21,735,350 | | | | | | 54.8 | % | | | | | | 92.4 | % | | | |||
| Mayflower(3) | | | | | 9,109,620 | | | | | | 28.2 | % | | | | | | 4.0 | % | | | | | | 4,697,561 | | | | | | 11.8 | % | | | | | | 2.0 | % | | | | | | 2,932,811 | | | | | | 7.4 | % | | | | | | 1.2 | % | | | |||
| Executive Officers and Directors: | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jack C. Bendheim(2)(3) | | | | | 21,735,350 | | | | | | 67.2 | % | | | | | | 95.3 | % | | | | | | 21,735,350 | | | | | | 54.8 | % | | | | | | 92.4 | % | | | | | | 21,735,350 | | | | | | 54.8 | % | | | | | | 92.4 | % | | | |||
| Gerald K. Carlson(4) | | | | | 309,400 | | | | | | * | | | | | | * | | | | | | 309,400 | | | | | | * | | | | | | * | | | | | | 309,400 | | | | | | * | | | | | | * | | | |||||||||
| Richard G. Johnson(5) | | | | | 132,600 | | | | | | * | | | | | | * | | | | | | 132,600 | | | | | | * | | | | | | * | | | | | | 132,600 | | | | | | * | | | | | | * | | | |||||||||
| Daniel M. Bendheim(6) | | | | | 79,560 | | | | | | * | | | | | | * | | | | | | 79,560 | | | | | | * | | | | | | * | | | | | | 79,560 | | | | | | * | | | | | | * | | | |||||||||
| Thomas G. Dagger(7) | | | | | 44,200 | | | | | | * | | | | | | * | | | | | | 44,200 | | | | | | * | | | | | | * | | | | | | 44,200 | | | | | | * | | | | | | * | | | |||||||||
| Larry L. Miller(8) | | | | | 552,500 | | | | | | 1.7 | % | | | | | | * | | | | | | 552,500 | | | | | | 1.4 | % | | | | | | * | | | | | | 552,500 | | | | | | 1.4 | % | | | | | | * | | | ||||||
| David Storbeck | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||||||
| Dean Warras(9) | | | | | 79,560 | | | | | | * | | | | | | * | | | | | | 79,560 | | | | | | * | | | | | | * | | | | | | 79,560 | | | | | | * | | | | | | * | | | |||||||||
| Daniel A. Welch(10) | | | | | 44,200 | | | | | | * | | | | | | * | | | | | | 44,200 | | | | | | * | | | | | | * | | | | | | 44,200 | | | | | | * | | | | | | — | | | |||||||||
| E. Thomas Corcoran | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||||||
| Sam Gejdenson | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||||||
| Ken Hanau(11) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||||||
| Mary Lou Malanoski | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||||||
| Carol A. Wrenn | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||||||
| Executive Officers and Directors as a Group (14 persons)(12)(13) | | | | | 22,977,370 | | | | | | 71.0 | % | | | | | | 95.9 | % | | | | | | 22,977,370 | | | | | | 57.9 | % | | | | | | 92.9 | % | | | | | | 22,977,370 | | | | | | 57.9 | % | | | | | | 92.9 | % | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2013 | As of June 30, | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | 2013 | 2012 | |||||||||||||||
Senior Notes due July 1, 2018 | $ | 300,000 | $ | 300,000 | $ | 300,000 | |||||||||||
Term loan payable to Mayflower due December 31, 2016 | 24,000 | 24,000 | 24,000 | ||||||||||||||
Term loan payable to BFI due August 1, 2014 | 10,000 | 10,000 | 10,000 | ||||||||||||||
Term note payable to Teva due annually through January 29, 2013 | — | — | 5,500 | ||||||||||||||
Capitalized lease obligations | 93 | 132 | 209 | ||||||||||||||
334,093 | 334,132 | 339,709 | |||||||||||||||
Unamortized imputed interest and debt discount | (2,272 | ) | (2,528 | ) | (3,588 | ) | |||||||||||
331,821 | 331,604 | 336,121 | |||||||||||||||
Less: current maturities | (9,994 | ) | (64 | ) | (5,350 | ) | |||||||||||
$ | 321,827 | $ | 331,540 | $ | 330,771 |
| | | | As of December 31, 2013 | | | As of June 30, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | | | 2013 | | | 2012 | | |||||||||||||||
| Senior Notes due July 1, 2018 | | | | $ | 300,000 | | | | | $ | 300,000 | | | | | $ | 300,000 | | | |||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 24,000 | | | | | | 24,000 | | | | | | 24,000 | | | |||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,000 | | | | | | 10,000 | | | | | | 10,000 | | | |||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | — | | | | | | 5,500 | | | |||
| Capitalized lease obligations | | | | | 93 | | | | | | 132 | | | | | | 209 | | | |||
| | | | | | 334,093 | | | | | | 334,132 | | | | | | 339,709 | | | |||
| Unamortized imputed interest and debt discount | | | | | (2,272 | ) | | | | | | (2,528 | ) | | | | | | (3,588 | ) | | |
| | | | | | 331,821 | | | | | | 331,604 | | | | | | 336,121 | | | |||
| Less: current maturities | | | | | (9,994 | ) | | | | | | (64 | ) | | | | | | (5,350 | ) | | |
| | | | | $ | 321,827 | | | | | $ | 331,540 | | | | | $ | 330,771 | | | |||
| | | | | | | | | | | |
(in thousands) | |||||||
---|---|---|---|---|---|---|---|
For the Years Ended June 30, | |||||||
2014 | $ | 64 | |||||
2015 | 10,058 | ||||||
2016 | 10 | ||||||
2017 | 24,000 | ||||||
Thereafter | 300,000 | ||||||
Total | $ | 334,132 |
| (in thousands) | | | | |||||
---|---|---|---|---|---|---|---|---|---|
| For the Years Ended June 30, | | | | |||||
| 2014 | | | | $ | 64 | | | |
| 2015 | | | | | 10,058 | | | |
| 2016 | | | | | 10 | | | |
| 2017 | | | | | 24,000 | | | |
| Thereafter | | | | | 300,000 | | | |
| Total | | | | $ | 334,132 | | | |
| | | | | |
| Underwriter | | | Number of Shares | | ||||
---|---|---|---|---|---|---|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | | | | | | | | |
| Morgan Stanley & Co. LLC | | | | | | | | |
| Barclays Capital Inc. | | | | | | | | |
| Guggenheim Securities, LLC | | | | | | | | |
| Macquarie Capital (USA) Inc. | | | | | | | | |
| Cantor Fitzgerald & Co. | | | | | | | | |
| Total | | | | | 11,765,000 | | | |
| | | | |
| | | | Per Share | | | Without Option | | | With Option | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public offering price | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Underwriting discount | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Proceeds, before expenses, to us | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Proceeds, before expenses, to the selling stockholder | | | | $ | | | | | $ | | | | | $ | | | | |||||
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For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands, except per share) | |||||||||||||||||
Net sales | $ | 653,151 | $ | 654,101 | $ | 618,333 | |||||||||||
Cost of goods sold | 474,187 | 489,962 | 471,668 | ||||||||||||||
Gross profit | 178,964 | 164,139 | 146,665 | ||||||||||||||
Selling, general and administrative expenses | 122,233 | 114,814 | 105,429 | ||||||||||||||
Operating income | 56,731 | 49,325 | 41,236 | ||||||||||||||
Interest expense | 31,383 | 31,436 | 30,369 | ||||||||||||||
Interest expense, shareholders | 4,388 | 4,264 | 4,226 | ||||||||||||||
Interest (income) | (142 | ) | (281 | ) | (307 | ) | |||||||||||
Foreign currency (gains) losses, net | 3,103 | 1,192 | (5,758 | ) | |||||||||||||
Other (income) expense, net | 151 | (400 | ) | 593 | |||||||||||||
Loss on extinguishment of debt | — | — | 20,002 | ||||||||||||||
Income (loss) before income taxes | 17,848 | 13,114 | (7,889 | ) | |||||||||||||
Provision (benefit) for income taxes | (7,043 | ) | 6,138 | 5,033 | |||||||||||||
Net income (loss) | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | ||||||||||
�� | Other comprehensive income (loss): | ||||||||||||||||
Fair value of derivative instruments | $ | (222 | ) | $ | (841 | ) | $ | 58 | |||||||||
Foreign currency translation adjustment | (5,968 | ) | (15,077 | ) | 2,940 | ||||||||||||
Unrecognized net pension gains (losses) | 5,390 | (10,413 | ) | 1,014 | |||||||||||||
Tax (provision) benefit on other comprehensive income (loss) | (2,016 | ) | — | (358 | ) | ||||||||||||
Other comprehensive income (loss) | $ | (2,816 | ) | $ | (26,331 | ) | $ | 3,654 | |||||||||
Comprehensive income (loss) | $ | 22,075 | $ | (19,355 | ) | $ | (9,268 | ) | |||||||||
Net income (loss) per share—basic and diluted | $ | 0.36 | $ | 0.10 | $ | (0.19 | ) | ||||||||||
Weighted average number of shares—basic and diluted | 68,910 | 68,910 | 68,910 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands, except per share) | | ||||||||||||||||||
| Net sales | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | |||
| Cost of goods sold | | | | | 474,187 | | | | | | 489,962 | | | | | | 471,668 | | | |||
| Gross profit | | | | | 178,964 | | | | | | 164,139 | | | | | | 146,665 | | | |||
| Selling, general and administrative expenses | | | | | 122,233 | | | | | | 114,814 | | | | | | 105,429 | | | |||
| Operating income | | | | | 56,731 | | | | | | 49,325 | | | | | | 41,236 | | | |||
| Interest expense | | | | | 31,383 | | | | | | 31,436 | | | | | | 30,369 | | | |||
| Interest expense, shareholders | | | | | 4,388 | | | | | | 4,264 | | | | | | 4,226 | | | |||
| Interest (income) | | | | | (142 | ) | | | | | | (281 | ) | | | | | | (307 | ) | | |
| Foreign currency (gains) losses, net | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | ||
| Other (income) expense, net | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | ||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 20,002 | | | |||
| Income (loss) before income taxes | | | | | 17,848 | | | | | | 13,114 | | | | | | (7,889 | ) | | | ||
| Provision (benefit) for income taxes | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | ||
| Net income (loss) | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||
| Other comprehensive income (loss): | | |||||||||||||||||||||
| Fair value of derivative instruments | | | | $ | (222 | ) | | | | | $ | (841 | ) | | | | | $ | 58 | | | |
| Foreign currency translation adjustment | | | | | (5,968 | ) | | | | | | (15,077 | ) | | | | | | 2,940 | | | |
| Unrecognized net pension gains (losses) | | | | | 5,390 | | | | | | (10,413 | ) | | | | | | 1,014 | | | ||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | (2,016 | ) | | | | | | — | | | | | | (358 | ) | | | |
| Other comprehensive income (loss) | | | | $ | (2,816 | ) | | | | | $ | (26,331 | ) | | | | | $ | 3,654 | | | |
| Comprehensive income (loss) | | | | $ | 22,075 | | | | | $ | (19,355 | ) | | | | | $ | (9,268 | ) | | | |
| Net income (loss) per share—basic and diluted | | | | $ | 0.36 | | | | | $ | 0.10 | | | | | $ | (0.19 | ) | | | ||
| Weighted average number of shares—basic and diluted | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | |||
| Pro forma net income per share (unaudited)— basic and diluted | | | | $ | 0.82 | | | |||||||||||||||
| Pro forma weighted average number of shares (unaudited)—basic and diluted | | | | | 30,458 | | | | | | | | | | | | | | | |||
| | | | | | | | | | | |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 27,369 | $ | 53,900 | ||||||||
Accounts receivable, net | 99,137 | 99,140 | ||||||||||
Inventories | 140,032 | 120,123 | ||||||||||
Prepaid expenses and other current assets | 29,848 | 28,724 | ||||||||||
Total current assets | 296,386 | 301,887 | ||||||||||
Property, plant and equipment, net | 104,422 | 101,661 | ||||||||||
Intangibles, net | 35,155 | 15,049 | ||||||||||
Other assets | 38,179 | 22,311 | ||||||||||
Total assets | $ | 474,142 | $ | 440,908 | ||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||
Current portion of long-term debt | $ | 64 | $ | 5,350 | ||||||||
Accounts payable | 57,902 | 67,932 | ||||||||||
Accrued expenses and other current liabilities | 57,438 | 52,583 | ||||||||||
Total current liabilities | 115,404 | 125,865 | ||||||||||
Domestic senior credit facility | 34,000 | 14,000 | ||||||||||
Long-term debt | 297,666 | 297,305 | ||||||||||
Long-term debt, shareholders | 33,874 | 33,466 | ||||||||||
Other liabilities | 62,136 | 58,500 | ||||||||||
Total liabilities | 543,080 | 529,136 | ||||||||||
Commitments and contingencies | ||||||||||||
Common shares | 7 | 7 | ||||||||||
Paid-in capital | 42,948 | 42,733 | ||||||||||
Accumulated deficit | (94,121 | ) | (116,012 | ) | ||||||||
Accumulated other comprehensive income (loss) | (17,772 | ) | (14,956 | ) | ||||||||
Total shareholders’ deficit | (68,938 | ) | (88,228 | ) | ||||||||
Total liabilities and shareholders’ deficit | $ | 474,142 | $ | 440,908 |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | |||||||||||
| ASSETS | | ||||||||||||||
| Cash and cash equivalents | | | | $ | 27,369 | | | | | $ | 53,900 | | | ||
| Accounts receivable, net | | | | | 99,137 | | | | | | 99,140 | | | ||
| Inventories | | | | | 140,032 | | | | | | 120,123 | | | ||
| Prepaid expenses and other current assets | | | | | 29,848 | | | | | | 28,724 | | | ||
| Total current assets | | | | | 296,386 | | | | | | 301,887 | | | ||
| Property, plant and equipment, net | | | | | 104,422 | | | | | | 101,661 | | | ||
| Intangibles, net | | | | | 35,155 | | | | | | 15,049 | | | ||
| Other assets | | | | | 38,179 | | | | | | 22,311 | | | ||
| Total assets | | | | $ | 474,142 | | | | | $ | 440,908 | | | ||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | | ||||||||||||||
| Current portion of long-term debt | | | | $ | 64 | | | | | $ | 5,350 | | | ||
| Accounts payable | | | | | 57,902 | | | | | | 67,932 | | | ||
| Accrued expenses and other current liabilities | | | | | 57,438 | | | | | | 52,583 | | | ||
| Total current liabilities | | | | | 115,404 | | | | | | 125,865 | | | ||
| Domestic senior credit facility | | | | | 34,000 | | | | | | 14,000 | | | ||
| Long-term debt | | | | | 297,666 | | | | | | 297,305 | | | ||
| Long-term debt, shareholders | | | | | 33,874 | | | | | | 33,466 | | | ||
| Other liabilities | | | | | 62,136 | | | | | | 58,500 | | | ||
| Total liabilities | | | | | 543,080 | | | | | | 529,136 | | | ||
| Commitments and contingencies | | ||||||||||||||
| Common shares | | | | | 7 | | | | | | 7 | | | ||
| Paid-in capital | | | | | 42,948 | | | | | | 42,733 | | | ||
| Accumulated deficit | | | | | (94,121 | ) | | | | | | (116,012 | ) | | |
| Accumulated other comprehensive income (loss) | | | | | (17,772 | ) | | | | | | (14,956 | ) | | |
| Total shareholders’ deficit | | | | | (68,938 | ) | | | | | | (88,228 | ) | | |
| Total liabilities and shareholders’ deficit | | | | $ | 474,142 | | | | | $ | 440,908 | | | ||
| | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | |||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income (loss) | $ | 24,891 | $ | 6,976 | $ | (12,922 | ) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||||||||||||||||
Depreciation and amortization | 19,023 | 17,527 | 16,696 | ||||||||||||||
Amortization of deferred financing costs | 1,366 | 1,418 | 1,405 | ||||||||||||||
Amortization of imputed interest and debt discount | 560 | 327 | 428 | ||||||||||||||
Deferred income taxes | (12,035 | ) | (2,392 | ) | 653 | ||||||||||||
Foreign currency (gains) losses, net | 2,887 | 3,414 | (7,568 | ) | |||||||||||||
Other | (1,438 | ) | (482 | ) | 1,168 | ||||||||||||
Loss on extinguishment of debt | — | — | 20,002 | ||||||||||||||
Payments of premiums and costs on extinguished debt | — | — | (15,574 | ) | |||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (729 | ) | (3,775 | ) | (4,586 | ) | |||||||||||
Inventories | (25,106 | ) | (745 | ) | (8,677 | ) | |||||||||||
Prepaid expenses and other current assets | (7,548 | ) | (3,407 | ) | 4,727 | ||||||||||||
Other assets | (363 | ) | (5,792 | ) | 496 | ||||||||||||
Accounts payable | (6,601 | ) | 6,410 | 1,147 | |||||||||||||
Accrued expenses and other liabilities | 5,508 | 12,403 | (2,075 | ) | |||||||||||||
Net cash provided (used) by operating activities | 415 | 31,882 | (4,680 | ) | |||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Capital expenditures | (19,947 | ) | (14,824 | ) | (21,635 | ) | |||||||||||
Business acquisitions | (18,692 | ) | (3,384 | ) | — | ||||||||||||
Sales of assets | 1,303 | 571 | 2,172 | ||||||||||||||
Net cash provided (used) by investing activities | (37,336 | ) | (17,637 | ) | (19,463 | ) | |||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Borrowings under the domestic senior credit facility | 75,000 | 1,000 | 64,362 | ||||||||||||||
Repayments of the domestic senior credit facility | (55,000 | ) | (4,500 | ) | (46,862 | ) | |||||||||||
Proceeds from long-term debt | — | — | 296,795 | ||||||||||||||
Payments of long-term debt and capital leases | (5,201 | ) | (4,718 | ) | (245,971 | ) | |||||||||||
Debt issuance costs | (924 | ) | — | (8,161 | ) | ||||||||||||
Dividends paid to common shareholders | (3,000 | ) | — | (50,000 | ) | ||||||||||||
Net cash provided (used) by financing activities | 10,875 | (8,218 | ) | 10,163 | |||||||||||||
Effect of exchange rate changes on cash | (485 | ) | (725 | ) | (127 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (26,531 | ) | 5,302 | (14,107 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 53,900 | 48,598 | 62,705 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 27,369 | $ | 53,900 | $ | 48,598 | |||||||||||
Supplemental cash flow information | |||||||||||||||||
Interest paid | $ | 33,824 | $ | 34,059 | $ | 30,079 | |||||||||||
Income taxes paid | 7,061 | 7,217 | 3,799 | ||||||||||||||
Non-cash investing and financing activities | |||||||||||||||||
Business acquisitions | $ | 4,550 | $ | 3,000 | $ | — | |||||||||||
Leasehold improvements | — | 1,569 | — | ||||||||||||||
Capital lease additions | 103 | 120 | 102 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | ||||||||||||||||||
| OPERATING ACTIVITIES | | |||||||||||||||||||||
| Net income (loss) | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | | |||||||||||||||||||||
| Depreciation and amortization | | | | | 19,023 | | | | �� | | 17,527 | | | | | | 16,696 | | | |||
| Amortization of deferred financing costs | | | | | 1,366 | | | | | | 1,418 | | | | | | 1,405 | | | |||
| Amortization of imputed interest and debt discount | | | | | 560 | | | | | | 327 | | | | | | 428 | | | |||
| Deferred income taxes | | | | | (12,035 | ) | | | | | | (2,392 | ) | | | | | | 653 | | | |
| Foreign currency (gains) losses, net | | | | | 2,887 | | | | | | 3,414 | | | | | | (7,568 | ) | | | ||
| Other | | | | | (1,438 | ) | | | | | | (482 | ) | | | | | | 1,168 | | | |
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 20,002 | | | |||
| Payments of premiums and costs on extinguished debt | | | | | — | | | | | | — | | | | | | (15,574 | ) | | | ||
| Changes in operating assets and liabilities: | | |||||||||||||||||||||
| Accounts receivable | | | | | (729 | ) | | | | | | (3,775 | ) | | | | | | (4,586 | ) | | |
| Inventories | | | | | (25,106 | ) | | | | | | (745 | ) | | | | | | (8,677 | ) | | |
| Prepaid expenses and other current assets | | | | | (7,548 | ) | | | | | | (3,407 | ) | | | | | | 4,727 | | | |
| Other assets | | | | | (363 | ) | | | | | | (5,792 | ) | | | | | | 496 | | | |
| Accounts payable | | | | | (6,601 | ) | | | | | | 6,410 | | | | | | 1,147 | | | ||
| Accrued expenses and other liabilities | | | | | 5,508 | | | | | | 12,403 | | | | | | (2,075 | ) | | | ||
| Net cash provided (used) by operating activities | | | | | 415 | | | | | | 31,882 | | | | | | (4,680 | ) | | | ||
| INVESTING ACTIVITIES | | |||||||||||||||||||||
| Capital expenditures | | | | | (19,947 | ) | | | | | | (14,824 | ) | | | | | | (21,635 | ) | | |
| Business acquisitions | | | | | (18,692 | ) | | | | | | (3,384 | ) | | | | | | — | | | |
| Sales of assets | | | | | 1,303 | | | | | | 571 | | | | | | 2,172 | | | |||
| Net cash provided (used) by investing activities | | | | | (37,336 | ) | | | | | | (17,637 | ) | | | | | | (19,463 | ) | | |
| FINANCING ACTIVITIES | | |||||||||||||||||||||
| Borrowings under the domestic senior credit facility | | | | | 75,000 | | | | | | 1,000 | | | | | | 64,362 | | | |||
| Repayments of the domestic senior credit facility | | | | | (55,000 | ) | | | | | | (4,500 | ) | | | | | | (46,862 | ) | | |
| Proceeds from long-term debt | | | | | — | | | | | | — | | | | | | 296,795 | | | |||
| Payments of long-term debt and capital leases | | | | | (5,201 | ) | | | | | | (4,718 | ) | | | | | | (245,971 | ) | | |
| Debt issuance costs | | | | | (924 | ) | | | | | | — | | | | | | (8,161 | ) | | | |
| Dividends paid to common shareholders | | | | | (3,000 | ) | | | | | | — | | | | | | (50,000 | ) | | | |
| Net cash provided (used) by financing activities | | | | | 10,875 | | | | | | (8,218 | ) | | | | | | 10,163 | | | ||
| Effect of exchange rate changes on cash | | | | | (485 | ) | | | | | | (725 | ) | | | | | | (127 | ) | | |
| Net increase (decrease) in cash and cash equivalents | | | | | (26,531 | ) | | | | | | 5,302 | | | | | | (14,107 | ) | | | |
| Cash and cash equivalents at beginning of period | | | | | 53,900 | | | | | | 48,598 | | | | | | 62,705 | | | |||
| Cash and cash equivalents at end of period | | | | $ | 27,369 | | | | | $ | 53,900 | | | | | $ | 48,598 | | | |||
| Supplemental cash flow information | | |||||||||||||||||||||
| Interest paid | | | | $ | 33,824 | | | | | $ | 34,059 | | | | | $ | 30,079 | | | |||
| Income taxes paid | | | | | 7,061 | | | | | | 7,217 | | | | | | 3,799 | | | |||
| Non-cash investing and financing activities | | |||||||||||||||||||||
| Business acquisitions | | | | $ | 4,550 | | | | | $ | 3,000 | | | | | $ | — | | | |||
| Leasehold improvements | | | | | — | | | | | | 1,569 | | | | | | — | | | |||
| Capital lease additions | | | | | 103 | | | | | | 120 | | | | | | 102 | | | |||
| | | | | | | | | | | |
Common Shares | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | |||||||||||||||||||||||||||
As of June 30, 2010 | $ | 7 | $ | 42,134 | $ | (60,066 | ) | $ | 7,721 | $ | (10,204 | ) | |||||||||||||||
Net income (loss) | (12,922 | ) | (12,922 | ) | |||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||
Fair value of derivative instruments | 58 | 58 | |||||||||||||||||||||||||
Foreign currency translation adjustment | 2,940 | 2,940 | |||||||||||||||||||||||||
Unrecognized net pension gains (losses) | 1,014 | 1,014 | |||||||||||||||||||||||||
Tax (provision) benefit on other comprehensive income (loss) | (358 | ) | (358 | ) | |||||||||||||||||||||||
Comprehensive income (loss) | (9,268 | ) | |||||||||||||||||||||||||
Dividend to common shareholders | (50,000 | ) | (50,000 | ) | |||||||||||||||||||||||
Share-based compensation expense | 404 | 404 | |||||||||||||||||||||||||
As of June 30, 2011 | $ | 7 | $ | 42,538 | $ | (122,988 | ) | $ | 11,375 | $ | (69,068 | ) | |||||||||||||||
Net income (loss) | 6,976 | 6,976 | |||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||
Fair value of derivative instruments | (841 | ) | (841 | ) | |||||||||||||||||||||||
Foreign currency translation adjustment | (15,077 | ) | (15,077 | ) | |||||||||||||||||||||||
Unrecognized net pension gains (losses) | (10,413 | ) | (10,413 | ) | |||||||||||||||||||||||
Tax (provision) benefit on other comprehensive income (loss) | — | — | |||||||||||||||||||||||||
Comprehensive income (loss) | (19,355 | ) | |||||||||||||||||||||||||
Share-based compensation expense | 195 | 195 | |||||||||||||||||||||||||
As of June 30, 2012 | $ | 7 | $ | 42,733 | $ | (116,012 | ) | $ | (14,956 | ) | $ | (88,228 | ) | ||||||||||||||
Net income (loss) | 24,891 | 24,891 | |||||||||||||||||||||||||
Other comprehensive income (loss): | �� | ||||||||||||||||||||||||||
Fair value of derivative instruments | (222 | ) | (222 | ) | |||||||||||||||||||||||
Foreign currency translation adjustment | (5,968 | ) | (5,968 | ) | |||||||||||||||||||||||
Unrecognized net pension gains (losses) | 5,390 | 5,390 | |||||||||||||||||||||||||
Tax (provision) benefit on other comprehensive income (loss) | (2,016 | ) | (2,016 | ) | |||||||||||||||||||||||
Comprehensive income (loss) | 22,075 | ||||||||||||||||||||||||||
Dividend to common shareholders | (3,000 | ) | (3,000 | ) | |||||||||||||||||||||||
Share-based compensation expense | 215 | 215 | |||||||||||||||||||||||||
As of June 30, 2013 | $ | 7 | $ | 42,948 | $ | (94,121 | ) | $ | (17,772 | ) | $ | (68,938 | ) |
| | | | Common Shares | | | Paid-in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | ||||||||||||||||||||||||||||||||
| As of June 30, 2010 | | | | $ | 7 | | | | | $ | 42,134 | | | | | $ | (60,066 | ) | | | | | $ | 7,721 | | | | | $ | (10,204 | ) | | | |||
| Net income (loss) | | | | | | | | | | | | | | | | | (12,922 | ) | | | | | | | | | | | | (12,922 | ) | | | |||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | 58 | | | | | | 58 | | | |||||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | 2,940 | | | | | | 2,940 | | | |||||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | 1,014 | | | | | | 1,014 | | | |||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (358 | ) | | | | | | (358 | ) | | | |||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,268 | ) | | | ||||
| Dividend to common shareholders | | | | | | | | | | | | | | | | | (50,000 | ) | | | | | | | | | | | | (50,000 | ) | | | |||
| Share-based compensation expense | | | | | | | | | | | 404 | | | | | | | | | | | | | | | | | | 404 | | | |||||
| As of June 30, 2011 | | | | $ | 7 | | | | | $ | 42,538 | | | | | $ | (122,988 | ) | | | | | $ | 11,375 | | | | | $ | (69,068 | ) | | | |||
| Net income (loss) | | | | | | | | | | | | | | | | | 6,976 | | | | | | | | | | | | 6,976 | | | |||||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | (841 | ) | | | | | | (841 | ) | | | |||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | (15,077 | ) | | | | | | (15,077 | ) | | | |||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | (10,413 | ) | | | | | | (10,413 | ) | | | |||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | |||||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (19,355 | ) | | | ||||
| Share-based compensation expense | | | | | | | | | | | 195 | | | | | | | | | | | | | | | | | | 195 | | | |||||
| As of June 30, 2012 | | | | $ | 7 | | | | | $ | 42,733 | | | | | $ | (116,012 | ) | | | | | $ | (14,956 | ) | | | | | $ | (88,228 | ) | | | ||
| Net income (loss) | | | | | | | | | | | | | | | | | 24,891 | | | | | | | | | | | | 24,891 | | | |||||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | (222 | ) | | | | | | (222 | ) | | | |||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | (5,968 | ) | | | | | | (5,968 | ) | | | |||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | 5,390 | | | | | | 5,390 | | | |||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (2,016 | ) | | | | | | (2,016 | ) | | | |||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,075 | | | |||||
| Dividend to common shareholders | | | | | | | | | | | | | | | | | (3,000 | ) | | | | | | | | | | | | (3,000 | ) | | | |||
| Share-based compensation expense | | | | | | | | | | | 215 | | | | | | | | | | | | | | | | | | 215 | | | |||||
| As of June 30, 2013 | | | | $ | 7 | | | | | $ | 42,948 | | | | | $ | (94,121 | ) | | | | | $ | (17,772 | ) | | | | | $ | (68,938 | ) | | | ||
| | | | | | | | | | | | | | | | | |
| | | | As of December 31, 2013 | | | As of June 30, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | | | 2013 | | | 2012 | | |||||||||||||||
| Senior Notes due July 1, 2018 | | | | $ | 300,000 | | | | | $ | 300,000 | | | | | $ | 300,000 | | | |||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 24,000 | | | | | | 24,000 | | | | | | 24,000 | | | |||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,000 | | | | | | 10,000 | | | | | | 10,000 | | | |||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | — | | | | | | 5,500 | | | |||
| Capitalized lease obligations | | | | | 93 | | | | | | 132 | | | | | | 209 | | | |||
| | | | | | 334,093 | | | | | | 334,132 | | | | | | 339,709 | | | |||
| Unamortized imputed interest and debt discount | | | | | (2,272 | ) | | | | | | (2,528 | ) | | | | | | (3,588 | ) | | |
| | | | | | 331,821 | | | | | | 331,604 | | | | | | 336,121 | | | |||
| Less: current maturities | | | | | (9,994 | ) | | | | | | (64 | ) | | | | | | (5,350 | ) | | |
| | | | | $ | 321,827 | | | | | $ | 331,540 | | | | | $ | 330,771 | | | |||
| | | | | | | | | | | |
| (in thousands) | | | | |||||
---|---|---|---|---|---|---|---|---|---|
| For the Years Ended June 30, | | | | |||||
| 2014 | | | | $ | 64 | | | |
| 2015 | | | | | 10,058 | | | |
| 2016 | | | | | 10 | | | |
| 2017 | | | | | 24,000 | | | |
| Thereafter | | | | | 300,000 | | | |
| Total | | | | $ | 334,132 | | | |
| | | | | |
| Underwriter | | | Number of Shares | | ||||
---|---|---|---|---|---|---|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | | | | | | | | |
| Morgan Stanley & Co. LLC | | | | | | | | |
| Barclays Capital Inc. | | | | | | | | |
| Guggenheim Securities, LLC | | | | | | | | |
| Macquarie Capital (USA) Inc. | | | | | | | | |
| Cantor Fitzgerald & Co. | | | | | | | | |
| Total | | | | | 11,765,000 | | | |
| | | | |
| | | | Per Share | | | Without Option | | | With Option | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public offering price | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Underwriting discount | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Proceeds, before expenses, to us | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Proceeds, before expenses, to the selling stockholder | | | | $ | | | | | $ | | | | | $ | | | | |||||
| | | | | | | | | | |
| | | | | | | |||
| | | | | | | |||
| | | | | | | |||
| | | | | | | |||
| | | | | | | |||
| | | | | | | |||
| | | | | |
| | | | | | | |||
| | | | | | | |||
| | | | | | | |||
| | | | | | | |||
| | | | | | | |||
| | | | | |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands, except per share) | | ||||||||||||||||||
| Net sales | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | |||
| Cost of goods sold | | | | | 474,187 | | | | | | 489,962 | | | | | | 471,668 | | | |||
| Gross profit | | | | | 178,964 | | | | | | 164,139 | | | | | | 146,665 | | | |||
| Selling, general and administrative expenses | | | | | 122,233 | | | | | | 114,814 | | | | | | 105,429 | | | |||
| Operating income | | | | | 56,731 | | | | | | 49,325 | | | | | | 41,236 | | | |||
| Interest expense | | | | | 31,383 | | | | | | 31,436 | | | | | | 30,369 | | | |||
| Interest expense, shareholders | | | | | 4,388 | | | | | | 4,264 | | | | | | 4,226 | | | |||
| Interest (income) | | | | | (142 | ) | | | | | | (281 | ) | | | | | | (307 | ) | | |
| Foreign currency (gains) losses, net | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | ||
| Other (income) expense, net | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | ||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 20,002 | | | |||
| Income (loss) before income taxes | | | | | 17,848 | | | | | | 13,114 | | | | | | (7,889 | ) | | | ||
| Provision (benefit) for income taxes | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | ||
| Net income (loss) | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||
| Other comprehensive income (loss): | | |||||||||||||||||||||
| Fair value of derivative instruments | | | | $ | (222 | ) | | | | | $ | (841 | ) | | | | | $ | 58 | | | |
| Foreign currency translation adjustment | | | | | (5,968 | ) | | | | | | (15,077 | ) | | | | | | 2,940 | | | |
| Unrecognized net pension gains (losses) | | | | | 5,390 | | | | | | (10,413 | ) | | | | | | 1,014 | | | ||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | (2,016 | ) | | | | | | — | | | | | | (358 | ) | | | |
| Other comprehensive income (loss) | | | | $ | (2,816 | ) | | | | | $ | (26,331 | ) | | | | | $ | 3,654 | | | |
| Comprehensive income (loss) | | | | $ | 22,075 | | | | | $ | (19,355 | ) | | | | | $ | (9,268 | ) | | | |
| Net income (loss) per share—basic and diluted | | | | $ | 0.36 | | | | | $ | 0.10 | | | | | $ | (0.19 | ) | | | ||
| Weighted average number of shares—basic and diluted | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | |||
| Pro forma net income per share (unaudited)— basic and diluted | | | | $ | 0.82 | | | |||||||||||||||
| Pro forma weighted average number of shares (unaudited)—basic and diluted | | | | | 30,458 | | | | | | | | | | | | | | | |||
| | | | | | | | | | | |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | |||||||||||
| ASSETS | | ||||||||||||||
| Cash and cash equivalents | | | | $ | 27,369 | | | | | $ | 53,900 | | | ||
| Accounts receivable, net | | | | | 99,137 | | | | | | 99,140 | | | ||
| Inventories | | | | | 140,032 | | | | | | 120,123 | | | ||
| Prepaid expenses and other current assets | | | | | 29,848 | | | | | | 28,724 | | | ||
| Total current assets | | | | | 296,386 | | | | | | 301,887 | | | ||
| Property, plant and equipment, net | | | | | 104,422 | | | | | | 101,661 | | | ||
| Intangibles, net | | | | | 35,155 | | | | | | 15,049 | | | ||
| Other assets | | | | | 38,179 | | | | | | 22,311 | | | ||
| Total assets | | | | $ | 474,142 | | | | | $ | 440,908 | | | ||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | | ||||||||||||||
| Current portion of long-term debt | | | | $ | 64 | | | | | $ | 5,350 | | | ||
| Accounts payable | | | | | 57,902 | | | | | | 67,932 | | | ||
| Accrued expenses and other current liabilities | | | | | 57,438 | | | | | | 52,583 | | | ||
| Total current liabilities | | | | | 115,404 | | | | | | 125,865 | | | ||
| Domestic senior credit facility | | | | | 34,000 | | | | | | 14,000 | | | ||
| Long-term debt | | | | | 297,666 | | | | | | 297,305 | | | ||
| Long-term debt, shareholders | | | | | 33,874 | | | | | | 33,466 | | | ||
| Other liabilities | | | | | 62,136 | | | | | | 58,500 | | | ||
| Total liabilities | | | | | 543,080 | | | | | | 529,136 | | | ||
| Commitments and contingencies | | ||||||||||||||
| Common shares | | | | | 7 | | | | | | 7 | | | ||
| Paid-in capital | | | | | 42,948 | | | | | | 42,733 | | | ||
| Accumulated deficit | | | | | (94,121 | ) | | | | | | (116,012 | ) | | |
| Accumulated other comprehensive income (loss) | | | | | (17,772 | ) | | | | | | (14,956 | ) | | |
| Total shareholders’ deficit | | | | | (68,938 | ) | | | | | | (88,228 | ) | | |
| Total liabilities and shareholders’ deficit | | | | $ | 474,142 | | | | | $ | 440,908 | | | ||
| | | | | | | | |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | ||||||||||||||||||
| OPERATING ACTIVITIES | | |||||||||||||||||||||
| Net income (loss) | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | | |||||||||||||||||||||
| Depreciation and amortization | | | | | 19,023 | | | | �� | | 17,527 | | | | | | 16,696 | | | |||
| Amortization of deferred financing costs | | | | | 1,366 | | | | | | 1,418 | | | | | | 1,405 | | | |||
| Amortization of imputed interest and debt discount | | | | | 560 | | | | | | 327 | | | | | | 428 | | | |||
| Deferred income taxes | | | | | (12,035 | ) | | | | | | (2,392 | ) | | | | | | 653 | | | |
| Foreign currency (gains) losses, net | | | | | 2,887 | | | | | | 3,414 | | | | | | (7,568 | ) | | | ||
| Other | | | | | (1,438 | ) | | | | | | (482 | ) | | | | | | 1,168 | | | |
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 20,002 | | | |||
| Payments of premiums and costs on extinguished debt | | | | | — | | | | | | — | | | | | | (15,574 | ) | | | ||
| Changes in operating assets and liabilities: | | |||||||||||||||||||||
| Accounts receivable | | | | | (729 | ) | | | | | | (3,775 | ) | | | | | | (4,586 | ) | | |
| Inventories | | | | | (25,106 | ) | | | | | | (745 | ) | | | | | | (8,677 | ) | | |
| Prepaid expenses and other current assets | | | | | (7,548 | ) | | | | | | (3,407 | ) | | | | | | 4,727 | | | |
| Other assets | | | | | (363 | ) | | | | | | (5,792 | ) | | | | | | 496 | | | |
| Accounts payable | | | | | (6,601 | ) | | | | | | 6,410 | | | | | | 1,147 | | | ||
| Accrued expenses and other liabilities | | | | | 5,508 | | | | | | 12,403 | | | | | | (2,075 | ) | | | ||
| Net cash provided (used) by operating activities | | | | | 415 | | | | | | 31,882 | | | | | | (4,680 | ) | | | ||
| INVESTING ACTIVITIES | | |||||||||||||||||||||
| Capital expenditures | | | | | (19,947 | ) | | | | | | (14,824 | ) | | | | | | (21,635 | ) | | |
| Business acquisitions | | | | | (18,692 | ) | | | | | | (3,384 | ) | | | | | | — | | | |
| Sales of assets | | | | | 1,303 | | | | | | 571 | | | | | | 2,172 | | | |||
| Net cash provided (used) by investing activities | | | | | (37,336 | ) | | | | | | (17,637 | ) | | | | | | (19,463 | ) | | |
| FINANCING ACTIVITIES | | |||||||||||||||||||||
| Borrowings under the domestic senior credit facility | | | | | 75,000 | | | | | | 1,000 | | | | | | 64,362 | | | |||
| Repayments of the domestic senior credit facility | | | | | (55,000 | ) | | | | | | (4,500 | ) | | | | | | (46,862 | ) | | |
| Proceeds from long-term debt | | | | | — | | | | | | — | | | | | | 296,795 | | | |||
| Payments of long-term debt and capital leases | | | | | (5,201 | ) | | | | | | (4,718 | ) | | | | | | (245,971 | ) | | |
| Debt issuance costs | | | | | (924 | ) | | | | | | — | | | | | | (8,161 | ) | | | |
| Dividends paid to common shareholders | | | | | (3,000 | ) | | | | | | — | | | | | | (50,000 | ) | | | |
| Net cash provided (used) by financing activities | | | | | 10,875 | | | | | | (8,218 | ) | | | | | | 10,163 | | | ||
| Effect of exchange rate changes on cash | | | | | (485 | ) | | | | | | (725 | ) | | | | | | (127 | ) | | |
| Net increase (decrease) in cash and cash equivalents | | | | | (26,531 | ) | | | | | | 5,302 | | | | | | (14,107 | ) | | | |
| Cash and cash equivalents at beginning of period | | | | | 53,900 | | | | | | 48,598 | | | | | | 62,705 | | | |||
| Cash and cash equivalents at end of period | | | | $ | 27,369 | | | | | $ | 53,900 | | | | | $ | 48,598 | | | |||
| Supplemental cash flow information | | |||||||||||||||||||||
| Interest paid | | | | $ | 33,824 | | | | | $ | 34,059 | | | | | $ | 30,079 | | | |||
| Income taxes paid | | | | | 7,061 | | | | | | 7,217 | | | | | | 3,799 | | | |||
| Non-cash investing and financing activities | | |||||||||||||||||||||
| Business acquisitions | | | | $ | 4,550 | | | | | $ | 3,000 | | | | | $ | — | | | |||
| Leasehold improvements | | | | | — | | | | | | 1,569 | | | | | | — | | | |||
| Capital lease additions | | | | | 103 | | | | | | 120 | | | | | | 102 | | | |||
| | | | | | | | | | | |
| | | | Common Shares | | | Paid-in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | ||||||||||||||||||||||||||||||||
| As of June 30, 2010 | | | | $ | 7 | | | | | $ | 42,134 | | | | | $ | (60,066 | ) | | | | | $ | 7,721 | | | | | $ | (10,204 | ) | | | |||
| Net income (loss) | | | | | | | | | | | | | | | | | (12,922 | ) | | | | | | | | | | | | (12,922 | ) | | | |||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | 58 | | | | | | 58 | | | |||||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | 2,940 | | | | | | 2,940 | | | |||||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | 1,014 | | | | | | 1,014 | | | |||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (358 | ) | | | | | | (358 | ) | | | |||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,268 | ) | | | ||||
| Dividend to common shareholders | | | | | | | | | | | | | | | | | (50,000 | ) | | | | | | | | | | | | (50,000 | ) | | | |||
| Share-based compensation expense | | | | | | | | | | | 404 | | | | | | | | | | | | | | | | | | 404 | | | |||||
| As of June 30, 2011 | | | | $ | 7 | | | | | $ | 42,538 | | | | | $ | (122,988 | ) | | | | | $ | 11,375 | | | | | $ | (69,068 | ) | | | |||
| Net income (loss) | | | | | | | | | | | | | | | | | 6,976 | | | | | | | | | | | | 6,976 | | | |||||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | (841 | ) | | | | | | (841 | ) | | | |||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | (15,077 | ) | | | | | | (15,077 | ) | | | |||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | (10,413 | ) | | | | | | (10,413 | ) | | | |||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | |||||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (19,355 | ) | | | ||||
| Share-based compensation expense | | | | | | | | | | | 195 | | | | | | | | | | | | | | | | | | 195 | | | |||||
| As of June 30, 2012 | | | | $ | 7 | | | | | $ | 42,733 | | | | | $ | (116,012 | ) | | | | | $ | (14,956 | ) | | | | | $ | (88,228 | ) | | | ||
| Net income (loss) | | | | | | | | | | | | | | | | | 24,891 | | | | | | | | | | | | 24,891 | | | |||||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | (222 | ) | | | | | | (222 | ) | | | |||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | (5,968 | ) | | | | | | (5,968 | ) | | | |||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | 5,390 | | | | | | 5,390 | | | |||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (2,016 | ) | | | | | | (2,016 | ) | | | |||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,075 | | | |||||
| Dividend to common shareholders | | | | | | | | | | | | | | | | | (3,000 | ) | | | | | | | | | | | | (3,000 | ) | | | |||
| Share-based compensation expense | | | | | | | | | | | 215 | | | | | | | | | | | | | | | | | | 215 | | | |||||
| As of June 30, 2013 | | | | $ | 7 | | | | | $ | 42,948 | | | | | $ | (94,121 | ) | | | | | $ | (17,772 | ) | | | | | $ | (68,938 | ) | | | ||
| | | | | | | | | | | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Interest expense | |||||||||||||||||
Domestic senior credit facility | $ | 1,250 | $ | 977 | $ | 793 | |||||||||||
Senior notes and senior subordinated notes | 27,750 | 27,750 | 26,482 | ||||||||||||||
Mayflower, Teva and BFI term loans | 4,132 | 4,605 | 5,036 | ||||||||||||||
Amortization of deferred financing fees | 1,366 | 1,418 | 1,405 | ||||||||||||||
Amortization of debt discount and other | 1,273 | 950 | 879 | ||||||||||||||
$ | 35,771 | $ | 35,700 | $ | 34,595 | ||||||||||||
Depreciation and amortization | |||||||||||||||||
Depreciation of property, plant and equipment | $ | 14,917 | $ | 14,425 | $ | 12,163 | |||||||||||
Amortization of intangible assets | 4,106 | 3,048 | 3,805 | ||||||||||||||
Amortization of other assets | — | 54 | 728 | ||||||||||||||
Depreciation and amortization | $ | 19,023 | $ | 17,527 | $ | 16,696 |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Accounts receivable, net | ||||||||||||
Trade accounts receivable | $ | 99,795 | $ | 100,181 | ||||||||
Allowance for doubtful accounts | (658 | ) | (1,041 | ) | ||||||||
Trade accounts receivable, net | $ | 99,137 | $ | 99,140 | ||||||||
Allowance for doubtful accounts | ||||||||||||
Balance at beginning of period | $ | 1,041 | $ | 1,029 | ||||||||
Provision for bad debts | (124 | ) | (115 | ) | ||||||||
Effect of changes in exchange rates | (265 | ) | 127 | |||||||||
Bad debt write-offs (recovery) | 6 | — | ||||||||||
Balance at end of period | $ | 658 | $ | 1,041 |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Inventories | ||||||||||||
Raw materials | $ | 35,702 | $ | 35,285 | ||||||||
Work-in-process | 7,541 | 5,728 | ||||||||||
Finished goods | 96,789 | 79,110 | ||||||||||
$ | 140,032 | $ | 120,123 | |||||||||
Property, plant and equipment, net | ||||||||||||
Land | $ | 9,746 | $ | 9,065 | ||||||||
Buildings and improvements | 46,960 | 46,414 | ||||||||||
Machinery and equipment | 156,247 | 144,712 | ||||||||||
212,953 | 200,191 | |||||||||||
Accumulated depreciation | (108,531 | ) | (98,530 | ) | ||||||||
$ | 104,422 | $ | 101,661 |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Intangibles, net | ||||||||||||
Cost | ||||||||||||
Medicated feed additive product registrations | $ | 12,115 | $ | 12,125 | ||||||||
Rights to sell in international markets | 4,292 | 4,292 | ||||||||||
Customer relationships | 10,691 | 10,728 | ||||||||||
Technology | 28,259 | 4,480 | ||||||||||
Distribution agreements | 3,493 | 2,970 | ||||||||||
Trade names, trademarks and other | 2,740 | 2,740 | ||||||||||
61,590 | 37,335 | |||||||||||
Accumulated amortization | ||||||||||||
Medicated feed additive product registrations | (10,778 | ) | (10,638 | ) | ||||||||
Rights to sell in international markets | (3,861 | ) | (3,431 | ) | ||||||||
Customer relationships | (3,203 | ) | (2,137 | ) | ||||||||
Technology | (3,729 | ) | (2,187 | ) | ||||||||
Distribution agreements | (3,179 | ) | (2,538 | ) | ||||||||
Trade names, trademarks and other | (1,685 | ) | (1,355 | ) | ||||||||
(26,435 | ) | (22,286 | ) | |||||||||
$ | 35,155 | $ | 15,049 | |||||||||
Other assets | ||||||||||||
Goodwill | $ | 12,613 | $ | 1,717 | ||||||||
Insurance claim receivable | 5,350 | 5,350 | ||||||||||
Deferred financing fees | 5,212 | 5,654 | ||||||||||
Deferred taxes | 4,755 | 112 | ||||||||||
Other | 10,249 | 9,478 | ||||||||||
$ | 38,179 | $ | 22,311 |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Goodwill roll-forward | ||||||||||||
Balance at beginning of period | $ | 1,717 | $ | 1,717 | ||||||||
OGR acquisition | 10,896 | — | ||||||||||
Balance at end of period | $ | 12,613 | $ | 1,717 |
Accrued expenses and other current liabilities | ||||||||||||
Employee related accruals | $ | 17,823 | $ | 17,630 | ||||||||
Interest and income tax accruals | 15,686 | 14,442 | ||||||||||
Commissions and rebates | 3,196 | 2,932 | ||||||||||
Insurance premiums and casualty claims | 1,286 | 1,295 | ||||||||||
Professional fees | 4,064 | 3,527 | ||||||||||
Other accrued liabilities | 15,383 | 12,757 | ||||||||||
$ | 57,438 | $ | 52,583 | |||||||||
Other liabilities | ||||||||||||
Pension and other retirement benefits | $ | 26,021 | $ | 28,995 | ||||||||
Long term and deferred taxes | 17,580 | 13,861 | ||||||||||
Deferred consideration on acquisitions | 5,009 | 2,239 | ||||||||||
Product liability claims | 5,600 | 5,600 | ||||||||||
Other long term liabilities | 7,926 | 7,805 | ||||||||||
$ | 62,136 | $ | 58,500 | |||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Derivative instruments | $ | (639 | ) | $ | (417 | ) | ||||||
Foreign currency translation adjustment | (2,519 | ) | 3,449 | |||||||||
Unrecognized net pension gains (losses) | (12,240 | ) | (17,630 | ) | ||||||||
Tax (provision) benefit on other comprehensive income (loss) | (2,374 | ) | (358 | ) | ||||||||
$ | (17,772 | ) | $ | (14,956 | ) |
Assets | |||||||
Property, plant and equipment | $ | 1,202 | |||||
Intangibles | 23,781 | ||||||
Goodwill | 10,896 | ||||||
Total assets | $ | 35,879 | |||||
Liabilities | |||||||
Other current and long-term liabilities | $ | 13,129 | |||||
Total liabilities | 13,129 | ||||||
Net assets acquired | $ | 22,750 |
For the Years Ended June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | $ | 653,151 | $ | 654,101 | ||||||||
Operating income (loss) | 57,854 | 51,569 | ||||||||||
Net income (loss) | 25,989 | 9,170 | ||||||||||
Net income (loss) per share—basic and diluted | 0.38 | 0.13 | ||||||||||
Depreciation and amortization | 19,877 | 19,235 |
Tender, consent and redemption premiums | $ | 14,172 | |||||
Other costs | 1,402 | ||||||
Write-off of deferred financing costs related to retired notes and cancelled domestic senior credit facility | 4,428 | ||||||
$ | 20,002 |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Senior notes due July 1, 2018 | $ | 300,000 | $ | 300,000 | ||||||||
Term loan payable to Mayflower due December 31, 2016 | 24,000 | 24,000 | ||||||||||
Term loan payable to BFI due August 1, 2014 | 10,000 | 10,000 | ||||||||||
Term note payable to Teva due annually through January 29, 2013 | — | 5,500 | ||||||||||
Capitalized lease obligations | 132 | 209 | ||||||||||
334,132 | 339,709 | |||||||||||
Unamortized imputed interest and debt discount | (2,528 | ) | (3,588 | ) | ||||||||
331,604 | 336,121 | |||||||||||
Less: current maturities | (64 | ) | (5,350 | ) | ||||||||
$ | 331,540 | $ | 330,771 |
| | | | As of December 31, 2013 | | | As of June 30, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | | | 2013 | | | 2012 | | |||||||||||||||
| Senior Notes due July 1, 2018 | | | | $ | 300,000 | | | | | $ | 300,000 | | | | | $ | 300,000 | | | |||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 24,000 | | | | | | 24,000 | | | | | | 24,000 | | | |||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,000 | | | | | | 10,000 | | | | | | 10,000 | | | |||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | — | | | | | | 5,500 | | | |||
| Capitalized lease obligations | | | | | 93 | | | | | | 132 | | | | | | 209 | | | |||
| | | | | | 334,093 | | | | | | 334,132 | | | | | | 339,709 | | | |||
| Unamortized imputed interest and debt discount | | | | | (2,272 | ) | | | | | | (2,528 | ) | | | | | | (3,588 | ) | | |
| | | | | | 331,821 | | | | | | 331,604 | | | | | | 336,121 | | | |||
| Less: current maturities | | | | | (9,994 | ) | | | | | | (64 | ) | | | | | | (5,350 | ) | | |
| | | | | $ | 321,827 | | | | | $ | 331,540 | | | | | $ | 330,771 | | | |||
| | | | | | | | | | | |
| (in thousands) | | | | |||||
---|---|---|---|---|---|---|---|---|---|
| For the Years Ended June 30, | | | | |||||
| 2014 | | | | $ | 64 | | | |
| 2015 | | | | | 10,058 | | | |
| 2016 | | | | | 10 | | | |
| 2017 | | | | | 24,000 | | | |
| Thereafter | | | | | 300,000 | | | |
| Total | | | | $ | 334,132 | | | |
| | | | | |
| Underwriter | | | Number of Shares | | ||||
---|---|---|---|---|---|---|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | | | | | | | | |
| Morgan Stanley & Co. LLC | | | | | | | | |
| Barclays Capital Inc. | | | | | | | | |
| Guggenheim Securities, LLC | | | | | | | | |
| Macquarie Capital (USA) Inc. | | | | | | | | |
| Cantor Fitzgerald & Co. | | | | | | | | |
| Total | | | | | 11,765,000 | | | |
| | | | |
| | | | Per Share | | | Without Option | | | With Option | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public offering price | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Underwriting discount | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Proceeds, before expenses, to us | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Proceeds, before expenses, to the selling stockholder | | | | $ | | | | | $ | | | | | $ | | | | |||||
| | | | | | | | | | |
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| | | | | |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands, except per share) | | ||||||||||||||||||
| Net sales | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | |||
| Cost of goods sold | | | | | 474,187 | | | | | | 489,962 | | | | | | 471,668 | | | |||
| Gross profit | | | | | 178,964 | | | | | | 164,139 | | | | | | 146,665 | | | |||
| Selling, general and administrative expenses | | | | | 122,233 | | | | | | 114,814 | | | | | | 105,429 | | | |||
| Operating income | | | | | 56,731 | | | | | | 49,325 | | | | | | 41,236 | | | |||
| Interest expense | | | | | 31,383 | | | | | | 31,436 | | | | | | 30,369 | | | |||
| Interest expense, shareholders | | | | | 4,388 | | | | | | 4,264 | | | | | | 4,226 | | | |||
| Interest (income) | | | | | (142 | ) | | | | | | (281 | ) | | | | | | (307 | ) | | |
| Foreign currency (gains) losses, net | | | | | 3,103 | | | | | | 1,192 | | | | | | (5,758 | ) | | | ||
| Other (income) expense, net | | | | | 151 | | | | | | (400 | ) | | | | | | 593 | | | ||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 20,002 | | | |||
| Income (loss) before income taxes | | | | | 17,848 | | | | | | 13,114 | | | | | | (7,889 | ) | | | ||
| Provision (benefit) for income taxes | | | | | (7,043 | ) | | | | | | 6,138 | | | | | | 5,033 | | | ||
| Net income (loss) | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||
| Other comprehensive income (loss): | | |||||||||||||||||||||
| Fair value of derivative instruments | | | | $ | (222 | ) | | | | | $ | (841 | ) | | | | | $ | 58 | | | |
| Foreign currency translation adjustment | | | | | (5,968 | ) | | | | | | (15,077 | ) | | | | | | 2,940 | | | |
| Unrecognized net pension gains (losses) | | | | | 5,390 | | | | | | (10,413 | ) | | | | | | 1,014 | | | ||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | (2,016 | ) | | | | | | — | | | | | | (358 | ) | | | |
| Other comprehensive income (loss) | | | | $ | (2,816 | ) | | | | | $ | (26,331 | ) | | | | | $ | 3,654 | | | |
| Comprehensive income (loss) | | | | $ | 22,075 | | | | | $ | (19,355 | ) | | | | | $ | (9,268 | ) | | | |
| Net income (loss) per share—basic and diluted | | | | $ | 0.36 | | | | | $ | 0.10 | | | | | $ | (0.19 | ) | | | ||
| Weighted average number of shares—basic and diluted | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | |||
| Pro forma net income per share (unaudited)— basic and diluted | | | | $ | 0.82 | | | |||||||||||||||
| Pro forma weighted average number of shares (unaudited)—basic and diluted | | | | | 30,458 | | | | | | | | | | | | | | | |||
| | | | | | | | | | | |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | |||||||||||
| ASSETS | | ||||||||||||||
| Cash and cash equivalents | | | | $ | 27,369 | | | | | $ | 53,900 | | | ||
| Accounts receivable, net | | | | | 99,137 | | | | | | 99,140 | | | ||
| Inventories | | | | | 140,032 | | | | | | 120,123 | | | ||
| Prepaid expenses and other current assets | | | | | 29,848 | | | | | | 28,724 | | | ||
| Total current assets | | | | | 296,386 | | | | | | 301,887 | | | ||
| Property, plant and equipment, net | | | | | 104,422 | | | | | | 101,661 | | | ||
| Intangibles, net | | | | | 35,155 | | | | | | 15,049 | | | ||
| Other assets | | | | | 38,179 | | | | | | 22,311 | | | ||
| Total assets | | | | $ | 474,142 | | | | | $ | 440,908 | | | ||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | | ||||||||||||||
| Current portion of long-term debt | | | | $ | 64 | | | | | $ | 5,350 | | | ||
| Accounts payable | | | | | 57,902 | | | | | | 67,932 | | | ||
| Accrued expenses and other current liabilities | | | | | 57,438 | | | | | | 52,583 | | | ||
| Total current liabilities | | | | | 115,404 | | | | | | 125,865 | | | ||
| Domestic senior credit facility | | | | | 34,000 | | | | | | 14,000 | | | ||
| Long-term debt | | | | | 297,666 | | | | | | 297,305 | | | ||
| Long-term debt, shareholders | | | | | 33,874 | | | | | | 33,466 | | | ||
| Other liabilities | | | | | 62,136 | | | | | | 58,500 | | | ||
| Total liabilities | | | | | 543,080 | | | | | | 529,136 | | | ||
| Commitments and contingencies | | ||||||||||||||
| Common shares | | | | | 7 | | | | | | 7 | | | ||
| Paid-in capital | | | | | 42,948 | | | | | | 42,733 | | | ||
| Accumulated deficit | | | | | (94,121 | ) | | | | | | (116,012 | ) | | |
| Accumulated other comprehensive income (loss) | | | | | (17,772 | ) | | | | | | (14,956 | ) | | |
| Total shareholders’ deficit | | | | | (68,938 | ) | | | | | | (88,228 | ) | | |
| Total liabilities and shareholders’ deficit | | | | $ | 474,142 | | | | | $ | 440,908 | | | ||
| | | | | | | | |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | ||||||||||||||||||
| OPERATING ACTIVITIES | | |||||||||||||||||||||
| Net income (loss) | | | | $ | 24,891 | | | | | $ | 6,976 | | | | | $ | (12,922 | ) | | | ||
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | | |||||||||||||||||||||
| Depreciation and amortization | | | | | 19,023 | | | | �� | | 17,527 | | | | | | 16,696 | | | |||
| Amortization of deferred financing costs | | | | | 1,366 | | | | | | 1,418 | | | | | | 1,405 | | | |||
| Amortization of imputed interest and debt discount | | | | | 560 | | | | | | 327 | | | | | | 428 | | | |||
| Deferred income taxes | | | | | (12,035 | ) | | | | | | (2,392 | ) | | | | | | 653 | | | |
| Foreign currency (gains) losses, net | | | | | 2,887 | | | | | | 3,414 | | | | | | (7,568 | ) | | | ||
| Other | | | | | (1,438 | ) | | | | | | (482 | ) | | | | | | 1,168 | | | |
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 20,002 | | | |||
| Payments of premiums and costs on extinguished debt | | | | | — | | | | | | — | | | | | | (15,574 | ) | | | ||
| Changes in operating assets and liabilities: | | |||||||||||||||||||||
| Accounts receivable | | | | | (729 | ) | | | | | | (3,775 | ) | | | | | | (4,586 | ) | | |
| Inventories | | | | | (25,106 | ) | | | | | | (745 | ) | | | | | | (8,677 | ) | | |
| Prepaid expenses and other current assets | | | | | (7,548 | ) | | | | | | (3,407 | ) | | | | | | 4,727 | | | |
| Other assets | | | | | (363 | ) | | | | | | (5,792 | ) | | | | | | 496 | | | |
| Accounts payable | | | | | (6,601 | ) | | | | | | 6,410 | | | | | | 1,147 | | | ||
| Accrued expenses and other liabilities | | | | | 5,508 | | | | | | 12,403 | | | | | | (2,075 | ) | | | ||
| Net cash provided (used) by operating activities | | | | | 415 | | | | | | 31,882 | | | | | | (4,680 | ) | | | ||
| INVESTING ACTIVITIES | | |||||||||||||||||||||
| Capital expenditures | | | | | (19,947 | ) | | | | | | (14,824 | ) | | | | | | (21,635 | ) | | |
| Business acquisitions | | | | | (18,692 | ) | | | | | | (3,384 | ) | | | | | | — | | | |
| Sales of assets | | | | | 1,303 | | | | | | 571 | | | | | | 2,172 | | | |||
| Net cash provided (used) by investing activities | | | | | (37,336 | ) | | | | | | (17,637 | ) | | | | | | (19,463 | ) | | |
| FINANCING ACTIVITIES | | |||||||||||||||||||||
| Borrowings under the domestic senior credit facility | | | | | 75,000 | | | | | | 1,000 | | | | | | 64,362 | | | |||
| Repayments of the domestic senior credit facility | | | | | (55,000 | ) | | | | | | (4,500 | ) | | | | | | (46,862 | ) | | |
| Proceeds from long-term debt | | | | | — | | | | | | — | | | | | | 296,795 | | | |||
| Payments of long-term debt and capital leases | | | | | (5,201 | ) | | | | | | (4,718 | ) | | | | | | (245,971 | ) | | |
| Debt issuance costs | | | | | (924 | ) | | | | | | — | | | | | | (8,161 | ) | | | |
| Dividends paid to common shareholders | | | | | (3,000 | ) | | | | | | — | | | | | | (50,000 | ) | | | |
| Net cash provided (used) by financing activities | | | | | 10,875 | | | | | | (8,218 | ) | | | | | | 10,163 | | | ||
| Effect of exchange rate changes on cash | | | | | (485 | ) | | | | | | (725 | ) | | | | | | (127 | ) | | |
| Net increase (decrease) in cash and cash equivalents | | | | | (26,531 | ) | | | | | | 5,302 | | | | | | (14,107 | ) | | | |
| Cash and cash equivalents at beginning of period | | | | | 53,900 | | | | | | 48,598 | | | | | | 62,705 | | | |||
| Cash and cash equivalents at end of period | | | | $ | 27,369 | | | | | $ | 53,900 | | | | | $ | 48,598 | | | |||
| Supplemental cash flow information | | |||||||||||||||||||||
| Interest paid | | | | $ | 33,824 | | | | | $ | 34,059 | | | | | $ | 30,079 | | | |||
| Income taxes paid | | | | | 7,061 | | | | | | 7,217 | | | | | | 3,799 | | | |||
| Non-cash investing and financing activities | | |||||||||||||||||||||
| Business acquisitions | | | | $ | 4,550 | | | | | $ | 3,000 | | | | | $ | — | | | |||
| Leasehold improvements | | | | | — | | | | | | 1,569 | | | | | | — | | | |||
| Capital lease additions | | | | | 103 | | | | | | 120 | | | | | | 102 | | | |||
| | | | | | | | | | | |
| | | | Common Shares | | | Paid-in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (in thousands) | | ||||||||||||||||||||||||||||||||
| As of June 30, 2010 | | | | $ | 7 | | | | | $ | 42,134 | | | | | $ | (60,066 | ) | | | | | $ | 7,721 | | | | | $ | (10,204 | ) | | | |||
| Net income (loss) | | | | | | | | | | | | | | | | | (12,922 | ) | | | | | | | | | | | | (12,922 | ) | | | |||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | 58 | | | | | | 58 | | | |||||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | 2,940 | | | | | | 2,940 | | | |||||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | 1,014 | | | | | | 1,014 | | | |||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (358 | ) | | | | | | (358 | ) | | | |||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,268 | ) | | | ||||
| Dividend to common shareholders | | | | | | | | | | | | | | | | | (50,000 | ) | | | | | | | | | | | | (50,000 | ) | | | |||
| Share-based compensation expense | | | | | | | | | | | 404 | | | | | | | | | | | | | | | | | | 404 | | | |||||
| As of June 30, 2011 | | | | $ | 7 | | | | | $ | 42,538 | | | | | $ | (122,988 | ) | | | | | $ | 11,375 | | | | | $ | (69,068 | ) | | | |||
| Net income (loss) | | | | | | | | | | | | | | | | | 6,976 | | | | | | | | | | | | 6,976 | | | |||||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | (841 | ) | | | | | | (841 | ) | | | |||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | (15,077 | ) | | | | | | (15,077 | ) | | | |||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | (10,413 | ) | | | | | | (10,413 | ) | | | |||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | |||||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (19,355 | ) | | | ||||
| Share-based compensation expense | | | | | | | | | | | 195 | | | | | | | | | | | | | | | | | | 195 | | | |||||
| As of June 30, 2012 | | | | $ | 7 | | | | | $ | 42,733 | | | | | $ | (116,012 | ) | | | | | $ | (14,956 | ) | | | | | $ | (88,228 | ) | | | ||
| Net income (loss) | | | | | | | | | | | | | | | | | 24,891 | | | | | | | | | | | | 24,891 | | | |||||
| Other comprehensive income (loss): | | |||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | (222 | ) | | | | | | (222 | ) | | | |||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | (5,968 | ) | | | | | | (5,968 | ) | | | |||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | 5,390 | | | | | | 5,390 | | | |||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (2,016 | ) | | | | | | (2,016 | ) | | | |||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,075 | | | |||||
| Dividend to common shareholders | | | | | | | | | | | | | | | | | (3,000 | ) | | | | | | | | | | | | (3,000 | ) | | | |||
| Share-based compensation expense | | | | | | | | | | | 215 | | | | | | | | | | | | | | | | | | 215 | | | |||||
| As of June 30, 2013 | | | | $ | 7 | | | | | $ | 42,948 | | | | | $ | (94,121 | ) | | | | | $ | (17,772 | ) | | | | | $ | (68,938 | ) | | | ||
| | | | | | | | | | | | | | | | | |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense | | |||||||||||||||||||||
| Domestic senior credit facility | | | | $ | 1,250 | | | | | $ | 977 | | | | | $ | 793 | | | |||
| Senior notes and senior subordinated notes | | | | | 27,750 | | | | | | 27,750 | | | | | | 26,482 | | | |||
| Mayflower, Teva and BFI term loans | | | | | 4,132 | | | | | | 4,605 | | | | | | 5,036 | | | |||
| Amortization of deferred financing fees | | | | | 1,366 | | | | | | 1,418 | | | | | | 1,405 | | | |||
| Amortization of debt discount and other | | | | | 1,273 | | | | | | 950 | | | | | | 879 | | | |||
| | | | | $ | 35,771 | | | | | $ | 35,700 | | | | | $ | 34,595 | | | |||
| Depreciation and amortization | | |||||||||||||||||||||
| Depreciation of property, plant and equipment | | | | $ | 14,917 | | | | | $ | 14,425 | | | | | $ | 12,163 | | | |||
| Amortization of intangible assets | | | | | 4,106 | | | | | | 3,048 | | | | | | 3,805 | | | |||
| Amortization of other assets | | | | | — | | | | | | 54 | | | | | | 728 | | | |||
| Depreciation and amortization | | | | $ | 19,023 | | | | | $ | 17,527 | | | | | $ | 16,696 | | | |||
| | | | | | | | | | | |
| Research and development expenditures | | | | $ | 6,638 | | | | | $ | 7,189 | | | | | $ | 6,807 | | | |||
| | | | | | | | | | | |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Accounts receivable, net | | ||||||||||||||
| Trade accounts receivable | | | | $ | 99,795 | | | | | $ | 100,181 | | | ||
| Allowance for doubtful accounts | | | | | (658 | ) | | | | | | (1,041 | ) | | |
| Trade accounts receivable, net | | | | $ | 99,137 | | | | | $ | 99,140 | | | ||
| | | | | | | | |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Allowance for doubtful accounts | | ||||||||||||||
| Balance at beginning of period | | | | $ | 1,041 | | | | | $ | 1,029 | | | ||
| Provision for bad debts | | | | | (124 | ) | | | | | | (115 | ) | | |
| Effect of changes in exchange rates | | | | | (265 | ) | | | | | | 127 | | | |
| Bad debt write-offs (recovery) | | | | | 6 | | | | | | — | | | ||
| Balance at end of period | | | | $ | 658 | | | | | $ | 1,041 | | | ||
| Inventories | | ||||||||||||||
| Raw materials | | | | $ | 35,702 | | | | | $ | 35,285 | | | ||
| Work-in-process | | | | | 7,541 | | | | | | 5,728 | | | ||
| Finished goods | | | | | 96,789 | | | | | | 79,110 | | | ||
| | | | | $ | 140,032 | | | | | $ | 120,123 | | | ||
| Property, plant and equipment, net | | ||||||||||||||
| Land | | | | $ | 9,746 | | | | | $ | 9,065 | | | ||
| Buildings and improvements | | | | | 46,960 | | | | | | 46,414 | | | ||
| Machinery and equipment | | | | | 156,247 | | | | | | 144,712 | | | ||
| | | | | | 212,953 | | | | | | 200,191 | | | ||
| Accumulated depreciation | | | | | (108,531 | ) | | | | | | (98,530 | ) | | |
| | | | | $ | 104,422 | | | | | $ | 101,661 | | | ||
| | | | | | | | |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Intangibles, net | | ||||||||||||||
| Cost | | ||||||||||||||
| Medicated feed additive product registrations | | | | $ | 12,115 | | | | | $ | 12,125 | | | ||
| Rights to sell in international markets | | | | | 4,292 | | | | | | 4,292 | | | ||
| Customer relationships | | | | | 10,691 | | | | | | 10,728 | | | ||
| Technology | | | | | 28,259 | | | | | | 4,480 | | | ||
| Distribution agreements | | | | | 3,493 | | | | | | 2,970 | | | ||
| Trade names, trademarks and other | | | | | 2,740 | | | | | | 2,740 | | | ||
| | | | | | 61,590 | | | | | | 37,335 | | | ||
| Accumulated amortization | | ||||||||||||||
| Medicated feed additive product registrations | | | | | (10,778 | ) | | | | | | (10,638 | ) | | |
| Rights to sell in international markets | | | | | (3,861 | ) | | | | | | (3,431 | ) | | |
| Customer relationships | | | | | (3,203 | ) | | | | | | (2,137 | ) | | |
| Technology | | | | | (3,729 | ) | | | | | | (2,187 | ) | | |
| Distribution agreements | | | | | (3,179 | ) | | | | | | (2,538 | ) | | |
| Trade names, trademarks and other | | | | | (1,685 | ) | | | | | | (1,355 | ) | | |
| | | | | | (26,435 | ) | | | | | | (22,286 | ) | | |
| | | | | $ | 35,155 | | | | | $ | 15,049 | | | ||
| | | | | | | | |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other assets | | ||||||||||||||
| Goodwill | | | | $ | 12,613 | | | | | $ | 1,717 | | | ||
| Insurance claim receivable | | | | | 5,350 | | | | | | 5,350 | | | ||
| Deferred financing fees | | | | | 5,212 | | | | | | 5,654 | | | ||
| Deferred taxes | | | | | 4,755 | | | | | | 112 | | | ||
| Other | | | | | 10,249 | | | | | | 9,478 | | | ||
| | | | | $ | 38,179 | | | | | $ | 22,311 | | | ||
| Goodwill roll-forward | | ||||||||||||||
| Balance at beginning of period | | | | $ | 1,717 | | | | | $ | 1,717 | | | ||
| OGR acquisition | | | | | 10,896 | | | | | | — | | | ||
| Balance at end of period | | | | $ | 12,613 | | | | | $ | 1,717 | | | ||
| Accrued expenses and other current liabilities | | ||||||||||||||
| Employee related accruals | | | | $ | 17,823 | | | | | $ | 17,630 | | | ||
| Interest and income tax accruals | | | | | 15,686 | | | | | | 14,442 | | | ||
| Commissions and rebates | | | | | 3,196 | | | | | | 2,932 | | | ||
| Insurance premiums and casualty claims | | | | | 1,286 | | | | | | 1,295 | | | ||
| Professional fees | | | | | 4,064 | | | | | | 3,527 | | | ||
| Other accrued liabilities | | | | | 15,383 | | | | | | 12,757 | | | ||
| | | | | $ | 57,438 | | | | | $ | 52,583 | | | ||
| Other liabilities | | ||||||||||||||
| Pension and other retirement benefits | | | | $ | 26,021 | | | | | $ | 28,995 | | | ||
| Long term and deferred taxes | | | | | 17,580 | | | | | | 13,861 | | | ||
| Deferred consideration on acquisitions | | | | | 5,009 | | | | | | 2,239 | | | ||
| Product liability claims | | | | | 5,600 | | | | | | 5,600 | | | ||
| Other long term liabilities | | | | | 7,926 | | | | | | 7,805 | | | ||
| | | | | $ | 62,136 | | | | | $ | 58,500 | | | ||
| Accumulated other comprehensive income (loss) | | ||||||||||||||
| Derivative instruments | | | | $ | (639 | ) | | | | | $ | (417 | ) | | |
| Foreign currency translation adjustment | | | | | (2,519 | ) | | | | | | 3,449 | | | |
| Unrecognized net pension gains (losses) | | | | | (12,240 | ) | | | | | | (17,630 | ) | | |
| Tax (provision) benefit on other comprehensive income (loss) | | | | | (2,374 | ) | | | | | | (358 | ) | | |
| | | | | $ | (17,772 | ) | | | | | $ | (14,956 | ) | | |
| | | | | | | | |
| Assets | | |||||||
| Property, plant and equipment | | | | $ | 1,202 | | | |
| Intangibles | | | | | 23,781 | | | |
| Goodwill | | | | | 10,896 | | | |
| Total assets | | | | $ | 35,879 | | | |
| Liabilities | | |||||||
| Other current and long-term liabilities | | | | $ | 13,129 | | | |
| Total liabilities | | | | | 13,129 | | | |
| Net assets acquired | | | | $ | 22,750 | | | |
| | | | |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | | | | $ | 653,151 | | | | | $ | 654,101 | | | ||
| Operating income (loss) | | | | | 57,854 | | | | | | 51,569 | | | ||
| Net income (loss) | | | | | 25,989 | | | | | | 9,170 | | | ||
| Net income (loss) per share—basic and diluted | | | | | 0.38 | | | | | | 0.13 | | | ||
| Depreciation and amortization | | | | | 19,877 | | | | | | 19,235 | | | ||
| | | | | | | |
| Tender, consent and redemption premiums | | | | $ | 14,172 | | | |
| Other costs | | | | | 1,402 | | | |
| Write-off of deferred financing costs related to retired notes and cancelled domestic senior credit facility | | | | | 4,428 | | | |
| | | | | $ | 20,002 | | | |
| | | | |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Senior notes due July 1, 2018 | | | | $ | 300,000 | | | | | $ | 300,000 | | | ||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 24,000 | | | | | | 24,000 | | | ||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,000 | | | | | | 10,000 | | | ||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | 5,500 | | | ||
| Capitalized lease obligations | | | | | 132 | | | | | | 209 | | | ||
| | | | | | 334,132 | | | | | | 339,709 | | | ||
| Unamortized imputed interest and debt discount | | | | | (2,528 | ) | | | | | | (3,588 | ) | | |
| | | | | | 331,604 | | | | | | 336,121 | | | ||
| Less: current maturities | | | | | (64 | ) | | | | | | (5,350 | ) | | |
| | | | | $ | 331,540 | | | | | $ | 330,771 | | | ||
| | | | | | | | |
For the Years Ended June 30 | |||||||
---|---|---|---|---|---|---|---|
2014 | $ | 64 | |||||
2015 | 10,058 | ||||||
2016 | 10 | ||||||
2017 | 24,000 | ||||||
Thereafter | 300,000 | ||||||
Total | $ | 334,132 |
| For the Years Ended June 30 | | |||||||
---|---|---|---|---|---|---|---|---|---|
| 2014 | | | | $ | 64 | | | |
| 2015 | | | | | 10,058 | | | |
| 2016 | | | | | 10 | | | |
| 2017 | | | | | 24,000 | | | |
| Thereafter | | | | | 300,000 | | | |
| Total | | | | $ | 334,132 | | | |
| | | | | |
As of June 30 | 2013 | 2012 | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Authorized shares | Par value | Issued and outstanding shares | ||||||||||||||||||||
Preferred shares | 1,000,000 | $ | 1.00 | — | — | |||||||||||||||||
Common shares | 200,000,000 | $ | 0.0001 | 68,910,000 | 68,910,000 |
| As of June 30 | | | | | | | 2013 | | | 2012 | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Authorized shares | | | Par value | | | Issued and outstanding shares | | |||||||||||||||||||
| Preferred shares | | | | | 1,000,000 | | | | | $ | 1.00 | | | | | | — | | | | | | — | | | ||||
| Common shares | | | | | 200,000,000 | | | | | $ | 0.0001 | | | | | | 68,910,000 | | | | | | 68,910,000 | | | ||||
| | | | | | | | | | | | | |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Outstanding option shares | 3,390,000 | 2,690,000 | ||||||||||
Vested and exercisable option shares | 2,542,500 | 1,345,000 | ||||||||||
Fair value of options vested | $ | 1,102 | $ | 712 | ||||||||
Unrecognized compensation expense | $ | 73 | $ | 184 |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Outstanding option shares | | | | | 3,390,000 | | | | | | 2,690,000 | | | ||
| Vested and exercisable option shares | | | | | 2,542,500 | | | | | | 1,345,000 | | | ||
| Fair value of options vested | | | | $ | 1,102 | | | | | $ | 712 | | | ||
| Unrecognized compensation expense | | | | $ | 73 | | | | | $ | 184 | | | ||
| | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Forfeited option shares | — | — | 380,000 | ||||||||||||||
Compensation expense | $ | 215 | $ | 195 | $ | 404 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Forfeited option shares | | | | | — | | | | | | — | | | | | | 380,000 | | | |||
| Compensation expense | | | | $ | 215 | | | | | $ | 195 | | | | | $ | 404 | | | |||
| | | | | | | | | | | |
| Risk-free rate of return | | | 2.70% | |
| Expected life | | | 3.0 to 7.5 years | |
| Expected volatility | | | 35% – 50% | |
| Expected dividend yield | | | 0.0% | |
| | | |
For the Years Ended June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 46,811 | $ | 36,655 | ||||||||
Service cost | 2,729 | 2,093 | ||||||||||
Interest cost | 2,058 | 1,957 | ||||||||||
Benefits paid | (796 | ) | (627 | ) | ||||||||
Actuarial (gain) loss | (4,233 | ) | 6,733 | |||||||||
Benefit obligation at end of year | $ | 46,569 | $ | 46,811 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Change in benefit obligation | | ||||||||||||||
| Benefit obligation at beginning of year | | | | $ | 46,811 | | | | | $ | 36,655 | | | ||
| Service cost | | | | | 2,729 | | | | | | 2,093 | | | ||
| Interest cost | | | | | 2,058 | | | | | | 1,957 | | | ||
| Benefits paid | | | | | (796 | ) | | | | | | (627 | ) | | |
| Actuarial (gain) loss | | | | | (4,233 | ) | | | | | | 6,733 | | | |
| Benefit obligation at end of year | | | | $ | 46,569 | | | | | $ | 46,811 | | | ||
| | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Change in plan assets | ||||||||||||
Fair value of plan assets at beginning of year | $ | 27,856 | $ | 26,247 | ||||||||
Actual return on plan assets | 1,888 | (1,895 | ) | |||||||||
Employer contributions | 2,553 | 4,131 | ||||||||||
Benefits paid | (796 | ) | (627 | ) | ||||||||
Fair value of plan assets at end of year | $ | 31,501 | $ | 27,856 | ||||||||
Funded status at end of year | $ | (15,068 | ) | $ | (18,955 | ) |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Change in plan assets | | ||||||||||||||
| Fair value of plan assets at beginning of year | | | | $ | 27,856 | | | | | $ | 26,247 | | | ||
| Actual return on plan assets | | | | | 1,888 | | | | | | (1,895 | ) | | | |
| Employer contributions | | | | | 2,553 | | | | | | 4,131 | | | ||
| Benefits paid | | | | | (796 | ) | | | | | | (627 | ) | | |
| Fair value of plan assets at end of year | | | | $ | 31,501 | | | | | $ | 27,856 | | | ||
| Funded status at end of year | | | | $ | (15,068 | ) | | | | | $ | (18,955 | ) | | |
| | | | | | | |
As of June 30, 2013 | |||||||
---|---|---|---|---|---|---|---|
Unrecognized net actuarial (gain) loss and prior service cost | $ | 12,240 |
| As of June 30, 2013 | | |||||||
---|---|---|---|---|---|---|---|---|---|
| Unrecognized net actuarial (gain) loss and prior service cost | | | | $ | 12,240 | | | |
| | | | |
Change in Accumulated Other Comprehensive (Income) Loss | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period | $ | 17,630 | $ | 7,217 | ||||||||
Amortization of net actuarial loss (gain) and prior service cost | (1,405 | ) | (255 | ) | ||||||||
Current period net actuarial loss (gain) | (3,985 | ) | 10,668 | |||||||||
Net change | (5,390 | ) | 10,413 | |||||||||
Balance at end of period | $ | 12,240 | $ | 17,630 |
| Change in Accumulated Other Comprehensive (Income) Loss | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at beginning of period | | | | $ | 17,630 | | | | | $ | 7,217 | | | ||
| Amortization of net actuarial loss (gain) and prior service cost | | | | | (1,405 | ) | | | | | | (255 | ) | | |
| Current period net actuarial loss (gain) | | | | | (3,985 | ) | | | | | | 10,668 | | | |
| Net change | | | | | (5,390 | ) | | | | | | 10,413 | | | |
| Balance at end of period | | | | $ | 12,240 | | | | | $ | 17,630 | | | ||
| | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Service cost—benefits earned during the year | $ | 2,729 | $ | 2,093 | $ | 1,948 | |||||||||||
Interest cost on benefit obligation | 2,058 | 1,957 | 1,721 | ||||||||||||||
Expected return on plan assets | (2,136 | ) | (2,040 | ) | (1,626 | ) | |||||||||||
Amortization of net actuarial (gain) loss and prior service costs | 1,405 | 255 | 463 | ||||||||||||||
Net periodic pension expense | $ | 4,056 | $ | 2,265 | $ | 2,506 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Service cost—benefits earned during the year | | | | $ | 2,729 | | | | | $ | 2,093 | | | | | $ | 1,948 | | | |||
| Interest cost on benefit obligation | | | | | 2,058 | | | | | | 1,957 | | | | | | 1,721 | | | |||
| Expected return on plan assets | | | | | (2,136 | ) | | | | | | (2,040 | ) | | | | | | (1,626 | ) | | |
| Amortization of net actuarial (gain) loss and prior service costs | | | | | 1,405 | | | | | | 255 | | | | | | 463 | | | |||
| Net periodic pension expense | | | | $ | 4,056 | | | | | $ | 2,265 | | | | | $ | 2,506 | | | |||
| | | | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Discount rate for service and interest | 4.4% | 5.5% | 5.4% | ||||||||
Expected rate of return on plan assets | 7.5% | 7.5% | 7.5% | ||||||||
Rate of compensation increase | 3.0% – 3.75% | 3.0% – 4.5% | 3.0% – 4.5% | ||||||||
Discount rate for year-end benefit obligation | 5.0% | 4.4% | 5.5% |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | |
---|---|---|---|---|---|---|---|---|---|---|---|
| Discount rate for service and interest | | | 4.4% | | | 5.5% | | | 5.4% | |
| Expected rate of return on plan assets | | | 7.5% | | | 7.5% | | | 7.5% | |
| Rate of compensation increase | | | 3.0% – 3.75% | | | 3.0% – 4.5% | | | 3.0% – 4.5% | |
| Discount rate for year-end benefit obligation | | | 5.0% | | | 4.4% | | | 5.5% | |
| | | | | | | |
2014 | $ | 1,264 | |||||
2015 | 1,398 | ||||||
2016 | 1,636 | ||||||
2017 | 1,813 | ||||||
2018 | 1,968 | ||||||
2019 – 2023 | 13,905 |
| 2014 | | | | $ | 1,264 | | | |
| 2015 | | | | | 1,398 | | | |
| 2016 | | | | | 1,636 | | | |
| 2017 | | | | | 1,813 | | | |
| 2018 | | | | | 1,968 | | | |
| 2019 – 2023 | | | | | 13,905 | | | |
| | | | |
Target Allocation | Percentage of Plan Assets | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
For the Years Ended June 30 | 2014 | 2013 | 2012 | ||||||||||||
Debt securities | 20% – 40% | 25 | % | 30 | % | ||||||||||
Equity securities | 50% – 80% | 70 | % | 57 | % | ||||||||||
Other | 6% – 12% | 5 | % | 13 | % |
| | | | Target Allocation | | | Percentage of Plan Assets | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | ||||||||
| Debt securities | | | 20% – 40% | | | | | 25 | % | | | | | | 30 | % | | |
| Equity securities | | | 50% – 80% | | | | | 70 | % | | | | | | 57 | % | | |
| Other | | | 6% – 12% | | | | | 5 | % | | | | | | 13 | % | | |
| | | | | | | | | |
Fair Value Measurements Using | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
As of June 30, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Cash and cash equivalents | $ | 581 | $ | 404 | $ | — | $ | 985 | ||||||||||||||
Common-collective funds | ||||||||||||||||||||||
Global large cap equities | 6,555 | 4,743 | — | 11,298 | ||||||||||||||||||
Fixed income securities | — | 6,730 | — | 6,730 | ||||||||||||||||||
Mutual funds | ||||||||||||||||||||||
Global small and mid-cap equities | 10,887 | — | — | 10,887 | ||||||||||||||||||
Real estate | 1,320 | — | — | 1,320 | ||||||||||||||||||
Other | — | — | 280 | 280 | ||||||||||||||||||
$ | 19,343 | $ | 11,877 | $ | 280 | $ | 31,500 |
| | | | Fair Value Measurements Using | | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of June 30, 2013 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||||||
| Cash and cash equivalents | | | | $ | 581 | | | | | $ | 404 | | | | | $ | — | | | | | $ | 985 | | | ||||
| Common-collective funds | | ||||||||||||||||||||||||||||
| Global large cap equities | | | | | 6,555 | | | | | | 4,743 | | | | | | — | | | | | | 11,298 | | | ||||
| Fixed income securities | | | | | — | | | | | | 6,730 | | | | | | — | | | | | | 6,730 | | | ||||
| Mutual funds | | ||||||||||||||||||||||||||||
| Global small and mid-cap equities | | | | | 10,887 | | | | | | — | | | | | | — | | | | | | 10,887 | | | ||||
| Real estate | | | | | 1,320 | | | | | | — | | | | | | — | | | | | | 1,320 | | | ||||
| Other | | | | | — | | | | | | — | | | | | | 280 | | | | | | 280 | | | ||||
| | | | | $ | 19,343 | | | | | $ | 11,877 | | | | | $ | 280 | | | | | $ | 31,500 | | | ||||
| | | | | | | | | | | | | |
Fair Value Measurements Using | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
As of June 30, 2012 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Cash and cash equivalents | $ | 524 | $ | 1,473 | $ | — | $ | 1,997 | ||||||||||||||
Common-collective funds | ||||||||||||||||||||||
Global large cap equities | 3,241 | 3,546 | — | 6,787 | ||||||||||||||||||
Fixed income securities | — | 6,220 | — | 6,220 | ||||||||||||||||||
Mutual funds | ||||||||||||||||||||||
Global small and mid-cap equities | 8,971 | — | — | 8,971 | ||||||||||||||||||
Real estate | 2,163 | — | — | 2,163 | ||||||||||||||||||
Foreign currency deposits | — | 1,268 | — | 1,268 | ||||||||||||||||||
Other | — | — | 450 | 450 | ||||||||||||||||||
$ | 14,899 | $ | 12,507 | $ | 450 | $ | 27,856 |
| | | | Fair Value Measurements Using | | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of June 30, 2012 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||||||
| Cash and cash equivalents | | | | $ | 524 | | | | | $ | 1,473 | | | | | $ | — | | | | | $ | 1,997 | | | ||||
| Common-collective funds | | ||||||||||||||||||||||||||||
| Global large cap equities | | | | | 3,241 | | | | | | 3,546 | | | | | | — | | | | | | 6,787 | | | ||||
| Fixed income securities | | | | | — | | | | | | 6,220 | | | | | | — | | | | | | 6,220 | | | ||||
| Mutual funds | | ||||||||||||||||||||||||||||
| Global small and mid-cap equities | | | | | 8,971 | | | | | | — | | | | | | — | | | | | | 8,971 | | | ||||
| Real estate | | | | | 2,163 | | | | | | — | | | | | | — | | | | | | 2,163 | | | ||||
| Foreign currency deposits | | | | | — | | | | | | 1,268 | | | | | | — | | | | | | 1,268 | | | ||||
| Other | | | | | — | | | | | | — | | | | | | 450 | | | | | | 450 | | | ||||
| | | | | $ | 14,899 | | | | | $ | 12,507 | | | | | $ | 450 | | | | | $ | 27,856 | | | ||||
| | | | | | | | | | | | | |
Change in Fair Value of Level 3 Assets | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period | $ | 450 | $ | 466 | ||||||||
Redemptions | — | (122 | ) | |||||||||
Purchases | 51 | 68 | ||||||||||
Change in fair value | (221 | ) | 38 | |||||||||
Balance at end of period | $ | 280 | $ | 450 |
| Change in Fair Value of Level 3 Assets | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at beginning of period | | | | $ | 450 | | | | | $ | 466 | | | ||
| Redemptions | | | | | — | | | | | | (122 | ) | | | |
| Purchases | | | | | 51 | | | | | | 68 | | | ||
| Change in fair value | | | | | (221 | ) | | | | | | 38 | | | |
| Balance at end of period | | | | $ | 280 | | | | | $ | 450 | | | ||
| | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Domestic | $ | (6,581 | ) | $ | (10,002 | ) | $ | (6,077 | ) | ||||||||
Foreign | 24,429 | 23,116 | (1,812 | ) | |||||||||||||
Income (loss) before income taxes | $ | 17,848 | $ | 13,114 | $ | (7,889 | ) |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Domestic | | | | $ | (6,581 | ) | | | | | $ | (10,002 | ) | | | | | $ | (6,077 | ) | | |
| Foreign | | | | | 24,429 | | | | | | 23,116 | | | | | | (1,812 | ) | | | ||
| Income (loss) before income taxes | | | | $ | 17,848 | | | | | $ | 13,114 | | | | | $ | (7,889 | ) | | | ||
| | | | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Current tax provision (benefit): | |||||||||||||||||
Federal | $ | — | $ | 66 | $ | (994 | ) | ||||||||||
State and local | 391 | 219 | 271 | ||||||||||||||
Foreign | 4,487 | 7,555 | 5,461 | ||||||||||||||
Total current tax provision | 4,878 | 7,840 | 4,738 | ||||||||||||||
Deferred tax provision (benefit): | |||||||||||||||||
Federal | (12,160 | ) | (6,282 | ) | (6,652 | ) | |||||||||||
State and local | (616 | ) | (1,275 | ) | (652 | ) | |||||||||||
Foreign | (1,204 | ) | (290 | ) | 534 | ||||||||||||
Change in valuation allowance—domestic | 1,704 | 7,557 | 6,946 | ||||||||||||||
Change in valuation allowance—foreign | 355 | (1,412 | ) | 119 | |||||||||||||
Total deferred tax provision | (11,921 | ) | (1,702 | ) | 295 | ||||||||||||
Provision (benefit) for income taxes | $ | (7,043 | ) | $ | 6,138 | $ | 5,033 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current tax provision (benefit): | | |||||||||||||||||||||
| Federal | | | | $ | — | | | | | $ | 66 | | | | | $ | (994 | ) | | | ||
| State and local | | | | | 391 | | | | | | 219 | | | | | | 271 | | | |||
| Foreign | | | | | 4,487 | | | | | | 7,555 | | | | | | 5,461 | | | |||
| Total current tax provision | | | | | 4,878 | | | | | | 7,840 | | | | | | 4,738 | | | |||
| Deferred tax provision (benefit): | | |||||||||||||||||||||
| Federal | | | | | (12,160 | ) | | | | | | (6,282 | ) | | | | | | (6,652 | ) | | |
| State and local | | | | | (616 | ) | | | | | | (1,275 | ) | | | | | | (652 | ) | | |
| Foreign | | | | | (1,204 | ) | | | | | | (290 | ) | | | | | | 534 | | | |
| Change in valuation allowance—domestic | | | | | 1,704 | | | | | | 7,557 | | | | | | 6,946 | | | |||
| Change in valuation allowance—foreign | | | | | 355 | | | | | | (1,412 | ) | | | | | | 119 | | | ||
| Total deferred tax provision | | | | | (11,921 | ) | | | | | | (1,702 | ) | | | | | | 295 | | | |
| Provision (benefit) for income taxes | | | | $ | (7,043 | ) | | | | | $ | 6,138 | | | | | $ | 5,033 | | | ||
| | | | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Federal income tax rate | 35.0 | % | 35.0 | % | (35.0 | )% | |||||||||||
State and local taxes, net of federal income tax effect | 1.4 | 1.1 | 2.2 | ||||||||||||||
Foreign tax rate differential, foreign withholding and change in foreign valuation allowance | (24.6 | ) | (22.7 | ) | 86.7 | ||||||||||||
Change in federal valuation allowance | 7.8 | 47.9 | 84.3 | ||||||||||||||
OGR acquisition adjustment | (50.7 | ) | — | — | |||||||||||||
Taxable income not recorded on books | 0.6 | 2.4 | 3.7 | ||||||||||||||
Permanent items | (7.9 | ) | (16.1 | ) | (76.4 | ) | |||||||||||
Other | (1.1 | ) | (0.8 | ) | (1.7 | ) | |||||||||||
Effective tax rate | (39.5 | )% | 46.8 | % | 63.8 | % |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Federal income tax rate | | | | | 35.0 | % | | | | | | 35.0 | % | | | | | | (35.0 | )% | | |
| State and local taxes, net of federal income tax effect | | | | | 1.4 | | | | | | 1.1 | | | | | | 2.2 | | | |||
| Foreign tax rate differential, foreign withholding and change in foreign valuation allowance | | | | | (24.6 | ) | | | | | | (22.7 | ) | | | | | | 86.7 | | | |
| Change in federal valuation allowance | | | | | 7.8 | | | | | | 47.9 | | | | | | 84.3 | | | |||
| OGR acquisition adjustment | | | | | (50.7 | ) | | | | | | — | | | | | | — | | | ||
| Taxable income not recorded on books | | | | | 0.6 | | | | | | 2.4 | | | | | | 3.7 | | | |||
| Permanent items | | | | | (7.9 | ) | | | | | | (16.1 | ) | | | | | | (76.4 | ) | | |
| Other | | | | | (1.1 | ) | | | | | | (0.8 | ) | | | | | | (1.7 | ) | | |
| Effective tax rate | | | | | (39.5 | )% | | | | | | 46.8 | % | | | | | | 63.8 | % | | |
| | | | | | | | | | |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Deferred tax assets: | ||||||||||||
Employee related accruals | $ | 10,709 | $ | 12,150 | ||||||||
Environmental remediation | 2,348 | 2,228 | ||||||||||
Net operating loss carry forwards—domestic | 18,790 | 18,228 | ||||||||||
Net operating loss carry forwards—foreign | 9,860 | 11,128 | ||||||||||
Other | 8,413 | 2,831 | ||||||||||
50,120 | 46,565 | |||||||||||
Valuation allowance | (27,753 | ) | (36,763 | ) | ||||||||
22,367 | 9,802 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment and intangible assets | (14,645 | ) | (5,529 | ) | ||||||||
Unrealized foreign exchange gains | (4,827 | ) | (4,248 | ) | ||||||||
Other | (573 | ) | (60 | ) | ||||||||
(20,045 | ) | (9,837 | ) | |||||||||
Net deferred tax asset (liability) | $ | 2,322 | $ | (35 | ) |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred tax assets: | | ||||||||||||||
| Employee related accruals | | | | $ | 10,709 | | | | | $ | 12,150 | | | ||
| Environmental remediation | | | | | 2,348 | | | | | | 2,228 | | | ||
| Net operating loss carry forwards—domestic | | | | | 18,790 | | | | | | 18,228 | | | ||
| Net operating loss carry forwards—foreign | | | | | 9,860 | | | | | | 11,128 | | | ||
| Other | | | | | 8,413 | | | | | | 2,831 | | | ||
| | | | | | 50,120 | | | | | | 46,565 | | | ||
| Valuation allowance | | | | | (27,753 | ) | | | | | | (36,763 | ) | | |
| | | | | | 22,367 | | | | | | 9,802 | | | ||
| Deferred tax liabilities: | | ||||||||||||||
| Property, plant and equipment and intangible assets | | | | | (14,645 | ) | | | | | | (5,529 | ) | | |
| Unrealized foreign exchange gains | | | | | (4,827 | ) | | | | | | (4,248 | ) | | |
| Other | | | | | (573 | ) | | | | | | (60 | ) | | |
| | | | | | (20,045 | ) | | | | | | (9,837 | ) | | |
| Net deferred tax asset (liability) | | | | $ | 2,322 | | | | | $ | (35 | ) | | | |
| | | | | | | |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Prepaid expenses and other current assets | $ | 2,294 | $ | 7,029 | ||||||||
Accrued expenses and other current liabilities | (1,732 | ) | (2 | ) | ||||||||
Other assets | 4,755 | 112 | ||||||||||
Other liabilities | (2,995 | ) | (7,174 | ) | ||||||||
$ | 2,322 | $ | (35 | ) |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Prepaid expenses and other current assets | | | | $ | 2,294 | | | | | $ | 7,029 | | | ||
| Accrued expenses and other current liabilities | | | | | (1,732 | ) | | | | | | (2 | ) | | |
| Other assets | | | | | 4,755 | | | | | | 112 | | | ||
| Other liabilities | | | | | (2,995 | ) | | | | | | (7,174 | ) | | |
| | | | | $ | 2,322 | | | | | $ | (35 | ) | | | |
| | | | | | | |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period | $ | 36,763 | $ | 30,618 | ||||||||
Change in valuation allowance | 2,059 | 6,145 | ||||||||||
Permanent adjustment for Other Comprehensive Income | (2,016 | ) | — | |||||||||
OGR acquisition adjustments | (9,053 | ) | — | |||||||||
Balance at end of period | $ | 27,753 | $ | 36,763 |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at beginning of period | | | | $ | 36,763 | | | | | $ | 30,618 | | | ||
| Change in valuation allowance | | | | | 2,059 | | | | | | 6,145 | | | ||
| Permanent adjustment for Other Comprehensive Income | | | | | (2,016 | ) | | | | | | — | | | |
| OGR acquisition adjustments | | | | | (9,053 | ) | | | | | | — | | | |
| Balance at end of period | | | | $ | 27,753 | | | | | $ | 36,763 | | | ||
| | | | | | | |
As of June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Unrecognized tax benefits at beginning of period | $ | 6,565 | $ | 6,180 | $ | 5,112 | |||||||||||
Additions based on tax positions related to prior periods | 4,996 | 216 | 144 | ||||||||||||||
Additions based on tax positions related to the current period | 404 | 646 | 804 | ||||||||||||||
Exchange impact | 296 | (477 | ) | 120 | |||||||||||||
Unrecognized tax benefits at end of period | $ | 12,261 | $ | 6,565 | $ | 6,180 |
| As of June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrecognized tax benefits at beginning of period | | | | $ | 6,565 | | | | | $ | 6,180 | | | | | $ | 5,112 | | | |||
| Additions based on tax positions related to prior periods | | | | | 4,996 | | | | | | 216 | | | | | | 144 | | | |||
| Additions based on tax positions related to the current period | | | | | 404 | | | | | | 646 | | | | | | 804 | | | |||
| Exchange impact | | | | | 296 | | | | | | (477 | ) | | | | | | 120 | | | ||
| Unrecognized tax benefits at end of period | | | | $ | 12,261 | | | | | $ | 6,565 | | | | | $ | 6,180 | | | |||
| | | | | | | | | | |
For the Years Ended June 30 | Capital leases | Non-cancellable operating leases | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 | $ | 79 | $ | 2,930 | ||||||||
2015 | 63 | 2,180 | ||||||||||
2016 | 11 | 1,848 | ||||||||||
2017 | — | 1,653 | ||||||||||
2018 | — | 1,664 | ||||||||||
Thereafter | — | 5,046 | ||||||||||
Total minimum lease payments | $ | 153 | $ | 15,321 | ||||||||
Amounts representing interest | (21 | ) | ||||||||||
Present value of minimum lease payments | $ | 132 |
| For the Years Ended June 30 | | | Capital leases | | | Non-cancellable operating leases | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | | | | $ | 79 | | | | | $ | 2,930 | | | ||
| 2015 | | | | | 63 | | | | | | 2,180 | | | ||
| 2016 | | | | | 11 | | | | | | 1,848 | | | ||
| 2017 | | | | | — | | | | | | 1,653 | | | ||
| 2018 | | | | | — | | | | | | 1,664 | | | ||
| Thereafter | | | | | — | | | | | | 5,046 | | | ||
| Total minimum lease payments | | | | $ | 153 | | | | | $ | 15,321 | | | ||
| Amounts representing interest | | | | | (21 | ) | | | | | | | | | |
| Present value of minimum lease payments | | | | $ | 132 | | | | | | | | | ||
| | | | | | | |
Instrument | Hedge | Notional amount at June 30, 2013 | Fair value as of June 30, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | |||||||||||||||||||
Options | Brazilian Real calls | R$ | 111,000 | $ | 365 | $ | 327 | |||||||||||||
Options | Brazilian Real puts | (R$ | 111,000 | ) | (1,004 | ) | (728 | ) |
| Instrument | | | Hedge | | | Notional amount at June 30, 2013 | | | Fair value as of June 30, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | | | 2012 | | |||||||||||||||||||||
| Options | | | Brazilian Real calls | | | | R$ | 111,000 | | | | | $ | 365 | | | | | $ | 327 | | | |||
| Options | | | Brazilian Real puts | | | | (R$ | 111,000 | ) | | | | | | (1,004 | ) | | | | | | (728 | ) | | |
| | | | | | | | | | | | | | |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Carrying values | ||||||||||||
Senior Notes due July 1, 2018 | $ | 300,000 | $ | 300,000 | ||||||||
Less unamortized original issue discount | (2,402 | ) | (2,762 | ) | ||||||||
297,598 | 297,238 | |||||||||||
Term loan payable to Mayflower due December 31, 2016 | 24,000 | 24,000 | ||||||||||
Less unamortized discount | — | (307 | ) | |||||||||
24,000 | 23,693 | |||||||||||
Term loan payable to BFI due August 1, 2014 | 10,000 | 10,000 | ||||||||||
Less unamortized discount | (126 | ) | (227 | ) | ||||||||
9,874 | 9,773 | |||||||||||
Term note payable to Teva due annually through January 29, 2013 | — | 5,500 | ||||||||||
Less unamortized imputed interest | — | (292 | ) | |||||||||
— | 5,208 | |||||||||||
Fair values | ||||||||||||
Senior Notes due July 1, 2018 | $ | 322,500 | $ | 294,750 | ||||||||
Term loan payable to Mayflower due December 31, 2016 | 26,968 | 24,257 | ||||||||||
Term loan payable to BFI due August 1, 2014 | 10,644 | 10,450 | ||||||||||
Term note payable to Teva due annually through January 29, 2013 | — | 5,334 |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Carrying values | | ||||||||||||||
| Senior Notes due July 1, 2018 | | | | $ | 300,000 | | | | | $ | 300,000 | | | ||
| Less unamortized original issue discount | | | | | (2,402 | ) | | | | | | (2,762 | ) | | |
| | | | | | 297,598 | | | | | | 297,238 | | | ||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 24,000 | | | | | | 24,000 | | | ||
| Less unamortized discount | | | | | — | | | | | | (307 | ) | | | |
| | | | | | 24,000 | | | | | | 23,693 | | | ||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,000 | | | | | | 10,000 | | | ||
| Less unamortized discount | | | | | (126 | ) | | | | | | (227 | ) | | |
| | | | | | 9,874 | | | | | | 9,773 | | | ||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | 5,500 | | | ||
| Less unamortized imputed interest | | | | | — | | | | | | (292 | ) | | | |
| | | | | | — | | | | | | 5,208 | | | ||
| Fair values | | ||||||||||||||
| Senior Notes due July 1, 2018 | | | | $ | 322,500 | | | | | $ | 294,750 | | | ||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 26,968 | | | | | | 24,257 | | | ||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,644 | | | | | | 10,450 | | | ||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | 5,334 | | | ||
| | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | |||||||||||||||||
Animal Health | $ | 384,941 | $ | 375,167 | $ | 345,162 | |||||||||||
Mineral Nutrition | 203,169 | 210,091 | 209,302 | ||||||||||||||
Performance Products | 65,041 | 68,843 | 63,869 | ||||||||||||||
$ | 653,151 | $ | 654,101 | $ | 618,333 | ||||||||||||
Operating income | |||||||||||||||||
Animal Health | $ | 69,090 | $ | 57,447 | $ | 47,034 | |||||||||||
Mineral Nutrition | 9,794 | 10,790 | 11,323 | ||||||||||||||
Performance Products | 2,685 | 5,058 | 2,932 | ||||||||||||||
Corporate | (24,838 | ) | (23,970 | ) | (20,053 | ) | |||||||||||
$ | 56,731 | $ | 49,325 | $ | 41,236 | ||||||||||||
Depreciation and amortization | |||||||||||||||||
Animal Health | $ | 13,907 | $ | 13,009 | $ | 13,078 | |||||||||||
Mineral Nutrition | 2,275 | 2,217 | 2,010 | ||||||||||||||
Performance Products | 242 | 74 | 31 | ||||||||||||||
Corporate | 2,599 | 2,227 | 1,577 | ||||||||||||||
$ | 19,023 | $ | 17,527 | $ | 16,696 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | | |||||||||||||||||||||
| Animal Health | | | | $ | 384,941 | | | | | $ | 375,167 | | | | | $ | 345,162 | | | |||
| Mineral Nutrition | | | | | 203,169 | | | | | | 210,091 | | | | | | 209,302 | | | |||
| Performance Products | | | | | 65,041 | | | | | | 68,843 | | | | | | 63,869 | | | |||
| | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | |||
| Operating income | | |||||||||||||||||||||
| Animal Health | | | | $ | 69,090 | | | | | $ | 57,447 | | | | | $ | 47,034 | | | |||
| Mineral Nutrition | | | | | 9,794 | | | | | | 10,790 | | | | | | 11,323 | | | |||
| Performance Products | | | | | 2,685 | | | | | | 5,058 | | | | | | 2,932 | | | |||
| Corporate | | | | | (24,838 | ) | | | | | | (23,970 | ) | | | | | | (20,053 | ) | | |
| | | | | $ | 56,731 | | | | | $ | 49,325 | | | | | $ | 41,236 | | | |||
| Depreciation and amortization | | |||||||||||||||||||||
| Animal Health | | | | $ | 13,907 | | | | | $ | 13,009 | | | | | $ | 13,078 | | | |||
| Mineral Nutrition | | | | | 2,275 | | | | | | 2,217 | | | | | | 2,010 | | | |||
| Performance Products | | | | | 242 | | | | | | 74 | | | | | | 31 | | | |||
| Corporate | | | | | 2,599 | | | | | | 2,227 | | | | | | 1,577 | | | |||
| | | | | $ | 19,023 | | | | | $ | 17,527 | | | | | $ | 16,696 | | | |||
| | | | | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Capital expenditures | |||||||||||||||||
Animal Health | $ | 15,207 | $ | 9,637 | $ | 13,092 | |||||||||||
Mineral Nutrition | 1,632 | 717 | 3,986 | ||||||||||||||
Performance Products | 1,053 | 887 | 343 | ||||||||||||||
Corporate | 2,055 | 3,583 | 4,214 | ||||||||||||||
$ | 19,947 | $ | 14,824 | $ | 21,635 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital expenditures | | |||||||||||||||||||||
| Animal Health | | | | $ | 15,207 | | | | | $ | 9,637 | | | | | $ | 13,092 | | | |||
| Mineral Nutrition | | | | | 1,632 | | | | | | 717 | | | | | | 3,986 | | | |||
| Performance Products | | | | | 1,053 | | | | | | 887 | | | | | | 343 | | | |||
| Corporate | | | | | 2,055 | | | | | | 3,583 | | | | | | 4,214 | | | |||
| | | | | $ | 19,947 | | | | | $ | 14,824 | | | | | $ | 21,635 | | | |||
| | | | | | | | | | | |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Identifiable assets | ||||||||||||
Animal Health | $ | 354,422 | $ | 287,070 | ||||||||
Mineral Nutrition | 62,933 | 63,423 | ||||||||||
Performance Products | 21,710 | 24,304 | ||||||||||
Corporate | 35,077 | 66,111 | ||||||||||
$ | 474,142 | $ | 440,908 |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Identifiable assets | | ||||||||||||||
| Animal Health | | | | $ | 354,422 | | | | | $ | 287,070 | | | ||
| Mineral Nutrition | | | | | 62,933 | | | | | | 63,423 | | | ||
| Performance Products | | | | | 21,710 | | | | | | 24,304 | | | ||
| Corporate | | | | | 35,077 | | | | | | 66,111 | | | ||
| | | | | $ | 474,142 | | | | | $ | 440,908 | | | ||
| | | | | | | | |
For the Years Ended June 30 | 2013 | 2012 | 2011 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | |||||||||||||||||
United States | $ | 414,768 | $ | 424,373 | $ | 404,156 | |||||||||||
Israel | 93,248 | 101,301 | 91,341 | ||||||||||||||
Latin America and Canada | 68,575 | 61,407 | 50,701 | ||||||||||||||
Europe and Africa | 32,501 | 30,087 | 26,394 | ||||||||||||||
Asia Pacific | 44,059 | 36,933 | 45,741 | ||||||||||||||
$ | 653,151 | $ | 654,101 | $ | 618,333 |
| For the Years Ended June 30 | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | | |||||||||||||||||||||
| United States | | | | $ | 414,768 | | | | | $ | 424,373 | | | | | $ | 404,156 | | | |||
| Israel | | | | | 93,248 | | | | | | 101,301 | | | | | | 91,341 | | | |||
| Latin America and Canada | | | | | 68,575 | | | | | | 61,407 | | | | | | 50,701 | | | |||
| Europe and Africa | | | | | 32,501 | | | | | | 30,087 | | | | | | 26,394 | | | |||
| Asia Pacific | | | | | 44,059 | | | | | | 36,933 | | | | | | 45,741 | | | |||
| | | | | $ | 653,151 | | | | | $ | 654,101 | | | | | $ | 618,333 | | | |||
| | | | | | | | | | | |
As of June 30 | 2013 | 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Property, plant and equipment, net | ||||||||||||
United States | $ | 40,601 | $ | 38,826 | ||||||||
Israel | 30,837 | 28,212 | ||||||||||
Brazil | 30,988 | 32,479 | ||||||||||
Other | 1,996 | 2,144 | ||||||||||
$ | 104,422 | $ | 101,661 |
| As of June 30 | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Property, plant and equipment, net | | ||||||||||||||
| United States | | | | $ | 40,601 | | | | | $ | 38,826 | | | ||
| Israel | | | | | 30,837 | | | | | | 28,212 | | | ||
| Brazil | | | | | 30,988 | | | | | | 32,479 | | | ||
| Other | | | | | 1,996 | | | | | | 2,144 | | | ||
| | | | | $ | 104,422 | | | | | $ | 101,661 | | | ||
| | | | | | | | |
Three Months | Six Months | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
For the Periods Ended December 31 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(unaudited) (in thousands) | ||||||||||||||||||||||
Net sales | $ | 172,742 | $ | 164,159 | $ | 334,970 | $ | 326,265 | ||||||||||||||
Cost of goods sold | 121,586 | 120,973 | 234,302 | 241,213 | ||||||||||||||||||
Gross profit | 51,156 | 43,186 | 100,668 | 85,052 | ||||||||||||||||||
Selling, general and administrative expenses | 34,138 | 29,030 | 67,253 | 57,687 | ||||||||||||||||||
Operating income | 17,018 | 14,156 | 33,415 | 27,365 | ||||||||||||||||||
Interest expense | 7,783 | 7,894 | 15,557 | 15,715 | ||||||||||||||||||
Interest expense, shareholders | 1,004 | 1,075 | 2,009 | 2,147 | ||||||||||||||||||
Interest (income) | (68 | ) | (14 | ) | (112 | ) | (82 | ) | ||||||||||||||
Foreign currency (gains) losses, net | 1,165 | 126 | 1,813 | 294 | ||||||||||||||||||
Other (income) expense, net | — | 58 | — | 46 | ||||||||||||||||||
Income before income taxes | 7,134 | 5,017 | 14,148 | 9,245 | ||||||||||||||||||
Provision (benefit) for income taxes | 4,832 | (7,056 | ) | 6,003 | (5,487 | ) | ||||||||||||||||
Net income | $ | 2,302 | $ | 12,073 | $ | 8,145 | $ | 14,732 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||
Fair value of derivative instruments | $ | (235 | ) | $ | 182 | $ | 137 | $ | 418 | |||||||||||||
Foreign currency translation adjustment | (3,003 | ) | (366 | ) | (3,135 | ) | (468 | ) | ||||||||||||||
Unrecognized net pension gains (losses) | 226 | 309 | 429 | 619 | ||||||||||||||||||
Tax (provision) benefit on other comprehensive income (loss) | 3 | (187 | ) | (221 | ) | (394 | ) | |||||||||||||||
Other comprehensive income (loss) | $ | (3,009 | ) | $ | (62 | ) | $ | (2,790 | ) | $ | 175 | |||||||||||
Comprehensive income (loss) | $ | (707 | ) | $ | 12,011 | $ | 5,355 | $ | 14,907 | |||||||||||||
Net income per share—basic and diluted | $ | 0.03 | $ | 0.18 | $ | 0.12 | $ | 0.21 | ||||||||||||||
Weighted average number of shares—basic and diluted | 68,910 | 68,910 | 68,910 | 68,910 |
| | | | Three Months | | | Six Months | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Periods Ended December 31 | | | 2013 | | | 2012 | | | 2013 | | | 2012 | | ||||||||||||||||
| | | | (unaudited) (in thousands) | | |||||||||||||||||||||||||
| Net sales | | | | $ | 172,742 | | | | | $ | 164,159 | | | | | $ | 334,970 | | | | | $ | 326,265 | | | ||||
| Cost of goods sold | | | | | 121,586 | | | | | | 120,973 | | | | | | 234,302 | | | | | | 241,213 | | | ||||
| Gross profit | | | | | 51,156 | | | | | | 43,186 | | | | | | 100,668 | | | | | | 85,052 | | | ||||
| Selling, general and administrative expenses | | | | | 34,138 | | | | | | 29,030 | | | | | | 67,253 | | | | | | 57,687 | | | ||||
| Operating income | | | | | 17,018 | | | | | | 14,156 | | | | | | 33,415 | | | | | | 27,365 | | | ||||
| Interest expense | | | | | 7,783 | | | | | | 7,894 | | | | | | 15,557 | | | | | | 15,715 | | | ||||
| Interest expense, shareholders | | | | | 1,004 | | | | | | 1,075 | | | | | | 2,009 | | | | | | 2,147 | | | ||||
| Interest (income) | | | | | (68 | ) | | | | | | (14 | ) | | | | | | (112 | ) | | | | | | (82 | ) | | |
| Foreign currency (gains) losses, net | | | | | 1,165 | | | | | | 126 | | | | | | 1,813 | | | | | | 294 | | | ||||
| Other (income) expense, net | | | | | — | | | | | | 58 | | | | | | — | | | | | | 46 | | | ||||
| Income before income taxes | | | | | 7,134 | | | | | | 5,017 | | | | | | 14,148 | | | | | | 9,245 | | | ||||
| Provision (benefit) for income taxes | | | | | 4,832 | | | | | | (7,056 | ) | | | | | | 6,003 | | | | | | (5,487 | ) | | | ||
| Net income | | | | $ | 2,302 | | | | | $ | 12,073 | �� | | | | $ | 8,145 | | | | | $ | 14,732 | | | ||||
| Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Fair value of derivative instruments | | | | $ | (235 | ) | | | | | $ | 182 | | | | | $ | 137 | | | | | $ | 418 | | | |||
| Foreign currency translation adjustment | | | | | (3,003 | ) | | | | | | (366 | ) | | | | | | (3,135 | ) | | | | | | (468 | ) | | |
| Unrecognized net pension gains (losses) | | | | | 226 | | | | | | 309 | | | | | | 429 | | | | | | 619 | | | ||||
| Tax (provision) benefit on other comprehensive income (loss) | | | | | 3 | | | | | | (187 | ) | | | | | | (221 | ) | | | | | | (394 | ) | | | |
| Other comprehensive income (loss) | | | | $ | (3,009 | ) | | | | | $ | (62 | ) | | | | | $ | (2,790 | ) | | | | | $ | 175 | | | |
| Comprehensive income (loss) | | | | $ | (707 | ) | | | | | $ | 12,011 | | | | | $ | 5,355 | | | | | $ | 14,907 | | | |||
| Net income per share—basic and diluted | | | | $ | 0.03 | | | | | $ | 0.18 | | | | | $ | 0.12 | | | | | $ | 0.21 | | | ||||
| Weighted average number of shares—basic and diluted | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | | | | 68,910 | | | ||||
| Pro forma net income per share (unaudited)— basic and diluted | | | | | | | | | | | | | | | | $ | 0.27 | | | ||||||||||
| Pro forma weighted average number of shares (unaudited)—basic and diluted | | | | | | | | | | | | | | | | | 30,458 | | | | | | | | | ||||
| | | | | | | | | | | | | | |
As of | December 31, 2013 | June 30, 2013 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
(unaudited) (in thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 30,474 | $ | 27,369 | ||||||||
Accounts receivable, net | 103,253 | 99,137 | ||||||||||
Inventories | 140,445 | 140,032 | ||||||||||
Prepaid expenses and other current assets | 28,359 | 29,848 | ||||||||||
Total current assets | 302,531 | 296,386 | ||||||||||
Property, plant and equipment, net | 105,693 | 104,422 | ||||||||||
Intangibles, net | 32,587 | 35,155 | ||||||||||
Other assets | 40,017 | 38,179 | ||||||||||
Total assets | $ | 480,828 | $ | 474,142 | ||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||
Current portion of long-term debt | $ | 62 | $ | 64 | ||||||||
Current portion of long-term debt, shareholders | 9,932 | — | ||||||||||
Accounts payable | 60,109 | 57,902 | ||||||||||
Accrued expenses and other current liabilities | 52,527 | 57,438 | ||||||||||
Total current liabilities | 122,630 | 115,404 | ||||||||||
Domestic senior credit facility | 32,000 | 34,000 | ||||||||||
Long-term debt | 297,827 | 297,666 | ||||||||||
Long-term debt, shareholders | 24,000 | 33,874 | ||||||||||
Other liabilities | 67,899 | 62,136 | ||||||||||
Total liabilities | 544,356 | 543,080 | ||||||||||
Commitments and contingencies | ||||||||||||
Common shares | 7 | 7 | ||||||||||
Paid-in capital | 43,003 | 42,948 | ||||||||||
Accumulated deficit | (85,976 | ) | (94,121 | ) | ||||||||
Accumulated other comprehensive income (loss) | (20,562 | ) | (17,772 | ) | ||||||||
Total shareholders’ deficit | (63,528 | ) | (68,938 | ) | ||||||||
Total liabilities and shareholders’ deficit | $ | 480,828 | $ | 474,142 |
| As of | | | December 31, 2013 | | | June 30, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (unaudited) (in thousands) | | |||||||||||
| ASSETS | | | | | | | | | | | | | | ||
| Cash and cash equivalents | | | | $ | 30,474 | | | | | $ | 27,369 | | | ||
| Accounts receivable, net | | | | | 103,253 | | | | | | 99,137 | | | ||
| Inventories | | | | | 140,445 | | | | | | 140,032 | | | ||
| Prepaid expenses and other current assets | | | | | 28,359 | | | | | | 29,848 | | | ||
| Total current assets | | | | | 302,531 | | | | | | 296,386 | | | ||
| Property, plant and equipment, net | | | | | 105,693 | | | | | | 104,422 | | | ||
| Intangibles, net | | | | | 32,587 | | | | | | 35,155 | | | ||
| Other assets | | | | | 40,017 | | | | | | 38,179 | | | ||
| Total assets | | | | $ | 480,828 | | | | | $ | 474,142 | | | ||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | ||
| Current portion of long-term debt | | | | $ | 62 | | | | | $ | 64 | | | ||
| Current portion of long-term debt, shareholders | | | | | 9,932 | | | | | | — | | | ||
| Accounts payable | | | | | 60,109 | | | | | | 57,902 | | | ||
| Accrued expenses and other current liabilities | | | | | 52,527 | | | | | | 57,438 | | | ||
| Total current liabilities | | | | | 122,630 | | | | | | 115,404 | | | ||
| Domestic senior credit facility | | | | | 32,000 | | | | | | 34,000 | | | ||
| Long-term debt | | | | | 297,827 | | | | | | 297,666 | | | ||
| Long-term debt, shareholders | | | | | 24,000 | | | | | | 33,874 | | | ||
| Other liabilities | | | | | 67,899 | | | | | | 62,136 | | | ||
| Total liabilities | | | | | 544,356 | | | | | | 543,080 | | | ||
| Commitments and contingencies | | | | | | | | | | | | | | ||
| Common shares | | | | | 7 | | | | | | 7 | | | ||
| Paid-in capital | | | | | 43,003 | | | | | | 42,948 | | | ||
| Accumulated deficit | | | | | (85,976 | ) | | | | | | (94,121 | ) | | |
| Accumulated other comprehensive income (loss) | | | | | (20,562 | ) | | | | | | (17,772 | ) | | |
| Total shareholders’ deficit | | | | | (63,528 | ) | | | | | | (68,938 | ) | | |
| Total liabilities and shareholders’ deficit | | | | $ | 480,828 | | | | | $ | 474,142 | | | ||
| | | | | | | | |
Six Months | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
For the Periods Ended December 31 | 2013 | 2012 | ||||||||||
(unaudited) (in thousands) | ||||||||||||
OPERATING ACTIVITIES | ||||||||||||
Net income | $ | 8,145 | $ | 14,732 | ||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||||||||||||
Depreciation and amortization | 10,493 | 9,318 | ||||||||||
Amortization of deferred financing costs | 530 | 705 | ||||||||||
Amortization of imputed interest and debt discount | 256 | 602 | ||||||||||
Deferred income taxes | (108 | ) | (8,461 | ) | ||||||||
Foreign currency (gains) losses, net | 1,266 | (282 | ) | |||||||||
Other | (191 | ) | (391 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | (4,380 | ) | 3,365 | |||||||||
Inventories | (2,471 | ) | (10,562 | ) | ||||||||
Prepaid expenses and other current assets | 1,070 | (1,070 | ) | |||||||||
Other assets | (1,650 | ) | (456 | ) | ||||||||
Accounts payable | 2,459 | (5,266 | ) | |||||||||
Accrued expenses and other liabilities | 978 | (4,236 | ) | |||||||||
Net cash provided (used) by operating activities | 16,397 | (2,002 | ) | |||||||||
INVESTING ACTIVITIES | ||||||||||||
Capital expenditures | (9,765 | ) | (9,640 | ) | ||||||||
Business acquisition | — | (18,500 | ) | |||||||||
Sales of assets | 8 | 283 | ||||||||||
Net cash provided (used) by investing activities | (9,757 | ) | (27,857 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||
Borrowings under the domestic senior credit facility | 75,500 | 7,000 | ||||||||||
Repayments of the domestic senior credit facility | (77,500 | ) | (1,000 | ) | ||||||||
Payments of long-term debt, capital leases and other | (1,178 | ) | (98 | ) | ||||||||
Dividend paid to common shareholders | — | (3,000 | ) | |||||||||
Net cash provided (used) by financing activities | (3,178 | ) | 2,902 | |||||||||
Effect of exchange rate changes on cash | (357 | ) | 80 | |||||||||
Net increase (decrease) in cash and cash equivalents | 3,105 | (26,877 | ) | |||||||||
Cash and cash equivalents at beginning of period | 27,369 | 53,900 | ||||||||||
Cash and cash equivalents at end of period | $ | 30,474 | $ | 27,023 | ||||||||
Supplemental cash flow information | ||||||||||||
Interest paid | $ | 16,760 | $ | 16,578 | ||||||||
Income taxes paid, net | 3,835 | 4,832 | ||||||||||
Non-cash investing and financing activities | ||||||||||||
Capital expenditures | 1,315 | — | ||||||||||
Business acquisition | — | 4,250 | ||||||||||
Capital lease additions | — | 69 |
| | | | Six Months | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Periods Ended December 31 | | | 2013 | | | 2012 | | ||||||||
| | | | (unaudited) (in thousands) | | |||||||||||
| OPERATING ACTIVITIES | | | | | | | | ||||||||
| Net income | | | | $ | 8,145 | | | | | $ | 14,732 | | | ||
| Adjustments to reconcile net income to net cash provided (used) by operating activities: | | | | | | | | ||||||||
| Depreciation and amortization | | | | | 10,493 | | | | | | 9,318 | | | ||
| Amortization of deferred financing costs | | | | | 530 | | | | | | 705 | | | ||
| Amortization of imputed interest and debt discount | | | | | 256 | | | | | | 602 | | | ||
| Deferred income taxes | | | | | (108 | ) | | | | | | (8,461 | ) | | |
| Foreign currency (gains) losses, net | | | | | 1,266 | | | | | | (282 | ) | | | |
| Other | | | | | (191 | ) | | | | | | (391 | ) | | |
| Changes in operating assets and liabilities: | | | | | | | | ||||||||
| Accounts receivable | | | | | (4,380 | ) | | | | | | 3,365 | | | |
| Inventories | | | | | (2,471 | ) | | | | | | (10,562 | ) | | |
| Prepaid expenses and other current assets | | | | | 1,070 | | | | | | (1,070 | ) | | | |
| Other assets | | | | | (1,650 | ) | | | | | | (456 | ) | | |
| Accounts payable | | | | | 2,459 | | | | | | (5,266 | ) | | | |
| Accrued expenses and other liabilities | | | | | 978 | | | | | | (4,236 | ) | | | |
| Net cash provided (used) by operating activities | | | | | 16,397 | | | | | | (2,002 | ) | | | |
| INVESTING ACTIVITIES | | | | | | | | ||||||||
| Capital expenditures | | | | | (9,765 | ) | | | | | | (9,640 | ) | | |
| Business acquisition | | | | | — | | | | | | (18,500 | ) | | | |
| Sales of assets | | | | | 8 | | | | | | 283 | | | ||
| Net cash provided (used) by investing activities | | | | | (9,757 | ) | | | | | | (27,857 | ) | | |
| FINANCING ACTIVITIES | | | | | | | | ||||||||
| Borrowings under the domestic senior credit facility | | | | | 75,500 | | | | | | 7,000 | | | ||
| Repayments of the domestic senior credit facility | | | | | (77,500 | ) | | | | | | (1,000 | ) | | |
| Payments of long-term debt, capital leases and other | | | | | (1,178 | ) | | | | | | (98 | ) | | |
| Dividend paid to common shareholders | | | | | — | | | | | | (3,000 | ) | | | |
| Net cash provided (used) by financing activities | | | | | (3,178 | ) | | | | | | 2,902 | | | |
| Effect of exchange rate changes on cash | | | | | (357 | ) | | | | | | 80 | | | |
| Net increase (decrease) in cash and cash equivalents | | | | | 3,105 | | | | | | (26,877 | ) | | | |
| Cash and cash equivalents at beginning of period | | | | | 27,369 | | | | | | 53,900 | | | ||
| Cash and cash equivalents at end of period | | | | $ | 30,474 | | | | | $ | 27,023 | | | ||
| Supplemental cash flow information | | ||||||||||||||
| Interest paid | | | | $ | 16,760 | | | | | $ | 16,578 | | | ||
| Income taxes paid, net | | | | | 3,835 | | | | | | 4,832 | | | ||
| Non-cash investing and financing activities | | ||||||||||||||
| Capital expenditures | | | | | 1,315 | | | | | | — | | | ||
| Business acquisition | | | | | — | | | | | | 4,250 | | | ||
| Capital lease additions | | | | | — | | | | | | 69 | | | ||
| | | | | | | | |
Common Shares | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(unaudited) (in thousands) | |||||||||||||||||||||||||||
As of June 30, 2013 | $ | 7 | $ | 42,948 | $ | (94,121 | ) | $ | (17,772 | ) | $ | (68,938 | ) | ||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||
Net income | 8,145 | 8,145 | |||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||
Fair value of derivative instruments | 137 | 137 | |||||||||||||||||||||||||
Foreign currency translation adjustment | (3,135 | ) | (3,135 | ) | |||||||||||||||||||||||
Unrecognized net pension gains (losses) | 429 | 429 | |||||||||||||||||||||||||
Tax provision (benefit) on other comprehensive income (loss) | (221 | ) | (221 | ) | |||||||||||||||||||||||
Comprehensive income (loss) | 5,355 | ||||||||||||||||||||||||||
Compensation expense related to share-based compensation plans | 55 | 55 | |||||||||||||||||||||||||
As of December 31, 2013 | $ | 7 | $ | 43,003 | $ | (85,976 | ) | $ | (20,562 | ) | $ | (63,528 | ) |
| | | | Common Shares | | | Paid-in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (unaudited) (in thousands) | | ||||||||||||||||||||||||||||||||
| As of June 30, 2013 | | | | $ | 7 | | | | | $ | 42,948 | | | | | $ | (94,121 | ) | | | | | $ | (17,772 | ) | | | | | $ | (68,938 | ) | | | ||
| Comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Net income | | | | | | | | | | | | | | | | | 8,145 | | | | | | | | | | | | 8,145 | | | |||||
| Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Fair value of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | 137 | | | | | | 137 | | | |||||
| Foreign currency translation adjustment | | | | | | | | | | | | | | | | | | | | | | | (3,135 | ) | | | | | | (3,135 | ) | | | |||
| Unrecognized net pension gains (losses) | | | | | | | | | | | | | | | | | | | | | | | 429 | | | | | | 429 | | | |||||
| Tax provision (benefit) on other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (221 | ) | | | | | | (221 | ) | | | |||
| Comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,355 | | | |||||
| Compensation expense related to share-based compensation plans | | | | | | | | | | | 55 | | | | | | | | | | | | | | | | | | 55 | | | |||||
| As of December 31, 2013 | | | | $ | 7 | | | | | $ | 43,003 | | | | | $ | (85,976 | ) | | | | | $ | (20,562 | ) | | | | | $ | (63,528 | ) | | | ||
| | | | | | | | | | | | | | | | | |
Three Months | Six Months | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
For the Periods Ended December 31 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Interest expense | ||||||||||||||||||||||
Domestic senior credit facility | $ | 395 | $ | 254 | $ | 811 | $ | 497 | ||||||||||||||
9.25% senior notes | 7,036 | 7,027 | 14,073 | 14,152 | ||||||||||||||||||
Mayflower L.P. (“Mayflower”), BFI Co., LLC (“BFI”) and Teva Pharmaceutical Industries Ltd. (“Teva”) term loans | 989 | 1,172 | 1,978 | 2,342 | ||||||||||||||||||
Amortization of deferred financing fees | 267 | 354 | 530 | 705 | ||||||||||||||||||
Other interest expense | 100 | 162 | 174 | 166 | ||||||||||||||||||
$ | 8,787 | $ | 8,969 | $ | 17,566 | $ | 17,862 | |||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||
Depreciation of property, plant and equipment | $ | 4,106 | $ | 3,645 | $ | 7,958 | $ | 7,500 | ||||||||||||||
Amortization of intangible assets | 1,186 | 977 | 2,535 | 1,818 | ||||||||||||||||||
$ | 5,292 | $ | 4,622 | $ | 10,493 | $ | 9,318 |
| | | | Three Months | | | Six Months | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Periods Ended December 31 | | | 2013 | | | 2012 | | | 2013 | | | 2012 | | ||||||||||||||||
| Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Domestic senior credit facility | | | | $ | 395 | | | | | $ | 254 | | | | | $ | 811 | | | | | $ | 497 | | | ||||
| 9.25% senior notes | | | | | 7,036 | | | | | | 7,027 | | | | | | 14,073 | | | | | | 14,152 | | | ||||
| Mayflower L.P. (“Mayflower”), BFI Co., LLC (“BFI”) and Teva Pharmaceutical Industries Ltd. (“Teva”) term loans | | | | | 989 | | | | | | 1,172 | | | | | | 1,978 | | | | | | 2,342 | | | ||||
| Amortization of deferred financing fees | | | | | 267 | | | | | | 354 | | | | | | 530 | | | | | | 705 | | | ||||
| Other interest expense | | | | | 100 | | | | | | 162 | | | | | | 174 | | | | | | 166 | | | ||||
| | | | | $ | 8,787 | | | | | $ | 8,969 | | | | | $ | 17,566 | | | | | $ | 17,862 | | | ||||
| Depreciation and amortization | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Depreciation of property, plant and equipment | | | | $ | 4,106 | | | | | $ | 3,645 | | | | | $ | 7,958 | | | | | $ | 7,500 | | | ||||
| Amortization of intangible assets | | | | | 1,186 | | | | | | 977 | | | | | | 2,535 | | | | | | 1,818 | | | ||||
| | | | | $ | 5,292 | | | | | $ | 4,622 | | | | | $ | 10,493 | | | | | $ | 9,318 | | | ||||
| | | | | | | | | | | | | | |
As of | December 31, 2013 | June 30, 2013 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Accounts receivable, net | ||||||||||||
Trade accounts receivable | $ | 104,099 | $ | 99,795 | ||||||||
Allowance for doubtful accounts | (846 | ) | (658 | ) | ||||||||
$ | 103,253 | $ | 99,137 | |||||||||
Inventories | ||||||||||||
Raw materials | $ | 35,413 | $ | 35,702 | ||||||||
Work-in-process | 7,266 | 7,541 | ||||||||||
Finished goods | 97,766 | 96,789 | ||||||||||
$ | 140,445 | $ | 140,032 | |||||||||
Property, plant and equipment, net | ||||||||||||
Land | $ | 9,550 | $ | 9,746 | ||||||||
Buildings and improvements | 47,464 | 46,960 | ||||||||||
Machinery and equipment | 163,376 | 156,247 | ||||||||||
220,390 | 212,953 | |||||||||||
Accumulated depreciation | (114,697 | ) | (108,531 | ) | ||||||||
$ | 105,693 | $ | 104,422 | |||||||||
Intangibles, net | ||||||||||||
Cost | ||||||||||||
Medicated feed additive product registrations | $ | 12,251 | $ | 12,115 | ||||||||
Amprolium international marketing rights | 4,292 | 4,292 | ||||||||||
Customer relationships | 10,679 | 10,691 | ||||||||||
Technology | 28,259 | 28,259 | ||||||||||
Distribution agreements | 3,447 | 3,493 | ||||||||||
Trade names, trademarks and other | 2,740 | 2,740 | ||||||||||
61,668 | 61,590 |
| As of | | | December 31, 2013 | | | June 30, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Accounts receivable, net | | | | | | | | | | | | | | ||
| Trade accounts receivable | | | | $ | 104,099 | | | | | $ | 99,795 | | | ||
| Allowance for doubtful accounts | | | | | (846 | ) | | | | | | (658 | ) | | |
| | | | | $ | 103,253 | | | | | $ | 99,137 | | | ||
| Inventories | | | | | | | | | | | | | | ||
| Raw materials | | | | $ | 35,413 | | | | | $ | 35,702 | | | ||
| Work-in-process | | | | | 7,266 | | | | | | 7,541 | | | ||
| Finished goods | | | | | 97,766 | | | | | | 96,789 | | | ||
| | | | | $ | 140,445 | | | | | $ | 140,032 | | | ||
| Property, plant and equipment, net | | | | | | | | | | | | | | ||
| Land | | | | $ | 9,550 | | | | | $ | 9,746 | | | ||
| Buildings and improvements | | | | | 47,464 | | | | | | 46,960 | | | ||
| Machinery and equipment | | | | | 163,376 | | | | | | 156,247 | | | ||
| | | | | | 220,390 | | | | | | 212,953 | | | ||
| Accumulated depreciation | | | | | (114,697 | ) | | | | | | (108,531 | ) | | |
| | | | | $ | 105,693 | | | | | $ | 104,422 | | | ||
| Intangibles, net | | | | | | | | | | | | | | ||
| Cost | | | | | | | | | | | | | | ||
| Medicated feed additive product registrations | | | | $ | 12,251 | | | | | $ | 12,115 | | | ||
| Amprolium international marketing rights | | | | | 4,292 | | | | | | 4,292 | | | ||
| Customer relationships | | | | | 10,679 | | | | | | 10,691 | | | ||
| Technology | | | | | 28,259 | | | | | | 28,259 | | | ||
| Distribution agreements | | | | | 3,447 | | | | | | 3,493 | | | ||
| Trade names, trademarks and other | | | | | 2,740 | | | | | | 2,740 | | | ||
| | | | | | 61,668 | | | | | | 61,590 | | | ||
| | | | | | | |
As of | December 31, 2013 | June 30, 2013 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Accumulated amortization | ||||||||||||
Medicated feed additive product registrations | (10,989 | ) | (10,778 | ) | ||||||||
Amprolium international marketing rights | (4,076 | ) | (3,861 | ) | ||||||||
Customer relationships | (3,728 | ) | (3,203 | ) | ||||||||
Technology | (5,199 | ) | (3,729 | ) | ||||||||
Distribution agreements | (3,239 | ) | (3,179 | ) | ||||||||
Trade names, trademarks and other | (1,850 | ) | (1,685 | ) | ||||||||
(29,081 | ) | (26,435 | ) | |||||||||
$ | 32,587 | $ | 35,155 | |||||||||
Other assets | ||||||||||||
Goodwill | $ | 12,613 | $ | 12,613 | ||||||||
Insurance claim receivable | 5,350 | 5,350 | ||||||||||
Deferred financing fees | 5,426 | 5,212 | ||||||||||
Deferred income taxes | 4,441 | 4,755 | ||||||||||
Other | 12,187 | 10,249 | ||||||||||
$ | 40,017 | $ | 38,179 | |||||||||
Goodwill roll-forward | ||||||||||||
Balance at beginning of period | $ | 12,613 | $ | 1,717 | ||||||||
OGR acquisition | — | 10,896 | ||||||||||
Balance at end of period | $ | 12,613 | $ | 12,613 | ||||||||
Accrued expenses and other current liabilities | ||||||||||||
Employee related | $ | 14,478 | $ | 17,823 | ||||||||
Interest and income taxes | 14,750 | 15,686 | ||||||||||
Commissions and rebates | 3,154 | 3,196 | ||||||||||
Insurance related | 1,502 | 1,286 | ||||||||||
Professional fees | 3,384 | 4,064 | ||||||||||
Other accrued liabilities | 15,259 | 15,383 | ||||||||||
$ | 52,527 | $ | 57,438 | |||||||||
Other liabilities | ||||||||||||
Pension and other retirement benefits | $ | 25,878 | $ | 26,021 | ||||||||
Long term and deferred income taxes | 21,417 | 17,580 | ||||||||||
Deferred consideration on acquisitions | 3,985 | 5,009 | ||||||||||
Product liability claims | 5,600 | 5,600 | ||||||||||
Other long term liabilities | 11,019 | 7,926 | ||||||||||
$ | 67,899 | $ | 62,136 | |||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Derivative instruments | $ | (502 | ) | $ | (639 | ) | ||||||
Currency translation adjustment | (5,654 | ) | (2,519 | ) | ||||||||
Unrecognized net pension gains (losses) | (11,811 | ) | (12,240 | ) | ||||||||
Tax (provision) benefit on other comprehensive income (loss) | (2,595 | ) | (2,374 | ) | ||||||||
$ | (20,562 | ) | $ | (17,772 | ) |
| As of | | | December 31, 2013 | | | June 30, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Accumulated amortization | | | | | | | | | | | | | | ||
| Medicated feed additive product registrations | | | | | (10,989 | ) | | | | | | (10,778 | ) | | |
| Amprolium international marketing rights | | | | | (4,076 | ) | | | | | | (3,861 | ) | | |
| Customer relationships | | | | | (3,728 | ) | | | | | | (3,203 | ) | | |
| Technology | | | | | (5,199 | ) | | | | | | (3,729 | ) | | |
| Distribution agreements | | | | | (3,239 | ) | | | | | | (3,179 | ) | | |
| Trade names, trademarks and other | | | | | (1,850 | ) | | | | | | (1,685 | ) | | |
| | | | | | (29,081 | ) | | | | | | (26,435 | ) | | |
| | | | | $ | 32,587 | | | | | $ | 35,155 | | | ||
| Other assets | | | | | | | | | | | | | | ||
| Goodwill | | | | $ | 12,613 | | | | | $ | 12,613 | | | ||
| Insurance claim receivable | | | | | 5,350 | | | | | | 5,350 | | | ||
| Deferred financing fees | | | | | 5,426 | | | | | | 5,212 | | | ||
| Deferred income taxes | | | | | 4,441 | | | | | | 4,755 | | | ||
| Other | | | | | 12,187 | | | | | | 10,249 | | | ||
| | | | | $ | 40,017 | | | | | $ | 38,179 | | | ||
| Goodwill roll-forward | | | | | | | | | | | | | | ||
| Balance at beginning of period | | | | $ | 12,613 | | | | | $ | 1,717 | | | ||
| OGR acquisition | | | | | — | | | | | | 10,896 | | | ||
| Balance at end of period | | | | $ | 12,613 | | | | | $ | 12,613 | | | ||
| Accrued expenses and other current liabilities | | | | | | | | | | | | | | ||
| Employee related | | | | $ | 14,478 | | | | | $ | 17,823 | | | ||
| Interest and income taxes | | | | | 14,750 | | | | | | 15,686 | | | ||
| Commissions and rebates | | | | | 3,154 | | | | | | 3,196 | | | ||
| Insurance related | | | | | 1,502 | | | | | | 1,286 | | | ||
| Professional fees | | | | | 3,384 | | | | | | 4,064 | | | ||
| Other accrued liabilities | | | | | 15,259 | | | | | | 15,383 | | | ||
| | | | | $ | 52,527 | | | | | $ | 57,438 | | | ||
| Other liabilities | | | | | | | | | | | | | | ||
| Pension and other retirement benefits | | | | $ | 25,878 | | | | | $ | 26,021 | | | ||
| Long term and deferred income taxes | | | | | 21,417 | | | | | | 17,580 | | | ||
| Deferred consideration on acquisitions | | | | | 3,985 | | | | | | 5,009 | | | ||
| Product liability claims | | | | | 5,600 | | | | | | 5,600 | | | ||
| Other long term liabilities | | | | | 11,019 | | | | | | 7,926 | | | ||
| | | | | $ | 67,899 | | | | | $ | 62,136 | | | ||
| Accumulated other comprehensive income (loss) | | | | | | | | | | | | | | ||
| Derivative instruments | | | | $ | (502 | ) | | | | | $ | (639 | ) | | |
| Currency translation adjustment | | | | | (5,654 | ) | | | | | | (2,519 | ) | | |
| Unrecognized net pension gains (losses) | | | | | (11,811 | ) | | | | | | (12,240 | ) | | |
| Tax (provision) benefit on other comprehensive income (loss) | | | | | (2,595 | ) | | | | | | (2,374 | ) | | |
| | | | | $ | (20,562 | ) | | | | | $ | (17,772 | ) | | |
| | | | | | | |
For the Period Ended December 31, 2012 | Three Months | Six Months | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | $ | 164,159 | $ | 326,265 | ||||||||
Operating income | 14,793 | 28,488 | ||||||||||
Net income | 12,698 | 15,830 | ||||||||||
Depreciation and amortization | 5,049 | 10,172 |
| For the Period Ended December 31, 2012 | | | Three Months | | | Six Months | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | | | | $ | 164,159 | | | | | $ | 326,265 | | | ||
| Operating income | | | | | 14,793 | | | | | | 28,488 | | | ||
| Net income | | | | | 12,698 | | | | | | 15,830 | | | ||
| Depreciation and amortization | | | | | 5,049 | | | | | | 10,172 | | | ||
| | | | | | | |
As of | December 31, 2013 | June 30, 2013 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
9.25% senior notes due July 1, 2018 | $ | 300,000 | $ | 300,000 | ||||||||
Term loan payable to Mayflower due December 31, 2016 | 24,000 | 24,000 | ||||||||||
Term loan payable to BFI due August 1, 2014 | 10,000 | 10,000 | ||||||||||
Term note payable to Teva due annually through January 29, 2013 | — | — | ||||||||||
Capitalized lease obligations | 93 | 132 | ||||||||||
334,093 | 334,132 | |||||||||||
Unamortized imputed interest and debt discount | (2,272 | ) | (2,528 | ) | ||||||||
331,821 | 331,604 | |||||||||||
Less: current maturities | (9,994 | ) | (64 | ) | ||||||||
$ | 321,827 | $ | 331,540 |
| As of | | | December 31, 2013 | | | June 30, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9.25% senior notes due July 1, 2018 | | | | $ | 300,000 | | | | | $ | 300,000 | | | ||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 24,000 | | | | | | 24,000 | | | ||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,000 | | | | | | 10,000 | | | ||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | — | | | ||
| Capitalized lease obligations | | | | | 93 | | | | | | 132 | | | ||
| | | | | | 334,093 | | | | | | 334,132 | | | ||
| Unamortized imputed interest and debt discount | | | | | (2,272 | ) | | | | | | (2,528 | ) | | |
| | | | | | 331,821 | | | | | | 331,604 | | | ||
| Less: current maturities | | | | | (9,994 | ) | | | | | | (64 | ) | | |
| | | | | $ | 321,827 | | | | | $ | 331,540 | | | ||
| | | | | | | | |
Three Months | Six Months | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
For the Periods Ended December 31 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost – benefits earned during the period | $ | 604 | 639 | $ | 1,308 | $ | 1,278 | |||||||||||||||
Interest cost on benefit obligation | 577 | 503 | 1,218 | 1,006 | ||||||||||||||||||
Expected return on plan assets | (577 | ) | (552 | ) | (1,275 | ) | (1,103 | ) | ||||||||||||||
Amortization of net actuarial (gain) loss and prior service costs | 226 | 310 | 429 | 619 | ||||||||||||||||||
Net periodic pension expense | $ | 830 | $ | 900 | $ | 1,680 | $ | 1,800 |
| | | | Three Months | | | Six Months | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Periods Ended December 31 | | | 2013 | | | 2012 | | | 2013 | | | 2012 | | ||||||||||||||||
| Service cost – benefits earned during the period | | | | $ | 604 | | | | | | 639 | | | | | $ | 1,308 | | | | | $ | 1,278 | | | ||||
| Interest cost on benefit obligation | | | | | 577 | | | | | | 503 | | | | | | 1,218 | | | | | | 1,006 | | | ||||
| Expected return on plan assets | | | | | (577 | ) | | | | | | (552 | ) | | | | | | (1,275 | ) | | | | | | (1,103 | ) | | |
| Amortization of net actuarial (gain) loss and prior service costs | | | | | 226 | | | | | | 310 | | | | | | 429 | | | | | | 619 | | | ||||
| Net periodic pension expense | | | | $ | 830 | | | | | $ | 900 | | | | | $ | 1,680 | | | | | $ | 1,800 | | | ||||
| | | | | | | | | | | | | | |
Hedge | Notional Amount at December 31, 2013 | Fair value as of | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Instrument | December 31, 2013 | June 30, 2013 | ||||||||||||||||
Options | Brazilian Real calls | R$94,500 | $ | 159 | $ | 365 | ||||||||||||
Options | Brazilian Real puts | (R$94,500) | $ | (661 | ) | $ | (1,004 | ) |
| | | | Hedge | | | Notional Amount at December 31, 2013 | | | Fair value as of | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Instrument | | | December 31, 2013 | | | June 30, 2013 | | ||||||||||||||
| Options | | | Brazilian Real calls | | | R$94,500 | | | | $ | 159 | | | | | $ | 365 | | | ||
| Options | | | Brazilian Real puts | | | (R$94,500) | | | | $ | (661 | ) | | | | | $ | (1,004 | ) | | |
| | | | | | | | | | | |
As of | December 31, 2013 | June 30, 2013 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Carrying values | ||||||||||||
9.25% senior notes due July 1, 2018 | $ | 300,000 | $ | 300,000 | ||||||||
Less unamortized original issue discount | (2,204 | ) | (2,402 | ) | ||||||||
297,796 | 297,598 | |||||||||||
Term loan payable to Mayflower due December 31, 2016 | 24,000 | 24,000 | ||||||||||
Less unamortized discount | — | — | ||||||||||
24,000 | 24,000 | |||||||||||
Term loan payable to BFI due August 1, 2014 | 10,000 | 10,000 | ||||||||||
Less unamortized discount | (68 | ) | (126 | ) | ||||||||
9,932 | 9,874 | |||||||||||
Term note payable to Teva due annually through January 29, 2013 | — | — | ||||||||||
Less unamortized imputed interest | — | — | ||||||||||
— | — | |||||||||||
Fair values | ||||||||||||
9.25% senior notes due July 1, 2018 | $ | 320,250 | $ | 322,500 | ||||||||
Term loan payable to Mayflower due December 31, 2016 | 27,302 | 26,968 | ||||||||||
Term loan payable to BFI due August 1, 2014 | 10,430 | 10,644 | ||||||||||
Term note payable to Teva due annually through January 29, 2013 | — | — |
| As of | | | December 31, 2013 | | | June 30, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Carrying values | | | | | | | | | | | | | | ||
| 9.25% senior notes due July 1, 2018 | | | | $ | 300,000 | | | | | $ | 300,000 | | | ||
| Less unamortized original issue discount | | | | | (2,204 | ) | | | | | | (2,402 | ) | | |
| | | | | | 297,796 | | | | | | 297,598 | | | ||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 24,000 | | | | | | 24,000 | | | ||
| Less unamortized discount | | | | | — | | | | | | — | | | ||
| | | | | | 24,000 | | | | | | 24,000 | | | ||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,000 | | | | | | 10,000 | | | ||
| Less unamortized discount | | | | | (68 | ) | | | | | | (126 | ) | | |
| | | | | | 9,932 | | | | | | 9,874 | | | ||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | — | | | ||
| Less unamortized imputed interest | | | | | — | | | | | | — | | | ||
| | | | | | — | | | | | | — | | | ||
| Fair values | | | | | | | | | | | | | | ||
| 9.25% senior notes due July 1, 2018 | | | | $ | 320,250 | | | | | $ | 322,500 | | | ||
| Term loan payable to Mayflower due December 31, 2016 | | | | | 27,302 | | | | | | 26,968 | | | ||
| Term loan payable to BFI due August 1, 2014 | | | | | 10,430 | | | | | | 10,644 | | | ||
| Term note payable to Teva due annually through January 29, 2013 | | | | | — | | | | | | — | | | ||
| | | | | | | | |
Three Months | Six Months | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
For the Periods Ended December 31 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net sales | ||||||||||||||||||||||
Animal Health | $ | 107,966 | $ | 94,236 | $ | 209,137 | $ | 190,364 | ||||||||||||||
Mineral Nutrition | 50,633 | 52,892 | 96,819 | 102,684 | ||||||||||||||||||
Performance Products | 14,143 | 17,031 | 29,014 | 33,217 | ||||||||||||||||||
$ | 172,742 | $ | 164,159 | $ | 334,970 | $ | 326,265 | |||||||||||||||
Operating income | ||||||||||||||||||||||
Animal Health | $ | 20,872 | $ | 16,185 | $ | 41,236 | $ | 32,798 | ||||||||||||||
Mineral Nutrition | 2,265 | 2,605 | 4,113 | 4,725 | ||||||||||||||||||
Performance Products | 1,013 | 1,763 | 2,019 | 2,845 | ||||||||||||||||||
Corporate | (7,132 | ) | (6,397 | ) | (13,953 | ) | (13,003 | ) | ||||||||||||||
$ | 17,018 | $ | 14,156 | $ | 33,415 | $ | 27,365 | |||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||
Animal Health | $ | 3,650 | $ | 3,331 | $ | 7,393 | $ | 6,821 | ||||||||||||||
Mineral Nutrition | 613 | 570 | 1,225 | 1,140 | ||||||||||||||||||
Performance Products | 90 | 63 | 180 | 126 | ||||||||||||||||||
Corporate | 939 | 658 | 1,695 | 1,231 | ||||||||||||||||||
$ | 5,292 | $ | 4,622 | $ | 10,493 | $ | 9,318 |
| | | | Three Months | | | Six Months | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Periods Ended December 31 | | | 2013 | | | 2012 | | | 2013 | | | 2012 | | ||||||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Animal Health | | | | $ | 107,966 | | | | | $ | 94,236 | | | | | $ | 209,137 | | | | | $ | 190,364 | | | ||||
| Mineral Nutrition | | | | | 50,633 | | | | | | 52,892 | | | | | | 96,819 | | | | | | 102,684 | | | ||||
| Performance Products | | | | | 14,143 | | | | | | 17,031 | | | | | | 29,014 | | | | | | 33,217 | | | ||||
| | | | | $ | 172,742 | | | | | $ | 164,159 | | | | | $ | 334,970 | | | | | $ | 326,265 | | | ||||
| Operating income | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Animal Health | | | | $ | 20,872 | | | | | $ | 16,185 | | | | | $ | 41,236 | | | | | $ | 32,798 | | | ||||
| Mineral Nutrition | | | | | 2,265 | | | | | | 2,605 | | | | | | 4,113 | | | | | | 4,725 | | | ||||
| Performance Products | | | | | 1,013 | | | | | | 1,763 | | | | | | 2,019 | | | | | | 2,845 | | | ||||
| Corporate | | | | | (7,132 | ) | | | | | | (6,397 | ) | | | | | | (13,953 | ) | | | | | | (13,003 | ) | | |
| | | | | $ | 17,018 | | | | | $ | 14,156 | | | | | $ | 33,415 | | | | | $ | 27,365 | | | ||||
| Depreciation and amortization | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Animal Health | | | | $ | 3,650 | | | | | $ | 3,331 | | �� | | | $ | 7,393 | | | | | $ | 6,821 | | | ||||
| Mineral Nutrition | | | | | 613 | | | | | | 570 | | | | | | 1,225 | | | | | | 1,140 | | | ||||
| Performance Products | | | | | 90 | | | | | | 63 | | | | | | 180 | | | | | | 126 | | | ||||
| Corporate | | | | | 939 | | | | | | 658 | | | | | | 1,695 | | | | | | 1,231 | | | ||||
| | | | | $ | 5,292 | | | | | $ | 4,622 | | | | | $ | 10,493 | | | | | $ | 9,318 | | | ||||
| | | | | | | | | | | | | | |
As of | December 31, 2013 | June 30, 2013 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Identifiable assets | ||||||||||||
Animal Health | $ | 366,096 | $ | 354,422 | ||||||||
Mineral Nutrition | 63,012 | 62,933 | ||||||||||
Performance Products | 21,595 | 21,710 | ||||||||||
Corporate | 30,125 | 35,077 | ||||||||||
$ | 480,828 | $ | 474,142 |
| As of | | | December 31, 2013 | | | June 30, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Identifiable assets | | | | | | | | | | | | | | ||
| Animal Health | | | | $ | 366,096 | | | | | $ | 354,422 | | | ||
| Mineral Nutrition | | | | | 63,012 | | | | | | 62,933 | | | ||
| Performance Products | | | | | 21,595 | | | | | | 21,710 | | | ||
| Corporate | | | | | 30,125 | | | | | | 35,077 | | | ||
| | | | | $ | 480,828 | | | | | $ | 474,142 | | | ||
| | | | | | | | |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | | Title | | | Date | |
---|---|---|---|---|---|---|---|---|
| * Jack C. Bendheim | | | Chairman, President and Chief Executive Officer (principal executive officer) | | | April 8, 2014 | |
| * Richard G. Johnson | | | Chief Financial Officer (principal financial and accounting officer) | | | April 8, 2014 | |
| * Gerald K. Carlson | | | Director | | | April 8, 2014 | |
| * Daniel M. Bendheim | | | Director | | | April 8, 2014 | |
| * E. Thomas Corcoran | | | Director | | | April 8, 2014 | |
| * Sam Gejdenson | | | Director | | | April 8, 2014 | |
| * Ken Hanau | | | Director | | | April 8, 2014 | |
| * Mary Lou Malanoski | | | Director | | | April 8, 2014 | |
| * Carol A. Wrenn | | | Director | | | April 8, 2014 | |
| *By:
| | | | | | | |
| | | | | |
| Exhibit No. | | | Description | | |
---|---|---|---|---|---|---|
| 1.1* | | | Form of Underwriting Agreement. | | |
| 3.1* | | | Form of Amended and Restated Certificate of Incorporation of Phibro Animal Health Corporation. | | |
| 3.2* | | | Form of Amended and Restated Bylaws of Phibro Animal Health Corporation. | | |
| 4.1* | | ||||
| Indenture, dated July 9, 2010, as amended and supplemented, by and among Phibro Animal Health Corporation, the guarantors named therein and HSBC Bank USA, National Association, as Trustee. | | ||||
| | | First Supplemental Indenture, dated as of January 25, 2011, by and among Phibro Animal Health Corporation, the Guarantors named therein and HSBC Bank USA, National Association. | | ||
4.3* | | | Second Supplemental Indenture, dated as of January 31, 2011, by and among Phibro Animal Health Corporation, the Guarantors named therein and HSBC Bank USA, National Association. | | ||
4.4* | | | Third Supplemental Indenture, dated as of March 6, 2013, by and among Phibro Animal Health Corporation, the Guarantors named therein and HSBC Bank USA, National Association. | | ||
4.5* | | | Stockholders Agreement, dated as of March 12, 2008, as amended, by and among Phibro Animal Health Corporation, BFI Co., LLC and 3i Quoted Private Equity Limited. | | ||
4.6* | | | Addendum to Stockholders Agreement, dated April 28, 2009, by and between Phibro Animal Health Corporation and 3i Group plc. | | ||
4.7* | | | Addendum to Stockholders Agreement, dated June 16, 2009, by and between Phibro Animal Health Corporation and Mayflower L.P. | | ||
| | | Form of Registration Rights Agreement between Phibro Animal Health Corporation and Mayflower L.P., dated as of . | | ||
| | | Form of Registration Rights Agreement between Phibro Animal Health Corporation and BFI Co., LLC, dated as of . | | ||
| | | Form of Termination of Stockholders Agreement. | | ||
| 4.11* | | | Consultancy Agreement, dated March 31, 2008, between 3i Investments plc and Phibro Animal Health Corporation. | | |
| 4.12* | | | Form of Termination of Consultancy Agreement. | | |
| 5.1 | |||||
| | Opinion of Kirkland & Ellis LLP. | | |||
| | | Credit Agreement, dated as of August 31, 2010, by and among Phibro Animal Health Corporation, Bank of America, N.A. and the other lenders party thereto. | | ||
| | | Amendment No. 1 to the Credit Agreement, dated as of December 23, 2010, among Phibro Animal Health Corporation, Bank of America, N.A. and the other lenders party thereto. | | ||
| | | Waiver and Amendment No. 2 to the Credit Agreement, dated as of August 11, 2011, by and among Phibro Animal Health Corporation, Bank of America, N.A. and the other lenders party thereto. | | ||
| | | Amendment No. 3 to the Credit Agreement, dated as of April 19, 2013, by and among Phibro Animal Health Corporation, Bank of America, N.A. and the other lenders party thereto. | | ||
| 10.5* | | | Amendment No. 4 to the Credit Agreement, dated as of February 28, 2014, by and among Phibro Animal Health Corporation, Bank of America, N.A. and the other lenders party thereto. | | |
| | | Amended and Restated Term Loan Agreement, dated as of June 24, 2010, by and among Phibro Animal Health Corporation, the Guarantors named therein and BFI Co., LLC. | | ||
| | | Supplement to Amended and Restated Term Loan Agreement, dated as of February 4, 2013, by and among BFI Co., LLC, Phibro Animal Health Corporation and the other parties listed therein. | | ||
| | | Common Stock Purchase Warrant, dated as of January 29, 2009. | | ||
| | | Amended and Restated Term Loan Agreement, dated as of June 24, 2010, by and among Phibro Animal Health Corporation, the Guarantors named therein and Mayflower L.P. | | ||
| | | Amendment to Amended and Restated Term Loan Agreement, dated as of January 18, 2011, by and among Mayflower L.P., Phibro Animal Health Corporation and the other parties listed therein. | | ||
| | | |
| Exhibit No. | | | Description | |
---|---|---|---|---|---|
| | | Supplement to Amended and Restated Term Loan Agreement, dated as of January 29, 2013, by and among Mayflower L.P., Phibro Animal Health Corporation and the other parties listed therein. | | |
| | | Second Amendment to Amended and Restated Term Loan Agreement, dated as of February 11, 2013, by and among Mayflower L.P., Phibro Animal Health Corporation and the other parties listed therein. | | |
| | | Credit Limit Agreement in Foreign Currency Current Loan Account, dated as of January 14, 2014, between Mizrahi-Tefahot Bank Ltd. and Koffolk (1949) Ltd. (translated from Hebrew). | | |
| | | Letter of Undertaking, dated as of June 7, 2010, between Mizrahi-Tefahot Bank Ltd. and Koffolk (1949) Ltd. Company No. 510057607 | | |
| | | Credit Limit Letter, dated as of December 24, 2013, between Union Bank of Israel Ltd. and Koffolk (1949) Ltd. (translated from Hebrew). | | |
| | | Letter of Undertaking, dated as of January 27, 2009, between Union Bank of Israel Ltd. and Koffolk (1949) Ltd. (translated from Hebrew). | | |
| | | Unprotected Lease Agreement, dated January 26, 2011, by and between Samaria Carpets Ltd. and ABIC Biological Laboratories Ltd. (translated from Hebrew). | | |
| 10.18* | | | Employment Agreement, dated | |
| 10.19* | | | Employment Agreement, dated | |
| | | Employment Offer Letter, dated May 2, 2008, by and between Larry L. Miller and Phibro Animal Health Corporation, 2008. | | |
| | | Clarifying Amendment to Employment Offer Letter, dated December 21, 2009, by and between Larry L. Miller and Phibro Animal Health Corporation. | | |
| | | Amendment to Employment Offer Letter, dated December 15, 2011, by and between Larry L. Miller and Phibro Animal Health Corporation. | | |
| | | Phibro Animal Health Corporation 2008 Incentive Plan. | | |
| | | Form of Phibro Animal Health Corporation Management Incentive Plan. | | |
| | | Phibro Animal Health Corporation Retirement Income and Deferred Compensation Plan, as amended and restated as of April 15, 2009. | | |
| | | Phibro Animal Health Corporation Executive Income Deferred Compensation Agreement, dated as of March 1, 1990. | | |
| | | Form of Agreement and Plan of Merger. | | |
| | | Form of 2009 Stock Option Grant Agreement. | | |
�� | | | Form of 2013 Stock Option Grant Agreement. | | |
| 10.30* | | | Form of Exchange Agreement by and between BFI Co., LLC and Phibro Animal Health Corporation, and acknowledged by Mayflower Limited Partnership. | |
| 10.31* | | | Credit Agreement, dated as of , among Phibro Animal Health Corporation, Bank of America, N.A. and the lenders party thereto. | |
| 10.32* | | | Form of Indemnification Agreement. | |
| 21.1* | | | List of Subsidiaries of Phibro Animal Health Corporation. | |
| 23.1 | | | Consent of PricewaterhouseCoopers LLP. | |
| 23.2* | | | Consent of Kirkland & Ellis LLP (included in Exhibit 5.1). | |
| | | Power of Attorney (included on the signature page of this Registration Statement). | | |
| | | |